Episodi

  • What Schedule III Could Really Trigger Across Cannabis
    Jan 21 2026
    Trade to Black presented by Flowhub returns with hosts Shadd Dales and Anthony Varrell for a timely conversation focused on where U.S. cannabis policy, capital markets, and regulatory expectations stand right now. Joining the show is Marc Cohodes, veteran investor, former hedge fund manager, and longtime participant in the cannabis sector.It has now been more than a month since President Trump signed the executive order directing cannabis rescheduling, yet the industry is still waiting on formal action from Attorney General Pam Bondi. Marc breaks down what that delay could signal, how policymakers in Washington are viewing the timeline, and whether the lack of movement itself is creating unintended consequences across the market.The discussion also looks at how Big Pharma and Big Alcohol are positioning themselves as the possibility of Schedule III becomes more concrete, and what that could mean for operators, competition, and long-term market structure. Marc shares his perspective on whether uplisting becomes more realistic post-rescheduling, how lawmakers are thinking about FINRA, and whether changes to federal classification could reduce the importance of SAFER Banking as a near-term catalyst.The conversation also touches on Glass House Brands (OTCQX: GLASF) following the company’s newly announced 2026 expansion strategy, along with Marc’s view on how scaled operators may be positioned as the regulatory backdrop continues to shift. Finally, the group discusses Sara Carter’s recent appointment and her public push to see rescheduling finalized, and whether there appears to be meaningful alignment behind the scenes.A candid, timely discussion focused on signals—not speculation.#CannabisRescheduling #ScheduleIII #TradeToBlack #CannabisInvesting #CannabisStocks #FederalCannabis #BigPharma #BigAlcohol #GlassHouseBrands #FlowhubWant to see more Cannabis Reform videos? • Alcohol Rules Change While Cannabis Stays ... • Proposed Hemp Extension Faces Ongoing Unce... • The $4 Billion Problem Facing U.S. Cannabi... Want to be updated on Cannabis, Small Cap, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!https://newsletter.thedalesreport.com...Find us as well on Facebook, Twitter, Instagram, LinkedIn and on the Web:Facebook: / thedalesreport Twitter: / thedalesreport Instagram: / dalesreport LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, please get in touch with us at:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered as endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions you make based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    1 ora e 7 min
  • A Closer Look at How Cannabis Capital Is Being Deployed | TDR Cannabis in 5
    Jan 20 2026
    What does real capital flow actually look like in the U.S. cannabis industry right now — beyond market narratives and headlines?In this edition of TDR Cannabis in Five, host Shadd Dales walks through newly released funding data from FundCanna to better understand how cannabis operators are accessing and deploying capital as the industry moves deeper into 2026.The dataset spans thousands of applications across dozens of U.S. states and offers a grounded look at where demand remains steady, where it has moderated, and how capital usage has evolved across the sector. Rather than pointing to stress or contraction, the numbers suggest a shift toward more deliberate and targeted financing.Funding activity is spread across nearly every vertical — including vertically integrated operators, retail, cultivation, manufacturing, hemp, and ancillary services. Average deal sizes remain measured, terms are structured, and capital is largely being used for core operational needs such as inventory, payroll, and working capital.Geographically, businesses in 43 states have accessed funding, reinforcing that financing demand extends well beyond legacy markets. Even in a year marked by relatively flat macro growth, capital continues to support day-to-day operations and incremental expansion.Taken together, the data points to an industry that is operating with greater financial discipline. Capital is still moving, but in more controlled amounts and with clearer use cases — reflecting a more mature phase of development under continued federal constraints.#CannabisIndustry #CannabisFinance #CannabisInvesting #FundCanna #CannabisCapital #CannabisOperators #CannabisMarkets #Cannabis2026 #CannabisBusiness #TDRCannabisWant to see last week's recap? • Hemp Politics, State Legalization, and Cap... Want to see more Cannabis Reform videos? • Alcohol Rules Change While Cannabis Stays ... • Proposed Hemp Extension Faces Ongoing Unce... • The $4 Billion Problem Facing U.S. Cannabi... Want to be updated on Cannabis, Small Cap, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!https://newsletter.thedalesreport.com...Find us as well on Facebook, Twitter, Instagram, LinkedIn and on the Web:Facebook: / thedalesreport Twitter: / thedalesreport Instagram: / dalesreport LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, please get in touch with us at:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered as endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions you make based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    6 min
