Hemp Ban Uncertainty, DOJ Gun Shift, and Kentucky’s Medical Dispensary
Shadd Dales and Anthony Varrell opened the week’s Trade To Black with a rundown of the latest industry developments. We’re kicking things off with the latest news across the cannabis and hemp space including fallout from the new federal hemp ban, insights from the Congressional Research Service, and early signals from the Department of Justice on the cannabis–gun rights issue. We’ll also look at Kentucky’s first medical dispensary plans. Plus, Michael Bronstein, President of the American Trade Association for Cannabis & Hemp will join us with his MJBizCon takeaways and some of the industry chatter already floating around for 2026.
Markets opened the week sharply lower, with MSOS down 7% and MSOX down 13.5%, giving back a portion of last week’s rally as investors brace for December tax-loss season. And industry uncertainty is being reflected elsewhere. MJBizCon had a noticeably smaller exhibition floor and fewer familiar faces—an atmosphere the hosts described as “flat.”
Starting with the federal hemp THC ban, congressional researchers are now saying it’s not even clear how the feds plan to enforce it, especially with the FDA and DEA already stretched thin. Bronstein emphasized that while enforcement mechanisms are not fully defined, the ban is real and already influencing banks, payment processors, and state attorneys general. He stressed that Congress will inevitably revisit THC definitions as federal reform progresses.
And on the federal front, a newly surfaced DOJ memo admits the government knew the marijuana-user gun ban could be on shaky legal ground — right as the Supreme Court gets ready to take it up. Bronstein called the case “ripe” for overturning the federal cannabis-user gun ban, predicting the Court may deem it unconstitutional—another potential accelerant for national cannabis reform.
Turning to state news, the show highlighted Kentucky’s announcement that its first medical cannabis dispensary may open within weeks, with 24,000 patients already certified. Kentucky’s position at the crossroads of hemp, medical cannabis, and influential federal lawmakers makes it a critical state to watch.
And Trulieve made a big financial move by redeeming all US$368M of its 8% secured notes due 2026 — one of the cleaner balance-sheet resets we’ve seen heading into an election year. Hear all the latest when you tune in.
