The Dales Report | Trade to Black

In our latest Trade to Black podcast, host Shadd Dales and Anthony Varrell welcome back attorney Shane Pennington to unpack the legal realities behind the week’s biggest cannabis headline: Donald Trump’s DEA nominee, Terry Cole, stating that marijuana rescheduling will be “one of [his] first priorities” if confirmed. But what does that actually mean? Pennington breaks it down in layman’s terms—cla...

In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell, along with cannabis lobbyist Don Murphy will unpack a major development in Washington that could shift the future of cannabis rescheduling and marijuana policy. President Trump’s nominee to lead the DEA, Terry Cole, stated during his Senate confirmation hearing that reviewing the federal proposal to reschedule cannabis wil...

In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell welcome back Big Mike from Advanced Nutrients to tackle one of the most pressing issues in the cannabis industry today. Hemp and the current framework of the Farm Bill framework. Under the 2018 Farm Bill, hemp became federally legal, but the legislation unintentionally opened the door to unregulated intoxicating cannabinoid...

In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell break down the latest developments in the cannabis industry, including updates on SAFE Banking progress and how the top cannabis stocks performed today. First, Cannara Biotech (TSXV: LOVE) reported record Q2 2025 earnings, showing strong momentum across several areas. CFO Nick Sosiak will be joining us to walk through the r...

In our latest Trade to Black podcast, hosts Shadd Dales and Anthony Varrell discuss how cannabis stocks are catching a bid amid speculation surrounding marijuana rescheduling and the Trump administration. Cannabis investors saw strong movement in marijuana stocks yesterday, with major names making notable gains. The rally coincided with Weldon Angelos' visit to the White House—perhaps a sign that...

Shadd Dales and Anthony Varrell welcome Luc Mongeau, the new CEO of Canopy Growth (NASDAQ: CGC). Five months into his role, Luc shares insights into the company’s transformation, starting with immediate priorities like operational cleanup and debt reduction. But one focus stands above the rest—driving adjusted EBITDA growth as the clearest path to financial stability and long-term success. Luc out...

In our latest Trade To Black Podcast presented by AdvisorShares ETF PSIL (NYSEARCA: PSIL), host Shadd Dales and Anthony Varrell welcome Gretchen Gailey, founder of Panoptic Strategies, and a seasoned Washington insider with years of experience in cannabis lobbying. Gretchen's background includes an extensive background with lawmakers and advocacy groups, progressing cannabis reform and bridging th...

In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell break down some of the latest developments in the cannabis industry, from High Tide’s (NASDAQ: HITI)dispensary expansions to policy reform efforts across North America and Europe. We start with Jushi Holdings (OTCQX: JUSHF), which just opened its fifth Beyond Hello™ dispensary in Ohio—its first in the city of Mansfield—brin...

Shadd Dales and Anthony Varrell welcome back cannabis advisor and investor Seth Yakatan to break down a pivotal moment in the cannabis industry. We’ve officially entered what many are calling the “survivor period” in marijuana, where fundamentals are coming to the forefront. The era of easy money is over, and only well-positioned cannabis operators will remain standing. With capital tightening and...

Shadd Dales digs into a big win in the cannabis industry, with special guest Aras Azadian from Avicanna Inc. (TSX: AVCN). The company just had its best year yet, hitting $25.5 million in revenue—a massive 52% jump from the year before. Aras shares what fueled this success and what’s next for Avicanna in 2025.We breakdown key metrics that included improved gross margins, up to 51%, and the 94% surg...

In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell tee up a powerful episode featuring Jim Higdon, CEO of Cornbread Hemp, and Anthony Coniglio, CEO of NewLake Capital (OTCQX: NLCP).Jim Higdon takes us inside the growing tension between the hemp and cannabis industries—two sectors that share the same plant but play by very different rules. Higdon discusses the regulatory gra...

In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell welcome back Jim Cacioppo, CEO of Jushi Holdings (OTC: JUSHF), for a wide-ranging discussion on key developments shaping the U.S. cannabis landscape. Jim dives into Virginia’s evolving medical market, where a recent clean-up bill—backed heavily by Democrats—provides targeted support for industry players like Jushi. With ele...

In the latest episode of the Trade To Black podcast, hosts Shadd Dales and Anthony Varrell welcome back Eric Berlin, a leading cannabis attorney from Dentons. Eric provides an in-depth update on the ongoing ALJ Hearing for cannabis rescheduling, and further explains on what lies ahead for the cannabis industry. He also examines the Trump administration's decision to exclude marijuana rescheduling...

