BY: Chronic Staff | Recent News | September 27, 2021
Congresswoman Virginia Foxx with the voting record opposing cannabis legalization, invested in cannabis stocks.
According to a report, Foxx made at least six investments since September of last year in Altria, a large tobacco company and a leader in the burgeoning U.S. cannabis industry. Members of Congress are not required to disclose the exact amount of their investments.
The trades are newsworthy for the timing since it is the beginning of a few months before the U.S. House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE) in December. This aims to decriminalize cannabis at the federal level. Foxx voted against it.
The investments she made raise some concerns about the ethical problems members of Congress create when trading individual stocks within the industry. As per former White House ethics attorney, Richard Painter, this could be a conflict of interest as it brings credibility as a lawmaker.
No response from Rep. Foxx's office was received.