What President Biden’s Cannabis Law Reform Means For The Legal Drug Industry | Forbes

Legalization
The President’s sweeping pardon for ‘simple possession’ is a major step toward decriminalization, and the U.S. will now reevaluate why marijuana is classified like heroin.

In one of the most significant steps toward cannabis law reform, President Joe Biden announced on Thursday that he would pardon all U.S. citizens convicted of federal marijuana possession. Biden, who is partially responsible for America’s harsh drug laws, also asked the Department of Health and Human Services and the Attorney General to review “expeditiously” how marijuana is scheduled under federal law. Currently, cannabis is classified as a Schedule 1 drug, along with heroin and LSD, a category reserved for narcotics with a high potential for abuse and no medical value.

“Too many lives have been upended because of our failed approach to marijuana,” Biden said in a statement. “It’s time that we right these wrongs.”

While Biden’s announcement signals an important shift in how cannabis is perceived at the federal level, the White House is still trailing 19 states where weed is legal for anyone over 21 and 37 states where it is legal for medical use. The state-regulated industry is estimated to bring in $30 billion in sales this year.

The symbolism of Biden’s executive order is far greater than the immediate effect—particularly for people of color. While cannabis use is essentially equal among Black and white people, Blacks are nearly four times as likely to be arrested for marijuana possession. The White House estimates that there are about 6,500 U.S. citizens who were convicted of “simple possession” under federal law between 1992 and 2021. It should also be noted that there are no individuals currently in federal prison solely for simple possession of marijuana, according to the Biden Administration.
Read the full story on Forbes: https://www.forbes.com/sites/willyakowicz/2022/10/07/president-biden-pardon-marijuana-possession-time-to-change-americas-cannabis-laws/?sh=4c01d9eb2143

Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1

Stay Connected
Forbes newsletters: https://newsletters.editorial.forbes.com
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com

Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Articles You May Like

Recreational Marijuana
WRAL News Poll: NC voters support legalizing medical marijuana
Why more older adults are using marijuana
The NEW BEST Dry Herb Vape for Beginners in 2024? (Linx Saber Unboxing)

Leave a Reply

Your email address will not be published. Required fields are marked *