[Music] What’s going on everybody? Happy Wednesday. Thanks for checking in your latest TDR Trade to Black podcast presented by Dutch. I’m your host Shad Dales. Lots to get into today, including RFK Jr. and Pam Bondi in Chicago. They appear that they’re cracking down on the illicit vape market. This is a good sign. Plus, dozens of proposed rules have been scrapped by the DOJ, but cannabis rescheduling is still very much intact. We’ll explain why that’s a good thing. Plus, the big news out of the state of Texas today where Governor Greg Abbott has released his executive order. And it looks like early signs. This could be a big win for big alcohol, but not a good sign for the cannabis space. And could we see lawsuits on the way? But still, this is not into law. This is an executive order right now. So, we’ll bring in Michael Bronstein to dive in what this all means, what’s next, and really how you should perceive and like really pro process all this information. So, let’s bring in AV here on a Wednesday. And uh wow, what’s going on? Nothing. Um, I’ve got a pretty eventful day. Uh, yeah, I can hear you. Can you hear me? Yeah, sorry. You’re out there. Oh, I can hear it was a pretty uh pretty eventful day with the re not rescheduling with the rules um kind of being uh cleaned up. Um I know that Trump wanted to um the Trump administration wanted a certain amount of proposed rules, a certain amount of regulations taken back with every proposed rule that’s put forward. Um, it was nice to see that rescheduling survive that. Um, kind of keeps our thesis intact if you’re kind of the mosaic theory and reading the tea leaves. Um, it was also good to see Pam and RFK in Chicago with I think it was 600,000 um, elicit vapes uh, that they’re taking off the market. Um, and then we got the news out of Texas. Um, it looked like it was good news all around. So when you look at this, you know, piece by piece, like I I take this as like, you know, if you’re going to build the case for rescheduling, you got to do your due diligence. And if there’s stories and substance behind it all, this is laying the groundwork. And you know, yes, is this cracking down on public safety? 100%. But when you look at the broad scheme of things, like when have we ever seen an attorney general or for that matter the head of the HHS and cities like Chicago for example, uh really putting out like you know public news about cracking down on these illicit markets and what’s going on. But one thing’s for sure, uh, these gray areas that you’re seeing not only in Chicago or Texas, like law and order is front and center, and this has all come to fruition, which is, uh, encouraging to see if you do make an announcement, right? It I it is, but at the same time, at that press conference, the media is failing the cannabis industry by not asking a question about cannabis rescheduling. You had RFK Jr. and you had Pam Bondi both sitting there at the at the pulpit taking questions, talking about elicit product, the the media needs to ask these questions unless they’ve been told specifically not to talk about cannabis rescheduling, which I’m assuming they haven’t, but that was a prime opportunity because I’ll say it once, I’ve said it again, if you read Michael Pollen’s book, he talks about in the as it relates to poppies and as it relates to opioids, the government as step one went in and took poppies off the market. The government went in and started to clean up um what was going on. Granted, opioids were the next step, and we all know that opioids were more of a scourge on society um than truly something that was positive, but at the same time, like you’re going to get they’re going to clean up the illicit market. They’re going to enforce the rules ahead of a change in the federal eyes around cannabis. Yeah, agreed. Man, I put out a tweet today to say uh Senator Ran Paul’s interview has been rescheduled and everybody went nuts saying we got rescheduling. But Irish, good one. Ran was rescheduled, not descheduled. I like that. Correct. Hopefully we can get him on next week. If you look around, I mean, he’s got a uh he’s playful with the elicit vapes. Um I think this is dovetailing into what him and Massie are going back and forth with. It’s going to be a busy week for him on the backs of this and I’m curious to see if with what’s going on in Texas as well as what’s going on in Illinois changes his perspective um about hemp at all be uh interesting to see. First thing that happens when you want change is the disruption and that’s exactly what’s going on right now especially in Texas. But when you look at this for cannabis operators you look at the news out of Washington and you see Bondi and RFK in Chicago. How do you read this if you’re a cannabis operator? Is this a warning shot to gray markets or is this a signal that regulation for legal players is closer than you think? Both. Yeah. Um I think it’s both. I mean, look, they’re going to go after the illicit market. They’re going to go after the illicit market. They’re going to go after this bootleg stuff. I mean, you have you have illegal smoke shops and illicit smoke shops in every state in the United States right now. Um that’s not something that I really thought I would ever see. I mean, in 2015 when I went to Vancouver for the first time and saw that there was a illegal cannabis dispensary just operating on the street, cops walked by, no one gave a damn. It kind of just was like, it is what it is. I was like, this