Money is flowing into publicly traded cannabis stocks at a pace not seen in years, and the AdvisorShares Pure US Cannabis ETF (MSOS) is the clearest signal of it. The fund posted a 103.7% one-year net asset value return through May 31, dwarfing the North American Marijuana Index's 36.9% gain and comfortably beating the S&P 500's 29.8% return over the same stretch. MSOS has also climbed 28% in the past three months alone, even as the broader marijuana benchmark slipped roughly 1%, a divergence that tells you this rally is concentrated, not broad-based.
What's driving the concentration is a mix of corporate milestones and regulatory anticipation. Trulieve Cannabis, MSOS' largest holding at just over 30% of assets, begins trading on the NYSE under the ticker TRLV, a listing CEO Kim Rivers called a "historic milestone." The move became possible after Trulieve separated its medical cannabis operations from its adult-use business, clearing the compliance hurdles that typically keep plant-touching operators off senior U.S. exchanges. For multi-state operators watching from the sidelines, this is the template: clean up entity structure, isolate regulatory exposure, then knock on Wall Street's door. Behind the scenes, that kind of structural discipline extends down to the store level too, where operators increasingly lean on systems like cannabis pos software vermont to keep inventory tracking, tax reporting and compliance logs audit-ready as they scale toward institutional capital. cannabis pos software vermont
Why the DEA Hearing Carries So Much Weight
The administrative hearing scheduled for June 29 will examine whether cannabis broadly, not just state-licensed medical products, should move to Schedule III. That distinction matters enormously to operators' bottom lines. Back in April, Acting Attorney General Todd Blanche moved medical marijuana products into Schedule III, which eliminated the harshest tax penalties tied to Section 280E for licensed medical operators, letting them finally deduct ordinary expenses like payroll, rent and interest the way any other business would. Extending that treatment to adult-use cannabis would reshape balance sheets across the industry, not just on paper but in actual cash available for expansion, debt service and hiring. President Trump's formal nomination of Blanche to serve as permanent attorney general has only added to the sense among investors that the rescheduling track is durable, not a temporary policy blip.
Uplisting Momentum Builds Beyond Trulieve
Trulieve's NYSE debut isn't happening in isolation. Cresco Labs secured a $50 million revolving credit facility from Needham Bank, financing CEO Charlie Bachtell described as a "powerful, non-dilutive tool" for acquisitions and a step toward capital markets access and a future senior exchange listing. Tilray Brands, while outside the MSOS portfolio, has signaled it may use proceeds from its at-the-market program to pursue acquisitions tied to reform momentum. Roth Capital called the rescheduling order "extremely favorable," pointing to taxation relief, easier capital access and improved investability as the throughline connecting these moves. For wholesalers and brand operators, easier banking access and eventual uplisting also mean less reliance on cash-heavy operations and cashless workaround payment systems that have long been a headache at the point of sale.
Where Analysts See the Most Upside
Trulieve gets the headlines, but it isn't where analysts see the biggest re-rating potential. Verano carries the highest projected upside among MSOS holdings at roughly 195%, according to Koyfin data, followed by Jushi Holdings near 183% and Cresco Labs close to 99%. Among the larger positions, Green Thumb Industries stands out with about 70% upside, notably higher than both Trulieve and Curaleaf, the world's largest cannabis company by revenue. Retail sentiment on platforms like Stocktwits reflects the same enthusiasm, with MSOS, Trulieve and Green Thumb all registering "extremely bullish" readings on heavy message volume.
- MSOS managed $1.13 billion in assets as of June 5
- Trulieve's TRLV listing follows separation of medical and adult-use business units
- The DEA hearing is expected to run through no later than July 15
- Schedule III status for medical cannabis already reversed key 280E tax penalties
None of this changes the underlying retail reality: dispensaries still operate under state-by-state rules, still need compliant packaging and lab-tested batches with valid COAs, and still answer to local zoning and age-verification requirements regardless of what happens on a federal exchange listing. Investor enthusiasm around rescheduling is real, but operators on the ground know regulatory wins at the federal level take time to translate into simpler day-to-day compliance.
