Tilray Brands (NASDAQ:TLRY)
Today, shares of the Canadian cannabis business Tilray Brands (NASDAQ:TLRY) surged by double digits, and the stock was still up approximately 9% as of 3 p.m. Eastern Time. Although there was some news from the corporation itself, the surge in price was most likely caused by some remarks made by a prominent senator in Washington, District of Columbia.
Then what?
At this very moment, members of the United States Senate are debating a bill that would end marijuana’s classification as a controlled substance at the federal level. The three Democratic senators sponsoring the Cannabis Administration and Opportunity Act (CAOA) are not overly optimistic about their chances of garnering the required number of votes to enact the bill. Marijuana Moment, a news website dedicated to the cannabis industry, stated today that Ron Wyden, chairman of the Senate Finance Committee, expressed that he maintains the optimism that “certain major reforms” regarding cannabis will be agreed upon and approved during the current session of Congress.
What’s Next?
Senator Wyden made a positive statement regarding the proposed legislation by declaring, “This is a winning subject massively supported by the American people.” However, he admitted that the numbers simply aren’t there to gain enough votes for the proposal to be passed.
Consequently, Senate Majority Leader Chuck Schumer, also a sponsor of the bill, has been holding cross-party discussions to bring about more moderate revisions in more manageable chunks. The proponents of these bills have high hopes that a legislative package that can be approved will be introduced as soon as this fall.
Growers in Canada like Tilray Brands (NASDAQ:TLRY) are rooting for full federal legalization of cannabis in the United States, but any progress in this direction is encouraging for their business. In the meantime, Tilray Brands (NASDAQ:TLRY) is actively expanding its operations in countries other than the United States. Today, the company’s medical division announced that it has released new medical cannabis products in Canada and launched a new program to assist patients who use medicinal cannabis.
According to Blair MacNeil, president of Tilray Canada, the new CannaPoints program “serves to advise our patients on their medical cannabis journey and provide further support as needed.” The success that has been made in the company’s current operations has made investors happy, but they would be even happier to see gradual moves made in the United States toward legalization.
Featured Image: Megapixl @Ostapenkoanton2761
Author Shariq Khan 
