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  • The DEA Requirements Nobody Talks About | Trade to Black

    The DEA Requirements Nobody Talks About | Trade to Black
    2026/07/31
    Deepank breaks down what the DEA is actually looking for compared to the FDA. The DEA isn’t concerned with quality, it’s essentially an inventory management system tracking every milligram of controlled substance in and out of a facility, while the FDA is the one dealing with product quality and safety. That distinction matters when you look at what Vantage has built, a facility designed around DEA control requirements from day one rather than trying to retrofit them in later.They also get into what true GMP pharma compliance actually takes inside a facility, why quality has to be built into a product from the very first step instead of tested in at the end, and what that looks like in practice, from equipment qualification and risk analysis to preventative maintenance and full documentation. Deepank walks through why rescheduling could open up a real FDA drug approval pathway, why retrofitting an old facility to GMP standards basically doesn’t work, and why exporting under this kind of compliance is a completely different undertaking than running domestically.If you’ve wondered what separates a real pharma-grade, DEA-compliant cannabis operation from the rest of the industry, this one lays it out.#TradeToBlack #Vantage #DEACompliance #GMPCompliance #PharmaceuticalGradeCBD #CannabisManufacturing #CannabisRescheduling #CannabisRegulation #CBDIndustry #CannabisExportWant to see more Cannabis Reform?🎬 • Hemp Could Be Taxed Higher Than Alcohol | ... 🎬 • Does This Hemp Bill Actually Fix Anything?... 🎬 • Cannabis Support Didn’t Drop — Here’s What... Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook: / thedalesreport ✅ Twitter: / thedalesreport ✅ Instagram: / dalesreport ✅ LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    23 分
  • Cannabis Earnings Preview: Trulieve, Green Thumb and Curaleaf Are On Deck | TTB Presented by Flowhub

    Cannabis Earnings Preview: Trulieve, Green Thumb and Curaleaf Are On Deck | TTB Presented by Flowhub
    2026/07/31
    On the latest Trade To Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell are joined by Adam Stettner, founder and CEO of FundCanna, the largest dedicated working-capital provider in regulated cannabis — for a look at what the first prints of the post-rescheduling era are actually telling us.Jushi got out early, and its quarter reads like a template for the cohort reporting next week. Revenue up 10%. Wholesale up 68% to an all-time high. Retail up just 4% — on units up 11.4%, a spread that says everything about where pricing is headed. And a $6.4 million discrete 280E tax benefit worth roughly nine times the company's entire quarterly operating income.We break down what that means for the rest of the group. Why strength in Ohio and Virginia should read through to Green Thumb, which holds seven Virginia dispensaries and an early Ohio position, and why the same tailwinds land very differently on a balance sheet with $274 million in cash versus one carrying $219.8 million in debt. Why the Trulieve story runs through the tax line and Florida's hemp market rather than the Virginia build. And what happens after November 12, when the federal hemp redefinition finally forces every state to pick a side.Then we get to Adam's side of the table: who's financing the wholesale surge, what days-sales-outstanding looks like across the supply chain right now, whether rescheduling actually changes how cannabis credit gets underwritten, and what a refinancing conversation sounds like for a mid-cap MSO in this tape.Volume is growing. Price is not. Somebody has to fund the gap.#TradeToBlack #Cannabis #CannabisNews #CannabisStocks #CannabisInvesting #MSO #EarningsSeason #Rescheduling #280E #FundCanna #Flowhub #Jushi #GreenThumb #Trulieve #cannabisindustry Want to see more Cannabis Reform?🎬 • Hemp Could Be Taxed Higher Than Alcohol | ... 🎬 • Does This Hemp Bill Actually Fix Anything?... 🎬 • Cannabis Support Didn’t Drop — Here’s What... Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook: / thedalesreport ✅ Twitter: / thedalesreport ✅ Instagram: / dalesreport ✅ LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    1 時間 4 分
  • Cannabis Consolidation Wave Expected Within 18 Months | Trade to Black

