TLRY stock fly high after Democratic dual victories in Georgia runoffs
On Wednesday, January 6th, two Democratic candidates, Jon Ossoff and Raphael Warnock defeated their Republician rivals in Georgia’s runoff elections and won both Georgia Senate seats. That same day, stocks of Canadian cannabis giant, Tilray (TLRY) shot up more than 10%.
How do the results of Georgia runoffs affect the TLRY stock in specific and the cannabis industry in general? Let’s take a closer look!
Tilray, Inc. is a Canada-based company which engages in the research, cultivation, processing, and distribution of medical cannabis. In 2018, Canada legalized the recreational use of cannabis, but Canadian pot growers need federal legalization to be able to enter the U.S. market.
In the US, Republicans have been considered as taking a harder stance on cannabis than Democrats. Recently Senate Majority Leader Mitch McConnell has been vocally opposed to legalization.
Therefore, the Democratic victory in both Senate runoffs on January 6th which could tip control of the Senate away from Republicans becomes a “game changer” for cannabis stocks, including Tilray (TLRY), Aphria (APHA), Canopy Growth (CGC), Aurora Cannabis (ACB), and Hexo (HEXO) as it creates more room for greater cannabis reform over the next few years.
Meanwhile, the $3.9 billion merger deal between Tilray and its rival Canadian pot producer Aphria announced last December which would create one of the largest global cannabis companies also contributes to the advance in prices of TLRY stock.
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