US President Joe Biden this afternoon just made a major announcement as it pertains to cannabis. In a six-tweet Twitter thread, Biden announced that he will be “taking steps to end our failed approach,” referring to how the federal government treats cannabis.
Beginning the thread with the words of “no one should be in jail just for using or possessing marijuana,” he then went on to say that all prior federal offenses of simple marijuana possession will be pardoned, indicating that this will apply to “thousands of people,” and that these offenses have caused harm in the area of seeking employment, housing or advanced education. The pardon is aimed to “remove this burden.”
He then follows up this commitment by requesting that all governs pardon marijuana possession offenses as well, saying that no one should be in jail for the reason of possession, regardless of whether it is a state or federal prison, or a local jail.
Perhaps the most significant aspect of the commentary however comes from the third point he highlights – that cannabis is currently classified at the same level as heroin, and as more serious than fentanyl. He follows this statement by stating, “I’m asking @SecBecerra and the Attorney General to initiate the process of reviewing how marijuana is scheduled under federal law.”
Sponsored · Antimony Resources
However, Biden reels things back slightly after this comment, stating that “as federal and state regulations change, we still need important limitations on trafficking, marketing, and underage sales of marijuana.”
Information for this briefing was found via Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
US Cannabis, Momentum, With Lots of Hurdles
The US Cannabis market has been a confusing ride for investors to comprehend. We have...