The Dales Report | Trade to Black

The first phase of the federal hemp ban takes effect today, and the bigger deadline is less than a month away. In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down what changed today, what Congress is proposing, and why the clock may be working against hemp.As of November 12, hemp products with cannabinoids that can't be naturally produced by the cannabis plant are prohibited under federal law. The first phase does not automatically cover cannabinoids that can occur naturally, like delta-8 THC, even when they're made through chemical conversion. The much larger restriction comes...

Earnings season continues on this Trade to Black podcast, presented by Flowhub, as hosts Shadd Dales and Anthony Varrell cover a busy week for medical cannabis, hemp and state reform.First, Avicanna (TSX: AVCN) CEO Aras Azadian returns to discuss Q3 2026. The company returned to positive adjusted EBITDA of $0.22 million, a $1.01 million improvement from a $0.79 million loss a year ago. Revenue was $5.73 million, up 2% from last quarter despite Veterans Affairs Canada reimbursement changes. Operating expenses fell 30% to $3.19 million, and gross margin was 51%. The conversation also looks at its proprietary products, the QUIX rapid-onset portfolio, and the intellectual property behind...

The hemp industry may have just lost one of its best connections to the Trump White House, and the calendar is not on its side. In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down the political fight behind the December 11 federal hemp deadline.President Trump replaced chief of staff Susie Wiles with Stephen Miller last week. Politico reported that Calley Means, a former adviser to Health Secretary Robert F. Kennedy Jr., claims Wiles helped secure the 30-day delay to the hemp restrictions because of her family connections. Her son-in-law, Bret Worley, is president and...

On this Veterans Day, Trade to Black, presented by Flowhub, looks at the push to bring psychedelic medicine to veterans and a message on why cannabis has to stay united. Hosts Shadd Dales and Anthony Varrell are joined by Matthew "Whiz" Buckley, who highlights that as many as 22 veterans a day still die by suicide, and by cannabis consultant Gretchen Gailey.In segment one, the conversation centers on the executive order President Trump signed in April 2026 to speed research and access for psychedelic treatments, with veterans at the heart of it. That order directed new funding for ibogaine research...

On this Veterans Day, Trade to Black, presented by Flowhub, looks at the push to bring psychedelic medicine to veterans and a message on why cannabis has to stay united. Hosts Shadd Dales and Anthony Varrell are joined by Matthew "Whiz" Buckley, who highlights that as many as 22 veterans a day still die by suicide, and by cannabis consultant Gretchen Gailey.In segment one, the conversation centers on the executive order President Trump signed in April 2026 to speed research and access for psychedelic treatments, with veterans at the heart of it. That order directed new funding for ibogaine research...

Democrats just won Congress, and a Republican is now leading the cannabis push. In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down what Rep. David Joyce of Ohio wants Congress to do before and beyond rescheduling.Joyce, a Republican co-chair of the Congressional Cannabis Caucus, told The Marijuana Herald that rescheduling should come with broader legislation. His three priorities: the SAFE Banking Act, which would protect financial institutions that serve state-legal cannabis businesses, the STATES 2.0 Act, which would shield marijuana activity that complies with state or tribal law from federal prohibition, and the PREPARE...

Hemp's first federal deadline hits this Thursday. On this Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick off the week with new DEA production quotas, TerrAscend's Q3 results, and Michael Bronstein's Insiders Edge on what's happening on the ground in hemp.First, TerrAscend (TSX: TSND) (OTCQX: TSNDF) Executive Chairman Jason Wild and President and CEO Ziad Ghanem discuss Q3 2026: revenue of $68.2 million, up 4.8%, adjusted EBITDA of $17.5 million, free cash flow of $6.1 million and a 13th straight quarter of positive free cash flow. Pennsylvania grew 16.8%, and the company closed its fifth New Jersey dispensary...

What's left between marijuana and Schedule III? In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down the final briefs in the DEA's rescheduling hearing and what comes next now that the judge's pause has ended.The DEA and the groups opposing rescheduling filed their final replies on November 5. The fight centers on a Government Accountability Office report that found gaps in the written procedures used to evaluate controlled substances. Opponents argue those gaps undermine the proposal to move marijuana to Schedule III. The DEA says the report should carry no weight in the judge's...

