Pot stocks have been soaring amid Canada's pending legalization of recreational cannabis on Oct. 17. (Photo: Shutterstock)(Bloomberg) –U.S. investors are piling into an exchange-traded fund that tracks the Canadian pot industry as the country moves toward legalization and liquor producers show growing interest in selling pot.
The U.S.-listed $436 million ETFMG Alternative Harvest ETF, known by its ticker MJ, has taken in about $22 million in August, putting it on track for the largest monthly inflow since February. That asset growth has been fueled by a 35 percent surge in the fund's price since Aug. 14.
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