The Dales Report | Trade to Black

In our latest TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down one of the biggest questions now circulating throughout the U.S. cannabis industry:Could major cannabis companies eventually uplist to the NYSE and Nasdaq without Congress ever passing SAFE Banking? For years, investors believed federal legislation was the only path toward institutional access, banking reform, an...

In our latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell break down one of the biggest branding moves we’ve seen in a long time across sports and entertainment. Turning Point Brands (NYSE: TPB) recently signed a major multi-year partnership with TKO Group covering UFC, Zuffa Boxing, Professional Bull Riders, Formula Drift, World’s Strongest Man and several other major sports pro...

In our latest Trade To Black Podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down the latest cannabis industry developments, including what really happened in Virginia this week concerning their adult use cannabis bill being vetoed by Governor Abigial Spanberger. Then in segment one, Safe Harbor Financial (Nasdaq: SHFS) CEO Terry Mendez joins the podcast following the com...

In our latest Trade To Black Podcast, hosts Shadd Dales and Anthony Varrell sit down with Chicago Atlantic Managing Partner Peter Sack to discuss why cannabis capital markets may finally be entering a major turning point. Chicago Atlantic BDC Inc. (Nasdaq: LIEN) just posted a record $10 million in net investment income, while continuing to aggressively deploy capital across the cannabis industry....

In the latest episode of Trade To Black presented by Flowhub, hosts Shadd Dales and Anthony Varrell will break down a major announcement in the sector yesterday. In segment one, FundCanna CEO Adam Stettner joins the show after announcing a massive new institutional credit facility worth up to $60 million from a global investment firm managing roughly $40 billion in assets. We learn why this is suc...

In our latest TDR Trade To Black podcast, host Shadd Dales sits down with the leadership team at MariMed (CSE: MRMD / OTCQX: MRMD) following another strong earnings report that continues to separate the company from a lot of operators in the cannabis sector right now. CEO Jon Levine and CFO Mario Pinho break down the company’s latest quarter, including $39.5 million in revenue, 44% adjusted EBITDA...

The cannabis sector is buzzing again — and this time the conversation is centered around one major question: could cannabis stocks finally be getting closer to uplisting onto the NYSE and Nasdaq? In this episode of Trade To Black presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down the growing speculation circulating across the industry and what it could potentially mean for MSOs...

In our latest TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down what could become the most important thirty-day stretch in the history of U.S. cannabis reform. Beginning June 29, the DEA opens formal administrative hearings to determine whether adult-use cannabis should move from Schedule I to Schedule III federally. The hearings run through July 15 — and the outcome could dr...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell cover a packed Monday in cannabis with earnings, international growth, insider buying, and more drama out of Texas. Village Farms International (NASDAQ: VFF / TSX: VFF) reported Q1 2026 results that made a statement, with net sales up 27% to $50.2 million, adjusted EBITDA up 118% to $9.9 million, and i...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down yet more encouraging news for the cannabis industry, pluse psychedelics as well. In segment one, the guys discuss the appointment of Michael Davis to lead the FDA’s Center for Drug Evaluation and Research following major leadership shakeups inside the agency. Why does this matter? Because Da...

In our latest Trade To Black Weekly Recap, host Shadd Dales breaks down one of the busiest weeks the cannabis industry has seen in a very long time — and why the stock market still doesn’t appear to fully understand what’s happening underneath the surface. This week’s recap starts with major news out of Georgia after Governor Brian Kemp signed SB 220 into law, significantly expanding the state’s m...

In our latest TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down why the cannabis industry suddenly feels completely different right now — and why a growing number of investors are starting to pay attention again. For the first time in years, multiple major catalysts are all moving in the same direction at the exact same time. You’ve got federal rescheduling momentum building...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell tee things back up with both NewLake Capital Partners (OTCQB: NLCP) and Glass House Brands (OTCQX: GLASF) following their latest Q1 2026 earnings reports. First up, NewLake Capital Partners CEO Anthony Coniglio joins the show after another steady quarter highlighted by strong AFFO generation, low lever...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down another busy week of cannabis earnings with two very different stories playing out in the sector right now. First up, Rubicon Organics (TSXV:ROMJ / OTCQX:ROMJF) CEO Margaret Brodie joins the show after the company reported Q1 results that showed revenue growth, but also some short-term press...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell sit down with Cresco Labs (CSE:CL / OTCQX:CRLBF) CEO Charlie Bachtell after the company reported its latest earnings. Cresco Labs (CSE:CL / OTCQX:CRLBF) posted $151 million in revenue, $33 million in adjusted EBITDA, and ended the quarter with $92 million in cash. Charlie gives his read on the quarter,...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell tackle a big question a lot of investors are starting to ask right now:Has the cannabis sector finally started to stabilize? In segment one, Scott Grossman, Founder and CEO of Vindicator Capital, joins the show to break down cannabis earnings season, what companies stood out, and whether the recent imp...

In our latest Trade To Black podcast presented by Flowhub, host Shadd Dales and Anthony Varrell sit down with Terry Mendez, CEO of Safe Harbor Financial (NASDAQ:SHFS), to talk about what cannabis finance could look like after 280E.With medical cannabis moving to Schedule III, the industry is entering a very different phase. Operators are preparing for cleaner balance sheets, better cash flow, and...

In the latest TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down one of the biggest questions in cannabis right now:Is rescheduling actually locked in… or is there still legal risk that could slow things down? On one side, the momentum is clear. The Department of Health and Human Services has already completed its scientific review and recommended moving cannabis to Schedule III. T...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell get into a mix of market data, policy, and earnings — and it all ties together more than you’d think. We start in Ohio. Hirsh Jain from Ananda Strategy joins the show to talk about what he’s seeing after a big month. According to Headset, Ohio just put up about $107 million in sales for April 2026, up...

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell welcome in Michael Bronstein, President of the American Trade Association for Cannabis & Hemp, to walk through a very busy stretch for cannabis and hemp policy. First up is the Farm Bill. The House has passed its version, and inside the bill is language that could seriously change the hemp market....

In our latest Trade To Black podcast presented by Flowhub, host Shadd Dales sits down with Avicanna (TSX:AVCN / OTCQX:AVCNF) CEO Aras Azadian and Dr. Karolina Urban, Executive Vice President of Scientific and Medical Affairs, to talk about what U.S. cannabis rescheduling could mean for cannabinoid-based medicine. With the DOJ and DEA now moving certain cannabinoid products into a Schedule III fram...

In this week’s Trade To Black Weekly Recap presented by FRE Pouch, Shadd Dales breaks down the shift from cannabis policy to real-world execution. The DEA has officially opened its registration portal for medical cannabis operators—meaning companies now have a 60-day window to apply for federal recognition. This follows last week’s move to Schedule III and marks the first real step in turning poli...

In the latest TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down a new development out of Washington—and why it’s raising eyebrows across the cannabis industry. According to reporting from Marijuana Moment, a GOP-led House appropriations subcommittee has advanced a spending bill that would block federal funds from being used to reschedule or deschedule marijuana. So in simple terms...

In the latest TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down a major move from the DEA—and what it means for the future of hemp-derived THC products. The DEA has now officially classified HHC (hexahydrocannabinol) as a Schedule I substance. That’s a big deal. Because this isn’t just about one compound—it’s about what comes next. For years, the hemp market has operated in a gray...

In the latest TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down a developing story around cannabis use and gun ownership—and why this issue is starting to shift. This is a topic we’ve covered before. And the reality hasn’t changed… the laws are still outdated. But what is changing—is how they may be enforced. According to reporting first published by Marijuana Moment, the Trump ad...