Market Optimism for Cannabis Following HHS Confirm
Markets seem more optimistic about potential regulatory changes that could benefit the cannabis industry. 
    This follows the recent release of hundreds of pages of documents by the Dept. of Health and Human Services (HHS) supporting the rescheduling of cannabis to a Schedule III* drug. Included in these docs are the following HHS opinions/findings:
Cannabis' potential for abuse [is] less than the drugs or other substances in Schedule I and II.
  “Marijuana meets the findings for control in Schedule III.”
  The risks to the public health posed by marijuana are low compared to other drugs of abuse (e.g., heroin, cocaine, benzodiazepines), based on an evaluation of various epidemiological databases for [emergency department] visits, hospitalizations, unintentional exposures, and most importantly, for overdose deaths.”
  For overdose deaths, marijuana is always in the lowest ranking among comparator drugs.”
“There exists widespread, current experience with medical use of the [marijuana] by [health care practitioners] operating in accordance with implemented jurisdiction-authorized programs, where medical use is recognized by entities that regulate the practice of medicine.” 
REMINDER: The DEA has final authority on rescheduling marijuana, and it still needs to act.
Cannabis stocks and related investment are highly volatile investments.
If you are interested in cannabis investing, AdvisorShares offers actively managed ETFs that have U.S. and global cannabis exposure. 
Pure US Cannabis ETF
Pure Cannabis ETF 
U.S. cannabis multi-
state operators
Leveraged exposure to
MSOS & multi-state
We suggest you combine one of our cannabis ETFs with our recession-resistant VICE ETF.
The AdvisorShares Vice ETF (VICE) is an actively managed ETF investing exclusively in companies that may be avoided by investors and even prohibited due to vice clauses. 
Vice ETF
VICE provides exposure to multiple vice sectors, rather than just one, including:
Restaurants & Hospitality
Gambling & Casinos
Food & Beverage
Sports Betting
Video Gaming
Connect with Us:  
to talk to an AdvisorShares Portfolio Manager or Investment Consultant.
An Investment Consultant can be reached at 1.877.843.3831 to discuss our actively managed ETF offerings.
We are able to assist with special order handling to ensure that you receive the best trading execution.
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Schedule III category drugs are defined as having less potential for abuse than Schedule I or II, accepted medical use, and low or moderate risk of dependence if abused. They are regulated by the Food & Drug Administration. Tylenol w/codeine, ketamine and testosterone are examples of drugs in this category.
** Leveraged investing is not for everyone. MSOX is intended for sophisticated investors who understand and accept the potential for substantial losses over a short time frame; understand the unique nature and performance characteristics of daily leveraged investment results; and intend to actively monitor and manage their portfolio.
For Institutional Investor Use Only. Not for Public Distribution
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.
The Fund(s) 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.

Leverage Risk: Leverage is investment exposure that exceeds the initial amount invested. The loss on a leveraged investment may far exceed the Fund’s principal amount invested. Leverage may magnify the Fund’s gains and losses and, therefore, increase volatility. The use of leverage may result in the Fund having to liquidate holdings when it may not be advantageous to do so.

IPO Risk: The Fund may invest in securities offered in IPOs or in companies that have recently completed an IPO. The market value of IPO shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer.

MSOX: The Fund is an actively managed ETF that seeks to provide investment results that are two times (2x) the daily total return, before fees and expenses, of the AdvisorShares Pure US Cannabis ETF, an affiliated ETF, by entering into one or more swaps agreements on the US Cannabis ETF. The Fund does not seek to achieve its stated investment objective for a period of time different than a single day. A single day is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation.

The Fund will enter into one or more swap agreements intended to produce economically-leveraged investment results relative to the returns of the US Cannabis ETF. The Fund may use a combination of swaps on the US Cannabis ETF and swaps on various investment vehicles that are designed to track the performance of the US Cannabis ETF. The Fund expects that cash balances in connection with the use of such financial instruments (“Collateral”) will typically be held in money market instruments or other cash equivalents.
VICE: Investing involves risks including possible loss of principal. Companies in the food, beverage, gambling, e-game and tobacco industry are very competitive and subject to several risks. Demographic and product trends, changing consumer preferences, nutritional and health-related concerns, competitive pricing, marketing campaigns, environmental factors, adverse changes in general economic conditions, government regulation, food inspection and processing control, consumer boycotts, risks of product tampering, product liability claims, and the availability and expense of liability insurance can affect the demand for, and success of, such companies’ products in the marketplace. For a full summary of the risks, please see the prospectus.
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