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Photo: Bastiaan Slabbers/NurPhoto via Getty Images

2020 presidential candidate Sen. Bernie Sanders (I-Vt.) released a proposal precisely at 4:20 pm on Thursday to legalize marijuana at the federal level, per a campaign email.

The big picture: Marijuana legalization has become an increasingly popular stance within the Democratic Party, but Sanders' proposal appears to be one of the most progressive in the 2020 field. Sanders says he would legalize marijuana within 100 days via executive action and fight against large marijuana companies monopolizing the market to ensure communities of color are able to benefit from the industry.

  • 11 states and Washington, D.C., have legalized marijuana, but it is still illegal at the federal level.
  • Sanders says his administration "will direct both federal and state authorities to review marijuana convictions and vacate and expunge all past marijuana-related convictions."
  • The plan would also "eliminate barriers to public benefits for people who have interacted with the criminal justice system."

By the numbers: Sanders also proposed using marijuana tax revenue to create a $20 billion grant program for entrepreneurs of color.

  • Tax revenue would also create another $10 billion in grant programs for businesses in areas that have been disproportionately affected by the criminalization of marijuana.

Go deeper: Axios' deep dive on the growing marijuana industry

Go deeper

Dan Primack, author of Pro Rata
26 mins ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.

The week the Trump show ended

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Donald Trump was eclipsed in media attention last week by President Biden for the first time since Trump took office, according to viewership data on the internet, on social media and on cable news.

Why it matters: After Trump crowded out nearly every other news figure and topic for five years, momentum of the new administration took hold last week and the former president retreated, partly by choice and partly by being forced off the big platforms.