01 · The benchmark
MSOS — the sector's heartbeat
The AdvisorShares Pure US Cannabis ETF is the cleanest single proxy for US plant-touching equities. Everything else on this dashboard is read against it.
Sector heartbeat
MSOS
AdvisorShares Pure US Cannabis ETF
- Open
- $5.11
- Day range
- $4.94 – $5.23
- Prev close
- $5.11
- Volume
- 7.88M
- 52w high
- $7.25
- 52w low
- $2.06
- Avg 3m vol
- —
- AUM
- —
- Expense ratio
- 0.80% (per fund fact sheet)
- NAV vs market
- —
1D
-1.4%
1W
+7.7%
1M
+37.0%
3M
+25.1%
YTD
+5.2%
1Y
+59.0%
3Y
-3.3%
Source:Yahoo Finance · derived from v8 chartUpdated just now
Price · 50/200-day moving averages
MSOS interactive chart
Top 10 holdings
- GTBIF27.5%
- CURLF22.1%
- TCNNF13.9%
- VRNOF9.4%
- GLASF7.6%
- CRLBF6.2%
- TSNDF4.1%
- MSOX2.8%
- JUSHF2.0%
- ASCRF1.4%
Source: AdvisorShares fact sheet · Snapshot 2026-04-15
MSOS holds physical-cannabis equity exposure exclusively to US plant-touching multi-state operators via total-return swaps. It is the cleanest single proxy for US MSO sentiment and the benchmark we measure the rest of this dashboard against.
Treat divergence between MSOS and individual MSOs as signal — when MSOS rallies but a name lags, the name is either operationally underperforming or temporarily mispriced.
02 · Constituents
Ticker watchlist
Twenty names across US MSOs, Canadian LPs, ancillary picks-and-shovels, and sector ETFs. Sortable and filterable. Click any row to expand a 1-year mini chart, recent SEC filings, and tagged headlines.
| vs 50-DMA | vs 200-DMA | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| US Multi-State Operators | |||||||||
CRLBF Cresco Labs· OTC | — | — | — | — | — | ||||
CURLF Curaleaf· OTC | — | — | — | — | — | ||||
GLASF Glass House· OTC | — | — | — | — | — | ||||
GTBIF Green Thumb· OTC | — | — | — | — | — | ||||
TSNDF TerrAscend· OTC | — | — | — | — | — | ||||
TCNNF Trulieve· OTC | — | — | — | — | — | ||||
VRNOF Verano· OTC | — | — | — | — | — | ||||
| Canadian Licensed Producers | |||||||||
ACB Aurora | — | — | — | — | — | ||||
CGC Canopy Growth | — | — | — | — | — | ||||
CRON Cronos | — | — | — | — | — | ||||
| — | — | — | — | — | |||||
OGI Organigram | — | — | — | — | — | ||||
TLRY Tilray | — | — | — | — | — | ||||
| Ancillary · Picks-and-Shovels | |||||||||
GRWG GrowGen | — | — | — | — | — | ||||
HYFM Hydrofarm | — | — | — | — | — | ||||
IIPR IIP | — | — | — | — | — | ||||
SMG Scotts (Hawthorne) | — | — | — | — | — | ||||
VFF Village Farms | — | — | — | — | — | ||||
| Sector ETFs · Context | |||||||||
MSOS MSOS | — | — | — | — | — | ||||
MSOX MSOX | — | — | — | — | — | ||||
YOLO YOLO | — | — | — | — | — | ||||
Source: Yahoo Finance (v8 chart-derived) with Stooq fallback for OTC names · Updated —
03 · Catalysts
Legislation & catalyst tracker
Cannabis investing is binary-event-driven. The DEA rescheduling docket and SAFER Banking re-introduction are the two events that matter most to US-listed multi-state operators. State legalization status and catalyst calendar fill in the rest.
Federal · DEA rescheduling
Schedule I → Schedule III
Last update: Apr 22, 2026
Expected: Final rule expected H2 2026 to H1 2027 (highly contingent on ALJ proceedings).
280E impact, in plain English
Schedule III ends the IRC §280E penalty for plant-touching operators. Most US MSOs currently lose ~30%+ of operating cash flow to non-deductible federal taxes; rescheduling would free that cash flow and is the single largest fundamental catalyst for the sector.
