The Dales Report | Trade to Black

In our latest Trade To Black podcast presented by Flowhub, host Shadd Dales and Anthony Varrell sit down with Terry Mendez, CEO of Safe Harbor Financial (NASDAQ:SHFS), to talk about what cannabis finance could look like after 280E.With medical cannabis moving to Schedule III, the industry is entering a very different phase. Operators are preparing for cleaner balance sheets, better cash flow, and a lending environment that could finally start to look more rational.Safe Harbor Financial (NASDAQ:SHFS) sits right in the middle of that conversation.Terry breaks down what Safe Harbor actually is today — not just a “cannabis bank,” but a compliance, lending, fintech, and professional services platform built around cannabis operators and financial institutions.The conversation covers how Safe Harbor Financial (NASDAQ:SHFS) has repositioned under Terry’s leadership, how the company has reduced debt, strengthened its balance sheet, and why its $25 billion in historical cannabis transaction data could become a major advantage.They also get into the DEA portal, with more than 400 companies already submitting applications, what operators need to prepare for under Schedule III, and why smaller businesses may need to work together if they want to survive the next phase of consolidation.This is a big-picture conversation about lending, compliance, banking, M&A, and what happens when cannabis finally starts moving toward a more normal financial system#SafeHarborFinancial #SHFS #CannabisFinance #CannabisBanking #CannabisStocks #TradeToBlack #Flowhub #280E #CannabisRescheduling #CannabisIndustryWant to see more Cannabis Reform?🎬    • Cannabis Rescheduling Faces Legal Question...  🎬    • Congress Tries To Slow Cannabis Reform | T...  🎬    • DEA Moves On HHC — What It Means | TDR Can...  🎬    • DOJ Signals Shift On Cannabis & Firearms |...  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 TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down one of the biggest questions in cannabis right now:Is rescheduling actually locked in… or is there still legal risk that could slow things down?On one side, the momentum is clear. The Department of Health and Human Services has already completed its scientific review and recommended moving cannabis to Schedule III. That’s a major shift and signals that, from a medical and data standpoint, the groundwork is there.But there’s another angle that isn’t getting enough attention.Groups opposing legalization aren’t really arguing the science anymore — they’re focusing on the process. Specifically, whether the federal government followed the proper legal steps under the Administrative Procedure Act.That’s where terms like “public comment period” and “partial stay” start to come into play.In this episode, we break down what a partial stay actually means, how likely it is, and why timing matters. With the DEA already accepting applications and operators preparing for life after 280E, the system is already moving.So the real question isn’t whether rescheduling happens.It’s how clean the rollout is from here.#CannabisRescheduling #CannabisNews #DEA #ScheduleIII #280E #CannabisInvesting #TDR #Flowhub #CannabisPolicy #CannabisIndustryWant to see more Cannabis Reform?🎬    • Congress Tries To Slow Cannabis Reform | T...  🎬    • DEA Moves On HHC — What It Means | TDR Can...  🎬    • DOJ Signals Shift On Cannabis & Firearms |...  🎬    • Cannabis + Psychedelics: What Just Changed...  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 get into a mix of market data, policy, and earnings — and it all ties together more than you’d think.We start in Ohio.Hirsh Jain from Ananda Strategy joins the show to talk about what he’s seeing after a big month. According to Headset, Ohio just put up about $107 million in sales for April 2026, up roughly 26% year-over-year.But the more interesting part isn’t just the number.There’s growing talk across the industry that recent hemp restrictions may already be pushing consumers back into licensed dispensaries. It’s early, but if that trend holds, Ohio could end up being one of the more important markets to watch right now.From there, the conversation shifts to Washington.A new report from Marijuana Moment highlights how the White House is starting to focus more on high-potency cannabis and how it’s being marketed, as part of its broader national drug strategy. So