World’s largest pot ETF expands portfolio, doubles stake in Tilray after missing out on boom
By Vildana Hajric and Carolina Wilson – Bloomberg News
The world’s largest marijuana exchange-traded fund is expanding its portfolio and doubling its stake in Tilray Inc. 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-point swing last week and touched a high of US$300 on Sept. 19. The shares were at around US$114 Wednesday afternoon.
The fund’s manager, Horizons ETFs Management, was was able to add Tilray in part by cutting positions in stocks that had run up and become larger portions of the portfolio. Beyond Tilray, the Nanaimo, British Columbia-based ETF increased its positions in Aurora Cannabis Inc., Canopy Growth Corp. and GW Pharmaceuticals Plc, and added stakes in Aleafia Health Inc., Choom Holdings Inc. and Eve & Co., among others.