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Saphira Galoob: Cannabis Raised During Bank Hearing

By Shadd Dales On Feb 6, 2025

Our latest Trade To Black Podcast features Saphira Galoob, Executive Director of the National Cannabis Roundtable, who joins us to discuss the latest news from Washington, DC. Galoob was present live today at the Senate Banking hearing, and we’ll get some of the talking points, the biggest takeaways, and what should be interpreted from the hearing by cannabis investors. Sunburn Cannabis’ CEO, Brady Cobb, also joins us to discuss the hearing and Florida’s cannabis markets. We’ll also look at this week’s headlines.

Saphira Galoob Executive Director of the National Cannabis Roundtable, which recently announce it will be combining with the USCC to form the US Cannabis Roundtable, says Wednesday’s hearing could signal potential policy changes, including new rules or legislation that establish a national standard for banking services. Notably, cannabis was a recurring topic, brought up multiple times by Senator Elizabeth Warren and Senator Thom Tillis. While Tillis remains opposed to banking reform before federal legalization, Warren pushed for more immediate action. The hearing underscored the difficulties the cannabis industry faces, with 500,000 employees generating $30 billion in revenue but still struggling to access formal banking.

While nothing concrete has come out of the hearing, the inclusion of testimony, and cannabis being integrated into the broader discussions should both be considered wins. Increased visibility and acknowledgements of the financial hurdles are important steps in normalizing the status of cannabis.

Pennsylvania Governor Josh Shapiro has intensified calls for adult-use cannabis legalization, citing economic pressures from surrounding states where cannabis is already legal. With five of Pennsylvania’s six neighboring states having adult-use markets, the state risks losing potential revenue and falling behind in cannabis policy reform. We’ll share our thoughts on the strides towards legalization in PA.

Brady Cobb, CEO of Sunburn Cannabis, will join us to provide an update on what he’s hearing from Washington, DC, regarding both the rescheduling of cannabis and SAFE Banking under the Trump administration. We’ll also discuss the adult-use cannabis landscape in Florida and why it’s gaining momentum faster than most people expect.

Lastly, we’ll dive into Aurora Cannabis (NASDAQ: ACB)’s latest earnings, which saw shares surge Wednesday morning after strong performance in its medical cannabis segment, driving a 37% revenue increase in the company’s fiscal third quarter. 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.