is never going to happen in the United States. They’re everywhere in the United States now. Um, I think you’re going to see a clampdown on that stuff. Um, I think you’re going to see cleaning up on it, and it’s going to be an emphasis on legitimizing the state-run and regulated uh cannabis industry. There’s a shelf life to people that skirt the system. That’s for sure. Because once it gets to enough attention, this is what’s happening. And you can’t hear and sit here and complain because you basically have to understand what you got yourself into. A lot of these people should be grateful that they’re not thrown in jail and they got away with what they did for as long as they did. But at the same time, the DOJ, they cleared dozens of regulatory projects off of its agenda under Trump’s deregulation order, but they left cannabis rescheduling untouched. Pam Bonnie herself signed that notice. So that’s not by accident. It’s piece by piece. It’s looking like they’re clearing the runway. So what’s the uh I guess current significance of the DOJ cutting so many rules but also keeping rescheduling a lie. This is telling. Yeah. If they didn’t want to do it, Pam could have easily just cleared it out. She would have been like, “Darn, this isn’t happening. Away with it.” Um there’s no reason to put any more emphasis on this. There’s no reason to have it on the ro on the docket. Um let’s clear out the register and just out with the old and in with the new. Um it didn’t. It’s still there. Um, there were several provisions though around hemp and cannabis. Um, that got removed. Um, but they were proposed rules and I know that Tom had a pretty I don’t want to say somber, but Tom Tom’s article on the matter was a much more different tone and voice than what we saw in the Marijuana Herald um, pertaining to the matter. I I don’t see this impacting rescheduling at all. Um, obviously we’ll see what happens in the next couple of days as people read more into it. Um but as far as we can say as far as we can see um the rescheduling proposed ruling was not a casualty as per what they did today. Yeah. Seeing some comments too if uh we seem a little off. I am a little off right now at this moment. Uh I’m just really disturbed as to what happened to uh Charlie Kirk today and uh very very sad and tragic. I still can’t believe what I saw but thoughts and prayers and from what I heard you were mentioning right before we went live Anthony if that is correct the AP announced that he has passed away. So, man, thoughts and prayers to his wife and his kids and uh doesn’t matter how you viewed him. Um, man, I I nothing makes sense now in the world that we live in. I can’t believe what happened, but thoughts and prayers go out to him, but uh that was crazy what we saw, but uh Barry, um all right, listen uh some good like I know a lot of people were asking, is this a good thing, a bad thing as far as the announcement out of Washington? It’s a good thing. Cannabis rescheduling still intact very much so. So, is that by coincidence? Time will tell. Also, you see the attorney general and head of the HHS in Chicago clamping down the illicit market. These are all telling signs potentially laying down the grand uh groundwork for what could be, let’s hope, some rescheduling news in the future. But we were we were are waiting for news pertaining to that. But we did get news today in Texas as Governor Greg Abbott announced his uh new executive order for THC hemp derived products. And we’re going to have a full breakdown of that. So with that, it guess what? It’s Insiders Edge again on a Wednesday. We don’t need to play the intro music for this one. Uh Arn, this is a special edition. So, let’s welcome in Michael Bronstein back to the podcast. We should just do this every day. Do we not have like special edition music? What’s going on? Yeah, I was hoping we were going to run back. We’re going to run it back with the intro. You want to Do you want to run it? No. It is it it is funny though because I think Michael and I were in agreeance on Monday that Abbott was going to act unilaterally here and uh and put something out and he did. He did. He said it. You can roll the tape. Yeah. Well, the tape it’s it’s a lot of moving parts in how you interpret this as far as who the winners and the losers are, but a lot of these hemp guys out of Texas, they wanted regulation. They got it and a whole lot more. And right now it looks like early signs that big alcohol could be winners here if indeed this is passed into law where a lot of the product is going to be available in liquor stores. Uh am I correct to read it that way from what I’m seeing? And really all in all like what’s your first interpretation because you said this approach is going to be very like a conservative approach but when you see this outline as to what Governor Abbott did actually announce today or publish today what was your first thoughts Michael? I think that the devil’s in the details with how the regulations are going to be promagated. I mean, I wouldn’t say to you one way or another that, okay, well, alcohol is a big winner or somebody’s a big big winner, you know, in this uh just from reading through the regulations. I mean, there’s some interesting things that are referenced um in the executive order uh for which regulations are going to be promulgated. Right? Look, there’s one that we all know about. anybody under 21, you have to check IDs. It was one of the, you know, one of the more