Purpose launches cannabis ETF in Europe

Toronto-based Purpose Investments Inc. launched the Medical Cannabis & Wellness UCITS ETF on Tuesday, representing the firm’s first offering in the European market.

The fund is listed on the Deutsche Boerse XETRA exchange in Germany and is set to be listed on the London Stock Exchange and the Borsa Italiana later this month. Purpose has partnered with London-based HANetf, an independent ETF specialist, to make the product available to European investors.

The new ETF offers investors exposure to the global medical cannabis market and the CBD wellness sector, as well as ancillary services supporting both sectors.

“The medical cannabis industry was pioneered in Canada, and we’re thrilled with the opportunity to partner with HANetf to take what we have learned from our Purpose Marijuana Opportunities Fund (MJJ) to Europe,” Som Seif, CEO and founder of Purpose Investments, said in a release.

Maddie Johnson

Maddie is a freelance writer and editor who has been reporting for Advisor.ca since 2019.