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Cannabis stocks pop as Congress votes on weed legislation - YouTube
Channel: Fox Business
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breaking news any moment now the house
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rules committee will hold a hearing on
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the marijuana opportunity reinvestment
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and expungement act better known as the
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moore act now if the committee approves
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it the full house is then expected to
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vote on the bill which would federally
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decriminalize cannabis and remove it
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from the controlled substances act by
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friday the legislation not only creates
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opportunities for u.s cannabis companies
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and their stocks but could plant the
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seed for canadian-based companies to
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finally enter the market on a federal
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level several canadian cannabis stocks
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popped last week after the expected vote
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was announced till ray seeing a near 40
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well more than 41 percent gained since
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march 23rd the vote announcement was
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made midday march 24th so let's bring in
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tilray's chairman and ceo irwin simon to
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find out
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i guess what would happen if it does
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pass now er when we've seen this movie
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before back in 2020 a similar bill was
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passed by the house and then it kind of
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just sort of went to put with a
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republican
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led senate
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this time around what's your over under
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on whether it might pass all the way
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through to the president's desk
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so good afternoon lindsay nice to see
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you listen i think my over under is
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you know i'm not totally sure
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if it will get through but it makes so
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much sense
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you know our lawmakers are sitting there
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in washington here we are as biden looks
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to increase tax on so-called
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billionaires but this here is so
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important number one from a safe bank
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act in regards to you know and
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institutional shareholders want to buy
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cannabis stocks you know we've traded
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you know mostly in the last couple weeks
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over 100 million shares it shows they
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want to own stocks institutions want to
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own these stocks in regards to the more
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act in regards to decriminalization
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and social justice it's really important
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a part of the social justice and you
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know there's people sitting in jail
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today because of cannabis laws that are
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they outdated and we got to change them
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in regards to full legalization you just
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saw where walmart decided not to sell
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cigarettes anymore which is great you
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know there's about
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65 million dollars worth of tobacco sold
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in the u.s and if you look at tax
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dollars the opportunities for tax
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dollars to come to
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you know the irs or commit to the world
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here is so important in canada alone
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18 billion dollars of tax dollars came
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in over the last three years and you
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think about the reduced gas tax that's
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happening out there the reduce you know
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taxes on tobacco right what a great way
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if they legalize cannabis for an
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opportunity to pick up all those tax
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dollars well it's almost two pieces here
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i'm glad you brought up the tax
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implications because from a political
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standpoint it's a win-win it would bring
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in so much revenue on a federal level
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i'm interested to know what it would
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mean for
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your company tilray have you sort of
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modeled for how much in taxes you might
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be having to pay
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when it comes to this if it were
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federally approved
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so here is an industry today by 2030 if
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legalization full legalization happened
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would be a hundred billion dollar
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industry you know if you look in canada
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today they pay about 28 excise tax so
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you can do the math what's 28 percent of
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100 billion dollars so the opportunities
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is not only the tax dollars it's the
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jobs is created in canada there were six
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billion dollars of infrastructure built
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so what does it do for tilray tilray is
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one of the largest cannabis companies in
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the world today if not the largest i'm
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up in ontario today at our cannabis
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facilities and we have about two and a
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half million square feet of cannabis
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growth just think in regards to free
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trade what we can do in regards to
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growing cannabis here and shipping it
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into the us like we do into europe and
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places like that in regards to you know
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expertise
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we've been doing this now for three
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years in adult recreational and medical
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what it would mean for us is we could
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take our expertise
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in growing cannabis in regards to our
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medical cannabis research and regards to
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export it into the u.s med men is a
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company that here in the united states
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you've taken an investment in through
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convertible bonds this is interesting to
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me because they already have more than
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two dozen storefronts in the states
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where it is legal because of course for
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those of you don't really understand how
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this is working federally weed is not
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legal so you can't you can't have
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cross-border transactions and money
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moving across borders but here on the
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map you can see which states have
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legalized it medman is in those states
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so it's almost as if if it were
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legalized on a federal level you
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immediately have storefronts correct but
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what other kind of build out are you
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planning if it becomes legal eventually
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so you know good question you know if
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legalization did happen we own notes of
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med men which would convert to owning
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about 25 percent of med med med men is
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like apple in the cannabis world there's
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over you know there's 25 stores it's a
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great brand and you know we did this
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deal in september in the midst of doing
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a lot with med men right now
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in regards to other things we would do
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liz we would acquire or look to you know
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do something with other msos in the us
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we have the balance sheet we have the
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noaa the know-how and we also have a
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major spirits business in our sweetwater
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brewery and our breckenridge bourbon
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which we would look to do with fused
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drinks and we have
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like our alcohol drinks today we have
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our distribution system so we'd have a
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great spirits business we'd have a great
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infused drinks business and the most
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important thing is this here we're ready
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to jump in now it's not going to take us
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three four years the other thing is too
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we are really really good at from a
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regulatory and quality standpoint and
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that is important if we're going to do
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anything in cannabis that you got good
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regulations you got good quality and you
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got good processes out there and until
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rae is ready to do that yep and for for
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those who are
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not for legalization there is a part of
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this more bill
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in essence that takes a tax from the
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weed companies and uh helps when it
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comes to the war on drugs etc situation
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like that uh irwin please come back um
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again we don't want to get over our skis
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on this i know you're a great skier but
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we'll be watching because right now
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they're in still in a rece is still in
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um
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what am i saying you know
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they're they're meeting they're going to
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meet this afternoon
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recess not a reception
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right liz liz our politicians gotta
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listen to their constituents you know
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like i said before you know 63
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want adult use you know
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90 percent want medical we didn't talk
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about the medical opportunities here so
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you know our representatives got to
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listen to what the constituents want out
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there they want this legalized they want
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the safe banker the more act or full
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legalization to happen
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erwin simon of tilray thank you very
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much it's good to see you
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thank you liz great to see you too
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