Tilray Inc TLRY is trading significantly higher Monday following reports of a Republican-led marijuana legalization bill.
According to reports from Marijuana Moment, the bill is a compromise between simple descheduling as proposed by other Republican lawmakers and wide-ranging legislation proposed by Democratic lawmakers.
The marijuana bill, titled the States Reform Act, is currently considered preliminary, but a final version is expected to be filed as soon as this month.
Marijuana Moment reportedly obtained a 116-page draft legislation and released some details of the bill.
Under the current draft of the bill, cannabis would be federally descheduled and treated similar to alcohol, a 3.75% tax would be imposed on cannabis sales, cannabis would be considered an agricultural commodity and there would be a mandatory age limit of 21 for recreational cannabis.
Tilray is a Canadian cannabis producer that cultivates and sells medical and recreational cannabis.
From Last Week: Is Tilray Stock Ready To Bounce, Make A Reversal?
TLRY Price Action: Tilray has traded as high as $67 and as low as $6.66 over a 52-week period.
The stock was up 13.80% at $12.17 at time of publication.
Photo: John Miller from Pixabay.
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