As the 2024 presidential elections approach, Tilray Brands CEO Irwin Simon sees a significant shift on the horizon for the cannabis industry. He believes that, regardless of the election outcome, both candidates’ stances on cannabis legalization could pave the way for crucial regulatory reforms in the United States. This optimism was expressed alongside Tilray’s announcement of its strong first-quarter fiscal 2025 earnings, which saw a 13% year-over-year increase in revenue, reaching $200 million.
Simon stated, “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.”
Tilray, a Canadian company with a growing global presence in Europe, Australia, Latin America, and the U.S., continues to show promising financial performance. The company’s net loss for the quarter narrowed to $34.7 million, a substantial improvement from the $55.9 million loss reported in the previous year.
The shift towards cannabis reform is evident in the changing positions of both candidates. Vice President Kamala Harris has been a long-time advocate for marijuana reform and recently reiterated her stance on the “All the Smoke” podcast, 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 President Donald Trump, known for his more conservative stance, has recently shown a shift in his position on cannabis. He expressed support for a Florida amendment aimed at legalizing recreational marijuana, a departure from his administration’s previous approach, which saw then-Attorney General Jeff Sessions revoke the Cole Memorandum, a policy that had shielded state-level cannabis programs from federal interference.
With both candidates indicating a leaning towards cannabis legalization, Tilray’s optimistic outlook on the future of the industry is shared by many in the sector. The potential for regulatory changes could significantly impact the future of cannabis in the United States, and Tilray appears well-positioned to capitalize on this potential growth.
