The Dales Report | Trade to Black

Earnings season kicks off on the Trade to Black podcast, presented by Flowhub, as hosts Shadd Dales and Anthony Varrell break down SNDL's (NASDAQ: SNDL) third-quarter 2026 results. Revenue came in at $238.0 million, in line with ATB Capital Markets' estimate, and adjusted EBITDA of $15.8 million beat its $11.3 million forecast. Same-store sales fell 3.8% in cannabis retail and 6.0% in liquor retail, gross margin slipped to 24.3%, and the cannabis operations segment is under strategic review. SNDL ended the quarter with $141.1 million in cash and no debt, repurchased about 2% of its shares, and plans a Substantial Issuer Bid for up to C$50 million.In segment two, Fred Gomes, Director of Institutional Research at ATB Capital Markets, joins to discuss his firm's view that institutional money is creeping back into Canadian cannabis, with stocks still trading at 3.5x to 6x EBITDA. ATB's research points to new investments in Village Farms (NASDAQ: VFF) (TSX: VFF) and Auxly (TSX: XLY), the Ewing Morris tender offer for Decibel Cannabis (TSXV: DB) (OTCQB: DBCCF), and sector buybacks, and covers Aurora Cannabis (NASDAQ: ACB) (TSX: ACB), the Curaleaf (TSX: CURA) (OTCQX: CURLF) bid, and a possible Organigram (NASDAQ: OGI) (TSX: OGI) counter.In the final segment, Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, covers the DEA judge's rejection of a request to reopen the rescheduling hearing, with briefs due October 29 and November 5, and the indictment of Virginia state Sen. Louise Lucas. Those charges are allegations.#SNDL #CannabisStocks #Cannabis #CannabisIndustry #CannabisEarnings #CannabisRescheduling #DEA #ALJ #DerekJulius #Marijuana #MarijuanaStocks #MSOSWant to see more Cannabis Reform?🎬    • Virginia Senator Indicted on Marijuana Cha...  🎬    • Is the Rescheduling Stay Finally Ending? |...  🎬    • DEA Judge Rejects Marijuana Rescheduling D...  🎬    • Is Trump Really Losing Support From Cannab...  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...

A Virginia state senator who helped push marijuana legalization now faces federal drug trafficking and corruption charges, and the Justice Department says it isn't going after state-legal cannabis. In this TDR Cannabis in 5, host Shadd Dales breaks down the October 22 indictment of Sen. Louise Lucas and six others, and what it signals about federal marijuana enforcement while rescheduling is still underway.Prosecutors allege Lucas helped run an illegal marijuana distribution enterprise through businesses that appeared to be hemp retailers, and used her political influence to protect it. The indictment includes racketeering, marijuana trafficking, money laundering and corruption-related counts, with prosecutors citing at least 100 kilograms of marijuana and millions of dollars in proceeds. Lucas has not been convicted. She has accused the government of targeting her as a critic of President Trump, Virginia Gov. Abigail Spanberger has questioned the timing before the November elections, and Attorney General Todd Blanche says the investigation began before Trump returned to office.Blanche stressed that the case involves more than running a legal marijuana business and that the Justice Department isn't micromanaging state marijuana laws. The host sees the case as a symptom of years of regulatory inconsistency, says Congress helped create the mess with the 2018 Farm Bill, and is clear that this is an alleged trafficking and corruption case, not proof that the hemp industry is illegal.Lucas is expected back in federal court November 16. Does the Justice Department draw a clear line between legal cannabis and criminal activity, or does this raise new enforcement concerns? Tell us in the comments.#LouiseLucas #VirginiaCannabis #CannabisEnforcement #ToddBlanche #HempRegulation #Section781 #MarijuanaMoment #TDRCannabisIn5 #CannabisPolicy #CannabisNews #CannabisReschedulingWant to see more Cannabis Reform?🎬    • Is the Rescheduling Stay Finally Ending? |...  🎬    • DEA Judge Rejects Marijuana Rescheduling D...  🎬    • Is Trump Really Losing Support From Cannab...  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 Trade to Black podcast, presented by Flowhub, kicks off the week with the latest in the Curaleaf (TSX: CURA) (OTCQX: CURLF) and Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) fight. Hosts Shadd Dales and Anthony Varrell cover Aurora's news that the Alberta Securities Commission dismissed Curaleaf's application to halt Aurora's at-the-market program. Aurora says it last used the program August 18 and hasn't during the hostile bid, and its board urges shareholders to reject the revised offer by taking no action.The hosts also look at early signs institutional capital is returning to Canadian cannabis stocks. One analyst note cites new investments in Village Farms (NASDAQ: VFF) (TSX: VFF), the tender offer for Decibel Cannabis (TSXV: DB) (OTCQB: DBCCF), and buybacks at Auxly (TSX: XLY), SNDL (NASDAQ: SNDL) and Cronos Group (NASDAQ: CRON) (TSX: CRON), with valuations of 3.5x to 6x EBITDA. They also cover Canopy Growth (NASDAQ: CGC) (TSX: WEED), whose shareholders authorized a share consolidation of one for every five to 15 shares, elected five directors and approved MNP LLP as auditor.In segment two, Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, returns for his weekly Insiders Edge segment to run through last week's Washington news, including the DEA judge's rejection of a request to reopen the rescheduling hearing, with optional briefs due October 29 and November 5. They also discuss Texas Senate candidate James Talarico's comments on working with President Trump and the federal indictment of Virginia state Sen. Louise Lucas, whose co-owned cannabis business was raided in May. The charges are allegations, and Lucas says she's being targeted.#TradeToBlack #Curaleaf #AuroraCannabis #CanadianCannabis #CannabisRescheduling #CannabisStocks #Cannabis #CannabisNews #CannabisIndustry #Trump #JamesTalarico #MSOSWant to see last week's recap?🎬    • Is the Rescheduling Stay Finally Ending? |...  Want to see more Cannabis Reform?🎬    • Is the Rescheduling Stay Finally Ending? |...  🎬    • DEA Judge Rejects Marijuana Rescheduling D...  🎬    • Is Trump Really Losing Support From Cannab...  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...

