Popular Info reports………Congressman John Yarmuth (D-KY), the powerful chairman of the Budget Committee, has recently purchased several cannabis industry stocks while championing legalization legislation that could increase their value, a Popular Information investigation reveals. The transactions illustrate the ethical problems created when members of Congress, whose official actions can make or break industries, trade individual stocks.
Congressman John Yarmuth (D-KY)
According to a filing with the Clerk of the House Representatives, obtained by Popular Information through CongressTrading.com, Yarmuth purchased three cannabis industry stocks on November 5: Canopy Growth Corporation, Aurora Cannabis, and Tilray. The law only requires Yarmuth to report the range of the purchase price. The Congressman purchased between $1,000 and $15,000 of each stock.
On December 3, Yarmuth promoted his cosponsorship of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which would decriminalize and deschedule cannabis in the United States:
The MORE Act passed the House on December 4. The bill was initially scheduled for a vote in September, but that plan was shelved because of pre-election messaging concerns. The House did not announce their intention to reschedule the vote until late-November.
It was the first time either chamber of Congress has passed a bill to legalize marijuana. The bill envisioned sales of cannabis products nationwide, along with a “federal five-percent tax on cannabis retail sales.” Although the MORE Act did not receive a vote in the Senate, it was nevertheless viewed as an important step toward marijuana legalization.
On February 5, after the new Congress convened with Democrats controlling both chambers, Yarmuth signed on as a co-sponsor to legislation that would make “cannabidiol derived from hemp, and any other ingredient derived from hemp lawful for use.” Cannabidiol, also known as CBD, is a popular derivative of marijuana. Although CBD is widely available, the marijuana companies that Yarmuth invested in produce CBD products and would benefit from its formal legalization.
The momentum for marijuana legalization has increased the value of Yarmuth’s November stock purchases. Tilray, for example, was valued at $7.82 per share when Yarmuth purchased the stock on November 5, 2020. When the market closed on Monday, Tilray was trading at $26.29 per share.
This is not just a must read report it is a must must read report. They just can’t help sticking their fingers in the cookie jar.
https://popular.info/p/powerful-congressman-buying-cannabis
