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Psychedelic medicine gets federal attention, CBD program update. In its latest Trade To Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down a new federal report that could reshape how states handle psychedelic medicine going forward - plus the weekly NuggMD safety poll and an update on the CBD pilot program with Dr. Paul Shields. In the headlines, The Dales Report track another grind higher for the sector. MSOS pushed above the $5 mark before pulling back to close near $4.85 on roughly five million shares. Trulieve continued to outpace peers like GTI, Verano and Cresco, finishing around $11.43 after touching $11.85 intraday - a move The Dales Report tie to its recent uplisting, which opened the name to buyers who can't access OTC markets. The Dales Report also flag tomorrow's pre-recorded interview with Adam Stettner of FundCanna. For the Check-In Poll of the Week, presented by NuggMD, 513 respondents were asked what one thing they'd fix about cannabis safety if they could. Stronger testing standards led at 40%, followed by clearer education on products and dosing at 26%, easier and more affordable access to licensed markets at 21%, and cracking down on unregulated products at 13%. The Dales Report connect the results to the ongoing trust gap around untested THCA flower sold outside the licensed framework. From there, Matthew "Whiz" Buckley - founder of Top Gun Options, former fighter pilot, and a longtime voice in psychedelic investing - joins to unpack a new SAMHSA report urging states to plan now, before formal FDA approval of substances like psilocybin and MDMA. The guidance flags Medicaid coverage questions, oversight frameworks, and the legal tension between state and federal law as issues to address before approval, not after. The Dales Report dig into the FDA's unusually fast rolling reviews for companies like Compass Pathways and Definium Therapeutics, and why a Big Pharma buyout looms over the space. Closing out the show is the weekly Vantage Standard segment, presented by Vantage Hemp. Dr. Paul Shields, Chief Medical Officer at Vantage Hemp, returns with an update on the CBD pilot program. Announced in March and live by April, it drew five ACOs but little traction, and Shields explains why he expects no further movement this year. He points instead to the 10-year LEAD program beginning January 1, 2027, and argues that cannabis rescheduling - not this pilot - is the real catalyst for cannabinoid therapy. This and more when you tune in.

Cresco Labs reports $173 million in second-quarter revenue, posts $15 million net income. Cresco Labs reported $173.3 million in revenue for the second quarter of 2026, an increase of 15% from the previous quarter and 6% compared with the same period last year. The Chicago-based marijuana company generated $86.9 million in gross profit during the quarter ending June 30, representing a gross margin of 50.2%. Adjusted gross profit was $89.5 million, with an adjusted margin of 51.6%. Cresco posted net income of $15.4 million, compared with a net loss of $17 million in the first quarter and a $13.9 million loss during the second quarter of 2025. The company recorded $13.4 million in operating income, although it had a pretax loss of $3.6 million before receiving an $19 million income tax benefit. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $39.5 million, up from $32.9 million in the previous quarter but slightly below the $40.9 million reported a year earlier. The company's adjusted EBITDA margin was 22.8%. "Q2 delivered growth ahead of expectations, with revenue up 15% sequentially to $173 million and Adjusted EBITDA up 20% sequentially," said CEO Charlie Bachtell. Bachtell said the company completed its first full quarter operating nine recently acquired Pennsylvania dispensaries, increasing their gross profit dollars by 11% before rebranding any of the locations. He also said Cresco's newest Sunnyside dispensaries in Ohio are among the state's highest-performing recent openings, while its first branded products reached Kentucky medical marijuana patients in June. Cresco generated $15.4 million in operating cash flow and $6.5 million in free cash flow during the quarter, reversing negative free cash flow of $13.2 million in the first quarter. As of June 30, the company had $67.4 million in cash, cash equivalents and restricted cash. Cresco also reported approximately $311 million in senior secured term loan debt and $19 million in mortgage debt. The company also announced that Chief Financial Officer Sharon Schuler is stepping down. Schuler will remain during the transition while Cresco searches for a permanent replacement. Mark Stortz, the company's senior vice president and corporate controller, will serve as interim chief financial officer.

Cresco Labs reported second quarter 2026 revenue of $173 million and adjusted EBITDA of $40 million, representing sequential growth of 15% and 20% respectively. The cannabis company posted gross profit of $87 million and net income of $15 million for the quarter ended 30 June. The company maintained its number one market share position in several US states. In Pennsylvania, Cresco improved gross profit dollars by 11% at nine newly acquired dispensaries before rebranding. Ohio locations ranked amongst the state's highest-performing new openings, whilst Kentucky operations began generating revenue in June. Chief financial officer Sharon Schuler is stepping down. Mark Stortz, senior vice president and corporate controller, will serve as interim CFO whilst the company searches for a permanent replacement.