ridiculous parts of the one of the more ridiculous parts of the law. But there are many other things that are treated under it. So it it it you know, you you look at it. I mean, I wonder and I still have it. I still believe that even through an agency, um, it might wind up being more conservative, right? I mean we it talks about the the prohibition on the retail sale of hemp flour you know uh and also synthetic uh canabonoids. So the manufacturer sale of hemp derived products containing synthetic canabonoids which is which we have talked about we’ve talked about both of those areas the yep and synthetic canabonoids for quite some time which are uh you know rightfully so the areas of regulation um that people are you know that that people people are looking at and also it talks about um setting potency limits and per package uh servings per milligrams So we could talk about what those what those limitations are, right? But we don’t know until we come out until we come out of the process what those limitations might be. And also it’s going to be done by rulemaking. One of the interesting things also is that under Texas law, so and one of the reasons why they’re sort of in the situation that they’re in right now is they when they passed in 2019, they passed their law uh that they’re they’re currently operating under. Um what it did was it lined itself up with the federal definition of hemp. Um in the testing that that’s called for here um it’s to uh it it talks about total uh total THC. Yeah. Which is different. So I think it’s like okay well how is that gonna how is that going to be squared and how are how are people thinking you know how are people thinking about it? And then I think also there’ll probably be some questions around uh the treatment of delta 8 um as a synthetic canabonoid or not. That’ll happen I think during I think that’ll happen during rulemaking um because when you look at it it’s as naturally occurring. Um, and then you talk about synthetics and obviously delta 8 it doesn’t um there’s not enough delta 8 in uh in a in a plant where you’re just extracting the you know you’re just extracting the delta 8. So I I think that there are a lot of things that are going to be flushed out um in the rule making process. I also noticed there were some comments from folks where it’s like, well, it’s not everything we wanted, but we’ll go, you know, we’ll go along with it or it’s not this or it’s not that. But like the reality is is and you guys were making the point before to get at regulation. Yes. Have to clean the market up. Well, this is correct. Well, Michael, do do you one of the biggest I don’t want to say biggest problems, but I guess biggest issues with this industry being the hemp industry has been elicit product getting pumped into these channels under the guise of farm bill compliant hemp products. Um, I haven’t read the entire executive order yet, but I’ve read a decent amount of it. I mean, do you think that this sets the groundwork for a complete statewide seed to sale tracking infrastructure roll out to be able to ensure that if they are going to legitimize these products that they can have transparency and a functioning market um to ensure that elicit products are not going into these channels? It might very well because it the executive order also talks about taking into account um chain of custody of the product and you know from basically when it’s when it’s grown to when it’s sold. Yeah. So that to me is yeah that that to me would be tr would be a more would be a more traditional area of uh you know of track and trace um that we see in you know that we see in cannabis markets and interestingly kind of the division of labor too uh between which agency is doing what in this. So there are two agencies that are given primary regulatory authority um in this uh you know one is um is health uh and the other is ABC uh which is you know where um alcohol is ABC is where alcohol is regulated um in Texas. And interestingly, health has to evaluate what the current regulations that they have uh that are on the that are on the books um and potentially make revisions. So, I think that so if you’re an agency and by the way that agency I would argue has been pretty conservative correct over the years. So the the question is are you like okay so you’re a health agency and you’re regulating do you get to the type of product that somebody maybe is is selling in market right now or does it look something different I would say that it looks different um and where you have kind of the regulations where you know and also how they interact with the broader market. I mean there was obviously a law that was passed to expand um the medical program so being able Yeah, correct. I mean, that was what I was going to ask you next because we’ve talked about how how Texas could set the precedent for, let’s say, state law coast to coast if they simply regulated the THC molecule and didn’t bifurcate hemp and medical with the teacup program. I mean, do you think that this is it? I think it sets a good precedent with what they’re doing because they’re not going to go through with a ban. they’re more so legitimizing um THC. It just happens to be derived from hemp. I mean, do do you think that they’re kind of slighting themselves to a certain degree with not just rolling out a statewide adult use cannabis industry with like what we see in California and just bringing them both together and putting them under the same roof, which