Did this week mark the start of a new chapter for cannabis? In this Trade to Black Weekly Recap, presented by FRE, Shadd Dales breaks down the biggest stories of the week across politics, federal reform and Q3 earnings.Democrats won both the House and Senate in the midterms and will take control in January. In Texas, James Talarico, Gina Hinojosa and Vikki Goodwin all won, and Massachusetts voters rejected Question 8 by roughly 76% to 24%. Roger Stone is urging Trump to work with Democrats on cannabis legislation, and Rep. Dina Titus sees openings for bipartisan cooperation.In Washington, the DEA...

Does the White House shake-up change the hemp ban? In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down what Stephen Miller replacing Susie Wiles as chief of staff could mean for the intoxicating hemp market, and for licensed marijuana operators.President Trump announced Friday that Miller, his deputy chief of staff, will take over Monday, November 9. Wiles moves to the Trump political operation. The change comes days after Republicans lost control of Congress in the midterms.The hemp angle is Wiles's family connection. The New York Times reported that her son-in-law, Bret Worley, is...

Cannabis consolidation is here, and earnings season is in overdrive. On this Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell start with Organigram's CEO on the Aurora deal, then bring on two more guests as Green Thumb, Trulieve, Aurora and NewLake all report.First, James Yamanaka, CEO of Organigram Global (NASDAQ: OGI) (TSX: OGI), joins the show to discuss his company's agreement to acquire Aurora Cannabis (NASDAQ: ACB) (TSX: ACB), backed by British American Tobacco (LSE: BATS) (NYSE: BTI). Organigram is offering C$7.80 per Aurora share, about C$561 million, a 93% premium to Aurora's price...

Would President Trump sign federal marijuana legalization from a Democratic Congress? In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down what the midterm results could mean for federal reform, and why one longtime Trump advisor is urging the president to say yes.Following Tuesday's midterms, Democrats have won both the House and Senate and will take control in January. Rep. Dina Titus, co-chair of the Congressional Cannabis Caucus, is pushing to keep working on banking access, federal tax treatment, veterans' medical access and marijuana's federal classification.The unexpected voice is Roger Stone, a longtime...

Marijuana legalization could move forward in several states after the 2026 midterms. In this video, Shadd Dales breaks down the election results that could reshape cannabis policy in 2027, and asks whether newly empowered Democrats will actually follow through.Pennsylvania Democrats flipped the state Senate and held the House, and with Governor Josh Shapiro re-elected they now control all three levers of state government. The House passed a legalization bill in 2025 that stalled in the Republican Senate, so the question now is whether it can move when the new session begins.In Wisconsin, Democrat David Crowley won the governor's race and...

Texas voters just elected three candidates who back marijuana reform, and one says he wants to work with President Trump on federal legalization. In this TDR Cannabis in Five, Shadd Dales breaks down what the midterm results could mean for cannabis policy in Texas and in Washington.James Talarico (D) won the U.S. Senate seat, the first Democratic win in Texas since 1988, defeating Attorney General Ken Paxton. During the campaign, Talarico backed legalizing, regulating and taxing adult-use cannabis, and in an October interview he named it as an issue where he could work with Trump. The episode looks...

Boris Jordan, Chairman and CEO of Curaleaf Holdings (TSX: CURA) (OTCQX: CURLF), joins Shadd Dales and Anthony Varrell on this Trade to Black podcast, presented by Flowhub, a day after the company reported its Q3 2026 results. Then Michael Bronstein of the American Trade Association for Cannabis and Hemp reacts to Pennsylvania's state Senate flipping to Democrats in Tuesday's midterms.Curaleaf (TSX: CURA) (OTCQX: CURLF) posted record third-quarter revenue of $353 million, up 11%. U.S. revenue grew 8%, its third straight quarter of year-over-year growth, and international revenue rose 28% to $59 million. Adjusted gross margin was 49%, adjusted EBITDA was $78 million (a 22% margin), and...

Massachusetts voters head to the polls today, and the future of the state's recreational marijuana market is on the ballot. In this TDR Cannabis in Five, Shadd Dales breaks down the latest development on Question 8: police organizations and more than 50 current and former law enforcement officials urging voters to keep legal sales in place.According to reporting from Marijuana Moment, the National Association of Black Law Enforcement Officers has joined the opposition. Their argument is that closing licensed dispensaries won't end demand. It would push consumers toward unregulated sellers with no testing, no age checks and no oversight, while...

LIVE at 4 PM ET: Shadd Dales and Anthony Varrell kick off a busy Monday on the Trade to Black podcast, presented by Flowhub, with two interviews on cannabis earnings, DEA registrations and the future of federal marijuana rescheduling.First, Jushi Holdings (CSE: JUSH) (OTCQX: JUSH) Chairman and CEO Jim Cacioppo joins after the company's Q3 2026 results. Jushi (CSE: JUSH) (OTCQX: JUSH) reported revenue of $70.5 million, up 7% from a year ago, adjusted EBITDA of $13.6 million at a 19.3% margin, and a net loss of $12.5 million. Wholesale revenue rose 40% to $9.7 million, a second straight quarterly record, and Virginia posted another record quarter...

