Top hedge fund turns to Australian cannabis firm for next bet

SYDNEY (May 2): Tribeca Investment Partners Pty, owner of the world’s best-performing hedge fund last year, has found its next stock pick: a tiny grower of cannabis.

The Sydney-based money manager has bought shares in the initial public offering of Cann Group, the only Australian company that has a federal government license to cultivate marijuana for medicinal purposes, according to Ben Cleary, who co-manages the Tribeca Global Natural Resources Fund with Craig Evans. The fund, which soared 145% in 2016, is up 2.7% this year through the end of March.

Tribeca is buying into an Australia medicinal cannabis firm for the first time after successful wagers on stocks in this sector in North America, helping it beat more than 10,000 funds last year to claim the crown as the world’s best-performing hedge fund. Cann raised A$13.5 million ($14.2 million) to expand its crops and further its genetics and plant breeding program and is due to list on the Sydney exchange this month.

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