January 5, 2026

What Changes After Rescheduling? – The Dales Report

This episode of TDR Trade to Black kicks off 2026 by stepping back and looking at what actually matters next for the cannabis industry. Shadd Dales is joined by Peter Sack of Chicago Atlantic, one of the most active lenders in cannabis, to talk through how sentiment is shifting now that federal rescheduling is officially in motion.

They discuss President Trump’s cannabis rescheduling executive order, why it matters from a capital and lending perspective, and why this moment feels different from the false starts investors have seen in the past. Peter shares how operators and lenders are reacting behind the scenes, where conversations are picking up, and why more people are starting to lean back into the space after sitting on the sidelines.

The conversation covers what 2026 could bring when it comes to mergers and acquisitions, balance-sheet cleanups, and consolidation across U.S. cannabis.  It also gets into 280E, uplisting expectations, private credit versus traditional banking, and why SAFE Banking alone won’t suddenly fix everything.

From Texas and Florida to Pennsylvania, Virginia, Canada, and Europe, this episode connects policy changes with real-world execution—giving investors a clearer picture of how the next phase of this industry may take shape.