Biden Announces Cannabis Reform Initiatives in State of the Union Address

In a historic move, President Biden calls for the review of marijuana's federal classification and the expungement of possession convictions, signaling a potential shift in national drug policy.

• President Biden made a rare mention of marijuana reform during his State of the Union address, marking a significant shift in his stance on the issue.
• The president's speech included calls for the review of marijuana's federal classification and the expungement of thousands of convictions for mere possession.
• Cannabis industry leaders and investment firms applaud the move, highlighting the potential benefits for legal operators, consumers, and the economy.
• Rescheduling cannabis could remove the punitive 280E tax burden on businesses, foster job creation, and ensure better testing standards and regulatory oversight.
• The initiative has sparked optimism within the cannabis community, with many viewing it as a step towards broader federal reform and de-stigmatization of the plant.

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