Shares of cannabis companies rallied Thursday after President Joe Biden said he would pardon federal offenders for simple pot possession. Biden also asked for a review on marijuana's current status as a Schedule 1 controlled substance under U.S. law. U.S. cannabis companies listed on the OTC as well as Canadian cannabis companies moved up sharply. Curaleaf Holdings Inc. /zigman2/quotes/205334348/composite CURLF +6.04% jumped 37%, Tilray Brands Inc. /zigman2/quotes/209129655/composite TLRY +7.75% rallied 22.8%, Trulieve Cannabis Corp. /zigman2/quotes/207658767/composite TCNNF +7.06% moved up by 33.8%, Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC +8.56% rose 15.7%, Verano Holdings Corp. /zigman2/quotes/224719896/delayed CA:VRNO +2.86% /zigman2/quotes/224743992/composite VRNOF +1.91% rose 9%, and Cresco Labs /zigman2/quotes/200392306/composite CRLBF +5.97% advanced by 26.4%. The Cannabis ETF /zigman2/quotes/213173823/composite THCX +3.77% rose 3.7% and the AdvisorShares Pure US Cannabis ETF /zigman2/quotes/220307682/composite MSOS +6.78% rose 18.7%.