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ZUANIC & ASSOCIATES
ZUANIC & ASSOCIATES was founded in 2019 by Pablo Zuanic in Greenwich, Connecticut.
ZUANIC & ASSOCIATES
ZUANIC & ASSOCIATES was founded in 2019 by Pablo Zuanic in Greenwich, Connecticut. A former managing director and senior analyst at Cantor Fitzgerald, where he launched the firm's U.S. cannabis coverage, Zuanic spent more than 20 years on Wall Street covering consumer staples, tobacco, and alcohol sectors at firms including Liberum, J.P. Morgan, and Citigroup. The firm's formation followed his departure from Cantor Fitzgerald, where his outspoken research on cannabis operators gained a following among institutional investors tracking state-by-state regulatory rollouts. The firm operates as a research-driven long/short equity manager focused entirely on regulated vice industries — cannabis, alcohol, and tobacco — where state and federal regulatory shifts create pricing dislocations. It produces proprietary analysis on multistate operators (MSOs) including Green Thumb Industries, Curaleaf Holdings, and Trulieve Cannabis, while also tracking the alcohol and tobacco incumbents entering cannabinoid markets. The strategy emphasizes single-stock selection based on license density, balance-sheet quality, and interstate commerce positioning, rather than passive industry beta. The geographic footprint concentrates on U.S. state-legal markets, with monitoring of Canadian LPs and European medical programs where regulatory frameworks mature. The firm maintains a deliberately lean structure, with Zuanic as the lead portfolio manager and primary research producer, a model consistent with boutique fundamental hedge funds targeting $50M to $200M in assets under management. No additional office locations are publicly disclosed, and the firm does not appear to maintain separate philanthropic vehicles or co-investor club affiliations. ZUANIC & ASSOCIATES occupies a structural niche that generalist hedge funds rarely fill: continuous, public-filing-level scrutiny of Schedule I drug operators alongside traditional sin-stock names. The firm's value to institutional allocators derives not from scale but from regulatory-triggered trade timing in a sector where legal ambiguity repels larger asset gatherers. This regulatory-expertise moat determines the firm's investment posture far more than capital size or team headcount.
General information
Firm type
Asset Manager
Year founded
2019
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Greenwich
Corporate office
Greenwich, CT, United States
Principals
Pablo Zuanic
Managing Partner
Sector focus
Frequently asked questions
What is Pablo Zuanic's professional background prior to founding the firm?
Pablo Zuanic spent over 20 years on Wall Street as a sell-side equity analyst. He covered tobacco, beverages, and consumer staples at J.P. Morgan, Citigroup, and Liberum before joining Cantor Fitzgerald, where he launched the bank's U.S. cannabis sector coverage. His transition to the buy side leveraged relationships with institutional investors who followed his regulatory and licensing analysis of multistate operators.
Does ZUANIC & ASSOCIATES invest only in cannabis, or also in alcohol and tobacco?
The firm's mandate spans cannabis, alcohol, and tobacco, viewing them as a unified 'vice industries' universe. Positions often involve pair trades between cannabis multistate operators and traditional sin-stock incumbents, particularly as alcohol and tobacco companies make strategic moves into cannabinoid markets through acquisitions or brand licensing.
How does the firm source its investment ideas?
All investment ideas are sourced through proprietary, self-produced regulatory and financial analysis. Pablo Zuanic personally authors the research, which tracks state-level license awards, legislative calendars, and balance-sheet stress tests across U.S. cannabis operators. The firm does not rely on sell-side research or third-party data aggregators for its primary ideas.
Is the firm structured as a hedge fund or a family office?
ZUANIC & ASSOCIATES is structured as an independent asset manager operating a long/short equity hedge fund, not a family office. It is run by founder Pablo Zuanic out of Greenwich, Connecticut, and likely manages external institutional and high-net-worth capital in addition to any personal assets, though its AUM has not been publicly disclosed.
What differentiates ZUANIC & ASSOCIATES from generalist hedge funds that occasionally trade cannabis stocks?
The firm's entire research apparatus is built around regulatory catalyst timing in industries where legality varies by jurisdiction. Unlike generalist funds that may hold cannabis names as a small allocation, Zuanic's approach treats state-level legislative calendars, licensing rounds, and federal rescheduling proceedings as primary inputs to position sizing. This single-sector regulatory focus is uncommon among institutional managers.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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