Washington Moves On Rescheduling While Markets Wait
In this episode of Trade To Black presented by Flowhub, host Shadd Dales and Anthony Varrell take a look at New York as the state hits a major milestone with five years of cannabis legalization, reinforcing its position as one of the largest regulated markets in the country. Segment two features Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH), providing policy insight on what’s unfolding in Washington and other states regarding rescheduling. That includes Indiana, where Governor Mike Braun is now openly acknowledging that legalization pressure is rising. He points to widespread use, surrounding legal states, and shifting views among law enforcement—even as legislative leadership remains opposed for now.
The show opens with a sobering look at cannabis ETF performance since the HHS rescheduling recommendation in August 2023. The hosts noted a near-total absence of buyers in the market heading into the final days of March.
On a more encouraging note, the New York cannabis market, which has now surpassed $3.3 billion in total sales with more than 600 licensed retailers five years into legalization. Both hosts agreed that despite its chaotic rollout, New York has hit its stride and may now represent the hottest adult-use market in the country.
Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, joins the show to break down the current state of rescheduling news out of Washington. He pointed to a series of White House meetings scheduled for later in the week involving cannabis operators, hemp stakeholders, and industry groups focused on the FDA’s enforcement framework for CBD as evidence that the executive order is actively moving through implementation.
Bronstein addresses the increasingly fractured landscape of hemp advocacy, noting that divergent factions — from synthetic THC producers to industrial cultivators to beverage makers — are working at cross-purposes in Washington, which complicates any path to a coherent regulatory package. He argues that meaningful reform requires acknowledging bad actors within the industry rather than defending the market as a whole.
In Indiana, Governor Mike Braun recently acknowledged that legalization is inevitable given the legal markets surrounding the state, even while stopping short of endorsing it. The episode closed with both hosts crediting the Biden administration for laying the critical groundwork through the HHS report and the OLC process, even as President Trump is positioned to receive the political credit should rescheduling ultimately be finalized under his watch.
