Cannabis stocks continue to rise Friday following reports the U.S. House Rules Committee plans to meet next week to prepare a federal marijuana legalization bill for floor action.
While many stand back and cast doubt on the ability of the bill to make its way through the Senate, Tilray Brands Inc (NASDAQ:TLRY) CEO Irwin Simon is calling on legislators to listen to the people they stand to represent.
"Lawmakers gotta get the message: this is what constituents want, this is what consumers want," Simon said Friday on CNBC's "Closing Bell."
Simon Says Legalize: He believes the U.S. can learn by looking at what legalization has done for the Canadian economy.
"The Canadian market, which [has been] legalized for three years, has contributed over $18 billion in taxes, over 150,000 jobs, $6 billion in infrastructure," Simon stressed.
Ninety-one percent of consumers want medical cannabis to be legal, while 62% are in favor of legalization for adult use, he said.
"So I'm not sure why and with all the regulations in place, why this shouldn't happen," Irwin said. "It's basically being held up by Congress, being held up by Senate."
Related Link: Federal Cannabis Legalization Bill Could Get Floor Vote In The House, Sooner Rather Than Later
There are several good reasons why cannabis should be legalized from the aforementioned economic standpoint, but also from a social standpoint, he said. There's a huge opportunity from a medical research development perspective, he added.
"So there are just so many aspects of this that are good [reasons] to get some bills passed."
Regardless, Tilray is in a good position after diversifying into the spirits and beer business, while maintaining its position as the market share leader in the Canadian market, Simon said.
"Hopefully something gets passed next week, but there's lots of work to do to get it through the Senate and to get the president, ultimately, to sign it."
Simon is scheduled to speak at Benzinga's two-day "Cannabis Capital Conference" -- the premier gathering of cannabis entrepreneurs and investors in North America -- in Miami Beach, beginning April 20.
TLRY Price Action: Tilray has traded between $4.78 and $24.48 over a 52-week period.
The stock was up 21.8% at $8.49 at press time.
