Welcome to Cannabis Daily - Your daily guide to cannabis news, industry trends, and trade ideas in under 5 mins.
Stocks To Watch Today:
Politicians & Cannabis: Controversial GOP Rep. Boebert Calls Sen. Coram 'Illegal Drug Dealer' For Selling 'Hot Hemp'.
Flora Growth Follows Tilray: Reaches Amazon UK With Its Cannabis Brand JustCBD.
Stocks To Watch Today:
$HBORF
$ETRGF
$FLGC
$IWINF
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Elliot Lane
Aaron Thomas
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Good morning investors. Welcome to your next episode of cannabis daily from Benzinga. This is your host Elliot lane. If you're in the United States, I hope you had a great long weekend. Memorial day had hot dogs set by the lake. Doing whatever you do. If you're not in the U S hope you're off to a great start to your week and ready for your next episode here.
So let's chat about what's going on. Dog house farms. Great name is the first in Detroit. To receive a recreational marijuana business license. Now, if you're like me, you thought, wait a second. I thought there was already great weed in Michigan. Not in Detroit, apparently more than two years after the process started is when this is happening.
They have a grow operation on Detroit's east side, there'll be selling recreational marijuana. The process was actually delayed due to a federal court ruling of the muni municipalities, original law. Was likely unconstitutional because it favored local residents. So doghouse farms will most likely start a wave.
Let's see who is next to jump in Laura and Bo Bert is making news by accusing her challenger of selling hot hemp and being an illegal drug dealer. Hot hemp is higher than legal amounts of THC, California marijuana tax revenue has reached $4 billion per marijuana moment. That being said figures over the last 18 months or so are flat and growth has stalled.
4 billion is a big number, but of course we want to continue to see the industry grow, especially in such an emerging phase. So let's see, as that grows, what happens perhaps the tax. Initiatives governor Gavin Newsome may affect this positively or negatively. So TBD as discussed with Abner Curtin, CEO of a sin wellness holdings.
That's aawh on the OTC on bending as cannabis insider. Several leading us operators are teaming up to Sue the federal government and sign on a the same law firm. Clients such as Al gore. The main goals here will be to stop the government from impeding interstate commerce, as well as challenging to ADE.
If you're unfamiliar to ADE is a major tax obstacle for the cannabis industry that blocks the industry from tax deductions that are normally available to other companies. Spain is looking to join the European trend of legalizing medical marijuana. Per reporting from William Rakowitz of Forbes cannabis.
Tourism is now a $17 billion industry, and it is just getting started. My favorite of this of course is button breakfasts. What a great name. According to a Harris poll, 50% of millennials say that access to legal recreational marijuana is important when choosing a vacation destination and 43% of millennials have specifically chosen a destination because recreational marijuana.
Was legal there I'm a millennial. I have not done that. But that being said, I believe in north Carolina's general assembly has started discussions again to legalize medical marijuana, entourage health that's ETR, G F on the OTC is the first of several companies. We're going to talk about reporting earnings today.
Let's get through this very quickly, the first quarter, their total revenue of 15.8 million. Up 17% year over year entourage health, formerly weed MD is a large cannabis licensed producer in Canada. So they are, they've seen a good turnaround under George scorches that there are new head honcho, not new, really.
He has really turned this company around for the better flower Corp F LWP F on the OTC reports. First quarter gross revenue of 3.9 million is up 75% year over year. They did use the funds from there, from the sale of their halogen facility to pay off a loan from ATB. And they're also reinstated. When it comes to trading.
So you can look to increase the volume on that stock today. If you'd like sugar, bud SBU, D F on the OTC, these are all three Canadian LPs. They reported their first quarter gross rev of just under $1 million, which is up 38% year over year. They are a craft cannabis company. So you're not going to see the same numbers out of this company.
Like you would a canopy growth or even an entourage health or a flower court. But they had record grams of cannabis sold. So sugar bud is continuing to prove out their model. Irwin naturals. I w I N F on the OTC reports, unfortunately, they had some CBD issues, which were really what we're going to be talking about today.
Overall, they are a nutraceutical company they're in ketamine, they're in CBD. They did see a 6.4% decline in operating revenue due to supply issues in CBD and income from CBD products was around two and a half million, which was down 33.6%. Kyron life sciences. K H R N F on the OTC reports, 4.6 million in first quarter revenue up 65% year over year and 28% from the end of last year, their record revenue from medical cannabis of 2.6 million, which is 53% of that.
2.6 million is revenue from UK and Germany. Harborside is finalizes their integration measures to become state household. Next month. Wow. We got through a lot of different stuff today. If I'm looking at companies to watch, I'm going to check out Irwin naturals, just given the size of that company. My winners for the day are probably Harborside HBO, RF, entourage, health, 80, or sorry, E T R G F.
And of course check out the other ones we discussed today. I'm sure more news will be coming out shortly on benzinga.com/cannabis. Stay tuned, tune in the cannabis insider every Tuesday and Thursday at 4:00 PM. Eastern time on thing as YouTube, we will see you again tomorrow. My friends. Hey investors.
Thanks so much for tuning in to this. Cannabis daily stock picks and news podcast everyday. Pre-market once again, this is not financial advice. Please do your own research. We hope we bring you the best and most efficient news for your investing. Continue to find us on benzinga.com/cannabis, spending a.com/podcasts or on YouTube on Benzinga.
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