Earnings season is almost wrapped — so what are these latest numbers actually telling us about the cannabis industry right now? On the latest Trade To Black Podcast, presented by Dutchie, we break down the newest earnings from Chicago Atlantic and Rubicon Organics, giving you the real story behind two very different corners of the market. Anthony sits down with Peter Sack, Managing Partner of Chicago Atlantic (NASDAQ: REFI) (NASDAQ: LIEN) to dig into their latest numbers. Then Margaret Brodie, CEO of Rubicon Organics (TSX-V: ROMJ), breaks down one of the biggest glow-ups of the quarter.
It has been a turbulent week in US cannabis policy. The hemp-derived intoxicant ban has triggered widespread debate. We’ll also review Pennsylvania’s budget passage without adult-use legalization, though bipartisan legislators still see a path for reform in 2026.
Chicago Atlantic CEO Peter Sack joins the show to discuss industry fundamentals and capital markets. Chicago Atlantic reported $9.5M in net investment income, rolled out $66.7M in new originations, and kept its entire portfolio fully performing — no non-accruals at all. With a $311M book and another steady dividend, they’re proving that disciplined lending still hits even when the industry’s moving sideways.
Chicago Atlantic’s new borrowers span multiple states, reflecting healthy demand for capital. Sack expects ESOPs and well-capitalized platforms to become major M&A drivers in 2026 and emphasized that both REFI and LIEN are structured to deliver stable income through diversified cash-flow lending.
Rubicon delivered $15.6M in net revenue, doubled gross profit, and posted a massive 1,778% jump in net income YoY. Between international shipments and its Cascadia facility now fully licensed, Rubicon is leaning hard into premium brands and higher-margin channels.
Tune in for all this, plus Rubicon and Chicago Atlantic’s take on this week’s news about Congress passing the funding bill that ended the government shutdown and included a nationwide ban on intoxicating hemp products.
