The Dales Report | Trade to Black

Another interesting development is coming out of Washington involving cannabis and plant-based medicine, and once again, the timing surrounding President Trump and federal marijuana rescheduling is difficult to ignore. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on the Advancing Botanical Drug Development Act of 2026, introduced by Republican Representatives Lauren Boebert and Derrick Van Orden, which would give newly approved botanical drugs 12 years of market exclusivity, potentially unlocking real investment into cannabis and psychedelic-derived medicine.Joel Stanley, former CEO and co-founder of Charlotte's Web and now CEO of AJNA Biosciences, is developing both a cannabinoid-based treatment and a full-spectrum psilocybin compound entering Phase I trials, and told Psychedelic State(s) of America this kind of exclusivity could bring the same wave of investment to natural medicine that biologics saw years ago. There's a direct connection drawn to what's simultaneously unfolding under the Trump administration, Attorney General Todd Blanche's move placing medical cannabis into Schedule III earlier this year, a federal appeals court rejecting an attempt to block rescheduling just last week, and DEA's own argument that marijuana no longer meets Schedule I criteria.Worth noting, there's no evidence tying this bill directly to another Trump cannabis announcement, but the pattern is hard to ignore, an administration actively moving cannabis toward Schedule III, federal regulators increasingly acknowledging accepted medical use, and now Republican lawmakers building financial incentives for FDA-approved plant medicine, all happening at once. The bill still faces real hurdles, no hearing scheduled yet since its August 27 introduction, but the bigger question the episode raises is whether Washington is quietly assembling the framework for a much larger federally recognized cannabis and psychedelic medicine industry.Want to see more Cannabis Reform?🎬    • Legal Weed Could Bring in $58 Billion More...  🎬    • Regulate Hemp, Don't Destroy It, Says CEO ...  🎬    • Tyson Pushes Trump on Cannabis Reform | TD...  🎬    • Court Rejects Bid to Block Rescheduling | ...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick things off with the newly introduced Advancing Botanical Drug Development Act of 2026, sponsored by Representative Lauren Boebert alongside Derrick Van Orden. The bill would grant FDA-approved botanical drugs 12 years of market exclusivity, and while it doesn't mention cannabis by name, the FDA has explicitly identified cannabis-derived products as eligible under its existing botanical drug framework, making this legislation one worth watching closely.They also run through the Check-In Poll of the Week, presented by NuggMD, get your medical marijuana card online in minutes, head to NuggMD.com/TDR to see if you qualify and save 20%. This week's poll found that 42% of cannabis consumers say they've hidden their use from at least some loved ones, and 71% have hidden it from someone at some point, numbers that show real stigma persisting even after federal rescheduling.In segment two, Andrew O'Connell, author of the Pristine Capital Substack and cannabis technical trader, joins to break down recent price action, including the heavy volume seen yesterday in October 16 $6 calls. Andrew walks through the $5 gamma wall building in MSOS (NYSE: MSOS) options, where heavy call open interest could force dealers into forced buying if price pushes through that level, along with the technical picture, MSOS trading above its anchored VWAP from December 12, 2025, the day rescheduling reporting first broke, and a Relative Strength moving average crossover signaling MSOS is now outperforming the S&P 500.They also map out the upside price levels worth watching, $6.84, $7.25, and $11.38, tied to major rescheduling milestones, and the catalysts still on deck, the ALJ's recommendation, which could land any day with midterms now just 48 days away, the DEA's final rule, and Trulieve's (NYSE: TRLV) path toward Russell index inclusion in December following its NYSE uplisting and U.S. redomiciliation.Want to see more Cannabis Reform?🎬    • Legal Weed Could Bring in $58 Billion More...  🎬    • Regulate Hemp, Don't Destroy It, Says CEO ...  🎬    • Tyson Pushes Trump on Cannabis Reform | TD...  🎬    • Court Rejects Bid to Block Rescheduling | ...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick off a brand new week starting in the psychedelic space, where FDA officials laid out a new framework to make psychedelic therapies available to patients "more quickly," according to reporting from Marijuana Moment. In a piece published in the New England Journal of Medicine, four FDA staffers pointed to the country's worsening mental health crisis and named psilocybin and DMT specifically as compounds worth pursuing, building on steps FDA and HHS announced back in April to accelerate access. In segment two, Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP), joins to break down where cannabis rescheduling actually stands. It's now been roughly a month since post-hearing briefs were due, and they get into the timeline question everyone's asking, whether Judge Derek Julius issues his recommendation this week or if the wait continues.They also get into the interest rate environment and what it means for cannabis capital access. Anthony shares his outlook on how many more rate moves to expect, and walks through why rescheduling and monetary policy are two separate conversations, even if cannabis gets moved to Schedule III, that alone doesn't mean borrowing costs come down while rates remain elevated.Like, subscribe and leave your comments!Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Bridge Michigan, republished by Marijuana Moment, on Republican candidate John James pledging to repeal or sharply reduce the state's new 24% wholesale marijuana tax, and the cannabis industry now putting real financial support behind him.James recently attended a fundraiser hosted by JARS Cannabis executives that raised nearly $90,000 for his campaign, part of the roughly $1.2 million he's raised since late July. The wholesale tax was created last year as part of a bipartisan road-funding deal signed by Governor Gretchen Whitmer, and it's separate from Michigan's existing 10% retail excise tax. Industry officials say they were blindsided by it, and the early numbers back up some of their frustration, the tax was projected to generate $420 million annually, but actual collections came in at just $73.4 million over the first six months.Democratic nominee Jocelyn Benson has taken a far more cautious stance, calling it a "new and emerging issue" that needs more data before she commits to a position. The episode also covers James's political evolution on cannabis, from opposing legalization back in 2018 to now positioning himself as a defender of the legal market voters created, and why this race could become a genuinely important test case as Michigan's saturated, thin-margin cannabis market decides whether legal prices stay competitive with the illicit market or push consumers right back to it.#TDRCannabisIn5 #Michigan #CannabisPolicy #JohnJames #CannabisTax #Gubernatorial2026 #CannabisNews #CannabisIndustry #WeedTax #MichiganCannabisWant to see more Cannabis Reform?🎬    • Legal Weed Could Bring in $58 Billion More...  🎬    • Regulate Hemp, Don't Destroy It, Says CEO ...  🎬    • Tyson Pushes Trump on Cannabis Reform | TD...  🎬    • Court Rejects Bid to Block Rescheduling | ...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade to Black Weekly Recap, presented by FRE, host Shadd Dales highlights the biggest developments in cannabis and psychedelics over the past 7 days, including a federal court ruling on rescheduling, Virginia's first draft of adult-use regulations, an escalating Curaleaf-Aurora fight, and a Compass Pathways update.First, the U.S. Court of Appeals for the D.C. Circuit rejected an attempt by NDASA and MMJ International Holdings to block Trump's cannabis rescheduling move while litigation continues, with DOJ arguing the challengers themselves have "pocketbook interests" in keeping marijuana in Schedule I. Meanwhile, DEA's own final brief asked the judge to expeditiously recommend moving marijuana to Schedule III. In Virginia, the Cannabis Control Authority released its first draft of adult-use regulations ahead of a planned July 1, 2027 launch, with a dual-use pathway that could give existing medical operators like Jushi Holdings (CSE: JUSH) (OTCQX: JUSHF), Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF), Verano (Cboe CA: VRNO) (OTCQX: VRNOF), and Arboretum Virginia a real head start over new entrants.On the business side, Curaleaf (TSX: CURA) (OTCQX: CURLF) released a fourteen-point rebuttal against Aurora Cannabis (TSX: ACB) (NASDAQ: ACB), continuing to push its $4-per-share offer as Aurora keeps urging shareholders to reject it. Grown Rogue (CSE: GRIN) (OTC: GRUSF) officially began cultivation in Minnesota, Canopy Growth (NASDAQ: CGC) (TSX: WEED) expanded its Australian medical portfolio, and Vext Science (CSE: VEXT) (OTCQB: VEXTF) voluntarily closed an Ohio dispensary amid a health event investigation. In psychedelics, Compass Pathways (NASDAQ: CMPS) released strong 52-week Phase 3 data for COMP360 in treatment-resistant depression, and it was strong. Like, subscribe, and leave your comments!Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

States have generated more than $15.8 billion in cannabis tax revenue over the past five years, and according to a newly updated federal report, the numbers are still growing. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on new U.S. Census Bureau data tracking cannabis excise tax revenue since Q3 2021.In just the most recent 12-month period, states and D.C. collected an estimated $3.55 billion in combined cannabis tax revenue, this despite marijuana still remaining federally illegal, still facing banking limitations, and still dealing with punitive taxation under 280E. In Q2 2026 alone, states brought in nearly $988 million, led by California at $161 million, Washington State at $153 million, and Michigan at over $110 million. Going back to when the Census Bureau started tracking in 2021, California has generated more than $3.3 billion total, with Washington State close behind at $2.3 billion.The episode also covers why national totals dipped in fiscal 2023, tied specifically to California eliminating its cultivation tax to compete with the illicit market, and how newer markets like Minnesota and Delaware are just starting to contribute. On a per-capita basis, Washington and Montana lead the country at more than $50 per resident annually, driven by excise rates of 37% and 20% respectively. With a separate Yale analysis estimating federal legalization alone could generate nearly $58 billion in new tax revenue over a decade, the gap between federal prohibition and state-level economic reality keeps getting harder to ignore.Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

