President Biden issues federal pardons for 'simple possession' of marijuana
October 7, 2022, 8:51 am

President Biden issues federal pardons for 'simple possession' of marijuana

US President Joe Biden - Twitter account

President Joe Biden has pardoned all Americans who have been convicted at the national level of possessing small amounts of marijuana, the BBC reported.

Mr Biden said on Thursday (Oct 6): "Sending people to prison for possessing marijuana has upended too many lives and incarcerated people for conduct that many states no longer prohibit.”

He added that non-white people were statistically far more likely to be jailed for cannabis.

The Democratic president said he would call upon all state governors to issue their own marijuana pardons.

He is also directing the Department of Justice and the Department of Health to review how cannabis is classified under federal law.

"We classify marijuana at the same level as heroin - and more serious than fentanyl," said Mr Biden. "It makes no sense."

Officials estimate about 6,500 people with federal convictions for simple possession of marijuana will benefit.

President Joe Biden has pardoned all Americans who have been convicted at the national level of possessing small amounts of marijuana (File photo: Pixabay)

No-one is currently in federal prison solely for possession of marijuana. Most convictions occur at state level.

But the federal pardons will make it easier for people to get employment, housing, and education, Mr Biden said.

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Recreational marijuana is already legal in 19 states and Washington DC. Medical use is legal in 37 states and three US territories.

However, the drug remains illegal at the federal level, even in states where it can be legally bought and used, meaning people there could still be convicted for possession in certain circumstances.

The pardons come a month before November's congressional mid-term elections, which will determine the power balance in Washington for the last two years of Mr Biden's term.

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Life for Pot, a website advocating for the release of non-violent marijuana offenders, noted that there are no known federal prisoners that will be affected by Mr Biden's measure, tweeting: "This is window dressing."

Cannabis company shares jumped on the stock market by around 20% with news of Mr Biden's pardons.

Mr Biden is not the first US president to pardon cannabis offenders.

On his final day in office, Donald Trump pardoned 12 marijuana offenders, including some who had been jailed for life under the three-strikes rule created by Mr Biden's 1994 crime bill.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.