“We stand on the verge a major change here in New Jersey,” said Assemblyman John Burzichelli, D-Salem, who chairs the Assembly Budget Committee. “It’s been a long road but today we’re on the verge of something very significant, and it’s not something that’s been done haplessly or recklessly. As we go through this bill, there’s a great deal of thought reflected.”

According to the Innovation Shares filing, the ETF will be based on a proprietary index that tracks “the performance of a portfolio of exchange listed common stock of companies in primarily the United States and Canada that have a business interest in to the legal cannabis, hemp or CBD-based (i.e., products that contain cannabidiol) pharmaceutical and consumer wellness & product markets. A company has a business interest in the legal cannabis, hemp or CBD-based pharmaceutical and consumer wellness & product markets if a significant percentage of its revenues are

Furthermore, companies for inclusion in the index are “screened to not include stocks that have a market capitalization below $100 million. Constituents must also have traded at least 200,000 shares during the month of reconstitution. At the time of monthly reconstitution, the Index constituents are weighted according to their market capitalization with the individual weight of an Index constituent capped at seven percent (7.00%), with the excess weighting proportionately distributed between the remaining constituents.”

As for MJ, it reached a high of $36.69 following the midterm elections before the latest bouts of volatility spillover from October helped it to shed about 20% since then. As the Dow Jones Industrial Average is up almost 200 points as of 12:45 p.m. ET, MJ is down about 3%.

Related: Marijuana ETF Jumps After Canopy Growth Buys U.S. Hemp Researcher

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