A huge day for cannabis today. President Biden signed an executive order pardoning those will prior federal marijuana possession offenses. The executive order also asked for a review of how marijuana is scheduled. The review of the scheduling is likely going to lead to some major changes for cannabis market in US.
The market reacted well to this news. Most cannabis related stocks were up from 30-60% today. The move was huge for a single day move, it still doesn’t really value today’s news correctly. The potential change in scheduling of marijuana will have a huge impact on the cannabis market, allowing the strong and best players to really flex their muscle.
As the founder of Curaleaf put it: “The beginning of the end of cannabis prohibition.”
I think this is just the start of the changes in cannabis market. Today’s news likely increases the odds of SAFE+ Act getting done in 2022.