The Dales Report | Trade to Black

Marijuana rescheduling may be finalized, but now comes the harder part, actually making it work. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down an op-ed from Gillian Schauer, executive director of the Cannabis Regulators Association (CANNRA), published by Marijuana Moment, arguing the DEA needs to communicate much more closely with the state regulators who actually run the medical cannabis programs the new Schedule III framework depends on.The federal rule moved FDA-approved marijuana products and cannabis covered by state medical licenses from Schedule I to Schedule III, and it specifically leans on state licensing systems...

In our latest Trade to Black Weekly Recap, presented by FRE, host Shadd Dales breaks down a busy week dominated by business developments. Trulieve (NYSE: TRLV) was added to two major S&P indices, Curaleaf (TSX: CURA) (OTCQX: CURLF) joined another major Canadian benchmark, Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) authorized another $50 million share repurchase program, and Cresco Labs (CSE: CL) (OTCQX: CRLBF) laid out a corporate restructuring plan aimed at positioning itself for a senior U.S. exchange listing. Still no recommendation yet from DEA Chief Administrative Law Judge Derek Julius.The episode opens in Texas, where...

For years, one of the biggest arguments against legalizing cannabis has been that legalization drives teenage use up. The latest federal data just came out, and it says almost the exact opposite. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on the CDC's latest Youth Risk Behavior Survey, showing just 12.9% of U.S. high school students reported using marijuana in the previous 30 days, an all-time low, down from 23.1% in 2011, the year before Colorado and Washington became the first states to legalize recreational cannabis.The data doesn't stop there. Lifetime marijuana use...

Pennsylvania may be just three State Senate seats away from legalizing adult-use cannabis, and if Democrats flip those seats in November, one of the most important remaining cannabis markets in the Northeast could finally open up as early as next year. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on House Speaker Joanna McClinton's comments at a Black Cannabis Week event, laying out how flipping control of the State Senate could change what cannabis legislation actually reaches the floor.Democrats already control the Pennsylvania House, which passed an adult-use legalization bill...

In our latest Trade To Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell are joined by FundCanna CEO Adam Stettner, fresh off the PBC Conference, to break down the themes dominating cannabis banking and capital markets right now — what lenders, payment providers and operators are actually saying as rescheduling and the hemp deadline collide.Then Sean Karl of Vantage Hemp joins for the Vantage Standard segment on AI in cannabis: how it's being applied to quality assurance, content and go-to-market automation, where the data and regulatory frameworks still break down, and real examples from inside Vantage an...

There's a developing political story out of Texas that raises a pretty simple question, when politicians fight cannabis reform, who actually benefits? In this episode of TDR Cannabis in 5, host Shadd Dales breaks down a new investigation from Marijuana Moment showing Texas Attorney General Ken Paxton, now the Republican nominee for a U.S. Senate seat, has received more than half a million dollars in campaign contributions tied to the alcohol industry while taking some of the strongest anti-cannabis positions in the state.Marijuana Moment reviewed campaign finance records dating back to 2014 and identified at least $509,806 in contributions from...

In our latest Trade To Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell are joined by FundCanna CEO Adam Stettner, fresh off the PBC Conference, to break down the themes dominating cannabis banking and capital markets right now — what lenders, payment providers and operators are actually saying as rescheduling and the hemp deadline collide.Then Sean Karl of Vantage Hemp joins for the Vantage Standard segment on AI in cannabis: how it's being applied to quality assurance, content and go-to-market automation, where the data and regulatory frameworks still break down, and real examples from inside Vantage an...

Over the last 48 to 72 hours, three things happened in cannabis that look like routine corporate housekeeping but actually reveal institutional money quietly building a real floor under this sector. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down why Trulieve's (NYSE: TRLV) addition to the S&P Total Market Index and S&P Completion Index, Curaleaf's (TSX: CURA) (OTCQX: CURLF) addition to the FTSE Canada All Cap Index, and Green Thumb Industries' (CSE: GTII) (OTCQX: GTBIF) renewed $50 million share buyback matter far more than the headlines suggest.Roughly a third of all U.S. equity assets...

