The Dales Report | Trade to Black

This episode of TDR Cannabis in Five features Shadd Dales breaking down a Marijuana Moment op-ed by Hirsh Jain of Ananda Strategy, focusing on the problems inside California’s cannabis program and what the state’s new regulator must address. The episode outlines Jain’s central argument: California, despite being the world’s largest cannabis market, has built a system that often hurts legal operato...

This episode of TDR Cannabis in Five features Shadd Dales breaking down the Tilray (NASDAQ: TLRY) news that had investors talking over Thanksgiving weekend. This description reflects the episode in third-person and keeps the tone neutral and factual. The video covers Tilray’s announcement of a 1-for-10 reverse stock split, released late Wednesday heading into the long weekend. By Friday morning, t...

Trade To Black Podcast is back with another jam-packed episode as hosts Anthony Varrell and Shadd Dales are joined by special guest Michael Bronstein, President of ATACH (American Trade Association for Cannabis and Hemp), to break down three of the biggest storylines shaking up the cannabis industry: Tilray’s reverse split, the new sheriff in charge of California cannabis, and the U.S. Supreme Cou...

High Tide (NASDAQ: HITI, TSXV: HITI) just made one of the boldest moves the cannabis retail sector has seen in years. In this episode of TDR Cannabis in Five, host Shadd Dales breaks down why the company’s first-ever Canna Cabana store in Berlin isn’t just a big announcement — it’s a global signal. This marks the first time a publicly traded North American cannabis retailer has opened a physical s...

What were the five moments that actually defined cannabis so far here in 2025?In this episode of TDR Cannabis in Five, presented by Dutchie, host Shadd Dales breaks down the political, financial, and cultural shifts that have shaped the industry this year — and the trends that are already setting up the road to 2026.The first major inflection point came on August 11, when President Trump publicly...

Earlier this week, Marijuana Moment reported that the U.S. Supreme Court will privately meet on December 12 to decide whether to take on a case that could reshape federal cannabis law. State-legal cannabis companies are petitioning the Court to rule that the Controlled Substances Act violates the Constitution’s Commerce Clause when applied to activities taking place entirely within legal states. I...

In this episode of TDR Cannabis in Five, host Shadd Dales covers one of the biggest federal cannabis documents ever released: the 252-page report from HHS, originally submitted to the DEA in August 2023. The report recommended moving cannabis from Schedule I to Schedule III — and laid out detailed scientific evidence showing medical use, lower abuse potential, and clear public-health benefits comp...

Cannabis stocks are ending the year at some of their weakest levels yet, and investors are openly questioning whether the sector has finally hit bottom. After a quick rally back in August — fuelled by buzz that former President Trump was preparing a cannabis announcement — momentum faded fast. Prices rolled over, volume dried up, and sentiment slipped right back into the red. In this episode of TD...

What happens when a $30 billion hemp market collides with federal enforcement in real time? In this episode of the Trade To Black podcast presented by Dutchie, host Shadd Dales and Anthony Varrell welcome back Trent Woloveck, Chief Strategy Officer at Jushi Holdings (OTCQX: JUSHF), to address a wave of new raids targeting intoxicating hemp products and synthetic cannabinoids. Woloveck walks throug...

What happens when Europe’s biggest illegal cannabis market finally starts building a formal medical framework? In this episode of the Trade To Black podcast presented by Dutchie, host Shadd Dales sits down with Ludovic Rachou, President of UNIVEC, the French cannabis trade association, to break down why so many people in the industry are suddenly talking about France. Rachou explains that while Fr...

What happens when cannabis becomes one of the loudest political and cultural topics in the country — all at once? That’s the focus of today’s episode of TDR Cannabis in Five, where host Shadd Dales breaks down how three and a half months of nonstop attention have pushed cannabis deeper into the mainstream than at any point in years. The moment that triggered it all came on August 11, when Presiden...

What happens to an industry when it keeps fighting in pieces instead of speaking with one clear voice? That’s the question driving today’s episode of TDR Cannabis in Five, as host Shadd Dales breaks down a pointed new op-ed from Omar Khan, Chief Communications & Public Affairs Officer at High Tide Inc., written with leaders from retail and cultivation across Canada. The group argues that Canad...

