The Dales Report | Trade to Black

LIVE at 4 PM ET: Shadd Dales and Anthony Varrell kick off a busy Monday on the Trade to Black podcast, presented by Flowhub, with two interviews on cannabis earnings, DEA registrations and the future of federal marijuana rescheduling.First, Jushi Holdings (CSE: JUSH) (OTCQX: JUSH) Chairman and CEO Jim Cacioppo joins after the company's Q3 2026 results. Jushi (CSE: JUSH) (OTCQX: JUSH) reported revenue of $70.5 million, up 7% from a year ago, adjusted EBITDA of $13.6 million at a 19.3% margin, and a net loss of $12.5 million. Wholesale revenue rose 40% to $9.7 million, a second straight quarterly record, and Virginia posted another record quarter for retail and delivery sales, ahead of adult-use sales scheduled to begin July 1, 2027. The discussion covers wholesale growth, key markets, Virginia and what investors should watch as earnings season continues.In segment two, Eric Berlin of Dentons, one of the country's leading cannabis attorneys, returns to break down the latest in federal marijuana reform. The Justice Department says the DEA is registering more than 900 medical marijuana dispensaries in seven states, and nearly 7,000 businesses applied. But the agency is also rejecting certain applications, including from businesses operating under combined medical and recreational licenses, since the April order covers qualifying medical activity only. What do these decisions mean for operators and investors, and how does the separate proceeding before Judge Derek Julius on broader Schedule III rescheduling fit in? Berlin addresses the legal implications and what could come next.#TradeToBlack #Cannabis #CannabisEarnings #CannabisStocks #CannabisRescheduling #Marijuana #MarijuanaStocks #CannabisNews #Weed #cannabisindustry Want to see more Cannabis Reform?🎬    • Which Cannabis Businesses Won't Qualify fo...  🎬    • DEA Just Made a Major Move on Marijuana | ...  🎬    • DEA Pushes Back on New Challenge to Mariju...  🎬    • Most Veterans Support Marijuana Legalizati...  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 DEA is rejecting certain marijuana businesses seeking federal registration, and that has people asking whether companies in states with both medical and recreational programs could be shut out. In this TDR Cannabis in 5, host Shadd Dales breaks down Marijuana Moment's report that the DEA refused to approve a Minnesota dispensary because the state's license covers both medical and recreational sales. The agency says that doesn't satisfy President Trump's April order, which gave Schedule III treatment to qualifying medical marijuana activities but not recreational marijuana. The DEA is applying the rules that exist today, not the rules that could exist if broader rescheduling is approved.The video puts the rejection in context. The Justice Department says more than 900 medical dispensaries in seven states are receiving registrations, and nearly 7,000 businesses applied. Applying doesn't mean qualifying, and some applicants held recreational-only licenses. The host says executives he spoke with haven't received approvals or rejections yet, and that Pennsylvania's absence from the first group doesn't mean rejection.The second half looks at what broader rescheduling would change. Judge Derek Julius is overseeing the proceeding on moving marijuana from Schedule I to Schedule III, which could bring potential relief from Section 280E and a different federal classification. It wouldn't automatically give every dispensary registration or legalize recreational sales nationwide. The host's takeaway: reform is happening in stages, and today's rejections under a limited medical order aren't necessarily the final rules for the industry.Will broader rescheduling clear a path for dual-license operators? Share your thoughts in the comments.#Cannabis #CannabisStocks #CannabisNews #CannabisIndustry #CannabisInvesting #Marijuana #Weed #CannabisRescheduling #DEA #TDRCannabisIn5Want to see last week's recap?🎬    • DEA Registers 900+ Dispensaries, but Not E...  Want to see more Cannabis Reform?🎬    • DEA Just Made a Major Move on Marijuana | ...  🎬    • DEA Pushes Back on New Challenge to Mariju...  🎬    • Most Veterans Support Marijuana Legalizati...  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 DEA granting federal registrations to more than 900 medical marijuana dispensaries in seven states: Alabama, Florida, Mississippi, South Dakota, Texas, Virginia and West Virginia. Host Shadd Dales explains that the DEA also disclosed 6,983 applications, including 4,000-plus dispensaries, 2,000-plus manufacturers and 710 distributors. But the agency refused to approve a Minnesota dispensary because the state's license covers both medical and recreational sales, which doesn't fit the April medical order, and Pennsylvania's 227 applications weren't in the first group. Broader rescheduling remains before Judge Derek Julius.On earnings, Jushi Holdings (CSE: JUSH) (OTCQX: JUSH) grew revenue 7% to $70.5 million with record wholesale sales. Verano Holdings (OTCQX: VRNO) reported about $212 million in revenue, $49 million in operating cash flow and a net loss narrowed to about $4 million. SNDL (NASDAQ: SNDL) (CSE: SNDL) posted record free cash flow of about C$20 million but took a C$52 million impairment on its cannabis operations. Tilray Brands (NASDAQ: TLRY) (TSX: TLRY) cut its brewing footprint and reaffirmed its fiscal 2027 adjusted EBITDA guidance of $68 million to $75 million ahead of its January 1 Carlsberg (Nasdaq Copenhagen: CARL B) partnership.Kentucky now has dispensaries in all 11 licensing regions after Cresco Labs (CSE: CL) (OTCQX: CRLBF) opened in Prestonsburg, with more than 28,000 approved patients.Next week, Curaleaf (TSX: CURA) (OTCQX: CURLF), Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF), Trulieve (NYSE: TRLV) and Cresco report. Jim Cacioppo of Jushi joins Monday's livestream and Boris Jordan of Curaleaf joins Thursday.