Marijuana companies have struggled over the years, but that struggle wasn’t apparent on the stock market Tuesday. The prices of more than a few jumped notably higher, including that of Tilray Brands (NASDAQ: TLRY), which improved by more than 7%. A new survey was yet another indication of broad support for drug law reform in North America.
Strong popular support for what amounts to legalization
A pot advocacy group called the Coalition for Cannabis Policy, Education, and Regulation (CPEAR) released the results of a survey it conducted on the right of individual states to create and enforce their own marijuana laws.
The survey, which polled residents of Missouri, Ohio, and Wyoming, specifically focused on the proposed Strengthening the Tenth Amendment Through Entrusting States (STATES) act that would allow such leeway. It found that the act has 67% support in Missouri, 61% in Ohio, and relatively meaty 72% in Wyoming.
More promising for marijuana reform proponents, most Republican voters who participated in the poll approved of the act. The tallies were 62% of Missouri Republicans in favor, 60% in Ohio, and 65% in Wyoming. Traditionally, Republicans have been the party most opposed to decriminalizing (or even outright legalizing) cannabis.
The giant market to the south
I should note here that Tilray is not an American company; it is headquartered and operates mainly in Canada, which has already fully legalized marijuana and derivatives of the drug. But if pot is effectively decriminalized on the federal level in this country, the pot market would likely be thrown wide open and international operators would gain access to it.
This means that if and when the U.S. finally pulls the lever on legal weed, Tilray will be among the many producers poised (and surely ready) to capitalize on it.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Tilray Brands. The Motley Fool has a disclosure policy.
Why Tilray Stock Popped Today was originally published by The Motley Fool