Note
Where US reform actually lands
The April 2026 DOJ order, effective April 28, moved state-licensed medical cannabis and FDA-approved marijuana products to Schedule III. Because 280E reaches only Schedule I and II substances, qualifying medical activity left 280E for the 2026 tax year. Adult-use did not move and remains fully exposed. Dual-licence operators have to allocate shared costs between the two, and Treasury has not issued that guidance. Whether relief runs backwards is unsettled: the IRS has sued to recover refunds already paid on amended returns. Non-US companies were never in scope for any of this.
That difference is the reason US operators and Canadian producers have not been priced on the same terms. For years the US group paid federal tax on something close to gross profit while a Canadian producer with identical revenue never carried that burden. As reform progresses, the structural reason the two groups are valued differently should continue to narrow. How far it narrows, how quickly, and what any of these companies is worth are not things this page forecasts.
Table 1
The register
Closing prices load with the page.
| No. | Company | Close | Market cap | |||
|---|---|---|---|---|---|---|
| US · Vertically integrated Uplisted to the NYSE on June 10, 2026 under TRLV, the first US cannabis company on a major US exchange, after restructuring around state-licensed medical operations. | — | — | ||||
Stated tax position Non-280E filer Filed amended federal returns for 2019-2021 in Oct 2023 and reported receiving roughly $113M in refunds by Feb 2024. Continues to file as an ordinary taxpayer pending resolution. IRS proposed additional tax, interest and penalties against several subsidiaries in Sept 2025. Uncertain tax position carried $696M, as reported Mar 31, 2026 | ||||||
| US · Vertically integrated Its filing position is broader than the April 2026 order grants, so reported tax expense reflects a contested legal interpretation rather than settled law. | — | — | ||||
Stated tax position Non-280E filer Adopted a position in Q2 2024, well before rescheduling, asserting that 280E does not apply to its cannabis operations — stated broadly, not limited to medical activity. Said it would report as a non-280E taxpayer for 2023 onward while acknowledging a high likelihood of audit. Recognised a $98.7M income tax benefit from the release of $97.0M of reserves, while cautioning that retroactive application is not assured. Uncertain tax position carried $96.5M, as reported May 5, 2026 interim report | ||||||
| US · Vertically integrated Premium brand focus with RISE dispensaries. Strongest margins among the tier-one operators. | — | — | ||||
No stated tax position on file. | ||||||
| US · Vertically integrated Verano branded retail with a substantial wholesale business. | — | — | ||||
Management has told investors that close to 60% of retail revenue comes from medical sales, which it framed as an immediate benefit from medical rescheduling. Worth confirming against the current filing before relying on it. | ||||||
| US · Vertically integrated Wholesale-weighted operator with Sunnyside dispensaries and a CPG-style brand approach. | — | — | ||||
Stated tax position Non-280E filer Told shareholders on a quarterly call that it would adopt a non-280E filing position. | ||||||
| US · Vertically integrated Vertically integrated multi-state operator. | — | — | ||||
Stated tax position Non-280E filer Filed amended returns seeking refunds back to 2020 and said it would file as a normal corporate taxpayer going forward. | ||||||
| US · Vertically integrated Roll-up consolidator that absorbed Schwazze, Eaze, Hawthorne and FLUENT. | — | — | ||||
No stated tax position on file. | ||||||
| US · Vertically integrated Operates the BEYOND/HELLO retail banner. | — | — | ||||
No stated tax position on file. | ||||||
| US · Vertically integrated Operator behind the Kind Tree and Gage brands, Canadian-headquartered with US assets. Filed a preliminary proxy in June 2026 for a US exchange uplisting, with a shareholder vote set for August 24 — expect the ticker to change if that completes. | — | — | ||||
Stated tax position Non-280E filer, in IRS litigation Staked out a non-280E position in March 2024. The IRS sued on May 18, 2026 seeking repayment of a refund it describes as erroneous, plus interest. | ||||||
| US · Vertically integrated California greenhouse cultivator. Hit by federal raids in H2 2025. | — | — | ||||
No stated tax position on file. | ||||||
| US · Vertically integrated Maker of the Betty's Eddies edibles brand. | — | — | ||||
No stated tax position on file. | ||||||
| US · Vertically integrated Las Vegas superstore operator. | — | — | ||||
No stated tax position on file. | ||||||
| US · Producer Craft cultivator. | — | — | ||||
No stated tax position on file. | ||||||
| US · Brand / licensing Formerly Agrify. Brand licensing and hemp-derived THC beverages, licensing brands to Green Thumb. No plant-touching 280E exposure. Note that federal restrictions on intoxicating hemp products take effect in November 2026, which bears directly on this model. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Producer Licensed producer with a large beverage and CPG business. No US plant-touching operations. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Retail + production Licensed producer and the largest private-sector cannabis and liquor retailer in Canada. Acquired the remainder of Nova Cannabis in Oct 2024, so the Value Buds network now consolidates here. Also holds investments in several US cannabis companies, which is worth checking if you tighten the plant-touching definition. