Cannabis ETFs In Europe Shutting Down
While the marijuana industry is at the very beginning of its development and is just starting to gain momentum, cannabis ETFs in Europe are closing down, writes ETF Stream.
The final day of trading for Rize Medical Cannabis and Life Sciences UCITS ETF (FLWR), worth $13.85 million, is set for Dec. 12th. Why? Cathie Wood’s ARK Innovation ETF (ARCA: ARKK) acquired Rize ETF in September for £5.25 million ($6.55 million) and decided it was in the “best interest of investors” to close FLWR.
The news comes on the heels of Europe's first independent white-label ETF platform announcing it would merge its “no longer viable” $10 million Medical Cannabis and Wellness UCITS ETF (CBDZ) into the $9 million HAN-GINS Indxx Healthcare Megatrend Equal-Weight UCITS ETF (WELL).
Czech Republic: Draft Bill Proposes Strict Rules On CBD And Kratom Products
Earlier this year, the Czech Republic wanted to ban CBD products altogether, but eventually decided not to but rather opted for creating strict rules around it. A draft bill being considered in the Central Europe country would prohibit advertising of both hemp-derived CBD and kratom products, writes Hemp Today.
Kratom is a tropical plant native to Southeast Asia that can produce effects similar to opioids. Under the proposed bill, sales of both CBD and kratom products to minors would be illegal, retailers would have to obtain special licenses and pay a fee of about €5,000 ($5,464). Packaging labels must note that products are “psychoactive" and also list details about recommended dosage, …