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This Is How These Marijuana Stocks Will Be The Game-Changing Players Of The Market

3 minute read Here Are Ways Cannabis Investing Can Save And Make You Money At The Same Time The cannabis industry is yet again at another turning point. Legal operators in the US are preparing for the change that is soon to come, with cannabis now removed from the federal list of harmful narcotics. Companies are preparing to take advantage of any future opportunities that come with this. Regions like Canada, where cannabis is fully legal, will now have better building blocks to one day create a global cannabis market.

What this does for marijuana stock investors is that, potentially, during this time there are more volatile upswings based on speculation. Especially with how far things have come and how regulated things are becoming. This shows investors that if there was doubt once before, now is the time to start finding the best marijuana stock to buy.

Legal cannabis globally has already hit over a billion dollars. In fact, in the US alone, a billion dollars is being generated almost every quarter for some big MSO and ancillary companies. Planning, strategizing, and aligning with the market are key components of investing and building a profitable portfolio. If you are still contemplating investing in legal cannabis, this could be another good moment to get involved. Below are several marijuana stocks to watch that could soon be profitable in the stock market.

Top Marijuana Stocks For Your Portfolio Green Thumb Industries Inc. (OTC:GTBIF) Jushi Holdings Inc.(OTC:JUSH) Trulieve Cannabis Corp.(NYSE:TRLV) Green Thumb Industries Inc. Green Thumb Industries Inc. manufactures, distributes, markets, and sells of cannabis products for medical and adult-use in the United States. In recent updates, the company announced it will be reporting its Q2 2026 financial results on August 4th, 2026.

A conference call and audio webcast will also be held on Tuesday, at 5:00 p.m. Eastern Time/4:00 p.m. Central Time to discuss the results and answer any questions.

Jushi Holdings Inc. Jushi Holdings Inc. engages in the retail, distribution, cultivation, and processing of cannabis for medical and adult-use markets in the United States. On June 30th, the company announced its celebration of the enactment of Virginia adult-use cannabis legislation.

The legislation makes Virginia the first Southern state to establish a regulated adult-use cannabis marketplace. This now represents a landmark moment for the Commonwealth and the broader region. Under the legislation, licensed adult-use sales are scheduled to commence on July 1, 2027.

[Read More] 3 Canadian Marijuana Stocks For Better Investing And Trading 2026

Trulieve Cannabis Corp. Trulieve Cannabis Corp. operates as a cannabis retailer in the United States. The company cultivates, processes, and manufactures cannabis products and distributes its products to its dispensaries, as well as through home delivery.

The company has once again shown what success and progress look like for a big MSO. Trulieve has recently opened a new dispensary located in Marco Island, FL.

[Read More] 2 Marijuana Stocks To Watch For Stronger Trading This Week

Words From The Company “We are thrilled to open our newest dispensary in Marco Island,” said Trulieve’s Chief Executive Officer Kim Rivers. “Our team is excited to bring high-quality products and knowledgeable, compassionate care to patients in Collier County.”

MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

Green Thumb Industries (GTBIF +0.00%) has only pulled back slightly in the months following last April's short-lived run-up among marijuana stocks. Yet while the shares have held fairly well, don't assume this means the stock is fairly priced at present levels.

Rather, considering Green Thumb's operating performance and other fundamentals, it's arguably a stronger choice among investors bullish on eventual regulatory clarity regarding U.S. federal law and the commercial sale of cannabis products.

Image source: Getty Images.

Why Green Thumb stands out While most popular cannabis stocks are based in Canada, Green Thumb is based in Chicago and ranks as one of the more high-profile multistate operators (MSOs). MSOs own and operate marijuana businesses licensed at the U.S. state level. While Canada-based operators, still limited in their ability to enter the U.S. market, continue struggling to reach profitability, MSOs like Green Thumb have already demonstrated consistent profitability.

Green Thumb, for instance, has reported GAAP profitability since 2020. Alongside a demonstrated track record of profitability, the company has a catalyst in place that could significantly increase profitability going forward. Earlier this year, Green Thumb renegotiated its licensing deal with 50%-owned Rythm (RYM 0.23%). Now that it is paying a flat licensing fee for Rythm's trademarks rather than a set percentage, the company has greater operating leverage. This could produce the sort of earnings growth that enables shares to double from current prices.

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Additional catalysts to consider Alongside the aforementioned strengths are a few more that could prove key in driving its shares' next big move higher. For instance, Green Thumb is one of several MSOs that have received a conditional license, permitting it to operate within Texas' upcoming legalized medical cannabis market.

The company also continues aggressively buying back stock, recently increasing its share repurchase program ceiling by $100 million, equivalent to around 6% of its total share count. Even as the stock seems pricey at 38.8 times forward earnings, Green Thumb's perfect storm of bullish catalysts suggests that analysts underestimate the company's further profitability. Again, if you want exposure to the marijuana legalization trend, MSOs like Green Thumb remain the stronger choice.

Thomas Niel has no position in any of the stocks mentioned. The Motley Fool recommends Green Thumb Industries. The Motley Fool has a disclosure policy.

Green Thumb Industries (GTBIF +1.08%) has become one of the strongest operators in the U.S. cannabis industry. While many of its competitors continue to struggle with profitability, high debt, and weak cash flow, Green Thumb has consistently generated earnings and cash while expanding its retail footprint.

To be sure, the company still faces the same challenges confronting the broader cannabis sector, such as price compression, heavy taxation, and an uncertain regulatory environment, but its financial performance suggests it's better positioned than most to navigate them.

Here are three reasons the stock deserves a closer look.

1. Green Thumb makes money Profitability remains one of Green Thumb's biggest competitive advantages. 

During the first quarter of 2026, the company generated $300 million in revenue, up 7.4% year over year. It also produced $15.4 million in generally accepted accounting principles (GAAP) net income, $76 million in operating cash flow, and $93.5 million in normalized earnings before interest, taxes, depreciation, and amortization (EBITDA), representing a 31.2% EBITDA margin.

Those aren't numbers many cannabis companies can match.

And while some operators continue to issue stock or take on debt to fund expansion, Green Thumb is largely financing its growth internally, which gives management more flexibility to invest in new markets, improve operations, and return capital to shareholders through an aggressive share repurchase program.

The company's profitability also provides a margin of safety if cannabis prices remain under pressure in certain states.

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2. Its balance sheet gives it room to keep growing Financial strength is paramount in the cannabis industry, where access to traditional banking remains limited.

Green Thumb ended the first quarter with $344.5 million in cash and expanded its syndicated credit facility, giving it additional financial flexibility. Since September 2023, the company has repurchased roughly 29 million shares for approximately $200 million.

Green Thumb also continues investing in its business. The company finished 2025 operating 113 retail stores across 14 states after opening 12 new locations during the year. Its brands -- including RYTHM, Dogwalkers, incredibles, Beboe, and Good Green -- have all established strong positions in several of the country's largest legal cannabis markets.

That combination of retail scale, recognizable consumer brands, and financial discipline gives Green Thumb a competitive position that many smaller operators struggle to match.

Image source: Getty Images.

3. Federal reform could significantly improve profitability Green Thumb doesn't need full federal legalization of marijuana to become a better business. That said, the federal government's decision to move state-licensed medical cannabis from Schedule I to Schedule III under the Controlled Substances Act can only bolster the company's strength.

If implemented as expected, qualifying medical cannabis businesses would no longer be subject to Section 280E of the Internal Revenue Code, which currently prevents cannabis companies from deducting many ordinary business expenses. That provision -- which should be going away -- has resulted in unusually high effective tax rates across the industry for years.

