Curaleaf, Innovative Industrial Properties, Trulieve, Green Thumb, Cronos, Tilray and Verano are the best cannabis stocks right now. They offer different ways to own a sector where federal policy has begun to change, but where business quality still matters more than headlines.
On April 23, the Justice Department moved FDA-approved marijuana products and qualifying state-licensed medical marijuana products to Schedule III. The broader proposal to move marijuana from Schedule I to Schedule III has completed hearings, but no final broader rule has been issued.
That split favors investors who can separate cash-generating operators from companies that still need policy change to rescue weak economics. This list focuses on scale, margins, liquidity and direct cannabis exposure.
How We Picked These Stocks
These picks were screened for direct cannabis exposure, active U.S. market listings, meaningful revenue or property income, balance-sheet strength and recent operating results. The list includes large U.S. multi-state operators, global cannabis companies and the sector's leading specialized real estate investment trust. It excludes businesses with only indirect exposure or weak operating proof. Scotts Miracle-Gro was removed after selling its Hawthorne cannabis supply business. Verano replaces it because cannabis remains its core business.
The Best Cannabis Stocks
Curaleaf Holdings (OTCQX: CURLF)
Why it made the list: Curaleaf is the largest operator in this group by market value and has one of the broadest footprints, with operations across 15 U.S. states and 159 retail locations at the end of 2025. First-quarter revenue reached $324 million, up from $307 million a year earlier, while adjusted EBITDA was $63 million. Its scale gives it a stronger chance to absorb compliance costs and gain share as federal rules evolve.
The bull case: A broader federal rule could improve the value of Curaleaf's large U.S. retail base while its international operations add another growth path.
The risk: Adjusted EBITDA fell from $66 million a year earlier and adjusted gross margin narrowed to 48.5%. Revenue growth will not help much if pricing pressure keeps squeezing margins.
Key number: $324 million in first-quarter revenue
Innovative Industrial Properties (NYSE: IIPR)
Why it made the list: IIPR is the income-focused way to own cannabis. The specialized REIT reported $69 million of first-quarter revenue and $1.88 in adjusted funds from operations per share, a cash-flow measure used by real estate investors. It declared a $1.90 quarterly dividend and has paid more than $1.1 billion in common dividends since its founding.
The bull case: New leases and more available capital could restart growth if cannabis operators gain easier access to funding and expand their facilities.
The risk: The dividend was slightly above first-quarter adjusted funds from operations per share. Tenant defaults also reduced revenue by $6.9 million, making rent collection the central issue.
Key number: $7.60 annualized dividend rate
Trulieve Cannabis (NYSE: TRLV)
Why it made the list: Trulieve combines sector-leading margins with a now more accessible NYSE listing. First-quarter revenue was $287 million, adjusted EBITDA was $100 million and gross margin was 59%. The company also reported $2 million of net income, a rare result among large U.S. cannabis operators.
The bull case: The move to the NYSE and a newly authorized share repurchase program could broaden the potential investor base. Trulieve's high retail mix also gives it direct exposure to medical-market policy changes.
The risk: Its business remains heavily tied to state medical markets, especially Florida. Any slowdown in patient demand or price pressure in its core markets would quickly test its high-margin model.
Key number: 59% first-quarter gross margin
Green Thumb Industries (OTCQX: GTBIF)
Why it made the list: Green Thumb has built one of the strongest operating records among U.S. multi-state operators. First-quarter revenue rose 7.4% to $300 million, normalized EBITDA reached $94 million and operating cash flow was $76 million. The company ended the quarter with $345 million in cash.
The bull case: A large cash balance and consistent cash generation give Green Thumb room to add stores, build brands and pursue acquisitions without relying as heavily on expensive borrowing.
The risk: Its growth rate is steady rather than explosive. The investment case depends on maintaining margins while expanding in markets where wholesale and retail pricing can weaken.
Key number: $76 million in first-quarter operating cash flow
Cronos Group (Nasdaq: CRON)
Why it made the list: Cronos is the strongest balance-sheet choice among the global cannabis producers. First-quarter net revenue rose 40% to $45 million, while the company held $822 million in cash and cash equivalents. It has also posted nine straight quarters of record revenue in Israel.
The bull case: Cash gives Cronos time to invest in international brands and capacity without the financing strain facing many smaller cannabis companies.
