TDR Trade to Black—presented by Dutchie—goes live today at 4:00pm ET. Host Shadd Dales, alongside Anthony Varrell, welcomes Michael Bronstein, president of the American Trade Association for Cannabis & Hemp (ATACH), to break down two of the biggest state stories shaping the cannabis industry right now: Pennsylvania’s adult-use legalization debate and Texas’s new hemp and vape laws.

Pennsylvania cannabis legalization update 2025:
Governor Josh Shapiro has made legalization part of his budget plan, but the state remains divided. The House advanced a state-run model earlier this year, while Senators Dan Laughlin and Sharif Street are pushing for a private licensing system with a Cannabis Control Board. The stakes are high: with neighboring states like New Jersey, New York, and Maryland already legal, Pennsylvania risks losing out on hundreds of millions in tax revenue and jobs if it delays further.

Texas hemp and vape law changes:
On September 1, SB 2024 went into effect, banning the sale and marketing of vape products containing cannabinoids such as Delta-8, CBD, and THC. Violations carry Class A misdemeanor penalties. Meanwhile, SB 6—a broader hemp-derived THC ban—remains under consideration during the special session, with a September 14 deadline. Investors, operators, and retailers alike are watching closely as Texas reshapes its hemp market.

We’ll connect these policy shifts to the investor outlook: compliance risks, market opportunities, and which catalysts could drive the next wave of cannabis investing news.

What’s your take—should Pennsylvania move faster, and is Texas going too far? Drop your thoughts in the comments and join us live at 4:00pm ET.

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