The Dales Report | Trade to Black

Shadd Dales and Anthony Varrell, break down where the cannabis industry stands right now — financially, politically, and structurally. The show starts with an earnings angle with Organigram Global Inc. (NASDAQ: OGI, TSX: OGI), who reported a record-setting Fiscal 2025. CFO Greg Guyatt joins us to walk through what’s driving the numbers, how margins expanded, and why international growth is startin...

Is cannabis rescheduling actually the market moment investors think it is — or is the real story what happens after the announcement? In this episode of TDR Cannabis in Five, host Shadd Dales shifts the focus away from headlines and toward something more practical: the economics of cannabis rescheduling. The policy conversation around cannabis has clearly moved out of the background and into the s...

Is cannabis rescheduling moving closer to reality — and why does the President’s language suddenly matter so much? On this episode of TDR Cannabis in Five, host Shadd Dales breaks down why the conversation around cannabis rescheduling has shifted from quiet agency review to front-page political territory. What was once procedural background noise is now being discussed openly by President Donald T...

Now to today’s question: Does moving cannabis to Schedule III hand control of the industry to Big Pharma? That concern has been circulating widely, but this episode of TDR Cannabis in Five walks through why the fear doesn’t line up with how U.S. law actually works. The breakdown is based on analysis from Kyle Sherman of Flowhub, who lays out where the confusion starts — and why it keeps spreading....

TDR Trade to Black, presented by Dutchie, and the conversation around cannabis reform has evolved quickly since Friday. Michael Bronstein returns to the show to share the latest signals coming out of Washington after reports surfaced late last week that President Donald Trump is considering an executive action to move cannabis from Schedule I to Schedule III. With a full weekend of political react...

Does Congress’ new hemp ban actually have the teeth to be enforced nationwide? That’s the big question today on TDR Cannabis in Five, after a sweeping federal change — first reported by Marijuana Moment — officially redefines hemp and places most intoxicating cannabinoids under prohibition again. A new Congressional Research Service report says federal agencies may not have the resources or strate...

This week’s TDR Trade to Black Weekly Recap, presented by Dutchie, covers a moment that feels like a real inflection point for the cannabis industry. At the top of the list is new reporting from The Washington Post and CNBC showing the Trump administration is actively moving toward rescheduling cannabis at the federal level. Internal discussions are focused on Schedule III — a shift that wouldn’t...

Is the cannabis industry actually prepared for the messaging battle around rescheduling? Today on TDR Cannabis in Five, we’re looking at the communication gap Kyle Sherman from Flowhub has been calling out — where fear-based anti-cannabis campaigns are getting paid amplification while the industry still isn’t speaking with one unified voice. As more rumors of rescheduling circulate, opponents are...

New reporting from The Washington Post says President Donald Trump is considering an executive order that would move cannabis from Schedule I to Schedule III. Nothing has been signed. Nothing is final. But the fact that this conversation is happening — quietly, at the White House — is enough to get the industry’s attention again. A move to Schedule III wouldn’t legalize cannabis, but it would chan...

Will the U.S. actually reschedule cannabis before year’s end — or are we headed for another delay? Today on TDR Cannabis in Five, we’re breaking down what rescheduling really means for taxes, research, operators, and investors, and why timing matters more than people realize. Moving cannabis from Schedule I to Schedule III would immediately remove 280E, open new research pathways, and change how t...

In this episode of TDR Trade to Black, hosts Shadd Dales and Anthony Varrell sit down with Micah Anderson, CEO of LEEF Brands (CSE: LEEF, OTCQB: LEEEF), to talk about one of the biggest moves a cannabis company can make right now: aggressively cleaning up the balance sheet. Micah walks through why LEEF decided to eliminate over US$10.5 million in debentures early, how much interest expense that ac...

Is Texas quietly setting the tone for how states handle intoxicating hemp going forward? Today on TDR Cannabis in Five, we’re looking at Texas’ revised rule restricting hemp-derived THC products for anyone under 21 — news first reported by Marijuana Moment — and how this connects to the state’s growing medical marijuana program. Texas officials have updated the rule to formalize the 21+ restrictio...

