Now, this is really interesting! It figures, since politicians (especially sleazy ones like Boehner) do things that enrich them personally. As the article mentions, Boehner has a new book out (who will read it?)
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Boehner, who had opposed drugs as an elected official, received the high honor of heading up the National Cannabis Roundtable to lobby for drug legalization. The former House Speaker came by the position naturally since he was already on the board of Acreage Holdings.
Acreage Holdings has one of the biggest marijuana operations in America. As Democrats began to legalize drugs in select states, companies were formed to get in on the action. But despite all the hype, the marijuana business was a disaster.
Legalizing and taxing pot just meant users buying cheap ‘illegal’ pot from drug dealers.
Acreage tried opening operations everywhere only to pull back. The marijuana company suffered $286 million in net losses in 2020. But there was some good news.
Canopy Growth, a Canadian company, controlled by Constellation Brands, a liquor company which owns everything from Svedka Vodka to Robert Mondavi, has a deal to buy Acreage on the condition that marijuana is federally legalized in the United States.
And the only way that could happen is with a Democrat in the White House.
As one headline bluntly put it, “Canopy Growth Is Headed to $0 Without a Biden Victory”.
“Canopy Growth, will need U.S. federal legalization to survive. Without it, the marijuana company’s negative cash flow will eventually bankrupt it,” the Investor Place article pointed out. “Four more years of a Trump presidency, however, would push CGC over the edge… CGC will likely close its doors before the 2024 election comes around.”
Fortunately, Biden had promised to legalize pot, and “Senator Kamala Harris… introduced the Democrat-championed bill that would essentially legalize marijuana on the federal level.”
But, “the MORE Act will need a Democratic-controlled White House and Senate to pass.”
Acreage and its investors needed President Trump and Republicans to lose across the board. And they need to retain control of the House and Senate long enough to legalize marijuana.
What’s at stake for Boehner? A lot.
As Bloomberg News reported, he can “collect $1.59 million in cash once shareholders approve Canopy Growth Corp.’s acquisition of Acreage Holdings Inc..”