[Asia Economy New York=Special Correspondent Joselgina] "It has already been legalized in many states." U.S. President Joe Biden announced a pardon for all federal crimes related to simple possession of cannabis (marijuana) and stated that he would review the current drug classification of cannabis, which is set at the highest level. Analysts interpret this as a move to kickstart the legalization of cannabis, which was a campaign promise ahead of the November midterm elections.
According to the Washington Post (WP) and others, on the 6th (local time), President Biden said, "Too many lives have been ruined by sending people to prison simply for possessing cannabis," and confirmed the pardon policy, stating, "(Possession of cannabis) is an act that is no longer prohibited as it has been legalized in many states." Accordingly, about 6,500 people convicted of simple possession of cannabis without intent to distribute or sell from 1992 to 2021 are expected to be pardoned.
Additionally, President Biden requested federal regulatory authorities to review the classification of cannabis, which is currently categorized as a Schedule I drug, the same as heroin and LSD. WP analyzed, "By reviewing the drug classification, it could ultimately resolve the long-standing issue of whether cannabis possession, already legalized in several states, should be 'decriminalized' at the federal government level as well."
Legalization of cannabis was also a campaign promise of President Biden. Currently, 37 states and Washington DC have legalized cannabis use for medical purposes, and 19 states allow it for adult recreational use. Recently, federal legalization bills have also been discussed in the U.S. Congress. Eric Altieri, Executive Director of the National Organization for the Reform of Marijuana Laws (NORML), which advocates legalization, said, "The efforts the president presented today should have been made a long time ago."
Locally, there is a flood of analysis that President Biden's decision on this day is a move aimed at the November midterm elections. The Wall Street Journal (WSJ) reported, "Ahead of the midterm elections, the Biden administration made a decision popular with most Americans according to polls." CNN also diagnosed that it was aimed at mobilizing Democratic supporters such as young people and people of color.
In a poll by the think tank Pew Research last year, 67% of Americans supported releasing people incarcerated for cannabis-related crimes. Additionally, 61% supported expunging cannabis-related records from criminal histories. In the U.S., there is controversy as the rate of cannabis use is similar across races, but the rate of legal punishment targeting Black people and other people of color is high.
However, WSJ pointed out that in a situation where rising crime in major cities has become an election issue, the Biden administration could face backlash for being lenient on crime due to this measure.
Expectations for deregulation of the cannabis industry led to a surge in cannabis-related stocks on the New York Stock Exchange that day. Tilray closed up 30.87%, and Canopy rose 22.15%.
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