For the past 18 years, the state of California has had a 100% BAN on tobacco stocks.
But that’s not stopping the state from buying marijuana stocks.
Will the state BUY this tiny $0.51 pre-IPO? It’d probably be a good idea . . .
Since year 2000, The California Public Employees’ Retirement System – known as CalPERS – has refused to invest in tobacco companies.
CalPERS is the biggest pension fund in the U.S.
However, the fund’s recent third-quarter filing with the Securities and Exchange Commission reveals investments in cannabis stocks. What are these California pot stocks?
Specifically, CalPERS bought 1,617 shares of Tilray (NASDAQ: TLRY) during the quarter.
The fund also owns 587,362 shares of Constellation Brands (NYSE: STZ) – which owns a 37% stake in Canopy Growth (NYSE: CGC).
Plus, the fund has 37,100 shares of GW Pharmaceuticals (NASDAQ: GWPH), a U.K. company that was the first company to receive FDA-approval for a cannabinoid medicine.
California Pot Stocks
The disclosure shows that even big pension funds are jumping into cannabis stocks.
For a fund with $360 billion in assets under management, the investments thus far are tiny. Yet they signal the fund’s interest in the sector and willingness to buy pot stocks.
Institutional investors are starting to invest in America’s No. 1 growth sector . . . and it could spark the new marijuana boom in 2019.