Competition among fund managers in the currently booming but highly volatile niche of marijuana stocks is heating up.
Marijuana Opportunities, sponsored by Redwood Asset Management Inc., today became the first actively managed fund available to retail investors seeking diversified exposure to the marijuana industry in Canada. The strategy opened for trading as an exchange-traded fund listed on the NEO Exchange (symbol: MJJ), and is also available as a mutual fund.
The portfolio manager is Redwood's Greg Taylor, who at the outset will invest exclusively in a concentrated portfolio of Canadian companies. The initial portfolio will consist of up to 15 stocks, all of which are listed on either the Toronto Stock Exchange or the TSX Venture Exchange.