Business Insider: Hedge Fund Legend Invests in Cannabis

Leon Cooperman may not be a household name, but the man labeled a “hedge fund legend” by Business Insider has a net worth of over $3 billion. And he’s the latest big investor publicly revealed as investing in the cannabis industry. Cooperman, the CEO of Omega Advisors, made a personal investment in Green Thumb Industries, as reported by Business Insider:

Hedge fund billionaire Leon Cooperman is investing in the marijuana industry. He’s the biggest name so far to purchase stock directly in a marijuana cultivator.

Cooperman posed a series of detailed questions to Green Thumb Industries (GTI) CEO Ben Kovler during the company’s Q2 earnings call on Tuesday afternoon. GTI is a publicly-traded chain of marijuana dispensaries, cultivators, and distributors with licenses to operate in a number of states where marijuana is legal.

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“I’m investing because I’m a fan of Ben’s,” Cooperman told Business Insider over the phone. “I think he’s doing a great job.”

According to Marijuana Business Daily, Green Thumb Industries has performed well recently:

Green Thumb reported revenue of $13.6 million in the second quarter, a nearly 300% increase year-over-year.

Quarter-over-quarter revenue was up 25% compared with the first quarter’s $10.9 million.

Net income for the quarter was roughly $400,000, up significantly from a first-quarter loss of $1.6 million.

The multi-billionaire Cooperman is just the latest big name making a splash by investing in cannabis, following a Wrigley Chewing Gum heir and alcohol-giant Constellation Brands, among others. A hedge fund legend joining the growing mainstream investor class willing to bet on cannabis is a great sign for the short-term surge that cannabis stocks are enjoying and the long-term viability of the market as a whole. While the future is uncertain, it is a safe bet that more major investors will be following suit.

Don’t miss the opportunity to network with investors and entrepreneurs from around the globe at the upcoming International Cannabis Business Conference in Portland, Oregon, this September 27th-28th. Secure your early bird tickets by September 12th to save $200!