AdvisorShares Pure US Cannabis ETF (MSOS) Top 25 Holdings

The AdvisorShares Pure U.S. Cannabis ETF (MSOS) has staged a remarkable rebound in 2025, returning +26.7% year-to-date and pushing back toward the $6 mark after bottoming near $2 earlier in the year. The move represents a 37% compound annual growth rate over the last three quarters, a pace of gains that has reignited investor attention.

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Unlike broader market ETFs, MSOS is a highly concentrated bet on U.S. multi-state cannabis operators. The fund’s top three holdings, Curaleaf Holdings, Trulieve Cannabis, and Green Thumb Industries, account for nearly 67% of the entire portfolio. This makes MSOS less of a diversified ETF and more of a leveraged call option on the sector’s leading companies.

For investors, the appeal is clear: regulatory momentum in the U.S., particularly around banking reform or debt rescheduling, could provide significant upside. But the risks are just as obvious, as cannabis remains capital-intensive, volatile, and politically uncertain. To understand whether the rally can continue, we need to examine these three companies in depth.

1. Curaleaf Holdings (CURLF)

Curaleaf is the single largest position in MSOS, representing 24% of the ETF with a market value of about $227 million. Shares trade at $3.03, giving it one of the heftiest weightings in the sector. As one of the largest global cannabis players, Curaleaf brings both scale and international exposure, differentiating itself from most U.S.-only operators.

In 2025, CURLF has rallied sharply off its lows, tracking closely with MSOS’s broader move. Investors have been encouraged by its expansion in Europe, alongside steady operations in the U.S. That international diversification has provided a partial hedge against the slow pace of U.S. federal reform.

However, Curaleaf’s size also comes with challenges. The company’s capital needs remain significant, and profitability is still a question mark in many markets. For MSOS investors, CURLF’s performance is critical: when Curaleaf rallies, the ETF rallies, but when it falters, its outsized weight drags the whole fund down.

2. Trulieve Cannabis (TCNNF)

Trulieve is the second-largest holding, comprising 22% of MSOS’s portfolio and having a market value of approximately $209 million. At a share price of $8.51, it represents one of the ETF’s biggest bets on a single operator. Its dominant market position in Florida makes it uniquely important, given that Florida could transition to adult-use legalization in the near future.

The stock has been volatile but has rallied significantly in 2025, driven by renewed optimism surrounding state-level reform. After years of heavy write-offs and restructuring, Trulieve’s renewed focus on Florida operations and trimming weaker markets has stabilized investor sentiment. This focus has been rewarded with stronger cash flow and improved balance sheet management.

Still, Trulieve is not without risk. The company’s reliance on Florida makes it a concentrated bet in its own right, and regulatory setbacks in the state could disproportionately impact its shares. That said, its size and improved discipline have positioned it as a cornerstone name within MSOS’s recovery.

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3. Green Thumb Industries (GTBIF)

Green Thumb comes in third but is nearly equal to its peers, accounting for 21% of the ETF’s portfolio and a market value of approximately $195 million. Shares currently trade near $8.50, and GTI remains one of the sector’s most respected operators thanks to its focus on profitability and operational discipline.

In 2025, GTI has been a stabilizing force in MSOS. The company has managed to maintain positive EBITDA and solid gross margins, despite the cannabis industry enduring years of pricing pressure. Its consistency makes it one of the safer bets in a volatile sector.

For MSOS investors, GTI offers balance. It doesn’t carry the same international optionality as Curaleaf or the Florida-heavy bet of Trulieve, but instead provides a model of steady execution. As long as GTI continues to deliver disciplined growth, it will remain an anchor holding that supports the ETF’s credibility.

What MSOS Really Owns

MSOS has climbed nearly 27% in 2025, but the ETF’s gains are heavily tied to just three names: Curaleaf, Trulieve, and Green Thumb. Together, they make up more than two-thirds of the portfolio, leaving investors with exposure that’s more concentrated than it might first appear.

Each company has contributed to the ETF’s rally, but they carry different levels of risk. Curaleaf offers global scale, Trulieve provides a concentrated Florida play, and Green Thumb remains the disciplined operator that underpins stability. The combination gives MSOS both explosive upside and heightened risk.

Key Insights

• MSOS is up 26.7% YTD, but nearly 67% of the portfolio is concentrated in three names.
• Curaleaf (24%), Trulieve (22%), and Green Thumb (21%) drive nearly all ETF performance.
• Each stock has rebounded in 2025, but risks remain tied to regulation, profitability, and state-level dynamics.
• Without U.S. federal reform, MSOS’s gains may remain cyclical and short-lived.

Why You Should Invest In MSOS

The rally in cannabis stocks has brought MSOS back into the spotlight, but investors need to understand what they are really buying. This is not a broad, diversified ETF; it’s a concentrated bet on a handful of operators that remain at the mercy of politics and capital markets.

If regulatory reform progresses, particularly at the federal level, MSOS has room to run much higher. The leverage of having three giants dominate the portfolio means that good news could deliver sharp gains. But the opposite is equally true: a lack of progress or operational missteps could erase much of the 2025 rebound.

Ultimately, MSOS should be approached as a speculative satellite holding. For investors comfortable with volatility and willing to bet on cannabis reform, it offers exposure to the sector’s biggest players. For more risk-averse investors, its concentration and uncertainty may prove too much to stomach.

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Disclaimer:

Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!