The debate over hemp-derived THC products is heating up again in Washington, and one businessman who operates on both sides of the cannabis industry says Congress needs to regulate the market, not destroy it. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down an op-ed from Dylan Raap, founder and CEO of Vermont-based Upstate Elevator Supply Company, published through Marijuana Moment.Raap runs both a hemp company producing CBD and hemp-derived THC beverages, and a separate state-licensed adult-use cannabis business in Vermont, giving him a genuinely rare view across both industries. He doesn't oppose the synthetic cannabinoid ban still hitting November 12, but he strongly disagrees with the broader 0.4 milligram total THC per container standard set to take effect December 11, arguing that measuring THC per container instead of per serving could wipe out products never designed to intoxicate anyone in the first place, like full-spectrum CBD bottles containing trace amounts spread across 30 servings.Raap isn't defending the entire hemp market either, he acknowledges the 2018 Farm Bill created real unintended consequences, and argues that any genuinely intoxicating product should face real regulation, age restrictions, potency limits, clear labeling, independent testing, and packaging that can't be confused with anything marketed to kids. The episode covers where Congress actually stands right now, competing proposals from Andy Barr and Angie Craig, and Beth Van Duyne and Greg Landsman, and why the clock is becoming the biggest obstacle, businesses need far more than a few months to make manufacturing and distribution decisions before December 11 arrives.#TDRCannabisIn5 #HempIndustry #Delta8 #HempRegulation #DylanRaap #CannabisPolicy #CannabisNews #HempBan #FederalHempPolicy #CBDIndustryWant to see more Cannabis Reform?🎬    • Tyson Pushes Trump on Cannabis Reform | TD...  🎬    • Court Rejects Bid to Block Rescheduling | ...  🎬    • Is the New York Times Getting Cannabis Wro...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Mike Tyson is praising President Trump's decision to free two federal cannabis prisoners, but he's also making clear he hopes it's only the beginning. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on Trump's commutation of Jerry Haymon IV and Kevin Harden's sentences, and Tyson's direct involvement in getting them there.Tyson didn't just react after the fact, he personally wrote a letter to Trump advocating for both men's clemency, arguing no one should lose decades of their life for nonviolent cannabis offenses. Haymon had received a 10-year mandatory minimum for a marijuana distribution conspiracy and had already drawn bipartisan support, 36 members of Congress once urged President Biden to grant him clemency, though Biden's broader marijuana pardons stopped short of covering distribution sentences. Harden's case was even more dramatic, he was serving a full 30-year federal sentence before Trump's action ended it.The episode connects this to the bigger picture unfolding in Washington, Attorney General Todd Blanche's order moving state-licensed medical cannabis to Schedule III, and the broader DEA rescheduling process now sitting with an administrative law judge ahead of a final decision from Administrator Terrence Cole. Tyson has increasingly positioned himself as a vocal advocate on both fronts, rescheduling and clemency, and the bigger question now is whether Haymon and Harden are isolated cases, or the start of something bigger from the Trump administration.Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick things off with the weekly Vantage Standard segment, presented by Vantage, joined by Chief Medical Officer Dr. Paul Shields. After previous episodes covering what changes are needed to fast-track the CBD Pilot Program, this week Dr. Shields lays out what a properly designed CBD Pilot Program actually looks like and what he'd recommend to regulators moving forward.In segment two, Adam Stettner, CEO of FundCanna, returns for his weekly appearance to cover a trio of stories. Croptober is here, and cannabis staffing firm Vangst expects to issue 10,000 W2s this harvest season alone, with growers needing anywhere from 10 to 200 extra workers and competition, and poaching, intensifying industry-wide. On the legal front, the U.S. Court of Appeals for the D.C. Circuit rejected an attempt by NDASA and MMJ International Holdings to freeze federal cannabis rescheduling while litigation continues, a real setback for opponents even as three consolidated lawsuits remain active. And a new U.S. Census Bureau report shows states have collected more than $15.8 billion in marijuana tax revenue since Q3 2021, including $3.55 billion in just the last year, with California, Washington State, and Michigan leading state totals.Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Opponents of cannabis rescheduling just suffered a real setback in federal court. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on a ruling from the U.S. Court of Appeals for the District of Columbia rejecting an attempt to immediately freeze the Trump administration's rescheduling process while broader legal challenges continue.The request came from the National Drug and Alcohol Screening Association and MMJ International Holdings, who argued rescheduling would cause irreparable harm and increase marijuana abuse by cutting taxes on cannabis companies. The court didn't buy it, ruling petitioners hadn't met the "stringent requirements" for a stay. That doesn't end the underlying lawsuits, three separate challenges, one from Smart Approaches to Marijuana and NDASA, another from a coalition including MMJ and anti-marijuana activists, and a third from the attorneys general of Indiana and Nebraska, remain consolidated before the court, with proposed briefing formats due within 30 days. The court also denied a separate motion from medical marijuana companies trying to formally intervene on the government's side, though they can still file amicus briefs.Meanwhile, the DEA's own administrative process keeps moving forward too, with the agency's final brief arguing marijuana no longer meets Schedule I criteria, citing over 30,000 practitioners treating six million patients across 43 jurisdictions, and asking the administrative law judge to move quickly on a Schedule III recommendation. Between the court ruling and the DEA's own position, the pressure against rescheduling just lost real ground on two fronts at once.Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Three guests, three big topics on this episode of TDR Trade to Black, presented by Flowhub. Hosts Shadd Dales and Anthony Varrell kick things off with Flowhub CEO Kyle Sherman, breaking down what Labor Day 2026 sales data actually tells us about the cannabis industry. Across the Flowhub network, sales were only about 5% higher than a typical weekend, with no single breakout day and cart sizes staying flat — a sign the lift came from existing customers shopping a little more, not new demand. Kyle compares that against 4/20 2026, when dispensaries saw roughly 3.3x the revenue of an average Monday, and unpacks why retailers shouldn't treat every holiday like it deserves the same deep discounts heading into Green Wednesday, Thanksgiving, and Black Friday.Then longtime viewer and frequent commenter Brian Dombrowski, a 20+ year hemp and cannabis industry veteran, finally joins us on camera. Dombrowski lays out what real hemp regulation should look like with the December 11 federal deadline closing in, then gets into Texas, where he was directly involved in the industry pushback against the state's THC ban and what could come next for the state's midterms.We close out with Vantage Chief Medical Officer Dr. Paul Shields for our weekly Vantage Standard segment, breaking down the latest medical and regulatory news in the hemp and cannabinoid space.Subscribe and drop your thoughts in the comments below.#HempIndustry #CannabisNews #HempBan #TexasCannabis #HempRegulation #CannabisPolicy #THC #CBD #CannabisIndustry #TradeToBlackWant to see more Cannabis Reform?🎬    • Is the New York Times Getting Cannabis Wro...  🎬    • Democrat Calls for Full Cannabis Legalizat...  🎬    • Trump Grants Clemency to Two Cannabis Offe...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

NORML is pushing back hard against the New York Times, accusing one of the country's most influential newspapers of presenting a one-sided picture of cannabis in America. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down an op-ed from NORML Deputy Director Paul Armentano, published through Cultivated, challenging recent Times coverage on rising THC potency and cannabis use disorder.Armentano doesn't deny potency has increased, but points out concerns about stronger cannabis go back to Times reporting from 1978, and that consumers naturally titrate, adjusting how much they consume based on strength. On cannabis use disorder, SAMHSA data shows roughly 19.3 million Americans met the criteria in 2025, up from 16.7 million in 2021, but Armentano argues the diagnostic criteria itself, things like tolerance and withdrawal, can capture regular medical patients the same way it would capture someone with a genuine problem, without the same nuance applied to prescribed substances like opioids.The episode also covers the teen use question, where despite mixed state-level research, national data from Monitoring the Future shows past-year marijuana use among 12th graders sitting at just 26%, the lowest level recorded in roughly three decades. Armentano's broader argument isn't that cannabis is harmless, it's about proportionality, and whether media coverage applies the same scrutiny to cannabis that it does to alcohol and other legal substances. As federal cannabis policy edges closer to real change, how major outlets frame these stories increasingly shapes the public debate.#TDRCannabisIn5 #NORML #NewYorkTimes #CannabisPolicy #PaulArmentano #CannabisUseDisorder #THCPotency #CannabisNews #CannabisReform #MediaBiasWant to see more Cannabis Reform?🎬    • Democrat Calls for Full Cannabis Legalizat...  🎬    • Trump Grants Clemency to Two Cannabis Offe...  🎬    • McConnell vs. Paul: Hemp’s Kentucky Divide...  🎬    • Trump Signs Bill Delaying Hemp THC Ban | T...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick off a fresh new week as the days of fall arrive, always an interesting stretch for the cannabis industry, with the latest on where cannabis rescheduling actually stands.They also break down the newest development in Curaleaf's (TSX: CURA) hostile bid for Aurora Cannabis (NASDAQ: ACB), with Curaleaf releasing a fact sheet this morning pushing back hard on Aurora's characterization of the offer, pointing to Aurora's own dilutive share issuances and declining forward guidance. Plus, Grown Rogue (CSE: GRIN) (OTC: GRUSF) has officially started cultivation at its Minnesota facility, entering a market that's growing fast but still starving for supply, with flower prices running roughly triple mature states like Michigan due to a structural gap between licensed retail doors and available canopy.In segment two, Michael Bronstein, President of the American Trade Association for Cannabis and Hemp, joins to break down two stories from Marijuana Moment. New FBI data analyzed by NORML shows that in six states, Idaho, Iowa, Kansas, Louisiana, Nebraska, and Wisconsin, more than half of all drug arrests last year were for marijuana, with Louisiana topping the list at 62%. And House Majority Leader Steve Scalise told Marijuana Moment he still believes marijuana is a "gateway drug," even as the Trump administration continues moving forward on federal rescheduling, a comment that highlights a real divide within the Republican party on where cannabis policy actually stands right now.#TradeToBlack #Curaleaf #AuroraCannabis #GrownRogue #Flowhub #ATACH #CannabisArrests #CannabisPolicy #CannabisNews #SteveScalise #CannabisIndustry #CannabisStocks #MSOS #CannabisReschedulingWant to see more Cannabis Reform?🎬    • Democrat Calls for Full Cannabis Legalizat...  🎬    • Trump Grants Clemency to Two Cannabis Offe...  🎬    • McConnell vs. Paul: Hemp’s Kentucky Divide...  🎬    • Trump Signs Bill Delaying Hemp THC Ban | T...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Cannabis has entered one of the country's most closely watched U.S. Senate races, with Iowa Democratic candidate Josh Turek calling for marijuana to be federally legalized, regulated, and taxed. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on Turek's comments at an Iowa State University tailgate, where he called cannabis's Schedule I status "ridiculous."Turek, who serves in the Iowa House and uses a wheelchair after being born with spina bifida, drew on his own experience with disability advocacy, pointing to how cannabis has helped people manage muscle spasms when little else worked. He's not new to this position either, back in 2023 he co-sponsored legislation to legalize adult-use cannabis in Iowa and expand the state's medical program. His Republican opponent, Congresswoman Ashley Hinson, previously voted against federal marijuana legalization in 2022, though she did support cannabis banking reform back in 2021, a reminder that these positions rarely break down along clean party lines.The episode also covers Iowa's broader cannabis landscape, Democratic gubernatorial candidate Rob Sand recently calling for treating marijuana like alcohol, and state regulators working to drop residency requirements for medical cannabis patients following legislation signed by Republican Governor Kim Reynolds that doubled the number of permitted dispensaries. As the midterm cycle heats up, cannabis is increasingly becoming a position candidates can't avoid taking, not just in blue states, but in genuinely competitive races that could decide control of Congress.#TDRCannabisIn5 #IowaCannabis #JoshTurek #CannabisPolicy #Midterms2026 #CannabisLegalization #CannabisNews #AshleyHinson #FederalCannabisPolicy #CannabisReformWant to see more Cannabis Reform?🎬    • Trump Grants Clemency to Two Cannabis Offe...  🎬    • McConnell vs. Paul: Hemp’s Kentucky Divide...  🎬    • Trump Signs Bill Delaying Hemp THC Ban | T...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

