Cannabis stocks shot to record gains Thursday after President Joe Biden formally sought to review how marijuana is classified under federal law, a change that pot producers in the U.S. and Canada have long sought after months of stalled federal reform that soured enthusiasm in the industry.
Biden also said he would take executive action to pardon “all prior federal offenses of simple marijuana possession.” And he called on state governors to pardon simple marijuana offenses at the state level. Although presidential pardons restore various rights lost as a result of the pardoned offense, it does not erase or expunge the conviction records.
Also Read: New York’s new cannabis chief vows that half of legal licenses will go to social justice efforts The moonshot gains come during a year in which cannabis decriminalization efforts — from House and Senate lawmakers — have so far failed to become law in Washington.
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