The DEA is rejecting certain marijuana businesses seeking federal registration, and that has people asking whether companies in states with both medical and recreational programs could be shut out. In this TDR Cannabis in 5, host Shadd Dales breaks down Marijuana Moment's report that the DEA refused to approve a Minnesota dispensary because the state's license covers both medical and recreational sales. The agency says that doesn't satisfy President Trump's April order, which gave Schedule III treatment to qualifying medical marijuana activities but not recreational marijuana. The DEA is applying the rules that exist today, not the rules that could...

This week's Trade to Black Weekly Recap, presented by FRE, covers the DEA granting federal registrations to more than 900 medical marijuana dispensaries in seven states: Alabama, Florida, Mississippi, South Dakota, Texas, Virginia and West Virginia. Host Shadd Dales explains that the DEA also disclosed 6,983 applications, including 4,000-plus dispensaries, 2,000-plus manufacturers and 710 distributors. But the agency refused to approve a Minnesota dispensary because the state's license covers both medical and recreational sales, which doesn't fit the April medical order, and Pennsylvania's 227 applications weren't in the first group. Broader rescheduling remains before Judge Derek Julius.On earnings, Jushi Holdings (CSE: JUSH...

The DEA, the agency that spent decades enforcing marijuana prohibition, just granted federal registrations to more than 900 medical marijuana dispensaries. In this TDR Cannabis in 5, host Shadd Dales breaks down the October 30 Justice Department announcement, which calls the registrations the first phase of implementing the April order that moved qualifying state-licensed medical marijuana from Schedule I to Schedule III. The dispensaries are in seven states: Alabama, Florida, Mississippi, South Dakota, Texas, Virginia and West Virginia. A state license doesn't guarantee registration, and businesses must meet federal requirements and complete the DEA's pre-registration investigation.The DEA also disclosed that 6,983 medical...

The DEA is pushing back after a federal watchdog found problems with how the government evaluates controlled substances, and opponents are using those findings to challenge marijuana rescheduling. In this TDR Cannabis in 5, host Shadd Dales breaks down the DEA's October 29 brief on the Government Accountability Office report. GAO found the DEA and FDA lack written procedures for certain scheduling evaluations. Groups opposing rescheduling, including Smart Approaches to Marijuana and the states of Idaho, Indiana and Nebraska, say that undermines the process and want marijuana kept in Schedule I. They also question the shift from a five-part test for...

Nearly nine in ten veterans surveyed support legalizing marijuana for medical use, but federal rules still limit what their own VA doctors can do. In this TDR Cannabis in 5, host Shadd Dales breaks down a new survey by Iraq and Afghanistan Veterans of America of 470 of its members. 87% support medical legalization, 61% support recreational legalization, and 91% say cannabis should be researched for its medical potential. 88% want the VA itself to be allowed to research marijuana as a treatment.The surprising finding is a gap between willingness and action. 70% say they'd be comfortable discussing medical cannabis with their primary care doctor...

Earnings season continues on the Trade to Black podcast, presented by Flowhub, as hosts Shadd Dales and Anthony Varrell welcome Verano Holdings (OTCQX: VRNO) CEO George Archos and Chief Investment Officer Aaron Miles to break down a strong Q3 2026. Revenue grew 5% from a year ago to $212 million, gross profit was $100 million at a 47% margin, and adjusted EBITDA reached $50 million, a 24% margin. Cash from operations nearly doubled to $49 million from $26 million, which works out to about $36 million of free cash flow after $13 million in capital spending. The net loss narrowed to $4 million from $44 million a year ago, and tax expense...

On the Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell welcome back hemp farmer Alexander Mootz to react to news that Rep. Morgan Griffith (R-VA) is raising the possibility of putting hemp THC rules into a budget reconciliation bill during the lame-duck session after the midterms. Griffith told Roll Call he'd like his regulatory bill passed before the December 11 deadline. His HEMP Act, filed with Rep. Marc Veasey, would keep hemp products legal under new rules, and he suggested pairing it with a tax measure like Rep. Beth Van Duyne's beverage bill. Reconciliation avoids...

