Last week, cannabis stocks jumped on news that President Joe Biden was issuing pardons for thousands of people who have been convicted of simple marijuana possession in federal court, and said that the government would begin a review of how pot is legally classified. Currently, it's a Schedule 1 substance like heroin, so legally, it is treated as a highly dangerous drug that has no acceptable medical uses. Biden also urged governors to pardon people convicted of marijuana possession at the state level.

These were huge developments in the cannabis reform narrative, and the most significant signs yet from the Biden administration that marijuana reform -- and possibly even legalization -- could be on the horizon.

While legalization would open up opportunities for all cannabis companies, some are better positioned to gain than others. Here's a look at some of the different positions those companies are in and what legalization might mean for them.

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Source Fool.com