In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell sit down with Safe Harbor Financial ( NASDAQ:SHFS ) CEO Terry Mendez to talk about what hemp finance could look like post-280E. When medical cannabis moves to Schedule III, the industry enters a very different phase. Operators are bracing for cleaner balance sheets, better cash flow and a lending environment that may finally look more rational.

Safe Harbor Financial ( NASDAQ:SHFS ) sits right in the middle of that conversation. Terry breaks down what Safe Harbor really is today – not just a “cannabis bank” but a compliance, lending, fintech and professional services platform built around cannabis operators and financial institutions. The conversation covers how Safe Harbor Financial ( NASDAQ:SHFS ) has repositioned itself under Terry, how the company has reduced debt, strengthened its balance sheet, and why its $25 billion in historical cannabis transaction data could be a key asset. They also access the DEA portal, where more than 400 companies have already filed, what operators need to prepare for under Schedule III and why small businesses can work together if they want to survive the next round of consolidation.

When asked if the struggling carriers simply represent a market correction rather than a fixable structural problem, Mendez acknowledged that shared services alone cannot drive profitability in the most saturated markets. However, his broader view was that too many operators entered the industry without a disciplined CPG playbook, citing site selection, foot traffic analysis and professional management as regularly overlooked fundamentals in cannabis that are non-negotiable in any other retail industry.

With the realignment now in motion, Mendez argues that the gap between well-managed and poorly managed businesses will accelerate. He predicted a wave of leveraged buyout-style consolidation in which better-capitalized players would acquire distressed assets at leveraged levels and run them more efficiently, a strategy he directly compared to the leveraged buyout culture of the 1980s. He also noted that listing on major exchanges would give large operators a currency of equity that would dramatically reduce their cost of capital and increase their acquisition opportunities.

This is a big-picture conversation about finance, lending, compliance, banking, M&A, and what happens when cannabis finally begins to move into a more normal financial system.

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell tackle a big question that many investors are starting to ask right now. Is the cannabis industry finally starting to stabilize? It’s a packed episode in two parts. In the first segment, Scott Grossman, founder and CEO of Vindicator Capital, joins the show to look at the cannabis earnings season, the companies that stood out and whether the recent upturn in sentiment actually has legs. Then in part two we launch a brand new weekly feature, Vantage Standard. This series focuses on what could be the next phase of the cannabinoid industry.

Scott Grossman, founder and CEO of Vindicator Capital, offers Wall Street’s perspective on the hemp industry’s latest earnings season. Grossman describes the present moment as “Cannabis 3.0,” a phase defined not by licensing or survivability, but by company-specific architecture; operators such as GTI, Trulieve, and Curaleaf are each building different strategic paths around recreational dominance, medical expansion, and international reach, respectively.

Be sure to tune in to the interview as Grossman gets candid about his focused approach to portfolio holdings. The conversation will then turn to when, not if, the sector will see a significant revaluation, with Grossman noting that 95 percent of inflows currently go through ETFs and that true institutional participation remains blocked by custody and compliance hurdles.

The second installment introduces Vantage Standard, a new weekly feature. This series focuses on what could be the next phase of the cannabinoid industry: health systems, pharmaceutical-grade manufacturing, Medicare models, physician oversight, and how cannabinoids may eventually fit into the regulated healthcare infrastructure in the United States.

CEO Rusty Kuchta, a 30-year pharmacist, and Chief Medical Officer, Dr. Paul Shields, walk us through the CMS CBD pilot program running in ACO REACH organizations. Together, they help figure out how an entire CBD pilot can evolve from an early-stage framework into a large-scale healthcare model, while giving viewers a step-by-step look at how this entire process will unfold over time.

The cannabis industry took another step toward federal redistricting this week, as the organization Smart Approaches to Marijuana (SAM) filed a formal petition, the first step in a legal challenge to the reclassification process. Hosted by Shad Dales and Anthony Varrell Trade to black The podcast presented by Flowhub breaks down the latest. We examine Curaleaf’s latest earnings and discuss whether Ohio’s $107 million hemp boom could be a preview of what hemp restrictions will do to Hirsh Jane in other state markets.

Curaleaf posted quarterly earnings showing net income of $324.2 million, up 6 percent year-over-year, with a gross profit margin of 49 percent and adjusted EBITDA of $63.4 million. Meanwhile, Ohio’s hemp market reached $107 million in April 2026, both a new monthly record and a 26% year-over-year jump.

Hirsh Jain of Ananda Strategy joined the show live from MJ Unpacked in Atlantic City. He attributed the growth to several converging factors, including an increase in initial sales, an expanded store count that now approaches 210 locations and, importantly, the state’s ban on intoxicating cannabis products in late March. On a daily basis, sales increased by approximately 9% between March and April immediately after the cannabis ban.

In New Jersey, the market has fallen short of its potential due to limited retail density, concentrated store locations, high consumer prices, and an unregulated cannabis market. The eventual launch of Pennsylvania’s adult-only market could further hurt New Jersey’s sales, just as the proximity of Massachusetts has long depressed Connecticut’s numbers. But is it possible that cannabis restrictions could help turn this situation around?

And finally, a quick update on the federal contribution. It’s been about a week since the DEA began accepting registration applications from state-licensed medical cannabis operators, and already more than 400 companies have gone through the system. It shows that the operators are taking it seriously and moving fast. There’s a lot going on right now, and this episode connects the dots.