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The first cannabis ETF, the ETFMG Alternative Harvest ETF (MJ), launched in December of 2017. But its launch has an interesting backstory. This was not originally a marijuana ETF, but was converted from a Latin American real estate ETF. That move allowed MJ to avoid some of the regulatory scrutiny facing new entrants to the cannabis ETF market today. But it has also painted the ETF in something of a corner as well. It does not hold a lot of the pureplay cannabis names now being allowed