A Texas Democrat says he wants to team up with President Trump to legalize marijuana nationwide, but is it a real opening or political theater? In this TDR Cannabis in 5, host Shadd Dales breaks down what James Talarico, the Democratic nominee for U.S. Senate in Texas, said on MS NOW about working with Trump, and where the administration actually stands.Talarico said he believes Trump supports legalization and hopes to work with him on federal legalization and on expunging past marijuana convictions. But Trump hasn't committed to full legalization. Qualifying state-licensed medical marijuana moved to Schedule III in April, broader rescheduling is still under review, and reports that the administration is considering a commission to study descheduling remain unconfirmed. Even full rescheduling wouldn't legalize recreational marijuana nationwide.The breakdown also compares Talarico with Republican opponent Ken Paxton, the state's attorney general. Talarico backs legal, regulated and taxed adult-use sales, while Paxton has taken legal action against cities that approved local decriminalization and his office has defended hemp THC restrictions. Texas banned delta-8, delta-10 and certain other THC variants starting July 31, though compliant delta-9 products remain. A survey cited in the video found 65% of Texans want hemp THC kept legal or less restricted, versus 19% who favor a ban.Talarico's claims about alcohol and tobacco influence haven't been independently established. The Senate race is November 3, and there's no joint bill or agreement between Trump and Talarico.Real partnership or politics? Tell us in the comments.#Talarico #TexasSenate #MarijuanaLegalization #TrumpCannabis #KenPaxton #CannabisReform #HempTHC #Election2026 #TDRCannabisIn5 #CannabisNews #HempIndustry #CannabisIndustryWant to see last week's recap?🎬    • Is the Rescheduling Stay Finally Ending? |...  Want to see more Cannabis Reform?🎬    • DEA Judge Rejects Marijuana Rescheduling D...  🎬    • Is Trump Really Losing Support From Cannab...  🎬    • Cannabis Industry Divided Over Federal Hem...  🎬    • New Study Shows Americans Are Using 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...

This week's Trade to Black Weekly Recap, presented by FRE, covers the ruling that brings cannabis rescheduling closer to a recommended decision. Host Shadd Dales breaks down Chief Administrative Law Judge Derek Julius's October 22 order rejecting opponents' request to reopen the DEA hearing for more testimony and discovery. He admitted the Government Accountability Office report, which found gaps in written scheduling procedures, but allowed only optional written briefs: October 29 for initial briefs and November 5 for replies, after which the stay expires. That doesn't mean Schedule III takes effect November 5, and there's no deadline for his recommendation. DEA Administrator Terrance Cole would then make a final decision, which could face court review.On the business side, Curaleaf (TSX: CURA) (OTCQX: CURLF) keeps pressing its implied $5 per share offer for Aurora Cannabis (NASDAQ: ACB) (TSX: ACB), with Organigram Global (NASDAQ: OGI) (TSX: OGI) reportedly interested and a December 4 deadline. Rubicon Organics (TSXV: ROMJ) raised $3 million from Siwash Rock Investments to boost output at its Pacifica greenhouse. Glass House Brands (NYSE: GLAS) (Cboe Canada: GLAS.A.U) reported record revenue of $56.8 million and record production, but selling prices fell to $150 a pound and gross margin slipped to 26%. Decibel Cannabis (TSXV: DB) (OTCQB: DBCCF) received a partial tender offer from Ewing Morris at $1.91 a share through November 6, which management and directors say they won't tender into.The takeaway: the recommended decision is the next catalyst, but the final rule and its effective date determine when broader tax relief could begin.#TradeToBlack #WeeklyRecap #CannabisRescheduling #DEAHearing #Curaleaf #AuroraCannabis #GlassHouse #RubiconOrganics #DecibelCannabis #CannabisNews #ALJ #CannabisStocks #MSOS Want to see more Cannabis Reform?🎬    • DEA Judge Rejects Marijuana Rescheduling D...  🎬    • Is Trump Really Losing Support From Cannab...  🎬    • Cannabis Industry Divided Over Federal Hem...  🎬    • New Study Shows Americans Are Using 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...