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Cannabis ETF world sees departures
Just about anyone in the cannabis industry will tell you how hard it is. Legalization issues, banking constraints, and a preponderance of OTC stocks make it even harder to be a cannabis ETF (exchange traded fund). Recently the sponsor of the Cannabis Growth ETF (BUDX), Foothill Capital Management, chose to close the fund, roughly six months after it converted it from a mutual fund into an ETF with $3.9 million in assets under management. April 25 was expected to be its last day of trading.
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