In a recent Form 13F-HR filed with the U.S. Securities and Exchange Commission, Wayne, New Jersey-based investment advisory firm Hallmark Capital Management Inc. disclosed that it took a new position in multi-state cannabis operator Green Thumb Industries Inc. (CSE:GTII) (OTC:GTBIF).
According to Bloomberg, Hallmark Capital Management “provides portfolio construction, financial planning, and investment management services to individuals, trusts, investment companies, and pension plans,” with a primary focus on customers in the State of New Jersey.
Now that New Jersey voters have legalized recreational/adult-use cannabis, Green Thumb Industries is one of a few public companies set to benefit big since it is already licensed to operate one medical cultivation and processing facility and up to three retail medical cannabis dispensaries in New Jersey thanks to its vertically integrated license.
With over $1.8 billion in assets under management as of a recent Form ADV, Hallmark Capital Management Inc.’s recent purchase of 9,000 shares of Green Thumb Industries Inc. amounts to a tiny little allocation for the firm. Regardless, it is a bullish signal that institutional investors and money managers like Hallmark Capital Management Inc. are buying shares of GTBIF. As of the close on Wednesday, February 3rd, 2021, the 9,000 shares were worth $288,000 USD.
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 development.
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