Green Thumb has already submitted DEA applications to position its medical operations for the new framework. While the regulatory process is still unfolding, reduced tax expenses could meaningfully improve future earnings and free cash flow.

The company would also certainly benefit if broader cannabis reform eventually opens the door to interstate commerce or easier access to banking services. Still, it doesn't necessarily need those developments to continue producing solid financial results.

Volatility and discipline The cannabis industry remains volatile, and there are no guarantees that pricing pressure or regulatory uncertainty will disappear anytime soon.

But Green Thumb has shown that disciplined execution can enable profitability. The company continues generating profits while many competitors remain unprofitable. It produces meaningful operating cash flow, maintains one of the strongest balance sheets in the industry, repurchases its own shares, and continues expanding into attractive markets.

If you want exposure to the cannabis industry without taking on too much risk, Green Thumb Industries should be at the top of your list.

Top Marijuana Stocks to Watch in June 2026 The cannabis industry continues to evolve across the United States. Several operators are expanding their retail footprints while improving profitability. At the same time, investors are watching for regulatory changes that could support future growth. As a result, leading multi-state operators remain popular among cannabis-focused investors.

Green Thumb Industries, Cresco Labs, and Verano Holdings stand out within the sector. Each company operates in multiple legal cannabis markets. Additionally, each business has built recognizable brands and strong distribution networks. Their scale gives them advantages over smaller competitors. Therefore, these companies deserve attention during June 2026.

[Read More] Here Are 3 Marijuana Stocks To Follow For Better Investing

3 Top-Ranked Cannabis Stocks With Expanding U.S. Operations Green Thumb Industries (OTC: GTBIF) Cresco Labs (OTC: CRLBF) Verano Holdings (OTC: VRNOF) Green Thumb Industries (OTC: GTBIF) Green Thumb Industries is one of the largest cannabis operators in the United States. The company operates under several consumer brands. These include RYTHM, Dogwalkers, and Incredibles. Furthermore, Green Thumb has established a significant presence in many regulated markets.

Its largest presence remains in Illinois, Pennsylvania, and Florida. The company also maintains operations in states including Nevada, Maryland, New Jersey, and Virginia. Green Thumb operates approximately 100 dispensaries across the United States. This broad footprint provides access to millions of potential customers.

The company focuses on both retail and wholesale cannabis sales. Additionally, management continues expanding cultivation and manufacturing capacity. This strategy helps improve product availability and brand visibility. Meanwhile, Green Thumb has maintained a reputation for operational discipline. Investors often view the company as one of the sector’s strongest operators.

The business benefits from a diversified revenue base. No single market dominates overall results. Therefore, Green Thumb can better navigate state-specific challenges. Furthermore, its premium brands continue attracting loyal consumers. As legal cannabis markets mature, Green Thumb remains positioned for long-term expansion.

Latest Financials Green Thumb recently reported revenue that remained relatively stable despite industry pricing pressure. The company continues generating substantial cash flow from operations. Additionally, management has focused on preserving margins through cost controls.

Adjusted EBITDA remained among the strongest within the cannabis sector. This demonstrates the company’s operational efficiency. Furthermore, Green Thumb maintained a healthier balance sheet than many competitors. Investors continue to value that financial flexibility.

Retail sales accounted for the majority of revenue in recent quarters. However, wholesale sales also supported overall performance. Meanwhile, management continued investing in strategic growth initiatives. These investments target long-term market opportunities.

The company also maintained positive operating cash flow. That achievement remains important within the cannabis industry. Many operators still struggle to produce consistent profits. Therefore, Green Thumb’s financial performance stands out.

Looking ahead, management remains focused on disciplined growth. The company continues evaluating new market opportunities. Additionally, executives are emphasizing shareholder value creation. Strong financial execution could support future expansion plans. Consequently, Green Thumb remains a leading cannabis stock to watch during June 2026.

[Read More] Looking for Cannabis Exposure? These 3 Stocks Stand Out

Cresco Labs (OTC: CRLBF) Cresco Labs has built one of the largest wholesale cannabis platforms in America. The company operates a portfolio of well-known brands. These include Cresco, High Supply, Good News, and Mindy’s. Additionally, Cresco maintains a significant presence in major cannabis markets.

Its largest presence is concentrated in Illinois, Pennsylvania, and Ohio. The company also operates across several additional regulated states. Cresco currently operates approximately 70 dispensaries nationwide. Furthermore, it supplies products to hundreds of third-party retail locations.

Wholesale distribution remains a major competitive advantage. Unlike many cannabis operators, Cresco emphasizes broad product reach. Therefore, its brands appear in many stores beyond its own locations. This strategy helps expand market share efficiently.

The company continues investing in cultivation and manufacturing assets. Additionally, management remains focused on building brand recognition. Strong distribution capabilities support these efforts. Meanwhile, Cresco benefits from exposure to several high-population states.

Latest Financials Cresco’s diversified business model provides multiple revenue streams. Retail operations generate direct consumer relationships. At the same time, wholesale sales create additional growth opportunities. As a result, the company remains an important player within the cannabis industry.

Cresco Labs recently reported revenue reflecting ongoing competitive market conditions. Despite industry challenges, the company continued executing operational improvements. Furthermore, management remained focused on profitability initiatives.

Adjusted EBITDA remained a key financial metric for investors. The company worked to improve efficiency throughout its operations. Additionally, expense management efforts supported overall financial performance. These actions helped strengthen margins.

Retail revenue remained an important contributor to total sales. However, wholesale distribution continued to differentiate Cresco from competitors. This unique positioning supports broader market penetration. Consequently, the company maintains strong brand visibility.

Management also emphasized cash preservation and balance sheet improvement. These priorities remain important across the cannabis sector. Investors continue to reward companies demonstrating financial discipline. Cresco has worked consistently toward those objectives.

Looking ahead, the company expects opportunities from the expansion of cannabis markets. Additionally, new product launches could support revenue growth. Management remains focused on operational excellence and profitability. Therefore, Cresco Labs remains a cannabis stock worth monitoring during June 2026.

[Read More] 3 U.S. Marijuana Stocks With Strong Retail Footprints3 U.S. Marijuana Stocks With Strong Retail Footprints

Verano Holdings (OTC: VRNOF) Verano Holdings is another major multi-state cannabis operator. The company markets products through several established brands. These include Verano, Encore, Savvy, and MÜV. Furthermore, Verano has developed a broad retail network across key states.

Its largest presence is found in Florida, Illinois, and New Jersey. The company also operates facilities throughout numerous regulated markets. Verano currently operates approximately 150 dispensaries nationwide. This extensive footprint supports significant consumer reach.

The company combines retail operations with cultivation and manufacturing activities. As a result, Verano controls much of its supply chain. This vertical integration supports product consistency and margin management. Additionally, it strengthens brand positioning.

Management continues focusing on strategic market expansion. Meanwhile, Verano benefits from exposure to several limited-license states. Those markets often provide favorable competitive conditions. Therefore, the company enjoys opportunities for sustained growth.

Verano’s retail strategy centers on customer experience and premium products. Furthermore, its diversified geographic presence reduces dependence on any single market. This balanced approach has helped support long-term business development.

Latest Financials Verano recently reported revenue reflecting continued demand for cannabis products. The company maintained a substantial presence across its operating markets. Additionally, management focused on improving operational performance.

Adjusted EBITDA remained an important measure of profitability. Verano continued to implement cost-control initiatives across its business. These efforts helped support overall financial results. Furthermore, management emphasized efficiency improvements.

