The Dales Report | Trade to Black

Can Donald Trump outflank Democrats on cannabis reform? That’s the question Roger Stone raised this week, arguing that Trump could seize political ground by rescheduling marijuana — a move Democrats failed to deliver during their time in power. What would that mean for policy, markets, and investors? The TDR Trade To Black Podcast, presented by Dutchie with host Shadd Dales and Anthony Varrell, br...

What happens when you connect Trump’s new drug-buying website, TrumpRx, with the ongoing conversation about cannabis rescheduling? The answer could reshape both healthcare and the cannabis industry. TrumpRx is designed as a government-backed platform to let Americans access prescription drugs at lower prices, with Pfizer as its launch partner. On its own, that’s a big deal. But when you add the po...

Is cannabis rescheduling really the end goal, or is it just the first domino in a bigger sequence of reforms? That’s the key question lawmakers are now raising — and it could shape how both investors and the industry think about what comes next. TDR Cannabis in Five, presented by Dutchie, takes a close look at comments from Senator Bernie Moreno, the Republican sponsor of the SAFER Banking Act. Mo...

What happens when the President of the United States publicly endorses CBD and calls for Medicare to cover it? On this episode of TDR Cannabis in 5 presented by Dutchie, host Shadd Dales breaks down a Truth Social video posted by President Donald Trump that could influence the future of U.S. cannabis policy. In the clip, Trump discusses the body’s endocannabinoid system and highlights CBD’s potent...

What do President Trump’s latest comments about the endocannabinoid system really mean for cannabis reform? The TDR Trade to Black Podcast presented by Dutchie features host Shadd Dales and co-host Anthony Varrell, joined by Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH). On today’s Insiders Edge segment, we’ll look at Trump’s recent Truth Social video...

Can Congress quietly redefine what “hemp” means by slipping language into a spending bill? That’s the fight now underway in Washington, where Representative James Comer and 26 other lawmakers say a proposed hemp THC ban would not only devastate the industry but also violate congressional rules by rewriting law without proper committee process. The TDR Cannabis in Five presented by Dutchie unpacks...

The TDR Trade to Black Weekly Recap presented by Dutchie covers the legal issue alongside other major developments. In Massachusetts, health data reveals cannabis-related ER visits for children under 13 nearly doubled in three years, with licensed operators pointing to the unregulated hemp gray market as the source of high-dose products packaged to mimic candy. California headlines come back-to-ba...

Do Americans really oppose cannabis rescheduling — or is a poll shaping the answer? That’s the central question driving today’s discussion. A new survey commissioned by Smart Approaches to Marijuana (SAM) suggests that most voters don’t want cannabis moved to Schedule III. Reform advocates, however, argue the poll was built on biased hypotheticals designed to produce fear-based responses. On TDR C...

Is Germany’s cannabis policy about to run into European Union law? That’s the big question this week as global cannabis markets face major policy debates and expansion moves. This is TDR Cannabis in Five, presented by Prohibition Partners — the global data, events, and B2B cannabis intelligence firm. In this episode, the focus shifts to the biggest international headlines shaping cannabis today. G...

Is California finally taking cannabis operators seriously — or is this just another half-measure? That’s the question at the heart of today’s episode of the TDR Trade To Black Podcast, presented by Dutchie. Host Shadd Dales and co-host Anthony Varrell are joined by Big Mike Straumietis, CEO of Advanced Nutrients, to break down the state’s new excise tax cut from 19% to 15%.We cover the big picture...

Is cannabis rescheduling really about health policy, criminal justice, or the economy? Or is it just about politics — and specifically, Donald Trump? That’s the central question in today’s episode of TDR Cannabis in Five presented by Dutchie. Right now, Republicans control both chambers of Congress. That means Democrats have no path to pass cannabis reform on their own. The only person who can mov...

Can cannabis use cost you your constitutional rights? That’s the question now in front of the U.S. Supreme Court — and in a stunning move, the Trump Department of Justice has admitted there’s major disagreement inside the government over whether marijuana consumers should lose their Second Amendment right to own a gun. At the center of the case is Patrick Daniels, a Mississippi man convicted for o...

Federal hemp legislation could soon change the legal cannabis and hemp markets in the United States. A recent Marijuana Moment op-ed outlines how pending proposals would ban certain hemp-derived products and force adjustments across the supply chain. These are major developments for operators, investors, and consumers paying attention to the future of hemp. On the Trade To Black Podcast, presented...

