In a sweeping new move, President Joe Biden officially pardoned thousands of people convicted of possessing marijuana. The president said the current federal laws“make no sense.”

The new pardons impacted about 6,500 people and created a ripple effect that sent US marijuana stocks booming. Some stocks such as Tilray Brands and others surged as much as 22 percent following the announcement.

Currently, the new presidential pardons will only be applied to federal offenders who were found guilty of “simple marijuana possession.” These pardons also include thousands of individuals convicted of “simple marijuana possession” in the District of Columbia.

President Biden urged all governors to also pardon citizens convicted of “simple marijuana possession” in their states.

“Just as no one should be in a federal prison solely due to the possession of marijuana, no one should be in a local jail or state prison for that reason, either,” Biden said, in a public statement.

One caveat to the pardon is that non-US citizens who were in the country illegally when convicted for “simple marijuana possession” will not receive a pardon.

The President also said he has instructed the Secretary of Health and Human Services Xavier Becerra and Attorney General Merrick Garland to review current marijuana laws, including how Cannabis is classified under current federal drug laws. Marijuana is now a Schedule 1 drug in the US, which means it is considered as dangerous as major hard drugs.

President Biden said that including marijuana in a drug classification that makes it “the same as heroin and LSD — and more serious than fentanyl,” … “makes no sense.”

Biden’s proclamation empowered the Justice Department’s Office of the Pardon Attorney to handle the matter across the US. The department is creating a formal process where every pardoned person will receive a certificate of pardon.

Simultaneously, pardoned individuals will have their political, civil and all rights once denied to them as federal offenders restored.

In the US, marijuana convictions make up about 50 percent of all drug arrests, amounting to around six million convictions between 2010 to 2018. These felons were impacted by many restrictions, as President Biden noted.

“There are thousands of people who were convicted for marijuana possession who may be denied employment, housing, or educational opportunities as a result,” Biden said. “My pardon will remove this burden on them.”

The ACLU also reports data that shows that people of color are disproportionally arrested for marijuana possession.

“More than six million arrests occurred between 2010 and 2018, and Black people are still more likely to be arrested for marijuana possession than white people in every state, including those that have legalized marijuana,” noted the ACLU in their article ‘A Tale of Two Countries: Racially Targeted Arrests in the Era of Marijuana Reform.’ “In every single state, Black people were more likely to be arrested for marijuana possession, and in some states, Black people were up to six, eight, or almost 10 times more likely to be arrested. In 31 states, racial disparities were actually larger in 2018 than they were in 2010.”