Zinger Key Points
- Tilray CEO Irwin Simon discusses potential tax revenue and economic benefits of rescheduling marijuana at the federal level in the US.
- Simon highlights the positive results for Tilray on Q4 earnings, with revenue coming for different sources. 'We did not sit back and wait.'
The rescheduling of cannabis from a Schedule I to a Schedule III substance is on the horizon. Whether it happens before or after the upcoming election doesn’t not worry Tilray’s TLRY CEO Irwin Simon. He says he’s confident about the future of the company regardless.
“We did not sit back and wait”, he said in an interview with the show Wealth! in Yahoo Finance where he went though the company’s latest earnings report.
Economic Trends
“We now have a strong beer business, a spirits business”, referring to the beverages strategy that helped the company build a craft beer division that has already landed interesting economic results. Tilray has also recently won a spirits competition, which is helping pave the compan’s way into the promising cannabis beverages sector.
Irwin also stressed the Hemp business, the medical cannabis in Canada and the growth in that segment with Germany’s recent partial legalization.
Read Also: Tilray Ramps Up Its Cannabis Portfolio In Canada, Wins International Spirits Competition
Tilray CEO On Gen Z And Cannabis
While Simon remains cautious about the immediate prospects of rescheduling, he maintains a pragmatic outlook. “I’m not sure, but I guess I’m not optimistic either,” he noted regarding the rescheduling timeline. However, he remains confident that change is inevitable. “Something’s got to happen.”
“Cannabis from a recreational standpoint is legal in 27 states. It’s legal in 35 states [for] medical cannabis [use]. So for over half the population, cannabis is legal today, but it’s not legal from a federal standpoint,” Simon explained. Highlighting the growing acceptance of cannabis, he added, “Gen Z and millennials are consuming more cannabis each day now than alcohol.”
Rescheduling cannabis at the federal level would not only align U.S. policy with the growing acceptance of cannabis but also unlock significant economic potencial. The reclassification could lead to better regulation, safer consumption, and a substantial increase in tax revenue, mirroring the Canadian experience.
- Read Next: Canadian Cannabis Companies Could See Valuations Soar By Up To 300% With Tax Reform, New Report Shows
Learn all about the future of the cannabis industry at the Benzinga Cannabis Capital Conference this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following this link.
Photo courtesy of Tilray, edited by Benzinga
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.