In a recent Form 13F filed with the U.S. Securities and Exchange Commission, Chicago, Illinois-based investment advisor Gofen & Glossberg LLC disclosed that it bought a stake in cannabis technology innovator Helix TCS Inc. (OTC:HLIX).
According to Bloomberg, “Gofen and Glossberg, L.L.C. is a privately owned investment manager. The firm primarily provides its services to individuals, typically high net worth individuals. It also manages accounts for pension and profit sharing plans, charitable organizations, corporations, state or municipal government entities, trusts, employee benefit plans, endowments, foundations, banks and insurance companies.”
With an estimated $3.7 billion in discretionary assets under management as of a recent Form ADV, Gofen and Glossberg’s recent purchase of 10,000 shares of HLIX amounts to just a drop in the bucket for the firm. That being said, Helix TCS is now the only cannabis-related stock that Gofen and Glossberg owns other than GW Pharmaceuticals Plc (NASDAQ:GWPH).
Helix TCS, Inc. is a leading provider of ancillary services for the legal cannabis industry, helping owners and operators of licensed cannabis businesses stay competitive and compliant while mitigating risk.
Through its proprietary technology suite and security services, Helix TCS provides comprehensive supply chain management, compliance tools, and asset protection for any license type in any regulated cannabis market.
Helix TCS’s products currently reach over 2,000 customer locations in 32 states and 5 countries and have processed over $18 billion in cannabis sales. This has led Helix TCS to its dominant market position, capturing an overwhelming majority of seed-to-sale market share.
Regardless of the fact that Helix TCS is one of Gofen and Glossberg’s smaller positions, it is a bullish vote of confidence that the firm sees Helix as a great play on the cannabis industry alongside stocks like GW Pharmaceuticals and Canopy Growth. Also, it is always a bullish signal that institutional investors and money managers are getting interested in cannabis investments.
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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