Canadian asset manager Purpose Investments and HANetf has launched first Ucits ETF - Medical Cannabis and Wellness Ucits ETF (CBSX).
CBSX will launch the week of the 13 January 2020 on Deutsche Boerse, becoming the first and only European Ucits ETF to deliver targeted exposure to the rapidly expanding medical cannabis industry. CBSX is domiciled in Ireland and has been passported for sale into the UK and Italy.
The Medical Cannabis and Wellness Ucits ETF offers targeted exposure to the medical cannabis industry which has gone through a massive transformation and growth in the last two years.
Som Seif, CEO of Purpose Investments commented: "The medical cannabis industry was pioneered in Canada, and we're thrilled with the opportunity to partner with HANetf to take what we have learned from our Purpose Marijuana Opportunities Fund (MJJ) to Europe. We believe that the cannabis sector is still in the infancy stages of a multi-year growth phase and that there is ample opportunity for innovation and new discoveries. We are very excited to embark on this journey with HANetf in a global investor market."
Tracking the rules-based Medical Cannabis and Wellness Equity Index provided by Solactive, the CBSX ETF consists of publicly listed companies conducting legal business activities in the medical cannabis, hemp and CBD industry.
The fund is fully physically replicated with a TER of 80 bps.