Cannabis policy is being rewritten in real time, and the next few weeks could reshape the industry far beyond hemp gummies at gas stations. In this episode, Greg Dunaway talks with Jeremy Berke, founder and editor-in-chief of Cultivated, about the hemp ban, Schedule III, and the growing split inside the GOP, and what it all means for operators, investors, and consumers.

Jeremy walks through how the 2018 Farm Bill created a hemp-derived THC market that exploded into Target aisles and convenience stores, why the current funding fight in Washington could shut that market down, and what happens to millions of dollars in inventory if a ban takes effect.

Topics covered:

Why the current hemp definition is so easy to exploit, and why lawmakers are trying to rewrite it. How a one-month delay in the continuing resolution could ripple through THC products, CBD products, and the businesses built around them. Why big cannabis operators might see a short-term win if hemp products disappear, but risk losing the mainstream normalization that helped grow the category. What’s really driving the fight inside the Republican Party, from Ted Budd and social conservatives to Trump’s more cannabis-friendly posture. And who may be applying pressure behind the scenes, including alcohol and pharma interests whose lobbying power dwarfs cannabis.

Jeremy also breaks down the DEA rescheduling hearings in Arlington, the court dynamics around the five-part medical use test, why cannabis has never quite fit that framework, and why a move to Schedule III followed by a long legal fight remains the most likely path forward, along with what that means for 280E, injunctions, exchange listings, and the MSOs racing to separate medical from recreational revenue before the rules change.

For anyone following cannabis stocks, hemp regulation, or federal policy, this conversation offers one of the clearest reads yet on where the industry stands, and where it’s headed next.