Shares of Tilray Brands (NASDAQ: TLRY) surged 65% this past week, according to data provided by S&P Global Market Intelligence. Investors are hopeful that the Trump administration will move to lessen costly regulations on the beleaguered cannabis industry.
President Donald Trump is reportedly contemplating a reclassification of marijuana from a Schedule I drug to a Schedule III drug, according to The Washington Post. A decision could come as soon as Monday, Dec. 15.
The U.S. Drug Enforcement Administration (DEA) defines Schedule I drugs as “drugs with no currently accepted medical use and a high potential for abuse.” Examples include ecstasy and heroin. Schedule III drugs, in contrast, have “moderate to low potential for physical and psychological dependence.” Examples include Tylenol with codeine and testosterone.
A rescheduling of marijuana could make it easier for cannabis companies to access banking and other traditional financial services. It could also allow marijuana producers to claim federal tax deductions for a host of conventional business expenses that they currently cannot deduct. All of which would likely help boost after-tax profits for Tilray and other cannabis suppliers.
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Joe Tenebruso 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 Soared This Week was originally published by The Motley Fool
