Is cannabis rescheduling moving closer to reality — and why does the President’s language suddenly matter so much?On this episode of TDR Cannabis in Five, host Shadd Dales breaks down why the conversation around cannabis rescheduling has shifted from quiet agency review to front-page political territory. What was once procedural background noise is now being discussed openly by President Donald Trump, with noticeably stronger language than just weeks ago.Back on August 11, the President described cannabis rescheduling as “something we’re reviewing.” This week, that wording changed to “very strongly considering.” That shift may sound subtle — but in Washington, language like this often signals movement behind the scenes.The episode explains why this moment feels different from past reform rumors, why markets are reacting to probability rather than policy details, and why visibility matters as much as substance. As cannabis reform becomes a topic the President is repeatedly asked about in public, it increasingly moves from bureaucratic review into political decision-making territory.Rather than re-explaining what rescheduling is, this breakdown focuses on momentum, timing, and what signals investors, operators, and policymakers are actually watching next.#CannabisRescheduling #CannabisPolicy #DonaldTrump #CannabisReform #CannabisStocks #TDRCannabisInFive #FederalCannabis #ScheduleIII #CannabisInvesting #USPoliticsWant to see last week's recap?   • Trump Puts Cannabis Rescheduling Back in F...  Want to see more Cannabis Reform videos?   • Why Big Pharma Isn’t Taking Over Cannabis ...     • CRS Warns Federal Hemp Ban Hard to Enforce...     • Why Cannabis Messaging Needs a Reset | 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] 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...

Now to today’s question: Does moving cannabis to Schedule III hand control of the industry to Big Pharma?That concern has been circulating widely, but this episode of TDR Cannabis in Five walks through why the fear doesn’t line up with how U.S. law actually works. The breakdown is based on analysis from Kyle Sherman of Flowhub, who lays out where the confusion starts — and why it keeps spreading.The core issue, as Sherman explains, is that three separate legal systems are often treated as one: the Controlled Substances Act, the FDA drug approval process, and state cannabis regulation. While these systems interact, they operate independently. Blurring them together is what fuels the takeover narrative.The episode explains what Schedule III does — and just as importantly, what it does not do. Rescheduling acknowledges medical use at the federal level and lowers regulatory friction, but it does not federalize state cannabis markets, require pharmacy-only sales, or place dispensaries under FDA control.The discussion also covers why state cannabis programs have operated for years under federal enforcement discretion, why FDA authority applies to drugs rather than cannabis broadly, and why any true shift toward a pharmaceutical-only model would require explicit action from Congress.The takeaway is straightforward: Schedule III is a classification update, not a handoff. It opens optional pathways for research and tax relief while leaving state systems intact.#CannabisRescheduling #ScheduleIII #CannabisPolicy #CannabisIndustry #280ETax #StateCannabis #FederalCannabisLaw #BigPharmaMyth #Flowhub #TDRCannabisInFiveWant to see last week's recap?   • Trump Puts Cannabis Rescheduling Back in F...  Want to see more Cannabis Reform videos?   • CRS Warns Federal Hemp Ban Hard to Enforce...     • Why Cannabis Messaging Needs a Reset | TDR...     • What Cannabis Rescheduling Actually Means ...     • Texas Tightens Hemp Rules as Med Program E...  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...

TDR Trade to Black, presented by Dutchie, and the conversation around cannabis reform has evolved quickly since Friday.Michael Bronstein returns to the show to share the latest signals coming out of Washington after reports surfaced late last week that President Donald Trump is considering an executive action to move cannabis from Schedule I to Schedule III. With a full weekend of political reaction now on the record, the question is what’s changed — and what hasn’t.The panel breaks down two new developments first reported by Marijuana Moment. In one, a U.S. senator dismisses the rescheduling effort as political positioning, while Democrats push again for full federal legalization. In another, the U.S. Supreme Court declines to hear a challenge from marijuana companies seeking to overturn federal prohibition — keeping the existing legal framework firmly in place for now.This episode isn’t about predictions. It’s about context, timing, and understanding where cannabis reform really stands as the week begins.#CannabisNews #CannabisRescheduling #ScheduleIII #CannabisPolicy #FederalCannabis #TradeToBlack #CannabisIndustry #MarijuanaMoment #CannabisInvesting #USPoliticsWant to see last week's recap?https://youtu.be/5hEud9Br7vEWant to see more Cannabis Reform videos?https://youtu.be/UgLfdefB5xchttps://youtu.be/Cem39k3lsbMhttps://youtu.be/ZbEt2WWFatIhttps://youtu.be/5914RfJ6jYMWant 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: https://www.facebook.com/TheDalesReportTwitter: https://twitter.com/TheDalesReportInstagram: https://www.instagram.com/dalesreportLinkedIn: https://www.linkedin.com/company/the-...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...