In our latest Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down two index inclusion announcements this week that read like housekeeping but are anything but. Trulieve (NYSE: TRLV) was added to the S&P Total Market Index and S&P Completion Index yesterday, and now Curaleaf (TSX: CURA) (OTCQX: CURLF) has joined the FTSE Canada All Cap Index on here today.It's the second major Canadian benchmark Curaleaf after entering the S&P/TSX Composite last year. Neither headline moves a stock 20% in a day, but both change who's actually allowed to...

What happens when Washington changes federal cannabis policy but doesn't tell the states how to actually implement it? According to California's top cannabis regulator, that's exactly where things stand right now. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down reporting from Marijuana Moment on comments from California Department of Cannabis Control Director Clint Kellum, who says the DEA has shown virtually no interest in helping state regulators understand how Trump's rescheduling changes are actually supposed to work.California runs the largest legal cannabis market in the country, and Kellum says his agency has received no...

In our latest Trade to Black podcast presenrted by Flowhub, host Shadd Dales sits down with Jerry Haymon IV, whose federal marijuana sentence was commuted by President Trump on September 3, after serving the 10-year mandatory minimum for a marijuana distribution conspiracy between 2013 and 2017. Jerry walks through what the final year of home confinement was like, being blocked from cannabis industry work despite the plant being legal in most of the states he'd shipped into, and the moment he found out his sentence had been commuted, a moment he described as feeling "reborn again."Jerry's case drew support from 36 members...

In our latest Trade to Black podcast, hosts Shadd Dales and Anthony Varrell head back to the New York Stock Exchange for the second time this month, this time to witness Glass House Brands (NYSE: GLAS) ring the bell after trading on a senior U.S. exchange for a little over two months. CEO Kyle Kazan and President Graham Farrar made the trip from California along with nearly 100 investors, employees, and longtime supporters, a sign of just how far Glass House has come since starting as a small private equity investment back in 2015.Kazan breaks down what medical cannabis...

In our latest Trade to Black podcast, presented by Flowhub, host Shadd Dales kicks off the week centered on heavy rumors circulating out of Washington regarding cannabis rescheduling, and whether a recommendation from ALJ Derek Julius could actually land this week. Speculation started flying late Friday afternoon, and that price action carried straight into Monday's trading session, Trulieve (NYSE: TRLV) alone saw more than 12 million shares traded Friday afternoon.Andrew O'Connell, author of the Pristine Capital Substack, returns to break down the options picture building underneath all of this. There's now heavy volume stacking up on the $5 strike for...

It's Monday morning, and once again cannabis investors are waking up asking the same question, could this finally be the week we hear from ALJ Derek Julius? In this episode of TDR Cannabis in 5, presented by FRE, host Shadd Dales breaks down why speculation is building after hedge fund manager Doug Kass posted "Monday could be fun, AV!" on Friday, tagging MSOS (NYSE: MSOS), Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF), Trulieve (NYSE: TRLV), and Verano (Cboe CA: VRNO) (OTCQX: VRNOF).Kass never claimed a recommendation is actually coming Monday, and DEA hasn't announced a timeline, but pressure is...

Cannabis stocks remained remarkably steady during another volatile week across broader markets, and by Friday, speculation was building once again that a recommendation from DEA Administrative Law Judge Derek Julius could land sometime this week. In this episode of Trade to Black Weekly Recap, presented by FRE, host Shadd Dales breaks down major developments involving hemp, TerrAscend's (TSX: TSND) (OTCQX: TSNDF) tax fight, Village Farms (NASDAQ: VFF) in the Netherlands, the Curaleaf (TSX: CURA) (OTCQX: CURLF) and Aurora Cannabis (TSX: ACB) (NASDAQ: ACB) takeover fight, and a record quarter from High Tide (NASDAQ: HITI) (TSXV: HITI).Washington pushed the...

