Shares of cannabis producers and sellers soared after US President Joe Biden’s decision to pardon those who were federally convicted of marijuana possession, RBC writes.

At the end of the postmarket on Thursday, October 6, shares of Tilray soared 39.93% to $4.17 on NASDAQ, shares of Canopy Growth – by 28.01% to $3.93, shares of SNDL – by 28.31% to $2.9. Aurora Cannabis (TSX:ACB) shares rose 16.12% to end trading at $1.44 per paper.

The pardon will also apply to people who have not yet been indicted. According to White House estimates, the pardon will affect about 6,500 people. However, the measure will not affect foreigners who were in the U.S. illegally, as well as those who committed other drug-related crimes, including marijuana.

The US President called on the governors of all states to follow suit. Earlier, Biden promised to decriminalize marijuana and rehabilitate those convicted of related crimes as part of his campaign program. Currently, cannabis is legalized in 15 American states, while 34 more states allow its use for medical purposes.