I honestly feel would be congruent and just easier than what they’re trying to do right now. In an ideal world, you know, you’re regulating THC as THC. Yeah. Uh California has it had its own, you know, has its own problems obviously in in some of the things that in some of the things that they’re doing, but on a move forward and go forward basis, regulatory parcel, correct? if a couple different systems where maybe it’s legal over here, maybe it’s not legal over there, right? There actually has to be a line um and everyone has to know where it is so that that way you can play by the rules. Yeah. Like that is generally what it is. It’s not like well, you know, there’s a line of legality and illegality and there’s this huge gray area where the market exists, right? You actually have to get to a point where you’re in regulation. And I think what folks have, you know, rightfully so, been uncomfortable discussing is what enforcement, you know, mechanisms look like around a around a regulated market. But but the thing is is like we’re not going backwards. Like we’re going forwards. And the way that you regulate other businesses, there are ways to do it with enforcement, you know, civil enforcement. There are ways to do it with, you know, how you would how you would regulate a regular business that’s done something that’s against the law. Yeah. Yeah. Considering, you know, Yeah. Considering what politicians have learned over these last two, three months, why do you think there’s so many politicians that view hemp so much differently in cannabis within the state of Texas? It just appears that everybody and how this executive order is being framed that there’s a lot of support for hemp and there’s not so much regarding cannabis like cannabis is being left behind. Does it come come down to lobbying dollars? Like what is it, Michael? What it comes down to is the idea that when we started this years and years ago, Yeah. when we were talking about hemp, we were talking about a non- intoxicating product. Yeah. And we did a very good job about talking about the virtues of hemp and what hemp could be and all the different uses, all the different great uses that there are for hemp. Okay? And it was also passed. Hemp was embraced, I think, by conservative lawmakers, uh, because they saw the agricultural importance. That’s without Yeah. without necessarily thinking about, well, you could sell this product in an intoxicating way or that, well, actually, it’s the same plant and uh, you know, you do it this way and it’s marijuana and you do it that way and and it’s him. And the thing that always concerned me was that we always knew this regulatory moment of reckoning was going to happen. Yeah. But there was a lot of argument from folks saying, “Well, whatever. We’ll just sell marijuana as hemp.” Yeah. And we’ll be done with it. Yeah. But the problem is is that you can’t really do that and bring everybody along. like that slight of hand. Agreed. Um is not gonna work. You actually need because there are a lot of people out there who don’t know. I know it would surprise everybody here, right? They actually don’t know that hemp can be intoxicating. It took years the way that it was defined and what was done. And I remember showing up to a conference of regulators like these were agricultural officials. And one of the people who was an agricultural official, this was like three, four years ago, something like that, stood up and was like, “I am here to tell you that hemp actually can be intoxicating the way that we’ve defined it.” Yep. And everyone was like, “Are you kidding me? Is that like a thing?” They didn’t know, right? So, and they didn’t know. And I think that when people they don’t know and all of a sudden they catch up, they haven’t been reacting in the way where it’s been like, “Oh, this is like too big to fail. right? Like there was sort of a a thing where it’s like all right when we have this inflection point we’ll deal with it and then there won’t be sort of regulatory um scrutiny or there won’t be push back or there won’t be what you know there won’t be um and I think that we’ve seen I think that that has not necessarily been the case um over the course of certainly this last year. So I look I think an intoxicating product that is marijuana uh can stand on its own. Yeah. As why it should be legal. And a consumer should know what it is that they’re getting. Whether it be, you know, marijuana, whether it be hemp, whatever it is, we’ve got to start thinking about the consumer here and we’ve got to start thinking about common sense rules rules and rules and regulation. Yeah. Well, the Texas order to me I think there’s a lot of unfinished business what happened here behind the scenes because you know when I ask you the question why is hemp viewed so much differently in Texas than what it is with cannabis and you brought up farmers big egg which I totally makes sense now when you see this executive order a lot of the product is going to be sold out of liquor stores and it seems to me you got big lobbying powers that are getting behind the scenes and are already putting a strangle hole in regulating this like alcohol like is this a sign of things says so all the order says it doesn’t say that stuff is gonna have to be sold out of those stores what it does most of it is an honor am I incorrect to say that that wasn’t my read of the order my read of the order is that they have the ability to license um that that agency