In a continuation of a pattern that we see happening from time to time with members of the federal government, Congressman Yarmuth, Democrat from Kentucky, seemed to benefit from insider knowledge of an expected stock bump when he bought between $1,000 and $15,000 worth of marijuana stock before announcing the MORE act to Congress, which stands for the Marijuana Opportunity Reinvestment and Expungement Act. This was all uncovered in an investigation done by Popular Information.
It is only required for lawmakers to give a range of the amount they invested so we can’t be sure how much Yarmuth had invested, but between the stocks for Canopy Growth, Aurora Cannabis, and Tilray he spent up to $15,000. Since December, these stocks have risen in value significantly, with Tilray rising 3.5 times in value.
In the past, we’ve seen Senators sell stocks as inside knowledge gave them a headstart before the pandemic hit.