The company’s retail network remained a major revenue driver. However, cultivation and manufacturing operations also contributed significantly. This diversified model supports business stability. Therefore, Verano remains competitive within the cannabis sector.

Management has also concentrated on cash flow generation and balance sheet management. Investors increasingly prioritize these metrics. Consequently, financial discipline remains a central focus for the company.

Looking ahead, Verano appears positioned to benefit from future industry growth. Regulatory developments could create additional opportunities. Furthermore, the company’s established footprint provides a strong foundation. As a result, Verano Holdings remains one of the top marijuana stocks to watch in June 2026.

MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

The biggest payoff from investing in stocks often comes years down the road, when companies you've invested in have grown larger and become more valuable. There can be some considerable risks involving smaller, unproven businesses, but the upside can also be substantial.

Three stocks that I believe have the potential to be 10-bagger investments in the future are CRISPR Therapeutics (CRSP +0.94%), Green Thumb Industries (GTBIF 0.49%), and Joby Aviation (JOBY 2.19%). Let's take a closer look at these promising stocks.

Image source: Getty Images.

CRISPR Therapeutics CRISPR Therapeutics has a market cap of right around $5 billion, and it admittedly hasn't been a great investment over the past five years -- it's down more than 60% over that stretch. The good news is that the gene-editing company has become safer to invest in, and things may look better for CRISPR in the future.

In late 2023, the company obtained approval for Casgevy, a gene-editing therapy it has developed with Vertex Pharmaceuticals. It's approved for treating sickle cell disease and transfusion-dependent beta thalassemia. Casgevy, however, is still in its early stages of rolling out to patients throughout the world, and its full-year revenue totaled just $116 million in 2025. But it could generate billions at its peak. Meanwhile, CRISPR is also working on other treatments, including one for Type 1 diabetes, which could open up even more growth potential for the business in the long run.

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Although CRISPR incurred a loss of $582 million last year, with around $2 billion in cash and marketable securities, its operations are well funded and put the company in a strong financial position. There's some risk with the stock, but overall, it looks to be on a promising trajectory, and CRISPR has the potential to be a much more valuable healthcare company in the future.

Green Thumb Industries A stock that's struggled even worse than CRISPR in the past five years is Green Thumb Industries, which is down more than 70% over that time frame. The cannabis company has been growing, but the problem is that without meaningful reform in the industry, it's been difficult for the business to win over investors.

Marijuana remains illegal federally, but the hope is that it might change in the long run. The government recently rescheduled many medical marijuana products from a Schedule I classification to Schedule III, in what's a significant milestone for the industry. Recreational products may be rescheduled later this year, which may be an even bigger catalyst for pot stocks.

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Green Thumb is already one of the safer stocks to own in the cannabis industry. Unlike many others, it has actually turned a profit over the past four quarters. In 2025, it reported net income of $114 million on revenue of just under $1.2 billion. If regulation opens up more opportunities in the cannabis sector, this is a stock I have little doubt could generate 10x returns for investors in the long run. Currently, its market cap is just under $2 billion.

Joby Aviation Another stock that isn't doing as well as investors may have hoped is Joby Aviation. It's only down 14% in five years, but since the start of 2026, its shares have nosedived by 35%. It's a promising player in the emerging electric vertical take-off and landing (eVTOL) market, and it's hoping to obtain approval for its air taxi in the near future.

Joby's valuation remains fairly high at over $8 billion for a company that still hasn't launched commercial operations. It has been generating revenue, but that's been primarily due to a recent acquisition of Blade Urban Air Mobility. If Joby can get its core business off the ground, that's the big catalyst investors are waiting for.

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There are, however, still concerns around long-term profitability and whether the business has the potential to scale effectively without just burning through tons of cash along the way. I'm not convinced it can. However, if Joby's business starts generating significant revenue, that may be enough to win over growth investors and to send the eVTOL stock soaring.

Joby may be the riskiest stock on this list, but it's also the one that could command the highest valuation in the long run, given its popularity among retail investors.

Predicting what may or may not happen in the cannabis market isn't for the faint of heart. The industry continues to face several challenges. A quick look at the charts of some of the largest marijuana stocks over the last couple of years proves it.

However, my heart is feeling quite stout these days, so I'll step out on a limb with a prediction. I think Green Thumb Industries (GTBIF 0.49%) stock will double over the next three years. Ridiculous? Not really.

Image source: Getty Images.

About as blue chip as it comes in the U.S. cannabis industry While there aren't any true blue chip stocks in the U.S. cannabis industry, Green Thumb Industries is about as blue chip as you'll find. Its revenue continues to grow despite the aforementioned industry headwinds. The company consistently generates positive earnings and EBITDA. Its gross margins are strong.

Green Thumb's balance sheet is solid, too. At the end of 2025, the multistate cannabis operator had a cash position of $274.3 million. Its total debt was $244.9 million, including $142.5 million of senior debt. Granted, the company has subsequently expanded its syndicated credit facility by $50 million, but at a low rate.

The cannabis markets in which Green Thumb operates are among the most attractive in the U.S. Its 100+ RISE retail dispensaries are focused in states, including Illinois, Maryland, Massachusetts, Ohio, Pennsylvania, and Florida, that limit licenses, which reduces competition and supports pricing power to some extent.

Green Thumb's brands are strong as well. RYTHM, for example, ranks among the best-selling cannabis brands in the country. Dogwalker is also a top pre-roll brand.

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Potential catalysts What could propel Green Thumb to double in value over the next three years? The company has several potential catalysts.

The most obvious catalyst is federal reclassification of marijuana to a Schedule III drug (which reflects moderate to low potential for physical and psychological dependence). Importantly, rescheduling will remove the IRS Section 280E restrictions on cannabis companies' access to business tax deductions already available to most U.S. companies. This change could significantly boost Green Thumb's profits.

Federal reforms that open access for cannabis companies to traditional financial services could also light a fire beneath Green Thumb's stock. Although efforts such as the SAFE Banking Act haven't become law yet, the upcoming congressional elections could pave the way for passage in the not-too-distant future.

Gov. Josh Shapiro in Pennsylvania supports the legalization of recreational cannabis in his state. The state's legislature has rejected previous attempts to open a recreational marijuana market. However, the political winds could shift. If they do, Green Thumb is well-positioned to capitalize on a lucrative new opportunity in Pennsylvania.

Many multi-state operators are in precarious financial shape. We could see industry consolidation. Green Thumb, with its strong balance sheet, could acquire other companies at attractive valuations and possibly drive its earnings growth enough to help the stock deliver a 100% gain over the next three years.

There's one other possibility that I think could easily fuel a tremendous surge for Green Thumb. If the company is allowed to list its shares on a major U.S. stock exchange, its stock could realistically double, in my view.

One (green) thumb up All eight analysts surveyed by S&P Global (SPGI +0.51%) in April who cover Green Thumb rated the stock a "buy." The consensus 12-month price target reflects a potential upside of more than 130%. Analysts think this marijuana stock will double in a year, not three years as I predict.

Why am I not quite as bullish as they are? Valuation. Green Thumb's shares currently trade at roughly 41 times forward earnings. I think the stock will be a winner in the coming years, but I can only give it one green thumb up because of its price tag.

CHICAGO and VANCOUVER, British Columbia, May 04, 2026 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today announced that it has submitted applications to the U.S. Drug Enforcement Administration (“DEA”) to register certain state-licensed medical cannabis operations under the expedited registration pathway created in connection with the recent rescheduling of medical marijuana to Schedule III of the Controlled Substances Act.