The Supreme Court handed marijuana consumers a major Second Amendment win, and a new survey suggests many cannabis consumers are paying attention. In this TDR Cannabis in 5, host Shadd Dales breaks down what the Court decided and what it left open. In June, the justices unanimously ruled in United States v. Hemani that the government couldn't automatically strip a regular marijuana user of his gun rights under federal law, Section 922(g)(3), which bars "unlawful users" of controlled substances from possessing firearms. But the Court didn't strike down the law, and it left open questions about intoxication, evidence that someone's...

Congress is running out of time to stop the federal ban on hemp THC products, and one Republican lawmaker has floated a way around the Senate filibuster. In this TDR Cannabis in 5, host Shadd Dales breaks down Marijuana Moment's report that Rep. Morgan Griffith of Virginia suggests hemp regulations could ride in a budget reconciliation bill after the November 3 midterms, which can pass the Senate with a simple majority. Griffith's bipartisan HEMP Act, introduced with Rep. Marc Veasey, would set a federal framework and direct the FDA to write rules within three years, with default limits of 5 mg per...

Earnings season kicks off on the Trade to Black podcast, presented by Flowhub, as hosts Shadd Dales and Anthony Varrell break down SNDL's (NASDAQ: SNDL) third-quarter 2026 results. Revenue came in at $238.0 million, in line with ATB Capital Markets' estimate, and adjusted EBITDA of $15.8 million beat its $11.3 million forecast. Same-store sales fell 3.8% in cannabis retail and 6.0% in liquor retail, gross margin slipped to 24.3%, and the cannabis operations segment is under strategic review. SNDL ended the quarter with $141.1 million in cash and no debt, repurchased about 2% of its shares, and plans a Substantial Issuer Bid for up to C$50 million.In...

A Virginia state senator who helped push marijuana legalization now faces federal drug trafficking and corruption charges, and the Justice Department says it isn't going after state-legal cannabis. In this TDR Cannabis in 5, host Shadd Dales breaks down the October 22 indictment of Sen. Louise Lucas and six others, and what it signals about federal marijuana enforcement while rescheduling is still underway.Prosecutors allege Lucas helped run an illegal marijuana distribution enterprise through businesses that appeared to be hemp retailers, and used her political influence to protect it. The indictment includes racketeering, marijuana trafficking, money laundering and corruption-related counts, with...

The Trade to Black podcast, presented by Flowhub, kicks off the week with the latest in the Curaleaf (TSX: CURA) (OTCQX: CURLF) and Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) fight. Hosts Shadd Dales and Anthony Varrell cover Aurora's news that the Alberta Securities Commission dismissed Curaleaf's application to halt Aurora's at-the-market program. Aurora says it last used the program August 18 and hasn't during the hostile bid, and its board urges shareholders to reject the revised offer by taking no action.The hosts also look at early signs institutional capital is returning to Canadian cannabis stocks. One analyst note cites...

A Texas Democrat says he wants to team up with President Trump to legalize marijuana nationwide, but is it a real opening or political theater? In this TDR Cannabis in 5, host Shadd Dales breaks down what James Talarico, the Democratic nominee for U.S. Senate in Texas, said on MS NOW about working with Trump, and where the administration actually stands.Talarico said he believes Trump supports legalization and hopes to work with him on federal legalization and on expunging past marijuana convictions. But Trump hasn't committed to full legalization. Qualifying state-licensed medical marijuana moved to Schedule III in...

This week's Trade to Black Weekly Recap, presented by FRE, covers the ruling that brings cannabis rescheduling closer to a recommended decision. Host Shadd Dales breaks down Chief Administrative Law Judge Derek Julius's October 22 order rejecting opponents' request to reopen the DEA hearing for more testimony and discovery. He admitted the Government Accountability Office report, which found gaps in written scheduling procedures, but allowed only optional written briefs: October 29 for initial briefs and November 5 for replies, after which the stay expires. That doesn't mean Schedule III takes effect November 5, and there's no deadline for his recommendation. DEA Administrator Terrance...

A DEA judge just rejected an attempt to reopen the marijuana rescheduling hearing, but opponents still get one more chance to make their case. In this TDR Cannabis in 5, host Shadd Dales breaks down what Chief Administrative Law Judge Derek Julius decided on October 22 and what it means for federal rescheduling.The opponents had asked to reopen the hearing for more testimony and document discovery after a Government Accountability Office report found the DEA and FDA lack certain written policies for evaluating controlled substances. The DEA pushed back. Julius denied the request but admitted the GAO report into the...

