Horizons ETFs Management Canada Inc., which provides cannabis exchange-traded fund Horizons Life Sciences Index ETF, is hoping to add U.S. firms to its roster of publicly traded Canadian cannabis companies, according to a Bloomberg report.
CEO Steve Hawkins said the company, which holds C$1 billion in assets, is also considering a roster of U.S.-only cannabis companies. The Toronto Stock Exchange currently does not allow HMMJ to hold any companies with U.S. operations because they conflict with federal U.S. laws. The firm did add Colorado-based Charlotte’s Web Holdings Inc. earlier this week because their business is only hemp-derived products, which were legalized via the 2018 farm bill.
According to Bloomberg, the Horizon’s cannabis fund has returned over 60 percent so far this year – the best performing equity ETF in Canada. Hawkins said the U.S. ETF wouldn’t be traded on the TSX. Several cannabis companies with operations in the U.S. are listed on the Canadian Securities Exchange.
HMMJ is considering leveraged and inverse offerings for the U.S. ETF.
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