While cannabis legalization at the federal level is progressing at a slower pace than anticipated, it is widely accepted that it is only a matter of time until legislative reform of US cannabis takes place. Jefferies’ Owen Bennett has long argued that Canadian cannabis producers should get ready for this scenario as the opportunity south of the border is far more significant than the one presented on home soil. While the latest move by Tilray (TLRY) might not immediately please investors on this front, the analyst believes it is a positive one. Last week, the company announced it is acquiring Colorado-based Breckenridge Distillery for $102.
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