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Matt Karnes: Investors Need To Watch These Market Trends

By Shadd Dales On Oct 31, 2025

Today on the TDR Trade To Black Podcast presented by Dutchie, Shadd Dales and Anthony Varrell meet with Matt Karnes, CEO of GreenWave Advisors. Karnes shares what market investors should pay attention to as cannabis companies start reporting third-quarter results. Part of that will be a deep dive into Verano Holdings’ Q3 earnings and broader cannabis industry trends.

As earnings season unfolds for the sector’s “big four” companies, we’ll examine both market pressures and reform hopes shaping the future of cannabis in the U.S. and globally with Matt Karnes. We’ll look at analyst expectations, margin trends, and which operators might show resilience as the market tightens across U.S. multi-state operators.

Among the operators, we’re breaking down Verano Holdings (CBOE: VRNO / OTCQX: VRNOF) and its latest earnings, then previewing the four major operators reporting next week including Curaleaf Holdings (TSX: CURA / OTCQX: CURLF), Cresco Labs (CSE: CL / OTCQX: CRLBF), Green Thumb Industries (CSE: GTII / OTCQX: GTBIF), and Trulieve Cannabis (CSE: TRUL / OTCQX: TCNNF).

Verano’s earnings came in stable at $203 million in revenue, but with a widened net loss—largely due to a one-time impairment charge. Karnes discussed the ongoing lack of top-line growth across U.S. MSOs, attributing it largely to illicit market competition and unregulated hemp-derived THC. Karnes also pointed to early signs of improvement in markets like New York City and Northern Virginia, where local enforcement is starting to curb illegal sales.

Internationally, Curaleaf’s overseas operations were flagged as a potential bright spot. CEO Boris Jordan previously suggested the international unit could eventually outpace the company’s U.S. valuation. However, concerns remain about Curaleaf’s U.S. cash flow shortfalls.

Marijuana Herald editor Anthony Martinelli’s recent appearance on the Matt Gaetz Show, highlights how much rising political pressure there is for cannabis rescheduling. Gaetz’s support could accelerate reform if he held more sway. But are we likely to see a Veterans Day rescheduling move?

This and more in today’s episode.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.