U.S. Pot ETF's Assets Soar as Investors Rush Into Sector
- ETFMG Alternative Harvest is first U.S. pure-play pot ETF
- ‘Obviously a lot of pent-up demand,’ fund’s CEO says
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Investors are falling over themselves to get into the first pure-play marijuana ETF to list in the U.S., sending its assets up more than 13-fold in five trading days.
Assets into the ETFMG Alternative Harvest ETF swelled from $5.7 million on Dec. 26, its first trading day, to $77.4 million by Tuesday. That was one day after pot was fully legalized in California, creating the biggest cannabis market for recreational use and giving pot stocks another shot in the arm.