The Dales Report | Trade to Black

A federal bill that’s getting very little attention right now… but could completely change the financial structure of the U.S. cannabis industry. Today we’re breaking down the CLIMB Act — and why this goes way beyond banking. This isn’t just about access to financial services… it’s about unlocking capital, institutional investment, and potentially allowing U.S. cannabis companies to list on major...

In this episode of Trade To Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell cover three key stories across earnings, hemp policy, and medical cannabis reform. We start with Raj Grover, CEO of High Tide (NASDAQ:HITI), following a strong quarterly report. The company posted record revenue of $178.3 million, improved margins, and continued free cash flow generation. We discuss what...

This is one of those stories that might not grab headlines right away… but probably should. In today’s episode, we’re breaking down a major milestone from Avicanna (TSX: AVCN), as their subsidiary SMGH completes its first commercial export of organic, CBG-dominant cannabis flower to Australia — one of the most tightly regulated medical markets in the world. On the surface, it’s an export story. Bu...

In this episode of Trade To Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down the new Medicare CBD pilot program — and why it could end up being one of the more important federal developments we’ve seen in years. For the first time, the U.S. government is testing a structured model where Medicare patients can receive a $500 annual benefit card to purchase qualifying hem...

A shift is starting to take shape in Washington around hemp-derived THC beverages — and it’s coming from an unexpected place. New reporting from Marijuana Moment highlights how a major alcohol industry group is now pushing lawmakers to regulate THC drinks instead of banning them outright. That change in tone matters, especially as pressure continues to build around intoxicating hemp products and t...

On the latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down a busy stretch of cannabis earnings with two very different operators. In segment one, Margaret Brodie, CEO of Rubicon Organics Inc. (TSXV: ROMJ, OTCQX: ROMJF), checks in to walk through their latest numbers. The company delivered record full-year revenue of $59.5 million, up 22% year-over-y...

On the latest TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down newly released details around a federal CBD pilot program tied to Medicare patients — and why the timing is raising questions across the cannabis industry. According to reporting from Marijuana Moment, the program will allow select Medicare patients to receive up to $500 annually in hemp-derived cannabinoid produ...

In our latest Trade To Black podcast presented by Flowhub, we break down a story that’s starting to raise more questions than answers across the cannabis and hemp industries. In our first segment, we get into a federal CBD pilot program that’s set to begin in April. Based on the latest details, it could allow cannabinoid-based therapies — including products with small amounts of THC — inside a hea...

On the latest TDR Weekly Recap presented by FRE Nicotine Pouches, host Shadd Dales breaks down another busy week across the cannabis industry — from federal policy and new data to earnings and company developments. While there’s still no official update on U.S. cannabis rescheduling, the broader conversation continues to shift. New data highlighted by the DEA shows long-term declines in youth cann...

In this episode of the Trade to Black presented by Flowhub, host Anthony Varrell (@V_arrell) interviews Adam Stettner, CEO of FundCanna, the leading cannabis financing platform offering fast, flexible loans and working capital to operators nationwide. With Virginia's adult-use cannabis sales set to launch January 1, 2027—following recent legislative approval and expected Gov. Spanberger signat...

Trade to Black presented by Flowhub hosted by Anthony Varrell is back with another high-level conversation on the biggest issues shaping the cannabis industry, cannabis capital markets, rescheduling, and cannabis M&A.In today’s episode, Anthony is joined by Sammy Armenia from C21 Investments to break down the current state of cannabis capital market activity, what investors and operators are s...

Trade To Black Podcast hosted by Anthony Varrell is back with another must-watch episode covering the biggest developments in the cannabis industry, hemp regulation, CBD policy, multi-state operators, and global cannabis expansion. First, Anthony is joined by Eric Berlin of Dentons to discuss the recent FDA filing for CBD, what it could mean for the future of CBD regulation in the United States, a...

