Marijuana Advocates Calling Out Texas For Profiting Off The Industry

Chris Fox
August 21, 2019 - 8:03 am
Marijuana Profits Soaring High

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AUSTIN (1080 KRLD) - Texas public schools have a zero-tolerance policy when it comes to cannabis, but apparently the State Board of Education does not.

The Texas State Board of Education has invested more than $700,000 of the Permanent School Fund, the state’s public education K-12 endowment, into the California company Innovative Industrial Properties. It owns and leases land to marijuana businesses in 12 states.

“In many places the production of regulated medical cannabis has been made legal and as a result, the marketplace has responded and when the marketplace responds there are business opportunities and evidently this is a pretty good one,” said Tom Maynard, chair of the Permanent School Fund Committee.

Robert Head with Texas Veterans for Medical Marijuana. He agrees with the investment from a business perspective, but was surprised to hear the state is invested in a company that makes money from cannabis. “It’s very hypocritical for the Texas government to stand so much against cannabis, to hear that you are spending almost $1 million in taxpayer money into a fund that is going to have a majority of its revenue coming from the marijuana industry, it doesn’t sit well with us,” Head said.

The Texas State Legislature has been slow to embrace cannabis. The State has one of the most restrictive medical marijuana programs in the country.

Because of this Head is also calling out state leadership. “It’s very hypocritical for the Texas Government; Greg Abbott and his administration, Dan Patrick and his group to stand so much against cannabis.”

The Innovative Industrial Properties stock is up nearly 130% in 2019.