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Title: Former Speaker Of U.S. House Of Representatives Lights Up A Cannabis Company
Source: Forbes
URL Source: https://www.forbes.com/sites/thomas ... cannabis-company/#621f23d84bf2
Published: Apr 12, 2018
Author: Thomas Pellechia
Post Date: 2018-04-12 09:22:24 by Willie Green
Keywords: None
Views: 269
Comments: 3

By now it’s no secret the former Republican Speaker of the House of Representatives, John Boehner, excitingly, is an advisor to a cannabis company  that owns and operates medical marijuana production and retail facilities.

As an investment firm established in 2014, High Street Capital Partners, LLC, (HSC), quickly invested in the medical marijuana industry. Over the past four years, the company provided capital to cannabis operations across the U.S. At the end of 2017 HSC decided to pursue a strategy that changed not only the company's direction from mere investment to outright ownership, but also changed its name in March 2018 to Acreage Holdings (AH).  

Today, AH operates in three major parts of the medical cannabis chain: cultivation, processing and retail, in 11 states (29 states, and Washington D.C. allow for medical marijuana). According to the investment bank Cowen & Co, the overall legal cannabis market is expected to reach $75 billion by 2030. AH estimates the medical marijuana industry’s retail revenue will reach $9 billion by 2020.  During the time between then and now, AH plans to continue expanding and acquiring new holdings, with an eye toward pursuing an initial public offering.

Boehner, who as speaker in 2009 expressed strong opposition to federally legalizing marijuana for any purpose, may seem like a questionable choice to advise a cannabis-infused company. But considering that he says he has changed his mind, and considering AH’s ambitions, Boehner in fact is just the right fit. 

The former congressman did what many do after they leave government. Boehner’s initial choice was to work with the lobbying firm Squire Patton Boggs (SPB). Now that one of AH’s tasks is to follow evolving cannabis legislation and regulations, the lobbying power necessary in that arena make Boehner’s connections quite an asset. 

Boehner is also no stranger to smoke. At the same time that he joined SPB, the habitual tobacco smoker became a board member of Reynolds American, a seat that was estimated to reap him $400,000 a year in income and stock shares. (Boehner made the news in 1995 when he was caught distributing tobacco industry campaign checks to House members, to influence a vote on tobacco legislation.)

Although AH claims to want to stay focused on the medical part of legalized cannabis, as restrictions on recreational use melt away from state to state, and, as we’ve reported here before, many in the cannabis investment world expect big tobacco to make a play for that trade, having a man like the former speaker on board certainly couldn’t hurt AH should its cannabis focus expand.

In addition to Boehner, the AH Board of Advisors includes former Massachusetts Republican Governor, Bill Weld. The two men issued a joint statement on their appointment, which began with this clarifying directional: “While we come at this issue from different perspectives and track records, we both believe the time has come for serious consideration of a shift in federal marijuana policy.”

Weld and Boehner said, “the public perception of cannabis has dramatically shifted, with 94% of Americans currently in favor of some type of access, a shift driven by increased awareness of marijuana’s many medical applications.”

The statement includes another clarification, a particular focus on “our nations’ 20 million veterans, 20 percent of whom, according to a 2017 American Legion survey, reportedly use cannabis to self-treat PTSD, chronic pain and other ailments.”

Because of federal restrictions, Veterans Administration doctors are allowed neither to prescribe nor recommend marijuana , but if they could it would open up a large market for AH. Certainly, Boehner could be of some help.

Weld has supported legal pot since the 1990s. Boehner says his turn around came after cannabis helped a close friend with debilitating back pain. Neither admits to having tried marijuana. 


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#1. To: Willie Green (#0)

"Duuuuuuude where's the Republic?"

Well now we know how that got lost.

VxH  posted on  2018-04-12   11:37:36 ET  Reply   Trace   Private Reply  


#2. To: Willie Green (#0)

Yeah, a dried-up orange drunk works great for the kids.
Where are cirrhosis, lung cancer and melanoma when we need them?

Hank Rearden  posted on  2018-04-12   11:57:54 ET  Reply   Trace   Private Reply  


#3. To: Willie Green (#0)

Boehner Bongs?

kenh  posted on  2018-04-12   15:41:24 ET  Reply   Trace   Private Reply  


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