Tilray (NASDAQ:TLRY)
In the United States, public opinion in favor of legalizing marijuana seems to be shifting dramatically. At least, that’s what a recent survey found. Today, the sector’s key player made a move that, along with the above, has sent cannabis stock prices soaring. One stock that did well was Tilray (NASDAQ:TLRY) of Canada. As a result, Tilray stock gained 13.9%.
What’s the Reason?
The majority of respondents in a survey conducted by Monmouth University and published this week indicated that they favored making it legal for people to possess small quantities of marijuana for personal use. Seventy-six percent of Democrats and fifty-two percent of Republicans have supported this.
What’s Next?
Canopy Growth, located in Canada, also made a move today meant to capitalize on the enormous American market. Canopy Growth has announced that it is hastening its entry into the U.S. market by investing in multi-state operator Acreage, cannabis sweets brand Wana, and California-based company Jetty. Tilray stock has taken a similar approach with the businesses it has acquired, including those involved in the production of hemp goods (Manitoba Harvest), beer (SweetWater Brewing), and spirits (Breckenridge Distillery).
The Washington Post, commenting on the Monmouth survey’s findings, pointed out that just 22% of Americans approved of legalizing the possession of small quantities of marijuana for personal use 25 years ago. Cannabis use for leisure has been made lawful by several states, and voters in five more will decide the question in November. If all five proposals are approved, they will be legal in almost half of the states.
Tilray has prepared distribution infrastructure and goods that may produce synergies if federal legalization comes. Due to the latest poll findings and the fact that another Canadian cannabis business seems to be following a similar strategy, investors are investing in Tilray stock today.
Meta Description
When cannabis is finally legalized in the United States, Canadian businesses want to be ready to capitalize on the market.
Featured Image – Megapixl © Angellodeco
Author Shariq Khan 