while reform is clearly moving forward, the tone around public health is also starting to tighten.On the company side, the guys also break down Curaleaf (TSX:CURA) and its latest Q1 2026 earnings, looking at what stood out and how the company is positioning itself heading into a potential post-280E environment.And finally — a quick update on federal rollout.It’s been about a week since the DEA started accepting registration applications from state-licensed medical cannabis operators, and already more than 400 companies have gone through the system. That tells you operators are taking this seriously — and moving quickly.A lot happening right now — and this episode connects the dots.#TradeToBlack #CannabisNews #OhioCannabis #CannabisInvesting #Curaleaf #DEA #CannabisPolicy #CannabisReform #CannabisStocks #FlowhubWant to see more Cannabis Reform?🎬    • Cannabis Rescheduling Faces Legal Question...  🎬    • Congress Tries To Slow Cannabis Reform | T...  🎬    • DEA Moves On HHC — What It Means | TDR Can...  🎬    • DOJ Signals Shift On Cannabis & Firearms |...  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 welcome in Michael Bronstein, President of the American Trade Association for Cannabis & Hemp, to walk through a very busy stretch for cannabis and hemp policy.First up is the Farm Bill. The House has passed its version, and inside the bill is language that could seriously change the hemp market. The proposal targets intoxicating hemp products like Delta-8, THCA, and synthetic cannabinoids by tightening the definition of what hemp can be.Now the bill heads to the Senate, where the debate gets even more important. Senator Rand Paul is one of the key names to watch as lawmakers decide whether this hemp language stays, changes, or gets challenged.Plus the latest on cannabis rescheduling. Medical cannabis has officially moved to Schedule III, and the DEA has set a June 29 hearing to look at whether marijuana as a whole should follow. That opens the door for a major debate over what the federal framework looks like from here.They also get into Virginia’s adult-use deadline and the latest uncertainty around Pennsylvania legalization.#TradeToBlack #CannabisNews #HempPolicy #FarmBill #CannabisRescheduling #DEA #CannabisInvesting #CannabisReform #HempIndustry #MichaelBronsteinWant to see last week's recap?🎬    • From Policy To Execution: Cannabis Turns T...  Want to see more Cannabis Reform?🎬    • Congress Tries To Slow Cannabis Reform | T...  🎬    • DEA Moves On HHC — What It Means | TDR Can...  🎬    • DOJ Signals Shift On Cannabis & Firearms |...  🎬    • Cannabis + Psychedelics: What Just Changed...  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, host Shadd Dales sits down with Avicanna (TSX:AVCN / OTCQX:AVCNF) CEO Aras Azadian and Dr. Karolina Urban, Executive Vice President of Scientific and Medical Affairs, to talk about what U.S. cannabis rescheduling could mean for cannabinoid-based medicine.With the DOJ and DEA now moving certain cannabinoid products into a Schedule III framework, the big question becomes simple:Which companies are actually ready for a more pharmaceutical, evidence-based model?Avicanna (TSX:AVCN / OTCQX:AVCNF) has spent years building around clinical research, real-world evidence, standardized formulations, intellectual property, and medical cannabis care models. In this interview, Aras and Dr. Urban explain why that matters now, especially as U.S. regulators begin looking more seriously at FDA pathways, clinical trials, dosing, safety, reproducibility, and physician-guided treatment.The conversation also covers Avicanna’s chronic pain research, its rapid-onset delivery platform, MyMedi.ca, pharmacist-led support, international medical cannabis opportunities, and the company’s upcoming clinical symposium in Toronto.This isn’t just about cannabis moving to Schedule III.It’s about what comes next—and which companies are actually built for the medical and pharmaceutical side of the industry.#Avicanna #AVCN #CannabisNews #MedicalCannabis #CannabisRescheduling #CannabinoidMedicine #Biotech #TradeToBlack #Flowhub #CannabisInvestingWant to see more Cannabis Reform?🎬    • Congress Tries To Slow Cannabis Reform | T...  🎬    • DEA Moves On HHC — What It Means | TDR Can...  🎬    • DOJ Signals Shift On Cannabis & Firearms |...  🎬    • Cannabis + Psychedelics: What Just Changed...  