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        <name>COWEN INC.</name>
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        <name>COWEN INC.</name>
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                <issuerName>Acreage Holdings Inc</issuerName>
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        <name>COWEN INC.</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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      <invstOrSec>
        <name>DAIWA CAPITAL MARKETS AMERICA INC.</name>
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        <title>DAIWA CAPITAL MARKETS AMERICA INC.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS JUSHI HOLDINGS INC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
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        <name>COWEN INC.</name>
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        <title>TRS C21 INVESTMENTS INC</title>
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      <invstOrSec>
        <name>HSBC SECURITIES (USA) INC.</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>HSBC SECURITIES (USA) INC.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <principalAmt>608943.42137128</principalAmt>
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              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>RIV Capital Inc</name>
        <lei>N/A</lei>
        <title>RIV Capital Inc</title>
        <cusip>768014102</cusip>
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          <isin value="CA7680141024"/>
          <ticker value="RIV"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS GOODNESS GROWTH HOLDING</title>
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          <other otherDesc="Internal" value="GDNSFFFS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7576616.76000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>Goodness Growth Holdings Inc</issuerName>
                <issueTitle>GOODNESS GROWTH HOLDINGS INC</issueTitle>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS GAGE GROWTH CORP</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal" value="GAEGFFFS 00001"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1995968.99000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
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                <issuerName>Gage Growth Corp</issuerName>
                <issueTitle>GAGE GROWTH CORP-SUB VOTING</issueTitle>
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                  <isin value="CA3626564072"/>
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        <securityLending>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS GREEN THUMB INDUSTRIES</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GTBIFFFS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>32906873.00000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                  <isin value="CA39342L1085"/>
                  <ticker value="GTBIF"/>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hempfusion Wellness Inc</name>
        <lei>549300IKC8T8NTH4GY17</lei>
        <title>Hempfusion Wellness Inc</title>
        <cusip>423821107</cusip>
        <identifiers>
          <isin value="CA4238211078"/>
          <ticker value="CBDHF"/>
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        <balance>3760423.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1447762.86000000</valUSD>
        <pctVal>0.152282205197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1886.50000000"/>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS VERANO HOLDINGS CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="VRNOFFFS 00001"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>16352182.77000000</valUSD>
        <pctVal>1.719996085548</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>Verano Holdings Corp</issuerName>
                <issueTitle>VERANO HOLDINGS CORP</issueTitle>
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                  <cusip value="92338D101"/>
                  <isin value="CA92338D1015"/>
                  <ticker value="VRNO"/>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
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            <terminationDt>2021-07-23</terminationDt>
            <upfrontPmnt>22202616.13000000</upfrontPmnt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COWEN INC</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS CURALEAF HLD INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="CURLFTRS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3761314.76000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>COWEN INC</counterpartyName>
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                <issuerName>Curaleaf Holdings Inc</issuerName>
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            <swapFlag>Y</swapFlag>
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            <terminationDt>2021-07-01</terminationDt>
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        <securityLending>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS COLUMBIA CARE INC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="CCHWFTRS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7721042.79000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>Columbia Care Inc</issuerName>
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                  <ticker value="CCHW"/>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Hydrofarm Holdings Group Inc</name>
        <lei>5493005Y60YG0W2FYJ83</lei>
        <title>Hydrofarm Holdings Group Inc</title>
        <cusip>44888K209</cusip>
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          <isin value="US44888K2096"/>
          <ticker value="HYFM"/>
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        <balance>194421.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11492225.31000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS TPCO HOLDING CORP</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal" value="GRAMFTRS"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1569099.67000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>TPCO Holding Corp</issuerName>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS TRULIEVE CANNABIS</title>
        <cusip>000000000</cusip>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29624999.21000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>TRULIEVE CANNABIS CORP</issuerName>
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        <name>COWEN INC.</name>
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        <name>Greenlane Holdings Inc</name>
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        <name>Innovative Industrial Properti</name>
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        <name>COWEN INC</name>
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        <name>COWEN INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>RBC DOMINION SECURITIES INC.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <invstCat>UST</invstCat>
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      <invstOrSec>
        <name>GrowGeneration Corp</name>
        <lei>N/A</lei>
        <title>GrowGeneration Corp</title>
        <cusip>39986L109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COWEN INC.</name>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                  <ticker value="PLTH"/>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS MERCER PARK BRAND AC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal" value="MRCQFFFS 00001"/>
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        <balance>1.00000000</balance>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>Mercer Park Brand Acquisition Corp</issuerName>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS AYR STRATEGIES INC</title>
        <cusip>000000000</cusip>
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        <balance>1.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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      <invstOrSec>
        <name>COWEN INC.</name>
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        <title>TRS JUSHI HOLDINGS INC</title>
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              <counterpartyName>COWEN INC.</counterpartyName>
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      <invstOrSec>
        <name>COWEN INC.</name>
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        <name>COWEN INC.</name>
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        <name>BLACKROCK TREASURY TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COWEN INC.</name>
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        <name>Power REIT</name>
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        <title>Power REIT</title>
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        <identifiers>
          <isin value="US73933H1014"/>
          <ticker value="PW"/>
        </identifiers>
        <balance>172346.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6923138.82000000</valUSD>
        <pctVal>0.728206860062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Charlottes Web Holdings Inc</name>
        <lei>5493008O89WUQELR8M88</lei>
        <title>Charlottes Web Holdings Inc</title>
        <cusip>16106R109</cusip>
        <identifiers>
          <isin value="CA16106R1091"/>
          <ticker value="CWEB"/>
          <other otherDesc="SEDOL" value="BGHY2B1"/>
        </identifiers>
        <balance>1195496.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.23830000"/>
        <valUSD>4276869.32000000</valUSD>
        <pctVal>0.449860339275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="10374.70725996"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-08-18</ncom:dateSigned>
      <ncom:nameOfApplicant>AdvisorShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Dan Ahrens</ncom:signature>
      <ncom:signerName>Dan Ahrens</ncom:signerName>
      <ncom:title>Secretary and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
