stock market

September 26, 2021

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.


Report: U.S. Rep. Virginia Foxx Opposes Marijuana Legalization But Invests in Cannabis Stock

September 20, 2021

Stock market tumbles as Wall Street fear centers on China

The DOW Jones Industrial Average and the broader US stock market plummeted on Monday amid Evergrande’s debt crisis.

The DOW fell 820 points, while the S&P and Nasdaq saw significant dips as well.

Evergrande was supposed to pay the interest on some of its substantial bank loans Monday, according to Bloomberg. The company will also have to pay interest on two bonds worth more than $100 million later this week.

Why does a foreign real estate company’s debt non-repayment affect American markets?

The massive amount of money borrowed by Chinese companies has long been considered an impending threat to market stability. Investors fear the exposure that banks might have to Evergrande and similar companies.

Meanwhile, some experts say the market was due for a correction after stocks hit record highs.

“On a down market day, it’s easy to look to the nearest headline like Evergrande and attach a cause and effect,” wrote The Bahnsen Group’s chief investment officer, David Bahnsen, in a note to clients. “But this market has experienced almost no downside volatility for a long time and a pullback was long overdue.”


Dow tumbles 820 points as Wall Street’s fears turn to China

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