Exchange traded funds (ETFs) are a very popular investment option these days. That's because they're ideal for investors who want exposure to an economic sector or index, but aren't inclined to pick individual stocks.

In this segment from Motley Fool Live, veteran Fool.com contributor Eric Volkman and healthcare and cannabis bureau chief Corinne Cardina identify two specialty marijuana ETFs for those who want some pot in their portfolio. This video was recorded on Feb. 5, 2021.

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Corinne Cardina: Lea asks, "Is there a cannabis ETF that you can suggest?" If you do not want to pick and choose cannabis stocks, maybe you've been burned before, understandably. I have two in mind, Eric, I'll see if you know any.

The one that I typically compare socks to when I'm looking at whether a stock outperformed or underperformed the broader cannabis market is the Horizons Marijuana Life Sciences [Index] ETF (HMLSF 4.71%). That is one option. That one is up almost 54%, if you look over the full past year.

Then there's also a new one called Cambria Cannabis ETF (TOKE 1.71%). That one, the ticker is TOKE. That one has more tobacco stocks. I interviewed someone from Cambria a couple of months ago and he gave me his pitch for that one. Eric, what am I not thinking of, while I toss these tickers in the chat?

Eric Volkman: I like both of them. I have to confess, I'm not so familiar with the ETF world, I'm more familiar with individual weed stocks.

I know Horizons a little bit. I think that's a good play, I got the impression that that was pretty well allocated across the sector, and across different types of marijuana companies. I think if you want to play marijuana and you don't want to get down into the whole "this company versus that company," [consideration] I think Horizons is a pretty solid pick.

If you look at their performance, 54% is better than even some of these more bullish companies that have seen a lot of attention lately. Also, because Horizon has a fairly big basket [of investments], relatively speaking. I think, generally, they're going to rise nicely along with the general optimism for pot stocks with the whole decriminalization/legalization wave.