These companies are major players in the U.S. marijuana market, and they all generated more than $1 billion in revenue last year.

By David Jagielski, CPA – Apr 28, 2026 at 9:45AM EST

Key Points

• Marijuana rescheduling can result in significant tax savings for multi-state operators (MSOs) in the U.S.
• Three of the largest MSOs are Curaleaf Holdings, Green Thumb Industries, and Trulieve Cannabis.
• These are among the better-run cannabis companies in the entire industry, and they could be among the biggest winners from marijuana reform.
• 10 stocks we like better than Curaleaf ›

The U.S. government recently announced it has rescheduled many medical marijuana products as Schedule III substances (down from Schedule I) and would also be looking at doing the same for recreational pot. For the cannabis industry, it marks a huge milestone. While it’s not full-blown legalization or anything close to it, it’s still significant progress. And for marijuana companies operating in the U.S., the change also means they’ll be able to claim more expenses when filing their tax returns.

As a result, the main benefit from rescheduling will flow through to multi-state operations (MSOs). Three marijuana stocks that may have tremendous upside from rescheduling are Curaleaf Holdings (CURLF1.07%), Green Thumb Industries (GTBIF2.84%), and Trulieve Cannabis (TCNNF5.48%).

Curaleaf Holdings

One of the largest MSOs in the country is Curaleaf Holdings. It says it has “unparalleled reach across the United States,” with a retail presence in 15 states and 159 locations as of Dec. 31, 2025. In addition, the company has also been expanding internationally into key markets such as Germany and the U.K., and plans to expand to Spain, France, and Turkey in the near future. It’s a growth machine that looks to take advantage of opportunities in the marijuana industry.

Last year, the company generated nearly $1.3 billion in revenue, which was down 5% from the previous year. Cannabis companies have been struggling to find new growth opportunities, but as the industry expands, especially if greater reform is on the horizon, Curaleaf can be among the biggest winners from reform due to its vast presence and appetite for growth. For the 2025 fiscal year, the company estimates that it would have saved around $116 million on taxes related to 280e if rescheduling were implemented.

Shares of Curaleaf have spiked on rescheduling news, and they are now up 34% since the start of the year.

Green Thumb Industries

Another leading cannabis company is Green Thumb Industries, which has a comparable presence to Curaleaf. Green Thumb operates in 14 states and has 113 retail stores (as of March 6). Revenue has been rising, although its growth rate has slowed significantly in recent years due to a lack of new opportunities. But like Curaleaf, future reform could change that, and greater profitability may enable it to pursue more expansion.

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In 2025, the company generated close to $1.2 billion in revenue, which was an increase of 3% from the previous year. What’s noteworthy about Green Thumb is that, unlike many of its peers, its operations are already profitable. Last year, it generated net income of $114 million, which was up from $73 million in the previous year.

Earlier this year, CEO Ben Kovler estimated that Green Thumb would generate as much as $60 million per year in extra free cash flow as a result of rescheduling. Free cash can be critical in the industry to enable a cannabis giant such as Green Thumb to target more markets in the U.S., to help grow its sales.

Shares of Green Thumb have been rising in recent days, though on a year-to-date basis, the stock is up around just 3%. It could, however, have much more upside in the long run.

Trulieve Cannabis

Florida-based Trulieve Cannabis is another company poised to benefit significantly from rescheduling. It had 233 retail locations as of the end of 2025. However, the bulk of those are in its home state of Florida. It’s not as diversified as the other companies on this list, but Trulieve is still a huge MSO and one that can benefit significantly from marijuana reform.

In 2025, it generated approximately $1.2 billion in revenue, which was virtually unchanged from the previous year. Although it posted a loss of $117 million for the year, it was profitable before taxes, with a pre-tax profit of nearly $92 million; its $208 provision for income taxes wiped that out entirely. Trulieve could stand to benefit significantly from rescheduling and a lower tax bill.

It’s another pot stock that’s been rallying in recent days, and it’s now up more than 7% since the start of 2026. For long-term investors, it could be a compelling option to consider given its potential to rise far higher and expand into more states.

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