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Marijuana companies have been struggling for years, but their struggles weren’t evident in the stock market on Tuesday. The prices of some products have increased significantly. tilray brand (NASDAQ:TLRY), an improvement of over 7%. A new survey provides another indication of widespread support for drug law reform in North America.
Strong public support for the equivalent of legalization
A cannabis advocacy group called the Cannabis Policy, Education, and Regulation Alliance (CPEAR) released the results of a study it conducted regarding the right of states to create and enforce their own cannabis laws.
The survey, conducted among residents of Missouri, Ohio, and Wyoming, specifically focused on the proposed STATES Act, which would strengthen the Tenth Amendment. The measure found relatively high support at 67% in Missouri, 61% in Ohio and 72% in Wyoming, according to the law.
More promising for marijuana reform advocates, most Republican voters polled approved the measure. The poll found 62% of Missouri Republicans supported him, 60% of Ohio Republicans and 65% of Wyoming voters. Traditionally, the Republican Party has been the party most opposed to the decriminalization (or full legalization) of marijuana.
Huge market in the south
It’s important to note here that Tilray is not an American company. The company is headquartered and primarily operates in Canada, which already has fully legalized marijuana and its derivatives. However, if cannabis were effectively decriminalized at the federal level in this country, the cannabis market would likely widen and become accessible to international traders.
This means that if the U.S. finally pulls the lever on legal cannabis, Tilray will be one of many producers ready (and certainly ready) to take advantage of it. To do.
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Eric Volkman 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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