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President Trump confirmed his administration is actively considering reclassifying marijuana.
Reclassification would significantly reduce the tax burden on cannabis companies and represent a material step toward full federal legalization.
Shares of Tilray Brands (NASDAQ: TLRY) soared today, finishing up 27.5%. The jump came as the S&P 500 lost 0.3% and the Nasdaq Composite gained 0.2%.
The cannabis company's stock is rising after President Donald Trump confirmed that his administration is looking into reclassifying marijuana -- a move that could be a game changer for the cannabis industry.
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On Monday, Trump confirmed from the Oval Office that he is considering reclassifying cannabis and cannabis-related products as Schedule III controlled substances, saying, "a lot of people want to see it."
If the White House follows through, it would reduce the tax burden of cannabis companies and would be a substantial step toward full legalization -- the ultimate hope of cannabis investors.
Image source: Getty Images.
While reclassification has been on the table in previous administrations, it's not unreasonable to think that this White House could follow through, as the move is one of the few policy changes that has substantial support on both sides of the aisle.
As it stands, Tilray's financials don't look great -- though it has worked to streamline its business, substantially reducing operating costs. I do, however, think it's worth owning if you have a tolerance for risk and a long-term investing horizon. If legalization happens, Tilray's business would be transformed.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool recommends Tilray Brands. The Motley Fool has a disclosure policy.
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