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ETF Managers Group LLC just announced that its cannabis-focused ETFMG Alternative Harvest ETF (NYSE:MJX) has officially started trading. Previously trading as the Tierra XP Latin America Real Estate ETF, the fund now focuses on "companies likely to benefit from the increasing global acceptance of various uses of the cannabis plant."

This fund seeks to track the performance of the Prime Alternative Harvest Index, and as of this morning had 31 holdings other than cash, so we decided to take a dive into the top 10 holdings, which collectively account for just over 45% of MJX holdings. 

1. Cronos Group Inc. (TSXV:MJN) (OTC:PRMCF)
   Currently accounting for 6.22% of total net assets, Cronos Group Inc. is a geographically diversified and vertically integrated cannabis group that operates within Health Canada’s Access to Cannabis for Medical Purposes Regulations and distributes globally. 
2. Canopy Growth Corp. (TSX:WEED) (OTC:TWMJF)
   Currently accounting for 5.89% of total net assets, Canopy Growth Corp. is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands (NYSE:STZ), to name but a few. Canopy Growth operates seven cannabis production sites with over 665,000 sq. ft. of production capacity, including over 500,000 sq. ft. of GMP-certified production space. 
3. GW Pharmaceuticals Plc (NASDAQ:GWPH)
   Currently accounting for 5.38% of total net assets, GW Pharmaceuticals Plc is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. GW, along with its U.S. subsidiary Greenwich Biosciences, is advancing an orphan drug program in the field of childhood epilepsy with a focus on Epidiolex (cannabidiol), for which GW has submitted an NDA to the FDA for the adjunctive treatment of LGS and Dravet syndrome.
4. MedReleaf Corp. (TSX:LEAF) (OTC:MEDFF)
   Currently accounting for 5.22% of total net assets, MedReleaf Corp. is the first and only ICH-GMP and ISO 9001 certified cannabis producer in North America, with two state of the art facilities in Ontario. 
5. Aurora Cannabis Inc. (TSX:ACB) (OTC:ACBFF)
   Currently accounting for 5.03% of total net assets, Aurora Cannabis Inc. is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations. The company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as "Aurora Mountain", a second 40,000 square foot high-technology production facility known as "Aurora Vie" in Pointe-Claire, Quebec on Montreal's West Island, and is currently constructing an 800,000 square foot production facility, known as "Aurora Sky", at the Edmonton International Airport, as well as is completing a fourth facility in Lachute, Quebec through its wholly owned subsidiary Aurora Larssen Projects Ltd.
6. CannTrust Holdings Inc. (CSE:TRST) (OTC:CNTTF)
   Currently accounting for 4.16% of total net assets, CannTrust Holdings Inc. is a federally regulated licensed producer bringing more than 40 years of pharmacy and healthcare experience to the medical cannabis industry.  CannTrust currently operates a 50,000 square foot state-of-the-art hydroponic facility in Vaughan, Ontario and is upgrading a 430,000 square foot cultivation facility in the Niagara region. 
7. CanniMed Therapeutics Inc. (TSX:CMED) (OTC:CMMDF)
   Currently accounting for 3.56% of total net assets, CanniMed Therapeutics Inc. is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 16 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
8. Insys Therapeutics Inc. (NASDAQ:INSY)
   Currently accounting for 3.31% of total net assets, Insys Therapeutics Inc. is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve patients’ quality of life. Using proprietary spray technology and capabilities to develop pharmaceutical cannabinoids, INSYS is developing a pipeline of products intended to address unmet medical needs and the clinical shortcomings of existing commercial products.
9. Huabao International Holdings (HK:0336)
   Currently accounting for 3.13% of total net assets, Huabao International Holdings is a Hong Kong-based investment holding company principally engaged in flavors and tobacco-related businesses. 
10. Emerald Health Therapeutics Inc. (TSXV:EMH) (OTC:EMHTF)
    Currently accounting for 3.13% of total net assets, Emerald Health Therapeutics Inc. is authorized to produce and sell both dried medical cannabis flower and medical cannabis oil in Canada. It currently operates an indoor facility in Victoria, BC, and is progressing on expansion plans for a 150,000 s.f. property in Metro Vancouver and a partnership with Village Farms, called Pure Sunfarms, utilizing a 1.1 million s.f. existing greenhouse complex in Delta, BC.

Overall, the top-10 holdings of the new ETF are dominated by Canadian L.P.s and a few cannabinoid-focused pharmaceutical companies. The one exception to this is Huabao International Holdings, which is one of a handful of tobacco companies included in the fund's holdings. While most readers have probably not heard of Huabao, major tobacco companies like Philip Morris and Altria Group have been included in the fund to represent the opportunity these companies have in the up-and-coming cannabis space.