Spotlighting former congressional leader John Boehner (and his cohorts) following the marijuana money
John A. Boehner, the former speaker of the House, once stood second in line for the presidency and staunchly against legalized marijuana. Now you can find the longtime Republican standing before a wall-size photo of the Capitol, making an online infomercial pitch for the cannabis industry. “This is one of the most exciting opportunities you’ll ever be part of,” Mr. Boehner says in an endlessly streaming video for the National Institute for Cannabis Investors. “Frankly, we can help you make a potential fortune.”
Mr. Boehner’s pro-weed epiphany coincides with the prospect of a payday as high as $20 million from the industry he once so vigorously opposed. He sits on the board of Acreage Holdings, a marijuana investment firm whose sale to a cannabis industry giant hinges on Mr. Boehner’s ability to persuade Congress and the federal government to legalize, or at least legitimize, marijuana.
The chain-smoking, merlot-sipping, former 12-term congressman from Ohio says he had never lit a joint in his life when he and the former Massachusetts governor William F. Weld, now a Republican candidate for president, joined Acreage’s board last year. This year, Acreage announced plans to sell itself to Canopy Growth, a Canadian company that is the biggest cannabis holding in the world. The deal, worth around $3 billion, based on current stock prices for both Acreage and Canopy, would create an $18 billion behemoth, industry analysts say. Buried deep in a financial filing from Nov. 14, 2018, is Acreage’s disclosure that the two men each hold 625,000 shares in the company, which if sold after the company’s sale to Canopy would net them a fortune.
Representative Earl Blumenauer, Democrat of Oregon and a founder of the Congressional Cannabis Caucus, said he saw Mr. Boehner at a dinner on Capitol Hill the day he joined Acreage. “I said, ‘John, where were you when we needed you?’ And he said, ‘I’ve evolved,’” Mr. Blumenauer recalled in an interview, imitating Mr. Boehner’s smoky baritone. (Mr. Boehner had made a similar statement on Twitter earlier that day.)
“He’s nothing if not entrepreneurial,” Mr. Blumenauer said. “The more the merrier.” But there is a catch. The takeover will not happen without substantial changes in marijuana policy, leaving it up to Mr. Boehner and his team of lobbyists to work their magic in Washington.
Mr. Boehner declined to be interviewed for this article. Terry Holt, a spokesman for the National Cannabis Roundtable, which Mr. Boehner founded in February, declined to speculate on Mr. Boehner’s potential income from the sector. Mr. Boehner “sees an investment opportunity in cannabis,” Mr. Holt said. Citing statistics suggesting most Americans favor “some kind of marijuana reform,” he added, “Who wouldn’t want to be involved?”
A slew of former lawmakers agree. Among those who have signed on in recent months to represent the weed industry are former Senator Tom Daschle of South Dakota, a longtime Democratic leader in the Senate; former Representative Dana Rohrabacher, Republican of California; former Representative Joseph Crowley, Democrat of New York; and former Representative Carlos Curbelo, Republican of Florida….
In 2016, [Boehner] joined Squire Patton Boggs, successor to the marquee Washington law and lobbying firm, as a “strategic adviser.” About the same time, Mr. Boehner, who once handed out campaign checks from the tobacco industry to lawmakers on the House floor, joined the board of the tobacco giant Reynolds American, makers of his favorite Camel brand.
Reynolds directors with his profile earn roughly $400,000 a year, and Mr. Boehner holds other board seats, too, Mr. Holt said. Combined with a pension derived from his $223,000 annual congressional salary, Mr. Boehner likely earns a seven-figure retirement income, even without the potential Acreage windfall.
Mr. Boehner and Mr. Weld joined Acreage’s board in April 2018, and together issued a statement: “We both believe the time has come for serious consideration of a shift in federal marijuana policy.” For evidence, “We need to look no further than our nation’s 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,” they said, denouncing “the refusal of the V.A. to offer it as an alternative” to opioids.
Chanda Macias, the National Cannabis Roundtable’s first vice chairwoman and the owner and general manager of the National Holistic Health Center medical marijuana dispensary in Washington, said that she had seen more than 10,000 patients who suffer from a lack of research, education and access to medical marijuana. “This is not about Boehner,” Ms. Macias added, “this is about saving lives.”