MSOS Hits 2026 High: Which Cannabis Stock Could Light Up Portfolios Ahead Of DEA Hearing?

The cannabis ETF has surged 104% over the past year, outperforming both the North American Marijuana Index and the S&P 500.

• Trulieve, MSOS' largest holding, is set to uplist to the NYSE on Wednesday after restructuring its business around medical cannabis operations.
• The upcoming DEA hearing comes after April's Schedule III move for state-licensed medical marijuana, which removed key tax penalties.
• AdvisorShares said that the rescheduling could boost earnings, cash flow, capital access, banking services and institutional participation across the sector.

Shares of the AdvisorShares Pure US Cannabis ETF (MSOS) have hit their highest levels in 2026 as investors pile into cannabis stocks ahead of a regulatory hearing due later this month, with Trulieve's landmark NYSE listing adding fuel to the search for the sector's next big winner.

As of May 31, MSOS delivered a 103.7% one-year net asset value (NAV) return, outperforming the North American Marijuana Index's 36.9% gain and the S&P 500's 29.8% return. The ETF has also gained 28% over the past three months, while the marijuana benchmark declined about 1%. As of June 5, MSOS managed $1.13 billion in assets.

Trulieve Opens NYSE Door

Trulieve Cannabis, MSOS' largest holding at 30% of assets, said its shares would begin trading on the NYSE under the symbol TRLV from Wednesday. CEO Kim Rivers called the listing a "historic milestone" and said that the Trump administration's decision to reclassify medical marijuana to Schedule III helped pave the way for the approval.

Company	Weight	Price	PT	Upside
Trulieve (TCNNF)	30.2%	13	$16.45	27%
Curaleaf (CURLD)	26.3%	11.22	$12.71	13%
Green Thumb (GTBIF)	18.2%	8.74	$14.84	70%
Glass House (GLASF)	8.3%	$13.14	$10.25	-22%
Verano (VRNO)	5%	$1.21	$3.57	195%
Cresco (CRLBF)	4.4%	$0.95	$1.89	99%
TerrAscend (TSNDF)	4.2%	$0.77	$1.28	66%
Jushi (JUSHF)	1.6%	$0.53	$1.0	183%

The company recently separated its medical cannabis operations from adult-use businesses, allowing it to qualify for a senior U.S. exchange listing. Alliance Global, which maintains a 'Buy' rating and a C$27 price target on Trulieve, said the company is in a "unique" position given its concentration in medical-only states and its exposure to expanding medical markets such as Texas and Georgia.

Why The DEA Hearing Matters

The June 29 administrative hearing will examine whether broader marijuana products, including adult-use cannabis, should be moved to Schedule III. The proceeding is expected to run through no later than July 15.

Investor excitement has been building since April, when Acting Attorney General Todd Blanche moved state-licensed medical marijuana products into Schedule III and launched the process for broader rescheduling. The move eliminated tax penalties for licensed medical cannabis operators, allowing companies to deduct ordinary business expenses such as payroll, rent and interest. Adding to the bullish sentiment, U.S. President Donald Trump on Monday formally nominated Blanche to serve as attorney general permanently.

Cannabis Firms Eye Uplisting Opportunities

AdvisorShares said the change could boost earnings, free cash flow, and balance-sheet strength across the industry, while also improving access to capital, banking services, and institutional investors. Roth Capital called the rescheduling order "extremely favorable" for the cannabis sector, citing benefits for taxation, capital access, future uplistings and overall sector investability. 

One of the benefits investors expected from Schedule III came on Monday when Cresco Labs secured a $50 million revolving credit facility from Needham Bank. CEO Charlie Bachtell said the financing provides a "powerful, non-dilutive tool" to fund acquisitions, while positioning the company for access to U.S. capital markets and a future uplisting to a senior exchange. 

While not part of MSOS, Tilray Brands (TLRY) has also positioned itself for potential cannabis reform, saying it may use proceeds from its at-the-market program last month to pursue acquisitions and expansion.

Which MSOS Holding Offers The Biggest Upside?

While Trulieve has become the poster child for the industry's regulatory progress, several other MSOS holdings carry higher upside. Verano (VRNO) offers the highest upside at 195%, followed by Jushi Holdings (JUSHF) at 183% and Cresco Labs (CRLBF) at nearly 99%, according to Koyfin data. 

Among MSOS' largest holdings, Green Thumb Industries (GTBIF), a U.S.- based retail company, stands out with a 70% upside, well above Trulieve Cannabis (TCNNF), the ETF's largest position, and Curaleaf Holdings (CURLF), the world's largest cannabis company by revenue. 

How Do Retail Traders Feel About Cannabis Stocks?

On Stocktwits, sentiment for MSOS, TCNNF and GTBIF was 'extremely bullish' amid 'extremely high' message volume, while TLRY was 'extremely bullish' and CRLBF 'bullish', both on 'high' message volumes. 

One user said, “$MSOS buy the underlyings these 3 will uplist soon $GTBIF $TCNNF $CURLD.”

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Another user said, “$GTBIF and $TCNNF are the best two plays in the cannabis sector and the only two you need to own.”

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MSOS ETF has jumped 143% over the past year. 

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