Foothill Capital Management www.foothillcap.com announced today the conversion of its Cannabis Growth Fund (CANIX), which launched in 2019, into the Cannabis Growth ETF (BUDX) www.cannabisgrowthfunds.com. The specialized asset manager believes that the new structure could bring investors all the potential benefits of focused exposure to the dynamic and growing scope of cannabis, combined with the accessibility, flexibility and costs of an active ETF. “We decided to embrace the ETF as we believe it could be the best vehicle to bring investors a product with lower expenses, intraday trading, lower transaction costs and greater tax efficiency,” said Eric Banhazl, Chairman of Foothill Capital. The Cannabis Growth ETF will be traded on the NYSE™, and will pursue the identical investment objective, apply the same investment policies and use the same principal investment strategies as the Fund. About Foothill Capital Foothill focuses on markets we view as innovative, fast-growing, or emerging to provide investors with an aggressive growth component in their equity portfolios. The Cannabis Growth ETF will provide exposure to a sector undergoing global legalization, expanded medical and recreational use, and robust M&A activity.
Sean Hocking, Cannabis Law Report, 09/27/2021 14:35:00