Washington: US President Joe Biden withdrew the cases of American citizens who were convicted of possession of cannabis. The US President announced the new decision in writing and through a video message. Joe Biden said in a video message that he is pardoning all prior federal felonies for possession of marijuana and urging governors to grant clemency to those convicted.
“As I often said during my campaign for president, no one should go to jail for using or possessing marijuana. “We need to stop sending people to prison for possession of marijuana,” Biden said. About 40 US states have legalized the use and possession of marijuana. But in some states it is illegal to use cannabis. Biden directed the Departments of Justice and Health to reconsider whether marijuana should be classified as a serious drug.
Meanwhile, shares of marijuana growers and sellers soared following Joe Biden’s comments, according to reports. The global cannabis industry is projected to reach $55 billion in sales by 2026. There are also reports that the US market will grow to $40 billion. Cannabis-focused research firm BDSA said the US cannabis industry generated more than $25 billion in sales last year.