In our latest TDR Trade To Black podcast, host Shadd Dales sits down with the management team at MariMed (CSE: MRMD / OTCQX: MRMD ) following another strong earnings report that continues to set the company apart from many operators in the cannabis sector right now. CEO John Levine and CFO Mario Pinho recap the company’s latest quarter, including $39.5 million in revenue, 44% adjusted EBITDA growth, expanding margins, and why MariMed continues to focus on disciplined growth instead of chasing scale for headlines.

The conversation also touches on the impact of cannabis reform, the elimination of 280E taxes on the medical side, expansion opportunities in New York, Ohio, Massachusetts and Delaware, and why brands like Betty’s Eddies continue to gain market share in multiple states. Shadd and the MariMed team also discuss the future of cannabis branding, consumer loyalty, operational discipline, wholesale growth and why the next phase of the cannabis industry may finally reward companies that have remained financially responsible during the industry’s toughest years.

Regarding the financial results, Dales described the quarter less as a global growth story and more about the quality of that growth. Piño walked through the main drivers of the margin expansion: mix optimization, deeper wholesale distribution, tighter inventory management and disciplined SG&A, stressing that none of it was the result of a one-time event. EBITDA margin expanded from seven to nine percent, and GAAP losses continued to shrink.

Wholesale strength was notable as MariMed’s brands, particularly Betty’s Eddies, maintained or grew market share even as retail softened due to more price-conscious consumer behavior. Levin credited years of consistency in development and production, as well as an active brand ambassador program that educates budget employees directly in the store, as key to maintaining stock while competitors were losing ground.

The restructuring of the company’s preferred shares also drew attention, with Pinho explaining that eliminating the short-term mandatory conversion and extending maturities to an average of 4.6 years significantly reduces dilution risk and gives the company greater strategic flexibility in the face of a more favorable regulatory environment. With 280E relief now reaching the medical side, capital previously consumed by taxes can be redeployed to expansion markets such as New York, Ohio and potentially Massachusetts.

With federal momentum building, 280E relief starting to take shape, and more carriers gearing up for the next phase of legalization, this was one of the most important conversations we’ve had this earnings season.

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell welcome Michael Bronstein, president of the American Hemp and Hemp Trade Association. Together, we will move forward on changes in hemp and hemp policy, including Farm Bill updates, reclassification updates, and hemp in Virginia and Pennsylvania.

The House has passed its version of the Farm Bill, and inside is language that tightens the definition of hemp and targets toxic products like Delta-8, THCA and synthetic cannabinoids. The bill heads to the Senate, where the debate is becoming more important, and Sen. Rand Paul is one of the main names to watch as lawmakers decide whether this hemp language stays, changes or is challenged. Plus the latest on hemp rearrangements. Medical cannabis has officially been moved to Schedule III, and the DEA has scheduled a hearing for June 29 to determine whether marijuana should follow suit entirely. That opens the door to a big debate about what the federal framework looks like from here. They also enter Virginia’s adult-use deadline and the recent uncertainty surrounding Pennsylvania’s legalization.

We begin the discussion on the expected legal challenge related to the rescheduling of cannabis, from smart approaches to marijuana (SAM). With the DEA already accepting applications under the new framework, guest Michael Bronstein believes SAM faces an uphill battle, noting that bicameral support for reclassification from the Biden and Trump administrations makes it extremely unlikely that a stay will be granted.

The 2024 Farm Bill passed the House with hemp language that redefined the plant to include only natural, non-intoxicating cannabinoids, effectively targeting Delta-8, THCA flower, and much of the synthetic hemp market. Bronstein cautioned that the Senate vote remains a high stakes, noting that the bill is already burdened by competing priorities, with the summer recess fast approaching and a November deadline creating additional pressure.

At the state level, the panel addressed comments from the presumptive Republican nominee for governor of Pennsylvania, who publicly said he would veto any bill to legalize adult use and suggested Senate Republicans block it as long as they have a majority. Bronstein noted that the comments have attracted widespread media attention and argued that the position seems increasingly out of step with federal momentum.

Finally, the hosts turned to Virginia, where Governor Spanberger has until the end of May to sign, veto or allow the legalization bill to become law without his signature. This and more when you join.

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell discuss NewLake Capital Partners’ (OTCQB: NLCP ) and Glass House Brands’ (OTCQX: GLASF ) Q4 2026 earnings reports. First, NewLake Capital Partners CEO Anthony Coniglio joins the show after another solid quarter highlighted by strong AFFO generation, low leverage, solid liquidity and 100% rent. While much of the hemp sector continues to deal with volatility, NewLake remains disciplined while positioning itself for what federal reform could ultimately mean for operators across the industry. Then, in the second segment, Glass House Brands (OTCQX: GLASF ) CEO Kyle Kazan joins the podcast alongside company chairman Graham Farrar after reporting a much tougher quarter despite a delay in talks. Margins came under pressure, EBITDA turned negative and production costs skyrocketed.

We’re starting a discussion around a New York Post story that suggests the hemp industry may be closer to meaningful access to banking. In Virginia, Gov. Abigail Spanberger has had a public clash with the legislature over an adult cannabis bill. With the deadline approaching on May 22, the hosts indicated that the situation remains unsettled.

Anthony Coniglio, Managing Director of NewLake Capital Partners, joins to discuss the REIT’s Q1 2026 earnings. NewLake reported revenue of $12.3 million and AFFO of $0.48 per share, maintaining 100% rent collection on the occupied properties despite the bankruptcy proceedings of one tenant. Coniglio highlighted the company’s nearly unleveraged balance sheet, with $100 million in available liquidity earmarked for expansion in emerging markets including Kentucky, Texas and Georgia. He also noted growing interest from non-traditional cannabis investors after NewLake attended a prominent investment conference in New York and shared that at least one major accounting firm outside of the cannabis space is now actively considering accepting plant-based clients.

Next, Glass House Brands CEO Kyle Kazan and President Graham Farrar provide a detailed update on the company’s operational expansion and strategic positioning following the rescheduling of medical cannabis in Schedule III. The pair outlined the scale of the development, which will add nearly a million additional square feet in the near future, and discussed active conversations around both interstate trade and European export opportunities.

It was just a rough quarter for Glass House…or one of those one-step-back, two-step-forward moments when the company is building what it thinks will be next. Find out in this episode.