Following President Biden’s announcement he would pardon those convicted of marijuana possession as well as review the drug’s federal status Thursday, marijuana stocks soared, with shares of both US and Canadian cannabis growers jumping sharply.

Canopy Growth was up 22%  on the Nasdaq, while Trulieve Canabis rose 36%, and Curaleaf and Tilray holdings both exploded over 30%.

Canopy Growth issued a statement hailing the decision, calling it, “an acknowledgement that cannabis prohibition has failed and that too many lives have been significantly impacted as a result.”

Biden’s decision appears poised to affect the convictions of roughly 6,500 people who would qualify for pardons. In his speech, Biden urged state leaders to offer the same pardons at the state level.

Biden also directed government officials to begin a review process of the federal classification of marijuana under state law. Presently under the Controlled Substances Act, marijuana is classified as a Schedule I drug, the same class as LSD and Heroin.

President Biden added, “No one should be in jail just for using or possessing marijuana.”

Any pardons will be issued after a review process which will be overseen by the US attorney General.