Surprise! The Largest U.S. Pension Fund Just Bought These 2 Marijuana Stocks [The Motley Fool]
INSYS THERAPEUTICS (INSY)
Last insys therapeutics earnings: 11/5 04:16 pm
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Source: The Motley Fool
And you might scratch your head over the pension fund's picks. When big institutional investors pour money into marijuana stocks, you know the cannabis industry has hit the big time. And that's what has happened. The California Public Employees' Retirement System (CalPERS) filed its report of holdings with the U.S. Securities and Exchange Commission (SEC) a few weeks ago. It takes a while to scroll through all the stocks that CalPERS owns in its massive portfolio, but there were a couple of surprising new additions on the latest filing. For the first time ever, CalPERS bought stakes in marijuana stocks. What were the two new positions? Believe it or not, CalPERS scooped up shares of beaten-down cannabis-focused biotech Insys Therapeutics ( NASDAQ:INSY ) and highly volatile Canadian marijuana producer Tilray ( NASDAQ:TLRY ) . What were the investment managers at CalPERS thinking? Image source: Getty Images. What's not surprising It actually makes sense
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