John Boehner is joining the board of a marijuana company — and an analyst is calling it a 'monumental event'

Former House Speaker John Boehner is jumping into the marijuana industry, in a move one analyst describes as "monumental" for the sector.

Boehner is joining the advisory board of Acreage Holdings, a firm that owns marijuana cultivation facilities and dispensaries in 11 US states.

"I’m joining the board of #AcreageHoldings because my thinking on cannabis has evolved. I'm convinced de-scheduling the drug is needed so we can do research, help our veterans, and reverse the opioid epidemic ravaging our communities," Boehner said in a tweet on Wednesday morning.

Bill Weld, the former Republican governor of Massachusetts, is also joining Acreage's board. Neither Boehner nor Weld made financial investments into Acreage, though Weld told Bloomberg he's considering it.

Boehner used to serve on the board of told Bloomberg, will be to "provide advice" on how to work with local, state, and federal governments, based on his decades of experience in the political arena.

A monumental event for the US cannabis industry

Analysts see the two senior Republicans' decision to get involved with a cannabis company — one that deals directly with the plant itself — as a positive step for the industry in the US.

"It is difficult to overstate the impact of this monumental event for the US cannabis sector," Vahan Ajamian, a cannabis-industry analyst at Beacon Securities, said in a note.

He added that Boehner's move "should send shockwaves throughout the industry," and also said that "this news should serve to 'legitimize' the sector and further perk up investor interest."

Accordingly, Ajamian said US cannabis companies could represent the next wave of "outsized returns" for investors as more states legalize adult use for medical and recreational purposes — despite the federal government's opposition. More cannabis companies with solid underlying financials are also expected to go public in the coming years.

Attorney General Jeff Sessions opposes marijuana legalization. In January, the Justice Department rescinded Obama-era protections