The Dales Report | Trade to Black

What does the cannabis industry actually look like heading into 2026 — once the noise fades and the data sets in? In this first TDR Weekly Recap of 2026 presented by Flowhub, host Shadd Dales steps back to frame where the cannabis sector truly stands after a turbulent but stabilizing 2025. This isn’t about chasing short-term stock moves. It’s about understanding how policy, capital discipline, and...

So what does it actually mean when Florida’s medical cannabis market is down for a month — and does it change the bigger picture? Today on TDR Cannabis in Five, presented by Flowhub, host Shadd Dales takes a closer look at Florida’s medical cannabis market and separates the headline from the reality. Florida remains the largest medical-only cannabis market in the United States by patient count, re...

So what’s really going on with cannabis rescheduling — and why does it still feel unfinished? Today on TDR Cannabis in Five, presented by Flowhub, host Shadd Dales revisits the rescheduling story with some much-needed context. Yes, the DEA has confirmed that the appeal process is technically still pending — even after President Trump’s executive order. But that headline alone misses the bigger pic...

While the U.S. debates cannabis rescheduling, what’s actually happening across Europe — and why does it matter for global cannabis markets? On this episode of TDR Cannabis in 5, presented by Prohibition Partners, host Shadd Dales steps back from the U.S.-only headlines to look at how Europe is quietly reshaping cannabis policy in real time. As attention remains fixed on whether Attorney General Pa...

If cannabis rescheduling is finalized, what actually happens next — and how does medical cannabis realistically get implemented in the United States? That’s the focus of this episode of Trade To Black, presented by Flowhub. Hosts Shadd Dales and Anthony Varrell shift the conversation away from stock price speculation and toward something far more complex: execution. Specifically, how a Schedule II...

What actually matters right now in cannabis — the headlines, or what’s quietly happening behind the scenes? Trade to Black, presented by Flowhub, is back with a timely episode focused on two developments in the industry as 2026 gets underway: consolidation and federal policy momentum. In the first segment, Shadd Dales and Anthony Varrell sit down with Draper Bender, co-founder of GRON, following t...

What happens next after cannabis rescheduling — and who really benefits? Is expungement finally moving from discussion to action? Shadd Dales and Anthony Varrell are covering the latest developments out of Washington surrounding the federal rescheduling of cannabis. Plus, Jerry Haymon joins us for the first time. Who is he? Well get ready foro this. Jerry shares a powerful firsthand perspective on...

Can someone legally use cannabis in their state — and still lose their Second Amendment rights under federal law? That question is now in front of the U.S. Supreme Court. In this episode of TDR Cannabis in Five, presented by Flowhub, the focus turns to a high-stakes constitutional case that could impact millions of cannabis consumers across the country. The Supreme Court has agreed to hear a chall...

Is the latest legal challenge to cannabis rescheduling actually a real threat — or just another attempt to slow the clock? In today’s episode of TDR Cannabis in Five presented by Flowhub, the focus turns to a headline that grabbed attention fast: an anti-cannabis group has hired former U.S. Attorney General Bill Barr in an effort to block federal cannabis rescheduling. On the surface, it sounds se...

What’s really driving federal cannabis policy right now — regulation, public pressure, or the money moving behind the scenes? In our latest TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down a political development that deserves a closer look. According to new reporting from Marijuana Moment, a cannabis-industry-linked political committee has sent another $1.05 million to a Tr...

On today’s episode of TDR Trade to Black presented by Flowhub, Anthony and Shadd open the first full week of 2026 with a mix of real-time dealmaking and hard policy reality out of Washington. The show starts with Anthony and Shadd breaking down today’s newly announced acquisition of Grön by Wyld — one of the more notable branded edibles transactions we’ve seen recently. We talk through why this de...

Was last week’s market pullback just nerves—or was it the market trying to reset after years of uncertainty? On this episode of TDR Trade to Black, we kick off 2026 by stepping back and looking at what actually matters next for the cannabis industry. Shadd Dales is joined by Peter Sack of Chicago Atlantic (NASDAQ: REFI | NASDAQ: LIEN), one of the most active lenders in cannabis, to talk through ho...

What were the real turning points in cannabis this year — the ones that actually changed the trajectory, not just the timeline? TDR Trade to Black, presented by Dutchie, runs it back with a holiday-season special: the Top 10 Moments of 2025 in cannabis — with Shadd Dales and co-host Anthony Varrell, plus friend of the show Guap jumping in with commentary along the way. The countdown starts with th...

