Benzinga | Jun 14, 2021 12:13PM EDT

Cannabis Co. Clever Leaves Holdings To Join Russell Microcap Index: 'An Important Milestone'

The multinational cannabis company Clever Leaves Holdings Inc. (NASDAQ:CLVR) confirmed Monday it will become a member of the Russell Microcap Index, effective June 28 at the market opening in the U.S.

When a stock joins the Russell Microcap Index it automatically becomes included in the suitable growth and value style indexes, the company noted. FTSE Russell (a leading global index provider) chooses members for its Russell indexes mostly on market-capitalization positions, style attributes and its objectives.

Russell Indexes represent an important tool used by many investors and investment managers for the creation of active investment strategies. Around $10.6 trillion in assets are benchmarked against Russell's US indexes.

"Joining the Russell Microcap Index marks an important milestone for Clever Leaves as we receive recognition from one of the most prominent index providers followed by investment managers across the globe," Kyle Detwiler, CEO of Clever Leaves said.

"Inclusion in the index will strengthen our existing foundation of institutional ownership, benefitting our shareholders with improvements in liquidity and visibility. We look forward to making further progress on our strategic objectives to create additional value for our shareholders in the months ahead," Detwiler concluded.

Price Action

Clever Leaves' shares were trading 2.34% lower at $11.20 per share at the time of writing.

Photo by Shane Rounce on Unsplash