Big Marijuana Bud on Indoor Plant Under Lights at Cannabis Farm

Units of the fund have been conditionally approved, the firm says in a news release. Evolve first unveiled plans for the new ETF in January.

The ETF is designed to give Canadian investors long-term capital appreciation by actively investing in a diversified mix of equity securities of issuers that are involved in the marijuana industry.

“We believe the international cannabis industry is poised to exceed $30 billion by 2021, which would be a 60% compounded annual growth rate in the next few years,” says Raj Lala, president and CEO of Evolve, in a statement.

“The next wave of growth could be driven by the globalization of the industry. Active management in Evolve Marijuana ETF allows us to capitalize on these opportunities.”

The ETF may invest in equity securities of companies listed domestically and globally, and other companies, with business activities in the recreational and medical marijuana industry. Generally, these securities are issued by issuers with business activities in the marijuana industry or that are engaged in research and development and other ancillary businesses in the cannabis industry.

The ETF will close the initial offering of units to its designed broker by the end of business on Feb. 9.