TikTok Effects On Cannabis Consumption; LFLY Expansion - Cannabis Daily May 18, 2022

Welcome to Cannabis Daily - Your daily guide to cannabis news, industry trends, and trade ideas in under 5 mins.

CRLBF Revenue Up 20 % YoY.

Cannabis consumption is generally depicted in a positive light on TikTok, 63% of users on TikTok are between 12-17 years of age.

The state of Arizona sees a new Cannabis state sales record of $72 million in March. Retail sales of legal cannabis are directly associated with a decrease in use of alcohol, cigarettes and pain medications.

ACB still seeking profitability.

FLGC subsidiary launches partnership with Heisman.

LFLY launches delivery in California and other states for consumers 21 years and older.

Elliot's Watchlist For The Day:

$FLGC

$LFLY

$CRLBF

$ACB

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Good morning. My friends hope you all are having a wonderful week. Happy Wednesday, excited to be here, chatting some cannabis news with my friends. This is Elliot lane host of Benzinga cannabis daily. Really pumped to chat about what's happening in the market. Today is we're going to start off with one of those tier one multi-state operators, Cresco labs.

Gives us their quarterly report, C R L B F on the OTC. Their revenues are up 20% year over year. It increases to 214 million wholesale revenue of 95 and retail revenue of 119 million for a while. Cresco labs has been known as the wholesale retail. When it comes to Ms. Sows in the cannabis space. I don't know if 95 million wins that battle for some reason, curely is in my mind is the winner.

But that being said, they are still one of, if not the leader in the wholesale space. Continuing to dominate that they're also a big brands play. They're very big on brands over at Cresco labs. And of course the acquisition of Columbia care, which should come to fruition later this year.

We'll hopefully continue to drive the trend of this stock upward a study by drug and alcohol review found that cannabis consumption is generally depicted in a positive light on Tik TOK. Color me shocked. Not really. They probably could have said that without a study. This was per high times eventually trying to draw a conclusion on if there is any effect on youth consumption as around 63% of users on Tik TOK are between 12 and 17 years of age.

The state of Arizona sees a new state sales record of $72 million in March. According to data published by the journal of adolescent health retail sales of legal cannabis are directly associated with a decrease in use of alcohol, cigarettes and pain medications. The data comes from the study of trends of 12,500 young adults aged 18 to 25 in the state of Washington.

Another report data also shows medicinal cannabis continues to gain steam in Australia. Now almost 250,000 prescriptions in the last five years, 80% of which are since January 20, 20. A lot of news today from Aurora cannabis AC be on the NASDAQ, still seeking profitability and looking to still cut some costs per MJ biz with additional closures, they are closing their flagship Aurora sky facility in Edmonton, Alberta.

They're also closing an outdoor farm in British Columbia, as well as a testing facility, the company boasted, and it was known for, and its testing and genetic divisions. However, Aurora cannabis on more of a good note here does strengthen their European positioning and receives EU GMP certification at a cannabis production facility.

Flora growth Corp. This is F LGC on the NASDAQ. Their subsidiary vessel brands launches a partnership with Heisman that is Ricky Williams, a cannabis brand. The partnership consists of a unique one hitter ancillary inhalation product. This is really cool. I love flora growth. As you all know, we cover them quite often.

I also love Heisman. They are a private cannabis company, private brand play, and I think a very strong one in there. Out loud and proud in the industry. So I think this is a very strong partnership for the likes of flora growth, Leafly LFL Y on the NASDAQ launches delivery in California and other states for 21 years, 21 year olds and older for consumers there.

So that's awesome. They're expanding. Their footprint, their expanding consumer access. They're expanding quite a bit here on both their side as well as the consumer side. They're a leading platform for looking at strains for looking up data on products, and now they are. Access to those products.

This is really cool on their part. The next step for tuatara capital and spring big taking spring big to the public markets is underway with a meeting to approve the business combination happening on June 9th. This is super exciting. All right. Y'all. If I'm looking at winners, you got to call out Lee.

Flora growth Corp. I'm keeping an eye on what the stock does for Aurora. That's a watch LR for me and Cresco labs as well. So keep an eye on those four stocks today. As we move into the rest of the week, we will continue bringing you the best cannabis news out there. Check out benzinga.com/cannabis.

Thanks to Erin and NAZA for making this happen. We will see you again tomorrow.

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