“Schedule III changes the future of medical cannabis in America, and Green Thumb is ready for what comes next,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. “Rescheduling recognizes what millions of patients have known for years, opens the door to more research, and begins to fix the punitive tax treatment that has held responsible operators back. By seeking DEA registration, Green Thumb is taking a practical step toward a more normalized, regulated federal industry. We look forward to discussing this milestone along with our first quarter results with investors this Wednesday, May 6.”

Green Thumb owns RISE Dispensaries across 14 U.S. markets and operates over 110 retail locations serving both medical patients and adult-use consumers. The Company manufactures and produces a leading and award-winning portfolio of branded products including RYTHM, incredibles, Dogwalkers, Beboe, &Shine, Doctor Solomon’s and Good Green.

First Quarter 2026 Earnings
Green Thumb will release its first quarter 2026 financial results after the market closes on Wednesday, May 6, 2026. A conference call and audio webcast will be held the same day at 5:00 p.m. Eastern Time / 4:00 p.m. Central Time to discuss results and answer questions.

Conference call: https://register-conf.media-server.com/register/BIda3caa0c54504f80b8e6b4f26b5f6ac3Audio webcast: https://edge.media-server.com/mmc/p/j2jak29q Participants can pre-register for their preferred method by using the link above and entering their contact information. Registrants will receive a phone number or webcast link and personalized PIN to listen in live. The recording will also be available after the call at https://investors.gtigrows.com/.

The Green Thumb investor presentation is also available at any time for more information on the Company. The presentation can be accessed at https://investors.gtigrows.com/news-events/events-presentations.

About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb” or the “Company”) is a leading national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. The company manufactures and distributes a portfolio of branded cannabis products, some of which are licensed, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain with over 100 locations. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 5,000 people. More information is available at https://investors.gtigrows.com/.

Cautionary Note Regarding Forward-Looking Information
This press release contains statements which may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” or similar expressions and include information licensing with the U.S. Drug Enforcement Administration (“DEA”), future tax treatment, and other implications of DEA registration, as well as the timing of future earnings releases. The forward-looking information in this news release is based upon the expectations of future events which management believes to be reasonable. Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Green Thumb does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information in this news release is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in Green Thumb’s public filings with the applicable securities regulatory authorities, including with the U.S. Securities and Exchange Commission on its website at www.sec.gov and with Canada’s SEDAR+ at www.sedarplus.ca, as well as on Green Thumb’s website at https://investors.gtigrows.com, including in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations
[email protected] 
310-622-8257

Media Contact:
GTI Communications
[email protected]
Source: Green Thumb Industries Inc.

CHICAGO and VANCOUVER, British Columbia, May 06, 2026 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the first quarter ended March 31, 2026. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”), and all currency is in U.S. dollars.

Highlights for the first quarter ended March 31, 2026:

Revenue of $300.2 million, an increase of 7.4% over the same period in the prior year.Cash at quarter end totaled $344.5 million.GAAP net income of $15.4 million or $0.07 per basic and diluted share.Normalized EBITDA of $93.5 million or 31.2% of revenue.Cash flow from operations of $76.0 million.Repurchased approximately 6.0 million of the Company's Subordinate Voting Shares for $33.3 million.Increased syndicated credit facility by $50.0 million.
Subsequent to Quarter End

Conditionally awarded a Texas Compassionate Use Program license for vertically integrated operations.Repurchased approximately 7.4 million additional Subordinate Voting Shares, bringing 2026 year-to-date repurchases to approximately 13.4 million Subordinate Voting Shares for approximately $77.7 million. Since initiating its share repurchase programs in September 2023, the Company has repurchased approximately 29.0 million shares for approximately $200.0 million.Submitted registration applications with the U.S. Drug Enforcement Administration for certain state-licensed medical cannabis operations following the federal rescheduling of medical cannabis to Schedule III under the Controlled Substances Act.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.

Management Commentary

“The Green Thumb team delivered a strong start to 2026, with first quarter revenue of $300 million, Normalized EBITDA of $94 million and cash flow from operations of $76 million,” said Green Thumb Founder, Chairman, and Chief Executive Officer Ben Kovler. “The recent federal action to reschedule medical cannabis from Schedule I to Schedule III is a historic step forward for our business, for investors, and for the country. Our conviction in Green Thumb remains as strong as ever, as reflected in the approximately 13.4 million shares we have repurchased so far this year. As the landscape around us continues to evolve, our team remains focused on disciplined execution and building for the future.”

Green Thumb President Anthony Georgiadis added, “With medical cannabis now rescheduled, the resulting Section 280E relief for the medical portion of our business creates meaningful flexibility to reinvest in our operations, our people, and the communities we serve. Consumer demand for THC continues to rise, and rescheduling helps create a more practical framework for companies like Green Thumb to meet that demand responsibly while continuing to grow and scale our business. Our team is ready for this next chapter in cannabis, and we look forward to continuing to serve patients and consumers while keeping momentum at the federal level toward broader reform and legalization.”

First Quarter 2026 Financial Overview

Total revenue for the first quarter was $300.2 million, up 7.4% from the prior year period. Overall retail revenue increased 4.7% versus the first quarter of 2025. Revenue growth in the first quarter was driven by retail sales in Minnesota, reflecting our launch of adult-use sales in the state on September 17, 2025, as well as continued growth in existing markets, particularly Connecticut and Florida, partially offset by price compression and increased competition. First quarter 2026 same store comparable sales (stores open at least 12 months) decreased 0.5% versus the prior year on a base of 100 stores.

Consumer Packaged Goods' gross revenue for the first quarter decreased by 1.6% versus the prior year period, primarily due to price compression and increased competition, partially offset by the launch of adult-use sales in Minnesota.

Gross profit for the first quarter 2026 was $143.6 million or 47.9% of revenue, compared to $143.3 million or 51.3% of revenue over the prior year period. The decline in gross margin was primarily driven by brand license fees incurred in the current period and price compression as discussed above.

Total selling, general and administrative expenses for the first quarter 2026 were $102.9 million or 34.3% of revenue, compared to $100.8 million or 36.1% of revenue for the first quarter 2025. The increase in selling, general, and administrative expenses was primarily attributable to increased compensation costs during the year.

Total other income (expense) for the first quarter 2026 was $22.4 million versus ($2.8) million for the comparable period in the prior year. Excluding a one-time arbitration settlement of $17 million and income associated with the Company's related party equity method investment of $6.5 million, total other income (expense) would have been ($1.1) million.

Net income attributable to the Company for the first quarter 2026 was $15.4 million or $0.07 per basic and diluted share, up from net income of $8.3 million, or $0.04 per basic and diluted share, in the prior year period. The increase in net income attributable to the Company was primarily due to the one-time arbitration settlement and the Company's related party equity method investment, as discussed above.

In the first quarter 2026, EBITDA was $73.1 million or 24.4% of revenue, versus $71.9 million or 25.7% of revenue for the comparable prior year period. Normalized EBITDA, which excludes licensing fees paid, non-cash stock-based compensation of $10.5 million, and other non-operating adjustments of $0.9 million, was $93.5 million or 31.2% of revenue, up from $85.2 million or 30.5% of revenue for the first quarter 2025.

For additional information on the non-GAAP financial measures discussed above, see “Non-GAAP Financial Information” below.

Balance Sheet and Liquidity

As of March 31, 2026, current assets were $673.9 million, including cash and cash equivalents of $344.5 million. Total debt outstanding was $289.9 million, which includes $188.8 million of senior debt.

