Benzinga Rumors: Will Greg Abbott Veto SB3?
Shadd Dales and Anthony Varrell return from the Benzinga Cannabis Capital Conference in Chicago, where they spent two full days talking with operators, investors, and financial players across the industry. Terry Mendez, CEO of Safe Harbor Financial (NASDAQ: SHFS), joins us to share his take on what’s happening in cannabis banking—what institutions are saying behind closed doors and whether real progress is possible anytime soon. Michael Bronstein, president of ATACH, joins the show with some updates on Pennsylvania’s adult use efforts and the rumor that Greg Abbott might veto SB3.
In today’s podcast, Shadd, Anthony and Terry share some of the big insights from key players across the industry. A lot of conversations at Benzinga centered around banking access, capital constraints, and how companies are adjusting to ongoing market realities.
On the corporate side, Safe Harbor has made some notable moves: a reverse split to stay compliant with Nasdaq, debt restructuring that freed up $6 million in capital, and a refreshed leadership team. Mendez also touched on crypto integration, AI process automation, and the promise of stablecoin payments—indicating cannabis may soon bypass traditional financial rails.
Our second segment featurs Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH), who provided updates on Pennsylvania’s pending adult-use legislation. Bronstein noted that all eyes are on the imminent release of the Laughlin-Street language and emphasized the political—not policy—nature of the current debates. With a projected $500 million state budget shortfall, Bronstein stressed cannabis and gaming as key revenue levers.
Rumors at Benzinga were that Governor Greg Abbott might veto SB3, the controversial hemp regulation bill. However, Bronstein clarified that Abbott himself stated publicly he has not yet decided and will review the bill carefully—putting on his “judicial hat” to weigh both legal and political implications.
Michael breaks down what he’s hearing, how credible the veto talk is, and what could happen next if the bill is blocked. If true, it could delay Texas’s regulatory overhaul and signal continued resistance from the top. This and more in this episode.
