Largest pot ETF adds Charlotte’s Web to holdings GlobeInvestor
A change in U.S. federal law has cleared the way for one of the biggest cannabis companies to join the preeminent pot-stock exchange-traded fund.
Since HMMJ is listed on the Toronto Stock Exchange, it follows the TSX’s rules banning Canadian-listed companies with U.S. businesses that violate that country’s federal laws against marijuana. As a result, the ETF can’t include several cannabis concerns with valuations topping $1 billion - Curaleaf Holdings Inc. and Green Thumb Industries Inc. are examples.However, in December, as part of the 2018 Agriculture Improvement Act, the U.S.
Charlotte’s Web spokesman Cory Pala says that with the passage of the U.S. farm bill, senior listings in Canada and the U.S. have become more accessible for the company and it is reviewing its options. That could mean leaving the Canadian Securities Exchange. “Senior listings in Canada and the United States are of great interest to the company,” he said.
HMMJ is the biggest and oldest fund for cannabis stocks, but it’s not actively managed, with investment pros making value judgments about which pot stocks are top picks. Instead, it’s based on the North American Marijuana Index run by German index company Solactive.
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