Analyst Note| Kristoffer Inton |
On Thursday, President Joe Biden’s comments on cannabis legalization spurred a rally in the cannabis sector. His major announcement was that all prior federal offenses of simple possession will be pardoned. The act is expected to affect approximately 6,500 people convicted from 1992 to 2021. Additionally, Biden called upon governors to take similar action toward pardoning possession offenses. More importantly for the legal cannabis industry, he also plans to direct the Department of Health and Human Services and attorney general to review the product’s status as a schedule 1 controlled substance, which places it among heroin and LSD and higher than methamphetamine and fentanyl.