In this episode of TDR Trade to Black, hosts Shadd Dales and Anthony Varrell sit down with Micah Anderson, CEO of LEEF Brands (CSE: LEEF, OTCQB: LEEEF), to talk about one of the biggest moves a cannabis company can make right now: aggressively cleaning up the balance sheet.Micah walks through why LEEF decided to eliminate over US$10.5 million in debentures early, how much interest expense that actually saves, and why he personally converted his own debentures on the same terms as everyone else. For investors, it’s a rare look at how a CEO thinks about dilution, leverage, and long-term positioning in a tough market.Shadd and Anthony also get into:• Why balance sheet risk is blocking a lot of M&A• How LEEF is thinking about CapEx, expansion, and outdoor cultivation in California and New York• What makes markets like Nevada, Missouri, New York and Florida interesting (or not) for LEEF’s model• The real differences between operating in California vs. New York from a regulatory and tax perspective• Why having a “clean engine” matters if consolidation accelerates in 2026It’s a straightforward, numbers-driven convo for anyone tracking cannabis debt, growth strategy, and multi-state expansion heading into the next phase of the cycle.#TDRTradeToBlack #LEEFBrands #CannabisInvesting #CannabisStocks #CannabisIndustry #CannabisDebt #CannabisMNA #ShaddDales #AnthonyVarrell #CannabisBusinessWant to see more Cannabis Reform videos?   • Texas Tightens Hemp Rules as Med Program E...     • New York Study Shows Medical Cannabis Cuts...     • Cannabis vs Alcohol & Pharma: What’s Reall...  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...