#Cannabis #CannabisStocks #CannabisNews #CannabisEarnings #CannabisIndustry #MarijuanaStocks #CannabisInvesting #Marijuana #Weed #CannabisReschedulingWant to see more Cannabis Reform?🎬    • DEA Just Made a Major Move on Marijuana | ...  🎬    • DEA Pushes Back on New Challenge to Mariju...  🎬    • Most Veterans Support Marijuana Legalizati...  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 DEA, the agency that spent decades enforcing marijuana prohibition, just granted federal registrations to more than 900 medical marijuana dispensaries. In this TDR Cannabis in 5, host Shadd Dales breaks down the October 30 Justice Department announcement, which calls the registrations the first phase of implementing the April order that moved qualifying state-licensed medical marijuana from Schedule I to Schedule III. The dispensaries are in seven states: Alabama, Florida, Mississippi, South Dakota, Texas, Virginia and West Virginia. A state license doesn't guarantee registration, and businesses must meet federal requirements and complete the DEA's pre-registration investigation.The DEA also disclosed that 6,983 medical marijuana business applications were submitted in the initial window: more than 4,000 dispensaries, more than 2,000 manufacturers and 710 distributors. Oklahoma had the most applications, followed by Florida and California. Applying isn't approval, and manufacturers and distributors face added requirements, including facility inspections and production controls. Under the April order, certain applicants with pending applications may continue medical marijuana transactions during review if they meet the conditions.The host calls it another step in the right direction, and separates it from broader rescheduling, which is still before Judge Derek Julius, with marijuana outside the April order remaining in Schedule I. For investors, he points to implications for federal taxes and Section 280E if broader rescheduling advances. This isn't nationwide legalization, but hundreds of businesses are entering a federal registration system, with thousands more waiting. Is this the start of a much bigger change, or will the government stop short? Tell us in the comments.#DEARegistration #MedicalMarijuana #CannabisRescheduling #ScheduleIII #Section280E #CannabisDispensaries #DOJ #MarijuanaMoment #TDRCannabisIn5 #CannabisNewsWant to see more Cannabis Reform?🎬    • DEA Pushes Back on New Challenge to Mariju...  🎬    • Most Veterans Support Marijuana Legalizati...  🎬    • 1 in 4 Marijuana Users More Likely To Buy ...  🎬    • Congress Has a New Plan to Stop the Hemp T...  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 DEA is pushing back after a federal watchdog found problems with how the government evaluates controlled substances, and opponents are using those findings to challenge marijuana rescheduling. In this TDR Cannabis in 5, host Shadd Dales breaks down the DEA's October 29 brief on the Government Accountability Office report. GAO found the DEA and FDA lack written procedures for certain scheduling evaluations. Groups opposing rescheduling, including Smart Approaches to Marijuana and the states of Idaho, Indiana and Nebraska, say that undermines the process and want marijuana kept in Schedule I. They also question the shift from a five-part test for accepted medical use to a two-part test, and raise concerns about psychiatric risks, prenatal exposure and cardiac events.The DEA says the report doesn't dispute marijuana's accepted medical use, potential for abuse or dependence risk, and asks Judge Derek Julius to give it no weight. It points to its scheduling factors being public for more than two years before the hearing and to HHS's ten-month scientific review. In 2024, the Justice Department's Office of Legal Counsel concluded the older five-part test was too restrictive.On October 22, the judge denied opponents' request to reopen the hearing but admitted the report and allowed written arguments. Replies are due November 5, after which the pause is scheduled to expire and the judge can work toward a recommendation, which isn't final. The host argues missing written procedures aren't scientific findings, expects opponents to sue over a final Schedule III rule, and sees their procedural arguments getting harder to sustain.Do these procedural concerns justify another delay? Tell us in the comments.#CannabisRescheduling #ScheduleIII #DEAHearing #GAOReport #JudgeJulius #MarijuanaRescheduling #SmartApproachesToMarijuana #MarijuanaMoment #TDRCannabisIn5 #CannabisNewsWant to see more Cannabis Reform?🎬    • Most Veterans Support Marijuana Legalizati...  🎬    • 1 in 4 Marijuana Users More Likely To Buy ...  🎬    • Congress Has a New Plan to Stop the Hemp T...  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...

