Khiron Life Sciences Corp (CVE:KHRN) Added To MJ ETFMG Alternative Harvest ETF

Khiron Life Sciences Corp (CVE:KHRN) (OTCMKTS:KHRNF) (FRA:4KH) has been added to another cannabis-focused Exchange Traded Fund (ETF). On May 29th, the Latin America-focused licensed producer announced its addition to the MJ ETFMG Alternative Harvest ETF (NYSE:MJ)—a fund with approximately US$1.22 billion in assets currently under management.

The Fund tracks the Prime Alternative Harvest Index, designed to measure the performance of companies within the recreational and medical cannabis ecosystem. The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Alternative Harvest Index. Through April 30th, the Fund had generated stellar returns year-to-date: Market value of its portfolio has risen 43.17%, although that will likely drop slightly once May figures are calculated. Rebalancing of the Fund occurs each calendar quarter.

In a recent Form 13F filed with the U.S. Securities and Exchange Commission, Tier-1 investment bank Goldman Sachs Group disclosed that it staked a $1.2 billion position in the Fund in the most recent quarter.

Khiron Life Sciences enters into the Fund in #37 position (out of 47), with roughly 4,23,3799 shares purchased. Segmented by market value, KHRN is nestled between MediPharm Labs (#36) and Newstrike Brands (#38), with just over C$9.00 million staked.

The news comes just a day after Khiron announced the closing of its previously announced bought deal short form prospectus offering—including the exercise of the full over-allotment option. A total of 9,914,150 common shares were sold at a price of $2.90/share, for aggregate gross proceeds of $28,751,035. The Offering was completed by a syndicate of major Canadian investment banks, including BMO Capital Markets, Scotia Capital and Canaccord Genuity. Khiron intends to use the net proceeds to develop and build-out facilities in Uruguay, for the marketing and sales of cosmeceuticals, and for working capital requirements.

Midas Letter will have further coverage as events warrant.

Original article: Khiron Life Sciences Corp (CVE:KHRN) Added To MJ ETFMG Alternative Harvest ETF

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