The Dales Report | Trade to Black

The first phase of the federal hemp ban takes effect today, and the bigger deadline is less than a month away. In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down what changed today, what Congress is proposing, and why the clock may be working against hemp.As of November 12, hemp products with cannabinoids that can't be naturally produced by the cannabis plant are prohibited under federal law. The first phase does not automatically cover cannabinoids that can occur naturally, like delta-8 THC, even when they're made through chemical conversion. The much larger restriction comes December 11, when most consumable hemp THC products, defined as more than 0.4 milligrams of total THC per container, could lose federal legal status. Some hemp leaders support the first phase. Their bigger concern is next month.The video explains why the language is a problem. Some advocates point to cannabinoids like THCP, which occurs naturally in extremely small amounts, as products that should stay legal, and the FDA is more than nine months late publishing the list of cannabinoids that naturally occur in cannabis.Lawmakers from both parties are proposing alternatives. Representatives Beth Van Duyne and Greg Landsman would regulate and tax hemp THC beverages like alcohol, Representative James Comer would delay the ban and add testing, packaging and age rules, Representative Andy Barr's bill sets a minimum age of 21, and Senators Tim Sheehy and Amy Klobuchar are expected to file a proposal.But this is a lame-duck Congress, and proposals are not laws. For state-licensed cannabis operators, the outcome could change the competitive landscape.Should Congress regulate hemp THC instead of banning it? Subscribe to The Dales Report for cannabis investing news and analysis.#Hemp #HempBan #HempTHC #Cannabis #CannabisNews #CannabisStocks #CannabisIndustry #Marijuana #THCA #Delta8 #Congress #LameDuck #FDA #CannabisReschedulingWant to see more Cannabis Reform?🎬    • Susie Wiles Accused of Influencing Hemp Po...  🎬    • Texas Files 3 Major Legalization Bills for...  🎬    • Republican Congressman Pushes Major Mariju...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Earnings season continues on this Trade to Black podcast, presented by Flowhub, as hosts Shadd Dales and Anthony Varrell cover a busy week for medical cannabis, hemp and state reform.First, Avicanna (TSX: AVCN) CEO Aras Azadian returns to discuss Q3 2026. The company returned to positive adjusted EBITDA of $0.22 million, a $1.01 million improvement from a $0.79 million loss a year ago. Revenue was $5.73 million, up 2% from last quarter despite Veterans Affairs Canada reimbursement changes. Operating expenses fell 30% to $3.19 million, and gross margin was 51%. The conversation also looks at its proprietary products, the QUIX rapid-onset portfolio, and the intellectual property behind them. As rescheduling expands the U.S. medical framework, could that IP draw growing interest from American companies?Next, FundCanna CEO Adam Stettner joins for his weekly appearance. Marijuana Moment reports the DEA has pushed back on medical marijuana businesses seeking rescheduling protections in at least six states and Washington, D.C., after approving more than 900 applicants. Meanwhile, the first phase of the federal hemp ban takes effect today for synthetic cannabinoids that can't be produced naturally by the cannabis plant. Most remaining hemp products face a ban on December 11, and Congress is in a lame-duck session with a new Congress arriving in January. How high a priority will hemp be?Finally, the hosts look at Wisconsin, where incoming Democratic Gov. David Crowley says legalization could help offset Medicaid cuts, and the next Assembly speaker calls it a priority.Is 2027 the year states lead? Subscribe to TDR for cannabis investing news and analysis.#Cannabis #CannabisNews #CannabisStocks #CannabisEarnings #CannabisIndustry #Marijuana #Weed #Hemp #HempBan #CannabisRescheduling #DEA #Wisconsin #Avicanna #MedicalCannabis #TradeToBlackWant to see more Cannabis Reform?🎬    • Susie Wiles Accused of Influencing Hemp Po...  🎬    • Texas Files 3 Major Legalization Bills for...  🎬    • Republican Congressman Pushes Major Mariju...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