On the latest TDR Cannabis in Five powered by Frepouch.com, host Shadd Dales breaks down a major regulatory development coming out of Texas that could change one of the largest hemp markets in the United States in a big way. Texas regulators have finalized a rule that will force smokable hemp THC products off retail shelves by March 31, 2026. The rule was adopted by the Texas Department of State H...

Trade To Black Podcast with Anthony Varrell is back with another packed episode covering the biggest stories shaping the cannabis industry, multi-state operators, and hemp regulation. Virginia cannabis outlook Texas THCA flower ban Hemp-derived cannabinoid regulation TerrAscend earnings breakdown Cannabis investing trends MSO strategy and market outlook We kicks things off with Michael Bronstein o...

On the latest Trade To Black with host Shadd Dales, earnings season continues across the cannabis industry as more operators release their latest financial results. This episode takes a closer look at MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) following the company’s latest earnings report. MariMed reported $159.8 million in revenue for 2025 and marked its sixth consecutive year of positive adjusted E...

On the latest TDR Weekly Recap powered by frepouch.com, host Shadd Dales breaks down the biggest cannabis industry developments from the past week — spanning the courts, state legislatures, corporate earnings, and new scientific research. One of the most closely watched developments involves growing legal challenges moving through the U.S. court system that could eventually impact the federal Sche...

On the latest TDR Trade To Black powered by frepouch.com, host Shadd Dales breaks down a major development coming out of Florida that many in the cannabis industry were watching closely. According to reporting first published by Marijuana Moment, the Florida Supreme Court has rejected an appeal from the Smart & Safe Florida campaign, effectively ending the effort to place adult-use cannabis le...

On the latest TDR Trade To Black podcast, hosts Shadd Dales and Anthony Varrell sit down with Micah Anderson, CEO of LEEF Brands Inc. (CSE: LEEF) (OTCQB: LEEEF), to discuss the company’s latest financing milestone and what it could mean moving forward. LEEF Brands Inc. announced earlier this week that its completed the first $4.5 million tranche of what could become an $8 million financing, with t...

On the latest Trade To Black podcast powered by Flowhub, hosts Shadd Dales and Anthony Varrell continue their coverage of cannabis earnings season with a closer look at some of the biggest results shaping the sector. In the first segment, George Archos, CEO of Verano Holdings (CBOE: VRNO | OTCQX: VRNOF), joins the show to break down the company’s latest earnings. Verano reported $821.5 million in...

On the latest TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down a report that could signal a major shift in the federal cannabis conversation in Washington. According to reporting first published by The Marijuana Herald, Donald Trump is expected to sign an executive order later this year creating a federal commission tasked with studying the full descheduling of cannabis. If...

On the latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell discuss a report that is beginning to circulate across the cannabis policy landscape in Washington. Reporting from The Marijuana Herald editor-in-chief Anthony Martinelli suggests that Donald Trump could potentially sign an executive order this summer tied to cannabis descheduling in the United States....

On our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down several stories currently making headlines across the cannabis industry. We begin in Florida, where the state Supreme Court rejected an appeal from marijuana legalization advocates attempting to restore invalidated ballot signatures. The decision effectively ends the campaign’s effort to pla...

A new development out of Georgia is adding another voice to the growing national conversation around federal cannabis reform. In this episode of TDR Cannabis in Five presented by frepouch.com, host Shadd Dales breaks down a new resolution introduced by Georgia lawmakers urging the federal government to move marijuana from Schedule I to Schedule III under federal law. The story was first reported b...

Cannabis rescheduling is once again the dominant conversation across the industry. On this episode of Trade To Black powered by Flowhub, macro investor Doug Kass said Friday that a federal cannabis rescheduling announcement could be imminent, raising the question many investors are asking: could a decision finally arrive this week? Hosts Shadd Dales and Anthony Varrell break down the latest develo...

It was another busy week across the cannabis industry, with developments spanning policy, corporate earnings, and scientific research. In this episode of TDR Weekly Recap presented by frepouch.com, host Shadd Dales breaks down the most important stories shaping the sector right now. The week began with a major legal development at the U.S. Supreme Court, where justices heard oral arguments in U.S....