Does Congress’ new hemp ban actually have the teeth to be enforced nationwide?That’s the big question today on TDR Cannabis in Five, after a sweeping federal change — first reported by Marijuana Moment — officially redefines hemp and places most intoxicating cannabinoids under prohibition again.A new Congressional Research Service report says federal agencies may not have the resources or strategy to consistently enforce the ban. That means states could end up taking completely different approaches, creating a patchwork of rules for manufacturers, retailers, and consumers.We break down what changed, what the CRS report warns about, and why the next 12 months could bring a lot of uncertainty for the hemp and cannabis economy.The takeaway: this ban may look clear on paper, but how it plays out will depend heavily on state-level enforcement and how operators respond.#HempBan #FederalHempPolicy #CannabisNews #TDRCannabisInFive #HempIndustry #THCBan #CannabinoidRegulation #HempUpdate #CannabisPolicy #ShaddDalesWant to see more Cannabis Reform videos?   • Why Cannabis Messaging Needs a Reset | TDR...     • What Cannabis Rescheduling Actually Means ...     • Texas Tightens Hemp Rules as Med Program E...  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...

This week’s TDR Trade to Black Weekly Recap, presented by Dutchie, covers a moment that feels like a real inflection point for the cannabis industry.At the top of the list is new reporting from The Washington Post and CNBC showing the Trump administration is actively moving toward rescheduling cannabis at the federal level. Internal discussions are focused on Schedule III — a shift that wouldn’t legalize cannabis outright, but would eliminate IRS 280E, expand federally regulated research, and materially change how U.S. cannabis companies operate and report earnings. It’s the biggest federal policy signal the industry has seen in decades.Beyond Washington, the recap hits several other stories that matter. Pennsylvania’s adult-use debate remains stuck in the Senate, while Kentucky is finally rolling out its long-awaited medical cannabis program. We also break down new federally funded research published by the American Medical Association showing medical cannabis patients reduced opioid use over time — another data point that’s getting harder for policymakers to ignore.On the business side, Trulieve Cannabis Corp. (CSE: TRUL | OTCQX: TCNNF) raised US$100 million to support expansion, while High Tide Inc. (Nasdaq: HITI | TSXV: HITI) pushed its retail footprint to 218 stores. LEEF Brands Inc. (CSE: LEEF | OTCQB: LEEEF) cleaned up most of its long-term debt, and Cronos Group Inc. (NASDAQ: CRON | TSX: CRON) made a bold move into Europe through the Netherlands’ regulated adult-use pilot. We also cover growth plans from Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) and a new social-equity partnership from Ascend Wellness Holdings (CSE: AAWH.U | OTCQX: AAWH).Hosted by Shadd Dales, this week’s recap connects the dots between federal momentum, state-level action, medical research, and how companies are positioning for what could be a very different cannabis landscape heading into 2026.#TradeToBlack #CannabisNews #CannabisRescheduling #CannabisPolicy #CannabisStocks #FederalReform #MedicalCannabis #CannabisIndustry #CannabisStocks #DutchieWant to see more Cannabis Reform videos?   • Why Cannabis Messaging Needs a Reset | TDR...     • What Cannabis Rescheduling Actually Means ...     • Texas Tightens Hemp Rules as Med Program E...  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...

