July 17, 2025

How Cannabis Markets Are Shifting & What’s Next Post-Reform – The Dales Report

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, host Shadd Dales and Anthony Varrell sit down with Peter Sack, Managing Partner at Chicago Atlantic (NASDAQ: REFI)(NASDAQ: LIEN), to discuss how lenders are approaching the industry today and what could change if reform or rescheduling moves forward.

Here’s what’s covered:

• $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.