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Will the GAO Report Make the Record?

By Shadd Dales On Oct 6, 2026

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell open with Curaleaf’s sweetened bid for Aurora Cannabis. They then welcome Michael Bronstein of ATACH and Will Muecke of Artemis Growth Partners. Michael Bronstein gives his read on whether ALJ Derek Julius will ultimately admit the GAO report into the hearing record.

Curaleaf (TSX: CURA) has raised its offer for Aurora (NASDAQ: ACB) to about $5 per share, up from $4, made up of 0.4013 Curaleaf shares plus $1 in cash. That’s an 86% premium to Aurora’s unaffected share price. Varrell notes that with no counteroffer from Aurora, Boris Jordan is essentially negotiating with himself. He argues Aurora’s board can’t ignore the offer much longer.

Curaleaf also expanded its supply agreement with Cannara Biotech to a potential $34 million, up from $21 million. Varrell sees it as Jordan strengthening ties with an Aurora competitor that grows premium flower for export to Europe.

Vireo closed a $60 million real estate loan at 8.5%, secured by its facilities in Johnstown, New York, and Florida. Varrell calls it a bank-grade rate, well below what many operators pay.

In segment two, Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, suggests Judge Derek Julius could admit the GAO report but deem it not germane, which would insulate the record from later challenges. Opponents are attacking process, he argues, because they can’t challenge the science. The group also discusses Treasury and the IRS listing 280E guidance among this fiscal year’s priorities. They also cover Republican senators’ call to investigate Chinese criminal organizations running illegal grows.

In our final segment, Muecke breaks down the Global Cannabis Regulatory Summit’s 2026 white paper, which argues the legalization debate is over and implementation is now the fight. Germany’s patient count has jumped from about 200,000 to nearly 2 million since cannabis left narcotic status, with legal prices undercutting the illicit market. More than 90% of survey responses rated global standards yellow or red, and standards of care scored worst. Muecke also warns of low-cost, pharmaceutical-grade supply coming out of Thailand. The next summit is in Zurich, April 5 to 7.

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.