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shares of Tilray (NASDAQ:TLRY) It rose 11% on Monday after U.S. Vice President Kamala Harris appeared to support full legalization of marijuana. This is a clearly positive development for cannabis lifestyle and beverage companies.
Kamala Harris favors marijuana legalization
“We need to legalize marijuana,” Harris told a room full of marijuana pardon recipients at the White House on Friday, according to people familiar with the private meeting. In her pre-public opening remarks, Harris also called on the U.S. Drug Enforcement Administration (DEA) to reschedule marijuana “as soon as possible” and said marijuana, currently listed as Schedule I, is just as dangerous as heroin. He claimed that what was being considered was “ridiculous”. Drugs under the Controlled Substances Act of 1970.
Marijuana is currently legal at the state level for medical use in 38 states and recreational use in 24 states. Harris’ comments on Friday marked the first time since she was elected as Joe Biden’s running mate in 2020 that a vice president has signaled support for legalizing marijuana at the federal level. This is a potentially significant change for the administration ahead of this year’s presidential election.
What next for Tilray investors?
Tilray derives about 35% of its revenue from cannabis products, but that total has declined as the company has made major acquisitions in the alcoholic beverage space in recent quarters. Tilray also continues to expand internationally, announcing last week the approval of its first medical cannabis extraction product in Portugal.
However, considering that the US represents arguably the world’s largest cannabis market, with US cannabis sales expected to account for approximately two-thirds of global cannabis revenues by 2024, It’s no surprise that Tilray is rallying as hopes for the drug appear to be rising. In the near future, it will be legalized at the federal level in the United States.
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Steve Symington has no position in any stocks mentioned. The Motley Fool recommends his Tilray brand. The Motley Fool has a disclosure policy.
“Why Tilray Stock Soared Today” was originally published by The Motley Fool.
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