TLRY - Why Tilray Stock Popped Today
2024-03-18 20:09:14 ET
Shares of Tilray (NASDAQ: TLRY) rose 11% on Monday after U.S. Vice President Kamala Harris seemed to favor fully legalizing marijuana -- a development that would be obviously positive for the cannabis-lifestyle and beverages company.
At the White House on Friday, Harris reportedly told a room full of cannabis pardon recipients that "we need to legalize marijuana," according to people familiar with the closed-door meeting. In public opening remarks beforehand, Harris also called on the U.S. Drug Enforcement Administration (DEA) to reschedule marijuana "as quickly as possible," arguing that it's "absurd" marijuana is currently considered as dangerous as heroin under its current status as a Schedule I drug per the Controlled Substances Act of 1970.
Marijuana is currently legal at the state level in 38 states for medical use and 24 states for recreational use. Harris' comments on Friday marked the first time since joining the ticket as Joe Biden's running mate in 2020 that the Vice President has signaled support for legalizing marijuana on a federal level. This is a potentially significant shift for the administration ahead of this year's presidential election.
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Why Tilray Stock Popped Today