Total basic and diluted weighted average shares outstanding for the three months ended March 31, 2026, were 230.6 million shares and 231.8 million shares, respectively.

Capital Allocation

During the first quarter 2026, the Company repurchased approximately 6.05 million Subordinate Voting Shares for a total amount of approximately $33.3 million, at an average price of $5.51 per share.

Subsequent to quarter end, the Company repurchased approximately 7.4 million additional Subordinate Voting Shares, bringing total repurchases since initiating its share repurchase program to approximately 29.0 million shares for approximately $200.0 million.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”) are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

Definitions

EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.

Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.

Normalized EBITDA: Adjusted EBITDA plus brand license fees.

About Green Thumb Industries

Green Thumb Industries Inc. (“Green Thumb” or the “Company”) is a leading national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. The company manufactures and distributes a portfolio of branded cannabis products, some of which are licensed, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s, and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain with over 110 locations. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 4,900 people. More information is available at https://gtigrows.com/.

Cautionary Note Regarding Forward-Looking Information

This press release contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “opportunity,” “project,” “potential,” “risk,” “anticipate,” “believe,” “plan,” “forecast,” “continue,” “suggests” or “could” or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the “SEC”), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; future state regulation of cannabis is uncertain; the Company may not be able to obtain or maintain necessary permits and authorizations; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives regulation; as a cannabis business, the Company is subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it conducts business; the Company faces intense competition; the Company faces competition from the illicit market as well as hemp products that are actually or purportedly compliant with the Agricultural Improvement Act of 2018 (the Farm Bill); the Company is dependent upon the popularity and consumer acceptance of its brand portfolio that the Company licenses from a third party; the Company has limited trademark protections; as a cannabis business, the Company is subject to unfavorable tax treatment and may incur significant tax liability; as a cannabis business, the Company may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company’s business is subject to the risks inherent in agricultural operations; the Company faces an inherent risk of product liability and similar claims; the Company’s products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company may be adversely impacted by rising or volatile energy costs and availability; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company relies on third-party software providers for numerous capabilities we depend upon to operate, and a disruption of one or more of these systems could adversely affect our business; the Company relies on the expertise of its management team and other employees experienced in the cannabis industry, and the loss of key personnel could negatively affect its business; the Company’s voting control is concentrated; the Company’s capital structure and voting control may cause unpredictability; and sales of substantial amounts Subordinate Voting Shares by the Company’s shareholders in the public market may have an adverse effect on the market price of the Company’s Subordinate Voting Shares. Further information on these and other potential factors that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and elsewhere in the Company’s filings with the SEC, which are available (or will become available) on the SEC’s website, and on the Company’s SEDAR+ profile at www.sedarplus.ca, and at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Investor Contacts:

Media Contact:
GTI Communications
[email protected]

Source: Green Thumb Industries Inc.

Highlights from Unaudited Interim Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2026 and 2025
(Amounts Expressed in Thousands of United States Dollars, Except for Share Amounts)

  Three Months Ended  March 31, 2026 March 31, 2025  (Unaudited) (Unaudited)     Revenues, Net of Discounts $300,190  $279,540 Cost of Goods Sold  (156,545)  (136,265)     Gross Profit  143,645   143,275      Expenses:    Total Expenses  102,911   100,793      Income From Operations  40,734   42,482      Other Income (Expense):    Other Income (Expense), Net  22,967   (24)Interest Income  4,603   2,123 Interest Expense, Net  (5,165)  (4,865)     Total Other Income (Expense)  22,405   (2,766)     Income Before Provision for Income Taxes And Non-Controlling Interest 63,139   39,716      Provision For Income Taxes  48,092   31,315      Net Income Before Non-Controlling Interest  15,047   8,401      Net (Loss) Income Attributable To Non-Controlling Interest  (350)  95      Net Income Attributable To Green Thumb Industries Inc.$15,397  $8,306      Net Income Per Share - Basic $0.07  $0.04      Net Income Per Share - Diluted $0.07  $0.04      Weighted Average Number of Shares Outstanding - Basic  230,596,682   236,120,511      Weighted Average Number of Shares Outstanding - Diluted  231,827,061   236,822,468           Green Thumb Industries Inc.
Highlights from the Unaudited Interim Condensed Consolidated Balance Sheet
(Amounts Expressed in Thousands of United States Dollars)

 March 31, 2026 (Unaudited)Cash and Cash Equivalents$344,512Other Current Assets 329,338Property and Equipment, Net 686,499Right of Use Assets, Net 237,728Intangible Assets, Net 424,108Goodwill 591,764Other Long-term Assets 217,657Total Assets$2,831,606Total Current Liabilities$194,155Notes Payable, Net of Current Portion and Debt Discount 266,344Lease Liabilities, Net of Current Portion 253,463Other Long-Term Liabilities 220,595Total Equity 1,897,049Total Liabilities and Equity$2,831,606    Green Thumb Industries Inc. 
Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures
For the Three Months Ended March 31, 2026 and 2025
(Amounts Expressed in Thousands of United States Dollars)

EBITDA and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows:

(1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization.
(2) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating (income) or costs.
(3) Normalized EBITDA is defined as Adjusted EBITDA plus brand license fees.

The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.

  Three Months Ended  March 31, 2026 March 31, 2025  (Unaudited) (Unaudited)Net Income Before Noncontrolling Interest (GAAP) $15,047  $8,401 Interest Income  (4,603)  (2,123)Interest Expense, Net  5,165   4,865 Provision for Income Taxes  48,092   31,315 Other (Income) Expense, net  (22,967)  24 Depreciation and Amortization  32,413   29,411 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure) $73,147  $71,893 Share-based Compensation, Non-Cash  10,517   10,309 Acquisition, Transaction, and Other Non-Operating (Income) Costs  870   3,045 Adjusted EBITDA (non-GAAP measure) $84,534  $85,247      License Fee recorded in Cost of Sales  8,978   — Normalized EBITDA (Non-GAAP Measure) $93,512  $85,247 

Green Thumb Industries reported strong Q1-2026 results last week with increasing revenue and improved net income. The company will benefit from the rescheduling of medical cannabis in the US. GTBIF stock price is up 35% over the last year.

For years, cannabis investors have waited for one catalyst capable of fundamentally changing the economics of the U.S. marijuana industry.

That wait may soon be over.

The Drug Enforcement Administration (DEA) rescheduled cannabis from a Schedule I substance to a Schedule III substance last month. This is a very big deal (Schedule 1 drugs are considered extremely dangerous with no medical use, while Schedule III substances are considered less dangerous and has some medical uses.)

The biggest immediate impact would be relief from Internal Revenue Service tax rule 280E, which currently prevents cannabis companies from deducting many normal business expenses from income.

For multi-state cannabis operators already generating hundreds of millions in revenue, that could dramatically improve profitability and free cash flow almost overnight. And two specific marijuana stocks stand out as potential winners: Green Thumb Industries (GTBIF 0.49%) and Curaleaf Holdings (CURLF 0.81%).

But which stock could benefit the most?

Green Thumb may already have the strongest financial foundation Green Thumb enters this potential rescheduling cycle from a position of unusual financial strength for the cannabis industry.

The company generated $1.2 billion in 2025 revenue, along with $348.4 million in normalized EBITDA (earnings before interest, taxes, depreciation, and amortization) and nearly $295 million in operating cash flow.

Even more important, Green Thumb remains consistently profitable under generally accepted accounting principles (GAAP) -- something very few major cannabis operators can claim.