President Trump has granted clemency to two more individuals serving federal sentences for marijuana-related offenses, and the timing lines up directly with the administration’s ongoing push on cannabis rescheduling. In this episode of TDR Cannabis in 5, presented by FRE, host Shadd Dales breaks down reporting from Marijuana Moment on who was released and what it could signal.Trump commuted the sentences of Jerry Haymon IV, who received a 10-year mandatory minimum for a marijuana distribution conspiracy and had already spent years incarcerated, and Kevin Harden, who was serving 30 years and has dealt with serious medical conditions including multiple open-heart surgeries. Haymon’s case had previously drawn bipartisan attention, 36 members of Congress once urged President Biden to grant him clemency, citing his clean record and a judge who said mandatory minimums tied the court’s hands. Harden’s co-defendant already received clemency from Trump back in January 2021. Former heavyweight champion Mike Tyson personally wrote to Trump supporting both applications, arguing it makes little sense for people to remain incarcerated for marijuana conduct while the federal government moves toward rescheduling it.There’s a bigger picture connection worth making here, Trump has now taken multiple cannabis-related clemency actions, including pardoning a former NFL player convicted of trafficking 175 pounds of marijuana earlier this year, all while the DEA’s rescheduling hearing has concluded and now sits with an administrative law judge ahead of a final decision from Administrator Terrence Cole. The episode asks the bigger question, is this the start of a broader clemency push, and what does it signal politically as the industry keeps waiting on Schedule III.#TDRCannabisIn5 #CannabisClemency #TrumpCannabis #CannabisRescheduling #ScheduleIII #MikeTyson #CannabisPolicy #CannabisNews #FederalCannabisPolicy #FRE #TrumpAdministrationWant to see last week's recap?🎬    • Hemp Ban Delayed, Rescheduling Still Waits...  Want to see more Cannabis Reform?🎬    • McConnell vs. Paul: Hemp’s Kentucky Divide...  🎬    • Trump Signs Bill Delaying Hemp THC Ban | T...  🎬    • Could Cannabis Reform Boost the GOP in Mid...  🎬    • Hemp Industry Gets a One-Month Lifeline | ...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade to Black Weekly Recap, presented by FRE, host Shadd Dales breaks down a busy week across cannabis and psychedelics, still no word yet on the ALJ’s rescheduling recommendation, but plenty happening everywhere else, from Washington to Florida to a heated fight between two major MSOs.The House officially passed legislation delaying the federal hemp THC ban to December 11, voting 370-48 following the Senate’s 90-6 approval. That buys the industry time to build a real regulatory framework, since synthetic cannabinoids not capable of being naturally produced by the plant are still on track to face recriminalization November 12 regardless. In Florida, weekly sales data shows the state’s medical market moving over 426 million milligrams of THC and roughly 9,250 pounds of flower in a single week, with Trulieve (NYSE: TRLV) still holding roughly 26% of statewide THC volume, while Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) and privately held Sunburn Cannabis post standout per-store productivity numbers.On the M&A side, the split between Schedule III medical cannabis and Schedule I adult-use is reshaping who becomes a buyer versus a target, with Vireo Growth (CSE: VREO) (OTCQX: VREOF), Cresco Labs (CSE: CL) (OTCQX: CRLBF), TerrAscend (TSX: TSND) (OTCQX: TSNDF), Verano (Cboe CA: VRNO) (OTCQX: VRNOF), and Green Thumb all positioned differently depending on leverage and uplisting potential. The Curaleaf (TSX: CURA) (OTCQX: CURLF) and Aurora Cannabis (TSX: ACB) (NASDAQ: ACB) fight got more personal too, with Aurora rejecting the hostile bid and Curaleaf’s Boris Jordan firing back hard. In psychedelics, Clearmind Medicine began Phase IIa trials for CMND-100 targeting alcohol use disorder.00:01:12 — Hemp THC Ban Delayed to December 1100:02:47 — Florida Medical Cannabis Market Update00:04:16 — Rescheduling & Cannabis M&A00:05:37 — Curaleaf-Aurora Hostile Takeover Heats Up00:06:33 — Clearmind Launches Phase 2A Psychedelic Trial00:07:21 — Wrap-up#CannabisIndustry #CannabisRescheduling #HempBan #Curaleaf #AuroraCannabis #Trulieve #GreenThumbIndustries #FloridaCannabis #CannabisMA #FREWant to see more Cannabis Reform?🎬    • McConnell vs. Paul: Hemp’s Kentucky Divide...  🎬    • Trump Signs Bill Delaying Hemp THC Ban | T...  🎬    • Could Cannabis Reform Boost the GOP in Mid...  🎬    • Hemp Industry Gets a One-Month Lifeline | ...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Trump just signed the hemp ban delay into law, but a sharp new op-ed is breaking down what actually happens next. In this episode of TDR Cannabis in 5, host Shadd Dales covers a piece from cannabis attorney Matt Ginder of Greenspoon Marder, published on Marijuana Moment, arguing the next few months will decide whether hemp gets real regulation or full prohibition.Ginder traces how the 2018 Farm Bill’s under-0.3% delta-9 THC definition created a loosely regulated hemp product industry worth over $28 billion a year, one that got freedoms marijuana businesses never had, interstate shipping, credit card processing, sales in gas stations and grocery stores. That explosive growth eventually brought the scrutiny that led to last year’s stricter redefinition. Shadd walks through the political split that doesn’t follow party lines at all, Kentucky’s own Mitch McConnell championed the original Farm Bill before pushing to close the “hemp loophole,” while fellow Kentucky Republican Rand Paul has been one of the fiercest opponents of the new restrictions.The episode covers why this delay is genuinely narrow, it only protects naturally occurring cannabinoids, synthetic compounds still get reclassified November 12 regardless, and breaks down the three competing long-term bills now on the table, Andy Barr and Angie Craig’s Lawful Hemp Protection Act, Rand Paul and Amy Klobuchar’s Hemp Safety Enforcement Act, and Van Duyne and Landsman’s Beverage Regulatory Parity Act. None have gained enough traction to move on their own yet, and the op-ed’s bottom line is stark, this one-month reprieve either becomes a bridge to real regulation, or just delays an existential deadline back to December 11.00:00 — Hemp’s Regulation or Prohibition Moment00:35 — How the Hemp Industry Exploded01:37 — Why Hemp Faced a Crackdown02:18 — Hemp Fight Splits Washington02:59 — Trump Backs Hemp Ban Delay03:41 — Congress Eyes Long-Term Hemp Rules04:19 — Hemp’s Next 100 Days#TDRCannabisIn5 #HempBan #Delta8 #HempIndustry #HempRegulation #CannabisPolicy #CannabisNews #MitchMcConnell #RandPaul #FederalHempPolicyWant to see more Cannabis Reform?🎬    • Trump Signs Bill Delaying Hemp THC Ban | T...  🎬    • Could Cannabis Reform Boost the GOP in Mid...  🎬    • Hemp Industry Gets a One-Month Lifeline | ...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

President Trump has officially signed the government funding bill delaying the federal ban on hemp THC products. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on what actually happened and why it matters heading into the next 100 days.The bill funds the government through December 11 and pushes the hemp product recriminalization deadline back from its original November 12 date to line up with that same window. The original 2018 Farm Bill legalized hemp with less than 0.3% delta-9 THC, but legislation signed late last year redefined hemp so only products with 0.4 milligrams of total THC per container would stay legal, a threshold that threatened to wipe out a huge chunk of the CBD and THC drink market. One carve-out remains untouched, synthetic cannabinoids that can’t naturally be produced by the plant are still set to be banned November 12 regardless.There’s a breakdown of why the vote had real bipartisan muscle behind it, passing the House 370-48 and the Senate 90-6, and why the White House cares so much, largely tied to Dr. Mehmet Oz’s push to preserve Medicare coverage for hemp-derived CBD products for seniors. There’s also a look at the controversy connecting this push to the business interests of Trump’s chief of staff’s son-in-law, which the White House has firmly denied, along with the competing regulatory bills now circulating in Congress from Andy Barr, James Comer, and Beth Van Duyne and Greg Landsman, plus pushback from a coalition of 35 state attorneys general who wanted the ban to proceed on schedule.#TDRCannabisIn5 #HempBan #Delta8 #HempIndustry #TrumpSignsBill #HempRegulation #CannabisPolicy #CannabisNews #MedicareCBD #FederalHempPolicy #Trump #TrumpAdministrationWant to see more Cannabis Reform?🎬    • Could Cannabis Reform Boost the GOP in Mid...  🎬    • Hemp Industry Gets a One-Month Lifeline | ...  🎬    • Leaked Report Ties DeSantis to Cannabis Fi...  🎬    • Why do Marijuana Arrests Still Make up 1 i...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell bring on Jim Higdon, Co-Founder and Chief Communications Officer from Cornbread Hemp to talk about the news that went down this week, the hemp ban extension officially passing the House, pushing the deadline from November 12 to December 11.The vote itself passed 370-48, but the real drama played out behind the scenes, hemp opponents led by Andy Harris tried to use an unrelated procedural rule vote to protest the delay, and that rule vote barely survived, 210-208, only passing because two Democrats crossed party lines. Jim breaks down what this delay actually means on the ground for hemp businesses, and why the next roughly 100 days are about to get a lot more serious for the industry as Congress works toward some kind of permanent regulatory framework before December 11 hits.There’s a real menu of competing bills already on the table. Representative Andy Barr’s Lawful Hemp Protection Act would establish federal rules around manufacturing, testing, labeling, taxation, and age restrictions while keeping the industry legal. House Oversight Chairman James Comer has his own proposal focused on packaging, testing standards, and age limits. Representatives Beth Van Duyne and Greg Landsman have introduced legislation specifically targeting hemp THC beverages, regulating and taxing them more like alcohol. Jim shares his read on which of these frameworks actually has real momentum, what the hemp industry needs to be doing right now to prepare, and what a realistic outcome looks like once December 11 arrives.Like, subscribe, and leave your comments!#TradeToBlack #CornbreadHemp #HempIndustry #HempBan #Delta8 #HempRegulation #CannabisPolicy #CannabisNews #AndyBarr #FlowhubWant to see more Cannabis Reform?🎬    • Could Cannabis Reform Boost the GOP in Mid...  🎬    • Hemp Industry Gets a One-Month Lifeline | ...  🎬    • Leaked Report Ties DeSantis to Cannabis Fi...  🎬    • Why do Marijuana Arrests Still Make up 1 i...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

