In our latest Trade To Black podcast for April 28, 2025, host Shadd Dales and Anthony Varrell break down the latest developments in the cannabis industry and updates on SAFE Banking progress. Cannara Biotech’s CFO Nick Sosiak shares details on their record Q2 2025 earnings, and Michael Bronstein, President of the American Trade Association for Cannabis and Hemp, joins us to discuss Texas hemp industry developments, adult-use cannabis progress in Pennsylvania, and feedback from the WSWA’s fly-in to Washington lobbying for D9 beverages.
First, Cannara Biotech (TSXV: LOVE) reported record Q2 2025 earnings, showing strong momentum across several areas. Cannara’s CFO Nick Sosiak walks us through the results. Highlights include net revenues of $26.6 million, a 35% increase year-over-year. Gross profit before fair value adjustments rose 52% to $10.8 million, with gross margins improving to 41%. Cannara also posted its sixteenth consecutive quarter of positive Adjusted EBITDA, more than doubling to a record $7.1 million, up 102% from Q2 2024. National market share expanded to 3.9%, with key growth in Québec, Ontario, and Alberta. Operationally, the company added two new grow zones, boosting total active canopy to over 300,000 sq. ft.
Sosiak details how Canara’s focus on genetics, cultivation quality, and careful scaling—particularly at their massive Valleyfield greenhouse facility in Quebec—has helped them dominate locally while preparing to expand nationally. Their three main brands, Tribal, Nugs, and Orchid CBD, are positioned at a value-to-mid-tier price point while offering premium quality, which has fueled strong market share gains.
In the second segment, Michael Bronstein, president of ATACH (American Trade Association for Cannabis and Hemp), joined to discuss increasing legislative battles over hemp-derived products, especially in Texas. Texas, he argued, has become a bellwether: if the HB28 bill passes allowing low-dose naturally derived THC beverages and edibles, it could create a massive $3 billion market overnight—but it would also exacerbate the already chaotic federal regulatory landscape. Bronstein emphasized that broader resolution can only come through federal action, particularly by closing loopholes in the Farm Bill and properly regulating intoxicating hemp products.