A major ruling just landed in the DEA's marijuana rescheduling hearing, and cannabis attorney Eric Berlin of Dentons joins the Trade to Black podcast, presented by Flowhub, to break it down. Host Shadd Dales covers Chief Administrative Law Judge Derek Julius's Thursday order rejecting opponents' request to reopen the hearing for more testimony and document discovery. The judge noted the record already holds more than 2,500 pages of testimony and thousands of pages of exhibits. He did admit the Government Accountability Office report, which found gaps in written scheduling policies at the DEA and FDA, but limited the follow-up to...

A new poll says President Trump is losing support among cannabis consumers, but does the headline tell the whole story? In this TDR Cannabis in 5, host Shadd Dales breaks down the latest NuggMD and Marijuana Moment survey of 654 consumers in legal states. It found 29% approve of the administration's cannabis actions, down from 48% last quarter and 73% before that. Only 20% disapprove, while 51% are neutral or have no opinion, and 47% said broader legalization would raise their support.The host argues the survey doesn't show why approval fell, and points to the timing: the president's overall approval has also been sliding, with the...

A fight is playing out inside the cannabis industry over the future of hemp-derived THC, and TDR Cannabis in 5 breaks down both sides. Host Shadd Dales starts with the Marijuana Policy Project's call for Congress to stop the scheduled federal ban and replace it with regulation, including potency limits, testing, labeling and age restrictions. Under the 2018 Farm Bill, hemp is legal below 0.3% delta-9 THC by dry weight, which created a market for intoxicating hemp products sold outside dispensaries. Legislation signed last year tightened the federal definition, and unless Congress acts, many of those products become illegal.Then the pushback...

Congress is racing to deal with hemp before December 11, and one Wisconsin hemp farmer says many of the bills on the table protect the conversion model, not farmers. On this Trade to Black interview, presented by Flowhub, hosts Shadd Dales and Anthony Varrell sit down with Alexander Mootz, who has worked in hemp since 2018 and rents the land he grows on. He walks through the 2019 CBD crash, flying to bankruptcy sales of biomass, and why he says prices never recovered.Mootz argues that hemp today is mostly profitable because of chemical conversions that turn CBD into intoxicating products, and...

Massachusetts voters decide November 3 whether to repeal recreational cannabis sales, and 62 state lawmakers, including House Speaker Ronald Mariano and Senate President Karen Spilka, are fighting to stop it. TDR Cannabis in 5 breaks down Question 8 with host Shadd Dales, based on Marijuana Moment's reporting.If Question 8 passes, licensed recreational retail sales and home cultivation would end, taking effect January 1, 2028. Adults 21 and older could still possess up to one ounce, including up to five grams of concentrate, and medical marijuana would remain legal. The stakes are big: more than $10 billion in recreational purchases since legalization, about $280 million in state tax revenue...

Rubicon Organics (TSXV: ROMJ) CEO Margaret Brodie returns to the Trade to Black podcast, presented by Flowhub, to break down the company's fresh $3 million raise. Hosts Shadd Dales and Anthony Varrell cover the non-brokered private placement from strategic investor Siwash Rock Investments, 6,666,667 shares at $0.45 with no warrants or finder's fees. It funds a lighting upgrade at Pacifica, Rubicon's 125,000-square-foot greenhouse in Delta, B.C. Management expects the upgrade to lift Pacifica's output about 40% to roughly 15,500 kilograms a year, and to pull Rubicon's path to about 20,000 kilograms by June 2027 forward by about a year, with no new building or licence...

More Americans are turning to cannabis to quit nicotine, and a new study suggests there may be a catch. In this TDR Cannabis in 5, host Shadd Dales breaks down research from the San Francisco VA Health Care System, the University of California and NYU, published in the Journal of General Internal Medicine, using a survey of 2,804 U.S. adults who smoke cigarettes, vape nicotine or both.Among people trying to quit cigarettes, 9% said they used cannabis, compared with 9.4% using prescription quit-smoking medication. Among those trying to quit vaping, cannabis ranked third, behind quitting cold turkey and switching to another...

Earnings season is two weeks away, and today's news is giving us a sneak preview on what to expect.On the Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell start with preliminary Q3 results from Glass House Brands (NYSE: GLAS): revenue of $56.8 million, record biomass production of about 317,000 pounds, cost of production down to roughly $110 per pound and cash of $39.7 million. The average selling price fell to $150 per pound. Glass House also turned off its at-the-market offering and announced a director's resignation.Next, the fight between Curaleaf (TSX: CURA) (OTCQX: CURLF) and Aurora Cannabis...