Tennessee treasurer orders state pension fund to sell marijuana investment

Tennessee’s treasurer has ordered the state’s pension fund manager to sell stock in a marijuana company after learning about the investment.

Treasurer David Lillard said he was unaware of the investment until he was contacted by the Chicago Sun-Times.

The newspaper reported that more than a dozen public pension funds invested in marijuana through a California-based real estate investment trust (REIT).

The REIT, Innovative Industrial Properties, serves the marijuana industry and trades on the New York Stock Exchange as IIPR.

Tennessee Gov. Bill Lee, a Republican, has routinely opposed any move to legalize medical marijuana.

According to the Chattanooga Times Free Press, the Tennessee Consolidated Retirement System passively invested in Innovative Industrial Properties through a small-company stock index.

State Senate Finance chair Bo Watson, a Republican, said the investment is contradictory and confusing to the public.

Rep. Jeremy Faison, also a Republican, said the stock is on the rise and is questioning the decision to sell the shares.

Lillard said the state needs to review the process on purchasing indexes.

 – Associated Press

6 comments on “Tennessee treasurer orders state pension fund to sell marijuana investment
  1. Jeff l on

    Here’s another governor that is living in another time when cannabis was considered taboo.
    Now we know that cannabis appears to have many medicinal qualities that help people cope with everything from insomnia to epilepsy and has very little to no side effects from data and personal experiences and Tennessee has to suffer because of old school thinking.
    Sounds like a new governor is in order.
    People need to be more open minded to cannabis. It has a stigma that it’s evil. Quite the contrary. Cannabis gives me a spiritual emotion that only cannabis can give.
    It let’s me except things for what they are instead of what I want things to be.
    Gives a sense of peacefulness to life as a whole.

    Reply
    • robert gallant on

      high, you made me think of something,if you don’t mind.THE STATE of TENNESSEE can grow pot,but we can’t have it,they grow it ,WE smoke it AND get into trouble,big trouble that makes money for the state,i can’t under stand this,something is wrong here, i wonder how much money the state made,this is illegal,i wonder what other investments the state has,someone knew about this,and works in the state dept.what,doesn’t someone watch where the money is going.Investment firm,come on?i can’t wait to see how much money,how long has this been going on,this state has serious problems,No wonder nobody likes to vote.this is illegal.i,m from massachuets,Our state doesn’t make money on illegal activitcies, HOW much money did they invest.maybe a million, thats our tax money.they invested our money on pot,’ holy crap’

      Reply
  2. Maxcatski on

    You can’t be buying stock in an illegal industry, regardless of whether it’s making a profit.

    Here’s another example of the conflicts created because cannabis is not legal in the United States, regardless of what the various States seem to believe.

    Repeat after me; Marijuana is NOT LEGAL in the USA. Only in Canada, you say? Yes, only in Canada.

    Reply
    • tom on

      Yes. America land of the free, except when it comes to a stupid planet. Funny how states are less conservative than the federal government. Still dont understand how the Republicans call for less fed oversite on everything except this plant.

      Reply
  3. CLIFTON MIDDLETON on

    The State of Utah frames their political mischief with a law and in this case the pot laws themselves are illegal, unconstitutional, arbitrary and capricious, just like like laws they passed making black people property. Whenever you hear the ‘but the law is the law’ beware, that is the Beast lifting itself above the people. Our exceptionalism requires the consent of the governed to be American.

    Reply
  4. Hank B Little on

    I’m a disabled veteran and used to partake in smoking marijuana and it helped with my numerous ailments I suffer from, but because of the fear of being arrested for it my wife and I have quit. It’s sad when the state of Tennessees government would rather see individuals take meds that have more lasting side affects and even some that could possibly end in death over time than marijuana which shows very little to no long-term side affects according to studies. It’s about time Tennessee stops forcing it’s citizens to rely on big pharmaceutical companies medicines that can do more harm then good for it’s citizens and allow the legalization of marijuana for at least medical purposes for not just the veterans of the state but all of its citizens as well.

    Reply

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