The hemp industry may have just lost one of its best connections to the Trump White House, and the calendar is not on its side. In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down the political fight behind the December 11 federal hemp deadline.President Trump replaced chief of staff Susie Wiles with Stephen Miller last week. Politico reported that Calley Means, a former adviser to Health Secretary Robert F. Kennedy Jr., claims Wiles helped secure the 30-day delay to the hemp restrictions because of her family connections. Her son-in-law, Bret Worley, is president and CEO of Colorado-based MC Nutraceuticals. These are allegations, not established findings, and the White House denies that outside business interests influenced policy.The restrictions were set to begin November 12, and a September spending measure pushed most provisions to December 11. Under the revised definition, finished hemp products with more than 0.4 milligrams of total THC per container would no longer qualify as legal hemp, which threatens much of the beverage and edible market. Synthetic and non-plant cannabinoid provisions still take effect earlier, so not every part shares the same deadline.Now Republicans enter a lame-duck session after losing both chambers, and an extension needs Congress. For state-licensed cannabis operators, the outcome could also change a competitive landscape that has favored hemp.Does Congress give hemp one more lifeline, or does the deadline stick? Subscribe to TDR for cannabis investing news and analysis.#Hemp #HempBan #HempTHC #Cannabis #CannabisNews #CannabisStocks #CannabisIndustry #Marijuana #Weed #LameDuck #SusieWiles #StephenMillerWant to see more Cannabis Reform?🎬    • Texas Files 3 Major Legalization Bills for...  🎬    • Republican Congressman Pushes Major Mariju...  🎬    • DEA Pushes Back as Marijuana Rescheduling ...  🎬    • 2026 Election Results Could Change Marijua...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

On this Veterans Day, Trade to Black, presented by Flowhub, looks at the push to bring psychedelic medicine to veterans and a message on why cannabis has to stay united. Hosts Shadd Dales and Anthony Varrell are joined by Matthew "Whiz" Buckley, who highlights that as many as 22 veterans a day still die by suicide, and by cannabis consultant Gretchen Gailey.In segment one, the conversation centers on the executive order President Trump signed in April 2026 to speed research and access for psychedelic treatments, with veterans at the heart of it. That order directed new funding for ibogaine research, expanded Right to Try pathways and fast-track FDA review.The episode then turns to psilocybin and the first two filings at the FDA. Compass Pathways (NASDAQ: CMPS) completed its New Drug Application this week for COMP360 in treatment-resistant depression, backed by two Phase 3 trials and a Phase 2b study in more than 1,000 participants. Usona Institute, a nonprofit, has reportedly completed its own application for major depressive disorder, based on one Phase 3 trial. Compass shares fell sharply on that report, so the hosts ask whether Compass is still an attractive opportunity if FDA approval comes.In segment two, Gailey discusses her Marijuana Moment op-ed on Massachusetts voters rejecting Question 8 by about 75% to 25%. Her message: opponents are well-funded and organized, the industry's divisions help them, and the next fights, including federal reform, won't be won by assuming the election results will do the work.Subscribe to TDR for cannabis investing news and analysis.#Cannabis #CannabisNews #CannabisStocks #CannabisIndustry #Marijuana #Psychedelics #Psilocybin #CompassPathways #VeteransDay #Veterans #MentalHealth #Massachusetts #TradeToBlackWant to see more Cannabis Reform?🎬    • Texas Files 3 Major Legalization Bills for...  🎬    • Republican Congressman Pushes Major Mariju...  🎬    • DEA Pushes Back as Marijuana Rescheduling ...  🎬    • 2026 Election Results Could Change Marijua...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

On this Veterans Day, Trade to Black, presented by Flowhub, looks at the push to bring psychedelic medicine to veterans and a message on why cannabis has to stay united. Hosts Shadd Dales and Anthony Varrell are joined by Matthew "Whiz" Buckley, who highlights that as many as 22 veterans a day still die by suicide, and by cannabis consultant Gretchen Gailey.In segment one, the conversation centers on the executive order President Trump signed in April 2026 to speed research and access for psychedelic treatments, with veterans at the heart of it. That order directed new funding for ibogaine research, expanded Right to Try pathways and fast-track FDA review.The episode then turns to psilocybin and the first two filings at the FDA. Compass Pathways (NASDAQ: CMPS) completed its New Drug Application this week for COMP360 in treatment-resistant depression, backed by two Phase 3 trials and a Phase 2b study in more than 1,000 participants. Usona Institute, a nonprofit, has reportedly completed its own application for major depressive disorder, based on one Phase 3 trial. Compass shares fell sharply on that report, so the hosts ask whether Compass is still an attractive opportunity if FDA approval comes.In segment two, Gailey discusses her Marijuana Moment op-ed on Massachusetts voters rejecting Question 8 by about 75% to 25%. Her message: opponents are well-funded and organized, the industry's divisions help them, and the next fights, including federal reform, won't be won by assuming the election results will do the work.Subscribe to TDR for cannabis investing news and analysis.#Cannabis #CannabisNews #CannabisStocks #CannabisIndustry #Marijuana #Psychedelics #Psilocybin #CompassPathways #VeteransDay #Veterans #MentalHealth #Massachusetts #TradeToBlackWant to see more Cannabis Reform?