    Cannabis Consolidation Wave Expected Within 18 Months | Trade to Black
    2026/07/30
    Terry breaks down why the next 12 months could bring more change to cannabis finance than the industry has seen in the past decade, pointing to rescheduling, the SAFE Banking Act, and a wave of financial institutions starting to take the space seriously. They get into how 280E going away opens up the full tax code to operators, including potential opportunity zone benefits, and why companies need to simplify their corporate structures now if they want to be ready for consolidation or acquisition down the road.They also cover what happens to ancillary industries once cannabis goes federally legal, from payroll providers to point-of-sale systems to mainstream payment processors, and how that shift could reshape the day-to-day operations of dispensaries and brands. Terry shares his read on where consolidation is likely to hit first, his prediction on how loan participation programs could help smaller banks and credit unions compete, and his thoughts on the Fed holding interest rates steady and what that means for lending in the space.It’s a wide-ranging breakdown of banking, tax policy, and where the money is headed as cannabis finance continues to evolve.#CannabisIndustry #280e #SafeHarborFinancial #CannabisFinance #CannabisBanking #SafeBankingAct #CannabisRescheduling #CannabisMSO #CannabisInvesting #CannabisConsolidation #CannabisTaxWant to see more Cannabis Reform?🎬 • Hemp Could Be Taxed Higher Than Alcohol | ... 🎬 • Does This Hemp Bill Actually Fix Anything?... 🎬 • Cannabis Support Didn’t Drop — Here’s What... Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook: / thedalesreport ✅ Twitter: / thedalesreport ✅ Instagram: / dalesreport ✅ LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    35 分
  • What SNDL’s Latest Quarter Really Says | TTB Presented by Flowhub

    What SNDL’s Latest Quarter Really Says | TTB Presented by Flowhub
    2026/07/28
    In our latest Trade to Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell kick off cannabis earnings season with SNDL (NASDAQ: SNDL), the first company out of the gate this quarter. Revenue for the quarter ended June 30 fell 3.7% year over year to C$235.8 million, while gross profit dropped 16.6% to C$56.3 million, with gross margin contracting 3.7 percentage points to 23.9%. SNDL posted an operating loss of C$7.8 million, driven by softening liquor and cannabis demand, heavier promotional activity, Jeeter production ramp-up costs, and a C$2.3 million writedown on its SunStream investment.Despite the pullback, SNDL closed the quarter with C$183.2 million in unrestricted cash, no debt, and repurchased 11.7 million shares for C$23.3 million. The company also flagged more than C$20 million in expected incremental operating income from ongoing profit initiatives, and free cash flow actually improved year over year to negative C$6.7 million from negative C$7.9 million, helped by working capital timing even with a C$6.9 million incentive payment in the mix. We also get into SNDL’s U.S. expansion, with the company expecting to gain direct control of Parallel’s medical cannabis operations in Florida, Texas, and Massachusetts, a move that could add 56 retail locations and roughly C$150 million in annualized revenue pending regulatory approval.The show also tracks Tilray’s (NASDAQ: TLRY) earnings live as results come out during the broadcast.Like, subscribe, and leave your comments!#TradeToBlack #SNDL #Tilray #CannabisEarnings #CannabisStocks #Q22026 #CannabisIndustry #EarningsSeason #SNDLEarnings #CannabisNews #MSOSWant to see more Cannabis Reform?🎬 • Hemp Could Be Taxed Higher Than Alcohol | ... 🎬 • Does This Hemp Bill Actually Fix Anything?... 🎬 • Cannabis Support Didn’t Drop — Here’s What... Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook: / thedalesreport ✅ Twitter: / thedalesreport ✅ Instagram: / dalesreport ✅ LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    50 分
  • Hemp Could Be Taxed Higher Than Alcohol | TDR Cannabis in 5

