Marijuana ETF shutting down not long after launch

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Marijuana sector exchange traded fund Subversive Cannabis ETF will close down as of March 28, only half a year after launching.

The ETF’s closure was recommended by the fund’s investment adviser, Tidal Investments, and sub-adviser, Subversive Capital Advisor, according to a late Wednesday news release.

“The board of trustees concluded that liquidating and closing the fund would be in the best interest of the fund and its shareholders,” according to the release, which did not provide further details regarding the fund’s closure.

The Subversive Cannabis ETF launched in September 2023, not long after the initial news of the U.S. Department of Health and Human Services’ recommendation that marijuana be moved from Schedule 1 to Schedule 3 of the Controlled Substances Act.

It charged a 0.75% management fee.

The Subversive Cannabis ETF trades as LGLZ on the Cboe BZX Exchange.