  • One Month After Donald Trump Signed The EO To Reschedule Cannabis | TTB Powered by Flowhub
    Jan 19 2026
    One month after the White House executive order directing a fast-track push to move cannabis to Schedule III, host Anthony Varrell is joined by Michael Bronstein (President, ATACH — American Trade Association for Cannabis and Hemp) for a ground-level debrief on what’s actually changed—and what hasn’t—since the announcement.This episode zeroes in on two major developments shaping the next phase of U.S. cannabis policy: the confirmation of Sara Carter as the nation’s new “Drug Czar” (ONDCP Director) and Virginia’s latest move to finally bring an adult-use retail market online—including a newly filed bill that would establish the legal framework for licensed cultivation, processing, testing, and sales.Topics we coverSchedule III cannabis rescheduling: what the executive order does, what it doesn’t, and why the process matters more than the headlineHow rescheduling could impact research, compliance, taxes (280E), banking optics, and operator strategySara Carter’s appointment: what her leadership at ONDCP could mean for enforcement priorities, public health messaging, and the cannabis industry narrativeVirginia adult-use cannabis: the latest bill push to launch regulated sales, key provisions, and what the political runway looks like in 2026The broader chessboard: federal agencies, state rollouts, hemp-derived cannabinoids, and the next catalysts investors and operators are watching#CannabisNews #TradeToBlack #Flowhub #CannabisPolicy #CannabisRescheduling #AdultUseCannabis #MarijuanaMoment #CannabisInvesting #CannabisIndustry #CannabisMarketsWant to see last week's recap? • Hemp Politics, State Legalization, and Cap... Want to see more Cannabis Reform videos? • Alcohol Rules Change While Cannabis Stays ... • Proposed Hemp Extension Faces Ongoing Unce... • The $4 Billion Problem Facing U.S. Cannabi... Want to be updated on Cannabis, Small Cap, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!https://newsletter.thedalesreport.com...Find us as well on Facebook, Twitter, Instagram, LinkedIn and on the Web:Facebook: / thedalesreport Twitter: / thedalesreport Instagram: / dalesreport LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, please get in touch with us at:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered as endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions you make based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    48 min
  • Hemp Politics, State Legalization, and Capital Moves | TTB Weekly Recap
    Jan 18 2026
    What happens when cannabis policy, hemp politics, and capital markets all collide in the same week?In this episode of TDR Weekly Recap, presented by Flowhub, host Shadd Dales breaks down a wide-ranging week for the cannabis industry — from federal contradictions around hemp and THC, to renewed adult-use momentum in key U.S. states, and meaningful business developments across North America and Europe.The show starts with a surprising moment from Joe Rogan and Senator Rand Paul, who laid bare the political irony behind the federal crackdown on hemp-derived THC — including how parts of the regulated cannabis industry may have supported restrictions that ultimately limit interstate competition.From there, attention turns to state-level reform. Virginia moves closer to resolving its long-standing retail limbo, Florida ramps up one of the most expensive cannabis ballot campaigns in U.S. history backed by Trulieve Cannabis Corp. (CSE: TRUL | OTCQX: TCNNF), and Pennsylvania remains stuck debating who should control cannabis sales — not whether legalization should happen.On the business side, the episode covers Village Farms International (NASDAQ: VFF) expanding regulated products in the Netherlands, Glass House Brands (OTCQX: GLASF | CSE: GLAS.A) advancing AI-driven cultivation research with UC Berkeley, Verano Holdings (CSE: VRNO | OTCQX: VRNOF) launching a new pre-roll brand while extending its credit facility, Aurora Cannabis (NASDAQ: ACB | TSX: ACB) progressing disease-resistant genetics, and Incannex Healthcare (NASDAQ: IXHL | ASX: IHL) earning international recognition for clinical trial innovation.This isn’t about hype — it’s about how policy, capital, and execution are reshaping cannabis in real time.#CannabisNews #TDRWeeklyRecap #CannabisPolicy #HempTHC #AdultUseCannabis#CannabisStocks #CannabisIndustry #Flowhub #CannabisInvesting #GlobalCannabisWant to see more Cannabis Reform videos? • Alcohol Rules Change While Cannabis Stays ... • Proposed Hemp Extension Faces Ongoing Unce... • The $4 Billion Problem Facing U.S. Cannabi... Want to be updated on Cannabis, Small Cap, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!https://newsletter.thedalesreport.com...Find us as well on Facebook, Twitter, Instagram, LinkedIn and on the Web:Facebook: / thedalesreport Twitter: / thedalesreport Instagram: / dalesreport LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, please get in touch with us at:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered as endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions you make based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    12 min
