YOLO: 3rd Quarter 2025 Portfolio Review
Portfolio
In the third quarter of 2025, the AdvisorShares Pure Cannabis ETF (YOLO) returned +84.06% on a net asset value (NAV) basis and +87.23% at market price. YOLO’s positive return highlights the importance of active management and global diversification in navigating an industry still shaped by regulatory headwinds.
Portfolio
The fund executed targeted changes during the quarter to enhance portfolio resilience and align with evolving market opportunities. No new positions were added to the portfolio, however the following positions were exited:
- Advanced Flower Capital Inc. (AFCG)
- Flora Growth Corp. (FLGC)
- Ispire Technology Inc. (ISPR)
These moves reflect a strategic shift toward trimming exposure to names with declining momentum or uncertain outlooks.
Winners and Losers
YOLO’s second-quarter gains were driven by several standout performers:
- AdvisorShares Pure US Cannabis ETF (MSOS): up +102.24%
- Village Farms International Inc. (VFF): up +184.55%
- High Tide Inc. (HITI): up +58.34%
On the downside, performance was tempered by a few notable detractors:
- Cardiol Therapeutics Inc. (CRDL): down -19.96%.
- IM Cannabis Corp. (IMCC): down -23.07%.
- Chicago Atlantic Real Estate Finance Inc. (REFI): down -5.01%
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| MSOS | ADVISORSHARES PURE US CANN | 39.69% |
| VFF | VILLAGE FARMS INTERNATIONAL | 17.72% |
| HITI | HIGH TIDE INC | 11.81% |
| SNDL | SNDL INC | 6.64% |
| CRON | CRONOS GROUP INC | 5.00% |
| OGI | ORGANIGRAM GLOBAL INC | 4.71% |
| TLRY | TILRAY BRANDS INC | 2.71% |
| ACB | AURORA CANNABIS INC | 2.50% |
| ROMJF | RUBICON ORGANICS INC | 1.50% |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 1.49% |
As of 09.30.2025. 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
In Q3 2025, international cannabis regulations saw notable shifts, particularly in Asia and Europe.
In Europe, the Netherlands advanced its coffeeshop trial, allowing participating shops to sell only regulated hashish from September 1. Switzerland opened public consultation on its cannabis legalization proposal at the end of August. In Canada, provincial actions included Alberta’s education campaign, Quebec’s upcoming vape product launch, and Ontario’s push against unlicensed sellers; a BC strike expanded to all cannabis stores by late September, prompting direct delivery shifts.1
Thailand underwent a major policy reversal, reclassifying cannabis as a narcotic effective June 2025 but with impacts felt through Q3, banning recreational use and restricting it to medical purposes only; new rules put the $1bn industry in limbo, with shops facing closures and winning tourism sector backing for the u-turn, while new Prime Minister Anutin Charnvirakul, a former cannabis advocate, sparked hopes for balanced regulation amid enforcement tightening and licensing mandates.2
Australia’s TGA initiated a public consultation on unapproved medicinal cannabis products, amid calls for regulating online telehealth prescribing. In Latin America, patient-centric models advanced, with Brazil simplifying rules for non-psychoactive products.3
Canadian firms expanded internationally: Aurora Cannabis and Canopy Growth launched brands in Australia’s medical market, while High Tide acquired a stake in German distributor Remexian Pharma GmbH, refuting labelling accusations.1 Organigram Holdings rebranded to Organigram Global for international expansion.4
Looking ahead, the international cannabis sector is poised for growth, amid conservative pushback, driven by medical and recreational expansions. Opportunities lie in regulated trade, EU imports, and markets like Ukraine’s delayed medical rollout in early 2026. Risks include amplified regulations and supply chain disruptions from global tariffs, but maturing markets in Europe and Asia-Pacific signal long-term viability through quality assurance and economic incentives.
Sources:
1 StratCann. Week in Weed. September 2025.
2 SilQ Law. Important Update: New Thai Cannabis Regulations and Enforcement Directives. September 2025.
3 RELM. Cannabis as Medicine in the Americas: 3 Takeaways from GCRS 2025. October 2025.
4 MJBizDaily. Europe. September 2025.
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Cheers,
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.