Cannabis ETF Makes Bold Bet On Legalization, Reversing Stance On U.S. Marijuana Assets

ETFMG Alternative Harvest ETF NYSE:MJ, an exchange-traded fund specializing mainly in Canadian cannabis companies and ancillary marijuana businesses, will begin to include U.S.-based marijuana multistate operators.

"We are excited to offer our investors exposure to the global cannabis industry through MJ, the world's largest global cannabis fund. ETFMG is proud to be the one-stop shop for those interested in investing in cannabis with a suite featuring 2X long, 2X short, US - only or global exposure," said Sam MasucciETFMG founder and CEO.

ETF Managers Group LLC (ETFMG®), announced that ETFMG will complete its global portfolio by offering exposure to cannabis companies operating in the country, which include multi-state operators (MSOs) directly involved in the cultivation, production, marketing and distribution of cannabis or cannabis-related products.

"With bipartisan support for federal cannabis reform 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," said Jason Wilson, ETFMG cannabis research and banking expert.

The ETFMG U.S. Alternative Harvest ETF NYSE:MJUS will continue to be available for investors who want pure-play access to U.S. MSOs. The addition of this exposure to MJ gives investors the opportunity to access the complete global cannabis industry.

"As the world's largest global cannabis fund, MJ is well positioned to directly benefit not only from ongoing cannabis reform in the U.S. but from the growth in cannabis sales that are being driven by legalization initiatives occurring around the world, all of which are expected to result in global cannabis sales growing from approximately $28 billion in 2021 to over $61 billion in 2026," Wilson added.

To measure the performance of companies within the cannabis ecosystem benefitting from global medicinal and recreational cannabis legalization initiatives was designed, MJ tracks the Prime Alternative Harvest Index.

"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 NASDAQ:CRON TSE: CRON, Tilray Brands NASDAQ:TLRY, Canopy Growth Corp. NASDAQ:CGC TSE: WEED, SNDL NASDAQ:SNDL, formerly Sundial Growers, and Organigram Holdings NASDAQ:OGI TSE: OGI.

The Alternative Harvest ETF trades on the NYSE Stock Exchange Arca as MJ.

Image by Benzinga

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