Welcome to Cannabis Daily - Your daily guide to cannabis news, industry trends, and trade ideas in under 5 mins.
Governor Gavin Newsome is looking to combat the illicit cannabis market and make the legal industry more competitive in large part by zeroing out the cultivation tax businesses currently incur among some other items.
6 elementary-aged students or taken to the hospital after eating cannabis-laced Cheetos.
According to AARP, Those who reported smoking weed more than once a month or more likely than others to have a heart attack.
Columbia care CC HWF on the OTC reports, their first quarter revenues of $123 million up 43% year over year.
M E D I F sees a slower Q1 as well. Revenue of 4.9 million down, both sequentially and year over year.
Verano, VR, N O F and Tyson 2.0, both launch mobile apps.
Elliot's Winners For The Day:
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$CCHWF
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Good morning investors. Welcome to another wonderful week to check out the cannabis industry. This is Elliot lane, host of BENZINGA CANNABIS DAILY PODCAST.
let's dive in. We got some California news to start off our day. We do have earnings. I was hoping I might get a break from those. Just kidding. There are great news, but at the same time, wow. How many earnings did we go over last week? But back to California, governor Gavin Newsome is looking to combat the illicit cannabis market and make the legal industry more competitive in large part by zeroing out the cultivation tax businesses currently incur among some other items, but.
What a move. In terms of this is what people have been pining for what seems like years. So I'm so glad he's finally listening. This isn't a budget proposal by the way. So this is not a law yet, or a, an adjustment of a law. But we'll see how. Progresses. I would say this is very positive news for the California cannabis industry.
If you're looking for stocks to watch based off this news, obviously this will not be immediately effective for any of these companies, but take a look at the parent company at state house and or Harbor side. Take a look at glass house group. There are several to look at. Speaking of California.
This is more on the side, six elementary aged students or taken to the hospital after eating cannabis laced, Cheetos were provided by another student at the school. So they are not bought at the school or from the. And apparently the student did not know that his or her Cheetos were laced. Then when you read the article, one student says the other student added a little bit of something to the Cheetos.
I don't know. We'll see what happens here. Hopefully this isn't another case of that Florida bride lacing her wedding feast with with weed. But this obviously is not the first time that this has happened. So this is unfortunate per the AARP study occurred. Okay. 500,000 people between the ages of 40 and 69 focused on heart health, close to 35,000 of those people reported smoking cannabis 11,000 reported smoking more than once a month.
Researchers controlled for age, gender, and body mass, which all have an impact on the heart. Findings of this, where those who reported smoking weed more than once a month or more likely than others to have a heart attack. More than that, frequent users were more likely than those who abstained to have their first heart attack by the age of 50, which means there, there will be more chance for heart attacks after the age of 50.
This is an interesting bit of news. Obviously, this. Something that's very focused on heart health. There, there was quite a bit of science in the article as well. So I recommend looking that up and checking it out for yourselves, for sure. Columbia care CC HWF on the OTC reports, their first quarter revenues of $123 million up 43% year over year.
But down 12% sequentially reiterate their guidance of 625 to 675 million for the year. I will say. Across the board. Q1 is seasonally a down time for cannabis companies as reported by pretty much every major cannabis executive from operationally driven cultivation focuses to people not buying as much after the holidays.
You do see some solid numbers and increases or flat. Lions like true leaving, purely for spectrally. But overall, the seems to be the trend CBW TF that is Oxley a up and coming licensed producer in Canada reports. Their first quarter revenue declined sequentially 23% to 22.6 million Canadian.
But it's up 147% year over year, they continue as the top market share position for cannabis. 2.0 products per their press release Medipharm labs, M E D I F sees a slower Q1 as well. Revenue of 4.9 million down, both sequentially and year over year, they entered the U S pharmaceutical market for an FDA drug master file or a D M S.
For pure natural CBD API. This is the first for Canadian companies that I believe or first for Canadian companies entering the U S and second for overall north American DMS, Verano, VR, N O F and Tyson 2.0, both launch mobile apps. Check those out Verano for their Zin. Leave Tyson 2.0. Tyson 2.0 a Delta nine, the LTF on the OTC also reports the company closed an acquisition in Q1 of 17.
Dispensary's bringing their total to 35 brick and mortars. They also completed a strategic financing of 10 million from sundial and other credit facility of over 30 million. The revenues were down 13.2 million at two 12.5 million year over year. Overall, I think there are a company to. They are definitely have been improving and trending up recently.
But also that sundial financing is interesting last but not least Ohio activists and state officials have reached an agreement for marijuana legalization to not be on the ballot this year. But I've reached a lawsuit settlement that puts the campaign on a path for 2023. All right. Y'all who is the winner today?
There's not a whole lot of positive reports going on. I'm going to keep Delta nine on my watch list. I'm going to keep Columbia care on my watch list just because they're Columbia care and because of Columbia care, Cresco labs. But that being said, keep an eye on the California companies and how they move.
On that news from governor Gavin Newsome and the budget proposal there. This is Elliot lane host of cannabis daily. Thanks so much for tuning in. We'll do this the rest of the week. Y'all have a great one.
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