Create a free Cannabis Equipment News account to continue

Hoax Tweet Spreads False Claim of Pelosi Buying Cannabis Stocks

It claimed that she purchased 10,000,000 shares of Canopy Growth.

U.S. House of Representatives Nancy Pelosi speaks at the Cafesjian Center for the Arts in Yerevan, Armenia, Sunday, Sept. 18, 2022.
U.S. House of Representatives Nancy Pelosi speaks at the Cafesjian Center for the Arts in Yerevan, Armenia, Sunday, Sept. 18, 2022.
Stepan Poghosyan/Photolure via AP

A recent tweet made a claim regarding a Reuters report that U.S. House Speaker Nancy Pelosi recently purchased 10 million shares in a cannabis company.

According to the Associated press, Reuters never published such a report, and financial disclosures show no record of Pelosi making such a stock purchase.

After President Joe Biden announced on Oct. 6 that he is pardoning thousands of Americans convicted of “simple possession” of marijuana under federal law, social media users shared a hoax tweet suggesting Pelosi stood to profit from the move. The posts featured screenshots of the tweet, which was made to look like it came from a popular Twitter account, Breaking911.

However, the tweet was actually posted by an account with a different username. “BREAKING: NANCY PELOSI PURCHASED 10,000,000 SHARES OF $WEED 4 DAYS AGO :REUTERS,” read the tweet in the screenshot.

A second tweet noted that shares of Canopy Growth Corporation, which trades under WEED on the Toronto Stock Exchange, were up on Oct. 6. But Reuters never published this claim, and there is no evidence to suggest Pelosi has recently bought shares of Canopy Growth Corporation, nor the Roundhill Cannabis exchange-traded fund, which trades under WEED on the New York Stock Exchange.

Heather Carpenter, a spokesperson for Reuters, confirmed in an email to the AP that the news agency did not publish the claim. “This is not a Reuters story,” Carpenter wrote.

Online records of Pelosi’s financial disclosures show no such purchase by the congresswoman or her family filed with the Clerk of the House of Representatives, although lawmakers have 45 days to report trades under a 2012 law called the Stock Act.

A spokesperson for Pelosi’s office said the claim in the tweet was not true. “No such transaction has been made,” Drew Hammill, Pelosi’s deputy chief of staff, told the AP in an email.

Pelosi has said she does not trade stocks herself. However, her husband, Paul Pelosi, is an investment banker who has traded tens of millions of dollars worth of stocks and options.

Critics have argued that members of Congress and their families should not be allowed to trade individual stocks at all, because they may have the opportunity to profit off insider information gained through their official duties.

More in News