Cannabis equities are having their strongest run in years, and the numbers behind it are hard to ignore. The AdvisorShares Pure US Cannabis ETF (MSOS) has climbed to its highest levels of 2026, driven by a mix of regulatory anticipation and a landmark exchange listing that gave the sector fresh legitimacy on Wall Street. As of May 31, MSOS posted a 103.7% one-year NAV return - nearly triple the North American Marijuana Index's 36.9% gain and well ahead of the S&P 500's 29.8%. That kind of divergence doesn't happen without a catalyst, and in this case there are two: a pending DEA hearing and Trulieve's move to the NYSE.
The operational stakes behind these numbers are worth unpacking, because rescheduling isn't just a stock-chart story. For multi-state operators, Schedule III status changes the math on everything from 280E tax exposure to banking access to how compliance teams manage inventory tracking across state lines. Operators juggling METRC reporting, point-of-sale reconciliation, and multi-jurisdiction license renewals already know how much administrative weight the current federal posture puts on daily retail operations. As more states formalize adult-use and medical frameworks, tools like cannabis crm software vermont are becoming part of how smaller and mid-sized operators keep customer data, loyalty programs, and compliance recordkeeping aligned with shifting state rules - a quieter but no less real piece of the same regulatory story driving investor interest. cannabis crm software vermont
What the Trulieve Listing Actually Signals
Trulieve's move to the NYSE under the ticker TRLV matters less as a headline and more as a structural precedent. The company separated its medical cannabis operations from its adult-use business specifically to qualify for a senior U.S. exchange - a maneuver that other multi-state operators are watching closely. CEO Kim Rivers framed it as a "historic milestone," and it's hard to argue the symbolism isn't significant: a plant-touching cannabis company trading alongside blue-chip names is not something the industry could claim a few years ago. Alliance Global's 'Buy' rating cites Trulieve's concentration in medical-only states and expansion potential in Texas and Georgia as reasons for its relative positioning, though a rating and a price target are, in the end, one analyst's read on execution risk, not a guarantee.
Why the June 29 Hearing Carries Real Weight
The administrative hearing set for June 29, expected to run through mid-July, will examine whether broader marijuana products - including adult-use cannabis, not just state-licensed medical products - should move to Schedule III. This follows Acting Attorney General Todd Blanche's April action, which reclassified state-licensed medical marijuana and kicked off the broader rescheduling process. That earlier move already eliminated tax penalties tied to Section 280E for licensed medical operators, letting them deduct ordinary business expenses like payroll and rent for the first time. Trump's formal nomination of Blanche to serve as permanent attorney general has only reinforced investor confidence that the rescheduling track stays on course.
Balance Sheets, Uplistings, and the Search for Capital
AdvisorShares argues the broader rescheduling could strengthen earnings, free cash flow, and balance sheets industry-wide, while opening doors to banking services and institutional capital that have been largely closed to plant-touching businesses. Roth Capital called the rescheduling order "extremely favorable," pointing to taxation relief, capital access, and future uplisting potential. Cresco Labs' new $50 million revolving credit facility from Needham Bank is an early example - CEO Charlie Bachtell described it as a "non-dilutive tool" for acquisitions and a step toward a senior exchange listing. Tilray, though not part of MSOS, has signaled similar ambitions with its at-the-market program.
Where the Upside Actually Sits
Trulieve gets the attention, but it's not where the analyst math points to the biggest potential gains. Verano carries the highest upside among MSOS holdings at 195%, followed by Jushi Holdings at 183% and Cresco Labs near 99%, according to Koyfin data. Among the larger positions, Green Thumb Industries stands out with 70% upside - notably higher than both Trulieve and Curaleaf, the world's largest cannabis company by revenue. Retail sentiment on Stocktwits reflects the enthusiasm, with MSOS, Trulieve, and Green Thumb all reading "extremely bullish" on heavy message volume. Enthusiasm, though, isn't the same as certainty. Rescheduling outcomes, hearing timelines, and uplisting approvals remain regulatory processes, not settled facts - and operators, investors, and compliance teams alike are watching the same June 29 date for very different reasons.