Federal cannabis rescheduling is slated for 2026, ending years of stop‑stop policy signals. The shift from Schedule I to Schedule III promises broader market access and new product innovation.
US Cannabis Market
Although cannabis remains illegal at the federal level, state‑level market openings enable vertically integrated firms to build branded portfolios and extensive retail networks. They actively lobby for broader federal reform to accelerate growth.
Top US Cannabis Stocks in AdvisorShares Pure US Cannabis ETF
The AdvisorShares Pure US Cannabis ETF selects the largest, most regulated US operators, weighting its holdings by market relevance and compliance. As of July 20, 2026, the top five holdings dominate the fund’s composition.
Top US holdings include Curaleaf (C$2.47 bn market cap, 28.18% ETF weight), Trulieve (C$1.68 bn, 26.46%), Green Thumb (C$2.17 bn, 18.99%), Glass House (US$807.59 m, 8.83%) and Verano (C$2.17 bn, 6.21%). These companies operate across many states, offer diverse product lines, and are pursuing regulatory reforms that could boost their growth.
Canadian Cannabis Market
Canada legalized adult‑use cannabis in 2018, establishing a regulated framework under federal and provincial authority. The sector faces tight marketing rules, high taxes and competition from the unregulated market.
Top Canadian Cannabis Stocks in Global X Marijuana Life Sciences ETF
The Global X Marijuana Life Sciences ETF (HMMJ) provides broad North American exposure, focusing on Canadian firms with US interests while excluding pure US multi‑state operators. Its top five holdings are Innovative Industrial (US$1.87 bn, 10.77%), Jazz Pharmaceuticals (US$15.29 bn, 10.66%), Cronos (US$1.05 bn, 10.21%), Canopy Growth (US$418.82 m, 9.86%) and Tilray Brands (US$510.41 m, 9.46%).
Investment Considerations
Cannabis stocks remain high‑risk due to regulatory uncertainty, volatile pricing and limited profitability. Analysts see long‑term upside as US policy improves, but short‑term swings persist.
The author holds no direct investment interest in any company mentioned. Readers should conduct their own due diligence before making investment decisions.
