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I like Noah and Dan but, unfortunately, the managers of the $MSOS ETF have made a number of actions that are hard for me to support: * They destroyed nearly $50 million of capital by simply selling $GTBIF and buying $GLAS with a portion of the proceeds. * They aggressively sold $GTBIF to fund other tertiary, illiquid and unprofitable small MSOSs. * Dan and Noah have weighed $TRLV at 36% of the fund and $GTBIF at only 16% - I wanted to have the reverse exposure based my assessment of reward v risk. The managers of the ETF are entitled to their views and portfolio composition, but the direction (of managers who know alot more about the cannabis business than me) is difficult for me to fathom, accept and endorse. From Last Week on @thestreetpro: Pot Plays * I have sold $MSOS and I am putting the proceeds Into Green Thumb and Trulieve. * And unlike in the MSOS ETF I am planning to weight $GTBIF much more heavily than $TRLV After reviewing the earnings reports on the major cannabis companies – and giving this a lot of thought – I have decided to sell my entire MSOS holdings and to put the proceeds into Green Thumb and Trulieve.  (I am now out of MSOS and I have been steadily adding to GTBIF and have begun to add to TRLV) As you all know by now this is not the first time that I have moved out of MSOS and back into individual cannabis equities. Also noted previously in my Diary, at times I have not been fully supportive of the portfolio management of the MSOS ETF – as it has added to certain  cannabis stocks that I am uninterested in and do not find attractive. At the same time the portfolio manager of MSOS has steadily  subtracted to cannabis stocks (like GTBIF) that I view as “best in class” and favor among any other stock in the cannabis universe ( on a intermediate term basis). Currently Trulieve represents about 35% and Green Thumb represents only about 16% of MSOS.  I do not want that ratio of representation in my holdings of cannabis. My current plan is  to switch those ratings around by overweighting GTBIF relative to TRLV on about the exact reverse ratio that exists in the MSOS ETF. The 3Q2026 top and bottom lines coupled with the high operating margins and cash flows at TRLV and GTBIF suggest to me that they are the premiere companies in the sector and are clearly the eventual winners as the regulatory tighthold is reduced. *Importantly, upon a likely rescheduling of cannabis, I expect GTBIF to uplist to the NYSE. As such it will be immediately eligible to be included in some of the larger ETFs. In turn, GTBIF’s shares  will benefit from inflows into those passive ETFs. I remain long TSNDF, VRNO and GLAS but have no plan to increase those weightings currently as a result of my observations above.  (I eliminated CURLF earlier this week and I have taken a tax loss in a portion of my GLAS position but will likely reestablish that position (subject to the wash sale rule) in early December). At the time of publication, Kass was long GTBIF M TRLV S VRNO VS. BY Doug Kass

@thestreetpro We have moved to super size $MSOS and individual cannabis stocks in the belief that a favorable rescheduling announcement will come shortly.