Nearly nine in ten veterans surveyed support legalizing marijuana for medical use, but federal rules still limit what their own VA doctors can do. In this TDR Cannabis in 5, host Shadd Dales breaks down a new survey by Iraq and Afghanistan Veterans of America of 470 of its members. 87% support medical legalization, 61% support recreational legalization, and 91% say cannabis should be researched for its medical potential. 88% want the VA itself to be allowed to research marijuana as a treatment.The surprising finding is a gap between willingness and action. 70% say they'd be comfortable discussing medical cannabis with their primary care doctor, but only 29% have. The group wants Congress to prioritize veteran-focused research, including how cannabis interacts with prescription opioids, anti-anxiety medications and alcohol use, along with risks and long-term outcomes. Supporting research doesn't mean assuming cannabis works for every condition, only gathering the evidence doctors and veterans need.The video covers three bills the group highlighted. The VA Medicinal Cannabis Research Act would direct the VA to study cannabis for veterans with certain conditions. The Veterans Equal Access Act would let VA doctors recommend medical cannabis to eligible patients, where today they can discuss it but not help patients through state programs. The Veterans Cannabis Use for Safe Healing Act would protect veterans from losing federal benefits over medical marijuana use.The host argues Washington should back its words about supporting veterans with research and access. None of these bills has become law, and the survey reflects the group's members only. Should VA doctors be able to recommend medical cannabis where it's legal? Tell us in the comments.#VeteransAndCannabis #IAVA #MedicalMarijuana #VAReform #CannabisResearch #VeteransEqualAccessAct #CannabisPolicy #MarijuanaMoment #TDRCannabisIn5 #CannabisNewsWant to see more Cannabis Reform?🎬    • 1 in 4 Marijuana Users More Likely To Buy ...  🎬    • Congress Has a New Plan to Stop the Hemp T...  🎬    • Virginia Senator Indicted on Marijuana Cha...  🎬    • Is the Rescheduling Stay Finally Ending? |...  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 the Trade to Black podcast, presented by Flowhub, as hosts Shadd Dales and Anthony Varrell welcome Verano Holdings (OTCQX: VRNO) CEO George Archos and Chief Investment Officer Aaron Miles to break down a strong Q3 2026. Revenue grew 5% from a year ago to $212 million, gross profit was $100 million at a 47% margin, and adjusted EBITDA reached $50 million, a 24% margin. Cash from operations nearly doubled to $49 million from $26 million, which works out to about $36 million of free cash flow after $13 million in capital spending. The net loss narrowed to $4 million from $44 million a year ago, and tax expense fell sharply. Through nine months, revenue is up 4% to $639 million, operating cash flow is $98 million versus $39 million, and the net loss has shrunk to $35 million from $74 million. Verano ended the quarter with $102.1 million in cash and updated full-year capital spending guidance to $54 million to $60 million.Next, Kyle Sherman of Flowhub joins to recap this week's NuggMD Check In poll, which asked 654 cannabis consumers who they trust for information on products, dosing and effects. Dispensary staff led with 62.6% rating them high or very high trust, ahead of friends and family at 52.5% and doctors at 45.1%, while AI chatbots had just 6.9% high trust and 61.9% low trust.Then the hosts run down the latest news. Michigan Rep. Jay DeBoyer, the Republican nominee for lieutenant governor, filed a bill to pause the state's new 24% wholesale cannabis tax for a year, arguing it's raising far less than the projected $420 million. Rep. Steve Cohen introduced a sweeping rewrite of the Controlled Substances Act that would move scheduling authority toward HHS, end mandatory minimums and remove marijuana from the law.Log on and leave your comments, don't forget to like and subscribe!#TradeToBlack #Verano #JushiHoldings #CannabisEarnings #VirginiaCannabis #CannabisStocks #Weed #Marijuana #Cannabis #CannabisNews #CannabisRescheduling Want to see more Cannabis Reform?🎬    • 1 in 4 Marijuana Users More Likely To Buy ...  🎬    • Congress Has a New Plan to Stop the Hemp T...  🎬    • Virginia Senator Indicted on Marijuana Cha...  🎬    • Is the Rescheduling Stay Finally Ending? |...  