April 2, 2026

Chicago Atlantic Earnings Tell the Industry Story – The Dales Report

In the latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell shift the focus back to earnings and the broader health of the cannabis industry — looking beyond the usual headlines around reform and rescheduling.

This episode features a conversation with Peter Sack, Managing Partner of Chicago Atlantic, CEO of Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) and Chicago Atlantic BDC, Inc. (NASDAQ: LIEN), offering a deeper look into what’s actually happening across the cannabis capital markets right now.

While much of the industry continues to watch Washington, this discussion brings things back to fundamentals — how operators are performing, where capital is being deployed, and how lenders are navigating a market that continues to mature.

The conversation touches on key state-level developments across markets like New York, Minnesota, Virginia, Georgia, Texas, and Kentucky, along with insights into pricing pressure, competition, and how operators are working to differentiate in more competitive environments. 

It also highlights how both vehicles (NASDAQ: LIEN) and (NASDAQ: REFI) are positioned within today’s credit landscape, and why a disciplined approach to lending continues to matter — especially at a time when capital is still limited and selective.

From ESOP structures and M&A activity to evolving credit markets and reform expectations, this episode provides a clear, grounded look at where the cannabis industry stands in 2026 — and what investors should be paying attention to moving forward.