Despite the fact that marijuana is illegal in Wisconsin, the state has no problem investing in Canada’s growing cannabis industry.
In a Form 13F-HR filed with the U.S. Securities and Exchange Commission today, the State of Wisconsin Investment Board disclosed that it increased its stake in international cannabis conglomerate Canopy Growth Corp. (NYSE:CGC) (TSX:WEED).
The State of Wisconsin Investment Board, a.k.a. SWIB, was created in 1951 and is responsible for managing the assets of the Wisconsin Retirement System, the State Investment Fund, and other Wisconsin state trust funds.
According to Bloomberg, “State of Wisconsin Investment Board (SWIB) operates as a state agency. The Company invests the assets of the Wisconsin retirement system, the state investment fund, and other trust funds. SWIB conducts business in the United States.”
With an over $43 billion in managed 13F securities in assets under management as of a recent Form ADV, the State of Wisconsin Investment Board’s recent purchase of 135,577 shares of CGC amounts to just a small allocation for the firm. Despite that, it is a bullish signal that state pension fund managers like State of Wisconsin Investment Board are getting involved in Canopy stock.
It may be a small position for the State of Wisconsin Investment Board, but it’s still a sizable stake. Based on the last traded price of $44.80 per share, SWIB’s 299,196 shares of CGC are worth a little over $13.4 million 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 update.
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