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 week’s Trade To Black Weekly Recap presented by FRE Pouch, Shadd Dales breaks down the shift from cannabis policy to real-world execution.The DEA has officially opened its registration portal for medical cannabis operators—meaning companies now have a 60-day window to apply for federal recognition. This follows last week’s move to Schedule III and marks the first real step in turning policy into action.From a financial standpoint, the biggest impact is 280E. For years, operators have been taxed at extreme rates, limiting profitability and growth. That now starts to unwind on the medical side—and for major U.S. operators, that changes everything.We also break down how companies are positioned:Trulieve Cannabis Corp. — over $1B in revenue, strong cash flow, positioned to benefit from tax reliefGreen Thumb Industries Inc. — $150M buyback signals confidence in undervaluationCuraleaf Holdings Inc. — expanding globally with full control of German operationsVerano Holdings Corp. — stable quarter and debt refinancingSNDL Inc. — weaker quarter, but $200M+ cash and no debtVireo Growth Inc. — expanding into Florida with FLUENT acquisitionGlass House Brands Inc. — strong production, margins under pressureOn the business side:We also touch on growing momentum in North Carolina and what federal rescheduling means for state-level legalization.This is where the industry starts to separate—execution now matters.#CannabisStocks #CannabisNews #TradeToBlack #FREPouch #280E #DEA #CannabisRescheduling #MSO #Investing #CannabisIndustryWant to see more Cannabis Reform?🎬    • Congress Tries To Slow Cannabis Reform | T...  🎬    • DEA Moves On HHC — What It Means | TDR Can...  🎬    • DOJ Signals Shift On Cannabis & Firearms |...  🎬    • Cannabis + Psychedelics: What Just Changed...  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 TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down a new development out of Washington—and why it’s raising eyebrows across the cannabis industry.According to reporting from Marijuana Moment, a GOP-led House appropriations subcommittee has advanced a spending bill that would block federal funds from being used to reschedule or deschedule marijuana.So in simple terms—an attempt to slow down the process that’s already underway.Because here’s where it gets confusing…The Trump administration has already moved on this. The DOJ has acted. The DEA process is open.So what exactly is being stopped?In this episode, we break down:What the proposed language actually doesWhy it doesn’t line up with where things are headingThe contradiction between supporting state programs but blocking federal recognitionAnd what this means from an investor standpointThis likely doesn’t change the end result.But it does show you there’s still pushback—even now.#CannabisNews #CannabisPolicy #Rescheduling #ScheduleIII #WashingtonDC #TradeToBlack #Flowhub #CannabisIndustry #Investing #FederalPolicyWant to see more Cannabis Reform?🎬    • DEA Moves On HHC — What It Means | TDR Can...  🎬    • DOJ Signals Shift On Cannabis & Firearms |...  🎬    • Cannabis + Psychedelics: What Just Changed...  🎬    • White House Says Cannabis Is Popular | TDR...  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 TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down a major move from the DEA—and what it means for the future of hemp-derived THC products.The DEA has now officially classified HHC (hexahydrocannabinol) as a Schedule I substance.That’s a big deal.Because this isn’t just about one compound—it’s about what comes next.For years, the hemp market has operated in a gray area following the 2018 Farm Bill. That opened the door for products like delta-8, delta-10, and HHC—created through chemical conversion and sold widely across the U.S.In this episode, we break down:What the DEA’s decision on HHC actually meansWhy this signals a shift in federal enforcementHow regulators are starting to close the hemp loopholeAnd what operators need to be thinking about heading into NovemberBecause this isn’t happening all at once.It’s happening piece by piece.And this is one of the clearest signals yet that the current model isn’t going to last.#HempIndustry #CannabisNews #DEA #HHC #CannabisPolicy #FarmBill #TradeToBlack #Flowhub #THC #RegulationWant to see more Cannabis Reform?🎬    • DOJ Signals Shift On Cannabis & Firearms |...  🎬    • Cannabis + Psychedelics: What Just Changed...  