President Joe Biden said on Oct. 6 that he would pardon thousands of people with federal convictions for marijuana possession, a pledge made alongside a request for federal agencies to review how severely marijuana is treated under federal law. The revelation was a boon for publicly traded cannabis companies.
Viral social media posts also claimed it was a moneymaker for House Speaker Nancy Pelosi, D-Calif. The claims linked her to Canopy Growth, a company traded on the Toronto Stock Exchange under the ticker WEED, which saw its stock price soar the day of Biden’s announcement.
“Nancy Pelosi bought 10,000,000 shares of $WEED stock 4 days before it exploded higher,” one Facebook user wrote in an Oct. 8 post. “Weed stocks skyrocketed on Thursday, and nancy (sic) Pelosi turned $80m investment into a $120m investment.”
