 President Biden’s issued his suprise announcement last week on pardoning all federal cannabis posession convictions, urging state Governors to do the same, and directing the review of cannabis’ status as a Schedule 1 drug.
His announcement got everyone talking about it. Political analysts discussed the potential ramifications this could have on November elections. There was no one clear consensus on what that may be, though. Some say the action could stir opponents to cannabis legalization who say this is a step towards more crime. Tom Cotton, who is a Republican Senator from Arkansas, and a self proclaimed “tough-on-crime” conservative, condemed the President’s announcement. Cotton said , “In the midst of 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.” But on the other hand, it seems that Biden’s announcement is something that most of the country will agree with and support. Last year, a Gallup poll found that a record-high 68% of Americans are in favor of legalizing marijuana for recreational use, and subsequent polls have also had similar results. Talk show host, political commentator, and comedian, Bill Maher said, “This is very smart because a lot of people in this country, I don’t know who they are, I don’t know any of them, but a lot of people do smoke pot, and they do show up to vote. Not on the right day, but they do show.” He noted that while some say Biden is too old to be President, he’s the first to take this positive step for cannabis. Maher jokeed, “Yes. The old president. Credit to him because Joe really doesn’t know anything about pot. He thinks THC is that channel that shows the old movies.” Another area that reacted swiftly to the President’s announcement was in the financial markets. Cannabis stocks surged on the announcment. Two of the largest publicly traded cannabis companies posted strong gains, with Tilray shares up 22% and the stock price of Canopy Growth jumping 31%. Those have leveled a bit from their initial jump, but they are still up much higher than before the announcement. The Justice Department’s Office of the Pardon Attorney, who is responsible for administering the pardons is planning to implement a formal process and application for those eligible within the coming days. Comments are closed.
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