An employee holds a display of dried marijuana at the Fire and Flower store as the first legal cannabis stores open in the province of Ontario, in Ottawa, Ontario, Canada, April 1, 2019.BNY Mellon is serving as a custodian bank for a new, actively managed marijuana ETF that trades under the ticker 'YOLO,' the bank confirmed to Business Insider.
The New York-based bank is providing custodial services to a new marijuana exchange-traded fund called the AdvisorShares Pure Cannabis ETF. Launched last week, the actively managed fund will trade under the ticker YOLO. Though YOLO isn't the first marijuana ETF, it's the first New York Stock Exchange-listed marijuana fund that's backed by a major custodian bank.
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