Global cannabis-lifestyle consumer packaged goods company Tilray Brands, Inc. (TLRY) in Nanaimo, Canada, operates through four segments: cannabis business; distribution business; beverage alcohol business; and wellness business. The company supports more than 20 brands in more than 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages. TLRY has been expanding its portfolio with significant product launches and with its recent partnership with HEXO Corp. (HEXO), seeking to improve production efficiencies and strengthen its position amid a competitive market.
Shares of the cannabis producer have been gaining momentum lately on hopes of cannabis decriminalization. The recent buzz that U.S. House Democrats are set to pass legislation this week to legalize marijuana at the federal level has boosted the stock. TLRY has gained 55.7% in price over the last week. If the Marijuana Opportunity Reinvestment and Expungement Act is advanced, removing cannabis from the list of federal controlled substances and eliminating criminal penalties should boost cannabis producers' prospects. The legislation requires 60 votes, including the support of at least 10 GOP senators if every Democrat backs it to advance. However, some experts are skeptical about the passage of the bill. According to Michael S. Lavery, a senior research analyst at Piper Sandler, the marijuana bill is 'unlikely to pass the Senate in its current form.' "It still requires 60 votes in the Senate, a level of support we do not believe it has," he stated.
