AdvisorShares Pure US Cannabis ETF gets a new owner

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The cannabis exchange-traded fund continues to be a hot commodity

ETFs offer investors the ability to efficiently allocate to any asset class. Their low cost, liquidity, and transparency of exposure are attributes that are highly valued by investors, who are increasingly looking to these vehicles to build their portfolios. Cambridge Investment Research Advisors undoubtedly saw great potential in AdvisorShares Pure US Cannabis ETF and, after acquiring a large portion of its shares, is now considered the new owner of the firm.

According to reports from Holdings, during the third quarter, Cambridge Investment Research Advisors decided to increase its stake in shares of AdvisorShares by 12.9%. The fund initially owned 122,054 shares of the company’s stock, but during the period, it added 13,911 more shares. At the end of the most recent reporting period, Cambridge’s holdings in AdvisorShares were estimated to be worth $1,088,000.

Other hedge funds have also been hesitant to make various changes to their positions in multi-state operators (MSOs). For example, AdvisorShares’ stock stake also saw an increase by CWM LLC. The latter now owns 3,846 shares of the company’s stock valued at $40,000 after acquiring an additional 1,189 shares during the period.

Ellis Investment Partners LLC made an equal move and increased its stake by 28.3% during the second quarter. It now owns 6,369 shares of the company’s stock valued at $65,000.

At the end of last week, AdvisorShares shares opened at $7.26. The company has a 1-year low of $6.36 and a 1-year high of $25.63. The company’s 50-day moving average price is $9.97 and its two-hundred-day moving average price is $10.82.

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