    Hemp Could Be Taxed Higher Than Alcohol | TDR Cannabis in 5
    2026/07/28
    The bill splits hemp consumables into two different tax categories. Beverages get taxed at 5 cents per milligram of THC, while everything else gets taxed at 5%, though reporting is inconsistent on whether that’s 5% of retail price or 5% of manufacturer revenue, two very different things. Dales runs the math showing hemp drinks would actually carry 2 to 4 times the federal tax burden of alcohol per serving, despite the bill borrowing alcohol’s regulatory structure, right down to handing oversight to the TTB and setting up a three-tier distribution system that groups like the Wine & Spirits Wholesalers of America and Total Wine are reportedly happy about.Dales also breaks down the enforcement problem, since accurately taxing THC content at the point of production assumes reliable potency testing, something hemp has never been consistent at, and raises the question of whether the proposed 5 cent plus 5% structure is actually calibrated to fund real oversight or just designed to raise revenue.#HempBan #LawfulHempProtectionAct #HempTax #AndyBarr #CannabisIndustry #HempReform #CannabisPolicy #HempIndustry #TTB #CannabisNewsWant to see more Cannabis Reform?🎬 • Does This Hemp Bill Actually Fix Anything?... 🎬 • Cannabis Support Didn’t Drop — Here’s What... 🎬 • Why Cannabis Companies Are Backing Trump |... 🎬 • The DEA Hearing Is Over. Now What? | TDR C... Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook: / thedalesreport ✅ Twitter: / thedalesreport ✅ Instagram: / dalesreport ✅ LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    7 分
  • Big Day For Cannabis Announcements, Bigger Questions Ahead | TTB Presented by Flowhub

    Big Day For Cannabis Announcements, Bigger Questions Ahead | TTB Presented by Flowhub
    2026/07/28
    In our latest Trade to Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down today’s announcements to start things off. First up, SNDL (NASDAQ: SNDL) (CSE: SNDL) made big news by completing its acquisition of Parallel’s Florida, Texas, and Massachusetts assets, a move that positions SNDL to become one of the first Nasdaq-listed companies with direct, consolidated exposure to U.S. medical cannabis operations, adding a 249-store retail network to its portfolio. Next, Glass House Brands (NYSE: GLAS) (CBOE CA: GLAS.A.U) retained former DEA compliance executive Matt Murphy to advise on interstate commerce and export opportunities, leaning on his background building Colombia’s first DEA-comparable compliance program at Khiron Life Sciences. And Vireo Growth (CSE: VREO) (OTCQX: VREOF) agreed to acquire Planet 13 Holdings, a deal that would push Vireo’s Nevada and Florida footprint significantly higher and put its total dispensary count around 265 across 15 states, positioning it as the largest U.S. cannabis operator by store count once all pending deals close.In segment two, global cannabis industry expert and consultant Deepak Anand joins the show to break down how the global cannabis export process will actually work once U.S. reform is finalized. Anand separates fact from fiction on DEA applications, GMP compliance, and what operators genuinely need to understand before they start planning around export opportunities. #CannabisNews #Cannabis #MSOS #CannabisRescheduling #SNDL #GlassHouseBrands #VireoGrowth #Planet13 #CannabisExports #DEACompliance #CannabisIndustryWant to see last week's recap?🎬 • A Lifeline For Hemp, But Is It Right? | TT... Want to see more Cannabis Reform?🎬 • Does This Hemp Bill Actually Fix Anything?... 🎬 • Cannabis Support Didn’t Drop — Here’s What... 🎬 • Why Cannabis Companies Are Backing Trump |... 🎬 • The DEA Hearing Is Over. Now What? | TDR C... Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook: / thedalesreport ✅ Twitter: / thedalesreport ✅ Instagram: / dalesreport ✅ LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    1 時間 1 分
  • What’s Actually Top Of Mind For Q4 | Trade to Black

    What’s Actually Top Of Mind For Q4 | Trade to Black
    2026/07/27
    In our latest Trade to Black, the show shifts back to cannabis equities after weeks focused on the ALJ hearing and rescheduling, checking in on what companies actually took away from IgniteIt in Chicago a month and a half ago, widely described as one of the strongest cannabis events in years. We bring in Ryan Crandall, Chief Commercial Officer of MariMed (CSE: MRMD) (OTCQX: MRMD), to break down what he saw and heard.Crandall breaks down the mood in Chicago, described as upbeat across the board, and touches on the Bob Fireman Entrepreneur of the Year Award going to Weldon Angelos, honoring his advocacy work for people incarcerated on cannabis offenses. He walks through MariMed’s Expand the Brand strategy, built around growing retail and wholesale footprint, and the company’s new Nose Knows campaign for its Nature’s Heritage flower brand, which shifts consumer focus away from THC percentage and toward aroma and terpene profile. The podcast also covers MariMed’s recently filed DEA application on the medical side of the business, the role loyalty programs play in driving repeat purchases, with 80% of transactions coming from loyalty members, and the launch of the company’s new Thrive app. Crandall closes out talking about his seat on the U.S. Cannabis Council’s policy committee and what themes, rescheduling and banking chief among them, are top of mind heading into Q4.#TradeToBlack #MariMed #CannabisEquities #CannabisBranding #CannabisRescheduling #CannabisBanking #USCannabisCouncil #BettysEddies #CannabisStocks #CannabisIndustryWant to see more Cannabis Reform?🎬 • Does This Hemp Bill Actually Fix Anything?... 🎬 • Cannabis Support Didn’t Drop — Here’s What... 🎬 • Why Cannabis Companies Are Backing Trump |... 🎬 • The DEA Hearing Is Over. Now What? | TDR C... Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook: / thedalesreport ✅ Twitter: / thedalesreport ✅ Instagram: / dalesreport ✅ LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    18 分
  • A Lifeline For Hemp, But Is It Right? | TTB Weekly Recap

