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Cannabis Banking Grows As Reform Looms

By Shadd Dales On Mar 5, 2026

In the latest episode of Trade To Black presented by Flowhub, host Shadd Dales and Anthony Varrell sit down with the CEO of Safe Harbor Financial (NASDAQ: SHFS) to break down the surge of cannabis banking in emerging markets over the past year. Safe Harbor reported a 29% year-over-year increase in average deposit balances across emerging U.S. markets. In the second segment, the conversation switches to the Supreme Court, where justices appeared skeptical of the federal government’s defense of banning marijuana users from owning firearms — especially as cannabis reform is on the way, and rescheduling potentially shifts to Schedule III. Plus, MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) restructured its balance sheet by extending maturities by more than four years,

Cannabis equities bucked a brutal broader market selloff on Tuesday, with MSOX closing up four percent and MSOS gaining two percent even as the Dow shed hundreds of points. The positive momentum seems to be largely holding thanks to ongoing speculation around federal cannabis reform.

We take a closer look at Monday’s Supreme Court oral arguments on cannabis scheduling, with Justice Gorsuch openly questioning why the case was before the court given that rescheduling could be imminent. A Department of Justice attorney stated that the government had not yet made a final decision on rescheduling. Does that statement carry any real signal for investors, or is it simply standard legal procedure? The hosts discuss their read on the matter.

Terry Mendez, CEO of Safe Harbor Financial, joins us for an interview. Safe Harbor is one of the few cannabis-adjacent companies trading on the NASDAQ. Mendez detailed the company’s 29% increase in average deposit balances year over year, with emerging markets now accounting for 31% percent of total deposits, driven by growth in New York, New Jersey, Connecticut, and Florida. He outlined Safe Harbor’s expanded lending capabilities — now ranging from five-thousand-dollar startup loans to twenty-million-dollar deals — and described a rebrand aimed at positioning the company as a full-service financial and professional services partner for cannabis operators.

Recapping recent news segments, MariMed’s debt restructuring extended maturities by approximately 4.6 years and shored up its balance sheet ahead of potential reform. A Massachusetts poll showed 63 percent of voters opposed repealing adult-use legalization, with the state having surpassed nine billion dollars in cannabis sales since 2016. The hosts also noted a report finding that nearly ten million American adults are now microdosing psychedelics, signaling the rapid growth of that adjacent market.

Finally, eight bipartisan Michigan senators were reported to be moving to repeal the state’s recently implemented 24 percent cannabis wholesale tax, following an 8.3 percent year-over-year drop in January dispensary sales.
This and more when you tune in.

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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.