A new email from Bret Worley of MC Nutraceuticals is creating real ripples across the hemp-derived cannabinoid space, and in this episode of TDR Cannabis in 5, host Shadd Dales breaks down why the messaging doesn’t fully line up with reality once you dig into the details.Worley’s email centers on the December 11 extension written into the Senate’s base bill text, claiming it protects flower, D8, D9, HHC, and isolates as naturally derived products operating under today’s rules. The problem, Shadd points out, is that Delta-8 and HHC aren’t naturally derived, they’re synthetic conversions, and that distinction matters legally, scientifically, and for enforcement. The Senate’s protection genuinely applies to naturally derived hemp products, but it doesn’t automatically extend the same shield to synthetic conversions the way Worley’s email implies.Shadd also flags what the email leaves out entirely, this extension still has to pass once lawmakers return from recess post-Labor Day, nothing about it is locked in yet. And given that MC Nutraceuticals is one of the largest synthetic conversion producers in the country, blending naturally derived products with synthetic ones in the same breath isn’t a small detail, it’s the kind of messaging regulators, competitors, and the market are going to notice.A closer look at why precision and honesty matter more than ever as the hemp industry heads toward its next deadline.#TDRCannabisIn5 #HempIndustry #Delta8 #HHC #MCNutraceuticals #HempRegulation #CannabisPolicy #CannabisNews #HempBan #SyntheticCannabinoidsWant to see more Cannabis Reform?🎬    • Is Cannabis Rescheduling Dead on Arrival? ...  🎬    • Congress Demands Answers on Schedule III |...  🎬    • Paxton Dodges Question on Texas THC Ban | ...  🎬    • Cannabis Rescheduling Enters New Phase Nex...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Could broader marijuana rescheduling actually be dead on arrival under the Trump administration? In this episode of TDR Cannabis in 5, host Shadd Dales breaks down an op-ed from Robert Mikos, a Vanderbilt law professor specializing in marijuana law, that raises real legal questions about whether the DEA’s proposal to move all marijuana to Schedule III can actually survive.Mikos argues that Trump has publicly supported medical marijuana rescheduling specifically, not necessarily loosening restrictions on adult-use cannabis, and points out that Attorney General Todd Blanche could have moved all marijuana to Schedule III back in April but chose to limit that action to medical cannabis, citing international treaty obligations. His strongest argument, if those treaty concerns genuinely block rescheduling adult-use marijuana, the same logic could block DEA’s broader rule currently working through the administrative process.Shadd walks through why he sees it differently. The treaty questions aren’t new, the administration, DOJ, and DEA have known about them throughout this entire process and kept moving forward anyway. The ALJ hearing happened, the evidentiary record was built, and DEA has now filed its final brief arguing marijuana no longer meets the criteria to stay in Schedule I. Combine that with Trump’s own public comments pushing for rescheduling to get done, and Shadd lays out why he still believes the broader effort crosses the finish line, even if legal fights over scope and adult-use treatment continue well after.#TDRCannabisIn5 #CannabisRescheduling #ScheduleIII #DEA #RobertMikos #CannabisPolicy #CannabisLaw #TrumpCannabis #CannabisNews #FederalCannabisPolicyWant to see more Cannabis Reform?🎬    • Congress Demands Answers on Schedule III |...  🎬    • Paxton Dodges Question on Texas THC Ban | ...  🎬    • Cannabis Rescheduling Enters New Phase Nex...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

