On average, more than 32 million shares of Aurora Cannabis (NYSE:ACB) are traded on the New York Stock Exchange (NYSE). For Canopy Growth (NYSE:CGC), the average trading volume is much lower — around 8 million shares. There’s no way to know who’s doing all this buying and selling of these top Canadian marijuana stocks. But we do know who at least one buyer was last year.
Sweden’s government-run AP7 pension fund first bought shares in Aurora and Canopy Growth in 2018, according to Swedish business magazine Affärsvärlden. The AP7 pension fund initially invested 63 million Swedish kronor, with the valuation since then soaring to 100 million Swedish kronor this spring, according to a report from Sweden’s public television broadcaster, SVT News.
Why is this Swedish government pension fund investing in pot? And why Aurora Cannabis and Canopy Growth? There’s a simple explanation.