Evolve Funds Group, a Toronto-primarily based fund manager with assets of 430 million Canadian dollars ($322.five million), plans to launch an exchange-traded fund (ETF) focused on U.S. cannabis stocks.

The U.S. Marijuana ETF would stick to on the heels of the company’s Evolve Marijuana Fund (SEED), which, according to Bloomberg information, is Canada’s best equity ETF performer on the Toronto Stock Exchange for the 12 months ended Feb. 28, 2019.

“The U.S. marijuana industry is poised to grow to be the biggest in the planet as recreational and health-related cannabis becomes legal at state levels,” mentioned Elliot Johnson, chief investment officer at Evolve ETFs and portfolio manager for SEED.

“The U.S. development chance in cannabis is equivalent to the ground floor in Canada more than a year ago.”

An ETF owns and tracks specific assets and, as opposed to a mutual fund, can be traded like a standard stock.