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The rescheduling of cannabis from a Schedule I to a Schedule III substance is on the horizon. Whether it happens before or after the upcoming election doesn’t not worry Tilray’s (NASDAQ:TLRY) CEO Irwin Simon. He says he’s confident about the future of the company regardless.
“We did not sit back and wait”, he said in an interview with the show Wealth! in Yahoo Finance where he went though the company’s latest earnings report.
“We now have a strong beer business, a spirits business”, referring to the beverages strategy that helped the company build a craft beer division that has already landed interesting economic results. Tilray has also recently won a spirits competition, which is helping pave the compan’s way into the promising cannabis beverages sector.
Irwin also stressed the Hemp business, the medical cannabis in Canada and the growth in that segment with Germany’s recent partial legalization.
Read Also: Tilray Ramps Up Its Cannabis Portfolio In Canada, Wins International Spirits Competition
While Simon remains cautious about the immediate prospects of rescheduling, he maintains a pragmatic outlook. “I’m not sure, but I guess I’m not optimistic either,” he noted regarding the rescheduling timeline. However, he remains confident that change is inevitable. “Something’s got to happen.”
“Cannabis from a recreational standpoint is legal in 27 states. It’s legal in 35 states [for] medical cannabis [use]. So for over half the population, cannabis is legal today, but it’s not legal from a federal standpoint,” Simon explained. Highlighting the growing acceptance of cannabis, he added, “Gen Z and millennials are consuming more cannabis each day now than alcohol.”
Rescheduling cannabis at the federal level would not only align U.S. policy with the growing acceptance of cannabis but also unlock significant economic potencial. The reclassification could lead to better regulation, safer consumption, and a substantial increase in tax revenue, mirroring the Canadian experience.
Learn all about the future of the cannabis industry at the Benzinga Cannabis Capital Conference this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following this link.
Photo courtesy of Tilray, edited by Benzinga
Posted In: TLRY