James Yamanaka, CEO of Organigram Global (NASDAQ: OGI), logs on to break down record Q3 fiscal 2026 results, net revenue of $105.8 million, up 49% year-over-year, and net income of $76.2 million, or $0.56 per share. Adjusted EBITDA surged 136% to $13.4 million, with the newly consolidated Sanity Group in Germany contributing roughly €25 million in net revenue. Organigram continues to hold the top overall market share position in Canada, leading in vapes and milled flower, with strong positions across concentrates, flower, and pre-rolls. Shadd and James also get into European expansion progress, the EU-GMP certification update for the Moncton facility, and James’s take on Curaleaf’s (TSX: CURA) hostile takeover bid for Aurora Cannabis (NASDAQ: ACB), which sent a flurry of trading volume through several Canadian LPs, including Organigram, last week, along with where he sees M&A heading across the sector right now.Then in segment two, Adam Stettner, CEO of FundCanna, logs on again for his weekly appearance to talk emerging medical markets across the country and the lending demand growing alongside them. With medical cannabis rescheduled back in spring 2026, patient growth is expanding not just in legacy markets but newer ones like Georgia and Kentucky. Adam shares his read on what’s actually driving lending activity for cannabis operators on the medical side right now.#TradeToBlack #Organigram #OGI #Curaleaf #AuroraCannabis #FundCanna #CannabisEarnings #CannabisLending #MedicalCannabis #Flowhub #CannabisStocks #CannabisIndustry #MSOSWant to see more Cannabis Reform?🎬    • Congress Demands Answers on Schedule III |...  🎬    • Paxton Dodges Question on Texas THC Ban | ...  🎬    • Cannabis Rescheduling Enters New Phase Nex...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Four members of Congress are demanding answers on how Schedule III actually works. In this episode of TDR Cannabis in 5, presented by Flowhub, host Shadd Dales breaks down a letter sent by Dina Titus, David Joyce, Ilhan Omar, and Greg Steube to President Trump, HHS Secretary Robert F. Kennedy Jr., Treasury Secretary Scott Bessent, and Attorney General Todd Blanche, asking for clarity on the DOJ’s April move shifting FDA-approved and state-licensed medical marijuana to Schedule III while adult-use cannabis remains Schedule I.He walks through the real questions raised, what protections medical patients actually have under federal law, whether home-grown medical cannabis qualifies as Schedule III, whether Medicare or private insurers could eventually cover state-dispensary cannabis, and how 280E applies to vertically integrated operators running both medical and adult-use business under one roof. There’s also a breakdown of the DEA registration questions, what happens to unregistered state-licensed operators, and what data DEA might collect in the process.The irony gets pointed out too, several of these lawmakers have been part of the Congressional Cannabis Caucus for years without passing the federal legislation that could resolve most of this confusion in the first place. Many of these questions could become irrelevant entirely if broader reform like the STATES 2.0 Act eventually passes.A sharp look at Washington asking for clarity on a mess it largely created.#TDRCannabisIn5 #CannabisRescheduling #ScheduleIII #CongressionalCannabisCaucus #CannabisPolicy #280E #STATES2Act #CannabisNews #FederalCannabisPolicy #DEAWant to see more Cannabis Reform?🎬    • Paxton Dodges Question on Texas THC Ban | ...  🎬    • Cannabis Rescheduling Enters New Phase Nex...  🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade to Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down the latest twist in the Curaleaf-Aurora hostile takeover bid situation, plus a hemp email making the rounds that isn’t quite as clean as it sounds.Aurora Cannabis (TSX: ACB) (NASDAQ: ACB) responded today to Curaleaf’s (TSX: CURA) (OTCQX: CURLF) hostile takeover bid, with Executive Chairman and CEO Miguel Martin urging shareholders to take no action while a special committee reviews the $4.00 per share offer. Martin pushed back on Curaleaf’s claim that Aurora refused to engage privately, and accused Curaleaf of going public with the bid specifically to pressure shareholders into a short-term decision. They then switch to an email sent by Brett Worley, CEO of MC Nutraceuticals, claiming hemp’s protection is now written into the Senate’s base bill text through December 11. Shadd and Anthony break down what’s accurate and what’s being oversold, including the fact that D8 and HHC aren’t naturally derived cannabinoids.Kyle Sherman, CEO of Flowhub, drops in to weigh in everything and talk about their new Text-to-Order AI feature: https://www.flowhub.com/tools/text-to....In the final segment, the show continues with the weekly Vantage Standard segment with COO Deepank Utkhede and Director of Sales Christian Santi. This week centers on Vantage’s extension of its TGA approval in Australia, not a new approval, but proof of an already-trusted, ongoing relationship with one of the toughest regulators in the world. They break down what CGMP compliance actually demands on a continuous basis, how certifications like TGA, ICH Q7, and a DEA Schedule I license each unlock access to different high-barrier global markets, and why that positions Vantage as a genuine partner of choice for major pharmaceutical players looking for reliable cannabinoid manufacturing partners.#TradeToBlack #AuroraCannabis #Curaleaf #MiguelMartin #HempIndustry #Flowhub #Vantage #CannabisMA #CannabisNews #HempRegulationWant to see more Cannabis Reform?🎬    • Paxton Dodges Question on Texas THC Ban | ...  🎬    • Cannabis Rescheduling Enters New Phase Nex...  🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Shadd caught up with Dan Ahrens, Managing Director and COO of AdvisorShares and the portfolio manager behind MSOS, to talk through how they actually got here, the early skepticism around building a U.S.-only cannabis fund, the total return swap structure they had to invent to make it work, and what it means now that Wall Street’s finally paying attention. From there, Shadd worked the floor grabbing reactions from a who’s who of the industry, Todd Harrison of CB1 Capital, George Archos and Aaron Miles of Verano (OTCQX: VRNOF), Trent Woloveck of Jushi Holdings (OTCQX: JUSHF), Jason Wild of TerrAscend (TSX: TSND), and AdvisorShares founder and CEO Noah Hamman, the guy who built this whole thing from scratch back in 2020.Everyone had a slightly different take, but the theme was the same, this is one more incremental step, but a real one, toward cannabis finally getting taken seriously by mainstream capital. There’s still plenty ahead, ALJ hearing briefs, Treasury guidance on 280E, more companies expected to uplist this fall, but for one Monday morning at least, cannabis got to ring the bell.#TradeToBlack #MSOS #AdvisorShares #NYSE #CannabisETF #CannabisInvesting #Verano #Jushi #TerrAscend #CannabisNews #CannabisStocks #CannabisIndustry #MSOSWant to see more Cannabis Reform?🎬    • Paxton Dodges Question on Texas THC Ban | ...  🎬    • Cannabis Rescheduling Enters New Phase Nex...  🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In this episode of Trade to Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell launch a new weekly segment called the Check-In Poll of the Week, presented by NuggMD.The crew shares fresh poll data on how the hemp-THC ban is actually affecting patients on the ground. The results show a real mix, roughly 50% of respondents got their medical cannabis card as a result, 8% had trouble finding products, 20% reported no real impact at all, and 8% said they weren’t even aware the state-level changes were happening. It’s a snapshot of how unevenly this policy shift is landing across the patient population.In segment two, accredited cannabis investor Marc Cohodes returns to make his case for why he doesn’t think the hemp ban actually goes through, and why he expects regulation instead. He walks through the reasoning behind that view and what a realistic regulatory framework could actually look like. Shadd and Anthony also get his take on Glass House Brands’ (NYSE: GLAS) latest earnings, which came with rising costs and margin compression, and how that quarter fits into his broader investment thesis on the company.A wide-ranging episode covering both the consumer side and the investment side of where hemp and cannabis policy stand right now.#TradeToBlack #CannabisPolicy #HempBan #NuggMD #MarcCohodes #GlassHouseBrands #CannabisNews #HempIndustry #CannabisInvesting #Flowhub #CannabisIndustry #Cannabis #CannabisStocks #MSOSWant to see more Cannabis Reform?🎬    • Paxton Dodges Question on Texas THC Ban | ...  🎬    • Cannabis Rescheduling Enters New Phase Nex...  🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Could Texas turn blue over a fight about THC? In this episode of TDR Cannabis in 5, host Shadd Dales breaks down a story first reported by Marijuana Moment involving Texas Democrat James Talarico, Attorney General and Senate candidate Ken Paxton, and an unexpected voice weighing in, Joe Rogan.A video circulating on X shows Paxton being directly asked about his thoughts on the state’s THC ban, and he doesn’t answer. Talarico is using that silence to double down on an earlier claim that Paxton has been shaping cannabis policy around donor dollars, an allegation Paxton’s office hasn’t publicly addressed. Shadd walks through why that moment is getting so much attention and what it says about where cannabis policy stands in a state that rarely puts it front and center.Rogan, who lives in Texas and has one of the largest platforms in the country, added his own warning, that pushing too hard on THC restrictions could actually cost Republicans politically in the state. Shadd gets into why that combination, a Senate candidate dodging the question and a major national voice weighing in, signals just how mainstream this issue has become, and what it means for a state with one of the largest hemp and THC consumer bases in the country heading into a heated election cycle.A closer look at how cannabis politics are playing out in one of the country’s biggest battleground conversations.#TDRCannabisIn5 #TexasPolitics #JamesTalarico #KenPaxton #JoeRogan #THCBan #CannabisPolicy #TexasHemp #CannabisNews #Election2026 #CannabisIndustry #CannabisReschedulingWant to see more Cannabis Reform?🎬    • Cannabis Rescheduling Enters New Phase Nex...  🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down the chaos that's happening on the political front in Texas involving, what else? Hemp! Democrat James Talarico is calling out Republican Senate candidate and current Attorney General Ken Paxton over his refusal to answer a question about the state’s THC ban. The party is also pointing to comments from podcaster Joe Rogan, who warned Republicans that cracking down too aggressively on THC products could flip Texas blue. A video posted to X shows Paxton being asked directly about the “state’s THC ban,” and the clip has already sparked national attention.Then in Segment #1, Sammy Armenia, Director of Capital Markets at Vireo Growth (CSE: VREO) (OTCQX: VREOF), joins us to walk through the company’s Q2 2026 results. Vireo reported $209.3M GAAP revenue, up 335% year‑over‑year, with adjusted EBITDA of $41.5M, nearly breakeven net income, and a cash position of $122.7M. With acquisitions including Hawthorne, Eaze, and Bridgewell — and more on the way — Vireo is positioning itself as one of the largest operators in the country.In Segment #2, Michael Bronstein, President of the American Trade Association for Cannabis & Hemp, logs on to break down today’s federal briefing deadline for cannabis rescheduling. The ALJ now moves into the administrative phase, and we get his take on what a realistic timeline looks like for feedback from the summer hearings.The moment has arrived — and cannabis is front and center.Like, subscribe, and leave your comments!#CannabisNews #TradeToBlack #Flowhub #CannabisRescheduling #TexasPolitics #THCPolicy #VireoGrowth #CannabisEarnings #CannabisIndustry #TDRPodcast #CannabisStocks HempBan #JoeRogan Want to see more Cannabis Reform?🎬    • Cannabis Rescheduling Enters New Phase Nex...  🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In the latest Trade To Black Podcast, host Shadd Dales sits down with MariMed (OTCQX: MRMD) CEO Jon Levine and Chief Commercial Officer Ryan Crandall to walk through the company’s Q2 2026 performance and the momentum building across U.S. cannabis.MariMed reported $41.9 million in Q2 2026 revenue, up 6% year‑over‑year, along with positive cash flow and 26 consecutive quarters of positive adjusted EBITDA. As Jon explains, “We built out every one of our facilities and kitchens with GMP to make sure that we’re compliant with the future for the Food and Drug Administration.”The episode highlights how MariMed held 40% margins in a price‑compressed environment through tighter cultivation controls, stronger manufacturing discipline, and steady retail execution. Ryan breaks down the company’s brand momentum, noting that MariMed’s portfolio grew 70 basis points faster than the broader industry and now reaches 85% of available storefronts. As he puts it, “Our teams are laser focused on what’s coming next… our brands aren’t getting left behind.”The episode also covers DEA inspections, GMP preparation, packaging inconsistencies across states, and how rescheduling could potentially change interstate commerce, medical research, and brand consistency.A strong Q2 2026, a clear plan, and a company positioning itself for the next phase of U.S. cannabis.#TradeToBlack #MariMed #CannabisNews #CannabisStocks #CannabisEarnings #CannabisRetail #CannabisBrands #CannabisRescheduling #TDRPodcast #CannabisIndustryWant to see more Cannabis Reform?🎬    • Cannabis Rescheduling Enters New Phase Nex...  🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

This week’s Trade To Black Weekly Recap presented by FRE brings another packed stretch of earnings season — the second consecutive week where quarterly results dominated headlines across cannabis and psychedelics. Host Shadd Dales breaks down major prints from Village Farms (NASDAQ: VFF), Auxly (TSXV: XLY), Organigram (NASDAQ: OGI), MariMed (CSE: MRMD) and Rubicon Organics (TSXV: ROMJ).But the biggest story of the week wasn’t earnings — it was M&A.Curaleaf (TSX: CURA) announced its intention to acquire Aurora Cannabis (TSX: ACB) in a proposed deal valued at approximately US$4 per share. Aurora responded without rejecting the offer and has formed a special committee to evaluate strategic alternatives. The potential combination would create one of the largest international cannabis platforms in the world, pairing Curaleaf’s distribution footprint with Aurora’s EU‑GMP production scale.Michigan also made news as Representative James DeSana introduced legislation to repeal the state’s controversial 24% wholesale cannabis tax, which has crushed margins in one of America’s lowest‑priced markets.Earnings delivered several standout performances. Village Farms (NASDAQ: VFF) posted its fifth straight quarter of positive net income, Auxly Cannabis (TSXV: XLY) delivered exceptional cash conversion, Organigram Global (NASDAQ: OGI) reported record revenue, MariMed (CSE: MRMD) delivered record sales, and Rubicon Organics (TSXV: ROMJ) maintained its premium LP leadership while growing revenue.Finally, tomorrow marks another milestone in federal cannabis rescheduling as the briefing deadline arrives and the administrative process moves toward the ALJ’s recommendation.It’s a week that signals M&A is here.#TradeToBlack #CannabisNews #CannabisStocks #FRE #Curaleaf #AuroraCannabis #EarningsSeason #CannabisRescheduling #CannabisMNA #TDRWeeklyRecap #CannabisIndustry Want to see more Cannabis Reform?🎬    • Cannabis Rescheduling Enters New Phase Nex...  🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

