The rise of the cannabis industry has taken the U.S. by storm in recent years as more states legalize the plant for medical and recreational use.
Cannabis is still classified as a Schedule I drug by the U.S. Drug Enforcement Administration and subject to the Controlled Substances Act at the federal level. However, 33 states have approved medical use and 11 states have approved both medical and recreational use, BusinessInsider reports.
In 2019 alone, global sales of legal cannabis are expected to reach $14.9 billion, rising 36 percent year-over-year, but still representing less than 9 percent of the total market.
Marijuana stocks have become popular among investors, shedding the initial speculative shade on them and transforming into something that long-term investors are now proud to add to their portfolios.
Investing in cannabis exchange-traded funds (ETFs) has now become a great way to diversify investors’ portfolios without having to individually buy several different cannabis stocks, according to The Motley Fool.
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A new cannabis ETF, the Global X Cannabis ETF (POTX), started trading on the Nasdaq in mid-September, offering investors a chance to buy into weed companies across the industry.
The Global X Cannabis ETF seeks to invest in companies operating in various elements of the cannabis industry value chain, including firms involved in the legal production, growth, and distribution of cannabis and industrial hemp.