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Cannabis Stocks, Takeover Fights and Washington Rescheduling Drama

By Shadd Dales On Oct 27, 2026

In today’s Trade To Black podcast presented by Flowhub, Shadd Dales and Anthony Varrell kick off the week with the DEA judge’s ruling on the rescheduling hearing and the latest in the Curaleaf-Aurora fight. We also cover early signs that institutional money is returning to Canadian cannabis stocks, Canopy Growth’s shareholder vote, two political stories from Texas and Virginia, and the earnings calendar ahead.

Chief Administrative Law Judge Derek Julius rejected opponents’ request to reopen the rescheduling hearing for new testimony and discovery. He admitted the GAO report into the record and invited optional 10-page briefs, due October 29, with replies due November 5. Parties can’t respond to each other’s briefs, and he said further requests are disfavored. Dentons attorney Eric Berlin called the order unremarkable apart from its denial of every discovery request, while noting the government still carries the burden of proof.

In the Curaleaf (TSX: CURA) and Aurora Cannabis (NASDAQ: ACB) fight, Aurora says the Alberta Securities Commission dismissed Curaleaf’s application to halt Aurora’s at-the-market program. Aurora says it last used the program August 18 and hasn’t during the hostile bid. Its board urges shareholders to reject the revised offer by taking no action. Curaleaf maintains the process was designed to lock it out.

An analyst note argues that Canadian cannabis fundamentals have turned a corner, with institutional capital returning. It cites new investments in Village Farms (NASDAQ: VFF), the tender offer for Decibel Cannabis (TSXV: DB), and buybacks at Auxly (TSX: XLY), SNDL (NASDAQ: SNDL) and Cronos Group (NASDAQ: CRON). Valuations sit at just 3.5 to 6 times EBITDA. German medical demand has helped absorb Canadian supply.

Canopy Growth (NASDAQ: CGC) shareholders authorized a share consolidation of one for every five to 15 shares, elected five directors and approved MNP LLP as auditor. We also preview last week’s visit to Canopy’s EU-GMP facility in Tiverton, Ontario, where the MTL Cannabis team now leads cultivation. Full coverage is coming later this week.

Democratic Texas Senate candidate James Talarico says he wants to work with President Trump to legalize marijuana federally and expunge past convictions if he wins.

Virginia state Sen. Louise Lucas has been indicted on federal racketeering, drug distribution and money laundering charges. Her co-owned cannabis business was raided in May. The charges are allegations, and Lucas says she’s being targeted.

Finally, earnings season begins this week with Verano and Jushi. Curaleaf reports November 3, Green Thumb November 4, Canopy and Cresco November 6, and Village Farms November 9.

Hear the full rundown before earnings season heats up.

AN – Sidebar Square

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.