🎬    • White House Says Cannabis Is Popular | TDR...  🎬    • DEA Applications Now Open — Clock Started ...  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 TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down a developing story around cannabis use and gun ownership—and why this issue is starting to shift.This is a topic we’ve covered before.And the reality hasn’t changed… the laws are still outdated.But what is changing—is how they may be enforced.According to reporting first published by Marijuana Moment, the Trump administration is now signaling it may stop pursuing prosecutions against marijuana users who are found in possession of firearms.Important point—this does not change federal law.Cannabis users are still considered “unlawful users” under federal rules, which means firearm restrictions are still technically in place.But if enforcement starts to pull back?That changes the real-world impact.In this episode, we break down:What the DOJ is actually signalingWhy courts are starting to question these lawsHow this ties into cannabis reschedulingAnd what it means for consumers, operators, and the broader industryBecause once enforcement starts to shift… policy usually isn’t far behind.#CannabisNews #SecondAmendment #CannabisPolicy #GunLaws #CannabisRescheduling #TradeToBlack #Flowhub #LegalUpdate #CannabisIndustry #FederalPolicyWant to see more Cannabis Reform?🎬    • Cannabis + Psychedelics: What Just Changed...  🎬    • White House Says Cannabis Is Popular | TDR...  🎬    • DEA Applications Now Open — Clock Started ...  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...

Hosts Anthony Varrell and Shadd Dales break down a packed day in cannabis news with special guest Adam Stettner, Founder and CEO of FundCanna, the leading non-dilutive capital provider to the cannabis industry.Top of the docket: Vireo Growth's (CSE: VREO) all-stock acquisition of FLUENT Corp. (CSE: FNT.U), a deal that consolidates the Florida medical cannabis market and creates a combined operator with roughly 74 stores and 144,000 square feet of cultivation across the Sunshine State. The crew unpacks the deal terms, the Vireo strategic playbook, and what the transaction signals about MSO consolidation in a post-rescheduling environment.Next up: Verano Holdings (Cboe: VRNO) Q1 2026 earnings. The team digs into Verano's $208 million revenue print, the $18 million net loss, the new $195 million senior secured term loan, the $20 million share repurchase authorization, and management's commentary on Section 280E tax relief following DOJ's Schedule III rescheduling order.Plus: federal cannabis policy momentum on Capitol Hill. The MORE Act added five new House sponsors yesterday — Reps. Schakowsky, Torres, Boyle, Beyer, and Budzinski — bringing total cosponsors to 70 as legislative pressure builds for full marijuana descheduling.Adam Stettner joins to discuss the cannabis lending landscape, how rescheduling is reshaping capital markets, what operators should be doing right now to position for DEA registration and the June 22 medical filing deadline, and where FundCanna sees the smartest opportunities for cannabis financing in 2026.Tune in for sharp analysis, real numbers, and zero fluff.🎧 Subscribe to Trade To Black for daily cannabis stock coverage, MSO earnings breakdowns, federal policy updates, and exclusive guest interviews with the operators and capital allocators shaping the industry.#Cannabis #CannabisStocks #Marijuana #Vireo #FLUENT #VeranoHoldings #FundCanna #MOREAct #Rescheduling #CannabisInvesting #tradetoblack Want to see more Cannabis Reform?🎬    • Cannabis + Psychedelics: What Just Changed...  🎬    • White House Says Cannabis Is Popular | TDR...  🎬    • DEA Applications Now Open — Clock Started ...  