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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
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.