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"The economic potential of the cannabis business in the U.S. is limitless, and President Obama understands this," Thomas L. Leto II said in a statement.

The group also cited Obama's previous statement, that lawmakers should prioritize "resources to go after things that are really doing folks damage," and not focus as much on medicinal marijuana prosecutions, as evidence that the president is aligned with their views.

The president has admitted using marijuana when he was a teenager. In a book released earlier this summer, author David Maraniss recounted how Obama's group of friends in high school called themselves the “Choom Gang” and had rituals for using the drug.