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ALJ Julius Locks in August 17th Filing Deadline

By Shadd Dales On Jul 21, 2026

In the latest Trade To Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick off the week with Definium Therapeutics Chief Medical Officer Dr. Dan Karlin joining on the psychedelic side and Michael Bronstein returning for the Insiders Edge segment. The big news? The DEA’s ALJ, Derek Julius, set an August 17 deadline for filing briefs.

In the headlines: Organigram (TSX: OGI, NASDAQ: OGI) released a business update with new detail on early Sanity platform performance and updated Canadian market-share positioning, giving a clearer look at how the company is setting up for its next phase of growth. The hosts also flagged Cantor Fitzgerald initiating coverage on Curaleaf with an overweight rating and a $15 price target — which still traded down on the day — and previewed Glass House Brands ringing the NYSE bell on August 28, with AdvisorShares possibly to follow.

In segment one, Karlin made the case for Definium Therapeutics (NASDAQ: DFTX) and its lead asset, DT120, a pharmaceutically optimized LSD tablet, calling the efficacy data among the strongest in the field — including a 17.6-point MADRS improvement one week after a single dose as a monotherapy. He framed April’s executive order advancing psychedelic research as meaningful recognition, but stressed the science stands on its own.

Following Eli Lilly’s (NYSE: LLY) acquisition of AtaiBeckley (NASDAQ: ATAI), Karlin explained why Definium intends to remain independent through its Phase III readouts, FDA submission and potential commercialization beginning in 2027, arguing there’s ample room in psychiatry for multiple drugs given how many people suffer from anxiety and depression. He also addressed re-treatment models, AI-enabled quality control, and the FDA’s rolling-review posture, while noting it’s been nearly 19 years since a new generalized anxiety drug was approved.

In segment two, Bronstein — President of ATACH — put the August 17 brief deadline in perspective, explaining what happens after that date and whether an ALJ recommended decision could realistically arrive before the end of August. He characterized it as a process that normally takes years compressed into months, cautioned an industry unaccustomed to playing with the lead, and walked through the multifaceted fight ahead: the recommendation, anticipated post-rule litigation in the D.C. Circuit, and possible congressional action. On hemp, Bronstein said little has materially changed in Congress since last year’s vote, suggesting the November 12 ban remains on track.

Dales and Varrell had thoughts on how much of Trump’s hemp signaling is election-year base-tending. Hear what else they had to say.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.