President Joe Biden stated on October 6th that he is taking significant steps to reform America’s federal marijuana laws. The major news was pardoning every American for simple marijuana possession at the federal level, in a stunning move only a month before the midterm elections.
Good News for Cannabis Enthusiasts
To decriminalize marijuana and rectify charging practices that disproportionately affect people of color, President Joe Biden apologized to thousands of Americans who were found guilty of “simple possession” of the substance under federal law. About his unilateral order, Biden claimed that thousands of Americans with prior federal offenses might be unable to find work, housing, or educational prospects.
Biden referred to the consequences of the 1994 crime legislation, which led to a spike in drug-related arrest and incarceration rates, notably for Black and Latino people.
The Department of Justice is attempting to develop a procedure so that persons eligible for Biden’s pardon can obtain a certificate of pardon, which they can present as necessary to other parties, including potential employers.
Big Changes Ahead
A classification review’s findings can have far-reaching effects. According to the president, the drug is higher than fentanyl and methamphetamine. The federal government’s marijuana classification can change to make it easier for major stock markets to list companies in the cannabis industry and perhaps even open the door for foreign companies to start doing business in the United states.
According to BDSA, a cannabis-focused research group, the worldwide cannabis market is expected to reach $55 billion in sales by 2026, while the U.S. market size of $40 billion by that time increased from $25 billion in 2017. Industry experts think federal measures in the United States may significantly increase such numbers.
Why It’s a Great News for BudBlockz?
After Biden’s pardon, shares of marijuana farmers and sellers with U.S. exchanges radically increased. Two well-known marijuana retailers with U.S.-listed stock, Canopy Growth Corp and Tilray Brands, saw increases of 31% and 22%, respectively.
These drastic increases in the cannabis market also benefited BudBlockz who saw an increase in sales the days immediately after the iconic speech. For BudBlockz, the effects of the speech could be long-lasting, as it’s the first cryptocurrency facilitating cannabis users, growers, dispensaries, and cafes. It encourages cannabis and crypto enthusiasts to invest in this quickly expanding industry.
The platform makes buying, selling, and trading real-world and digital marijuana products easier. The $BLUNT token is the world’s first asset-backed NFTs for cannabis items. This enables safe international transactions outside the banking system, allowing users to participate.
Biden’s pardoning of marijuana convicts suggests that the cannabis industry has complete support from the government. Therefore, investors are ready to invest in the industry, which will positively reflect BudBlockz success.
BudBlockz Opens New Opportunities for Investors?
The world’s first blockchain-based ecosystem, BudBlockz, unites the expanding international marijuana market by focusing on asset-backed NFTs. Through a decentralized structure, the website enables business enthusiasts and investors to buy, trade, and invest in goods, farms, and dispensaries.
It is an ecosystem that makes it simple to navigate a difficult sector and aids participants in avoiding many logistical, financial, and data management challenges that marijuana businesses, entrepreneurs, and consumers previously encountered.
Due to its foundation in blockchain technology, investors can access cryptocurrency and cannabis industries simultaneously, regardless of location or local regulations. This enables them to make investments and promote industrial growth.
An NFT allows investors to acquire a stake in a marijuana farm or dispensary. As a result, businesses can conduct secure transactions, and international investors can directly access the sector, allowing them to make speculations and profit from its expansion. Analysts estimate the cannabis business to expand by over US$200 billion by the decade’s end.
Learn more about BudBlockz (BLUNT) at the links below:
Official Website: budblockz.io/
Presale Registration:: https://app.budblockz.io/sign-up
Telegram Group: https://t.me/BudBlockz
Discord Server: https://discord.gg/s7hBFgvTmN
All BudBlockz Links: https://linktr.ee/budblockz
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