The final distribution to shareholders is expected on or about Sept. 1.
The Poseidon Dynamic Cannabis ETF (NYSE: PSDN), led by founders Emily and Morgan Paxhia and managed by AdvisorShares is closing. The ETF has lost approximately 74% in value since it was founded, versus a 1.7% decline in the S&P 500.
The ETF will stop trading on August 25.
PSDN began unwinding shares as it let go of 14,955 shares of Trulieve (OTC: TCNNF) and 24,460 in Planet 13 Holdings this week. In addition to those holdings, it sold off:
Cresco Labs (28,768 shares)
InterCure (16,142)
Organigram (12,548)
The ETF still looks as if it still needs to offload shares of:
TerrAscend (10,000)
Curaleaf (20,000)
Columbia Care (30,000)
The final distribution to shareholders is expected on or about Sept. 1.
The ETF launched in November 2021, joining 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.
However, cannabis stock valuations have been mired in a two-year bear market. A lack of legislative action and continuing headwinds in the industry conspired to keep investors out. Many committed investors have lost almost their entire investments as valuations plunged.
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