After soaring more than 14% on Thursday alone, the Global X Cannabis ETF (NASDAQ: POTX) is higher by nearly 18% over the past week. Marijuana-related ballot initiatives are the primary reason why.
POTX, the first cannabis fund from Global X follows a benchmark that holds “companies involved in the legal production, growth, and distribution of cannabis and industrial hemp, as well as those involved in providing financial services to the cannabis industry, pharmaceutical applications of cannabis, cannabidiol (i.e., CBD), or other related uses including but not limited to extracts, derivatives or synthetic versions,” according to Global X.
On Election Day, Arizona, Montana, and New Jersey expanded legalization to recreational cannabis while Mississippi approved medical marijuana and more conservative South Dakota signed off on both medicinal and recreational use.
“We view the success on all votes as evidence of still-growing acceptance for legalization among Americans. It also…
