Biden Issues Pardon for Simple Marijuana Possession Convictions... Related Stocks Like Tilray Surge

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] "It has already been legalized in many states." Ahead of the midterm elections this November, U.S. President Joe Biden announced that he will pardon all federal crimes related to simple possession of cannabis (marijuana).

According to the Wall Street Journal (WSJ) and others, President Biden said on the 6th (local time), "Sending people to prison simply for possessing cannabis has ruined too many lives," adding, "(Cannabis possession) is an act that has been legalized in many states and is no longer prohibited." He confirmed the pardon policy, stating that such criminal records imposed unnecessary barriers to employment, housing, and educational opportunities.

Accordingly, 6,500 people convicted of simple cannabis possession from 1992 to 2021 are expected to be pardoned. Thousands more who received the same verdict in Washington DC will also be added to the pardon list. Additionally, President Biden requested federal regulatory authorities to review the drug scheduling classification.

Cannabis legalization was also one of President Biden's campaign promises. Recently, bills for federal-level legalization have been discussed in the U.S. Congress. Currently, more than half of the states in the U.S. have legalized cannabis.

In particular, WSJ pointed out that ahead of the midterm elections, the Biden administration made this decision, which is popular among most Americans according to polls. However, as rising crime rates in major cities have become an election issue, this move may lead to criticism that the Biden administration is lenient on crime.

On this day, cannabis-related stocks surged on the New York Stock Exchange. Tilray closed up 30.87%, and Canopy rose 22.15%.

This content was produced with the assistance of AI translation services.