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January 12, 2026
Built by a former cannabis regulator, Policy, Decoded helps operators read the policy terrain before it shifts beneath their feet.
Today’s edition tracks timing risk on two fronts: Republican attorneys general are signaling a litigation posture around Schedule III, and big banks are staying frozen until a formal federal trigger lands. We also cover the tightening vice on hemp-derived THC, with a federal deadline on the calendar, Texas floating $20,000 shop fees that function like market design, and Minnesota retailers budgeting around lost revenue if Washington does not adjust course. California’s departing regulator offers a rare look at the public service reality of building an agency at startup speed, with taxes, enforcement, lab integrity, and local access all on the same desk.
A new episode of The Hybrid dropped this morning, where we lay out our bets and tripwires for 2026.
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⚖️ Schedule III Court Risk
🏦 Banking Stays Frozen
🍹 Federal Deadline Pressure
Watch the dates. Ignore the noise.
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