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NewsTranscript
00:00 Alright, alright, alright. What is up my friends? Happy Tuesday. Welcome in. This is Elliot
00:09 Lane, host of Benzinga's Cannabis Daily. Apologies for not being with you yesterday.
00:12 A few times off last week, just some different family things happening. Um, babies teething,
00:17 ER visits, just a whole, a whole lot of things. But that being said, we are back today and
00:22 we're gonna continue to power through and bring you your best cannabis news. If we ever
00:25 miss a day, just head to Benzinga.com/cannabis for all your updated news real, real quick.
00:30 Our cannabis news desk is the best. But diving in to what's happened so far this week and
00:35 today. A quick update on the new cannabis ventures, global cannabis stock index down
00:40 19% on the year. This is in comparison with the S&P 500 up 18.2% on the year. We all know
00:49 why it's always good to get a little bit of a dose of realism when it comes to cannabis
00:55 stocks, cannabis capital markets and cannabis investments. But that obviously is, the cannabis
01:00 markets are not the same as every other industry. So that being said, there is quite a bit of
01:07 ways to rebound and go up if a good legislative news happens. But right now, the it's not
01:14 trending well for 2023. Tilray, TLRY on the NASDAQ reports their fourth quarter earnings
01:20 this week, down 37.7% on the year thus far. Alan Brockstein is predicting a meltdown for
01:28 the stock after their earnings. I will say Alan is not known as the biggest optimist
01:33 in the space for the larger companies. Definitely prefers the tier two MSOs and LPs. But that
01:39 being said, we'll see what happens. Alan Brockstein is a well-known analyst in the space. So I
01:45 would hope he's wrong here, but obviously possible in this industry. Canadian cannabis
01:50 sales up 1.2% month over month in May to $415.6 million Canadian dollars. They're also up
01:57 11.2% year over year. I'm always looking for potential IPOs here. When the markets turn
02:05 around or acquisition targets and Timeless Refinery is absolutely one to watch. They
02:12 are a phenomenal brand coming out of the Southwest and expanding through the country. And they
02:17 just came out with a new release that they are now in a thousand more stores across California
02:21 via a partnership with Kiva. So Timeless Refinery is kicking, but right now this is specifically
02:28 for their vapes, but they also have pre-rolls and other products as well. Aurora Cannabis,
02:33 ACB on the NASDAQ has finalized the sale of its Sun facility in Alberta to Bevo Farms.
02:40 This will be up to $15 million depending on how long they take to pay it off. Per Viridian
02:45 Capital of all the middle tier cannabis companies in Canada, Avant Brands that's OTC listed
02:50 AVNTF has the highest credit quality. Rubicon Organics is another good one. Per Fox News,
02:58 a judge ruled Kansas police officers must cease the two-step rule for marijuana vehicle
03:03 searching as it violates the fourth amendment. The cops would basically in a routine traffic
03:09 stop turn towards their cruiser, then turn around and be in a separate search for marijuana.
03:17 Basically it was a numbers game. If you do that enough, you're going to find some marijuana.
03:22 Mayor Suarez of Miami also running for the GOP presidential bid says federal law must
03:27 catch up on marijuana reform. Specifically, he was talking about the robberies targeting
03:34 dispensaries that only hold cash on hand without banking services. This is a tweet he put out,
03:40 believe yesterday or the day before, but all in all, it is nice to see political leaders
03:44 come out and talk about cannabis. We have people talking about cannabis and not doing
03:49 it. So the more people that talk about it, ideally the quicker it gets done. I'm an optimist.
03:54 SNDL and Nova Cannabis extend the date for closing their new partnership to August 25th.
04:00 All in all, y'all, it's not going to be a day of a lot of stock movements. I think as
04:05 shareholders prepare for TLRYs, earnings, ACB, keep an eye on, and then CGC has just
04:11 had a very active few weeks. But that being said, I really feel like stocks are not going
04:16 to do well into the end of summer here until something happens on Capitol Hill. Obviously
04:22 if something bad happens in the fall or in late summer, in August, September timeframe,
04:28 then that will continue to push stocks down. The only thing that could keep stocks up is
04:33 if another GOP senator backs the bill, which would mean no filibuster in the Senate. And
04:40 then it's fully on Chuck Schumer and Sherrod Brown to move that through. So we're keeping
04:44 an eye on all of that. Keep an eye on benzinga.com/cannabis. Tune in today. Benzinga's Cannabis Insider,
04:50 all Eastern Time on YouTube, on Twitter, and on Benzinga Cannabis LinkedIn as we bring
04:56 you some really cool executives throughout the industry every Tuesday and Thursday. Thanks,
05:00 y'all. We will see you again tomorrow. Until then, have a great day.
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