In our latest Trade to Black podcast, host Shadd Dales and co-host Anthony Varrell discuss the recent announcement out of Germany, where the coalition government confirmed it will not reverse the CanG adult-use cannabis law. This decision reinforces Germany’s role as a global leader in cannabis reform—a key signal for cannabis investors and companies focused on international cannabis markets. Join...

In our latest episode of the Trade to Black podcast, host Shadd Dales and Anthony Varrell welcome in Beena Goldenberg, CEO of Organigram (NASDAQ: OGI) to discuss their strategic $6.2 million acquisition of Collective Project, a THC hemp-derived beverage company. This move strengthens Organigram’s footprint in Canada’s cannabis beverage market but also positions them to enter the growing U.S. marij...

In our latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell welcomed Rubicon Organics CEO Margaret Brodie to break down the company’s impressive 2024 earnings. Rubicon Organics (TSXV: ROMJ) (OTCQX: ROMJF) posted a 21% year-over-year revenue jump, hitting $48.7 million. The company, known for its premium and organic cannabis products, made significant headway in vapes, flower, and b...

In the latest Trade To Black podcast, host Shadd Dales and Anthony Varrell dive into the latest cannabis news coming out of Washington. Despite supporting cannabis rescheduling and banking reform on the campaign trail, the Trump administration now says it has “no action” planned for marijuana policy—at least for now. Meanwhile, Florida’s legalization campaign faces legal heat over alleged election...

In our latest Trade to Black podcast, hosts Shadd Dales and Anthony Varrell dive into the latest cannabis industry buzz. First up, New York might soon let you pair your popcorn with a puff. State officials are exploring plans to allow marijuana sales and consumption at movie theaters. With $1 billion in cannabis sales already, New York is aiming to make cannabis a true blockbuster. Next, Curaleaf...

In our latest episode of Trade to Black, hosts Shadd Dales and Anthony Varrell welcome Zach George, CEO of SNDL (NASDAQ: SNDL) to the podcast. Zach will dive into SNDL’s latest cannabis earnings report, which showcased record-breaking numbers, including $257.7 million in Q4 revenue and $920.4 million for the full year, which represented a 1.3% increase year over year. The conversation also explore...

In the latest episode of Trade to Black, hosts Shadd Dales and Anthony Varrell dive into their recent trip to Washington, D.C., uncovering the latest updates on cannabis rescheduling. The sentiment is clear: while President Trump supports rescheduling, some in his administration resist, including Senator Tim Scott, framing this as a political issue rather than one rooted in science. They also Euro...

Shadd Dales and Anthony Varrell dive into major developments in the cannabis industry. We have major headlines from the state of Florida, where Curaleaf has plans to launch a hemp dispensary in Palm Beach, and it has been uncovered that Ron DeSantis took $500k in donations from Phillip Morris International to fight Amendment 3. Also, Michael Bronstein from the American Trade Association for Cannab...

In this episode of the Trade to Black podcast, Shadd Dales and Anthony Varrell welcome Cresco Labs (OTCQX: CRLBF) CEO Charlie Bachtell to discuss the company’s Q4 and full Fiscal 2024 results. Cresco Labs posted $724 million in annual revenue, reflecting a 6% decline from the previous year, but demonstrated resilience by maintaining adjusted gross profit levels consistent with 2023. Adjusted EBITD...

Shadd Dales and Anthony Varrell welcome Will Muecke and Stanton McLean, Co-Founders and Managing Members of Artemis Growth Partners. Together, they’ll dive into the upcoming Global Cannabis Regulatory Summit being held in Washington D.C. from March 25-27.The cannabis industry event will be designed to unite global regulators of legal medical cannabis. The discussion will also include the importanc...

The latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell dive into major developments in the cannabis industry. Joining us is Peter Sack, Managing Director from Chicago Atlantic (NASDAQ: $REFI), who will discuss the latest earnings his company recently reported. Chicago Atlantic posted some notable numbers in their most recent earnings, including a total loan principal outstanding...

Shadd Dales and Anthony Varrell are joined by Shane Pennington, Partner at Porter Wright Morris & Arthur LLP, to discuss the big news involving the U.S. Drug Enforcement Administration (DEA) and its stance on marijuana rescheduling. Longstanding suspicions that the DEA is opposed to rescheduling marijuana from Schedule 1 to Schedule 3 under federal law have been confirmed by agency decisions m...