[quote] California’s Pension Fund Says No to Tobacco Stocks but Yes to Marijuana Stocks
…The California Public Employees’ Retirement System, the biggest pension fund in the U.S., won’t invest in tobacco companies. But apparently it doesn’t have an issue with marijuana producers.
The fund’s third-quarter filing of holdings to the Securities and Exchange Commission shows that it has a small position in Tilray stock (TLRY). As of Sept. 30, the pension fund, commonly known as Calpers, owned 1,617 shares of the Canadian maker of cannabis for medical and recreational adult use.
…In 2000, Calpers sold its positions in tobacco stocks and imposed a limited ban on investing in tobacco-related companies. Recently, the fund estimated that it missed out on $3 billion in returns through 2014 because of that decision. That’s money Calpers could have used: As of last year, it had a $138.5 billion unfunded liability.
any opinion(s) about politicians and the bureaucracy encourage toking up (w/ legal pot) to make taxpayers/voters less aware of systemic corruption/mismanagement?!
