President Biden Announces Cannabis Pardons: Pot Stocks Canopy and Tilray Jump
Former Vice President Joe Biden campaigned for president in 2020 with two key promises related to cannabis. He committed to expunging prior convictions related to marijuana use. And he said that he would decriminalize cannabis use.
Those promises remained unfulfilled after Biden became president in January 2021. Until now. On Thursday, President Biden pardoned all prior federal offenses of simple possession of marijuana. He also publicly urged governors across the U.S. to follow his lead with prior marijuana-related state convictions. In addition, Biden officially requested the Secretary of Health and Human Services (HHS) and the U.S. Attorney General to "review expeditiously how marijuana is scheduled under federal law."
Several leading cannabis stocks jumped on the news. Canopy Growth (NASDAQ: CGC) shares were up 22% as of the market close on Thursday. Tilray Brands (NASDAQ: TLRY) stock soared nearly 31%.
Source Fool.com
