A number of new cannabis players have been added to the quarterly rebalance of the Horizon Marijuana Life Sciences Index (HMMJ) ETF.
HMMJ bolstered its portfolio as more firms have become eligible for inclusion in its underlying index – the North American Marijuana Index.
Companies added to the list include: Valens GroWorks Corp (CSE:VGW) (OTCMKTS:VGWCF), EnWave Corp (CVE:ENW), cbdMD Inc (NYSE:YCBD), Youngevity International Inc (NASDAQ:YGYI) and Pyxus International Inc (NYSE:PYX).
HMMJ was up 0.2% at C$18.26 on Wednesday and has returned 7.5% in the one-year period. So far in 2019, HMMJ has gained 31%.
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"The last quarter was a difficult one for Marijuana-sector investors. After more than a 50% run-up in the value of HMMJ, performance in the sector tailed off. Nevertheless, HMMJ is still up more than 30% year to date, so it remains one of the strongest-performing equity sectors in 2019," said Steve Hawkins, President and CEO of Horizons ETFs. "During this rebalance, we saw a lot of U.S.-listed stocks enter the North American Marijuana Index, and by extension the ETF. Many of these producers, such as cbdMD and Youngevity International, are involved in the legal CBD and Hemp markets in the U.S. We expect that as the industry grows, so too will the number of U.S. legal CBD-focused firms that will qualify for index inclusion."
HMMJ is rebalanced each quarter and is an Index ETF that seeks to replicate the performance of the North American Marijuana Index. The index is designed to provide investors with exposure to a basket of North American publicly listed life sciences companies with significant business activities in the cannabis industry.
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