congresswoman liz cheney. stefanik is a starch defender a president trump, and there is discussion of what trump's role should be in reshaping the future. >> president trump is the leader they look to. i support president trump. voter support president trump. he's an important voice in a republican party and we look forward to working with him. they were elected and sent here by the people of their district. they are part of this republican conference. we are unified in working with president trump. >> congresswoman stefanik was elected with a 134-46 vote in a closed door meeting following a last-minute challenge from a faction of republicans who say stephan nick is not conservative -- stefanik is not conservative

enough to be conference chair. -- the move comes as the former cold war rivals prepare for a possible presidential summit. a ban on hiring local staff is off. the embassy could continue processing some immigrant visas and resume services to american citizens. the restriction had been a response to u.s. decisions to expel russian diplomat's and oppose sanctions for russia's election meddling. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪ amanda: welcome to "bloomberg

markets." alex: i am alix steel. here are the top stories we are following from around the world. retail sales fallout -- stall out in april. aurora cannabis plunges as the revenue mix was downgraded. we will speak to miguel martin on the outlook. crypto rebounds. digital assets recover from the musk-triggered volatility. we will speak to the largest bitcoin miner. amanda: it's a better day for equities across the s&p 500. every subgroup is in positive territory and doing well. energy a leader in the space as we have seen the risk on days. tech and faang groups are behind

it, among the top leaders of the market today. one that jumps out is disney. so interesting with results because it captures both the stay-at-home trend on streaming and the reopening of the parks. disappointing on streaming growth. a sign of things for some companies. for what it's worth, one of the most interesting pieces of data is the retail sales information. on another date it might rattle markets to see such a disappointing climb down from what we saw a month ago to flat. it is to be expected. the chart tells the story. we are still seeing sales above that trendline. if you are a believer in the trendline, back it will go. this could be the beginning of her versus. -- of reverses. alix: i feel like i bought so much furniture and curtains and, going for a massage. i'm switching from goods to services as the economy changes.

amanda: totally. as we see reopening happening it is not everywhere at once. manhattan is getting back to business. other places are slower. the cdc will he will be very important. america is leading, at least in north america, the path on vaccinations. alix: the part of the reason retail stocks are doing well today despite the miss. the other part is the masks. if you look at the stocks that are doing well within the s&p, a lot are reopening traits. it is hard to make a lot of hay out of one day of market action but it's been a brutal week. you have no masks, you can get more vaccinations and you reopen a little faster and do more. that is helping all these names. in particular some retail guys as well. amanda: then there is the

sentiment of the market back to positive. not for every stock. we are talking to the ceo of a kind of his company up next that is disappointing on the recreational cannabis site. aurora cannabis. find out from the ceo what they can offer investors by way of guidance and profitability after this. ♪

amanda: this is "bloomberg markets." we are watching the cannabis space. it has had a lot of investor attention. it is showing signs of being frayed. is a pandemic effect on the recreational sales.

we are watching one of the oldest names, big and canada, showing a 27% year-over-year drop in sales. reporting a net loss of $164 million. sure, there is maybe a lockdown situation with stores not open. there are a lot of dispensaries in massachusetts. lines around the building at this point. on the reopening happens you never know what's going to happen with recreational sales. amanda: you nailed something analyst have highlighted, the market share loss for aurora. not just an overall market decline. it is specific to acb. we have the ceo with us. starting right there, analysts after analyst saying you are losing share of the recreational side. what do you tell them about that? miguel: thanks for having us.

you have to look at cannabis. aurora is a company with four key parts. domestic medical. internationally, markets like germany, the u.k., poland, czech republic. science and genetics are doing well. the business in canada was a challenge for everyone. we saw covid hit. historic closures. curbside delivery. there was a lot going on there. what i would say is you have to look at the totality of the company and diversity. it's hard to predict in the early innings where we are going. we have medical margins in the 60's. there is a lot of opportunity for us to see benefit. definitely the rec business will get better. alix: you have leadership on the