Is the cannabis industry actually prepared for the messaging battle around rescheduling?Today on TDR Cannabis in Five, we’re looking at the communication gap Kyle Sherman from Flowhub has been calling out — where fear-based anti-cannabis campaigns are getting paid amplification while the industry still isn’t speaking with one unified voice.As more rumors of rescheduling circulate, opponents are pushing emotional narratives, while the regulated industry sits on real data — medical research, tax revenue, safety studies — but isn’t packaging it effectively.We walk through what Kyle’s seeing online, messaging mistakes companies keep making, and what strong, unified communication should look like if rescheduling actually lands.Bottom line: the industry has the facts — now it needs the strategy to match.#CannabisMessaging #Rescheduling2025 #CannabisNews #TDRCannabisInFive #Flowhub #CannabisPR #CannabisIndustry #CannabisReform #ShaddDales #CannabisPoliticsWant to see more Cannabis Reform videos?   • What Cannabis Rescheduling Actually Means ...     • 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...

New reporting from The Washington Post says President Donald Trump is considering an executive order that would move cannabis from Schedule I to Schedule III. Nothing has been signed. Nothing is final. But the fact that this conversation is happening — quietly, at the White House — is enough to get the industry’s attention again.A move to Schedule III wouldn’t legalize cannabis, but it would change the tone fast. 280E tax pressure eases. Banking conversations open up. Institutional eyes come back to the sector. For operators and investors, that’s not noise — that’s a potential reset.Shadd Dales and Anthony Varrell break down what’s actually been reported, what’s speculation, and why this moment feels different from the usual rescheduling chatter that pops up and disappears.Brady Cobb and Michael Bronstein are back in the mix, bringing policy context and real-world perspective. They’re joined by Hirsch Jain of Ananda Strategy and Adam Terry of CanTrip, rounding out a deep bench for a conversation that cuts across politics, capital, and execution.This isn’t about celebrating early or calling winners. It’s about reading the signals, understanding the timing, and figuring out what matters — and what doesn’t — if rescheduling really is back in focus.Packed show. Real implications.

Will the U.S. actually reschedule cannabis before year’s end — or are we headed for another delay?Today on TDR Cannabis in Five, we’re breaking down what rescheduling really means for taxes, research, operators, and investors, and why timing matters more than people realize.Moving cannabis from Schedule I to Schedule III would immediately remove 280E, open new research pathways, and change how the IRS handles compliance. But history tells us to stay cautious — deadlines and momentum often fade in Washington.We walk through the benefits, the political risks, and why announcing rescheduling before December 31st would give the industry a clean financial start in 2026.The takeaway is simple: the logic for rescheduling is strong, but the political timeline is still the wild card.#CannabisRescheduling #ScheduleIII #280E #CannabisNews #TDRCannabisInFive #CannabisReform #CannabisInvesting #CannabisTax #ShaddDales #CannabisPolicy Want 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...

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...

Is Texas quietly setting the tone for how states handle intoxicating hemp going forward?Today on TDR Cannabis in Five, we’re looking at Texas’ revised rule restricting hemp-derived THC products for anyone under 21 — news first reported by Marijuana Moment — and how this connects to the state’s growing medical marijuana program.Texas officials have updated the rule to formalize the 21+ restriction, adjust penalties for retailers, and add a new “reasonable mistake” defense when customers appear 40 or older. At the same time, Texas is preparing to expand its medical cannabis program with more dispensaries and updated qualifying conditions.It’s a two-track system developing in real time: tighter rules for hemp, more access for medical patients.The takeaway — Texas is moving toward a more structured, regulated approach, and both the hemp and medical markets will feel the effects headed into 2026.#TexasCannabis #TexasHemp #CannabisNews #TDRCannabisInFive #HempPolicy #TexasTHC #MedicalCannabisTexas #HempIndustry #CannabisRegulation #ShaddDalesWant to see more Cannabis Reform videos?   • New York Study Shows Medical Cannabis Cuts...     • Cannabis vs Alcohol & Pharma: What’s Reall...     • Dina Titus Demands Answers from Attorney G...     • Senator Blocks Trump Drug Czar Nominee | T...  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...