Can a California extraction-first operator really turn brutal market headwinds into 45% margins—and keep it going as New York ramps up? That’s the question on the table in this deep-dive with one of the rare feel-good earnings stories in U.S. cannabis right now.The TDR Trade To Black podcast, host Shadd Dales and Anthony Varrell interview Micah Anderson, CEO of LEEF Brands Inc. (OTCQB: LEEEF) (CSE: LEEF), to walk through how an extraction-led, vertically integrated model is driving margin expansion in California and early wins in New York. From locking in sub-$10/lb input costs off a 65-acre farm in Santa Barbara County to running three extraction lines in Mendocino, Micah breaks down the playbook behind LEEF’s Q3 turnaround, capacity sell-through, and brand-partner strategy.They also get into what’s next: where concentrates and smokeless products fit as consumer preferences shift, how genetics and SOPs matter when you’re scaling outdoor at size, and why California could still be the global engine once interstate commerce and a “one plant” THC policy finally land. Along the way, the crew talks New York realities vs. hype, why being battle-tested in California matters, and how a company like LEEF is positioning for the day big CPG and beverage money shows up.This episode is a neutral look at how one operator is executing in two of the country’s most important markets.#CannabisStocks #LEEFBrands #TradeToBlack #CannabisInvesting #CaliforniaCannabis #NewYorkCannabis #CannabisExtraction #VerticalIntegration #CannabisEarnings #CannabisNewsWant to see last week's recap?   • Congress Drops a Hemp Shockwave | TTB Week...  Want to see more Cannabis Reform videos?   • How the Hemp Ban Impacts Cannabis Reschedu...     • Hemp Ban Sparks Major Lawsuits | TDR Canna...     • Ted Cruz Shocks D.C. by Backing the Hemp I...  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:[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 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...