With twenty-nine states and the District of Columbia having legalized medical marijuana along with the eight states plus and D.C. legalizing recreational as well financial institutions are finally making their way into the nation’s forecasted $8 billion industry. A division of the New York Stock Exchange is launching trading for its first marijuana fund the day after Christmas. What does this mean for investors?

The fund dubbed, Alternative Argoscience exchange-traded fund (ETF), is made up of companies that operate in states where marijuana has been legalized. The companies include cultivators, biopharmaceutical companies, even pesticide and fertilizer companies. Neither the NYSE, Justice Department, or the ETF Managers Group responded to the requests for comments.

Although, the marijuana fund is spanking new to the United States, it’s not unparalleled. In April, our neighbors up north launched the first ever marijuana ETF in the world. Canada’s marijuana ETF has increased by 44 percent since its introduction and gained $216 million in assets.

Steve Hawkins, CEO of Horizons ETFs stated that in Canada the marijuana industry is thriving. The country is on target to fully legalize marijuana nationally by July and the Canadian financial markets have commenced investment into the budding industry.

“We would love to launch a product in the U.S.,” Hawkins said. With even medical marijuana remaining federally illegal in the U.S., it is holding Hawkins back from making any moves. Hawkins added, “With the current government you have in place, they just don’t care. They really have no interest in looking at the cannabis capital markets from that perspective”.

While U.S. financial institution continue to consider marijuana funds, the Canadian marijuana investment area is being gobbled up by investors. Trading in marijuana companies has been so rapid in the Canadian market that double-digit increases triggered a halt in certain marijuana stocks just last week.

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