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by Stockwatch Business Reporter
The AdvisorShares Pure U.S. Cannabis ETF (MSOS: U) started trading today on the New York Stock Exchange. The top four holdings (each making up between 8 and 9 per cent) of the exchange-traded fund (ETF) are Curaleaf Holdings Inc. (CURA: $10.20), Green Thumb Industries Inc. (GTII: $18.34), Trulieve Cannabis Corp. (TRUL: $27.63), and United States-listed Innovative Industrial Properties Inc. (IIPR: U). The ETF will be an actively managed multistate operator ETF, which means it will focus on American cannabis companies with operations in multiple states. Dan Ahrens of AdvisorShares is the fund manager; for his services, investors will have to pay a management fee of 0.6 per cent.
The Pure U.S. Cannabis ETF lost 53 cents to $24.67 on 201,000 shares in its first day of trading. When introducing the fund, Mr. Ahrens called the U.S. cannabis market "the best untapped market for cannabis investing." But it as at least partially tapped, as most of the top United States-based cannabis companies have tripled since hitting their 52-week lows in March.
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