President Biden’s Green Play: Thousands of Pardons, Reclassifying Marijuana and a Dash of Political Flair
On Thursday, October 6th, Joe Biden stepped into the spotlight with a move that could turn the U.S. drug landscape on its head. He announced a sweeping pardon for thousands of folks who’ve been tripped up by federal marijuana‑possession charges and kicked off a review of how the plant is classified in law.
What The Pardon Actually Means
- More than 6,500 people could receive a clean slate, freeing them from the weight of a federal conviction.
- Those individuals will no longer face snags like denied jobs, rental blocks, or college hurdles—all the “collateral damage” that a cannabis crime can bring.
- It’s a stark reminder that a simple pot stash can wreck lives when the old federal rules are still in play.
The Road to Reclassifying Marijuana
Nearly 40 states have already embraced the leafy drug in some form, yet it remains federally illegal. By shifting marijuana’s status, the administration would open the door for broader legalization—a move that many Americans are cheering for and that could revolutionize businesses, policing, and everyday life.
Why This Is a Win for Biden’s Base
The pardons tick all the boxes that Biden’s left‑leaning supporters love, particularly ahead of the November midterms where Democrats are fighting hard to keep the House and Senate. “Too many lives have been upended because of our failed approach to marijuana. It’s time to right these wrongs,” said the president, encouraging governors to follow suit.
A Call for Local Justice Reform
“Just as no one should be in a federal prison solely for having a bag of marijuana, no one should be in a local jail or state prison for that reason, either,” Biden urged, hitting a note that resonated with communities where drug‑related convictions have devastating ripple effects.
The Market Buzz (and Some Ripples)
- Shares of big names like Tilray Brands and Canopy Growth jumped over 20% after the news.
- Experienced a brief surge in cowboy‑style stock enthusiasm, as the prospect of legalization made investors nervous but excited.
Voices on Both Sides of the Spectrum
Supporters lauded the decision, especially for tackling racial disparities in the justice system.
“The United States will never truly legalize marijuana until it reckons with the outdated policies that equated thousands of young Black men with hardened drug pushers,” said Al Sharpton, a civil‑rights advocate. “They were behind bars for years over simple possession, a non‑violent offense, for something that states are legislating at a furious clip.”
On the flip side, some Republicans weighed in, citing concerns about crime and economic uncertainty.
“During a crime wave and on the brink of a recession, Joe Biden is giving blanket pardons to drug offenders— many of whom pled down from more serious charges. This is a desperate attempt to distract from failed leadership,” fumed Senator Tom Cotton on Twitter.
Looking Ahead
While the pledge does feel like a victory for justice and cannabis lovers, the real work begins with reclassification—potentially a landmark step toward a more modern, fairer drug policy that might light up the political landscape much brighter than any pot leaf could.
Big changes ahead
Big Shake‑Up: Biden Moves to Reclassify Marijuana
In a move that could ripple across the whole legal‑green scene, President Biden has announced that the U.S. federal classification for marijuana will be altered. Right now, the drug sits alongside heroin and LSD in the most stringent tier, while it’s actually higher than fentanyl and methamphetamine. Switching that up could unlock a new era for cannabis businesses.
Why This Matters
- Stock‑Market Freedom – If marijuana slips to a lower federal class, major exchanges like the Nasdaq and NYSE could finally welcome cannabis companies. That means fresh capital streams and an opportunity for foreign brands to tap into the U.S. market.
- Banking Blues – States have largely legalized medical or recreational use, but the federal outlaw still keeps big banks wary. The result? Most cannabis firms have to trade on the over‑the‑counter market or list in Canada.
- Economic Boom – The industry is projected to hit $55 billion worldwide by 2026, with the U.S. alone poised to reach $40 billion. A federal jump could skyrocket those numbers.
Congress & Industry React
Reactions have been brisk:
- Progressive Praise – Rep. Pramila Jayapal, leader of the Progressive Caucus, celebrated the move as a leap toward criminal and racial justice: “We’re finally correcting past wrongs.”
- Retail Voices – Khari Edwards, CSR head at Ayr Wellness Inc., called it a “major step in righting the past.”
What the President Promised
President Biden tasked Attorney General Merrick Garland with crafting an “administrative process” that will issue pardon certificates for those convicted of simple marijuana possession. “The DOJ will act quickly,” the department said, “restoring rights to those who were wrongfully convicted.”
But he wasn’t all loosen‑up. “Even as rules relax, we must keep limits on trafficking, marketing, and under‑age sales,” Biden reminded. That means safety measures stay intact.
Looking Forward
Industry buzz suggests that federal reform could jack up U.S. market totals even more than forecasts. With the legal landscape in flux, every day counts for a sector on the verge of a huge boom.
