President Joe Biden recently pardoned around 6,500 people convicted of cannabis possession at the federal level. These pardons are excellent news for several Americans, but how does this affect the cannabis industry on a larger scale? Here’s what Digital Mota has to say.
How Does This Affect the Cannabis Industry?
The main question is, “how do marijuana pardons affect the cannabis industry?” The short answer is that marijuana pardons positively affect the industry. However, there are more factors to consider.
The Stigma Surrounding Marijuana is Changing
Although medical marijuana is legal in 39 states, there is still a negative bias surrounding it. Only 19 of the 39 states have legalized recreational use. With the United States President pardoning federal charges, the perception around cannabis is slowly changing.
We may see other states loosen laws around cannabis or consider legalization. Furthermore, there may be more pardons for simple marijuana possession, as President Bident is encouraging other governors to do the same.
Biden is Encouraging Other State Governors
President Biden has urged other governors to pardon individuals with state charges of simple marijuana possession. Although it’s still early to see how other states will react, this can be excellent news for people across the United States. The negative bias surrounding cannabis will drastically decrease if more states pardon marijuana charges.
The Industry Will Continue to Grow
The cannabis industry has grown at an exponential rate. In 2021 alone, California brought in 5.2 billion dollars in cannabis sales. With more support at the federal level, the cannabis industry will continue to expand. Some of the remaining states may consider legalization for medicinal and recreational purposes.
Could We See Marijuana Fully Decriminalized?
Although it won’t happen overnight, federal pardons could lead to marijuana being fully decriminalized across the United States. This might be wishful thinking, but this would significantly impact Americans and the cannabis industry as a whole.
If marijuana becomes fully decriminalized, we may see more states legalize medicinal and recreational cannabis. This would exponentially grow the United States cannabis industry, leading to new innovations, brands, and marketing techniques.
The Cannabis Industry Has Room for Growth
Federal marijuana pardons are great news for thousands of Americans and the cannabis industry. These pardons are more than a simple political or value statement and positively impact the industry’s stigma.
Support for cannabis on the federal level improves states’ chances of legalizing marijuana for medicinal or recreational use. President Biden is also encouraging other governors to do the same, meaning we may see a shift in public perception and the industry.
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