TDR Cannabis in Five with host Shadd Dales breaks down a major moment in the federal cannabis rescheduling process. Monday, August 17 is the filing‑brief deadline in the Administrative Law Judge hearing — the final step before the ALJ begins drafting his Recommended Decision. Testimony is complete, evidence is closed, and once these briefs are submitted, the process shifts from public hearings to internal decision‑making.But another storyline is unfolding at the exact same time: TerrAscend (TSX: TSND) and its 280E tax case with the Department of Justice. The timing of DOJ’s actions is raising industry questions because it aligns almost perfectly with the rescheduling calendar. TerrAscend was served on August 3 — more than two months after the case was filed — and just two weeks before the ALJ’s August 17 deadline. In federal practice, service timing is rarely accidental, and many observers believe this may signal strategic positioning.TerrAscend’s response is due August 24. DOJ’s reply is expected in early or late September. Meanwhile, the ALJ’s recommendation could land around that same period. If the exceptions window is shortened, the DEA’s fixed 30‑day Final Order period could begin in September, placing a potential rescheduling decision in October. Nothing is guaranteed, but the alignment is notable.If cannabis moves to Schedule III, 280E disappears — making TerrAscend’s tax case irrelevant. That’s why the timing matters. Monday isn’t the decision; Monday is the trigger. It’s when the countdown toward the DEA’s final ruling quietly begins.#CannabisNews #Rescheduling #DEA #280E #TerrAscend #TSND #CannabisPolicy #ScheduleIII #CannabisIndustry #TDRCannabisInFive #CannabisRescheduling #ALJHearing #ALJ #CannabisStocks #MSOSWant to see more Cannabis Reform?🎬    • Texas Hemp Crackdown Sparks Donor Influenc...  🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  🎬    • Why the Hemp Ban Was Only Extended Four We...  🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell continue their earnings‑season coverage with one of the biggest names in the cannabis industry. Raj Grover, CEO of High Tide (NASDAQ: HITI), joins the show after releasing preliminary Q3 fiscal guidance — and the numbers point to another record quarter for the company.High Tide is projecting CAD $195M–$200M in revenue, CAD $51M–$53.5M in gross profit, and CAD $15.2M–$16.5M in adjusted EBITDA, representing strong year‑over‑year growth across every major metric. Even the low end of the guidance beats the highest analyst estimates, driven by continued scale, operating leverage, and added flexibility from their new CAD $40M senior secured credit facility.Raj also weighs in on the sudden surge of M&A activity across the cannabis sector. Earlier this week, Curaleaf Holdings (TSX: CURA) announced a hostile takeover attempt for Aurora Cannabis (NASDAQ: ACB / TSX: ACB). Curaleaf CEO and Chairman Boris Jordan stated he has contacted every Canadian LP as the company looks to expand — signaling that consolidation may be arriving faster than expected. Raj breaks down how he’s viewing the landscape, what operators should be preparing for, and how High Tide fits into the broader narrative.In Segment #2, Adam Stettner, CEO of FundCanna, returns for his weekly segment to unpack the Curaleaf–Aurora news, what he’s hearing across capital markets, and how he expects M&A momentum to unfold in the short term.Like, subscribe, and leave your comments!#HighTide #HITI #Curaleaf #CURA #AuroraCannabis #ACB #CannabisEarnings #CannabisMergers #TradeToBlack #CannabisNews #CannabisIndustry #CannabisStocks #MarijuanaStocks #CannabisRescheduling #MSOSWant to see more Cannabis Reform?🎬    • Why the Hemp Ban Was Only Extended Four We...  🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

TDR Cannabis in Five with host Shadd Dales breaks down a new bipartisan bill in Congress that would keep hemp‑THC drinks federally legal and regulate them like alcohol. First reported by Marijuana Moment, this bill arrives as lawmakers finally step into a space that’s been operating without clear federal rules.Congress continues to revisit hemp‑THC beverages, and with the national ban now pushed to December 11, there’s growing belief that—regardless of the final regulatory outcome—this category isn’t going anywhere. The extension signals that lawmakers need more time and aren’t ready to shut the door on beverages.The bill sets national standards for manufacturing, testing, labeling, and age‑restricted sales. It also blocks states from banning hemp‑THC drinks unless they ban alcohol too, giving compliant beverage operators major protection.Everyone already knows the category grew because of gaps in the 2018 Farm Bill and the rise of synthetics. What matters now is how Congress plans to respond, how the Farm Bill fits into this, and what the December 11 extension tells us about the future of hemp‑THC beverages.Lawmakers can’t ignore the category anymore. States are tired of improvising. The alcohol industry wants clarity. Consumers want consistency. This bill is Congress finally stepping into a space that’s been running without clear federal oversight.#CannabisNews, #HempTHC, #THCDrinks, #FarmBill, #CannabisPolicy, #MarijuanaMoment, #CongressNews, #HempIndustry, #CannabisCommunity, #TDRCannabisInFive #HempBan #HempTHCBan #HempBeveragesWant to see more Cannabis Reform?🎬    • Why the Hemp Ban Was Only Extended Four We...  🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

TDR Cannabis in Five with host Shadd Dales breaks down a growing political firestorm in Texas, where the state’s hemp crackdown is now being tied to potential donor influence. What began as aggressive enforcement against hemp retailers has escalated into a public dispute after Texas Rep. James Talarico suggested that Attorney General Ken Paxton’s actions may have benefited donors connected to the alcohol and tobacco industries. This reporting was first highlighted by Marijuana Moment.Paxton’s office has spent months targeting hemp businesses selling Delta‑8, Delta‑9 hemp products, and other intoxicating cannabinoids. Raids, lawsuits, and cease‑and‑desist orders have swept across the state. But Talarico argues the timing is suspicious, especially as hemp‑THC beverages have surged in popularity and are now competing directly with alcohol in bars, restaurants, and retail shops across Texas.Texas legalized hemp in 2019, creating a booming market for hemp‑derived THC products in a state without regulated adult‑use cannabis. Younger consumers in particular are choosing hemp‑THC drinks over beer or spirits, and that shift has caught the attention of industries with a lot to lose.Paxton denies any improper motive, saying intoxicating hemp products violate state law. But Texas’ hemp rules are vague, inconsistent, and constantly interpreted differently depending on who’s in charge. Retailers say they’re compliant. Regulators say they’re not. And lawmakers are now questioning whether donor influence is shaping cannabis policy.With lawsuits underway and the next legislative session approaching, the future of Texas’ hemp‑THC market hangs in the balance.#CannabisNews, #TexasPolitics, #HempTHC #Delta8 #CannabisPolicy #MarijuanaMoment #KenPaxto #HempIndustry #HempBan #CannabisCommunity #TDRCannabisInFive #CannabisIndustryWant to see more Cannabis Reform?🎬    • Congress Moves to Keep Hemp‑THC Drinks Leg...  🎬    • Why the Hemp Ban Was Only Extended Four We...  🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In our latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell turn their attention to what’s happening inside modern CPG featuring the fast‑growing category, nicotine pouches. Summer Frein, Chief Growth Officer at Turning Point Brands (NYSE: TPB) logs on to talk about their recent announcement of FRE Labs, a new consumer‑driven flavor innovation platform for FRE nicotine pouches.The product will give consumers direct influence over product development — voting on flavors, deciding what stays, and producing what becomes part of FRE’s core lineup. We also look at how the pouch category is rapidly changing across the U.S., how consumer behavior is shifting away from traditional tobacco, and why retailers are prioritizing brands with strong innovation cycles and real consumer validation. We outline why culture will continue to drive brand awareness and consumer demand in the modern CPG industry for industries like pouches and cannabis. Like, subscribe, and leave your comments!#FreeLabs #TurningPointBrands #TPB #NicotinePouches #FlavorInnovation #CPGInnovation #TradeToBlack #ConsumerBehavior #IceLineFlavors #ModernCPG #Cannabis #CannabisIndustryWant to see more Cannabis Reform?🎬    • Why the Hemp Ban Was Only Extended Four We...  🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

This episode of TDR Cannabis in Five provides a clear breakdown of the federal hemp‑THC timeline and the recent action taken by the U.S. Senate inside the Agriculture–FDA appropriations bill. The Senate included language that moves enforcement of the hemp‑derived THC ban from November 12 to December 11. The delay is now part of the Senate’s bill, but it still requires approval from the House of Representatives before it becomes final.The segment outlines why the December 11 date was selected, how it aligns with the government’s continuing resolution deadline, and why Congress placed the hemp‑THC language inside the federal spending bill. The discussion also includes the role of the CBD Pilot Program, which may influence future federal CBD rules and the direction of hemp‑derived THC oversight.The episode explains what the December 11 extension means for hemp‑derived THC, why synthetic cannabinoids such as Delta‑8, Delta‑10, HHC, and THCP remain scheduled for prohibition on November 12, and how operators may be affected. It also outlines possible regulatory paths after December 11, including federal standards, state‑level rules, or a combined model.#HempTHCBan #HempDerivedTHC #SyntheticCannabinoids #Delta8Ban #Delta10Ban #HHCBan #THCPBan #CBDPilotProgram #CongressHempRegulations #CannabisPolicy #HempBan #CannabisIndustry #TrumpAdministrationWant to see more Cannabis Reform?🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In the latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down three major developments shaping the cannabis industry.In Segment #1, the focus turns to Ohio — a market that continues to outperform two years into adult‑use legalization. Earnings season has highlighted how operators with exposure to Ohio are benefiting from strong consumer demand, improving retail dynamics, and disciplined product strategy. Joining us is Lauren Delande, Vice President of Retail Operations at Klutch Cannabis, along with Flowhub CEO Kyle Sherman. Klutch Cannabis, founded in 2020 and headquartered in Akron, has become one of Ohio’s most respected premium producers. Known for rare genetics, small‑batch cultivation, award‑winning flower, and a patient‑first philosophy, Klutch has played a major role in shaping Ohio’s evolving consumer landscape.In Segment #2, we revisit earnings season with Rubicon Organics (TSXV: ROMJ) CEO Margaret Brodie to unpack their Q2 2026 results. Rubicon delivered $18.5M in net revenue — up 23% year‑over‑year — driven by stronger yields at its Pacifica facility and continued ramp‑up at Cascadia. Adjusted EBITDA came in at $1.1M, reflecting strategic investments to scale production. Rubicon remains a leader in Canada’s premium segment and continues expanding internationally, including the rollout of its 1964 brand in the U.K. medical market. Management expects revenue, margins, and operating cash flow to strengthen through H2 2026.In Segment #3, Dr. Paul Shields returns for our Vantage Standard segment to discuss APIs, DEA licensing, and how Vantage’s regulatory position enables white‑label manufacturing and international distribution for U.S. cannabis companies.Like, subscribe, and leave your comments below.#TradeToBlack #CannabisIndustry #Flowhub #OhioCannabis #KlutchCannabis #RubiconOrganics #CannabisEarnings #PremiumCannabis #VantageStandard #CannabisNewsWant to see more Cannabis Reform?🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

The proposed deal combines Curaleaf’s scale, U.S. distribution network, and cash flow with Aurora’s premium genetics, EU-GMP certified production facilities, and established European market share in countries like Germany, Poland, and the UK. While Aurora boasts healthy gross margins near 57%, the company continues to burn cash, losing roughly $7 million per quarter, with SG&A costs exceeding 50% compared to Curaleaf’s 29%. Jordan believes integrating Aurora into Curaleaf’s cost structure could unlock $40-50 million in immediate profitability.The offer includes a mix of cash and Curaleaf stock at a premium to Aurora’s current share price. Aurora’s stock jumped following the announcement, while the company issued a statement saying it is reviewing the proposal without confirming a formal offer exists.This hostile bid represents a broader shift: U.S. multi-state operators are increasingly targeting international expansion without waiting for federal cannabis reform, with Dales noting Curaleaf already leads market share in nearly every European market except Poland.#CannabisNews #CannabisMergers #CannabisStocks #CannabisIndustry #MarijuanaStocks #CannabisMA #CannabisBusiness #CuraleafStock #AuroraCannabis #CannabisMarketWant to see more Cannabis Reform?🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

