Key Takeaways
Tilray Brands (TLRY) Chief Executive Officer (CEO) Irwin Simon said the 2024 presidential election is likely to improve the legal cannabis industry in the U.S.—regardless of who wins.
“We believe that there is a greater likelihood that the upcoming U.S. Presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization,” Simon said alongside the company’s fiscal 2025 first-quarter earnings.
Tilray is a Canadian company focused primarily on cultivating, processing, and distributing medical cannabis products with operations in Europe, Australia, and Latin America, in addition to Canada and the U.S.
For now, Tilray saw its revenue rise 13% year-over-year to $200 million in the first quarter, and its net loss narrow to $34.7 million from $55.9 million last year.
On the Issue
Vice President Kamala Harris, who is the Democratic nominee for President, expressed her views on marijuana legalization in an interview with the “All the Smoke” podcast last month.
During that interview, she said, “I just feel strongly people should not be going to jail for smoking weed. And we know historically what that has meant and who has gone to jail.”
Meanwhile, former President Donald Trump—who is the Republican nominee for President—said on social media that he would vote in favor of an amendment in Florida that legalizes recreational marijuana use in the state.
That’s a shift from the approach of his administration, which saw Attorney General Jeff Sessions eliminate a policy that protected state-level cannabis laws from federal intervention.
Marijuana’s federal legalization has support among voters from both parties, according to a Politico report, but particularly among groups that have historically voted for Democrats. According to a Pew Research survey from 2022, 61% of Black men are in favor of legalization.