The Dales Report | Trade to Black

Shadd Dales sits down with Mike Tyson for a no-filter conversation on cannabis reform, enforcement, and the business of building a global cannabis brand.🔥 Part 1: Tyson shares what he’d tell Donald Trump if asked for advice on the cannabis industry — and breaks down his recent visit to the DEA. He also weighs in on federal rescheduling, and whether it’s a real fix or just the beginning of deeper...

Shadd Dales and Anthony Varrell cover major developments in both U.S. and international cannabis markets — from Texas politics to European expansion. First, we break down Governor Greg Abbott’s veto of Senate Bill 3 (SB3) — a bill that would’ve effectively banned all consumable hemp-derived THC products in Texas, including Delta-8 and Delta-9. Abbott called the bill “overly broad,” warning it coul...

Shadd Dales hits the ground at Mary Jane Berlin — the largest cannabis event in Europe — where the energy is undeniable and industry momentum continues to build across the Atlantic. Presented by Advanced Nutrients, this episode looks at what’s unfolding in real time — from Germany’s medical cannabis rollout and its push toward domestic cultivation, to the growing presence of North American brands...

Anthony Varrell sits down with Michael Bronstein, President of ATACH, and Nick Mortillaro, Executive Director of HILT, to unpack two major developments from Texas that are sending shockwaves through the cannabis and hemp industries. First, Governor Greg Abbott signed a landmark bill expanding the Texas Compassionate Use Program (TCUP), opening access to medical marijuana for patients with chronic...

Anthony Varrell dives into two of the most critical cannabis conversations happening right now—hemp beverages and federal enforcement crackdowns—with two powerhouse guests. Segment 1: We welcome Adam Terry, CEO of Cantrip, to break down the exploding hemp-derived THC beverage market. From retail trends and consumer behavior to formulation innovation and regulatory navigation, Adam shares what’s wo...

Anthony Varrell on The Trade To Black Podcast as he sits down with Hirsh Jain, Founder of Ananda Strategy, for a powerful, insight-packed episode on the state of cannabis reform across the U.S. and beyond. We start in Texas: Is the state a bellwether for national hemp policy? Could intoxicating hemp both advance and stall cannabis reform? What’s Governor Abbott weighing as the June 22nd deadline l...

Shadd Dales and co-host Anthony Varrell dive into a conversation that’s heating up across the country: the growing regulatory divide between hemp-derived THC and state-licensed cannabis. The blurred legal lines are creating friction — not just for consumers, but also for lawmakers, regulators, and cannabis companies trying to compete on uneven ground. One year ago, only eight states had laws in pl...

Shadd Dales and Anthony Varrell cover the growing legal and regulatory uncertainty surrounding hemp-derived cannabinoids, including delta-8 and THCA. During a June 4 webinar hosted by the Attorney General Alliance, officials from Florida, Oregon, Nevada, and California confirmed that over 40 states now regulate hemp cannabinoids—up from just 8 a year ago. But state laws remain inconsistent, and fe...

Shadd Dales and Anthony Varrell return from the Benzinga Cannabis Capital Conference in Chicago, where they spent two full days talking with operators, investors, and financial players across the industry. A lot of conversations centered around banking access, capital constraints, and how companies are adjusting to ongoing market realities. Terry Mendez, CEO of Safe Harbor Financial (NASDAQ: SHFS)...

Shadd Dales and market contributor Anthony Varrell break down four major stories that every serious cannabis investor should be tracking right now. We begin with a bold statement from Brown-Forman CEO Lawson Whiting, who recently admitted that legal cannabis is now a legitimate business risk to the alcohol industry. With U.S. cannabis sales projected to reach $37 billion by 2027, we explore how sh...

Shadd Dales and Anthony Varrell tackle two high-impact stories shaking the cannabis sector—one in the U.S., the other in Germany—with conversations you won’t want to miss if you’re following medical cannabis, DEA reform, or European market expansion. In Segment 1, we speak with Duane Boise, CEO of MMJ BioPharma Cultivation, who claims the DEA has delayed his FDA-approved cannabis research for over...

Shadd Dales and Anthony Varrell sit down with Canopy Growth CEO Luc Mongeau to break down the company’s Q1 2025 earnings — and whether this could finally mark the beginning of a true turnaround. Mongeau took the reins in January, and while this wasn’t fully “his quarter,” early signs of change are showing. Adjusted EBITDA losses improved by 60%, and Canopy slashed its debt from $597M to $304M. Rev...

Shadd Dales and Anthony Varrell dive into one of the most immediate pressures facing the cannabis industry—tariffs on Chinese imports—with exclusive insights from Tilt Holdings (NEO: TILT) CEO Tim Conder, who just returned from a trip to China. While some Chinese goods are facing tariffs up to 145%, cannabis vape hardware is being hit with 40% to 55% tariffs, depending on the component. That’s a d...

