Cannabis stocks rallied on Thursday after U.S. President Joe Biden announced that his administration will pardon thousands of people convicted for “simple possession of marijuana.” The president also urged governors to take similar actions for state offenses. Biden also stated that he is directing the Secretary of Health and Human Services and the Attorney General to review “expeditiously” the classification of marijuana as a Schedule 1 Controlled Substance, a category which includes dangerous substances like heroin and LSD that have a high risk of abuse. The news of the Biden administration’s favorable reforms led to a notable spike in several cannabis stocks on Thursday. Stocks of U.S.
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Trulieve Cannabis (QX) (USOTC:TCNNF)
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