In Q1 2026, Green Thumb reported:

Revenue of $300.2 million GAAP net income of $15.4 million Normalized EBITDA of $93.5 million Cash balance of $344.5 million Its normalized EBITDA margin reached 31%, which remains among the strongest in the U.S. cannabis industry.

This isn't a trivial data point because DEA rescheduling will likely amplify existing strengths.

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Green Thumb already operates efficiently despite the crushing burden of 280E taxes. Removing part of that burden could significantly expand earnings and cash generation.

Management has already openly discussed the opportunity, noting that rescheduling and resulting 280E relief will create "meaningful flexibility" to reinvest into operations and future growth.

The company also continues aggressively buying back stock. Since September 2023, Green Thumb has repurchased roughly 29 million shares for about $200 million. That's unusual in cannabis, where many competitors remain heavily dependent on equity sales that lead to dilution and debt refinancing.

Curaleaf has more scale and possibly more upside Curaleaf may not be as consistently profitable as Green Thumb, but it remains the largest cannabis operator in the world by revenue.

In Q1 2026, Curaleaf generated $324.2 million in revenue, including $47 million from international operations, which rose 35% year over year. Adjusted EBITDA reached $63.4 million with a 19.6% margin.

The company also recently refinanced debt through a new $500 million senior secured notes offering due in 2029.

But Curaleaf's biggest advantage may be its international footprint.

While Green Thumb remains heavily concentrated in the U.S., Curaleaf has been expanding aggressively into Europe, particularly Germany, where medical cannabis growth continues accelerating. The company recently acquired full ownership of its German subsidiary, Four 20 Pharma.

That diversification could become increasingly important if U.S. reform progresses slowly or inconsistently.

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At the same time, Curaleaf's margins remain meaningfully narrower than Green Thumb's, and the company still carries a more leveraged balance sheet, meaning the company relies more heavily on debt to fund growth and operations. That can boost returns when business is strong, but it also increases risk because those debt payments still have to be made even when cash flow weakens, or the industry hits a downturn.

That creates a different type of opportunity, though.

If 280E tax relief substantially improves industrywide profitability, companies with weaker margins and larger tax burdens could potentially see the biggest percentage improvement in earnings.

In other words, Curaleaf may have more operating leverage.

Image source: Getty Images.

Green Thumb looks like the safer execution story.

The company already generates strong cash flow, maintains one of the best balance sheets in cannabis, and has demonstrated consistent operational discipline during an extremely difficult period for the industry. Now that the DEA has rescheduled cannabis, Green Thumb could emerge as one of the clearest long-term institutional winners.

Curaleaf, however, may offer the higher-risk, higher-reward setup.

Its larger scale, international exposure, and historically lower profitability mean rescheduling could potentially create a more dramatic earnings swing if tax burdens fall substantially and capital access improves.

Both companies could benefit enormously from more complete federal reform, such as national legalization. But if you're looking for the cannabis stock best positioned to capitalize on DEA rescheduling immediately, Green Thumb appears to have the stronger foundation.

Procter & Gamble (PG +0.32%) is known for its steady earnings growth and family of well-known consumer brands. While it's hard to compare a nearly 190-year-old consumer goods company to one in the nascent cannabis sector, Green Thumb Industries (GTBIF 0.49%) seems to be copying the classic P&G playbook.

To begin with, both companies are profitable, though Green Thumb doesn't have the long history of profitability that P&G has. How else are the two companies alike? 

They have dedicated portfolios of brands Just as Procter & Gamble doesn't sell generic soap -- it markets Tide, Dawn, and Pampers to target certain demographics -- Green Thumb avoids selling unbranded cannabis. It has built a diversified portfolio of consumer brands designed to capture different market segments and price points. They include vapes, edibles, pre-rolled products, and medical-grade products.

By segmenting the market this way, Green Thumb has been able to build brand loyalty rather than competing purely on wholesale price.

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They focus on consistent product performance Historically, the cannabis industry has been plagued by erratic product quality due to agricultural inconsistencies. Procter & Gamble's multi-decade success relies on a simple promise: Every bottle of Crest or Head & Shoulders will perform exactly like the last one.

Green Thumb invests heavily in scaled, highly standardized production facilities, operating 20 manufacturing hubs across 14 U.S. markets. This allows it to achieve consistent formulations, predictable potencies, and reliable flavor profiles across multi-state operations -- a foundational requirement to build a true brand.

Financial discipline and blue chip real estate Many multi-state operators (MSOs) in cannabis grew too quickly, taking on massive, high-interest debt loads to expand. Green Thumb has behaved more like a traditional consumer staple giant by prioritizing capital allocation, maintaining positive net income, and preserving a remarkably healthy balance sheet compared to its peers.

In the first quarter, Green Thumb reported revenue of $300.2 million, an increase of 7.4% year over year, and earnings per share (EPS) of $0.07, up from $0.04 last year. The company has $289.9 million in total debt, but $344.5 million in cash and cash equivalents.

If you compare Green Thumb to other large pure-play cannabis companies such as Curaleaf, Cresco Labs, and Trulieve, it has a superior debt-to-equity ratio and lower long-term debt.

Green Thumb focuses heavily on limited-license states, including Illinois, Pennsylvania, Ohio, and Maryland. By securing retail footprints and manufacturing capacity in states that limit the number of market participants, Green Thumb builds a defensive moat against infinite competition, maintaining pricing power much like Procter & Gamble commands prime shelf space in grocery aisles.

Image source: Getty Images.

Don't take the comparison too far While the operational comparison fits, the structural reality is vastly different. P&G enjoys cheap capital, frictionless interstate shipping, and massive institutional investment. It is a Dividend King, one of the rare group of stocks that have increased their dividends for 50 or more consecutive years. The yield is above-average at nearly 3%, and it raised its dividend by 3% this year, the 70th consecutive year it has increased it.

Despite its strong cash position and expanding credit facilities, Green Thumb doesn't offer a dividend yet, and it still operates in a federally illegal landscape. Its shares also trade over-the-counter, and until just recently, the company faced heavy tax burdens under IRS Section 280E. However, the recent U.S. federal reclassification of cannabis to Schedule III will be a massive looming catalyst for its balance sheet.

Key Takeaways Curaleaf announced a 1-for-3 reverse split as part of preparations for a potential U.S. exchange uplisting.CURLF posted Q1 2026 revenue growth of 6%, with international revenues rising 35% year over year.Curaleaf expects higher Q2 revenues and continued international growth but faces pricing pressure. Curaleaf Holdings  recently took another significant step toward a potential uplisting to a major U.S. stock exchange by announcing a 1-for-3 reverse stock split. The move follows the company’s earlier domestication plan and comes amid growing momentum behind federal cannabis reform efforts in the United States.

Why Uplisting Could Be a Game Changer for CURLFThe reverse stock split is the latest step in Curaleaf's broader effort to position itself for a potential U.S. stock exchange listing. Earlier this year, the company announced plans to domesticate from Canada to Delaware, aligning its corporate structure more closely with U.S. capital markets and laying the groundwork for a future uplisting.

While the reverse split does not change Curaleaf's underlying business or market value, a successful uplisting could have meaningful implications for the stock. Currently, many institutional investors are restricted from investing in cannabis operators that trade on over-the-counter (OTC) markets, limiting the pool of potential shareholders. A listing on a major U.S. exchange could improve liquidity, enhance visibility and attract a broader range of investors.

The timing is also notable. Curaleaf's latest move comes as federal cannabis reform efforts continue to gain momentum. Recently, the Department of Justice moved certain state-licensed medical cannabis products to Schedule III and initiated a broader review process for marijuana rescheduling. Management believes these developments could eventually improve access to banking and other financial services while supporting the industry's long-term growth prospects.

