"No one should be in jail just for using or possessing marijuana," Biden said in a post on Twitter (TWTR). "Today, I'm taking steps to end our failed approach."

Biden said he will pardon all previous federal offenses of simple marijuana possession.

"There are thousands of people who were previously convicted of simple possession who may be denied employment, housing, or educational opportunities as a result. My pardon will remove this burden," he said.
The president also said he is asking Health Secretary Xavier Becerra and Attorney General Merrick Garland to review how marijuana is scheduled under federal law.

"We classify marijuana at the same level as heroin -- and more serious than fentanyl. It makes no sense," Biden said.

Eoin Treacy's view

The are clear arguments in favour of freeing individuals for cannabis offenses when cannabis possession and consumption is legal in many states. The potential for reclassification of cannabis is a potentially significant development for the sector.

Cannabis stocks rebounded from depressed levels today on the news. The ETFMG Alternative Harvest ETF holds both cannabis and tobacco companies and yields 2.76%.

Canopy Growth Corp has now put in a higher reaction low and bounced emphatically today.

Tilray is bouncing from the region of the 2020 lows.

Charlotte’s Web is also rebounding in an emphatic manner.