European savers will soon be offered their first opportunity to invest in an exchange traded fund focused on the fast-growing legal marijuana industry.
Canadian fund group Purpose Investments plans to launch the Medical Cannabis and Wellness ETF from January 13, which will be Europe’s first such product. The fund will be listed in Germany and made available to investors in the UK, Italy and Ireland.
Marijuana funds have proved popular in North America, despite a poor year for the sector. The world’s largest cannabis ETF, the US-listed ETFMG Alternative Harvest, which has $673m of assets according to data compiler ETFGI, lost 28.5 per cent last year. The second largest fund, the $327m Horizons Medical Marijuana Life Sciences ETF, listed in Canada, lost 33.8 per cent.