Taken together, the Delaware domestication plan and reverse stock split suggest that Curaleaf is actively preparing for a scenario in which regulatory barriers begin to ease. Although an uplisting is not guaranteed, the company seems committed to placing itself in a strong position if the opportunity eventually arises.

However, investors should look beyond these developments and evaluate Curaleaf's broader fundamentals to determine how to play the stock following this announcement.

Curaleaf's Business Shows Signs of ImprovementEarlier this month, the company reported first-quarter 2026 revenues of $324.2 million, up 6% year over year, driven by continued growth across both its domestic and international operations. International revenues increased 35% from the prior-year period, highlighting the strength of Curaleaf's expanding presence in European medical cannabis markets.

Management pointed to improving trends in several key markets. Florida, one of Curaleaf's most important states, delivered 15% transaction growth during the quarter, helping offset continued pricing pressure. The company has also continued expanding its retail footprint, recently opening two additional medical dispensaries in Florida and bringing its total store count in the state to 73 and 165 nationwide.

Looking ahead, management expects second-quarter revenues to increase 2-3% sequentially, implying revenues of roughly $333 million at the midpoint. The company also expects operating cash flow to strengthen as the year progresses and remains optimistic about international growth, where revenues are projected to increase 25-30% in 2026. Stabilizing pricing trends and ongoing product innovation could provide additional support for future growth.

Yet, challenges remain. Gross margin during the quarter was 49%, down 220 basis points over the year-ago period, as pricing pressure continued to weigh on the industry. While management noted that price compression has begun to stabilize in certain markets, profitability across the cannabis sector remains highly dependent on regulatory developments and market-specific supply dynamics.

Although the company’s bottom line swung to a surprising profit during the quarter, investors should note that the results benefited from the release of previously recorded tax reserves following a review of certain tax positions. As a result, the quarter's profitability may not fully reflect the company's underlying operating performance.

Cutthroat CompetitionCuraleaf operates in an increasingly competitive cannabis industry, where several multi-state operators are also positioning themselves to benefit from potential regulatory reform and improved access to capital markets.

Among its largest U.S. competitors is Green Thumb (GTBIF - Free Report) , which has built one of the strongest retail footprints in the U.S. cannabis market and has generally demonstrated greater consistency in profitability. As federal cannabis reform efforts advance, GTBIF is also expected to be among the key beneficiaries of improved access to capital and potential exchange uplisting opportunities.

On the international front, CURLF faces competition from Tilray Brands (TLRY - Free Report) , which operates across Europe, Canada and several emerging cannabis markets. TLRY has been aggressively expanding its international cannabis footprint, particularly in Europe, as it seeks to capitalize on the growing adoption of medical cannabis across the region. This expanding presence could intensify competition in a market that Curaleaf views as a key long-term growth driver.

CURLF Stock Performance and EstimatesYear to date, shares of Curaleaf Holdings have risen 41% against the industry’s 24% decline.

Image Source: Zacks Investment Research

Movements in loss estimates for 2026 and 2027 have been mixed over the past 30 days.

Image Source: Zacks Investment Research

How to Play CURLF Stock?Curaleaf appears to be making meaningful progress on multiple fronts. The company's efforts to prepare for a potential U.S. exchange uplisting, coupled with improving business trends and strong international growth, have strengthened the investment case for the stock.

It is important for investors to recognize that marijuana reclassification is unfolding gradually rather than through a rapid federal shift. Even if reforms continue to advance, several restrictions surrounding U.S. cannabis businesses are likely to remain in place, meaning the path toward broader industry normalization could take longer than investors expect.

Curaleaf operates in a highly competitive industry, facing pressure from well-established U.S. operators such as Green Thumb as well as internationally focused players like Tilray. Given the regulatory uncertainty and competitive landscape, investors may want to adopt a wait-and-watch approach toward the stock. Those considering an investment in this Zacks Rank #3 (Hold) company should exercise caution and closely monitor both regulatory developments and its ability to sustain recent operational momentum.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A sea change is taking place for cannabis companies, one that will have an enormous benefit for the industry.

In April, the Department of Justice (DOJ) rescheduled medical marijuana from a Schedule I drug, similar to heroin or LSD, to a Schedule III substance, such as anabolic steroids for prescribed medical use and some commonly prescribed medicines, such as codeine mixed with acetaminophen.

The change means that medical marijuana will no longer be illegal at the federal level, and that change means that cannabis companies that sell medical marijuana will now be able to take standard business deductions, which they couldn't do previously under 280E of the Internal Revenue tax code.

The second shoe to drop regarding reclassification comes June 29, when hearings begin to determine if adult-use marijuana should also be rescheduled as a Schedule II substance. That would open up even more tax reductions for cannabis companies that also have adult-use sales.

Image source: Getty Images.

Even the reclassification isn't a done deal yet. The attorneys general of three states -- Indiana, Louisiana, and Nebraska -- filed a federal court petition in Washington, D.C. on May 22, claiming the DOJ's order violates federal administrative law and international drug-control treaties.

The final outcome remains uncertain, particularly regarding how unpaid past Section 280E tax liabilities -- currently carried as liabilities rather than debt -- will be resolved. Additionally, there is still no definitive progress on the SAFER Banking Act or the potential for stock exchange uplisting.

While shares of two of the largest multi-state operators, Trulieve (TCNNF 1.73%) and Curaleaf (CURLF 0.81%) have soared more than 90% and 70%, respectively, over the past three months, there are other cannabis stocks that are better buys right now and are less risky, with better debt positions: Green Thumb Industries (GTBIF 0.49%) and Tilray Brands (TLRY 1.76%).

Why I like Green Thumb Industries Green Thumb has a similarly large scale as Trulieve and Curaleaf, with 110 RISE dispensaries across 14 markets, but a better track record of financial discipline. The company has turned a profit in six of the past seven quarters, something neither Trulieve nor Curaleaf can claim.

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In the first quarter, Green Thumb reported revenue of $300.2 million, an increase of 7.4% year over year, and earnings per share of $0.07, an increase of 75% from the same quarter a year ago. The company has $289.9 million in total debt, but $344.5 million in cash and cash equivalents.

The company has done a good job of building up its brands, which helps insulate it from the price compression affecting the industry. The company's brands include RYTHM, Dogwalkers, Incredibles, Beboe, &Shine, Doctor Solomon's, and Good Green.

Why I like Tilray Brands Tilray, based in Canada, has an international presence, with operations in Canada, Europe, and the U.S. beverage market. Changes in U.S. regulations would allow Tilray to expand in the U.S., and a more favorable tax environment here could boost its revenue and earnings.

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Tilray already has a toehold in the U.S. Following strategic acquisitions -- including an expansive portfolio of craft beer brands from Anheuser-Busch and its acquisition of BrewDog -- Tilray has shielded itself from pure cannabis volatility. This infrastructure gives it an instant, legally compliant distribution network into U.S. retail and bars, which can be easily leveraged for THC- and CBD-infused beverages when federal laws shift, as well as give it a base to eventually operate cannabis sales in the U.S. The company already said it is looking into a pilot Center for Medicare and Medicaid Innovation program that would let it supply hemp-derived medical cannabis to patients through specific healthcare groups and cancer clinics.

The company is coming off a record third quarter, in which revenue grew 11% year over year to $206.7 million, including 73% growth in international sales.

