Go Long on Fig Newton Futures

Joe Biden has pardoned thousands of people with simple marijuana possession convictions.

This is no doubt going to be a winner in the November elections.  The war on drugs generally, and the war on marijuana in particular, have become increasingly unpopular over the years.  Even a majority of Republicans support marijuana legalization. 

It's good policy and good politics.

Hopefully, this is a step toward full legalization:

President Biden on Thursday pardoned thousands of people convicted of marijuana possession under federal law and said his administration would review whether marijuana should still be in the same legal category as drugs like heroin and LSD.

The pardons will clear everyone convicted on federal charges of simple possession since it became a crime in the 1970s. Officials said full data was not available but noted that about 6,500 people were convicted of simple possession between 1992 and 2021, not counting legal permanent residents. The pardons will also affect people who were convicted under District of Columbia drug laws; officials estimated that number to be in the thousands.

The pardons will not apply to people convicted of selling or distributing marijuana. And officials said there are no people now serving time in federal prisons solely for marijuana possession. But the move will help remove obstacles for people trying to get a job, find housing, apply to college or get federal benefits.

Mr. Biden urged governors to follow his lead for people convicted on state charges of simple possession, who vastly outnumber those charged under federal laws.

Still, the president’s actions — which come about a month before the midterm elections and could help energize Democratic supporters — represent a fundamental change in America’s response to a drug that has been at the center of a clash between culture and policing for more than a half-century.

“Sending people to jail for possessing marijuana has upended too many lives — for conduct that is legal in many states,” Mr. Biden said on Twitter on Thursday. “That’s before you address the clear racial disparities around prosecution and conviction. Today, we begin to right these wrongs.”

I do not expect a similar action to be taken by the red states, because it would have the effect of enfranchising hundreds of thousands of Black voters, which runs against a core Republican value, that Blacks should not vote.