For months now, people across the cannabis industry have been talking about all the steps still needed before a final ruling on scheduling. In this episode of TDR Cannabis in 5, host Shadd Dales breaks down a new development involving TerrAscend, the IRS, and more than $8 million in cannabis taxes, and why it's a much bigger story than it first appears.The real story here is what this reveals about 280E itself, the tax provision blocking cannabis companies from deducting ordinary business expenses like payroll, rent, and marketing that nearly every other legal industry can claim. Once marijuana moves to...

As President Trump's cannabis rescheduling move continues working through Washington, there's a part of this story investors and operators need to start paying close attention to, rescheduling may not just mean tax relief, it could mean the DEA becomes a far more active regulator of the legal cannabis industry. In this episode of TDR Cannabis in 5, presented by FRE, host Shadd Dales breaks down a new op-ed from attorneys Joshua Bauchner and Marky Suazo, published by Marijuana Moment, arguing the industry may be entering an entirely new relationship with the federal government under Trump's framework.For most of the...

In our latest Trade to Black podcast, hosts Shadd Dales and Anthony Varrell welcome back Chief Revenue Officer Harvinder Johal and Program Manager Sean Karl for the weekly Vantage Standard segment, presented by Vantage, breaking down a new bill out of Washington that could directly impact plant-based drug development.The Advancing Botanical Drug Development Act of 2026, introduced by Representatives Lauren Boebert and Derek Van Orden, would grant newly FDA-approved botanical drugs 12 years of market exclusivity. Sean explains why that timeline matters so much for cannabis specifically, the plant contains hundreds of cannabinoids and terpenes working together in what's known...

In our latest Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick things off with Jushi Holdings (OTCQX: JUSHF) Chief Strategy Officer Trent Woloveck, along with Co-Founder Jon Barack, to talk about what uplisting opportunities actually look like right now with cannabis rescheduling potentially coming to fruition in the U.S. within the next few weeks. They get into efficient capital markets and liquidity, Jushi's stock currently trades with limited liquidity, but a major U.S. exchange uplisting paired with federal cannabis reform could put companies like Jushi in a meaningfully different trading environment...

Curaleaf (TSX: CURA) Chairman and CEO Boris Jordan joins Trade To Black for a live AMA built for Aurora Cannabis shareholders. Curaleaf's US$4.00-per-share offer expires December 1, Aurora's board has told you to reject it, and both sides have taken the fight to the Alberta Securities Commission. Now you get to ask the bidder directly: Why Curaleaf? Why this price? What about the $5.00 cap, the debt, the ATM dispute and the mostly-stock consideration? Boris takes your questions, unfiltered.Submit questions in the chat or in advance at https://grow.curaleaf.com/ . Not investment advice.#Curaleaf #AuroraCannabis #CannabisStocks #CannabisIndustry #MSOS...

In our latest Trade to Black podcast, hosts Shadd Dales and Anthony Varrell welcome back Aras Azadian, CEO of Avicanna Inc. (TSX: AVCN), who breaks down what he calls the evolution of medical cannabis, built over nearly a decade of research inside Canada's federally legal framework.Azadian walks through how Avicanna has moved medical cannabis away from simple flower and pre-rolls toward standardized, non-combustible, controlled-release formulations backed by real clinical data, from RHO Phyto's roughly 40-SKU formulary to the newly launched QUICKS line, using patented nano-emulsion technology to deliver fast onset in as little as 10 to 15 minutes. He also...

In our latest Trade to Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down a Supreme Court petition asking the justices to resolve a major circuit split over whether states can favor in-state residents when issuing cannabis business licenses. Michigan resident Kenneth Gay, denied licenses in Washington State and Sacramento due to his residency, is asking the Court to overturn a Ninth Circuit ruling, arguing the Dormant Commerce Clause should apply to cannabis licensing the same way it applies to alcohol, while two other circuits have already ruled the opposite way in cases involving Maine and...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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 wh...

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...

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...

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...

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 op...

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...

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 ga...

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...