Thoughts?

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“WASHINGTON — President Joe Biden on Thursday pardoned thousands of individuals convicted of possessing marijuana, saying the current system “makes no sense” and sending pot stocks soaring on the news.

The pardons apply only to federal offenders convicted of “simple marijuana possession” as well as those charged in the District of Columbia, but Biden called on governors across the country to follow suit.

“Just as no one should be in a federal prison solely due to the possession of marijuana, no one should be in a local jail or state prison for that reason, either,” Biden said in a statement.

More than 6,500 individuals with prior convictions for simple marijuana possession were impacted by the pardons, a White House official said, and thousands more through pardons under D.C. law. The pardons will not be extended to those who weren’t U.S. citizens and were illegally in the country at the time of their arrest.

Cannibas companies Tilray Brands

and Canopy Growth

each jumped on the news, up roughly 25% and 20%, respectively, in afternoon trading

“There are thousands of people who were convicted for marijuana possession who may be denied employment, housing, or educational opportunities as a result,” Biden said. “My pardon will remove this burden on them.”

In addition to the pardons, Biden said he had instructed Secretary of Health and Human Services Xavier Becerra and Attorney General Merrick Garland to begin reviewing how marijuana is classified under federal drug laws.

Biden noted that marijuana is currently a schedule one substance under federal drug sentencing guidelines, “the same as heroin and LSD – and more serious than fentanyl,” said Biden. “It makes no sense.”

“Too many lives have been upended because of our failed approach to marijuana,” said Biden. “It’s time that we right these wrongs.”

https://www.cnbc.com/2022/10/06/biden-to-pardon-all-prior-federal-offenses-of-simple-marijuana-possession-.html