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Has Trump Backed Off Cannabis Rescheduling?

By Shadd Dales On Apr 3, 2025

In the latest Trade To Black podcast, host Shadd Dales and Anthony Varrell dive into the latest news coming out of Washington. In cannabis, despite supporting rescheduling and banking reform on the campaign trail, the Trump administration is backing off reforms to marijuana policy and Florida’s legalization campaign is faced with alleged election law violations. MindMed CEO Robert Barrow also joins the show to discuss Phase 3 trials for MM120, a proprietary compound based on LSD designed for Generalized Anxiety Disorder (GAD).

With Phase 3 trials underway for MM120, targeting Generalized Anxiety Disorder, MindMed is positioning itself as a leader in the future of mental health treatment, including LSD-based therapies. They also break down the ripple effects of RFK Jr.’s appointment to HHS and the FDA’s recent rejection of MDMA therapy—issues that could shape the regulatory landscape under the Trump administration.

Since his last appearance, MindMed has raised $250 million, extended its cash runway to 2027, and entered three concurrent phase 3 trials—most notably for MM120 targeting generalized anxiety disorder (GAD). Barrow emphasized that data from the 2023 phase 2 trials showed strong efficacy and secured a breakthrough therapy designation from the FDA. The company now focuses on execution, with phase 3 readouts expected in 2026.

In D.C., a rumored White House statement via CNN claimed no cannabis rescheduling is being considered—at least not for now. Is this a trustworthy rumour, that Trump has backed off cannabis? Or is the administration simply controlling the narrative to issue a surprise policy shift later? We’ll share our thoughts.

News from Marijuana Moment revealed DeSantis’ Office of Election Crimes is investigating alleged fraud in adult-use petition campaigns—possibly retaliation for a previous lawsuit against the Florida GOP. Both hosts believe DeSantis will block legalization as long as he’s in office, despite Trulieve being a major taxpayer.

This and more when you tune in.

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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.