medical domestic side. 25% of market share. the problem is recreation. if you tripled out on the medical side, does it make you a candidate to be bought or taken over by other companies, pharma companies looking for a like into the space? --leg into the space? miguel: medical is good for a lot of reasons. packaging, science, genetics. we are extremely bullish. you look at most markets in countries. you start with medical and transition into rec. that is why we are so bullish in our opportunities. the number one medical company in the largest federally regulated medical market, has a huge advantage for us in the u.s. couple that with genetics,, i.t. biosynthesis, and i think it is

compelling. compelling is a target or a standalone company, there's a lot for investors. i understand questions about rec but there are more aspects to the business than just the short-term impacts of the rec business in canada. amanda: analysts want some clarity on your path to positive. they want to know about premium flower grown at your sky facilities. what are you telling them about that? higher margins get you to profit. miguel: great question. you look at the history of the company, when we talk about efficiency, they have been able to deliver. 15 millio -- we expect to hit that. with no growth to revenue and no change of margin, the company

will have a significant point of differentiation from our competitors. in terms of the premium business and canada, we have made millions of dollars in investments in potency and quality of our products. while covid delays the impact, we expect there to be an impact on the consumer side of it. we think domination of the efficiencies plus the changes we made in a strong medical business. alix: i'm hearing maybe it's ok to lose the market share in recreational. you don't need to fight tooth and nail for that. hey my reading you right? dashcam i reading you right? -- and my reading you right? miguel: once you have a low-margin versus higher-margin, premium brands, there is definitely a difference. we are focused on our percentage of the profitable that over the market share. today we see market share move

200 to 300 basis points a week. it is very volatile. the long-term trends, a profitable market share, premium trends is where you will see sustainability. amanda: to that point, you are at the moment losing market share and don't yet have the premium flower to offer. i guess it is the path analysts want to see. it's been a bit of a show me situation for a while. when you going to be able to deliver? when is the quarter that you say here it is? miguel: what i would say is we made the changes to the potency. you look at the efficiencies we have announced, look at the success we've had in over 12 countries. i understand the question on rec, but that is not an aurora specific issue. you have stay-at-home orders. you have curbside delivery. i get that.

we will see the market share in the upcoming quarters. more importantly for shareholders and for analysts, looking at a broad-based successful business across four key areas, we think aurora is that. with the efficiencies we expect, that's a point of differentiation. alix: i mentioned to amanda massachusetts has lines around the block for certain dispensaries. how do you get into the u.s. market? miguel: so, we are precluded to being a midwest market as we are traded on their stock exchange and the nasdaq. we expect it will be alterations . for us and the other canadian lp's. we believe through science or genetics or technology or different aspects we have we think we will be there. there is no question the

canadian lps will play a large role. president biden has been very consistent saying decriminalization of medical would be the federal standard. i believe the fda will play a large role in regulating cannabis. our years of successful navigation throughout canada and germany and other key markets around the world gives us a huge advantage when you see federal legalization of cannabis in the u.s. alix: so good to have you with us. appreciate it. miguel martin, ceo of aurora cannabis. the carbon footprint of cryptocurrencies very much and focus. you can thank elon musk for that. coming up, kevin turner, the largest crypto miner in the u.s. on becoming carbon neutral. ♪

alix: this is "bloomberg markets ." bitcoin recovering today after comments by elon musk. it has been a crazy week for bitcoin based on what elon musk has said. first, it was saturday night live. dogecoin for tesla. then i will not accept them because of environmental risks. core scientific is actually really great. amanda: we could call it a black swan event on his own. he raised an important issue around bitcoin, one raised elsewhere. the enormous carbon footprint of mining these things. it's a dirty business globally. it was not long before core scientific replied. the largest miner. they are the largest digital mining and hosting

company in north america. they want to create jobs where power generating manufacturing that the company. it's interesting to see the positioning of we are a green bitcoin company. alix: there is so much energy you need to operate these machines. let's get the perspective from kevin turner of core scientific. if you are never zero, how much of that is actually using renewable energy and being green? how much is planting trees? how much of it is capturing your emissions? kevin: thank you for having me on. it's a pleasure to talk about core scientific and where we are at. we are leading the industry as it relates to being 100% carbon neutral blockchain infrastructure and hosting company in north america. what it means is we have about 56% of our power that we use today is from a noble sources. we purchased the balance from the national wind renewable

