What happened

Shares of Canadian cannabis company Tilray Brands (TLRY 0.29%) jumped by double digits today, with the stock still up about 9% as of 3 p.m. ET. While there was some news from the company itself, the bounce was more likely due to some comments from a key senator in Washington, D.C. 

So what

Legislation that would decriminalize marijuana at the federal level is being discussed in the U.S. Senate right now. Three Democratic senators sponsoring the Cannabis Administration and Opportunity Act (CAOA) don't hold out high hopes that they have the needed votes to pass the bill. But cannabis news site Marijuana Moment reported today that Senate Finance Committee Chairman Ron Wyden said he still hopes "some key reforms" on cannabis will be agreed upon and enacted in the current congressional session. 

Now what

Senator Wyden touted the proposed bill, stating, "This is a winning issue that is overwhelmingly backed by the American people." But he acknowledged that the numbers just aren't there to get enough votes for passage.

As a result, fellow bill sponsor Senate Majority Leader Chuck Schumer has been holding bipartisan talks to try to deliver more modest reforms in smaller increments. The bill sponsors hope that a passable package could be filed as soon as this fall. 

Canadian growers like Tilray are hoping for full federal legalization in the U.S., but even incremental steps is good news for them. In the meantime, Tilray continues to grow its business outside the U.S. Today, its medical division announced it released new medical cannabis products in Canada and introduced a new program to help medical cannabis patients. 

The new CannaPoints program "serves to guide our patients on their medical cannabis journey and provide additional support as needed," according to Tilray Canada president Blair MacNeil. Investors are happy to see progress in the company's existing business but would be even happier to see incremental steps taken in the U.S. toward legalization.