November 18, 2025

How Cannabis Q3 Really Looked – The Dales Report

On the latest episode of Trade To Black, Anthony Varrell sits down with Peter Sack, Managing Partner to break down the recent performance for both Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) and Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI).  Peter shares important insights on what disciplined, credit-first investing looks like in today’s evolving cannabis landscape.

The conversation covers the latest earnings, portfolio activity, and market outlook for REFI and LIEN, including how the team aims to deliver strong results amid shifting regulatory and industry dynamics, like the nationwide ban on intoxicating hemp products.