Financial firm Innovation Shares announced earlier this month that it has launched the Cannabis ETF, a new exchange-traded fund for investing in the cannabis industry. The passively-managed ETF is now available to investors and is trading under the ticker symbol THCX.
Matt Markiewicz, the managing director for Innovation Shares, said in a press release that the new investment fund will be active in all areas of the legal cannabis industry while avoiding some investments of similar EFTFs.
“As a pure-play cannabis ETF, THCX focuses on companies in the legal marijuana, CBD, and hemp industries – the portfolio does not rely on alcohol or tobacco stocks to provide exposure to this burgeoning global growth story,” said Markiewicz. “Investors entering the cannabis space have demanded a diversified, liquid and cost-efficient vehicle to invest in the ‘green rush’ and we are ready to deliver on that ask.”
Innovation Shares is known for sponsoring unique thematic ETFs. The Cannabis ETF, which is listed on the NYSE Arca exchange, tracks the Innovation Labs Cannabis Index, a rules-based portfolio that rebalances on a monthly basis. The index currently consists of 35 stocks anticipated to benefit from a rise in the cannabis market, which could reach $630