Cannabis Stocks Are Heating Up Again. Here's Which Ones Could be the Biggest Winners.

2026-06-01 10:52:00 ET

The cannabis business in the United States turned over a new leaf this year on April 22, when the U.S. Department of Justice and the U.S. Drug Enforcement Administation announced that marijuana was being rescheduled from a Schedule I controlled substance to a Schedule III substance.

The move meant that 280E of the Internal Revenue Code, which prohibited cannabis companies from deducting certain business expenses, would no longer apply. The rescheduling applies to medical marijuana -- for now. However, hearings, scheduled to begin June 29, will be held to determine whether all cannabis, including recreational cannabis, should be moved to Schedule III.

It's a huge change for the industry, and in the first quarter since that announcement, two of the largest pot retailers, Trulieve (OTC: TCNNF) and Curaleaf (OTC: CURLF) , are among the early winners, with their shares rising more than 50% over the past three months.

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