On Monday’s episode of the Trade to Black podcast, hosts Shadd Dales and Anthony Varrell examine why Donald Trump’s potential announcement to reschedule cannabis is less about celebrity endorsements and more about the political dynamics between Republicans and Democrats. We’ll cover three major cannabis stories making headlines including the RNC chairman supporting legislation, the joke made by Wes Moore, and Florida’s court win for legalization.

Kicking off, an examination of market sentiment, with US multi-state operators rising 6.5% on $18 million in trading volume. Tilray jumps 22%, a surge Varrell credits to traders using past bearish calls as contrarian signals. The hosts note that chatter around rescheduling continues to build, though peak intensity may have occurred two weeks earlier when major media outlets covered the DEA deliberations.

Hedge fund investor Doug Kass’s argument is that Trump’s motivation to reschedule marijuana may be purely political—embarrassing Democrats for failing to deliver reform and winning younger voters. It may be a way to show independence from big pharma and federal institutions while picking off single-issue voters, and Bill Maher’s recent remarks that Republicans could “steal pot” from Democrats may be evidence that this strategy has mainstream visibility.

In the second segment, we turn to Trump’s appointment of Joe Gruters as RNC chair. Gruters supports cannabis reform in Florida, though Varrell argues this move is more about Trump sidelining Ron DeSantis than advancing cannabis policy. Still, having a cannabis-friendly chair could give the issue traction if it proves decisive in the midterms.

The podcast also covers a Florida court ruling that strikes down restrictions on ballot initiatives, clearing the way for a potential 2026 adult-use vote. The hosts remain cautiously optimistic but note the lower turnout in gubernatorial years could dampen chances.

Be sure to tune in to catch the other discussions including Maryland’s $1.1 billion first-year adult-use sales, Governor Wes Moore’s 175,000 pardons, speculation about big alcohol and tobacco entering the US market post-rescheduling, and the need for federal cannabis research partnerships.