Entrepreneurial weed-heads will be excited to know that marijuana is now a publicly traded commodity on the United States Stock Exchange. After gaining approval from the Securities Exchange Commission, Canadian company Cronos Group is now listed on the NASDAQ, making itself the first company to sell shares of the highly lucrative cannabis industry on American soil.
Fittingly, shares of the company are being traded under the symbol 'CRON,' you know, like how weed is often referenced in your college dorm, or at a Willie Nelson concert.
Even though 29 states have lifted bans on medical marijuana and nine states allow for its recreational use, it still remains illegal at the federal level. Until now, American investors haven't been prohibited from buying shares in Cronos Group on the Toronto Stock Exchange, although they've expressed unease with it. In a Vice News report, Cronos Group CEO Mike Gorenstein explains that despite the uncertainty, the majority of the company's shareholders are based in the US: