Tilray (TLRY) posted its second quarter results revealing it generated a record net revenue of $193+ million, just short of Wall Street expectations. Like many in the U.S., the company is awaiting possible reclassification of Marijuana to a 'Schedule III' drug, which would have wide-reaching ramifications for taxation and research, and change business models for some. Tilray CEO Irwin Simon joins Yahoo Finance to give insight into what might happen to his business if the Biden administration follows through with its pursuit of get the plant reclassified, and in turn getting the Drug Enforcement Agency to ease restrictions. Simons comments: "I think it would help bringing in institutional shareholders that actually can hold the stock, for a lot of shareholders today or institutions that cannot hold cannabis stock, and it would help us with the banking world today because right now, any of our profits or proceeds from our Canadian cannabis business, even though Canada is legal, we can not use any of those proceeds within our US operations." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino

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