On today’s episode, hosts Shadd Dales and Anthony Varrell deliver a powerhouse double segment focused on the shifting landscape of U.S. cannabis reform. Wall Street legend Marc Cohodes returns to the Trade To Black podcast to discuss the smart—and often overlooked — arguments being used by cannabis opposition. We’ll also hear his no-BS take on the outlook for cannabis equities and what needs to change to bring real investor confidence back to the sector. Later, we welcome Michael Bronstein, President of ATACH, to explore big moves happening at the state level.
Outspoken market veteran and Twitter personality Marc Cohodes opens the show. Cohodes, a former hedge fund manager known for exposing financial frauds, expresses deep frustration with ongoing cannabis prohibition, arguing that the federal government’s failure to act enables illicit markets to thrive. But what is his market prediction? The Trump administration will legalize cannabis federally as a strategic, populist play ahead of the 2026 elections—framing it as a states’ rights issue, taxing it like alcohol, and crushing illicit and foreign-sourced operations.
Cohodes also spotlighted Glass House’s partnership with UC Berkeley on medical hemp strains, suggesting the future lies in merging cannabis and hemp under one regulatory framework. He emphasized the potential of medical hemp, claiming it commands five times the price of recreational products and forecasting its national expansion.
In the second half of the show, Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH), joined to provide a crucial update on Pennsylvania. Despite Governor Josh Shapiro’s June 30 goal for cannabis legislation, Bronstein confirmed no budget has been finalized—and ironically, that may be good for reform. He explained that legalization is currently sidelined in talks but could be reintroduced if the process stretches into late July. Bronstein emphasized that legalization is politically popular (polling at ~70% in PA), but friction between lawmakers and uncertainty around federal funding continue to delay progress.
Rescheduling cannabis—especially to Schedule III—could be a game-changer, with Trump poised to take political credit if he acts first. But will it happen? Hear our thoughts when you tune in.
