Horizons ETFs Announces Changes to the Horizons Medical Marijuana Life Sciences ETF (HMMJ)
TORONTO, June 8, 2017 /CNW/ – Horizons ETFs Management (Canada) Inc. (“Horizon ETFs”) has announced that it will change the name of the Horizons Medical Marijuana Life Sciences ETF to “Horizons Marijuana Life Sciences Index ETF” effective on or about June 15, 2017. Its primary ticker symbol, HMMJ, will remain the same. HMMJ is the first ETF in the world that offers direct exposure to North American-listed companies with significant business activities in the marijuana industry.
HMMJ is an index tracking (or passively managed) ETF, which seeks to replicate, to the extent possible, the performance of the North American Medical Marijuana Index (the “Index”), net of expenses. The Index provides exposure to the performance of a basket of North American publicly listed life sciences companies, and other companies with significant business activities in the marijuana industry. The Index selects securities from issuers that are listed on North America’s public equity markets with business activities that include biopharmaceuticals, medical manufacturing, distribution, bio-products, and other businesses ancillary to the marijuana industry
In connection with the change in name of HMMJ, in order to meet its investment objective, HMMJ’s investment strategy will, subject to regulatory approval, be modified to reflect the proposed change in federal law to legalize recreational use of marijuana in Canada, by allowing the ETF to now own a slightly broader and diversified portfolio of marijuana-focused companies beyond those focused solely in the medical marijuana industry. In addition, although HMMJ will not invest in any constituent issuers that are primarily focused on serving the medical or recreational marijuana market in the United States, or the recreational marijuana market in Canada, unless and until such time as it becomes legal, HMMJ’s investment strategy will, subject to regulatory approval, be modified to permit the HMMJ to invest in marijuana companies which derive some portion of their revenue, currently or in the future, from the medical and/or recreational cannabis industry in certain U.S. states where cannabis use has been legalized by state law, notwithstanding that the use, possession, sale, cultivation and transportation of cannabis remains illegal under U.S. federal law.
The North American marijuana industry continues to evolve rapidly from a regulatory and issuer perspective. We want to ensure that HMMJ has the flexibility to own a diversified portfolio of marijuana industry stocks so it can meet its investment objectives.
Steve Hawkins, President and Co-CEO of Horizons ETFs
We have also changed the name of HMMJ to reflect that the ETF will become more than just a medical marijuana ETF, as it will have the potential to invest in a range of recreational cannabis-focused opportunities as applicable laws evolve in both Canada and the United States.
Horizons ETFs is also pleased to announce the listing of HMMJ in U.S. dollars, effective on or about June 19, 2017. This will provide Canadian investors with the option of investing in HMMJ using Canadian or U.S. denominations. U.S. dollar-denominated units of HMMJ will trade under the ticker symbol “HMMJ.U”. Both the HMMJ and HMMJ.U tickers refer to the same exchange traded fund. The only difference between the two listings is the currency in which they trade.
For additional information, investors are encouraged to read the amended and restated prospectus dated June 8, 2017 describing the foregoing changes in greater detail. The amended and restated prospectus is, or will be, available at www.sedar.com and on the manager’s website at www.HorizonsETFs.com.
About Horizons ETFs Management (Canada) Inc.
Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. are innovative financial services companies offering the Horizons ETFs family of exchange traded funds. The Horizons ETFs family includes a broadly diversified range of investment tools with solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has more than $7.8 billion of assets under management and with 77 ETFs listed on the Toronto Stock Exchange, the Horizons ETFs family makes up one of the largest families of ETFs in Canada. Horizons ETFs Management (Canada) Inc. and AlphaPro Management Inc. are members of the Mirae Asset Global Investments Group.
Horizons ETFs is a member of Mirae Asset Global Investments. Commissions, management fees. expenses and applicable sales taxes all may be associated with an investment in the Horizons Marijuana Life Sciences Index ETF managed by Horizons ETFs Management (Canada) Inc. (the “ETF”). The ETF is not guaranteed, its value changes frequently and past performance may not be repeated. The Prospectus contains important detailed information about the ETF. Please read the Prospectus before investing.
HMMJ is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade name or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade name for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in HMMJ nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in HMMJ.
Before this cannabis stock news is here, it's published to subscribers on 420 Investor.