In a recent Form 13F filed with the U.S. Securities and Exchange Commission, Memphis, Tennessee-based multi-faceted advisory firm B. Riley Wealth Management, Inc. disclosed that it took a new long position in Canadian cannabis producer Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) during the recent quarter.
With an estimated $1.5 billion in assets under management as of a recent Form ADV, B. Riley Wealth Management, Inc.’s recent purchase of 12,698 shares of Aurora amounts to just a drop in the bucket for the firm. That being said, it is always a bullish signal that institutional investors and money managers like B. Riley Wealth Management, Inc. are getting involved in cannabis investments.
According to Bloomberg, “The firm caters to trusts, endowments, foundations, pensions, profit sharing plans, and corporations.”
Recently, Aurora Cannabis followed up its impressive fiscal Q3 earnings with the announcement of an exciting multi-year clinical research project as part of a multi-million dollar partnership with the UFC to advance scientific discoveries regarding hemp-derived CBD products and athlete wellness and recovery.
GW Pharmaceuticals, meanwhile, just reported its fiscal Q1 financials which showed net sales of over $33 million in Epidiolex. Clearly, B. Riley Wealth Management is picking some real weed stock winners.
We’ll continue to monitor 13F filings to see what institutional investors are up to. In the meantime, be sure to subscribe to updates here so you never miss an important update.
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