On Thursday, October 6, 2022, President Joe Biden announced that he would pardon all Americans convicted of simple marijuana possession under federal law.
Cannabis companies Tilray Brands and Canopy Growth both surged on the news, up 30% and 22%, respectively, in afternoon trade.
However, as of Thursday’s close, each stock was still trading below $4 a share.
“Thousands of people have been convicted of marijuana possession and could be denied employment, housing, or educational opportunities,” Biden said. “My pardon will ease their burden.”
“The administration’s failure to coordinate a timely review of its marijuana policy is hurting thousands of Americans, slowing research, and depriving Americans of the ability to use marijuana for medical or other purposes,” including his one-time rival Bernie The group of senators, including Vermont, wrote independently of Sanders of Vermont and Democrat Elizabeth Warren of Massachusetts.
According to an ACLU report analyzing marijuana arrest data from 2010 to 2018, while research shows that whites and blacks use marijuana at similar rates, blacks are more than three times more likely to be arrested for marijuana possession than whites.
PRESIDENT JOE BIDEN: While white, black and brown people use marijuana and similar rates, black and brown people have disproportionately high rates of arrest, prosecution, and conviction.
Biden’s manifesto “has begun to take the necessary actions to heal the harms of the past and chart the course for a responsible, legal marijuana market in the future.”
