AdvisorShares launches Poseidon Dynamic Cannabis ETF
ETF issuer AdvisorShares has launched the AdvisorShares Poseidon Dynamic Cannabis ETF (Ticker: PSDN)
The firm writes that PSDN is sub-advised by Poseidon Investment Management, one of the first firms dedicated to investing exclusively in the emerging cannabis industry. Poseidon was co-founded by managing directors Emily Paxhia and Morgan Paxhia, a sister and brother team. Emily and Morgan, along with fellow managing director, Tyler Greif, will serve as portfolio managers of PSDN.
The actively managed PSDN seeks long-term capital appreciation by investing globally in companies believed to be strategically positioned to benefit from the cannabis industry and its supporting infrastructure. PSDN's portfolio is diversified across subsectors of the cannabis industry and dynamically managed to tactically overweight or underweight specific countries, subsectors, or individual companies. PSDN may seek to take advantage of specific market opportunities by intelligently using leverage in an effort to maximise potential returns.
"We are excited to partner with Poseidon and deliver their institutional portfolio management in cannabis through a fully transparent and operationally efficient ETF," says Noah Hamman, chief executive officer of AdvisorShares. "We believe their established expertise, institutional pedigree and management history adds another compelling dimension to our cannabis ETF lineup as advisors and investors conduct due diligence about allocating to this highly specialized area of the marketplace."
"As one of the first investment firms dedicated to cannabis investments, we believe our unique skill set and demonstrated ability to navigate this nuanced and evolving market environment has served our investors well," says Emily Paxhia, co-founder and managing director of Poseidon, and portfolio manager of PSDN. "We have an established history of investing in and helping companies grow from the seed stage through initial public offerings. We feel our deep familiarity and first-hand knowledge of the cannabis industry has afforded us a discerning investment approach which we are now pleased to have universally accessible for investors through PSDN."
PSDN joins the AdvisorShares Pure US Cannabis ETF (Ticker: MSOS) and the AdvisorShares Pure Cannabis ETF (Ticker: YOLO) as dedicated cannabis investment strategies within the AdvisorShares ETF suite.