Horizons ETFs Management Canada Inc., provider of the Horizons Marijuana Life Sciences Index ETF (HMMJ), is “actively pursuing” the creation of a fund that will contain only U.S. licensed producers, according to Bloomberg.
Currently, HMMJ can’t hold any firms with U.S. marijuana operations because the Toronto Stock Exchange prohibits the listing of companies that aren’t compliant with federal law where they operate.
The U.S. pot market is expanding rapidly, with legal spending expected to reach $22 billion by 2022, according to Arcview Market Research and BDS Analytics.
HMMJ is the largest Canadian cannabis ETF, with more than C$1 billion ($750 million) in assets.