Curated timeline (6 events)
- 2024-04-30
DEA recommends rescheduling to Schedule III
DEA accepts HHS recommendation following 2023 review.
- 2024-05-21
NPRM published in Federal Register
Notice of Proposed Rulemaking — opens 60-day public comment window.
Federal Register - 2024-07-22
Public comment period closes
More than 40,000 comments received.
- 2024-08-29
ALJ hearing scheduled
Administrative Law Judge to oversee evidentiary hearings.
- 2025-01-21
ALJ hearing postponed
Procedural delays around designated participants and interlocutory appeals.
- 2026-Q2
ALJ proceedings ongoing
Latest known docket status — verify against Federal Register before relying on this card.
Live Federal Register documents (8)
Schedules of Controlled Substances: Placement of 4F-MDMB-BUTICA, ADB-4en-PINACA, 5F-EDMB-PICA, and MMB-FUBICA in Schedule I
2026-05-01 · Rule
Schedules of Controlled Substances: Rescheduling of Marijuana; Withdrawal
2026-04-28 · Proposed Rule
Schedules of Controlled Substances: Rescheduling of Marijuana
2026-04-28 · Proposed Rule
Schedules of Controlled Substances: Rescheduling of Food and Drug Administration Approved Products Containing Marijuana From Schedule I to Schedule III; Corresponding Change to Permit Requirements
2026-04-28 · Rule
Schedules of Controlled Substances: Placement of MDMB-4en-PINACA in Schedule I
2026-04-24 · Rule
Schedules of Controlled Substances: Placement of 3-Methoxyphencyclidine (1-(1-(3-Methoxyphenyl)cyclohexyl)piperidine) in Schedule I
2026-03-23 · Rule
Source:Federal Register · Curated timelineUpdated just nowCurated as of 2026-04-30
Federal · SAFER Banking
SAFER Banking Act (Secure And Fair Enforcement Regulation)
Status: stalled · Last vote: Sep 27, 2023
Sponsors
36
Co-sponsors
36
Chamber
Senate
Last vote outcome
Passed Senate Banking Committee 14–9; never received Senate floor vote in 118th Congress.
The bill cleared the Senate Banking Committee in September 2023 but has not received a Senate floor vote. Re-introduction in the 119th Congress is being negotiated alongside DEA rescheduling discussions; verify status on congress.gov before any major position-sizing decision.
Source:congress.gov · CuratedCurated as of 2026-04-30
States with 2026 ballot initiatives
Florida
2026-11-03 · Amendment 3 (rec) — re-attempt after 2024 vote fell ~3pts short of 60%.
Indiana
2026-11-03 · Possible medical-only initiative; legislature-track unclear.
North Dakota
2026-11-03 · Recreational legalization measure being collected for 2026 ballot.
Source: NORML state-by-state laws · MPP · BallotPedia · Curated as of 2026-04-30
Forward 90 days
Catalyst calendar
May 8, 2026
GTBIF — Q1 2026 earnings (estimated)
GTBIF
EarningsGreen Thumb IRMay 12, 2026
TLRY — Q4 FY26 earnings (Tilray fiscal year ends May)
TLRY
EarningsTilray IRMay 13, 2026
CURLF — Q1 2026 earnings (estimated)
CURLF
EarningsCuraleaf IRMay 13, 2026
TCNNF — Q1 2026 earnings (estimated)
TCNNF
EarningsTrulieve IRMay 13, 2026
→ May 14, 2026
MJ Unpacked — New York
Brand-and-retail-focused conference; relevant for HITI's CBD e-commerce arm.
ConferenceMJ UnpackedMay 14, 2026
CRLBF — Q1 2026 earnings (estimated)
CRLBF
EarningsCresco IRMay 15, 2026
VRNOF — Q1 2026 earnings (estimated)
VRNOF
EarningsVerano IRMay 15, 2026
DEA ALJ proceedings — status conference
Watch the docket on the DEA rescheduling NPRM. Status conferences are the leading indicator for hearing scheduling.