On this episode of TDR Cannabis in Five, the focus shifts away from policy headlines and stock moves and into something far more foundational — how cannabis is grown. As the industry matures and competition tightens, cultivation quality is becoming one of the biggest differentiators in the market. Premium cannabis tends to hold pricing power longer, maintain stronger retailer relationships, and de...

The TDR team shares a special holiday message to close out the year, celebrating the cannabis industry and the people helping move it forward. In this festive video, Shadd Dales sends warm holiday wishes alongside GUAP (GUAPNV), reflecting on a year defined by resilience, leadership, and continued evolution across the cannabis sector. The video also features familiar industry voices, including Mar...

So here’s the question investors should really be asking right now:What happens to cannabis when it stops being treated like an outlier — and starts being viewed like a real, regulated industry? On this episode of TDR Cannabis in Five, the focus shifts beyond daily headlines and short-term price moves to the bigger picture taking shape across the cannabis sector. With federal rescheduling nearing...

So here’s the big question:Is federal cannabis rescheduling about to move from speculation to execution — and could January quietly set the tone for how 2026 begins for the entire sector? According to reporting from The Marijuana Herald, President Donald Trump has formally directed Attorney General Pam Bondi to finalize the federal rescheduling of cannabis by the end of January. The directive inst...

In this episode of TDR Trade To Black, hosts Shadd Dales and Anthony Varrell sit down with Rubicon Organics Inc. (TSX: ROMJ, OTCQX: ROMJF) CEO Margaret Brodie to look back on a year that forced real operators to separate themselves from the pack — and to talk through what 2026 could actually look like from here. The conversation starts with a candid recap of 2025, a year where Canadian cannabis sh...

What happens when major cannabis M&A collides with the biggest federal policy shift in decades? That’s the focus today on TDR Trade To Black, presented by Dutchie, going live today at 4 PM Eastern with hosts Shadd Dales and Anthony Varrell. In Segment One, we catch up with Luc Mongeau, CEO of Canopy Growth (NASDAQ: CGC, TSX: WEED), to break down the company’s recently announced acquisition of...

After Thursday’s chaos, is the cannabis sector finally resetting — or just catching its breath? In the latest TDR Cannabis in 5, presented by Dutchie, the focus turns to one of the most dramatic and misunderstood trading weeks the cannabis sector has seen in years — and what it actually means going forward. Thursday’s selloff wasn’t a normal pullback. It wasn’t profit-taking. It was a sudden, coor...

Was this the week cannabis policy officially turned a corner? In this week’s TDR Trade To Black Weekly Recap, presented by Dutchie, the focus shifts to what actually moved the cannabis industry — confirmed federal action, court decisions, earnings, and where capital is quietly positioning. Federal cannabis rescheduling is now official after President Donald Trump signed an executive order directin...

President Donald Trump has officially announced the rescheduling of cannabis, and the implications are already reaching far beyond the cannabis industry itself. What was once rumor and speculation is now front-page news—pulling in healthcare, financial markets, and Washington policymakers all at once. On this episode of TDR Cannabis in Five, the focus is on what actually changes after rescheduling...

What does cannabis moving from Schedule I to Schedule III actually mean for operators, investors, and the 425,000 people working in the industry? On today’s TDR Trade to Black podcast presented by Dutchie, hosts Shadd Dales and Anthony Varrell are back at it with four major voices to break down one of the biggest policy shifts in U.S. cannabis history. In Segment 1, CNBC’s Tim Seymour joins the sh...

The TDR Trade to Black Podcast presented by Dutchie, breaks down a significant moment in federal cannabis policy. President Donald Trump announced earlier today that he has signed an executive order for the reclassification of cannabis to Schedule III. Host Shadd Dales, alongside cohost Anthony Varrell, is joined by a strong lineup of guests to help make sense of the day. Michael Bronstein, Presid...

So if cannabis rescheduling is finally coming — what actually determines whether this rally holds… the headline, or the fine print? On the latest TDR Cannabis in Five, the focus shifts away from speculation and straight into substance. With President Donald Trump expected to issue an executive order on cannabis rescheduling, attention is now on what the language inside that order could unlock — an...