"We've seen most cannabis ETFs rally over 30% since the news broke last week on this recommendation," Amplify ETFs CEO Christian Magoon told CNBC's Courtney Reagan on "ETF Edge" on Wednesday.
The Roundhill Cannabis ETF (WEED) has soared nearly 71% since the announcement, while the AdvisorShares Pure US Cannabis ETF (MSOS ) and AdvisorShares Pure Cannabis ETF (YOLO) have jumped 64% and 45%, respectively.
"Consumer packaged goods and pharmaceutical companies are going to be able to now look at these cannabis companies as M&A targets to partner with them."
"The great thing about the ETF industry is there's a lot of opportunity," Lydon said in the same interview on Wednesday.
Lydon pointed out that Amplify ETFs holds a great "first mover advantage" with its pair of cannabis-based funds.
Persons:
Christian Magoon, CNBC's Courtney Reagan, Magoon, marijuana's, Tom Lydon, Lydon
Organizations:
Cannabis ETF, U.S . Department of Health, Human Services, HHS, DEA, Cannabis, VettaFi
Locations:
YOLO