May 19, 2026
OGI — Q3 FY26 earnings (Organigram fiscal year)
OGI
EarningsOrganigram IRMay 21, 2026
ACB — Q4 FY26 earnings (Aurora fiscal year ends March)
ACB
EarningsAurora IRMay 30, 2026
HITI — Germany store opening cadence update
High Tide management has guided to disclosing Germany pipeline progress on quarterly calls.
HITI
CompanyJun 12, 2026
HITI — Q2 FY26 earnings (estimated, fiscal year ends Oct)
High Tide reports its Q2 FY26 mid-June. Watch for FCF, Cabana Club growth, and Germany commentary.
HITI
EarningsHigh Tide IRJun 25, 2026
CGC — Q4 FY26 earnings (Canopy fiscal year ends March)
CGC
EarningsCanopy IRJul 1, 2026
Quarterly FINRA short-interest data (next release)
RegulatoryFINRA
Source: Curated from company IR pages, Federal Register, BallotPedia, conference websites · Reviewed 2026-04-30
04 · Sentiment
Sector news feed
Aggregated headlines from Marijuana Moment, Green Market Report, Benzinga Cannabis, and MJBizDaily. Filterable by source and topic. Tickers in titles are auto-tagged.
Source: Marijuana Moment · Green Market Report · Benzinga Cannabis · MJBizDaily (with Google News RSS fallback) · Updated —
05 · Technicals
Sector momentum signals
MSOS technical readouts (RSI, MACD, distance from key moving averages) and sector breadth across the watchlist. Correlation matrix shows how much diversification you actually get holding multiple US MSOs.
MSOS technicals
Momentum readout
- RSI(14)
- —
- MACD · Signal · Hist
- — · — · —
- Distance from SMA50
- —
- Distance from SMA200
- —
- Volume vs 30-day avg
- —
- Last close
- —
—
Sector breadth · % above 50-DMA
100%
6/6 watchlist names
% above 200-DMA
33%
2/6 watchlist names
Source:Yahoo Finance · derived technicalsUpdated just now
30-day return correlation
US MSO co-movement
High off-diagonal values mean the names move as a basket — diversification within the US-MSO sleeve is illusory.
Correlation data unavailable.
Source:Yahoo Finance · daily returns last 30 trading daysUpdated just now
06 · Risk
Sector risk dashboard
Concentration, OTC liquidity, currency exposure, and the bear case in one paragraph. Designed to be read before any sizing decision.
Concentration
Sector-heavy portfolios
Cannabis equities are highly correlated within sub-categories (US MSOs move together; Canadian LPs move together). A cannabis-overweight portfolio is functionally one or two bets — DEA rescheduling and Canadian operational execution. Position sizing should reflect that you do not get the diversification suggested by holding 6–10 different tickers.
For investors with concentrated single-name positions (e.g., $50k+ in HITI), see the dedicated risk panel on the /hiti deep-dive.
OTC liquidity
Spread + volume risk
US plant-touching MSOs trade on the OTC pink sheets. Spreads can widen and volumes can vanish, especially around news.
- GTBIFGreen Thumb——
- CURLFCuraleaf——
- TCNNFTrulieve——
- CRLBFCresco Labs——
- VRNOFVerano——
- TSNDFTerrAscend——
- GLASFGlass House——
Source:Yahoo FinanceUpdated just now
Currency · USD/CAD
FX exposure
Canadian-listed cannabis names (CGC, TLRY, ACB, CRON, OGI, HITI) report in CAD. A USD-denominated investor takes implicit currency exposure: CAD weakness against USD reduces unrealized USD returns even when CAD operations are healthy.
USD/CAD
—
Implied CAD/USD
—
Bear case in one paragraph: Federal rescheduling is delayed past 2027, SAFER Banking remains stalled, and US MSOs continue to consume ~30% of operating cash flow paying §280E taxes. State markets — particularly California, Michigan, Massachusetts — show price compression as new licenses open faster than demand absorbs supply. Canadian retailers face slowing same-store sales and provincial wholesale margin pressure. CAD weakness against USD compresses returns for USD investors holding Canadian names. Sector ETFs (MSOS, MSOX, YOLO) drift lower as macro patience runs out, and even fundamentally strong names sell off with the basket.