In a stark turn of events, the former Republican Speaker of the House is now in full support of legal weed.
That’s why John Boehner turned to his 1.4 million followers on Twitter to make a big announcement.
This news – and the newfound support of President Donald Trump – is creating a new bull market for cannabis stocks.
Boehner – along with former Massachusetts Governor William Weld – will join the Advisory Board of a cannabis company named Acreage Holdings.
Acreage Holdings cultivates, processes and dispenses cannabis in 11 states. The cannabis company currently holds 35 cannabis licenses. And it’s working to expand nationwide.
Boehner said, “Over the last 10 or 15 years, the American people’s attitudes have changed dramatically. I find myself in that same position.”
That’s a good and convincing story.
But is it the full truth?
Frankly, you’ve got to assume that there’s an alternative motive. So, what could it be?
While serving in the House of Representatives, Boehner earned $174,000 per year.
One year after retiring, he joined the board of Reynolds American. That’s the No. 2 tobacco company in the United States, and the maker of Camels and Newport branded cigarettes.
Boehner has been a longtime smoker, preferring the Camels Ultra Lights cigarette. So, going to work for big tobacco was a good fit for a retirement gig.
Reynolds directors typically earn around $300,000 in annual compensation through cash and stock grants. And one director has made as much as $1 million per year.
Now, we don’t know how much Boehner will earn at Acreage. Neither the private cannabis company nor Boehner disclosed his compensation.
But compensation has to be a major reason for his involvement. Rumors suggest that he may have received a healthy equity interest in Acreage. And if the company goes public, he could look to cash in millions.
One undiscovered cannabis company is in the final stages of going public. Shares could jump 194% in the coming weeks.
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