Happy 4/20 to all of you out there.
Not only did Elon grace us with TSLA earnings on this beautiful day, Roundhill Investments has unveiled a new cannibis-themed ETF.
The new ETF launched today.
$WEED is designed to provide market participants exposure to the cannabis sector. The ETF will invest in different cannabis-related stocks, which include cannabis producers, distributors, cannabis-technology companies, and related businesses.
According to Seeking Alpha, WEED also utilizes total return swaps to provide exposure to U.S.-focused cannabis companies. The fund also has a 0.75% expense ratio.
The new fund is led by Curaleaf Holdings, Inc. (CURLF) weighted at 12.12% and Green Thumb Industries (GTBIF) weighted at 10.10%. Moreover, WEED also has a 4.72% stake in the popular Tilray (TLRY), making it the ETF’s eighth heaviest position.
“While publicly-listed cannabis companies have recently underperformed, we believe that the cannabis market may be entering an inflection point in terms of both profitability and regulatory momentum,” Will Hershey, Roundhill’s chief executive officer, said in a statement. “WEED allows for U.S. retail and institutional investors to gain exposure to U.S. operators, potentially in advance of positive legislation.”
So far, 37 states have legalized marijuana for medical use, while 18 states and Washington D.C. have legalized it for recreational use, according to the National Organization for the Reform of Marijuana Laws.
“As we started to get a feel for the expected timeline, we said what better day to launch than 4/20,” the Roundhill CEO said.
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