SUMMIT, N.J.-- As of the Feb. 9 market open, the ETFMG Alternative Harvest ETF has evolved its NYSE ticker by dropping the “X” to go from the previous MJX to the simpler MJ. This change came about as a response to market feedback. The fast growing first-to-market ETF product can now be found under the ticker MJ and all ETF product information is available at the new URL, www.etfmj.com.
Since its first day of trading on Dec. 26, 2017, the ETFMG Alternative Harvest ETF has seen rapid market adoption and strong asset growth. Just 30 days after the fund began trading the AUM grew from $5.7 million to $417 million. In addition to fund performance, there continues to be overwhelming medical breakthroughs from the cannabis pharmaceutical world. Various forms of medicinal cannabis products are currently used to treat illnesses such as Multiple Sclerosis, HIV, Parkinson’s Disease, Glaucoma, and Cancer. GW Pharmaceuticals, a portfolio company within MJ, has the leading treatment for children’s epileptic seizures derived from the cannabis plant.
ETFMG CEO and Founder Sam Masucci said, “We have believed in the investor appetite and need for a US based pure play marijuana ETF product for a long time and it is great to see an over 7,000% growth in AUM in just 30 days of trading.” Sam continued by saying, “The marijuana industry is a multi-billion-dollar industry, we will continue focusing on product education while highlighting in particular the amazing medicinal applications for cannabis products. We greatly look forward to seeing where MJ goes from here.”
In the first 30 days of trading the ETFMG Alternative Harvest ETF enjoyed an average daily volume of approximately 2.1 million shares. Given the growing acceptance of marijuana, especially on the medicinal front, it stands to reason that this is just the beginning for the first and only US based ETF product to give investors direct access to the marijuana industry.