has the ability to that agency has the ability to license I think that’s yet to be I think that’s yet to be determined because the the the type of form factor factors and things like and such it looks like are regulated over on the health side from the from the actual executive order. I think that there’s a split. They’re working together, but I think there’s a split in regulatory authority as to where that is. And then one agency is charged with uh one agency is charged with the licensing and enforcement. So, you know, what that looks like I think remains to be seen. It could very well be right. But they also have I mean there are also things in the executive order where it talks about that you know you can’t mix a product you can’t mix a THC product with right or in in the same product. Okay. You want to repeat that? You got you got you got cut out there. Can you repeat that? Oh I’m sorry. Yeah the the in the order also it says that it um THC can’t be mixed into an alcohol you know into an alcohol product. So, which by the way under F I mean you you know it’d be considered an adulter anyway, but but the the the point is is that you have a um I think that there’s still open-ended questions about where that is. I think we’re going to find out in the coming days about what that means, right? Uh and about what those what the where those like, you know, what that licensing what that licensing means and what it looks like visa the other states or whatever. But I just took that at first blush as this is where enforcement and licensing would come from. Okay. Do you think that THA Flower survives this executive order and these regulations? Because I know some people read it um with the potential implications on the amount of THC in the products that would basically be gunning for uh THCA flour. And then I saw others that had deferring opinions. Well, it talks about the prohibition of retail sales of hemp flour under it. So, I think that that’s and by the way, when they’re measuring uh if they’re testing to a total THC standard, um I think that also is probably something that they would is a tell as to what they’d be encompassing under okay under under regulation. So, we could be looking at a pretty bare bones market um in terms of intoxicating products. I mean, vapes already got knocked out with the with SB 2024 that went into effect last week. um we could just be looking at what edibles and beverages on a go forward basis as far as the legal hemp market is concerned in Texas. It seems that’s what it contemplates. It it seems that’s what the executive order kind of contemplates on this. But again there this is subject to rule making and you know subject to a lot of different industry feedback and and you know what it is that it’s going to look like. Um, and they’ll issue emergency rules on it, which, you know, I’m sure people will take a look at and try to, you know, see which direction uh, this this is all going in, which to me, like again, I think that when you when you look at this, you can’t really conclude just from the executive order what exactly the this market is going to look like, right? What is this milligram? What’s the milligram limit? You can’t because what’s the milligram limit? Well, it looks different, you know, under under a certain milligram limit than it does under another under under another. So, I guess I guess a better question would be with this executive order out now, are there certain timelines and time constraints around the rule making process in Texas that’s going to need to um happen um as per the ZO or kind of look? Yeah, I mean they said like that they instruct them to start it within 10 days. It looked like there was some level of emergency rule making process. I do not know I will but don’t know right now what the emergency rule making process looks like in looks like in Texas. In other states, um, emergency rules can look like a number of different can look like a number of different things and it’s not uniform in in every state. And it also, okay, may they dictate how long those regulations are put in place for and then also when final form regulations may be promulgated after after emergency rules. So, and rulemaking is uh rulem can be different in a number of different states. So, and I don’t presume to be, you know, I I I’m still looking into what what those what those rules are going to look like or like how they do it on emergency rule making, but just as general, like I think the process here is also going to be um is also going to be important. Yeah, very much so. You think this uh executive order grabs the attention at all from Washington um and what we keep talking about and elaborating on as far as conversations circulating around reform itself? I don’t think an executive order in Texas needed anything for Washington to pay more attention than they already are to this subject. I think Washington right now is uh there’s a lot of activity um and discussion uh going on right now in in DC. I mean, especially with what we’ve seen over the last uh the last couple of weeks. What do you make of uh Pam Bondi and uh RFK in Chicago today making a public appearance and cracking down on some of the illicit market including vapes? But that’s a telling sign, don’t you think? Yeah. Well, I think that there are ad, you know, I think that there are administrative tells of where it is that they, you know, of where it is that they they want to go. Uh but again, you know, I think that