Cheers to progress, one puff at a time.

In a landmark move signaling the evolving perception of marijuana in America, Maryland’s Governor Wes Moore signed on Monday an executive order that pardons more than 175,000 marijuana-related convictions.

This sweeping act of clemency is likely to accelerate efforts to legalize marijuana, as the pivotal November 2024 elections get closer.

Governor Moore, a Democrat, pardoned low-level marijuana possession and paraphernalia charges for approximately 100,000 individuals. Some individuals may benefit from multiple pardons.

“This initiative aims to transform both governmental and societal attitudes towards those marginalized by inequitable policies,” Moore said during the signing event, held nearly two years after the approval of a constitutional amendment in Maryland legalizing recreational marijuana for adults aged 21 and over.

Describing his executive order as “the most extensive state-level pardon in U.S. history,” Moore underscored the timing of this announcement with Juneteenth, emphasizing the racial disparities in drug-related convictions. Moore acknowledged the significant impact on Black and brown communities, which has often mirrored the broader historical injustices these communities have faced.

Monday’s executive order will pardon over 150,000 misdemeanor convictions for simple marijuana possession and more than 18,000 misdemeanor convictions related to drug paraphernalia. Baltimore alone accounts for around 25% of these cases (see the following post on the X social media site):

The pardons also will extend to deceased individuals but will not lead to the immediate release of any incarcerated persons. The governor’s office clarified that this action does not equate to expungement.

The order mandates the Maryland Department of Public Safety and Correctional Services to create a mechanism to reflect these pardons on individuals’ criminal records. However, individuals seeking to expunge their records must still file petitions in court.

The backdrop to this mass clemency is a tectonic shift in public opinion on cannabis. In a Gallup poll from November 2023, a record 70% of Americans supported cannabis legalization, a stark rise from 51% in 2014 and 12% in 1969.

“We must address the adverse effects of criminalization to truly celebrate the benefits of legalization,” Moore remarked, pointing out that the pardoned convictions have historically impeded access to housing, employment, and education.

Many federal, state and local politicians have criticized the nation’s failed “War on Drugs,” pointing to the deep-rooted biases in drug-related arrests and sentencing. The decades-long war is seen as inherently racist and lawmakers are intent on dismantling it.

Governor Moore’s pardons are part of a broader trend towards loosening restrictions on marijuana. Currently, 24 states, two territories, and Washington, DC, have legalized marijuana for adult recreational use.

Additionally, 38 states permit the medical use of cannabis products. While marijuana remains illegal at the federal level, recent developments hint at changes.

The U.S. Department of Justice in May recommended reclassifying marijuana from a Schedule I to a Schedule III controlled substance, aligning it with drugs like ketamine and Tylenol with codeine.

This recommendation came after a review by the U.S. Food and Drug Administration (FDA), prompted by President Joe Biden’s 2022 directive to reconsider marijuana’s classification.

As the legal framework around cannabis evolves, so does the market potential. Worldwide sales of high-THC cannabis through legal regulated markets totaled $23.7 billion in 2020 and is projected to grow to $51 billion by 2025, according to the research firm New Frontier Data.

This growth highlights the burgeoning investment opportunities within the marijuana industry as it continues to join the mainstream. Other states are expected to soon follow Maryland’s example. Marijuana has gone from pariah to major consumer product.

This year has witnessed a turnaround in marijuana stocks, as laws become more favorable for the substance and individual use soars.

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John Persinos is the editorial director of Investing Daily.

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