Big Money Tests Marijuana Waters, With Hedge Funds Leading Charge
- Navy Capital has doubled its money in a year with cannabis bet
- Retail investors still hold 90% or more of most companies
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Navy Capital’s one-room office in midtown Manhattan could probably fit in the coat closets of many of its competitors. But the hedge fund’s digs belie the firm’s success in betting on something few of its peers will touch: cannabis.
Since the Navy Capital Green Fund launched in May 2017 the company said it’s increased assets under management to almost $100 million from $10 million and returned more than 100 percent net of fees last year.