The reason that Horizons didn't include any U.S.-based cannabis stocks in its cannabis ETF is that the TSX does not allow them to be listed on the exchange. Cannabis is still illegal federally in the U.S. and holding such stocks would mean non-compliance with the TSX's listing requirements. In the past, we've seen Aphria Inc (TSX:APHA)(NYSE:APHA) divest of its U.S. holdings after the TSX put companies on notice that they could risk being delisted from the exchange for doing so.