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Retail Cannabis retail and accessories under the Canna Cabana banner. A provincially licensed retailer, not a federal licensed producer. Reported record FY2025 revenue of C$594M, up 14%. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Producer Greenhouse operator behind the Pure Sunfarms joint venture. Carries significant US produce and hemp-derived operations alongside Canadian cannabis, so the single Non-US tag understates the structure. Worth splitting out. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Producer Constellation-backed licensed producer. Holds a call option structure over Acreage for a future US entry, which is contingent rather than current exposure. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Producer Medical-only licensed producer. Record FY2025 medical revenue of C$244M, up 39%. Debt-free, EU-GMP certified, with 61% of medical revenue from international markets. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Producer Altria-backed licensed producer with a large cash position. Acquiring CanAdelaar for a Netherlands adult-use entry. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Producer Atlantic Canada licensed producer with a BAT investment partnership. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Producer Licensed producer focused on derivative products, with an Imperial Brands partnership. | — | — | ||||
No stated tax position on file. | ||||||
| Canada · Producer Premium Canadian brands, no US exposure. | — | — | ||||
No stated tax position on file. | ||||||
| International · Producer Israeli medical cannabis producer expanding into Europe through Germany. | — | — | ||||
No stated tax position on file. | ||||||
No companies match these filters.
Notes
Reading the table
Close, change, market cap and trailing earnings come from a Yahoo Finance pull taken after each trading day’s close. These are settled figures, not live quotes. A blank cell means that day’s file carried no value for it, not that the value is zero.
Jurisdiction and business model are recorded separately because they are separate facts. A licensed producer holds a cultivation, processing or sale licence issued under Canada’s Cannabis Act; a retailer is licensed provincially and holds no such licence. Grouping both as a Canadian LP misstates what the companies are.
Trailing P/E covers twelve months that still include the 280E years, so most US operators show no trailing earnings yet even where the current quarter looks different. Earnings in this window can also be flattered by one-time tax items rather than operations: Curaleaf’s $98.7M income tax benefit came largely from releasing $97.0M of previously recorded reserves, which lifts trailing EPS once and does not repeat. Where a company has no trailing earnings the cell reads n/a.
Select any company to see its stated tax position. A blank one means not yet researched, not that the company files under 280E. Nothing on this page is investment advice.
Questions
Common questions
Why do Canadian cannabis stocks rally on US federal reform news when they receive no benefit?
Canadian companies operate under Canada's federal Cannabis Act and have no US plant-touching operations. Section 280E has never applied to them, so removing it changes nothing about their tax bill, and US banking reform is equally irrelevant because they already bank conventionally. Canadian names still rally on US reform headlines. This register separates companies by whether US federal reform can reach them at all.
What is the largest cannabis company?
The largest publicly traded cannabis companies are US multi-state operators, led by Green Thumb Industries, Curaleaf and Trulieve, alongside Canadian producers such as Tilray. This page ranks by market cap, recalculated from each trading day's closing prices, so the order changes as prices move.
What is the 280E tax burden?
Section 280E, enacted in 1982, denies ordinary business deductions to any business trafficking in a Schedule I or Schedule II controlled substance. Cannabis operators could deduct cost of goods sold and little else, which routinely produced effective federal tax rates well above those of ordinary businesses. Because 280E reaches only Schedule I and II, the April 2026 rescheduling of state-licensed medical cannabis to Schedule III took qualifying medical activity out of 280E for the 2026 tax year.
Did the April 2026 rescheduling eliminate 280E?
Only partly. The DOJ final order, effective April 28, 2026, moved FDA-approved marijuana products and state-licensed medical cannabis to Schedule III. Adult-use was not moved and remains Schedule I, fully subject to 280E. Operators holding both licence types must allocate shared costs between covered and non-covered activity, and Treasury has not issued that guidance. Whether relief applies retroactively is unresolved, and the IRS has litigated to recover refunds already paid on amended returns.
Which companies benefit most from the medical-only rescheduling?
Structurally, the benefit concentrates in US plant-touching operators whose revenue comes from medical-only markets or from the medical side of dual-licence operations. Operators weighted toward adult-use see little or no change. Most operators do not break out revenue by licence type, so no reliable revenue-weighted estimate exists.
Are Canadian retailers the same as Canadian licensed producers?
No. A licensed producer holds a cultivation, processing or sale licence issued by Health Canada under the Cannabis Act. Retailers are licensed provincially and hold no federal production licence. High Tide is a retailer, not a licensed producer. SNDL holds a federal production licence and also operates a large retail network. This register labels jurisdiction and business model separately.
