Marijuana ETF grows portfolio to include hot pick Tilray
The frenzy around marijuana stocks comes ahead of Canada’s legalisation of recreational marijuana in October
The world’s largest marijuana exchange-traded fund is expanding its portfolio and doubling its stake in Tilray after coming under fire for not holding one of Wall Street’s hottest pot stocks. Horizons Marijuana Life Sciences Index ETF, or HMMJ, added eight new stocks to its portfolio and boosted its holdings in several companies including Tilray, which experienced a 200-points swing last week and touched a high of $300 on September 19. The shares were at $111 on Wednesday morning. Beyond Tilray, the Canada-based fund increased its positions in Aurora Cannabis, Canopy Growth and GW Pharmaceuticals, and added stakes in Aleafia Health, Choom Holdings and Eve & Co, among others. The ETF has $830m in assets under management after suffering its worst week of outflows since launching in April 2017. Its fortunes turned this week, as the fund halted a six-day streak of outflows and added $4m. HMMJ, which tracks the North American Medical Marijuana Index, rebalances its positions on a quarter...
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