It's been difficult for Americans to legally invest in the world's booming marijuana business but a new online fund will let you do it at the click of a mouse.
Canadians are bringing a new meaning to the term "investor high," with the world's first marijuana-focused exchange-traded fund opening on the Toronto Stock Exchange.
The Horizons Medical Marijuana Life Sciences exchange-traded fund is comprised of 14 stocks, allowing investors to diversify their risk. The fund uses the North American Medical Marijuana Index as a benchmark.
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Medical marijuana has been legal in Canada since 2001 and the country could be poised to legalize recreational use next year, making the investment opportunity particularly alluring for cannabis connoisseurs.
Fund managers noted they won't include exposure to companies in the United States, where marijuana is illegal under federal law and legal for medical use in only a handful of states. Most banks will not deal with pot firms who must instead rely entirely on the transfers of large sums of cash to conduct business. This normally puts them several steps out of reach from the average average investor.