  • Alcohol Rules Change While Cannabis Stays Federally Illegal | TDR Cannabis in 5
    Jan 17 2026
    Why is alcohol getting softer federal guidance while marijuana is still treated like a crime?In this episode of TDR Cannabis in Five, presented by Flowhub, host Shadd Dales breaks down a federal policy shift that perfectly captures the contradictions still baked into U.S. cannabis law. The Trump administration has quietly revised federal dietary guidelines on alcohol — removing specific daily drinking limits — while marijuana remains federally criminalized under the Controlled Substances Act.At first glance, this might sound like a public health footnote. But look closer, and it highlights something much bigger: how unevenly federal agencies treat alcohol and cannabis, even as public behavior, state laws, and medical data continue to move in a very different direction.Alcohol, a substance with well-documented health risks, isn’t regulated under federal drug law at all. Cannabis, meanwhile — legal for medical use in 40 states and adult use in nearly half the country — still technically sits in the same federal category as substances with no accepted medical use. That’s despite a presidential directive to move marijuana to Schedule III.This episode walks through what changed, what didn’t, and why the gap between policy intention and policy reality still matters — for consumers, operators, investors, and regulators alike. It’s not about hype or politics. It’s about understanding where federal cannabis policy still doesn’t line up with modern reality.#CannabisPolicy #FederalCannabis #AlcoholVsCannabis #MarijuanaReform #ScheduleIII #TDRCannabis #CannabisLaw #Flowhub #CannabisIndustry #PublicHealthPolicyWant to see more Cannabis Reform videos? • Proposed Hemp Extension Faces Ongoing Unce... • The $4 Billion Problem Facing U.S. Cannabi... • Inside the Final Steps of Cannabis Resched... • Supreme Court Takes Cannabis Gun Case | TD... Want to be updated on Cannabis, Small Cap, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!https://newsletter.thedalesreport.com...Find us as well on Facebook, Twitter, Instagram, LinkedIn and on the Web:Facebook: / thedalesreport Twitter: / thedalesreport Instagram: / dalesreport LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, please get in touch with us at:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered as endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions you make based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    10 min
  • Germany and France Face Critical Medical Cannabis Decisions | | TDR Weekly Intl Recap
    Jan 17 2026
    What’s actually happening with medical cannabis reform in Europe right now — and why should operators and investors be paying attention?In this week’s TDR Cannabis in Five – Weekly International Update, presented by Prohibition Partners, host Shadd Dales breaks down two of the most important medical cannabis developments unfolding in Germany and France. These are not fringe markets. They’re two of the most closely watched healthcare systems in Europe, and decisions being made right now could shape how medical cannabis is regulated across the continent.In Germany, lawmakers held a critical Health Committee hearing on proposed changes to the country’s medical cannabis law. While patient demand continues to rise sharply, the government is debating tighter access rules — including restrictions on telemedicine — that industry experts warn could create enforcement issues, limit patient access, and push some demand back into the illicit market. With coalition resistance already forming, the outcome remains uncertain, but the stakes are high for pharmacies, patients, and international suppliers.In France, progress is quieter but just as important. The government has extended its medical cannabis pilot program, protecting access for existing patients — but political delays continue to stall the launch of a full national medical framework. Despite years of preparation and regulatory approval at the EU level, final execution remains on hold.#CannabisEurope #MedicalCannabis #GermanyCannabis #FranceCannabis #CannabisPolicy #TDRCannabis #InternationalCannabis #CannabisRegulation #ProhibitionPartners #CannabisMarketsWant to see more Cannabis Reform videos? • Proposed Hemp Extension Faces Ongoing Unce... • The $4 Billion Problem Facing U.S. Cannabi... • Inside the Final Steps of Cannabis Resched... • Supreme Court Takes Cannabis Gun Case | TD... Want to be updated on Cannabis, Small Cap, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!https://newsletter.thedalesreport.com...Find us as well on Facebook, Twitter, Instagram, LinkedIn and on the Web:Facebook: / thedalesreport Twitter: / thedalesreport Instagram: / dalesreport LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, please get in touch with us at:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered as endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions you make based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    9 min
  • Are Adult-Use Cannabis Programs at Risk in 2026?