🎬    • Texas Files 3 Major Legalization Bills for...  🎬    • Republican Congressman Pushes Major Mariju...  🎬    • DEA Pushes Back as Marijuana Rescheduling ...  🎬    • 2026 Election Results Could Change Marijua...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Democrats just won Congress, and a Republican is now leading the cannabis push. In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down what Rep. David Joyce of Ohio wants Congress to do before and beyond rescheduling.Joyce, a Republican co-chair of the Congressional Cannabis Caucus, told The Marijuana Herald that rescheduling should come with broader legislation. His three priorities: the SAFE Banking Act, which would protect financial institutions that serve state-legal cannabis businesses, the STATES 2.0 Act, which would shield marijuana activity that complies with state or tribal law from federal prohibition, and the PREPARE Act, which would create a federal commission to develop regulations in case federal prohibition ends.He's worked across the aisle before, with Democratic Leader Hakeem Jeffries on PREPARE and Rep. Dina Titus on STATES 2.0, so there's already a history of cooperation. But the video explains why none of this is guaranteed. Rescheduling to Schedule III wouldn't legalize recreational marijuana or fix every problem state-legal businesses face, and even with Democrats in charge, banking still needs 60 votes in the Senate and a presidential signature.The video also looks at what finalized rescheduling could trigger: possible IRS guidance on Section 280E, possible FinCEN guidance on banking, a wave of uplistings to U.S. exchanges and the industry's growing lobbying presence in Washington.Could 2027 finally deliver? Subscribe to The Dales Report for cannabis investing news and analysis.#Cannabis #CannabisNews #CannabisStocks #CannabisIndustry #Marijuana #Weed #CannabisRescheduling #SAFEBanking #CannabisBanking #Congress #Midterms Want to see more Cannabis Reform?🎬    • DEA Pushes Back as Marijuana Rescheduling ...  🎬    • 2026 Election Results Could Change Marijua...  🎬    • Texas Election Could Change Marijuana Lega...  🎬    • Massachusetts Votes Today on Repealing Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Hemp's first federal deadline hits this Thursday. On this Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick off the week with new DEA production quotas, TerrAscend's Q3 results, and Michael Bronstein's Insiders Edge on what's happening on the ground in hemp.First, TerrAscend (TSX: TSND) (OTCQX: TSNDF) Executive Chairman Jason Wild and President and CEO Ziad Ghanem discuss Q3 2026: revenue of $68.2 million, up 4.8%, adjusted EBITDA of $17.5 million, free cash flow of $6.1 million and a 13th straight quarter of positive free cash flow. Pennsylvania grew 16.8%, and the company closed its fifth New Jersey dispensary.Next, Michael Bronstein of the American Trade Association for Cannabis and Hemp (ATACH) gets into the November 12 restrictions on synthetic and non-plant-derived cannabinoids, the broader December 11 deadline, and whether Congress will act after last week's elections. He also touches on the White House chief of staff change and the new push in North Carolina after the elections.Will lawmakers make hemp a priority before December 11? Subscribe to TDR for cannabis investing news and analysis.#Cannabis #CannabisStocks #CannabisNews #CannabisEarnings #CannabisIndustry #CannabisInvesting #Marijuana #CannabisRescheduling #HempBan #TerrAscend #NorthCarolina #Psychedelics #TheDalesReportWant to see last week's recap?🎬    • Is a New Chapter Starting for Cannabis? | ...  Want to see more Cannabis Reform?🎬    • DEA Pushes Back as Marijuana Rescheduling ...  🎬    • 2026 Election Results Could Change Marijua...  🎬    • Texas Election Could Change Marijuana Lega...  🎬    • Massachusetts Votes Today on Repealing Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

What's left between marijuana and Schedule III? In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down the final briefs in the DEA's rescheduling hearing and what comes next now that the judge's pause has ended.The DEA and the groups opposing rescheduling filed their final replies on November 5. The fight centers on a Government Accountability Office report that found gaps in the written procedures used to evaluate controlled substances. Opponents argue those gaps undermine the proposal to move marijuana to Schedule III. The DEA says the report should carry no weight in the judge's recommendation.The DEA's newest argument is the one to watch. In a six-page reply, the agency points out that the same lack of internal written protocols existed during the 2016 review, the one that left marijuana in Schedule I. So why, it asks, do opponents call the earlier review valid but this one flawed? The DEA also says the GAO report found no problem with the science presented during the hearing.Chief Administrative Law Judge Derek Julius had already refused to reopen the hearing for more testimony and discovery. The scheduled stay expired when briefing closed, so his recommendation could come at any time, with no deadline. It would then go to DEA Administrator Terry Cole for a final decision.The video also separates this hearing, which covers the broader proposal, from the April order that moved qualifying state-licensed medical marijuana into Schedule III.Is a decision getting closer? Subscribe to TDR for cannabis investing news and analysis.