energy certificates in north dakota. we have been able to really lead the industry on being a responsible company as it relates to sustainability. amanda: that leaves a big chunk of your source of power that is not renewable. what are the sources of that big coin power? test bitcoin mining power? kevin: 9% is coal. the u.s. runs 19% so we are less than the u.s. average. we use wind and solar. we use all kinds of different innovations. one great thing about blockchain is that it is driving the push into renewable energy. renewable energy is more efficient, more effective and a better source of power. we know because we have power contracts with the largest power manufacturers in north america. we also know by 2035 they all

have plans to be completely out of coal. we are supportive of that. what we do and the performance we do helps them be able to drive that initiative. alix: what a carbon price hurt or help your quest? kevin: pardon me? alix: what a set carbon price from the government hurt or help? kevin: we are very pro being responsible. whatever the politicians and regulators decide we will comply with, but they don't have to tell us to be a carbon neutral organization. we want to lead this charge as it relates to bitcoin. the reason i entered that discussion was to tell elon musk if you're are worried about that, processor bitcoins with core scientific. we are 100% carbon neutral. it was to educate elon musk

with the facts. that is a big misnomer about this business. the other thing that is interesting is that blockchain, one of the most important technology platforms of our lifetime, we are behind the rest of the world in the united states. asia is way ahead of us. europe is way ahead of us. when i saw the opportunity around three and half years ago that somebody would figure this out in the u.s. because it is so disruptive to the central banks and financial management structure that i knew someone would figure it out. we built an incredible company in a short time. alix: it's important to understand what the value is of course scientific when you stop mining bitcoin. i don't want to be a pain but i want to stick on this carbon neutral business. you said 9% coal. there's another 33% from nonrenewable sources. how do you get to carbon

neutral? is it net carbon neutral where you are buying offsets but still burning dirty carbon? kevin: we absolutely -- 56% of the power we use is from a noble sources. the balance, we buy carbon offsets and support a wind farm in north dakota to do that. we use nuclear and coal. a limited amount of coal relative to the rest of the country. yes, we are absolutely -- renewables continue to climb as the technology gets better. alix: just to wrap up talking about what's happening in crypto over the last few days, how do you deal with an industry we have a key man risk from a person not even in the industry? elon musk is now or risk for you guys. kevin: some of the stuff going on with yvonne -- i can't speak for elon. when we got into the conversation is when they began

to really veer off course and not disposed the truth. we are about being able to show we are a responsible company. we are proud of that. as i said, 100. percent carbon net neutral bitcoin is here to stay. it is the digital currency of our time and is very disruptive to the central banks and financial markets structure. we will be the leading edge. we are the leading edge company in north america to help drive that change. alix: we will talk again in the future. there is the whole story beyond bitcoin. the blockchain and the potential for that market. we appreciate you being with us today. kevin turner is the ceo of core scientific. we will see a lot of that,

companies that want to be carbon neutral in the world. it's important to start establishing what that means so investors understand it. alix: some industries are in a tough place. i look at airlines. there is no replacement for jet fuel. you can use sustainable aviation fuel but there is not a ton of that in the world. there are industries that can't do anything about it unless we all stopped taking planes. i have in the last year-and-a-half. there has to be things like planting trees, etc. amanda: absolutely. this is bloomberg markets. ♪

♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network.

so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat, all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours.

mark: i am mark crumpton. the senior advisor to president obama on both -- on president

biden for code response as the centers for disease control would decide soon on whether to update its mask wearing guidance when it comes to travel. he spoke with bloomberg's david westin. >> as of now the cdc is saying if you're going to an airport to get on an airplane, wear our mask. they may update guidance as they learn more. i think for the meantime we need to understand the cdc puts out what it has. ed has got a lot of guidance updates. if i was to travel, i would certainly be wearing a mask on an airplane. mark: he also says they plan that she plans to leave his post at the start of june. british taurus will get to relax on the beaches of portugal after officials in the country lifted restrictions on u.k. arrivals. officials say tourists from the united kingdom with a negative covid test will be able to enter the country starting may 17.