"Poseidon Dynamic Cannabis ETF Shuts Down as Marijuana Industry Fizzles Out"

The Poseidon Dynamic Cannabis ETF, a leading exchange-traded fund in the cannabis industry, is set to close as investor interest in the legally restricted sector diminishes. The fund, managed by AdvisorShares, will liquidate assets and pay shareholders on September 1. The closure reflects the broader decline in the cannabis industry, which has struggled to scale due to federal laws and limited access to banking services. Wholesale prices have declined, and sliding equity values have deterred investors, leading to a drop in capital. The closure of the Poseidon ETF follows a series of setbacks in the industry, including a failed merger between Cresco Labs and Columbia Care and Mastercard's decision to stop allowing cannabis transactions on its debit cards.