Horizons ETFs Management (Canada) Inc. (the “Manager“) is pleased to announce that following a special meeting (the “Meeting“) of the unitholders of the Horizons Emerging Marijuana Growers Index ETF (“HMJR“), which took place today, unitholders of HMJR approved the merger (the “Merger“) of HMJR into the Horizons US Marijuana Index ETF (“HMUS“), with HMUS as the continuing fund (the “Continuing Fund“).
The approval of the Merger follows the proposal made by the Manager and published in a circular sent to all unitholders and by press release dated January 17, 2020, both available at www.sedar.com and www.HorizonsETFs.com. The necessary regulatory and Independent Review Committee approvals were also received.
The Merger is expected to take place on or about February 28, 2020, after the close of business (the “Merger Date“), with units of HMJR being delisted for trading from the NEO Aequitas Exchange (the “NEO Exchange“) at the close of business on that same date. No further subscriptions are permitted into HMJR. The last business day to submit redemptions is trade date February 26, 2020. HMUS is also listed on the NEO Exchange, and trades in both Canadian and U.S. dollars under the tickers HMUS and HMUS.U, respectively. There are no changes to the name, tickers, underlying index, management fees, investment objective or strategy of HMUS.
As HMUS is a substantially larger fund also managed by the Manager, it is the opinion of the Manager that merging HMJR into HMUS will provide unitholders of HMJR with the opportunity to continue their investment in a marijuana-focused ETF that will have a larger market capitalization and greater exposure to larger-capitalized, North American publicly-listed life sciences companies with significant business activities in, or significant exposure to, the United States marijuana or hemp industries.
HMUS will be the Continuing Fund, and unitholders of HMJR will become holders of Canadian dollar-denominated units of HMUS as a result of the Merger.