States Keep Moving While Washington Waits
In our Thursday Trade To Black presented by Flowhub, Shadd Dales and Anthony Varrell welcome back Adam Stettner, CEO of FundCanna. We’ll tackle the latest headlines as several new cannabis policy stories continue to develop across the United States.
In Virginia, lawmakers are working to address concerns after recent legislation may have unintentionally repealed certain marijuana penalties, creating new questions about how the law will be interpreted moving forward. Dales and Varrell noted lawyers are already fighting over the language, debating whether the loophole allows distribution ahead of the official go-live date.
In North Carolina, Governor Josh Stein and House Speaker Destin Hall remain divided over cannabis legalization, offering another example of how differently states continue to approach reform. The hosts pointed to North Carolina’s illicit cannabis market, estimated at $3 billion, as billions in uncollected tax revenue the state is leaving on the table amid the standoff.
There’s also news out of Wyoming, where Attorney General Bridget Hill announced the state will not automatically follow any future federal cannabis rescheduling, even if changes are made at the federal level.
And finally, does this surprise you? A new poll is suggesting many cannabis consumers don’t expect the Trump administration to complete the federal rescheduling process this year, despite the ongoing DEA Administrative Law Judge hearing.
Elsewhere, Stettner weighed in on the ALJ hearing itself, noting the DOJ and DEA still appear fully committed to their case, and pointing to the opposition’s own witness conceding that cannabis meets the Schedule III criteria as a telling moment. He cautioned against treating any single catalyst — including recent uplistings from Trulieve and Green Thumb — as a “silver bullet” for stock performance, framing the industry’s progress as more of an ultra-marathon than a sprint.
On the business side, Stettner shared that operators are increasingly proactive rather than reactive, with average loan draws from his clients climbing from roughly 46% to the high 50s as companies prepare balance sheets ahead of potential rescheduling, and described a wave of consolidation already underway in private markets. This and more when you tune in.