Trade to Black brings you a full breakdown of how politics, capital, and communication are colliding in cannabis, and why getting the narrative right might matter more than ever. Shadd Dales and Anthony Varrell kick things off with three big storylines: • Ohio’s rollback of a voter-approved cannabis law and new rules that push hemp products into dispensaries. • Cronos Group’s (TSX; CRON) move into...

In this episode of TDR Cannabis in Five, host Shadd Dales breaks down a new study out of New York — first reported by Marijuana Moment — showing that medical cannabis patients significantly reduced their prescription opioid use, and kept those reductions going for well over a year. For anyone following the opioid crisis or the medical-cannabis conversation, this is an important development. Shadd...

On today’s episode of TDR Cannabis in Five, host Shadd Dales breaks down why so many analysts think cannabis is becoming a major player in everyday consumer life — not just a niche product on the sidelines. Sales are climbing, new product categories are catching on fast, and a lot of people are choosing cannabis over things like alcohol, sleep meds, and even traditional wellness products. The ques...

In this episode of TDR Cannabis in Five, host Shadd Dales breaks down a major legal development out of Michigan that could influence cannabis taxation and state policy far beyond its borders. A judge has ruled that Michigan’s new 24% wholesale cannabis tax can take effect while a broader lawsuit challenging it continues — and operators across the state are now preparing for the financial impact. S...

Shadd Dales and Anthony Varrell get into what’s really going on behind the biggest stories in cannabis and hemp — federal moves, state updates, and everything people are actually talking about right now. We’re kicking things off with the latest news across the cannabis and hemp space, starting with the federal hemp THC ban. Congressional researchers are now saying it’s not even clear how the feds...

In this episode of TDR Cannabis in Five, host Shadd Dales breaks down newly surfaced federal enforcement guidance, a congressional response, and the uncertainty many Americans are now facing around marijuana policy. The focus: What does this shift in DOJ posture actually mean — and how widely could it ripple? As first detailed by Marijuana Moment, an internal DOJ memo from February 2024 instructed...

If you’re ever injured in an accident, you can check out Morgan & Morgan. You can start your claim in just a click without having to leave your couch. To start your claim, visit: https://www.forthepeople.com/TDR In this week’s episode of TDR Trade to Black, presented by Dutchie, host Shadd Dales walks through key developments in U.S. cannabis policy, state regulatory updates, and business acti...

Earlier this week, a major development in Washington put the brakes on a key White House nomination tied directly to national drug policy. As first reported by Marijuana Moment, Sen. Michael Bennet (D-CO) blocked a confirmation package of nearly 90 nominees from the current administration — including President Trump’s pick for the next Director of the Office of National Drug Control Policy (ONDCP)...

Shadd Dales and Anthony Varrell return from MJBizCon in Las Vegas with a fresh download of what people were really talking about on the ground. That includes new rescheduling chatter, the latest outlook for the hemp industry, and where things may be heading as the sector moves toward 2026.Plus, Anthony Coniglio, CEO of NewLake Capital (OTCQX: NLCP), stops by to share what stood out to him at MJBiz...

This episode of TDR Cannabis in Five features Shadd Dales breaking down one of the most consistent patterns in cannabis equities: the tendency for sector bottoms to form in June and July, not in the winter months. Presented in third-person, the segment reviews more than a decade of price behavior to show why the summer period repeatedly becomes a turning point. Shadd walks through historical examp...

This episode of TDR Cannabis in Five features Shadd Dales reviewing new research comparing cannabis and prescription painkillers for chronic pain. Presented in third-person, the segment highlights findings from the University of Pittsburgh, BMJ Open, JAMA, and national data on how patients are managing pain today. Shadd covers the Pittsburgh study showing that medical cannabis patients reported sl...

This episode of TDR Cannabis in Five features Shadd Dales reviewing new comments from Rep. Guy Reschenthaler, one of the highest-ranking Republicans in the U.S. House. In remarks reported by Marijuana Moment, he said he is “cautiously optimistic” that Donald Trump would move to reschedule marijuana if elected. This summary is presented in third-person and focuses on the substance of the signal. Sh...

This episode of TDR Cannabis in Five features Shadd Dales covering the latest cannabis update out of Virginia, where lawmakers are preparing to introduce a bill that would finally launch regulated cannabis sales in 2026. Presented in third-person, the segment explains how this development fits into the state’s complicated history with legalization. Shadd outlines how Virginia legalized possession...