Reported 12 months ago
Roundhill Investments has decided to waive the fee for its $5.6 million cannabis fund, the Roundhill Cannabis ETF (ticker WEED), in anticipation of US regulators possibly reclassifying marijuana to a less dangerous substance. The move is aimed at making investing in cannabis more accessible, with the fund dropping its expense ratio to zero for at least a year starting Monday. This decision follows the Department of Justice's formal process to change the legal status of marijuana to Schedule III, supported by President Joe Biden, and is seen as a positive development for the industry, potentially leading to a variety of benefits. Despite WEED's 58% loss since its inception in April 2022, it has gained nearly 5% year-to-date, reflecting ongoing investor interest in cannabis-related ETFs with inflows of $393 million this year.
Source: YAHOO