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Fragmented Cannabis State Laws Fuel Investor Confusion

By Shadd Dales On Oct 23, 2025

What happens when every state takes cannabis policy into its own hands? Today, we’re breaking down the growing patchwork of state laws and agendas affecting the US cannabis market. From Massachusetts’ repeal campaign, to Ohio’s rollback bill, to Pennsylvania’s new Cannabis Control Board and a viral LinkedIn post from MC Nutraceuticals CEO Brett Worley that’s shaken the hemp industry, we’ll dive into the events shaping the landscape and how operators are positioning to deal with them. No hype — just straight analysis.

For our TDR Trade To Black Podcast, presented by Dutchie, host Shadd Dales and co-host Anthony Varrell explore how the absence of federal leadership is fueling confusion and volatility. Anthony describes the current mood as “capitulation,” citing widespread frustration on cannabis Twitter and a fading sense of momentum after ten weeks without any rescheduling news. And it’s affecting the market. With MSOS ETF slipping below $4.50 and Q3 earnings season approaching, Varrell said investors are restless and “waiting for something to happen.”

In Massachusetts, a small group is seeking to repeal the state’s adult-use program that threatens the tax revenue being brought by the state’s $8 billion market. Institutional distrust of cannabis is still shaping attitudes. Meanwhile, in Ohio, lawmakers are revising rules for intoxicating hemp and low-dose THC beverages while keeping broader adult-use sales constrained. Anthony notes oddities such as allowing high-dose product manufacturing but banning in-state sales.

Pennsylvania, meanwhile, has advanced a bipartisan bill creating a Cannabis Control Board to prepare for future legalization and regulate hemp. The measure passed committee 10–1, signaling growing readiness despite the state’s unresolved budget impasse. We’ll dissect that in the face of a viral LinkedIn post by hemp executive Brett Worley that warned that Senate appropriations language could effectively ban hemp-derived THC products.

We’ll take a deeper dive into how operators like Curaleaf Holdings (TSX: CURA / OTC: CURLF), Verano Holdings (CBOE: VRNO), Trulieve Cannabis (CSE: TRUL / OTC: TCNNF), Green Thumb Industries (CSE: GTII / OTC: GTBIF), Cresco Labs (CSE: CL / OTC: CRLBF), TerrAscend (TSX: TSND / OTC: TSNDF), MariMed (CSE: MRMD / OTC: MRMD), and Jushi Holdings (CSE: JUSH / OTC: JUSHF) are positioning amid political theatrics, policy rewrites, and regulatory overhauls.

Until Washington defines a national THC standard, we’re going to keep seeing markets move in opposite directions because of state laws, and today’s show unpacks exactly why that matters to cannabis.

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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.