Joe Biden lights up marijuana stocks

The presidential pardon for those with marijuana convictions was interpreted as a step toward federal decriminalization and sparked a rally in funds offering exposure to cannabis companies.

The wild ride of marijuana investing got a boost this week when President Biden announced he was pardoning thousands of people convicted of marijuana possession under federal law.

Biden, who doesn’t have the authority to legalize marijuana at the federal level, also instructed the secretary of Health and Human Services and his attorney general to look into declassifying and potentially legalizing cannabis.