After years of stop-and-start policy signals, the long-awaited federal rescheduling of cannabis is finally gaining real momentum in 2026. The process of moving marijuana from Schedule I to Schedule III is nearing completion, and the industry is responding by shifting product strategies toward what consumers actually want. Edibles are seeing rapid growth, and cannabis-infused beverages are generating fresh buzz as smoke-free formats continue to win over customers who might never have considered a joint but are curious about a socially drinkable alternative. With policy catalysts still unfolding and demand patterns evolving in real time, plenty of investors who drifted away from the sector during its leaner years are now taking another look at the biggest names on both sides of the border.
For anyone trying to get oriented in this space, exchange-traded funds offer a useful shortcut to identifying the most established publicly traded operators. Two funds in particular tend to anchor the conversation: the AdvisorShares Pure US Cannabis ETF, which focuses exclusively on companies operating within the United States, and Canada’s Global X Marijuana Life Sciences Index ETF. Looking at the top-weighted holdings in those two funds as of late July gives a clear picture of which companies are currently commanding the most attention and capital.
Curaleaf Holdings sits at the top of the pile with an ETF weighting north of 28 percent and a market capitalization of roughly C$2.47 billion. The company operates 158 dispensaries across 17 states and has been pushing aggressively into international markets, including a full buyout of its European minority partner last summer and a supply partnership aimed at bringing medical cannabis to the UK. In May, Curaleaf executed a one-for-three reverse stock split widely seen as preparation for a major US listing, and earlier this month the Montréal Exchange began listing options on its shares under the ticker CURA.
Close behind is Trulieve Cannabis, weighted at about 26 percent with a C$1.68 billion valuation. The company runs more than 200 dispensaries nationwide and holds a commanding position in its home state of Florida while maintaining meaningful footprints in Arizona and Pennsylvania. Trulieve uplisted to the New York Stock Exchange on June 10 and landed on TIME Magazine’s list of America’s Best Companies for 2026, with a second-quarter earnings call slated for August 7 that will draw close scrutiny from analysts watching whether Florida’s medical dominance translates into broader national leverage once rescheduling takes full effect.
Green Thumb Industries rounds out the top tier at roughly 19 percent of fund assets. The Chicago-based operator controls everything from cultivation through retail and manages a portfolio of recognizable brands including Rythm, Beboe, Dogwalkers, Incredibles, and Doctor Solomon’s. Following April’s medical cannabis rescheduling milestone, Green Thumb applied to the DEA to register certain state-licensed medical operations through a newly created expedited pathway — a move that signals how quickly established players are positioning themselves to capitalize on whatever regulatory doors open next. Glass House Brands also deserves mention among the leaders; despite weathering a disruptive federal immigration raid last year that dented third-quarter revenue, the California-focused cultivator has overhauled its labor model, separated its retail and medical operations, completed its first international CBD biomass sale