the um I think that to draw broader conclusions about policy right now, it’s really tough to it’s really tough to do that. No, I get it. There’s a lot of things that there’s a lot of things that they have on their plate. There’s a lot of things that Congress has on has on their plate as well. And it just feels like it’s a pretty fluid um you know, there’s a pretty it’s a pretty fluid situation. Yeah. So, at first glance, if you’re a cannabis operator in the state of Texas, what are you looking at and like how are you interpreting this executive order? I’m watching the rulemaking very closely. Yeah. Uh I am probably looking at what it is that I’m selling right now. I think there are a lot of operators they don’t know the uh and some would dispute this but I think that there are a lot of folks they don’t necessarily know uh the provenence of where some where some of the the products are like like do they know if they’re selling a synthetic product or not um they they probably you know not probably everybody does uh or or necessarily cares about that. I think that there’s some that that folks are gonna have to, you know, really um look at look at their suppliers. Okay. And I think that they’re gonna have to um you know, I think that they’re going to have to watch what’s going on in this executive order process very closely. Okay. So, watch closely. Nothing affirmative. The big takeaway here is yeah, it’s got everybody’s attention, but there’s still some changes that are most likely going to happen. Correct. Yeah. And remember in most states, so when you see something like this with executive action, you usually have an order and then you have enforcement potentially around the order. And and what this calls for is rule development on it. In places where we’ve seen enforcement um or at least a more delineation of the market, a lot of times what we’ve seen is either executive order, attorney general action. Yeah. Right. attorney general action will send letters um around to folks about what vi you know what enforcement there’s going to be right and then they after those warnings they go in and they enforce uh they do enforcement around it I think that we’re getting to a spot where there’s going to be some level of you know there’s going to be some level of regulation in Texas and like how these agencies interact with each other there’s also going to be a study too, which I think is important. You know, these agencies are going to be working together to make recommendations along with Texas A&M and potentially other agencies uh to make recommendations on regulation. So, you could have an emergency order, the market exists under the emergency order and the way that it is and then there’s a recommendation about what it is to do. That’s not like the greatest place to live, by the way. Really, what you want is you want regulatory clarity. Correct. Right. So, how do we I was going to say I I was going to say, Michael, this conversation is great and obviously what’s going on in Texas via the executive order. It’s a step forward and and it’s and it’s positive because it’s not a ban, but how much are you keeping tabs on the farm bill? Because we still got that thing rearing its head that could get rerated here. Um, and I mean if the farm bill closes the.3% THCA, I mean THC language, all of this goes away overnight. Um, to a certain extent, we’re watching it very closely. Okay. I mean, the the there’s, you know, there have been a lot of discussions in Washington. We saw you’re gonna have Senator Paul on. uh we saw, you know, we we saw some movement between him uh and the discussion around uh around Senator McConnell and I do think that there is a will in Congress to uh to address this issue. Um and this issue at a federal level uh need needs to be needs to be addressed because there isn’t a um you know there isn’t even arguably a market for non- intoxicating canabonoids or path pathways around that which was left out of the I mean I would argue that FDA had the power to to to do it but they haven’t they haven’t they haven’t move they haven’t moved on that um and so there really isn’t regulation uh by final form product and that’s caused issues um for everybody. I mean it’s caused issues for the industrial hemp industry. Uh it’s caused issues you know down the line. So I think that there’s a lot that is that could that is coming uh or potentially coming um you know on on on on from the DC front. And look federal action um is important. I mean, in order to, you know, in order to create regulatory guard rails, um, there’s gonna have to be regul there’s going to have to be regulation and they’re gonna have to address, uh, the issues that arose out of the last farm bill. Okay. Okay. Let’s bring this all together then for clarity. What should people pay attention to as far as what’s next in Texas? Then watch the watch the rule making. Yeah. um timelinewise is I would think it’s going to I mean they’re instructed to do it you know to start movement I think in the next 10 business days right there may be on emergency rules in some other states um what they do is they publish and there’s comment uh on on them sometimes so there could be a comment period um I don’t I’m not familiar so someone with Texas from a Texas law perspective could could might chime in in the in the uh in the comments, but um sometimes there is that uh there is that period in there. I’m not sure what it is under Texas law. Uh but that’s what that’s what