treasurer

Tennessee to allow weed investment to go pot

The “policy implications” of the state’s retirement fund’s investment into a company operating in the marijuana sector has Treasurer David Lillard ordering the shares be sold, according to a report by Andy Sher of the Chattanooga Times Free Press.

That’s despite a 26% gain in share price of San Diego-based Innovative Industrial Properties Inc. since the Tennessee Consolidated Retirement System’s small-stock fund bought 7,009 shares in April or May.

The company is a real estate Investment trust that bills itself as the “leading provider of real estate capital for the medical-use cannabis industry.”

The Chicago Sun-Times reported that Tennessee was among more than dozen states that stood to benefit from Illinois’ new recreational marijuana. Illinois is one of 11 states where Innovative Industrial Properties does business.

Michael Brakebill, the pension fund’s chief investment officer, told the Times Free Press that the investment into the company was part of a small-company stock index the state created.

Lillard said it’s difficult to evaluate every stock that’s part of an index, but that “we’ve got to figure out a way to do that and deal with it because it highlights the fact that you know what you’ve got in portfolio.”

The investment in Innovative Industrial Properties is worth about $720,000 out of the state’s $52 billion retirement system.

“The bottom line is I have ordered Michael and his staff to sell this investment, and we won’t have it after today or tomorrow, whenever the transaction goes down,” Lillard told the paper.

Tennessee lawmakers have balked in recent years to join states legalizing medical or recreational cannabis.

 

TN comptroller, treasurer, secretary of state seeking new terms

The state’s three constitutional officers – Comptroller Justin Wilson, Secretary of State Tre Hargett and Treasurer David Lillard – are all planning to seek new terms in office when the Tennessee General Assembly votes to fill the positions in January, reports the News Sentinel.

Hargett and Lillard have been widely expected to go for new terms, though there has been some speculation that Wilson, 71, was considering retirement. But in an interview last week, the former cabinet member in Gov. Don Sundquist’s administration said he had decided to seek another two-year term, though it might be his last.

All three of the men, elected to office in 2009 when Republicans first gained a majority of seats in the state Legislature, are unlikely to face opposition. Under the state constitution, the comptroller and treasurer serve two-year terms; the secretary of state serves a four-year term.

Wilson, a longtime donor to Republican political causes, won his first term after some attention to donations of $36,500 he made to Republican legislators and PACs a year before Republican legislators elected him to the office. Wilson has stopped making direct donations to candidates, but has continued as a significant donor to Republican-oriented PACs.

On the other hand, Wilson says he has ceased making political contributions to either candidates or PACS involved in elections for federal office, having decided that as a state official the contests or Congress and the presidency are “none of my business.”