Canopy Growth Corporation shares jumped 22% following President Biden’s announcement that he will pardon thousands of people convicted of marijuana possession.
"President Biden, in keeping with his campaign commitments, has set into motion the actions needed to heal the harms of the past and chart a course for responsible, legal cannabis markets in the future," Culver said.
The move could be a step toward a broad loosening of the federal classification of the drug. More than 6,500 individuals with prior convictions for simple marijuana possession were impacted by the pardons, according to the White House. This includes thousands more through pardons under D.C. law. "There are thousands of people who have prior federal convictions for marijuana possession, who may be denied employment, housing, or educational opportunities as a result. My action will help relieve the collateral consequences arising from these convictions," Biden said in a statement announcing the pardons.
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