The Dales Report | Trade to Black

It’s Monday, August 18th, and the cannabis industry is starting a new week with momentum. Earnings season is behind us—and for once, it wasn’t a disaster. Operators held their ground, showing resilience across revenues, margins, and balance sheets. With the fundamentals intact, attention now turns to Washington. The key question: will Donald Trump announce cannabis rescheduling, and if so, when? H...

This week’s TDR Trade to Black Weekly Recap, presented by Dutchie, delivered one of the most important rundowns of 2025 for the cannabis industry. For the first time since taking office, President Donald Trump publicly addressed marijuana rescheduling. Speaking at a private fundraiser, he confirmed the issue is “something we’re going to look at” and later told reporters a decision could come “with...

Shadd Dales and Anthony Varrell welcome Beena Goldenberg, CEO of Organigram (NASDAQ: OGI | TSX: OGI), on the latest Trade To Black Podcast. We unpack Organigram’s latest quarterly results in plain English — revenue momentum, gross margin mix, adjusted EBITDA trajectory, cash position, CapEx discipline, and how pricing, category mix, and retail execution shaped the headline numbers. We compare perf...

Shadd Dales and co-host Anthony Varrell connect with Peter Sack, Managing Director of Chicago Atlantic (NASDAQ: REFI, LIEN) to break down the company’s Q2 2025 results and what’s ahead for cannabis lending. Chicago Atlantic just earned $0.34 per share, matched that with a $0.34 dividend, says every borrower is current, and has more than $125 million in available cash and credit. We explore what’s...

Verano Holdings (CBOE: VRNO) CEO George Archos joins Shadd Dales and Anthony Varrell on the Trade to Black podcast to break down the company’s latest earnings — and the numbers are turning heads. Verano reported $202M in revenue, $113M in gross profit, and a 33% adjusted EBITDA margin, handily beating margin expectations while focusing on operational efficiencies, automation, and product innovatio...

It’s a cannabis earnings special featuring Canopy Growth (TSX: WEED | NASDAQ: CGC), TerrAscend (TSX: TSND | OTCQX: TSNDF), and Village Farms (NASDAQ: VFF).Shadd Dales and Anthony Varrell will be joined by Luc Mongeau, CEO of Canopy Growth, and Jason Wild (Executive Chairman) with Ziad Ghanem (CEO) from TerrAscend. Canopy Growth recently reported sequential revenue growth, stronger gross margins, a...

President Donald Trump has broken his silence on marijuana rescheduling, telling donors at a $1-million-a-plate fundraiser that it’s something his administration is “going to look at.” The remark is the clearest sign yet that cannabis reform is still on the table in Trump’s second term — even amid internal White House debate. In this episode of Cannabis in 5 presented by Dutchie, host Shadd Dales...

Pennsylvania may be on the verge of legalizing adult-use cannabis — but major obstacles remain in the state Senate. In this episode, we sit down with Senator Sharif Street, one of the key architects behind Senate Bill 120, to break down what’s really happening behind the scenes. Street, along with Republican Senator Dan Laughlin, has introduced a bipartisan bill that would legalize cannabis throug...

Former DEA Special Operations Director and Acting Administrator Derek Maltz joins Shadd Dales on Trade To Black for an in-depth conversation on fentanyl, illegal cannabis grows, and the line between regulated and illicit markets. We cover what’s happened over the past 8 years as fentanyl has devastated communities across the U.S., and how transnational criminal networks are adapting. Maltz shares...

Anthony Coniglio, CEO of NewLake Capital (OTCQX: NLCP), joins Anthony and Shadd on Trade To Black to talk about where things stand in cannabis finance, regulation, and what public companies should keep top of mind heading into earnings season. We start with the news that Judge John Mulrooney — the DEA’s long-serving Administrative Law Judge (ALJ) — has retired. What could that mean for the cannabi...

In this episode of Trade To Black, powered by Dutchie, we’re covering two major developments around cannabis reform.🔹 Segment 1: Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH), joins us to break down what’s happening in Texas as lawmakers continue to debate the future of hemp-derived THC. A new voter poll shows strong support for banning synthetic can...

Shadd Dales and Anthony Varrell sit down with Big Mike Straumietis, founder and CEO of Advanced Nutrients, for a no-nonsense discussion about U.S. cannabis rescheduling, California’s enforcement chaos, and the future of global cannabis cultivation. Big Mike has been in the cannabis space since the late 1980s, witnessing the plant’s evolution from underground grows to a global multibillion-dollar i...

