Marijuana ETF manager Sam Masucci interview on Fast Money
Sam Masucci
Cryptocurrency ETFs  proved too risky for ETF Managers Group Founder and  CEO Sam Masucci   but  he  threw caution to the wind with  his  latest marijuana ETF â and it's paying off.
"The business is growing  the companies entering it are growing "  Masucci  said on CNBC's "Fast Money."
ETF Managers Group in late December launched Alternative Harvest ETF  which tracks around 30 domestic and international stocks that may benefit from the growing marijuana industry. The ETF started with $5 million in assets under management and has grown to around $400 million in just under a month   Masucci  said.
Since Attorney General Jeff Sessions rescinded the Cole Memo  sending pot stocks tumbling  there is reason to be concerned when dealing big money in marijuana. But  Masucci  has accepted a degree of volatility  something  he  wasn't willing to do with cryptocurrency.
"We can't explain the volatility within bitcoin. Until we are comfortable with it and we know how to trade it  we don't see ourselves getting involved "  he  said.
A majority of Alternative Harvest's companies are based in Canada or other countries  where legalization is impending or where regulations are more lax. As far as domestic companies go   Masucci  said ETF Managers Group was careful to pick those best suited to benefit from the cannabis boom  like hydroponics company Scott's Miracle Gro or cigarette manufacturer Philip Morris.
"We will continue to participate in those companies that are largest  and right now  the largest piece is outside of the U.S.  " Masucci  said.
Despite Sessions' actions   Masucci  has high hopes that the U.S. cannabis industry will stick around.
"Twenty-eight states now have approved medical marijuana  16 more have it on the docket for this year  " Masucci  said.
Cryptocurrency ETFs  proved too risky for ETF Managers Group Founder and  CEO  [TGT]    but  he  threw caution to the wind with  his  latest marijuana ETF â and it's paying off.
"The business is growing  the companies entering it are growing "  Masucci  said on CNBC's "Fast Money."
ETF Managers Group in late December launched Alternative Harvest ETF  which tracks around 30 domestic and international stocks that may benefit from the growing marijuana industry. The ETF started with $5 million in assets under management and has grown to around $400 million in just under a month   Masucci  said.
Since Attorney General Jeff Sessions rescinded the Cole Memo  sending pot stocks tumbling  there is reason to be concerned when dealing big money in marijuana. But  Masucci  has accepted a degree of volatility  something  he  wasn't willing to do with cryptocurrency.
"We can't explain the volatility within bitcoin. Until we are comfortable with it and we know how to trade it  we don't see ourselves getting involved "  he  said.
A majority of Alternative Harvest's companies are based in Canada or other countries  where legalization is impending or where regulations are more lax. As far as domestic companies go   Masucci  said ETF Managers Group was careful to pick those best suited to benefit from the cannabis boom  like hydroponics company Scott's Miracle Gro or cigarette manufacturer Philip Morris.
"We will continue to participate in those companies that are largest  and right now  the largest piece is outside of the U.S.  " Masucci  said.
Despite Sessions' actions   Masucci  has high hopes that the U.S. cannabis industry will stick around.
"Twenty-eight states now have approved medical marijuana  16 more have it on the docket for this year  " Masucci  said.