Why is the hemp industry melting down and fighting with itself at the exact moment a federal ban just landed? And what does that mean for the regulated cannabis side that’s been watching this play out from the sidelines? That’s the focus of today’s TDR Trade To Black, presented by Dutchie, live at 4 PM ET. We’re breaking down the internal friction happening across the hemp space — the lawsuits bei...

How are states responding to the new federal hemp ban — and why is Texas moving in a completely different direction than Washington? That’s the focus of today’s TDR Cannabis in Five presented by Dutchie, where host Shadd Dales breaks down how federal decisions and state-level policies are colliding in 2025. The federal government recently approved a ban targeting certain hemp-derived cannabinoids,...

What actually mattered this week in cannabis and hemp — and what should the industry be paying attention to with everything shifting at once? That’s what today’s TDR Weekly Recap is all about, as host Shadd Dales runs through the biggest policy moves, state updates, and business headlines without any spin. A lot changed fast — from Washington to New York to the Midwest — and the impact is already...

What’s the real weight behind Senator Cory Booker’s cannabis reform comments — and does Washington still take his word seriously? That’s the central question in today’s TDR Cannabis in Five, presented by Dutchie. Senator Booker told Marijuana Moment he’s now open to “any progress” on marijuana reform, prompting new conversations inside the cannabis industry about whether his position has genuinely...

What’s the real story behind the global cannabis market right now — and which countries are quietly shaping where this industry goes next? Hey everyone — Shadd Dales here, and welcome to your TDR International Weekly Recap, presented by Prohibition Partners. Each week we track the major shifts across global cannabis markets, and this one delivered a serious reality check for anyone watching German...

In this episode of Trade To Black, hosts Anthony Varrell and Shadd Dales sit down with Jason Wild, Chairman of TerrAscend (TSND / TRSSF), for one of the most anticipated conversations in the cannabis industry. Fresh off TerrAscend’s latest earnings release, Jason breaks down revenue performance, margin improvements, cash-flow milestones, wholesale momentum, and how the company is positioning itsel...

A major voice outside the cannabis and hemp industry weighed in this week, drawing far more national attention to the new federal hemp-THC ban than lawmakers likely expected. In this episode of TDR Cannabis in Five, presented by Dutchie, host Shadd Dales breaks down Joe Rogan’s recent comments criticizing the federal ban President Trump signed. Rogan described the move as “really bad” and suggeste...

What does Nancy Mace’s sudden return to cannabis and hemp politics really mean — and why did she jump back in right now? Welcome into our latest TDR Cannabis in Five, presented by Dutchie. Today we’re looking at a move in Washington that caught pretty much everyone off guard. After nearly a full year of silence on cannabis, Congresswoman Nancy Mace has reentered the national conversation — and she...

What actually went down in Washington this week — and what does it mean for cannabis, hemp, and the push toward federal rescheduling? Welcome to the Trade To Black Podcast presented by Dutchie, with host Shadd Dales and co-host Anthony Varrell, who just got back from D.C. after spending two full days in rooms filled with the biggest names in the industry. Today, they’re breaking down what they saw...

Did the hemp industry just run out of time — or is there still a path forward after Congress banned all intoxicating hemp products nationwide? Welcome back to TDR Cannabis in Five, powered by Dutchie, where host Shadd Dales breaks down what he saw firsthand in Washington, D.C., just days after the announcement. Panels, insiders, lobbyists — everyone had the same look: panic. And it became clear fa...

Now that the nationwide hemp ban is officially in place, the real question hits different:👉 Is it too late — or can the hemp and cannabis industries finally unite and push back against Big Alcohol, Big Pharma, and Big Tobacco before they take this whole space over? Because after this week, the wake-up call isn’t subtle anymore. For years, hemp and cannabis fought turf wars while legacy industries...

Can a California extraction-first operator really turn brutal market headwinds into 45% margins—and keep it going as New York ramps up? That’s the question on the table in this deep-dive with one of the rare feel-good earnings stories in U.S. cannabis right now. The TDR Trade To Black podcast, host Shadd Dales and Anthony Varrell interview Micah Anderson, CEO of LEEF Brands Inc. (OTCQB: LEEEF) (CS...

A lot is happening in Washington today, and the cannabis industry is paying close attention. Joining the show is Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH), for this week’s Insider’s Edge. He’s in D.C. as several major MSO executives meet to compare notes on policy, strategy, and the overall direction of federal cannabis discussions. We’ll cover wh...