YOLO: 1st Quarter 2025 Portfolio Review
Portfolio
PERFORMANCE
In Q1 2025, YOLO posted a significant decline of -27.02% on a net asset value (NAV) basis and -27.27% in market price. These losses underscore the continued volatility across the cannabis sector as regulatory delays and shifting market dynamics weigh on investor sentiment.
PORTFOLIO
The fund made several strategic adjustments during the quarter to refine exposures and position for long-term opportunities. One new position was added:
- Cannara Biotech Inc. (LOVE) – 120,000 shares
The following positions were removed from the portfolio:
- Clever Leaves Holdings Inc. (CLVR)
- Hempfusion Wellness Inc. (CBDHF)
- Inmed Pharmaceuticals Inc. (INM)
- Skye Biosciences Inc. (SKYE)
In addition, Fluent Corp. (CNTMF) emerged following the December 2024 acquisition of RIV Capital Inc. by Cansortium Inc., which completed a rebranding effort in February 2025. Tactical reallocations were made to balance sector exposure amid ongoing volatility.
WINNERS AND LOSERS
While broad market pressures persisted, only a few holdings managed to deliver positive returns:
- Rubicon Organics Inc. (ROMJF) grew by 12.42%
- Jazz Pharmaceuticals (JAZZ) posted a 0.81% increase.
- Charlottes Web Holdings Inc. (CWEB) climbed 3.92%.
On the downside, several top holdings experienced sharp pullbacks:
- AdvisorShares Pure US Cannabis ETF (MSOS) fell 31.12%.
- Village Farms International Inc. (VFF) declined 38.05%.
- High Tide Inc. (HITI) dropped 38.05%.
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| MSOS | ADVISORSHARES PURE US CANN | 34.64% |
| HITI | HIGH TIDE INC | 11.94% |
| VFF | VILLAGE FARMS INTERNATIONAL | 8.84% |
| SNDL | SNDL INC | 7.19% |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 6.39% |
| CRON | CRONOS GROUP INC | 5.02% |
| REFI | CHICAGO ATLANTIC REAL ESTATE | 4.94% |
| CRDL | CARDIOL THERAPEUTICS INC-A | 4.17% |
| OGI | ORGANIGRAM HOLDINGS INC | 3.74% |
| ROMJF | RUBICON ORGANICS INC | 1.96% |
As of 3.31.2025. Cash is not included. Holdings are subject to change.
Please see our complete Fund holdings at advisorshares.com/etfs/yolo. The holdings details are updated each market day.
Cannabis Landscape
Globally, cannabis policy continues to advance, even as the U.S. regulatory outlook remains mired in uncertainty. Q1 saw encouraging developments in several international markets:
- Germany maintained its cannabis reform agenda despite a shift to a more conservative government.
- Netherlands expanded its experimental adult-use retail program by increasing licensed cannabis suppliers.
- France’s moved closer to finalizing its four-year plan to establish a regulated medical cannabis framework.
- Canadian cannabis companies continued to grow their export footprint, particularly to European markets.
- Greece approved additional cultivation licenses, supporting broader participation in the cannabis economy.
- Switzerland introduced proposed legislation to regulate adult-use cannabis.
- Australia’s medical cannabis market is on pace to outgrow those of Germany, Poland, and the U.K.
The most significant growth prospects currently lie outside North America, as global governments increasingly recognize the industry’s potential to drive economic gains, reduce illicit activity, and support public health initiatives. With public opinion and political will aligning across key markets, 2025 could mark a year of meaningful global progress, providing a long-term tailwind for diversified cannabis portfolios. Despite near-term headwinds, YOLO remains focused on long-term opportunities in the global cannabis industry. The fund continues to refine exposures while maintaining alignment with companies that exhibit operational resilience, global expansion potential, and leadership in product innovation. As international momentum builds and regulatory clarity eventually emerges in the U.S., YOLO is positioned to capitalize on the structural growth of the global cannabis economy.
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Cheers,Past Commentary
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.