Shadd Dales and co-host Anthony Varrell welcome back Weldon Angelos, one of the most influential voices in U.S. cannabis reform—and a man with rare access to President Donald Trump and his inner circle. Weldon isn’t just another advocate. He’s a symbol of cannabis criminal justice reform. After serving 13 years of a 55-year federal prison sentence for selling cannabis, Weldon was granted clemency...

Shadd Dales and Anthony Varrell sit down with two guests—Margaret Brodie from Rubicon Organics and Michael Bronstein from the American Trade Association for Cannabis and Hemp—to cover important updates in both the Canadian cannabis market and a fast-moving hemp policy fight in Texas. Segment One – Rubicon Organics (ROMJ:TSXV)Rubicon Organics CEO Margaret Brodie returns with updates on the company’...

Shadd Dales and Anthony Varrell sit down with Paolo De Luca, Chief Strategy Officer at Organigram (NASDAQ: OGI), to break down some of the biggest questions surrounding the U.S. and Canadian cannabis landscape in the event reform is announced by the Trump administration. For Canada, Organigram is approaching growth in a challenging market, the outlook for excise tax reform in Canada, and whether i...

Cannabis lending remains cautious, but important shifts are starting to take shape—especially as reform discussions gain momentum. In this episode of Trade To Black, we sit down with Peter Sack, Managing Partner at Chicago Atlantic (NASDAQ: REFI), to discuss how lenders are approaching the industry today and what could change if reform or rescheduling moves forward. Here’s what we cover: • $462 mi...

Today on Trade To Black: Steve Robinson is in the building—and he’s not holding back. Robinson is the Editor-in-Chief of The Maine Wire, an investigative news outlet focused on state policy, accountability, and political transparency. He’s also a former producer for The Howie Carr Show and a well-known voice in conservative media. Lately, he’s been doing some of the most aggressive reporting in th...

Shadd Dales and co-host Anthony Varrell break down the weekly performance on cannabis stocks plus policy reform—starting with big news out of Pennsylvania. Trent Woloveck, Chief Strategy Officer at Jushi Holdings (OTCQX: JUSHF), joins us to discuss the bipartisan adult-use cannabis bill just filed in the Pennsylvania Senate. If passed, this could open the door to one of the largest new recreationa...

Shadd Dales and co-host Anthony Varrell welcome back—former hedge fund manager and activist investor Marc Cohodes, and cannabis entrepreneur and policy strategist Brady Cobb. This latest episode breaks down a major shakeup in Washington. Senator Mitch McConnell—the same lawmaker who helped legalize hemp back in 2018—is now backing a proposal that could effectively ban most consumable hemp products...

Shadd Dales sits down with Ryan Crandall, Chief Commercial Officer at MariMed Inc. (OTCQX: MRMD), for a timely conversation on how the company is scaling smart, staying lean, and leading with brand-first execution in some of the most competitive cannabis markets in the U.S.Crandall shares what his expanded role now includes—from R&D to marketing—and how aligning these departments has helped sh...

Shadd Dales and co-host Anthony Varrell react to the latest wave of cannabis rescheduling rumors—and fresh comments from Senator Jeff Merkley (D-OR), who just confirmed what many feared: the SAFER Banking Act is still stuck in gridlock. Merkley says bigger headline items like war and reconciliation bills are taking up all the oxygen in Congress. While he’s hopeful for action “sooner than later,” G...

Anthony Varrell sits down with Mark Yusko—CEO of Morgan Creek Digital and Independent Director at MetaPlanet, one of the most aggressive Bitcoin Treasury companies in the market. They get into the real mechanics behind the Bitcoin ecosystem and the growing influence of Wall Street:→ Is Bitcoin’s volatility being misunderstood—and why is it actually useful?→ Are institutions using ETFs and futures...

Shadd Dales and co-host Anthony Varrell welcome Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP), to respond to one of the most provocative interviews we’ve aired to date — featuring former hedge fund manager and institutional investor Marc Cohodes. Earlier this week, Cohodes delivered an unfiltered, high-conviction case for why federal cannabis reform is coming — and fast. He made...

Shadd Dales and co-host Anthony Varrell are joined by two heavyweights in cannabis finance and policy to break down the most pressing issues shaping the industry today. First up, Wall Street legend Marc Cohodes returns to the show to discuss the smart — and often overlooked — arguments being used by marijuana opposition. We unpack the latest developments in the Farm Bill, assess the viability of S...

Shadd Dales, Anthony Varrell and GUAP break down the growing divide inside the GOP on cannabis and hemp reform — and why it could shape the 2026 election. A new letter to President Donald Trump — signed by major cultural figures like Mike Tyson, Kevin Durant, Allen Iverson, Roy Jones Jr., Ricky Williams, and Dez Bryant — is urging immediate action on three key issues:1. Clemency for nonviolent can...