Sign of the Times: CalPERS Invests in Marijuana Stocks
Tobacco products may be a no-go for the nation’s largest pension fund, but marijuana is A-ok.
Third-quarter filings with the SEC by the California Public Employees’ Retirement System (CalPERS) show the fund has purchased 1,617 shares of Canada-based cannabis producer Tilray, plus 75,500 shares of a cannabis-focused biotech firm called Insys Therapeutics. The Tilray stock is currently valued at $106,544, while the Insys stake is worth $362,400.
This is the first time the pension giant has invested in marijuana stocks. Some are already pointing out the irony, as CalPERS famously divested all tobacco holdings some years ago — a move that has cost the fund some $3.581 billion.
Read more at the Motley Fool.