While some notable investors are staying clear of bitcoin, there is one thing many are flocking to ad that’s marijuana.
Billionaire Leon Cooperman is one big name investor that has become attracted to marijuana, at least in a business sense.
The 75-year old hedge fund notable revealed recently that he had invested in a Chicago-based grower and seller of medicinal cannabis called Green Thumb Industries. The company recently went public in Canada.
“It’s a small personal investment as a result of my friendship with the CEO and his father,” Cooperman told The Post.
Green Thumb’s CEO is Ben Kovler is a longtime family friend of Cooperman’s. He’s also a descendent of the Ji m Beam bourbon empire.
“This year has been an entire sea change in institutional attention,” Kovler told The Post. He also has forecast that a “rate of change will continue to increase.”
Green Thumb said last month that it turned a profit as its second-quarter revenue nearly tripled to $13.6 million. Shares have soared 50 percent since their June 12 launch.
Marcato Capital has also invested into Green Thumb, who’s fund’s boss is Mick McGuire. McGuire is a protege of notable investor Bill Ackman.
The shares “were acquired for investment purposes only and not for the purpose of exercising control or direction over the issuer,” Marcato said in a filing last month.