Tilray also trimmed its total debt by 6% to $549 million. Management reconfirmed positive full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance of $62 million to $72 million, representing growth of 13% to 31%, proving that its underlying operations are scaling effectively.

Tilray is a hidden gem The stock, because it doesn't yet sell cannabis in the U.S., is being overlooked compared to other large cannabis retailers. However, due to its growth in international sales and its marketing experience in the U.S. through its beverage sales, it has the wherewithal to pounce on new opportunities in the U.S.

The stock is priced right, with a price-to-sales ratio of 0.541, lower than Trulieve, Curaleaf, and Green Thumb Industries.

Green Thumb may still be the safer bet because it has a longer history of profitability, but Tilray offers several overlooked advantages and greater growth potential.

Cannabis Market Leaders to Watch in June 2026

5 minute read Top 3 Marijuana Stocks to Watch in June 2026 The cannabis sector continues evolving as operators focus on profitability, cash flow, and market expansion. Federal cannabis reform discussions remain a major catalyst. Meanwhile, leading multistate operators continue strengthening their positions across key U.S. markets. Investors searching for cannabis exposure may want to focus on companies with strong retail footprints and improving financial performance.

Three companies stand out heading into June 2026. Trulieve Cannabis, Curaleaf Holdings, and Green Thumb Industries have established national brands and significant operating scale. Additionally, all three companies recently reported encouraging financial results. Their ability to generate revenue and maintain profitability could make them attractive stocks to watch during the coming months.

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Top 3 Marijuana Stocks to Watch in June 2026 Trulieve Cannabis (OTC: TCNNF) Curaleaf Holdings (OTC: CURLF) Green Thumb Industries (OTC: GTBIF) Trulieve Cannabis (OTC: TCNNF) Trulieve Cannabis remains one of the largest cannabis operators in the United States. The company built its reputation through its dominant position in Florida. Florida remains Trulieve’s largest market and serves as the foundation of its retail strategy. The company has steadily expanded into other states while maintaining a strong presence in the Southeast. As of May 2026, Trulieve operated approximately 240 dispensaries nationwide. Its retail network reaches customers across several key cannabis markets. Additionally, the company operates extensive cultivation and processing facilities throughout the country.

Trulieve focuses heavily on vertically integrated operations. This approach helps control product quality and improve margins. Furthermore, the company has developed several popular in-house brands. These brands generate customer loyalty and repeat purchases. Trulieve continues investing in retail growth while improving operational efficiency. The company also benefits from strong brand recognition among medical cannabis patients. As cannabis regulations evolve, Trulieve remains positioned to capitalize on future opportunities. Its large footprint and established infrastructure provide a competitive advantage. Therefore, many investors consider the company a leading cannabis stock for long-term growth.

Latest Financials Financially, Trulieve delivered a strong start to 2026. First-quarter revenue reached approximately $287 million. Gross margin came in at 59%, demonstrating operational efficiency. The company also reported positive net income of approximately $2 million. Adjusted EBITDA totaled roughly $100 million. Additionally, operating cash flow reached approximately $56 million. Free cash flow exceeded $42 million during the quarter. These results reflected management’s focus on profitability and cost discipline. Trulieve also ended the quarter with a substantial cash position. Revenue remained primarily driven by retail sales. Furthermore, the company benefited from improving industry conditions and regulatory developments. Full-year 2025 revenue reached approximately $1.2 billion. The company also generated record operating cash flow during 2025. Strong cash generation provides flexibility for future expansion. Therefore, Trulieve appears well-positioned heading into the second half of 2026. Investors will continue monitoring revenue growth and margin performance closely.

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Curaleaf Holdings (OTC: CURLF) Curaleaf remains one of the largest cannabis companies in North America. The company operates a broad footprint spanning numerous states and international markets. Its strongest presence is concentrated in major cannabis markets, including Florida, New York, and several northeastern states. Curaleaf has focused on building a nationally recognized cannabis brand. The company serves both medical and adult-use consumers. Additionally, Curaleaf offers a diverse portfolio of cannabis products. These products include flower, concentrates, edibles, and wellness offerings.

The company operates approximately 150 dispensaries across the United States. Its retail presence provides access to millions of potential consumers. Furthermore, Curaleaf continues expanding product distribution beyond company-owned stores. This strategy increases market penetration while supporting brand growth. Management has also pursued international opportunities. These efforts provide additional long-term growth potential. Curaleaf’s large-scale operations create purchasing advantages and operational efficiencies. As a result, the company remains one of the most closely watched cannabis operators. Investors often view Curaleaf as a bellwether for the broader cannabis industry. Its national reach and diversified operations help reduce reliance on any single market.

Latest Financials Curaleaf reported encouraging first-quarter 2026 financial results. Net revenue reached approximately $324 million. This represented year-over-year growth of roughly 6%. Gross profit totaled approximately $157 million. Gross margin remained strong at approximately 49%. Additionally, the company reported net income of approximately $70 million. These results highlighted improved operational execution and financial discipline. Curaleaf also continued expanding its international business. International revenue contributed meaningfully to quarterly performance. Furthermore, management completed strategic initiatives that strengthened the company’s long-term outlook. Full-year 2025 results also demonstrated steady progress. Fourth-quarter revenue reached approximately $333 million. Operating cash flow remained positive throughout the year. The company continues emphasizing profitability and cash generation. This focus differentiates Curaleaf from many smaller cannabis operators. Investors will be watching future quarters for continued margin stability and revenue growth. If management maintains current momentum, Curaleaf could remain a leading cannabis stock throughout 2026.

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Green Thumb Industries (OTC: GTBIF) Green Thumb Industries has established itself as one of the most respected operators in the cannabis industry. The company operates under several well-known consumer brands. Additionally, Green Thumb owns the RISE dispensary chain. Illinois remains one of the company’s most important markets. However, Green Thumb operates in numerous states. Its retail network continues expanding in both medical and adult-use markets. The company operates approximately 100 dispensaries nationwide. Green Thumb has built a reputation for disciplined growth and operational excellence. Furthermore, management consistently emphasizes profitability rather than rapid expansion. This strategy has attracted many long-term investors.

The company’s product portfolio includes premium flower, edibles, concentrates, and wellness products. Green Thumb also benefits from strong consumer brand recognition. Its vertically integrated model helps support consistent product quality. Additionally, the company continues investing in cultivation and manufacturing capabilities. These investments strengthen its competitive position. As more states expand cannabis programs, Green Thumb remains well-positioned for growth. Its balanced approach to expansion and profitability makes it one of the industry’s strongest operators. Therefore, GTBIF remains a stock that many cannabis investors continue to monitor closely.

Latest Financials Green Thumb delivered another solid quarter in early 2026. First-quarter revenue reached approximately $300 million. This represented year-over-year growth of roughly 7.4%. The company also reported net income of approximately $15 million. Normalized EBITDA totaled approximately $94 million. Furthermore, operating cash flow reached approximately $76 million. Green Thumb ended the quarter with more than $340 million in cash. This strong balance sheet supports future growth opportunities. Management also repurchased shares during the quarter. Share repurchases demonstrate confidence in the company’s outlook. Additionally, Green Thumb expanded its credit facility. These actions improve financial flexibility. Full-year 2025 revenue reached approximately $1.2 billion. Revenue growth was supported by the expansion of retail operations and new market opportunities. Despite industry pricing pressure, Green Thumb maintained profitability. This performance highlights the strength of its operating model. Investors will continue watching revenue growth, cash generation, and margin trends throughout 2026. Strong financial execution could help GTBIF remain a leader in the cannabis sector.

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