Joel Hollinsworth runs Smoke River Ranch in Oklahoma, where he's built a herd-share community of about 40 families co-owning cattle together - a model that's taken his herd from 15 animals to 425 in four years. But, this could all be taken away, as he's fighting two subpoenas from the Oklahoma Department of Securities on claims his shares are unregistered financial securities. In this episode, Joel breaks down exactly how that herd-share structure works economically, and then walks through the legal fight he's currently in.
He gets into why that claim doesn't hold up, who's helping him fight it (including USDA's Brooke Rollins' office and the American First Policy Institute), how they're fighting it, and what's at stake for other ranchers running similar models. Ultimately, this challenge threatens not only Joel's ranch, but the broader idea that people should be able to support and participate in local food systems without facing unnecessary regulatory burdens or government overreach.
We also talk through the broader pattern of regulatory overreach in agriculture, and close with Joel's advice for young people looking to get into ranching - namely, don't try to do it alone.
Key topics
How the herd-share model works (co-ownership, calf splits, time horizons)
The Oklahoma securities subpoenas and the case against them
Legal support and path forward (Rollins' office, state legislation)
Advice for young ranchers on doing this in community
Timestamps
0:00 – Intro + catch-up 2:00 – Herd-share model origins 5:00 – Scaling to 425 head + genetics program 13:00 – First subpoena 17:30 – Second subpoena, securities claim explained 21:30 – Why it's not a security 26:00 – Comparisons to other ag regulatory fights 31:00 – Legal support and path forward 47:30 – Herd-share financials + time horizons 58:30 – Advice for young ranchers + close
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