The AdvisorShares Poseidon Dynamic Cannabis Exchange Traded Fund (ETF), which is managed by the Paxhia sibling founders of California-based cannabis hedge fund Poseidon Investment Management, is shutting down less than two years after launching.
The move reflects the multiple headwinds facing the industry – such as falling wholesale prices and the slow pace of federal reform – as well as dwindling investor interest in marijuana stocks.
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The ETF’s final day of trading will be Aug. 25, according to a notice on the fund’s website.
A statement of additional information published to the site said the actively managed fund will liquidate its assets and distribute the proceeds to shareholders on Sept. 1.
The price of the ETF has decreased by nearly 90% since it launched in November 2021 on the New York Stock Exchange (NYSE) Arca under the ticker symbol PSDN, declining from $9.33 to approximately
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