Tilray CEO Irwin Simon predicts that the 2024 U.S. presidential election could lead to regulatory reforms benefiting the cannabis industry.
As the 2024 presidential elections draw nearer, Irwin Simon, CEO of Tilray Brands Inc TLRY, foresees a turning point for the cannabis industry, regardless of the election’s outcome.
Speaking alongside Tilray's fiscal 2025 first-quarter earnings report, Simon expressed optimism that either candidate could pave the way for regulatory reforms that would benefit the cannabis market in the United States, Investopedia reported.
"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.
Tilray's Financial Snapshot
Tilray, a Canadian company that has expanded its footprint into Europe, Australia, Latin America and the U.S., reported promising financial results for its first quarter of fiscal 2025.
The company saw a 13% year-over-year increase in revenue, reaching $200 million. Its net loss narrowed to $34.7 million, a marked improvement from the $55.9 million loss reported the previous year.
Candidates’ Shifting Stances On Cannabis
Vice President Kamala Harris has long been vocal about her support for marijuana reform.
In a recent interview on the "All the Smoke" podcast, Harris reiterated her stance, stating: "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."
Former Republican President Donald Trump has shifted his position on cannabis. Recently, he expressed support for a Florida amendment that seeks to legalize recreational marijuana.
This marks a significant departure from his administration's previous approach, where then-Attorney General Jeff Sessions rescinded the Cole Memorandum, a policy that had protected state-level cannabis programs from federal interference.
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