Cannabis, and Psychedelics, and …HVACs? Oh My!

Dan Ahrens, Managing Director and COO of AdvisorShares, sat down with Dave Nadig at Schwab IMPACT 2025 in November to offer insights into the U.S. cannabis markets, an emergent biotech play missed by many investors, and AI infrastructure opportunities with high-growth potential. Below are the major topics and brief summaries from their conversation. 

• US Cannabis Market and MSOS: Ahrens explains that while the US cannabis market faced performance challenges during the Biden administration, it has seen a recent 100% surge since mid-summer 2025. This growth is driven by optimism surrounding potential federal reforms and discussions from the current administration.
• Psychedelics as Biotech and PSIL: AdvisorShares operates the only existing psychedelics fund, which focuses on legitimate biotech and pharmaceutical companies listed on major exchanges. These companies are developing alternative treatments for mental health issues like PTSD and traumatic brain injury through the FDA pipeline.
• Volatility in Specialized ETFs: Ahrens emphasizes the extreme volatility of biotech and cannabis stocks, noting that individual stocks can swing up to 100% in a single day. He argues that an ETF structure provides necessary diversification for investors who cannot easily predict which specific companies will succeed.
• HVAC and the AI Data Center Boom: The firm's new HVAC ETF targets the growing demand for cooling systems driven by global temperature rises and the massive infrastructure needs of AI data centers. Ahrens views this as the "growthiest" part of the industrials sector, functioning as a "picks and shovels" investment for the AI revolution.

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