The cannabis stock market has responded well to the White House’s decision on marijuana

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The surprise pardon by President Biden has caused the cannabis stock market to improve

Calling on the administration to consider changing the current drug classification for marijuana was an action by President Joe Biden that has helped cannabis stocks soar sharply. Companies in both the US and Canada have seen strong rallies since yesterday, when Biden finally made statements that would help the industry develop better.

Yesterday, the cannabis stock market soared to record gains after the POTUS formally sought to take another look at how marijuana is classified under federal law. While many states have made it clear that marijuana should be viewed in a different light, federal law still classifies it as a banned substance and harmful to the American community.

Revising how federal law views this plant the way it currently does is something that cannabis products in North America have long sought. It has been months since federal reform has been stalled. That has soured a lot of enthusiasm in the industry.

2022 has seen heavy losses even as more states continue to legalize cannabis medicinally or recreationally. However, these recent moves in the White House have boosted the marijuana sector and that has too many investors happy. This is really what many stakeholders are looking for, considering how volatile the industry can be.

Biden continues to demonstrate the change in stance over the years. He went from being a staunch opponent to finally supporting, to some degree, the decriminalization and use of medical cannabis. The news comes just before Democrats try to rally support for this year’s midterm elections and many Republican lawmakers remain wary of legalization.