The Cannabis ETF launches on NYSE Arca
Innovation Shares, a sponsor of thematic exchange traded funds, has launched The Cannabis ETF (THCX), which it says the first passively managed pure-play ETF solution for investing in cannabis, on the NYSE Arca.
THCX seeks to track the Innovation Labs Cannabis Index which is a portfolio of 35 stocks expected to benefit from growth of the hemp and legal marijuana industries.
"Our goal in launching THCX is to provide a low-cost and diversified vehicle to meet increasing investor appetite for cannabis-connected stocks," says Matt Markiewicz, Managing Director, Innovation Shares. "With the global cannabis market estimated to reach USD630 billion by 2040 up from USD12 billion today, there is an exciting opportunity for investors to participate in this multi-decade growth story through the tax efficient structure of an ETF."