Larry Berman CFA, CMT, CTAAdvisorShares Pure US Cannabis ETF MSOSBUYOct 06, 2025

He gets this type of question a lot. The answer is difficult because it speaks to how diversified or concentrated you want to be. Do you want a specific sector?

You can distill the question down to what would he buy and hold today and not worry about for 5-10 years? There's not an awful lot right now that's cheap but still give you a good to average return. When the multiples are this high, your forward base return is going to be way lower than average. Problem is that valuations are a terrible timing technique. As they say, markets can remain irrational far longer than you can remain solvent or happy in an underperforming position.

So the question is challenging. One way he answered recently, depending on how speculative you want to be (it's not a dividend play), is the medical marijuana space. Those stocks are dirt cheap right now. He believes we're going to get a change to banking reform, which will change the commerce laws and permit more medical marijuana use in the US. Every other week there's a headline that changes that perception, but he thinks it's ultimately coming. 

MSOS would be a relevant ETF that trades in New York. Interesting, and compellingly priced. Pretty sure you'll make some money 3-5 years from now.

Cannabis outlook It will grow faster than other industries for the coming decade. The reason is that the large black market will turn legal. Look at what's already happening in the U.S. However, this takes longer than expected, but it will happen. Meanwhile, close to 70% of Americans favour recreational cannabis, and high 90% for medical MJ. The political will is now there, especially with Biden as president. This legalization trend could happen in other countries, perhaps faster than one thinks. You can look at VEXT, Canopy, or MSOS, depending on your risk tolerance.