Benzinga | Nov 9, 2021 10:52AM EST

Why Tilray Shares Are Trading Higher Today

Tilray Inc (NASDAQ:TLRY) is trading significantly higher Monday following reports of a Republican-led marijuana legalization bill.

According to reports from Marijuana Moment, the bill is a compromise between simple descheduling as proposed by other Republican lawmakers and wide-ranging legislation proposed by Democratic lawmakers.

The marijuana bill, titled the States Reform Act, is currently considered preliminary, but a final version is expected to be filed as soon as this month.

Marijuana Moment reportedly obtained a 116-page draft legislation and released some details of the bill.

Under the current draft of the bill, cannabis would be federally descheduled and treated similar to alcohol, a 3.75% tax would be imposed on cannabis sales, cannabis would be considered an agricultural commodity and there would be a mandatory age limit of 21 for recreational cannabis.

Tilray is a Canadian cannabis producer that cultivates and sells medical and recreational cannabis.

From Last Week: Is Tilray Stock Ready To Bounce, Make A Reversal?

TLRY Price Action: Tilray has traded as high as $67 and as low as $6.66 over a 52-week period.

The stock was up 13.80% at $12.17 at time of publication.

Photo: John Miller from Pixabay.