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 the Trade to Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell welcome back hemp farmer Alexander Mootz to react to news that Rep. Morgan Griffith (R-VA) is raising the possibility of putting hemp THC rules into a budget reconciliation bill during the lame-duck session after the midterms. Griffith told Roll Call he'd like his regulatory bill passed before the December 11 deadline. His HEMP Act, filed with Rep. Marc Veasey, would keep hemp products legal under new rules, and he suggested pairing it with a tax measure like Rep. Beth Van Duyne's beverage bill. Reconciliation avoids the Senate filibuster, but provisions that don't directly affect spending or revenue can be challenged and removed. Mootz shares his take on the bill, including his argument that it regulates the conversion pipeline instead of closing the conversion loophole and leaves growers out of the downstream market.In segment two, the Check In poll of the week, presented by NuggMD, asks 654 cannabis consumers how much they trust different sources for accurate information on products, dosing and effects. Dispensary staff lead with 62.6% rating them high or very high trust, followed by friends and family at 52.5% and doctors at 45.1%. Google gets 13.5%, and AI chatbots just 6.9%, with 61.9% saying low trust. The survey ran October 8 to 15 with a margin of error of ±3.83%.In the final segment, Dr. Paul Shields, chief medical officer at Vantage, joins the weekly Vantage Standard segment to discuss what evidence comes next after the DEA judge rejected the request to reopen the rescheduling hearing, what real-world data shows, and whether doctors are ready.#HempBan #HempIndustry #CannabisRescheduling #CannabisIndustry #CannabisNews #HempAct #THC #THCRegulations #SyntheticConversions #Delta9 #Delta9Want to see more Cannabis Reform?🎬    • Congress Has a New Plan to Stop the Hemp T...  🎬    • Virginia Senator Indicted on Marijuana Cha...  🎬    • Is the Rescheduling Stay Finally Ending? |...  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 Supreme Court handed marijuana consumers a major Second Amendment win, and a new survey suggests many cannabis consumers are paying attention. In this TDR Cannabis in 5, host Shadd Dales breaks down what the Court decided and what it left open. In June, the justices unanimously ruled in United States v. Hemani that the government couldn't automatically strip a regular marijuana user of his gun rights under federal law, Section 922(g)(3), which bars "unlawful users" of controlled substances from possessing firearms. But the Court didn't strike down the law, and it left open questions about intoxication, evidence that someone's drug use makes them dangerous, and other drugs.A NuggMD survey of 654 cannabis consumers in legal states, conducted October 8 to 15, found 26% say the ruling makes them more likely to buy a firearm, while 74% say it doesn't. The poll also found a political split, with 41% of Republican cannabis consumers saying they're more likely to buy, compared with 26% of Democrats.The video covers what's next: the ATF has said it will issue updated guidance, the Justice Department proposed a rule in August on restoring firearm rights that touches marijuana use, and lower courts are working through how the decision applies to other cases. The host asks why this is still an issue in 2026, noting that a person can legally drink and own a gun, and that this isn't about encouraging anyone to buy firearms but about equal treatment under federal law.Should someone who legally uses marijuana have the same gun rights as someone who drinks? Share your view in the comments.#cannabis #guns #pistol #weapons #weed #marijuana #pot #thc #supremecourt #news #crime #marijuanaindustry #secondamendmentWant to see more Cannabis Reform?🎬    • Congress Has a New Plan to Stop the Hemp T...  🎬    • Virginia Senator Indicted on Marijuana Cha...  🎬    • Is the Rescheduling Stay Finally Ending? |...  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...

Congress is running out of time to stop the federal ban on hemp THC products, and one Republican lawmaker has floated a way around the Senate filibuster. In this TDR Cannabis in 5, host Shadd Dales breaks down Marijuana Moment's report that Rep. Morgan Griffith of Virginia suggests hemp regulations could ride in a budget reconciliation bill after the November 3 midterms, which can pass the Senate with a simple majority. Griffith's bipartisan HEMP Act, introduced with Rep. Marc Veasey, would set a federal framework and direct the FDA to write rules within three years, with default limits of 5 mg per serving and 30 mg per package if the agency doesn't act. A separate bill from Reps. Beth Van Duyne and Greg Landsman would regulate and tax hemp THC beverages like alcohol.But reconciliation isn't automatic. Provisions must meet strict Senate budget rules, and leaders and enough votes would still be needed. The key dates are November 12 for certain synthetic cannabinoids and December 11 for most products, when a 0.4 mg total THC per container limit takes effect.After speaking with a hemp farmer, the host raises a bigger question: does the HEMP Act close the conversion loophole for cannabinoids made by chemically converting CBD, or give it federal legitimacy? He also asks who the bill really protects, farmers or downstream manufacturers, and where state-licensed cannabis operators fit given their testing and compliance costs. He supports regulation but wants Congress to close loopholes, protect farmers and consumers, and stop creating competing rules.Should Congress regulate hemp THC with testing, age limits and taxes, or let the restrictions take effect? Share your view in the comments.#HempTHC #HempBan #December11 #MorganGriffith #HEMPAct #BudgetReconciliation #Section781 #HempRegulation #TDRCannabisIn5 #CannabisNews #CannabisIndustryWant 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...