In the latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Farrell are back together to highlight some of the breaking news in the cannabis industry as earnings season continues on.In Segment #1, TerrAscend (TSX: TSND) Chairman Jason Wild and CEO Ziad Ghanem join the show to walk through the company’s Q2 2026 results. TerrAscend reported $67.1M in net revenue, modest sequential growth, and a strong 54% gross margin supported by product mix improvements and operational efficiencies. Adjusted EBITDA reached $17.7M, and free cash flow remained positive at $5.7M. The company continued strengthening its balance sheet through an oversubscribed $21.8M convertible debenture financing, extended maturities to 2031, retired higher‑cost debt, and maintained share repurchases. With a special shareholder meeting set for August 24 to vote on share consolidation, TerrAscend is preparing for potential uplisting as its Northeast markets continue to show consistency.In Segment #2, Thomas Winstanley, CMO of Edibles.com, joins the show to discuss the implications of the federal hemp‑THC ban extension. Recent Senate actions have delayed the planned ban, while several states and attorneys general continue pushing for stricter enforcement. Thomas outlines what operators should expect from a regulatory standpoint, how the extension affects the current market, and why the policy environment remains unpredictable as partisan coalitions shift.A straightforward episode focused on earnings, operators, and regulatory movement across cannabis and hemp.#TradeToBlack #Flowhub #TerrAscend #TSXTSND #CannabisEarnings #HempIndustry #RegulatoryUpdate #EdiblesDotCom #CannabisOperators #PolicyNews #HempBan #CannabisStocks #Trump #TrumpAdministration #Cannabis #HempBanDelay Want to see more Cannabis Reform?🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Curaleaf (TSX: CURA) (OTCQX: CURLF) just took its bid for Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) public — US$4.00 per share in stock and cash, after Aurora's board declined to engage twice.We break down the offer: 0.3463 Curaleaf shares plus US$0.75 cash, a 45% premium to Aurora's 30-day VWAP — or 110% stripping out Aurora's balance sheet cash — with consideration capped at US$5.00.Then the real reason this deal exists: Aurora's 50+ tons of annual EU-GMP cultivation capacity and the recently acquired Safari Flower Company, plugged into Curaleaf's international distribution across Germany, the UK and Poland. Combined, a 17-country footprint, US$1.5 billion LTM revenue, US$350 million LTM adjusted EBITDA, and US$40 million in projected annual cost synergies.Plus the questions nobody's answering yet: why Aurora's board refused an NDA, what happens to a Nasdaq listing when a plant-touching US operator is involved, and whether Aurora shareholders want to trade a debt-free balance sheet for equity in a company carrying $611.5 million of debt.#Curaleaf #AuroraCannabis #CannabisMA #TradeToBlackWant to see more Cannabis Reform?🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Host Anthony Varrell is joined by two guests for a look at cannabis real estate earnings and the hemp policy fight reshaping the sector.First, Anthony Coniglio, President and CEO of NewLake Capital Partners (OTCQX: NLCP), breaks down second quarter results — headlined by 100% collection of contractual rent, revenue of $12.1 million, and AFFO of $10.3 million ($0.49 per share). We get into the vacancy drag from three properties that came available in 2025, the $0.43 quarterly dividend at an 88% AFFO payout ratio, and one of the most conservative balance sheets in cannabis: just $7.6 million drawn on a $90 million revolver, roughly 0.2x debt-to-EBITDA. Plus the newly amended credit facility — maturity extended to May 2029 at a lower rate — and what The Cannabist Company's restructuring and the pending Vireo Growth transaction mean for four NewLake properties in Illinois and Massachusetts.Then Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH), unpacks the four-week hemp extension buried in the Senate's continuing resolution — moving the federal hemp THC ban from November 12 to December 11 — and the support behind it that genuinely surprised everyone, including CMS Administrator Dr. Oz's intervention on behalf of senior CBD access.Plus: why synthetic cannabinoids still get recriminalized on schedule, and what the widening GOP split on hemp policy means heading into December.#Cannabis #CannabisIndustry #CannabisInvesting #NewLakeCapital #NLCP #CannabisRealEstate #CannabisEarnings #Hemp #HempPolicy #CBD #HempBan #DrOz #ATACH #MichaelBronstein #AnthonyConiglio #VireoGrowth #CannabistCompany #CannabisStocks #CannabisNews #TradeToBlackWant to see last week's recap?🎬    • Hemp Delay Confirmed, Earnings Season Roll...  Want to see more Cannabis Reform?🎬    • Dr. Oz Pushes to Protect Senior CBD Access...  🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

CBD policy in Washington is still very much alive. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment showing CMS Administrator Dr. Oz personally urged senators to delay the hemp-THC ban so seniors wouldn’t lose access to CBD products while Medicare and Medicaid finalize coverage decisions.Oz’s letter wasn’t about intoxicating hemp products, gummies, drinks, or vapes, it was specifically about protecting CBD access for seniors who rely on it for pain, sleep, inflammation, and mobility while the federal CBD Pilot Program works through Medicare coverage. And based on this past weekend’s Senate action, it looks like Washington is moving in exactly that direction, the hemp-THC ban has been pushed to December 11 in the Senate’s funding bill, aligning with what Oz asked for.Shadd walks through why this matters beyond just the delay itself, it’s confirmation that the CBD Pilot Program is still active and still a federal priority, even after months of silence on it. He also gets into the growing GOP divide over hemp policy, one camp wanting the ban enforced immediately, the other pushing for a real regulatory framework, and how Oz’s intervention adds a new healthcare angle to a debate that was already getting more contentious by the week.A closer look at how CBD, Medicare, and hemp policy are all colliding in Washington right now.Podcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

TDR Trade to Black Weekly Recap by FRE features Shadd Dales covering a week where nearly every major storyline in cannabis moved at once, from a hemp battle in Washington to a flood of earnings from the industry’s biggest names.The Senate rejected an amendment that would’ve kept the federal hemp crackdown on schedule for November 12, pushing the deadline to December 11 instead, though synthetic cannabinoids remain banned starting November 12 regardless. Shadd breaks down the political tension behind that vote, including pressure from the White House and a letter from CMS Administrator Mehmet Oz.On earnings, Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) posted $306.7 million in revenue but saw comparable-store sales decline and margins compress. Trulieve (NYSE: TRLV) reported $271 million in revenue and became the first U.S. cannabis company to trade on the NYSE. Curaleaf (TSX: CURA) (OTCQX: CURLF) hit $340.1 million in revenue with international growth leading the way, while Verano (Cboe CA: VRNO) (OTCQX: VRNO) posted $218 million in revenue despite a sharp drop in operating income. Cresco Labs (OTCQX: CRLBF) delivered one of the cleaner prints of the week at $173 million in revenue, and TerrAscend (TSX: TSND) (OTCQX: TSNDF) continued its streak of 16 consecutive quarters of positive operating cash flow.Shadd also covers quick hits from LEEF Brands, Innovative Industrial Properties (NYSE: IIPR), and SNDL (NASDAQ: SNDL) (CSE: SNDL) before wrapping with the key theme of the week, margins and cash flow are starting to matter more than growth alone.00:00:00 — Cannabis Week in Review00:01:00 — Senate Delays Hemp Crackdown00:04:12 — Green Thumb Q2 2026 Earnings00:06:03 — Trulieve Q2 2026 Earnings00:07:00 — Curaleaf Q2 2026 Earnings00:08:23 — Verano Q2 2026 Earnings00:09:10 — Cresco Labs Q2 2026 Earnings00:10:00 — TerrAscend Q2 2026 Earnings00:10:57 — Cannabis Sector Quick Hits00:11:28 — SNDL International Expansion00:11:49 — Financial Discipline Defines Winners#CannabisIndustry #CannabisStocks #WeeklyRecap #CannabisEarnings #HempRegulation #GreenThumbIndustries #Trulieve #HempBan #Hemp #Curaleaf #Verano #CrescoLabs #TerrAscendWant to see more Cannabis Reform?🎬    • Senate Rejects Budd’s Hemp Ban Amendment |...  🎬    • Hemp Fight Threatens Government Shutdown |...  🎬    • Trump Administration Pushes Back on Hemp B...  🎬    • Talarico Calls Texas Hemp Ban “Insane” | T...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

The hemp fight in Washington just got even more intense. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on the Senate’s rejection of Ted Budd’s amendment, which would’ve kept the hemp-THC ban locked in for November 12.The Senate voted 61-32 to table Budd’s amendment, then passed the full funding bill 90-6 with a delay still included, pushing the ban’s effective date from November 12 to December 11, assuming the House passes it and the president signs it. Shadd walks through why this is splitting senior Republicans publicly, one camp wants the ban enforced immediately with no more delays, the other wants a real regulatory framework instead of an outright ban, and both sides believe they’re protecting consumers and businesses.One thing isn’t changing regardless of the delay, synthetic cannabinoids are still banned starting November 12. That means converted delta-8, THC-O, THCP, and the broader gas-station loophole market are done no matter what happens with the rest of the bill. Shadd gets into why this marks the first real separation between legitimate hemp operators and the synthetic loophole crowd, and what the next month looks like as this fight inside the GOP keeps escalating rather than settling down.A closer look at a policy fight that’s far from over.00:00:00 — Hemp Fight Escalates in Washington00:00:43 — Senate Rejects Ted Budd Amendment00:01:18 — Hemp Ban Delayed One Month00:01:32 — Hemp Policy Splits Republicans00:02:06 — Republicans Push Regulation Over Ban00:02:42 — Synthetic Cannabinoid Ban Moves Forward00:03:31 — Legitimate Hemp vs. Synthetics00:03:44 — Hemp Battle Heads to Washington00:04:09 — Hemp Fight Set to Escalate#TDRCannabisIn5 #HempBan #Delta8 #GOPSplit #HempRegulation #CannabisPolicy #CannabisNews #SyntheticCannabinoids #TedBudd #FederalHempPolicy #CannabisIndustry #Trump #TrumpAdministrationWant to see more Cannabis Reform?🎬    • Hemp Fight Threatens Government Shutdown |...  🎬    • Trump Administration Pushes Back on Hemp B...  🎬    • Talarico Calls Texas Hemp Ban “Insane” | T...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

