Pensions and other forms of institutional ownership have invested in a variety of industries to help their clients grow their wealth. Just like other investors, when cannabis companies began to enter the market, institutional investors began to take note. While federal legal status may give some potential cannabis investors pause, institutional investors are giving cannabis a shot and companies like Trulieve Cannabis Corporation (OTCQX: TCNNF) (CSE: TRUL) are benefiting. The Florida-based vertically integrated medical cannabis company “has approximately 51% of the Florida market,” according to their website.
Trulieve is making moves to grow in other states. With the purchase of licenses in California, Massachusetts, and Connecticut, the company is expanding its operations beyond the Sunshine State. Investments from their institutional owners are helping the company scale up operations and grow in additional markets.
Here is a breakdown of the top three largest institutional shareholders of Trulieve Cannabis, as of June 30, 2020:
Albert D. Mason
Albert D. Mason, Inc., is Trulieve’s largest institutional major owner with 0.03% shares held and 0.36% total assets, according to Morning Star. The youngest of the owners on this list, the almost 20-year-old firm has 97 clients and over $190 million in discretionary assets under management. The Company “provides portfolio management, financial planning, and consulting services to individuals, charitable institutions, foundations, endowments, estates, corporations and business entities, and trust programs,” according to Wallmine.com. Albert D. Mason’s top 5 investments include telecommunication , materials, and chemical companies. Its top investment is with Skyworks Solutions, Inc (NYSE: SWKS) a company that provides analog semiconductors. Sherwin-Williams Company (NYSE: SHW), the paint and supply company, ranks number 4 of Albert D. Mason’s top 5 investments.
Symons Capital Management, Inc.
The second-largest institutional owner is Symons Capital Management Inc with 0.02% total shares held and 0.18% total assets. The Pittsburgh-based firm has 167 clients and discretionary assets under management of over $230 million. The company’s most recent 13F filing showed that they have invested the most in a gold mining company, Agnico Eagle Mines Ltd (NYSE: AEM), according to Whale Wisdom. The remaining top five investments are in utilities and telecommunications companies including Dominion Energy Inc. (NYSE: D), PPL (Pennsylvania Power & Light) Corporation (NYSE: PPL), Duke Energy Corp (NYSE: DUK), and NextEra Energy, Inc.(NYSE: NEE). The investment advisory firm has been in operation for more than 25 years and offers its clients two investments strategies.
Rothschild Investment Corp
A Chicago-based investment advisory firm, Rothschild Investment Corp rounds out the top three with 0.02% total shares held and 0.02% total assets. Founded in 1908, Rothschild provides wealth management services as well as corporate and nonprofit retirement plans. The firm has over 1,400 clients with nearly $1.4 billion in discretionary assets under management with the company holding nearly 109,000 shares of Apple Inc (NYSE: AAPL), according to Whale Wisdom. In addition to its shares in Apple Inc., the firm’s other top investments include tech companies Microsoft Corp. (MSFT) and Alphabet Inc. (GOOGL) as well as pharmaceutical companies Amgen, Inc. (NYSE: AMGN) and AbbVie Inc. (NYSE: ABBV).
Article By: Ayanna Rutherford