Posted by Steven Higgins.
On Thursday, October 6th, President Biden announced that he will be pardoning all prior federal offenses of simple marijuana possession. The move comes after there has been immense pressure on the administration to release those imprisoned on marijuana charges after it has been fully legalized in thirty-eight states across the country. The pardon decision will make an impact on over 6,500 individuals with prior convictions for simple marijuana possession, a White House official said, along with thousands more through pardons under D.C. law. However, 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.
In addition to the pardon decision, President Biden has also called on the Secretary of Health and Human Services Xavier Becerra, and Attorney General Merrick Garland to commence a review of how marijuana is classified under federal drug laws. Maijuana is currently a schedule one substance under federal drug sentencing guidelines the same as heroin, LSD and is more serious than fentanyl. Biden also commented on the issue on Thursday “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,” (CNBC). The remarks further cemented the presidents stance on issue as he reiterated that no one should be behind bars on marijuana charges as it has been legalized in various states over the past few years.
Cannabis companies also greatly benefited from the news of the pardons being implemented as it could be a indication of good things to come for the industry if the deregulation of cannabis continues. Companies such as Tilray Brands and Canopy Growth both saw surges as the pardons were announced gaining 30% and 22%, respectively (CNBC). However each stock still traded for less than four per share showing that there is still much room for growth throughout the industry.
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Steven is a finance major with a minor in wealth managmeent at the Stillman School of Business, Seton Hall University, Class of 2024.