Cannabis stocks go sky high after Biden seeks to reclassify weed under federal law

President Joe Biden said that he plans to ask the Justice Department and the U.S. Department of Health “to initiate the process of reviewing how marijuana is scheduled under federal law.” Marijuana is currently classified as a Schedule 1 drug, the same classification as opioids. Publicly traded companies in the business of growing and selling cannabis saw their stock prices soar on the news. Mr. Biden also pardoned 6,500 people convicted of simple possession offenses under federal law.