#Cannabis #CannabisNews #CannabisStocks #CannabisIndustry #Marijuana #Weed #CannabisRescheduling #ScheduleIII #DEA #JudgeJulius #MarijuanaStocksWant to see last week's recap?🎬    • Is a New Chapter Starting for Cannabis? | ...  Want to see more Cannabis Reform?🎬    • 2026 Election Results Could Change Marijua...  🎬    • Texas Election Could Change Marijuana Lega...  🎬    • Massachusetts Votes Today on Repealing Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Did this week mark the start of a new chapter for cannabis? In this Trade to Black Weekly Recap, presented by FRE, Shadd Dales breaks down the biggest stories of the week across politics, federal reform and Q3 earnings.Democrats won both the House and Senate in the midterms and will take control in January. In Texas, James Talarico, Gina Hinojosa and Vikki Goodwin all won, and Massachusetts voters rejected Question 8 by roughly 76% to 24%. Roger Stone is urging Trump to work with Democrats on cannabis legislation, and Rep. Dina Titus sees openings for bipartisan cooperation.In Washington, the DEA and rescheduling opponents filed final briefs, the stay has expired, and Judge Derek Julius's recommendation is next. Trump named Stephen Miller to replace Susie Wiles as chief of staff, raising questions for the hemp industry ahead of the December 11 deadline.Earnings: Trulieve (NYSE: TRLV) posted $230 million in revenue and a 64% gross margin. Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) reported $324.4 million, up 11.3%. Curaleaf (TSX: CURA) (OTCQX: CURLF) hit a record $353 million. TerrAscend (TSX: TSND) (OTCQX: TSNDF) reported $68.2 million and a 13th straight quarter of positive free cash flow.And Organigram (NASDAQ: OGI) (TSX: OGI) signed a definitive agreement to acquire Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) at C$7.80 a share, about C$561 million, with British American Tobacco (LSE: BATS) (NYSE: BTI) investing C$187.5 million. Shareholder, court and regulatory approvals are still required.Subscribe to TDR for cannabis investing news and analysis.#Cannabis #CannabisStocks #CannabisNews #CannabisEarnings #CannabisIndustry #CannabisInvesting #Marijuana #CannabisRescheduling #Midterms #Organigram #HempBan #TradeToBlack #PresidentTrump #JamesTalarico Want to see more Cannabis Reform?🎬    • 2026 Election Results Could Change Marijua...  🎬    • Texas Election Could Change Marijuana Lega...  🎬    • Massachusetts Votes Today on Repealing Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...

Does the White House shake-up change the hemp ban? In this TDR Cannabis in 5, brought to you by FRE, Shadd Dales breaks down what Stephen Miller replacing Susie Wiles as chief of staff could mean for the intoxicating hemp market, and for licensed marijuana operators.President Trump announced Friday that Miller, his deputy chief of staff, will take over Monday, November 9. Wiles moves to the Trump political operation. The change comes days after Republicans lost control of Congress in the midterms.The hemp angle is Wiles's family connection. The New York Times reported that her son-in-law, Bret Worley, is CEO of MC Nutraceuticals, a major hemp-derived cannabinoid company, and was part of an industry campaign to delay the ban. The White House denied that Wiles lobbied Congress on hemp.Two dates now matter. Restrictions on cannabinoids that don't occur naturally in the plant are set for November 12, and the broader change to the federal hemp definition is set for December 11. It would exclude many finished intoxicating products, such as delta-8 products, gummies and beverages, from federally legal hemp.If those rules hold, some demand could shift toward licensed dispensaries, though hemp businesses and operators in both markets could take losses. Miller hasn't publicly taken a position on the hemp deadline, so the video separates what's known from what's speculation.Will hemp win another extension, and does tighter hemp help marijuana? Subscribe to TDR for cannabis investing news and analysis.#Cannabis #CannabisNews #CannabisStocks #CannabisIndustry #Marijuana #Weed #Hemp #HempBan #THC #StephenMiller #SusieWiles #TrumpWant to see more Cannabis Reform?🎬    • 2026 Election Results Could Change Marijua...  🎬    • Texas Election Could Change Marijuana Lega...  🎬    • Massachusetts Votes Today on Repealing Leg...  Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ 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, contact:[email protected] 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 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 made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...