The legal U.S. cannabis market is expected to reach more than $41-billion (U.S.) in annual sales by 2025 Fincanna is an investment company that provides growth capital to rapidly emerging private companies operating in the licensed U.S. cannabis industry Biden overhauls U.S. policy on marijuana, pardons prior federal offenses
WASHINGTON, Oct 6 (Reuters) - President Joe Biden took steps to overhaul U.S. policy on marijuana on Thursday by pardoning thousands of people with federal offenses for simple marijuana possession and initiating a review of how the drug is classified.
Biden said thousands of people with prior federal convictions could be denied employment, housing or educational opportunities and his executive action would relieve such "collateral" consequences.
Nearly 40 U.S. states have legalized marijuana use in some form, but it remains completely illegal in some states and at the federal level. Reclassification would be a first step toward wider legalization, a move backed by a majority of Americans, and usher in sweeping changes for companies and law enforcement and impact millions.
The president's decision fulfills a campaign promise and is likely to please members in his left-leaning political base ahead of the November midterm elections in which the president's fellow Democrats are defending control of the House of Representatives and Senate.
Shares of cannabis growers and sellers surged following Biden's comments,
https://www.reuters.com/world/us/biden-overhauls-us-policy-marijuana-pardons-prior-federal-offenses-2022-10-06/