Shadd Dales and Anthony Varrell break down two high-impact cannabis stories this week—one from Canada, the other from Texas. First up, Rubicon Organics (TSXV: ROMJ) is showing real financial progress. The company reported $12.4 million in Q1 revenue, a 39% year-over-year increase, and posted $0.7 million in adjusted EBITDA, turning around last year’s loss. Rubicon also captured 5.1% of Canada’s pr...

Shadd Dales takes a closer look at the growing tension between MediPharm Labs (TSX: LABS) and one of its largest independent shareholders, Apollo Technology Capital Corporation. Apollo, which holds nearly 3% of MediPharm’s shares, is pushing for major change after the company posted its 21st consecutive quarterly loss. With only $8.4 million in cash and over $3.3 million burned in Q1 alone, Apollo...

Shadd Dales and Anthony Varrell dive into one of the biggest stories shaking up the cannabis and hemp space—Texas is on the verge of dismantling its $4 billion hemp industry. The Texas House just passed a bill that would ban nearly all hemp-derived THC products, including delta-8 and THCA flower. With more than 8,000 licensed businesses and tens of thousands of jobs at stake, this move is being se...

Shadd Dales and Anthony Varrell break down some of the biggest stories that have shaped the cannabis industry over the past two weeks—especially during a wild earnings season. One standout? Glass House Brands, which many are calling the best earnings report of the quarter with $44.8 million in revenue, a 149% spike in biomass production, and a sharp drop in costs. It’s a performance that’s got inv...

Anthony Varrell and guest Anthony Coniglio, CEO of NewLake Capital Partners, for a sharp, no-nonsense breakdown of what tariffs really mean for the cannabis industry. While headlines paint a dire picture, this livestream digs into the facts: most cannabis businesses rely on domestic labor, utilities, and cultivation inputs—meaning the actual exposure to tariffs is limited. That said, imported item...

Shadd Dales and Anthony Varrell sat down with Michael Bronstein, president of the American Trade Association for Cannabis and Hemp (ATACH), to unpack the latest developments in cannabis policy and reform. First up: Pennsylvania. Just over a week ago, HB 1200—a proposal for a state-run cannabis retail model—was rejected by the Senate Law and Justice Committee in a 7–3 vote. Bronstein, who had previ...

Shadd Dales and Anthony Varrell line up a powerhouse trio of interviews — from capital markets to federal reform. First up, they sit down with Margaret Brodie, CEO of Rubicon Organics (TSXV: ROMJ), to talk about raising capital in this tough environment, the strategic value of being organic-certified, and what she learned from a recent trip to Germany. It’s a real look into what premium positionin...

Shadd Dales and Anthony Varrell sit down with two of the biggest names in the cannabis industry: Beena Goldenberg, CEO of Organigram (NASDAQ: OGI), and Boris Jordan, Executive Chairman of Curaleaf (OTCQX: CURLF).Beena breaks down what’s behind Organigram’s record-setting quarter — with revenue hitting $65.6 million, fueled by the Motif Labs acquisition and strong growth overseas. She also dives in...

Shadd Dales and Anthony Varrell break down TerrAscend’s Q1 2025 earnings — and joining us to discuss it are Executive Chairman Jason Wild and CEO Ziad Ghanem. Despite a challenging cannabis market, TerrAscend delivered $71M in revenue, a strong 51.8% gross margin, and its 11th consecutive quarter of positive operating cash flow. The company continues to expand in Ohio and New Jersey, while gaining...

Shadd Dales and Anthony Varrell continue their Q1 2025 cannabis earnings coverage and what it’s revealing about the cannabis industry. Joining us is NewLake Capital Partners CEO Anthony Coniglio, who breaks down the company’s latest performance and what it signals about cannabis real estate and lending in today’s volatile environment. NewLake (OTCQX: NLCP) posted $13.2 million in revenue, $10.7 mi...

On our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell unpack a pivotal week for cannabis investors as earnings season kicks off. First up—Trulieve (OTCQX: TCNNF), which reported stable Q1 revenue at $298 million, beating analyst expectations. Margins climbed to 62%, with $109 million in adjusted EBITDA and a healthy $329 million in cash at quarter-end. Despite a net loss of $3...

In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell preview a critical earnings week for cannabis investors, as several major marijuana companies prepare to report their quarterly results. These include Trulieve (OTCQX: TCNNF), Green Thumb Industries (OTCQX: GTBIF), TerrAscend (TSX: TSND), Curaleaf (OTCQX: CURLF), The Cannabist Company Holdings (OTCQX: CBSTF), and NewLake Ca...