Trump Signs Executive Order + Hints at Cannabis Rescheduling
In this episode of Trade To Black presented by Flowhub, host Shadd Dales and co-host Anthony Varrell break it down across two key segments. Segment 1 features Christian Angermayer, founder of atai Life Sciences (NASDAQ: ATAI) and Beckley Waves, joining the show to talk about the executive order signed by Donald Trump aimed at accelerating psychedelic research. The focus is simple—what this actually means for the sector, and why this moment is getting real attention across mental health and biotech. But what stood out during that press conference wasn’t just psychedelics. Trump also referenced cannabis. In a moment that caught attention, he told Joe Rogan the rescheduling process is being “slow walked,” then turned to his right and asked about getting it done. It wasn’t a formal update—but it was a clear signal cannabis is still part of the conversation. Segment 2 brings in Michael Bronstein to break down the policy side, including new legislation from Senator Rand Paul that would allow states to control how hemp-derived THC products are regulated ahead of a potential federal crackdown in 2026.
Christian Angermayer, founder of atai Life Sciences, offered a measured but optimistic read on what Trump’s executive order for psychedelics means in practice. He argued that the president’s role is to issue an endorsement and direct the FDA to act, not to dictate regulatory specifics, and that the most consequential near-term outcomes could include shortened trial requirements — potentially allowing companies with strong Phase 2B data to proceed with a single Phase 3 trial rather than two — and a major shift in how traditional pharmaceutical boards now view psychedelic pipelines.
Angermayer also described his personal framework for matching patients to specific psychedelic compounds based on underlying root causes of mental illness rather than surface-level diagnoses, illustrating the point with a detailed account of working with a genocide survivor whose treatment only succeeded after sequencing MDMA therapy ahead of a broader psychedelic protocol.
Cannabis policy advocate Michael Bronstein joined for the second segment and addressed President Trump’s pointed off-script remarks at the signing ceremony, which were widely interpreted as directed at DOJ officials slow-walking cannabis rescheduling. Bronstein noted that Trump’s attorney general Todd Blanch was believed to be the official overseeing the rescheduling process. It’s believed that while the administration’s intent appears clear, the legal complexity of the rulemaking — including responding to the roughly 44,000 public comments filed — means a bulletproof final rule takes time.
Bronstein then turned to Senator Rand Paul’s newly introduced Hemp Safety Enforcement Act, which would allow states to set their own regulatory frameworks for hemp-derived products rather than waiting for a federal standard. Is bill a distraction that protects hemp industry interests at the expense of the broader fight to legalize and uniformly regulate THC?
Two sectors moving at different speeds—but both very much in play right now.
