NASHVILLE, Tenn. (AP) — Tennessee officials say they weren’t aware that the state’s pension fund invested stock in a marijuana industry company, despite the state’s opposition to legalizing any usage of marijuana.
The Times Free Press reports The Tennessee Consolidated Retirement System passively invested in the San Diego based marijuana company through a small-company stock index.
Tennessee Treasurer David Lillard says he didn’t know about the investment until the Chicago Sun-Times contacted him asking for information. He says he ordered the pension fund managers to sell the stock.
Senate Finance Chairman Bo Watson says the investment is contradictory and confusing to the public. Rep. Jeremy Faison says the stock is on the rise and questions the decision to sell the stock.
Lillard says they’ll have to review the process on purchasing indexes.
Information from: Chattanooga Times Free Press, http://www.timesfreepress.com