Thousands of people convicted of marijuana possession will be pardoned by President Joe Biden.
"Today represents action from the Administration that we have been waiting for - an acknowledgement that cannabis prohibition has failed and that too many lives have been significantly impacted as a result."
The shares of the Canadian cannabis company jumped 22% after the news. Tilray Brands' shares went up over 30%. CNBC couldn't reach Tilray for comment.
The actions needed to heal the harms of the past and chart a course for responsible, legal cannabis markets in the future have been set into motion by the president.
There is a chance that the federal classification of the drug will be loosened. According to the White House, more than 6,000 people with prior convictions for simple marijuana possession were affected by the pardons. Thousands more have been pardoned under D.C. law.
Thousands of people with prior federal convictions for marijuana possession may be denied employment, housing, or educational opportunities due to their prior convictions. The pardons will relieve the consequences of the convictions, according to Biden.
Biden urged governors to pardon cases of civil possession of marijuana in their states.
The cannabis company's largest shareholder, Constellation Brands, took a $1 billion writedown on its stake in the company.
The stock of the cannabis company has fallen more than 70% in the past year. The stock is close to its all time low.
Christina Wilkie is a correspondent for CNBC.
All Rights Reserved © 2024
