YOLO: 1st Quarter 2026 Portfolio Review
Portfolio
The AdvisorShares Pure Cannabis ETF (YOLO) returned -18.56% (NAV) / -19.57% (market) in Q1 2026, as the global cannabis sector pulled back from late-2025 highs amid continued federal rescheduling delays and broader risk-off sentiment in March.
The S&P 500 Index declined -4.33% over the same period. For the trailing one-year period ending March 31st, 2026, YOLO returned +51.38% (NAV) / +49.43% (market), reflecting the strength of the prior year’s run.
YOLO’s globally diversification, which includes international exposure alongside U.S. operators, added context to quarterly results as European and Canadian markets navigated their own regulatory timelines.
Portfolio
YOLO maintained its active management approach during the first quarter, with no new positions added. We exited the following holdings to sharpen the portfolio’s focus on global cannabis trends and opportunities:
- Cardiol Therapeutics Inc. (CRDL)
- Chicago Atlantic Real Estate (REFI)
- IM Cannabis Corp. (IMCC)
- Jazz Pharmaceuticals (JAZZ)
- Intercure Ltd. (INCR)
The portfolio continues to emphasize operators with strong balance sheets, diversified revenue, and meaningful exposure to maturing regulatory markets around the world.
Winners and Losers
The first quarter of 2026 was challenging for global cannabis stocks overall. A handful of holdings provided relative strength and helped limit some of the portfolio’s downside.
Leading contributors during the quarter included:
- SNDL Inc. (SNDL): +4.41%
- High Tide Inc. (HITI): +0.97%
- Cannara Biotech Inc. (LOVE): +9.14%
The largest detractors from performance were:
- Charlottes Web Holdings Inc. (CWEB): -22.04%
- Village Farms International (VFF): -0.36%
- AdvisorShares Pure US Cannabis ETF (MSOS): -1.19%
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| MSOS | ADVISORSHARES PURE US CANN | 47.18% |
| VFF | VILLAGE FARMS INTERNATIONAL | 18.53% |
| HITI | HIGH TIDE INC | 9.69% |
| CWEB | CHARLOTTES WEB HOLDINGS INC | 5.24% |
| CRON | CRONOS GROUP INC | 4.25% |
| OGI | ORGANIGRAM GLOBAL INC | 4.04% |
| SNDL | SNDL INC | 3.72% |
| ACB | AURORA CANNABIS INC | 1.78% |
| ROMJF | RUBICON ORGANICS INC | 1.70% |
| TLRY | TILRAY BRANDS INC | 1.31% |
As of 03.31.2026. Cash is not included. Subject to change.
Please see our complete Fund holdings at advisorshares.com/etfs/yolo. The holdings details are updated each market day.
International Cannabis Landscape
Internationally, Europe remained active. Germany’s partial legalization framework continued to drive demand for Canadian supply, with Canada’s 2025 cannabis export volume estimated at approximately 230,000 kilograms of dried flower, primarily headed to Germany and Australia.² Canadian operators with EU GMP-certified production were well positioned for this established trade flow. Aurora Cannabis and Canopy Growth stayed active in Australia’s therapeutic market, while High Tide’s stake in German supplier Remexian Pharma GmbH gave it exposure to Germany’s evolving retail infrastructure.
In Latin America, Brazil advanced its role as a research and low-THC product center, with continued easing of import rules. Australia’s Therapeutic Goods Administration remained focused on reviewing medical cannabis categories and telemedicine practices. The broader geopolitical developments of the quarter, particularly the oil price surge tied to Middle East conflict, contributed to tighter risk appetite in March and weighed on valuations across speculative growth sectors, including smaller international cannabis operators
Outlook
As we move into Q2 2026, YOLO’s global exposure continues to provide access across maturing international markets in Europe, Canada, Australia, and Latin America, alongside its significant U.S. holdings through MSOS. The portfolio remains focused on operators with strong balance sheets and diversified revenue streams as regulatory frameworks evolve at different paces around the world. We will continue to actively manage the fund in response to developments in these markets.
Sources:
1. The Cannabis Business Advisors. Federal Cannabis Update: Where Marijuana Rescheduling Stands in Early 2026. January 31st, 2026.
2. StratCann. Brown, David. 2025 Canadian wholesale cannabis pricing and 2026 market outlook. January 19th, 2026.
3. STS Capital Partners. Trump’s Executive Order Rescheduling Cannabis. December 2025.
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Past Commentary
EU-GMP stands for European Union Good Manufacturing Practice. This standard means that a product, typically a pharmaceutical, medicine, or active pharmaceutical ingredient (API), has been manufactured, tested, and packaged according to the strict quality standards set by the European Union
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus or summary prospectus, a copy of which may be obtained by visiting www.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.
The Fund is subject to a number of risks that may affect the value of its shares. This section provides additional information about the Fund’s principal risks. The degree to which a risk applies to the Fund varies according to its investment allocation. Each investor should review the complete description of the principal risks before investing in the Fund. As with investing in other securities whose prices increase and decrease in market value, you may lose money by investing in the Fund.
Cannabis-Related Company Risk. Cannabis-related companies are subject to various laws and regulations that may differ at the state/local and federal level. These laws and regulations may (i) significantly affect a cannabis-related company’s ability to secure financing, (ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production, transportation, and storage. Cannabis-related companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, cannabis-related companies are subject to the risks associated with the greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions, and laws and regulations related to environmental protection, health and safety. Cannabis-related companies may also be subject to risks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation, the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability lawsuits, and the risk that research and development may not necessarily lead to commercially successful products.
Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.
Holdings and allocations are subject to risks and to change.
The views in this commentary are those of the portfolio manager and may not reflect his views on the date this material is distributed or any time thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.