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ETF Managers Group, a New Jersey-based investment company, plans to launch an exchange-traded fund that would track publicly traded cannabis companies.
The ETF Managers Group is proposing the Emerging AgroSphere ETF, which could be a first for the cannabis industry, Reuters reported.
An exchange-traded fund owns and tracks certain assets and, unlike a mutual fund, can be traded like a regular stock.
The Emerging AgroSphere ETF would own stocks in cannabis-related companies that make prescription drugs using marijuana extracts as well as those selling hemp derivatives and other related stocks. The company noted it would buy globally but, for now,