The US President pronounced the pardon on Thursday.
(Photo: AP)
Washington US President Joe Biden issued an executive order on Thursday pardoning all those convicted of simple possession of the drug under federal law. As a result of these rulings, thousands of citizens may have been denied access to jobs, housing and education, it said in a statement.
Biden also called on state governors to follow the move. He also ordered federal agencies to review marijuana classifications. It is currently classified like heroin at the federal level in the United States.
The announcement just before the New York market closed sent cannabis industry stocks and index funds skyrocketing. AdvisorShares’ Pure US Cannabis ETF initially rose nearly 30 percent before being suspended from trading. In the United States, certain drugs are partially legal at the state level but banned at the federal level. With the move, Biden is fulfilling an election promise, which should particularly please the left wing of his Democrats. Congressional elections will be held in the United States in early November.
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