folks are going to have to be watching. I mean, rulem um you know, rulem is when folks sit down and they start commentating on, you know, what it is that could be adopted. So, you should start to see tax drop uh relatively soon. this executive order was pretty quick. Um, I mean, they said, “Watch out. Stay tuned.” So, they obviously knew what it was that they were going to do if the legislature didn’t come to come to something. Okay. All right, sir. Well, listen, appreciate you uh doing this on short notice, but we thought we have you on every week. We need to have you on again because there’s no other better person to break this down, but I appreciate some of the clarity. But all eyes on Texas and uh look for an outcome potentially in the next couple of weeks. So, uh, it’ll be telling, but all eyes again on Texas and how a lot of other conservative states may view what this model, whatever it comes to fruition in the next little bit on what they might do down the road. But it’ll have implications, I think, not only in Texas, but other states as well. But, uh, we got our first glimpse and, uh, yeah, it’ll be interesting time to see what the ultimate decision will be in these next few weeks. There’s a lot going on. A lot going on. Um, all right, sir. Listen, appreciate it. and uh we’ll see you back here Monday. Okay. Yep. It’s good to be here. Thanks, Michael. All right. Thanks, Michael. Um so, I read that wrong then. I was reading out and reaching out to a couple people in the uh uh industry and I was under the assumption that a lot of this product was actually going to be sold out of liquor stores. So, uh what did I get wrong there? It’s not. Where is it being? There’s going it’s going to it’s going to stay within retail locations that are selling hemp right now. The problem is is that a lot of those hemp locations, I think, are within 1,000 feet of schools, thousand feet of churches. They’re going to get reszoned and they’re going to have to move. And I think it’s going to be very disruptive uh for their business. So, what happens to all these smoke shops then? They just got to move. They close. They close. They close. If you’re in the wrong area and you’re in a zoning, there’s a zoning infraction, you’re you move. Yep. It’s Yeah. All right. Uh Rand Paul was supposed to be today. uh had to uh reschedule. So, we’re hoping that it’ll be next Wednesday at 4:00. We’ll keep you posted. I spoke to the team this morning, but nothing to look into. Uh just a scheduling conflict and uh yeah, listen, at the end of the day, we’d love to have the authority to get some of these people on like a senator of that capacity, but I understand that he’s got a lot on his plate, but most importantly thing is that they very much see the value and interest in coming on our platform. So, next Wednesday is what we’re trying to confirm. So that was rescheduled which is why look as much as that was tough to get that today uh in the rescheduling news we had this executive order that came down which is uh great that Michael is able to come on and talk more in depth about it. So all is well be patient everyone and uh we’ll make sure that we cover off this topic with Senator Ran Paul hopefully by next week but either way we’ll keep you posted. So that’s it. Yep. On that topic. Uh anything else you want to add for today? You good? I’m good. I’m good. It was uh how the bar today couple everything got smoked uh get smoked at the close. Yeah, I think everything was down like five, six, seven%. Yeah, everyone stay off at Twitter. Why? Well, I just I’m not going into it. I’m going there. Um MSOs. Yeah. 465. All right. Uh yeah, cheer up guys. Alt’s good and green. We are good. Everything’s fine. I think that’s are telling stories that we saw today uh out of Chicago and then out of Washington as well. Um so that’s important. You know, rescheduling when you look at all these proposed rules that pretty much are gone and rescheduling is in play, that’s a big win. So take it as you will. But uh I think it’s all good. And I know the biggest question is is that if we get an announcement, when? And I don’t have any other answers like I said the other day. So no clarity on my end. And again, I’ll repeat this. Be patient and uh just read between lines and realize that in order to make an announcement like this, you got to build a story line behind it. And these little parts like this, whether it happens or not, if it does, you look back at this and stuff like this makes sense. So that’s it. Uh anyone that’s throwing anyone that’s throwing out exact days is uh is wrong at this point. I’ve got 20 more days on my timeline between now and the end of the month. So, we shall see. September 10th, time’s ticking. All right, my friend. Good seeing you at TDR Trade Black. Anthony Bre Shadell saying so long. Today’s episode again presented by Duchy. If you want to learn more, visit business.duty.com. We’ll see you back here Friday 11 a.m. Eastern time. Thanks everyone. Thanks everybody. So, what’ you think of all that information? some interesting stuff that we just learned. Once again here at the TDR Trade Black podcast, let’s keep the conversation going. So, leave your comments below. We’d love to get your feedback. As usual, if you have time, make sure to like, subscribe, and smash on that bell for all notifications. And stay connected with us here at the Trade to Black podcast. Thanks for watching, everyone.
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