Important points
The CEO of Tilray Brands said it is more likely that the regulatory environment for recreational cannabis will improve as a result of the presidential election. Kamala Harris and Donald Trump have indicated in recent weeks that they support legalizing or decriminalizing marijuana. Marijuana legalization has gained support among the following people: According to reports, voters of both parties.
Tilray Brands (TLRY) CEO Irwin Simon said the 2024 presidential election is likely to improve the U.S. legal cannabis industry, regardless of who wins.
Along with the company's first quarter fiscal 2025 results, Simon said, “The upcoming U.S. presidential election has the potential to improve regulatory changes for the cannabis industry, as both candidates have publicly expressed support for further legalization. I think it's higher,” he said. .
Tilray is a Canadian company primarily focused on the cultivation, processing, and distribution of medical cannabis products with operations in Canada and the United States, as well as Europe, Australia, and Latin America.
So far, Tilray's first-quarter sales rose 13% year-over-year to $200 million, and its net loss narrowed to $34.7 million from $55.9 million a year earlier.
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Vice President Kamala Harris, the Democratic presidential candidate, expressed her views on marijuana legalization in an interview on the podcast “All the Smoke” last month.
In that interview, she said, “I feel very strongly that people shouldn't go to jail just for smoking weed. And we've historically had a hard time understanding what that means and who goes to jail.” I know.''
Meanwhile, former President Donald Trump, the Republican presidential candidate, said on social media that he would vote in favor of the Florida amendment that would legalize recreational marijuana use in the state.
This is a shift from the administration's approach, where Attorney General Jeff Sessions repealed a policy that shielded state-level marijuana laws from federal interference.
Politico reports that federal legalization of marijuana has support among voters of both parties, but especially among groups that have historically voted Democratic. According to a 2022 Pew Research survey, 61% of black men support legalization.
