(Photo via Twitter @FTSERussell)
It's a big deal for companies whenever they're added to a widely tracked index. It's going to be a while until we see a weed stock in the Dow Jones Industrial Average, but we've already seen handfuls added to the CSE Composite Index up in Canada.
This weekend, FTSE Russell reconstituted their indices, and there are two marijuana-related stocks that have been added to the Russell Microcap Index. This is a big deal for these small companies, given the fact that there's just under $1 Billion in AUM for the iShares Micro-Cap ETF (NYSE:IWC), which tracks the Russell Microcap Index. Beyond Blackrock's ETF, theres even mutual funds devoted to this same micro-cap space.
Inclusion in the index will last for one year minimum, since it is only re-balanced/reconstituted annually. Here's the two companies in the cannabis space that we'll see gaining more interest.
22nd Century Corp. (NYSE:XXII)
One of the cannabis-related companies that has been added to the Russell Microcap Index following the 2017 reconstitution is 22nd Century Corp. XXII is "a plant biotechnology company focused on genetic engineering and plant breeding which allows the increase or decrease of the level of nicotine in tobacco plants and the level of cannabinoids in cannabis plants." Recently, 22nd Century Corp. announced that they partnered with the University of Virginia to use hemp plants to clean up pollution. For more information on XXII, be sure to check out the company's stock profile in our Marijuana Stock Database. For more NYSE listed cannabis stocks, be sure to check out our NYSE-Listed Marijuana Stock Database.
Marrone Bio Innovations, Inc. (NASDAQ:MBII)
One of the cannabis-related companies that has been added to the Russell Microcap Index following the 2017 reconstitution is Marrone Bio Innovations. MBII is "a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets." Recently, Marrone Bio Innovations' products were approved for use by marijuana cultivators in California. For more information on MBII, be sure to check out the company's stock profile in our Marijuana Stock Database. For more NASDAQ listed cannabis stocks, be sure to check out our NASDAQ-Listed Marijuana Stock Database.
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