The U.S. government could be on the edge of a shutdown, and the fight causing it isn’t cannabis legalization or federal scheduling, it’s hemp. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Jeremy Berke at Yahoo Finance on how hemp-derived THC regulation has split the Senate GOP and could shut down the government right before the midterms.Trump reportedly called Senate Republicans this week asking for a four-week delay on the federal hemp THC ban, just enough time for Congress to build a real regulatory framework instead of rushing something that affects farmers, retailers, and millions of consumers. That request immediately divided Republicans, with Rand Paul pushing back on an immediate ban and Ted Budd leading 13 cosponsors willing to block the entire funding bill if the ndelay isn’t removed. Shadd walks through how the Senate parliamentarian ruled Budd’s amendment germane, meaning it only needs a simple majority, and why Democrats like Kirsten Gillibrand are already signaling support.The episode also breaks down what the proposed framework actually changes, a ban on synthetic cannabinoids like converted delta-8 and THC-O, and a dry-weight THC limit that raises real questions about how easily it could be manipulated. We also get into the bigger trust gap between licensed cannabis operators, who’ve spent years under strict compliance, and parts of the hemp industry built around avoiding regulation altogether.A closer look at how hemp became the unlikely fight threatening to shut down the government.00:00:00 — Hemp Fight Threatens Shutdown00:00:37 — Washington’s Hemp Standoff00:02:32 — Can Hemp Be Trusted?00:04:15 — New Hemp Regulations Explained00:05:01 — Dry Weight Loophole Problem00:06:34 — Hemp’s Bigger Political Fight00:07:22 — Could Hemp Shut Government?00:08:17 — THC Beverages Have Future#TrumpAdministration #HempRegulation #GovernmentShutdown #Delta8 #HempIndustry #CannabisPolicy #CannabisNews #FederalHempPolicy #TrumpCannabis #HempReform #Cannabis #CannabisIndustry #CannabisNewsWant to see more Cannabis Reform?🎬    • Trump Administration Pushes Back on Hemp B...  🎬    • Talarico Calls Texas Hemp Ban “Insane” | T...  🎬    • Daily Cannabis Use Passes Alcohol, Cigaret...  🎬    • Former AG Bill Barr Slams Cannabis Resched...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Trade to Black, presented by Flowhub, wraps up a busy week of cannabis earnings with host Shadd Dales bringing on Charlie Bachtell, CEO of Cresco Labs (OTCQX: CRLBF).Bachtell breaks down the company’s second quarter results, revenue came in at $173 million, up roughly 15% sequentially, with net income swinging to $16.8 million, partly driven by a $26.7 million tax benefit tied to rescheduling and the related Section 280E changes. Adjusted EBITDA landed at $40 million, up around 20% sequentially, and the company generated positive free cash flow for the quarter. Bachtell also gets into what’s driving that growth, retail integration in Pennsylvania, adult-use momentum in Ohio, and early revenue in Kentucky.Plus we get Charlie's take on M&A and whether he expects deal activity to accelerate once cannabis is fully rescheduled, a timely question given the ongoing speculation around Cresco itself as a potential acquisition target.In segment two, special guest host Seth Yakatan joins us to react to Trulieve’s (NYSE: TRLV) results along with a look at NewLake Capital’s (OTCQX: NLCP) latest print. NewLake posted $12.1 million in revenue, with AFFO of $0.49 per share, while maintaining a conservatively leveraged balance sheet and a $0.43 per share quarterly dividend.Shadd and Seth close out the episode with the key takeaways from a loaded week of cannabis earnings.Like, subscribe, and leave your comments!#Cannabis #CannabisIndustry #MSOS #CannabisStocks #CannabisEarnings #CrescoLabs #CharlieBachtell #CannabisMA #Trulieve #NewLakeCapital #CannabisRescheduling #CannabisInvesting Want to see more Cannabis Reform?🎬    • Trump Administration Pushes Back on Hemp B...  🎬    • Talarico Calls Texas Hemp Ban “Insane” | T...  🎬    • Daily Cannabis Use Passes Alcohol, Cigaret...  🎬    • Former AG Bill Barr Slams Cannabis Resched...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Texas blew up its hemp-derived THC market last Friday, and Texas State Representative James Talarico isn’t staying quiet about it. In this episode of TDR Cannabis in 5, presented by Flowhub, host Shadd Dales breaks down what happened and why Talarico, also the Democratic nominee for U.S. Senate, is calling the move “insane” and “a gift to the cartels.”Texas leaders wiped out the entire hemp-derived THC industry overnight, delta-8, delta-9 from hemp, THCA flower, edibles, all of it. There was no phase-out period, retailers who were operating legally Thursday couldn’t sell their products Friday morning. Estimates put the market at around $580 million in retail value, and Shadd walks through the immediate fallout for small businesses across the state.Talarico’s argument is that shutting down legal hemp shops doesn’t kill demand, it just pushes consumers back to the black market, which in Texas means cartel-driven supply. We also get into what comes next, potential lawsuits, legislative fixes, selective enforcement, and how this could become a major issue in the upcoming Senate race. With Texas being one of the largest markets in the country, this decision is being watched closely by hemp operators nationwide.#TDRCannabisIn5 #TexasHempBan #JamesTalarico #HempIndustry #CannabisPolicy #Delta8 #CannabisNews #HempRegulation #TexasPolitics #CannabisReformWant to see more Cannabis Reform?🎬    • Daily Cannabis Use Passes Alcohol, Cigaret...  🎬    • Former AG Bill Barr Slams Cannabis Resched...  🎬    • Texas Delta-8 Hemp Ban Takes Effect Immedi...  🎬    • Hemp Could Be Taxed Higher Than Alcohol | ...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

21.4 million Americans now use marijuana daily or near-daily, more than the number who drink alcohol or smoke cigarettes every day. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down a new federal report showing cannabis has officially become the most commonly used daily drug in the country, a story first reported by Marijuana Moment.The numbers come from the 2025 National Survey on Drug Use and Health. Cannabis now beats 17.2 million daily alcohol users and 19.9 million daily cigarette smokers, along with nicotine vaping, cigar smoking, and smokeless tobacco. This is happening while cannabis remains federally prohibited under the Controlled Substances Act, even with medical marijuana sitting in Schedule III. Shadd also points out that teen marijuana use keeps declining even as more states legalize for adults, which undercuts one of the most repeated arguments against reform.The episode covers the longer trend too, daily cannabis use is up nearly 15-fold since 1992, and other research shows young adults are three times more likely to use marijuana daily than alcohol. We get m into what’s likely driving this, culture normalization, and cannabis becoming a common substitute for alcohol, plus what it could mean for regulators, public health messaging, and companies focused on daily-use products like gummies and beverages heading into 2027.#TDRCannabisIn5 #CannabisUsage #CannabisTrends #SAMHSA #CannabisPolicy #CannabisReform #ScheduleIII #CannabisNews #DailyCannabisUse #CannabisIndustry #MedicalMarijuanaWant to see more Cannabis Reform?🎬    • Former AG Bill Barr Slams Cannabis Resched...  🎬    • Texas Delta-8 Hemp Ban Takes Effect Immedi...  🎬    • Hemp Could Be Taxed Higher Than Alcohol | ...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Deepank breaks down what the DEA is actually looking for compared to the FDA. The DEA isn’t concerned with quality, it’s essentially an inventory management system tracking every milligram of controlled substance in and out of a facility, while the FDA is the one dealing with product quality and safety. That distinction matters when you look at what Vantage has built, a facility designed around DEA control requirements from day one rather than trying to retrofit them in later.They also get into what true GMP pharma compliance actually takes inside a facility, why quality has to be built into a product from the very first step instead of tested in at the end, and what that looks like in practice, from equipment qualification and risk analysis to preventative maintenance and full documentation. Deepank walks through why rescheduling could open up a real FDA drug approval pathway, why retrofitting an old facility to GMP standards basically doesn’t work, and why exporting under this kind of compliance is a completely different undertaking than running domestically.If you’ve wondered what separates a real pharma-grade, DEA-compliant cannabis operation from the rest of the industry, this one lays it out.#TradeToBlack #Vantage #DEACompliance #GMPCompliance #PharmaceuticalGradeCBD #CannabisManufacturing #CannabisRescheduling #CannabisRegulation #CBDIndustry #CannabisExportWant to see more Cannabis Reform?🎬    • Hemp Could Be Taxed Higher Than Alcohol | ...  🎬    • Does This Hemp Bill Actually Fix Anything?...  🎬    • Cannabis Support Didn’t Drop — Here’s What...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

On the latest Trade To Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell are joined by Adam Stettner, founder and CEO of FundCanna, the largest dedicated working-capital provider in regulated cannabis — for a look at what the first prints of the post-rescheduling era are actually telling us.Jushi got out early, and its quarter reads like a template for the cohort reporting next week. Revenue up 10%. Wholesale up 68% to an all-time high. Retail up just 4% — on units up 11.4%, a spread that says everything about where pricing is headed. And a $6.4 million discrete 280E tax benefit worth roughly nine times the company's entire quarterly operating income.We break down what that means for the rest of the group. Why strength in Ohio and Virginia should read through to Green Thumb, which holds seven Virginia dispensaries and an early Ohio position, and why the same tailwinds land very differently on a balance sheet with $274 million in cash versus one carrying $219.8 million in debt. Why the Trulieve story runs through the tax line and Florida's hemp market rather than the Virginia build. And what happens after November 12, when the federal hemp redefinition finally forces every state to pick a side.Then we get to Adam's side of the table: who's financing the wholesale surge, what days-sales-outstanding looks like across the supply chain right now, whether rescheduling actually changes how cannabis credit gets underwritten, and what a refinancing conversation sounds like for a mid-cap MSO in this tape.Volume is growing. Price is not. Somebody has to fund the gap.#TradeToBlack #Cannabis #CannabisNews #CannabisStocks #CannabisInvesting #MSO #EarningsSeason #Rescheduling #280E #FundCanna #Flowhub #Jushi #GreenThumb #Trulieve #cannabisindustry Want to see more Cannabis Reform?🎬    • Hemp Could Be Taxed Higher Than Alcohol | ...  🎬    • Does This Hemp Bill Actually Fix Anything?...  🎬    • Cannabis Support Didn’t Drop — Here’s What...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook:   / thedalesreport  ✅ Twitter:   / thedalesreport  ✅ Instagram:   / dalesreport  ✅ LinkedIn:   / the-dales-report  Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:[email protected] Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...