Cannabis lending remains cautious, but important shifts are starting to take shape—especially as reform discussions gain momentum.In this episode of Trade To Black, we sit down with Peter Sack, Managing Partner at Chicago Atlantic (NASDAQ: REFI), to discuss how lenders are approaching the industry today and what could change if reform or rescheduling moves forward.Here’s what we cover: • $462 million in cannabis lending pipelines—how maturities, refinancing, and distressed assets are being managed. • The Glass House federal raid—why no cannabis product was seized and why that’s a subtle but positive indicator of progress. • Texas, Georgia, and Sun Belt markets—how lenders weigh early-stage medical markets and when capital typically enters. • Rescheduling & reform impact—what might shift in risk thresholds, cash flow profiles, and access to institutional capital. • 280E taxes & ESOPs—why tax policy remains a major barrier to M&A and how ESOP conversions are shaping private operators. • Hemp-derived THC beverages—are they expanding the market, and when might debt capital follow?Peter also outlines how short-term loans, recapitalizations, and disciplined lending frameworks are influencing which companies are positioned to grow—and which may face consolidation—over the next 12–24 months.For investors and operators, this conversation provides a clear view of how capital providers are thinking about the space as the policy environment slowly evolves.0:00:00 - Intro0:01:30 - Cannabis industry trends and national debate0:05:03 - Cannabis lending strategies and debt pipeline0:10:16 - Cannabis rescheduling on capital markets0:13:12 - ESOP (Employee Stock Ownership Plan) strategies0:15:37 - Investing in new, emerging cannabis markets0:19:28 - Michigan market trends and consolidation0:21:39 - Pennsylvania adult-use market potential0:23:41 - THC beverages and market expansion0:25:30 - Wrap-up#CannabisInvesting #CannabisLending #CannabisCapitalMarkets #REFI #ChicagoAtlantic #CannabisReform #280E #HempIndustry #THCBevs #CannabisStocksWant to see last week's recap?   • Biggest Cannabis Developments This Week | ...  Want to see more Cannabis Reform videos?   • Senate Shakes Up Hemp & Cannabis – Psyched...     • Glass House Brands Raided – What It Means ...     • Rescheduling Showdown: GOP Tries to Stop I...     • Trump Allies Push Marijuana Rescheduling |...     • Will Cannabis Reform Finally Happen? | TDR...  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] views on the Trade To Black podcast and the guests on this podcast are purely opinions. You should not treat any opinions expressed by us or our guests as investment advice. The views on this podcast are solely intended to be informational and are not investment advice. Please go to our website for a full list of disclosures and details of any client relationship we have. https://thedalesreport.com/website-te...