The risk: The operating business remains small relative to its cash pile. Cronos must prove that revenue growth can turn into durable profit rather than simply a better top-line story.
Key number: $822 million in cash and equivalents
Tilray Brands (Nasdaq: TLRY)
Why it made the list: Tilray offers the broadest international cannabis platform on this list, along with beverage and wellness businesses. Third-quarter fiscal 2026 revenue reached a record $207 million, including 11% organic growth. International cannabis revenue grew 73%, and the company held $265 million in cash and marketable securities.
The bull case: International medical cannabis growth can reduce Tilray's reliance on the Canadian market. Its distribution network may also support higher-margin branded products over time.
The risk: Tilray is becoming a more complex consumer-products company after expanding its beverage operations. The BrewDog deal must add profitable growth, not simply more revenue and integration costs.
Key number: 73% international cannabis revenue growth
Verano Holdings (OTCQX: VRNO)
Why it made the list: Verano replaces Scotts Miracle-Gro after Scotts sold its Hawthorne cannabis supply business. Verano remains a direct cannabis operator, with $208 million in first-quarter revenue and $49 million in adjusted EBITDA. It also produced $19 million of operating cash flow and authorized a $20 million share repurchase program.
The bull case: Verano has a meaningful retail platform, profitable adjusted EBITDA and a refinancing that extended its revolving credit facility to 2029. Better federal rules could improve its cost structure and capital access.
The risk: Revenue fell 1% from a year earlier and the company posted an $18 million net loss. It needs sustained sales growth and firmer margins to support its debt load.
Key number: $49 million in first-quarter adjusted EBITDA
Cannabis Sector Overview
Cannabis stocks are being driven by a policy change that is meaningful, though narrower than many investors assume. Federal regulators moved FDA-approved marijuana products and qualifying state-licensed medical marijuana products to Schedule III in April. The broader proposal to reschedule marijuana remains unfinished after hearings ended in July.
That creates a split market. Medical-focused operators may have a clearer path to federal registration and lower tax friction. Adult-use revenue still faces unresolved federal rules. The stronger companies are therefore those that can fund growth before any broader reform arrives.
Green Thumb and Trulieve stand out for cash generation. Curaleaf offers the largest operating footprint, but its margins need attention. IIPR offers income, though tenant health is crucial. Cronos and Tilray provide more international exposure, where legal markets are expanding but competition remains intense. The sector is no longer one simple bet on legalization.
What to Watch
- Tilray reports fourth-quarter and full-year fiscal 2026 results after the close on July 28. Investors need to see whether record revenue is producing stronger cash profit.
- Green Thumb reports second-quarter results on August 4, followed by Trulieve on August 7. Their margins and operating cash flow will show whether U.S. demand remains firm.
- The DEA's next steps after the July rescheduling hearing are the main sector-wide catalyst. A final broader rule would matter most for operators with large adult-use exposure.
The Bottom Line
This list is for investors who want targeted cannabis exposure without treating every policy headline as a reason to own every stock. Start with the business model that fits the goal: Green Thumb or Trulieve for U.S. operations, IIPR for income, and Cronos or Tilray for international exposure. Then track margins, cash flow and the federal rulemaking process.
Frequently Asked Questions
What are the best cannabis stocks right now?
The strongest mix includes Curaleaf, Innovative Industrial Properties, Trulieve, Green Thumb, Cronos, Tilray and Verano. Green Thumb and Trulieve offer the clearest U.S. operating strength, while IIPR is the income-oriented choice.
Is Trulieve still traded as TCNNF?
No. Trulieve moved to the NYSE in June 2026 and now trades under the ticker TRLV. The former OTCQX ticker was TCNNF.
Which cannabis stock pays a dividend?
Innovative Industrial Properties, ticker IIPR, pays a quarterly dividend. Its latest declared quarterly dividend was $1.90 per share, equal to a $7.60 annualized rate.
Why was Scotts Miracle-Gro removed from this list?
Scotts sold its Hawthorne cannabis supply business in April 2026. Its remaining business is focused on lawn and garden products, so it no longer offers the direct cannabis exposure this guide is designed to provide.
Does Schedule III mean all cannabis companies will get tax relief?
No. The April federal action immediately covered FDA-approved marijuana products and qualifying state-licensed medical marijuana products. The broader rule for marijuana remains unfinished, so the effect on adult-use operators is still uncertain.
