Report: anti-marijuana legislator invests thousands in cannabis stock
North Carolina Rep. Virginia Foxx (R), a congresswoman with an influential position on the House Committee on Oversight and Reform, has spent hundreds of thousands of dollars on marijuana stocks despite advocating against its legalization, a Salon report finds.
Foxx made at least six investments in Altria, a leader in the burgeoning cannabis industry, since Sept. 2020.
The previously unreported investments likely make her the largest holder of marijuana stocks in Congress.
The purchases come at an odd time, as they began just a few months before the House passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE) in December, which would decriminalize cannabis at the federal level. Foxx voted against the measure.
“This is so obviously a conflict of interest, I’m just not sure what else I can say, really,” said Richard Painter, a former White House ethics attorney under President George W. Bush and University of Minnesota law professor. “It brings into question her credibility as a lawmaker.”
“What are Republicans fighting to protect? Jobs,” Foxx tweeted in May of this year. “What are Democrats fighting to protect? Pot. What a joke.”
Records show Foxx spent between $79,000 and $210,000 on Altria stock.