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By Nick Thomas More than a dozen public pension funds are investing in marijuana through a California real estate investment trust (REIT), a sign that institutional investors wielding billions of dollars in state funds are comfortable pumping money into the cannabis industry. The public pension funds for government employees represent a broad range of states – from California, where marijuana is legal both medically and recreationally, to states where it is legal only medically, such as Louisiana. In total, at least 16 state pension funds in the United States and one in Canada are investing in San Diego-based Innovative Industrial Properties, which leases properties to licensed medical cannabis operators, according to the Chicago Sun-Times. One of the funds is from Tennessee, even though that state’s governor, Bill Lee, has routinely opposed any move to legalize even medical marijuana. The report highlights the increasing involvement of institutional investment in the U.S. US public pension funds invest in cannabis through California-based REIT

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