    Jan 16 2026
    Are we heading toward more cannabis reform… or more resistance?In our lastest Trade to Black presented by Flowhub host Shadd Dales & Anthony Varrell run down the biggest headlines in the cannabis industry.They begin with news out of the state of Virginia, where lawmakers have introduced a new bill that would legalize adult-use cannabis sales and raise possession limits. Meanwhile in the nations captial, the U.S. House passed legislation that continues to block Washington, D.C. from launching regulated marijuana sales — a reminder that progress remains uneven depending on the market.The conversation then shifts to federal cannabis rescheduling and latest developments concerning President Trump’s executive order signed last month. While the administration pushes forward, several GOP senators have filed an amendment aimed at blocking the rescheduling effort — adding another layer of uncertainty to an already complex process.In the second segment, Flowhub CEO Kyle Sherman joins the show for his weekly update, previewing the upcoming second episode of Flowhub’s Great American Dispensary Tour. Kyle offers a sneak peek at the Maryland market, a state that has seen rapid growth since going fully adult-use in July 2023 and generating more than $800 million in its first full year.#CannabisNews #TradeToBlack #Flowhub #CannabisPolicy #CannabisRescheduling #AdultUseCannabis #MarijuanaMoment #CannabisInvesting #CannabisIndustry #CannabisMarketsWant to see more Cannabis Reform videos? • Proposed Hemp Extension Faces Ongoing Unce... • The $4 Billion Problem Facing U.S. Cannabi... • Inside the Final Steps of Cannabis Resched... • Supreme Court Takes Cannabis Gun Case | TD... Want to be updated on Cannabis, Small Cap, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!https://newsletter.thedalesreport.com...Find us as well on Facebook, Twitter, Instagram, LinkedIn and on the Web:Facebook: / thedalesreport Twitter: / thedalesreport Instagram: / dalesreport LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, please get in touch with us at:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered as endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions you make based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    1 ora e 1 min
  • Proposed Hemp Extension Faces Ongoing Uncertainty | TDR Cannabis in 5
    Jan 16 2026
    Is the hemp industry actually running out of time — or is this just another Washington scare headline?In this episode of TDR Cannabis in Five, the focus turns to one of the most misunderstood stories in cannabis right now: the fight over intoxicating hemp products and a looming federal ban that could reshape the entire cannabinoid market by late 2026.On paper, it looks simple. A provision buried in a federal spending bill would effectively eliminate most hemp-derived THC products — delta-8, HHC, high-THCA flower — by setting strict THC limits that few products on shelves today could meet. Industry groups say that could wipe out the majority of the current hemp market.But things aren’t standing still.Lawmakers are now pushing competing bills — one to delay the ban, another to repeal it, and a third to replace it with a regulated federal framework. That alone tells you something important: Congress knows the hemp market is broken, but there’s no agreement yet on how to fix it.At the same time, a bigger shift is happening in the background. Federal policy is starting to lean toward regulated CBD as medicine — including potential Medicare and Medicaid coverage — while unregulated intoxicating hemp products face increasing scrutiny.That tension is driving the chaos.This episode breaks down what’s actually in play, why hemp operators are scrambling, and what this transition could mean for cannabis companies, investors, and consumers over the next two years.Because whether it’s delayed, rewritten, or replaced — the hemp market isn’t heading back to 2018.#HempIndustry #CannabisPolicy #Delta8 #CBDRegulation #CannabisRescheduling #HempBan #CannabisInvestors #Cannabinoids #TDRCannabisInFive #CannabisNewsWant to see more Cannabis Reform videos? • The $4 Billion Problem Facing U.S. Cannabi... • Inside the Final Steps of Cannabis Resched... • Supreme Court Takes Cannabis Gun Case | TD... Want to be updated on Cannabis, Small Cap, AI, and Crypto? Subscribe to our Daily Baked in Newsletter!https://newsletter.thedalesreport.com...Find us as well on Facebook, Twitter, Instagram, LinkedIn and on the Web:Facebook: / thedalesreport Twitter: / thedalesreport Instagram: / dalesreport LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, please get in touch with us at:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered as endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions you make based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    8 min