March 28, 2024 11:09 AM | 2 min read |
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The slumbering cannabis sector has reawakened following Germany’s partial legalization and possible rescheduling of marijuana in the United States. Tim Seymour, founder and CIO of Seymour Asset Management, joined Benzinga’s PreMarket Prep Wednesday and discussed his views on these “exciting times” in cannabis.
What Happened: The regulatory changes announced by Germany last week were a significant catalyst for the recent rally in weed stocks. Germany’s new laws will take effect on April 1 and remove cannabis from the country’s Narcotics Act, where it was listed as a banned substance subject to specific criminal provisions.
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“Germany has quietly moved ahead of the U.S. They may totally, federally legalize the adult market before we do, as well,” Seymour said on the show.
Tim Seymour will be speaking at the Benzinga Cannabis Capital Conference in Hollywood, Florida, on April 16-17. Secure your tickets for the conference ASAP. Prices will increase very soon! You can get a 20% discount on tickets following this link right now.
The portfolio manager pointed to Tilray Brands, Inc. (NASDAQ:TLRY) as the major distributor in Europe best-positioned to benefit from the new German regulations. The company made key investments in Germany years ago, which may generate returns under the new cannabis regulatory system, according to Seymour.
Why It Matters: Cannabis investors view Germany’s progressive legal changes as a step in the right direction for the industry, which is poised to benefit from increased sales and revenue growth. Many are hopeful the U.S. will take a similar path to federal rescheduling and possible decriminalization.
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Related News: Canopy Growth CEO Says German Cannabis Market Has ‘Ability To Grow 10x’ Following Legalization
Seymour highlighted the increasing number of states that have legalized both medical and adult-use marijuana. He sees rescheduling in the U.S. as inevitable, and noted that the Biden Administration is running out of time before the next election.
“There’s no question about what’s happening, no question about where it’s eventually going to go,” Seymour said.
Vice President Kamala Harris recently pressured the Drug Enforcement Agency (DEA) to quickly reschedule marijuana during a roundtable discussion at the White House earlier this month.
“Marijuana is considered as dangerous as heroin and more dangerous than fentanyl which is absurd, not to mention patently unfair,” Harris said during the roundtable conversation.
Seymour expects growth in the cannabis industry to be magnified by major improvements in efficiency and a steady stream of catalysts ahead.
“Investors that are here now are certainly going to be rewarded,” Seymour said.
TLRY Price Action: According to Benzinga Pro, Tilray shares were up 0.92% at $2.50 at publication time.
Image: asdqwejkl from Pixabay
“Benzinga’s Top Stocks to Buy Today”
There’s only two mistakes you can make when investing. One is not investing at all. The next is buying the wrong stocks. Get an edge on which stocks to buy with the Benzinga Insider Report, our best weekly stock report sent right to your inbox. Act fast and secure our top stock picks at an unbelievable discount! Claim This Limited $0.99 Offer NOW!
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