MSOS portfolio manager calls executive action a pivotal moment for cannabis policy
BETHESDA, Md., Dec. 18, 2025 /PRNewswire/ — AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), today issued the following statement in response to the Executive Order by President Donald J. Trump directing federal agencies to advance the reclassification of cannabis under the Controlled Substances Act.
“This is the clearest and most coordinated federal signal we’ve ever seen on cannabis policy,” said Dan Ahrens, Managing Director at AdvisorShares and portfolio manager of the AdvisorShares Pure US Cannabis ETF (MSOS). “What makes this moment different is that rescheduling has moved from speculation to sustained engagement at the highest levels of government. Medical adoption, economic reality and direct industry dialogue are now being formally recognized in federal policy.”
Ahrens added, “While this action does not resolve every regulatory hurdle, it meaningfully advances the conversation around potential further federal reforms and represents a significant step forward for more than 400,000 American cannabis workers. A move away from Schedule I has the potential to reshape taxation, research access and capital formation for U.S. cannabis companies, which is why this landmark announcement represents an important step for both operators and investors.”
The AdvisorShares Pure US Cannabis ETF (Ticker: MSOS) is an actively managed ETF focused primarily on U.S. cannabis companies, including multi-state operators. MSOS is the largest cannabis ETF and was the first ETF to offer dedicated exposure to U.S. cannabis companies. AdvisorShares also offers the AdvisorShares Pure Cannabis ETF (Ticker: YOLO), an actively managed global cannabis investment strategy that was the first U.S.-listed ETF with dedicated cannabis exposure. Both funds are managed by Mr. Ahrens.
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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 not net asset value (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.
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