ETFMG Alternative Harvest ETF – an exchange traded fund specializing mainly in Canadian cannabis companies and ancillary marijuana businesses – will begin to include U.S.-based marijuana multistate operators.
Through Aug. 20, Alternative Harvest had more than $422 million of assets under management and 42 holdings, according to its website.
The New Jersey-based company’s top holdings include Cronos Group, Tilray Brands, Canopy Growth Corp., SNDL (formerly Sundial Growers) and Organigram Holdings.
“With bipartisan support for federal cannabis reform (in the United States) at an all-time high, and with key senators open to supporting moderate reform measures separate from legislation that provides comprehensive federal legalization, we believed now was the right time to add exposure to plant-touching U.S. companies,” Jason Wilson, ETFMG cannabis research and banking expert, said in a news release.
Cannabis ETF’s were a popular investment vehicle a few years ago but have since fallen out of favor with investors.
The Alternative Harvest ETF trades on the NYSE Stock Exchange Arca as MJ.