“At the same time that some are poised to profit off of this burgeoning industry, millions more remain burdened by the collateral consequences of a cannabis conviction,” Gersten said in a statement, noting the pardons are a “crucial step in beginning to right the wrongs of our failed approach to cannabis policy.”
Moore’s order does not free those currently incarcerated for cannabis offenses in Maryland. Rather, it expunges the records of about 150,000 residents who were convicted previously of minor possession charges and another 20,000-plus for possessing drug paraphernalia.
Emily Paxhia, a cannabis analyst and investor, says the pardons expose “the flimsy lip service” of the federal government on weed policy that has “failed to show progress for the industry, patients or criminal justice reform.”
The strongest moves “appear to be sourced outside the halls of Congress,” said Paxhia, managing director and co-founder at Poseidon. “We will continue to watch for state and local-level efforts as they respond to their bipartisan constituents’ desire to see cannabis reform.”
Election year heat
In the run-up to this fall’s presidential election, there’s significant buzz around the cannabis industry, which is expected to reach $46 billion in legal sales by 2028, according to forecasts from BDSA.
Voters in Florida, a thriving medical market with $2 billion in annual sales, will decide on their November ballots if the state will allow adult-use sales. If the carefully watched measure passes, the state’s green rush could triple in value to $6 billion annually, per Headset, boosting the industry’s bottom line.
Meanwhile, at Biden’s urging, federal agencies are considering a move that would put cannabis into Schedule III (with anabolic steroids and ketamine), taking it out of Schedule I (where it currently sits with heroin and ecstasy).
Boosted ad spend
Such a change could have a profound effect on marketing in the sector, industry veterans say, with more publishers and platforms welcoming weed ads. The Cannabis Media Council, a trade organization, thinks rescheduling will “open up more mainstream direct-to-consumer channels” that have previously restricted or refused weed money, per co-founder Joyce Cenali.