Former PM made millions in an industry he once opposed

Cannabis legalization was “the way to go,” Brian Mulroney told the CBC in 2018.

Despite overseeing a government that introduced legislation that would have categorized cannabis at the same level as heroin, Mulroney said his view of the plant evolved in the years that followed his tenure as prime minister.

In 2018, he joined the board of Acreage Holdings, a cannabis company that’s domiciled in B.C. but operates in the U.S., with a focus on cultivating, processing and dispensing cannabis.

“It takes a while for certain people and certain things to catch up with reality, and great social advances — as I’ve indicated — come in waves. And this is one of the waves that I think will have Canada showing the way for the rest of the world,” Mulroney said.

He added that there had been a “sea change in attitudes in the reality of the use of cannabis” since his time in office, comparing it to the growing acceptance of samesex marriage.

“That’s the way social advance occurs,” he said. “In the fullness of time, all of these important matters become accepted.”

At Acreage, Mulroney joined a board that also counted former U.S. House speaker John Boehner, former Massachusetts governor Bill Weld, and former IBM chief financial officer Douglas Maine among its members.

Following his first year at Acreage, a report from Bedford Consulting Group tallied Mulroney to be among the top-paid directors in the cannabis sector, with a total compensation of $13,913,873, encompassing salary, bonuses, equity and pension.

While his exact duties with the company were unclear, he likely offered strategic guidance and experience in governance to support Acreage’s growth and navigate the complex regulatory environment of the industry.

Last August, Mulroney resigned from the board of directors, along with CEO Kevin Murphy.

Shares of publicly traded Acreage peaked at US$7.26 in 2021 but were trading at US$0.20 on Friday morning.