Jim Cramer believes now is a good time to invest in Tilray

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The financial wiz and Mad Money host thinks putting money into Tilray is a smart move

Tilray Brands is a global cannabis-related consumer and lifestyle products company operating in Canada, the US, Europe, Australia and Latin America. Considering that federal legalization may be closer than ever, Jim Cramer, host of Mad Money, says it is an ideal time to invest in the company’s shares.

Tilray focuses on the research, cultivation, processing and distribution of medical cannabis products worldwide. After announcing the merger with Aphria, it has become a true giant in the cannabis sector and its share price has risen significantly.

In order to make significant gains as the legal cannabis market in the US expands, Tilray has been making a number of strategic acquisitions, especially in the liquor space. Likewise, the company remains in a prime position in the country should federal marijuana reform become a reality.

Should that be the case. Cramer has not hesitated to recommend buying Tilray stock during a segment of Lightning Round, in which he discusses various thoughts related to the markets and its stocks. Tilray is considered one of the most relevant companies in the cannabis sector today. Not only is it well known in Canada, but it is also making a big mark in European countries where cannabis use has already been legalized.

Still, the untapped US marijuana market remains its clearest target. Recent moves, such as the acquisition of MedMed, were a clear example of this. This company has a high penetration in the US cannabis retail market. Management made it clear that the purchase will be paramount for Tilray to become the market leader in the US when legalization occurs. That being the case, following Cramer’s advice may be quite smart.