Pelorus Capital Group is making a billion-dollar bet on cannabis. After years of building a reputation as one of the most disciplined lenders in cannabis real estate, with more than half a billion deployed since 2016, the firm is now launching a $1 billion equity growth fund. The move marks a significant shift from debt into ownership, and the timing could reveal how Pelorus sees the next phase of...

Canadian cannabis operators that remain in the market continue to show resilience, even while excise tax obligations weigh heavily on the sector. Talks in Ottawa between the Liberal government and former Bank of England governor Mark Carney have raised questions about whether meaningful reform could finally be on the table. Meanwhile, in the U.S., Minnesota is navigating lawsuits tied to its adult...

Verano Holdings (CBOE: VRNO) reported $202 million in revenue, 56% gross margins, and 33% EBITDA margins in its August 2025 earnings release. Strong numbers on paper, but how were they actually achieved? In this exclusive sit-down, Trade To Black host Shadd Dales, alongside co-host Anthony Varrell, speaks with Verano Chief Operating Officer Trip McDermott to break down the operational story behind...

Major shifts are shaking up the cannabis industry, and this week’s TDR countdown presented by Dutchie covers the stories every investor, operator, and policy-watcher needs to know. At #10, Texas finds itself in legal limbo as the Supreme Court declines to rule on local marijuana decriminalization, leaving cities like Austin and San Marcos vulnerable to sudden changes. At #9, the National Cannabis...

A major story is developing in Washington: Congressional hearings allege that Chinese-backed criminal networks are using illegal marijuana grows to infiltrate America’s cannabis market. The House Homeland Security Subcommittee’s hearing—dramatically titled “Invasion of the Homeland: How China is Using Illegal Marijuana to Build a Criminal Network Across America”—sparked fierce debate over national...

TDR Cannabis in 5 presented by Dutchie with host Shadd Dales. President Trump’s nominee for drug czar, Sara Carter, just called marijuana a “bipartisan issue” during her Senate confirmation hearing—while keeping all options open on federal cannabis scheduling. What does this mean for cannabis investors, operators, and reform advocates in 2025? We break down the latest signals from Washington and w...

Congress just held a dramatic hearing—“Invasion of the Homeland: How China is Using Illegal Marijuana to Build a Criminal Network Across America”—spotlighting the scale and impact of illegal cannabis operations tied to Chinese transnational networks. On this episode of Trade to Black, Shadd Dales and Anthony Varrell break down the testimony from top law enforcement, policy experts, and lawmakers,...

President Donald Trump’s latest remarks on moving cannabis from Schedule I to Schedule III under the Controlled Substances Act have set off a wave of new debates and legislative activity in Washington. Lawmakers—including Rep. Ilhan Omar, co-chair of the Congressional Cannabis Caucus—are responding with renewed urgency, as proposals for rescheduling and banking reform gain traction. This episode u...

Today we’re talking about the nationwide expansion of Edibles.com, how hemp-derived THC is reaching more consumers than ever, and what this means against the backdrop of federal reform debates and new state-level actions like Governor Greg Abbott’s executive order in Texas. With hemp sitting at the intersection of convenience, wellness, and policy risk, this conversation looks closely at both the...

Senator Rand Paul is stepping into the center of the hemp and cannabis debate in Washington. On one side, licensed cannabis operators argue hemp products are exploiting loopholes and undercutting the regulated market. On the other side, hemp farmers say these products are their livelihood and need a clear framework to survive. Everyone agrees on the need for rules — the question is whether Congres...

Congress is preparing for a hearing with a headline that immediately captures attention: “Invasion of the Homeland: How China Is Using Illegal Marijuana to Build a Criminal Network Across America.”Scheduled for this week, the hearing reflects Washington’s renewed focus on law and order in 2025. And while the language sounds dramatic, the spotlight on illicit operators could actually benefit the re...

High Tide (NASDAQ: HITI) just posted another standout quarter, and the numbers tell the story. Same-store sales were up 7.4% year-over-year — the fastest growth rate in two years. Free Cash Flow came in at $7.7 million in Q3 2025, up 148% YoY and 57% sequentially. The company also reported positive Net Income of $832,000, a 1% increase YoY and a meaningful turnaround from a net loss of $2.8 millio...