Largest Cannabis MSOs Have Crashed; Down +12% This Week

Image Source: Unsplash
 

An Introduction
 

It has been more than a month since Trump said on August 11th that his administration was “looking at” moving cannabis from Schedule I to Schedule III and would “make a determination over the next few weeks”. That caused the largest cannabis MSOs to rocket higher by 96% in August (see here). Unfortunately, however, the rocket has run out of the fuel that propelled it upwards - DEA re-scheduling and SAFE Banking legislation optimism -  and crash landed going down by xx% this week as a result of no action by the administration. In addition, traders who have seen a number of such cycles of hope, hype, and harsh reality in the past related to cannabis, began locking in profits.

American Cannabis MSO Stocks Portfolio
 

Below are how the 6 constituents in our American Cannabis MSO Stocks Portfolio performed this week in ascending order, and an interactive chart showing how the Portfolio has performed over various time periods:

1. TerrAscend (TSNDF): DOWN 24.3% w/e September 5th
2. Verano (VRNOF): DOWN 20.6%
3. Cresco (CRLBF): DOWN 19.9%
4. Trulieve (TCNNF): DOWN 14.1%
5. Curaleaf (CURLF): DOWN 13.6%
6. Green Thumb (GTBIF): DOWN 5.9%

Summary
 

The above stocks were DOWN 12.4%, on average, this week.

Interactive Portfolio Performance Chart
 

Below is an interactive chart snapshot of the portfolio's performance since the beginning of 2025.
 

 

Conclusion
 

The cannabis sector has been in a prolonged bear market, and even sharp rallies like we saw in August are now met with skepticism.