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 TDR Cannabis in Five presented by Flowhub, Shadd Dales takes a step back and looks at what just happened over the past week—and why it matters.Because this wasn’t just another policy update.Between cannabis rescheduling and a new executive order on psychedelic research, we’re seeing one of the most meaningful shifts in U.S. drug policy in decades.On the cannabis side, the Department of Justice has now formally moved state-licensed medical marijuana to Schedule III. That opens the door to expanded research and, importantly for operators, potential relief from 280E.At the same time, the Trump administration signed an executive order aimed at accelerating psychedelic research—fast-tracking clinical trials and expanding access for treatments targeting PTSD, depression, and other serious conditions.In this episode, we break down:What actually changed this week on cannabis reschedulingWhat the psychedelic executive order means in practical termsWhy both of these moves are happening nowAnd how this starts to shift the broader conversation around healthcare and treatmentThis doesn’t solve everything. There are still gaps across regulation, banking, and federal law.But the direction is becoming clearer.And that’s what matters.#CannabisNews #CannabisRescheduling #Psychedelics #Healthcare #ScheduleIII #TradeToBlack #Flowhub #CannabisPolicy #MedicalCannabis #InvestingWant to see more Cannabis Reform?🎬    • White House Says Cannabis Is Popular | TDR...  🎬    • DEA Applications Now Open — Clock Started ...  🎬    • What Cannabis Rescheduling Actually Means ...  🎬    • Cannabis Rescheduling Is Now Official | TD...  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 sit down with leadership from TerrAscend (TSX:TSND) to break down Q1 2026 preliminary earnings and what’s actually happening under the hood.Chairman Jason Wild and CEO Ziad Ghanem join us to walk through the numbers following their preliminary Q1 release.Revenue came in around $65.5M—slightly down quarter-over-quarter, but back to year-over-year growth. Margins? Still holding strong north of 52%. And maybe most important—this marks another quarter of positive operating cash flow in what continues to be a tough pricing environment across key markets like New Jersey.So what’s the strategy here?Are they protecting margins… or sacrificing growth?We get into that.We also break down:What’s really happening in New Jersey as pricing pressure buildsMaryland dynamics—retail vs wholesalePennsylvania as a potential adult-use catalystAnd how they’re thinking about M&A with debt pushed out to 2028Then we shift to the bigger story…Cannabis rescheduling.With the Trump administration making it official last week, we ask how TerrAscend is preparing for what looks like a very different operating environment.Does 280E relief change capital allocation?Do they get more aggressive?Or stay disciplined?If you’re following cannabis earnings, MSO strategy, or how operators are positioning for a post-rescheduling world—this is a conversation worth watching.#CannabisStocks #EarningsSeason #TerrAscend #TSND #CannabisNews #TradeToBlack #Flowhub #MSO #Investing #CannabisIndustry #CannabisRescheduling Want to see more Cannabis Reform?🎬    • White House Says Cannabis Is Popular | TDR...  🎬    • DEA Applications Now Open — Clock Started ...  🎬    • What Cannabis Rescheduling Actually Means ...  🎬    • Cannabis Rescheduling Is Now Official | TD...  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 TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down a different angle on the biggest cannabis story of the year—how the White House is now talking about rescheduling, and how Americans are reacting to it.According to reporting from Marijuana Moment, the Trump administration’s move on cannabis isn’t just historic—it’s overwhelmingly popular with voters. And now, that message is coming directly from the White House.During a recent press briefing, Press Secretary Karoline Leavitt was asked about cannabis rescheduling—something that, not long ago, wouldn’t even come up in that setting.That alone tells you how much has changed.In this episode, we break down:What was said inside the White House briefing roomWhy the administration is leaning into voter support and patient impactHow Schedule III opens the door to more research and medical accessAnd why this signals a broader shift in how cannabis is viewed at the federal levelBecause this isn’t just about policy anymore.It’s about perception—and that’s starting to change in a big way.#CannabisNews #CannabisRescheduling #ScheduleIII #WhiteHouse #CannabisPolicy #TradeToBlack #Flowhub #MedicalCannabis #Investing #TrumpAdministration #KarolineLeavittWant to see more Cannabis Reform?🎬    • DEA Applications Now Open — Clock Started ...  🎬    • What Cannabis Rescheduling Actually Means ...  🎬    • Cannabis Rescheduling Is Now Official | TD...  🎬    • Cannabis Rescheduling Back in Motion | TDR...  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...