    A Lifeline For Hemp, But Is It Right? | TTB Weekly Recap
    2026/07/26
    On this week’s Trade To Black Weekly by FRE, host Shadd Dales runs through the biggest developments across cannabis and psychedelics. The headline this week is hemp policy, with Representatives Andy Barr and Angie Craig’s Lawful Hemp Protection Act offering a real alternative to the November THC cliff, raising the limit to 1% total THC by dry weight while adding federal permits, labeling standards, and a three-tier system for beverages.We also cover Senate Democrats reviving the CAOA, now one of three federal legalization frameworks on the table alongside the MORE Act and STATES 2.0, and why reform might ultimately come from Republicans instead.On the consumer side, RYTHM, a brand under Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF), saw its Señorita brand become the official THC beverage partner of Lollapalooza, the latest sign that hemp-derived THC beverages are moving into festivals, arenas, and entertainment venues instead of staying confined to dispensaries. Vireo Growth (CSE: VREO) (OTCQX: VREOF) keeps expanding too, picking up assets from The Cannabist Company (CBOE CA: CBST) (OTCQX: CBSTF) across five states and pushing its footprint toward 230 dispensaries nationally.Cannara Biotech (TSX: LOVE) (OTCQX: LOVFF) launched a share buyback, Auxly Cannabis (TSX: XLY) (OTCQB: CBWTF) is simplifying its capital structure with a reverse split, and in psychedelics, Helus Pharma (NASDAQ: HELP) finished Phase 3 enrollment early for HLP003 while Incannex Healthcare (Nasdaq: IXHL) began screening patients for its sleep apnea trial.A full rundown of where the cannabis and psychedelics industries stand over the past 7 days.#Cannabis #CannabisIndustry #Hemp #HempIndustry #HempBan #CannabisStocks #CannabisRescheduling #AndyBarr #MSOS #CannabisNews #HempReformWant to see more Cannabis Reform?🎬 • Does This Hemp Bill Actually Fix Anything?... 🎬 • Cannabis Support Didn’t Drop — Here’s What... 🎬 • Why Cannabis Companies Are Backing Trump |... 🎬 • The DEA Hearing Is Over. Now What? | TDR C... Want to stay updated on Cannabis, Small Cap, AI, and Crypto?Subscribe to our Daily Baked newsletter:https://newsletter.thedalesreport.com...Find us on social media and podcast platforms:✅ Facebook: / thedalesreport ✅ Twitter: / thedalesreport ✅ Instagram: / dalesreport ✅ LinkedIn: / the-dales-report Apple Podcasts: https://tinyurl.com/TDRTradetoBlackon...Spotify: https://tinyurl.com/TDRTradeToBlackon...Website: https://thedalesreport.com/For copyright matters, contact:sdales@thedalesreport.comPodcast Disclaimer (Financial Interests)The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any company, organization, or employer. The content is provided for informational and entertainment purposes only and should not be taken as financial, investment, or legal advice.The hosts and/or guests may hold positions in the companies, stocks, or financial instruments discussed during the show. These holdings should not be considered endorsements or recommendations to buy or sell any securities. Listeners are encouraged to do their own research or consult with a qualified financial advisor before making any investment decisions.By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any decisions made based on the information discussed.Full Disclosures: https://thedalesreport.com/website-te...
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    9 分