Hirsch Jain Talks Cannabis Reform and Hemp Policy
In this Wednesday episode of the Trade to Black podcast, Anthony Varrell dives into cannabis reform and hemp policy with guest Hirsch Jain of Ananda Strategy. The episode kicks off with a conversation on Texas’s SB3 hemp legislation, where Jain stresses the practical difficulties of enforcing a statewide ban. Despite prohibitionist tendencies, both agree Texas’s sprawling hemp economy and sympathetic constituencies—particularly veterans—make outright prohibition unlikely. Jain suggests a more pragmatic framework may follow via special session rather than enforcement-heavy crackdowns.
On the national hemp landscape, Hirsch Jain acknowledges the ongoing “cannabis vs. hemp” divide, citing both fairness and public health as core tensions. While hemp has increased access to cannabinoids for many, he warns against Wild West operators selling dangerously unregulated products. Jain also criticizes politicians like Gavin Newsom for using safety as a pretext to protect tax interests rather than address public health meaningfully.
Turning to federal reform, Anthony and Hirsch examine the upcoming Farm Bill appropriations debate and the Boehner-led Supreme Court challenge to cannabis rescheduling. Jain breaks down the unlikely—but possible—path to SCOTUS review, noting that Clarence Thomas might find support from Justices Gorsuch, Sotomayor, and Ketanji Brown Jackson, though success remains a long shot given the court’s selection process.
Domestically, Pennsylvania is on the radar, with enough Republican support for adult-use legalization but ongoing debates over bill structure. New York emerges as the most exciting cannabis market of 2025, with retail licenses skyrocketing from 50 to over 400 in a year. Jain praises New York’s distributed retail model and sees homegrown brands thriving, though warns of potential saturation ahead.
Internationally, Jain highlights Germany’s cannabis surge, with patient numbers quadrupling in 14 months and projections to hit 1.5 million by year’s end. With easier patient access, lower prices, and growing EU-wide influence, Germany is positioning itself as a global cannabis leader—outpacing even the U.S. in some regulatory aspects.
Finally, the conversation returns to Florida, where prospects for adult-use legalization in 2026 remain uncertain. Jain notes that the state’s conservative off-year electorate is a hurdle, but diminishing public support for Governor Ron DeSantis may help shift momentum in future elections.
