US. Tennessee pension fund investments in marijuana company generates smoke
After discovering retirement plan invested in medical cannabis firm, pot-wary Tennessee to sell stock In a Republican-led state where many top officials, including Gov. Bill Lee, oppose legalizing even medical marijuana, Tennessee’s massive $52 billion retirement plan holds a $720,000 investment in the nation’s blazing-hot pot industry.
The Tennessee Consolidated Retirement System’s passively invested small-company stock fund, based on Standard and Poor’s S&P Smallcap 600 index, owns 7,009 shares in San Diego-based Innovative Industrial Properties Inc. A real estate investment trust, IIP Inc. calls itself the “leading provider of real estate capital for the medical-use cannabis industry.”
The company buys existing or still under-development medical cannabis-growing facilities and greenhouses in states where marijuana is legal. It then leases the properties to companies with state licenses to grow medical cannabis.
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