Top 3 Marijuana Stocks to Watch in September 2026
The marijuana industry is entering another important period for investors as September 2026 gets underway. Cannabis stocks have experienced significant volatility over the past several years. However, several major operators continue building their businesses despite challenging industry conditions.
The U.S. cannabis market remains particularly interesting because marijuana laws continue evolving across the country. Individual states have continued expanding medical and recreational cannabis programs. Meanwhile, federal cannabis policy remains an important issue for publicly traded marijuana companies.
As a result, investors are paying close attention to companies with established operations and recognizable brands. Revenue growth still matters, but it is no longer the only number investors watch. Profitability, cash flow, margins, debt, and available cash have become increasingly important.
Additionally, investors are watching how efficiently cannabis companies operate their dispensary networks. Companies with strong positions in major states can potentially benefit as those markets expand. Florida and Pennsylvania are especially important markets for several leading cannabis operators.
September also brings several company-specific developments worth monitoring. Some operators are expanding their dispensary footprints. Others are improving their balance sheets or returning capital through share repurchases. Furthermore, access to major U.S. stock exchanges could become increasingly important for the industry.
Three marijuana stocks stand out for investors researching the sector this September. They are Cresco Labs, Trulieve Cannabis, and Green Thumb Industries.
Each company has built a substantial presence within the American cannabis industry. However, their financial performance, geographic exposure, and growth strategies differ considerably.
Therefore, investors should examine each business individually rather than treating all marijuana stocks the same way. Recent financial results can provide important information about each company’s progress.
Here are three marijuana stocks to watch in September 2026.
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- Cresco Labs (OTC: CRLBF)
- Trulieve Cannabis (OTC: TRLV)
- Green Thumb Industries (OTC: GTBIF)
Cresco Labs (CRLBF)
Cresco Labs is one of the largest vertically integrated cannabis companies operating across the United States. The Chicago-based company operates in eight states and sells products through both retail and wholesale channels. Its popular brands include Cresco, High Supply, FloraCal, Good News, Mindy’s, Remedi, and Wonder Wellness. Cresco also operates dispensaries under its well-known Sunnyside retail brand.
As of August, Cresco operated 89 dispensaries, including 15 retail partner locations.
Pennsylvania has become one of Cresco’s most important markets. In September, Cresco completed a $50 million acquisition involving nine Pennsylvania medical marijuana dispensaries. The transaction strengthened Cresco’s position in one of America’s largest medical cannabis markets.
Following the deal, Cresco said it became Pennsylvania’s largest medical marijuana retailer. Additionally, Cresco already held the leading wholesale position in Pennsylvania.
Cresco’s latest financial results also showed meaningful improvement. The company reported second-quarter revenue of $173 million, increasing 15% sequentially. Gross profit reached $87 million during the quarter. Meanwhile, adjusted gross profit totaled $89 million, producing an adjusted gross margin of 51.6%.
More importantly, Cresco generated $15 million in GAAP net income. Adjusted EBITDA reached $40 million, representing a 22.8% adjusted EBITDA margin. Adjusted EBITDA also increased 20% compared with the previous quarter. These improvements came despite continued competition and pricing pressure across the cannabis industry.
Furthermore, Cresco reported encouraging results from its Pennsylvania expansion. Gross profit dollars from nine acquired Pennsylvania dispensaries improved 11% during Cresco’s first quarter operating them.
Looking ahead, Cresco is preparing its corporate structure for potentially broader access to U.S. capital markets. That effort adds another storyline for investors watching CRLBF during September.
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Trulieve Cannabis (TRLV)
Trulieve Cannabis is one of America’s largest medical marijuana operators and maintains an especially powerful position in Florida. The company operates vertically integrated cultivation, production, distribution, and retail operations.
Trulieve also sells numerous cannabis products covering flower, concentrates, edibles, vaporizers, and other categories.
Florida remains the heart of Trulieve’s business. At June’s end, Trulieve operated 169 Florida dispensaries, making Florida its largest market by a wide margin.
It also operated 21 Pennsylvania stores, 10 West Virginia stores, and six Georgia locations.
Since then, the company has continued expanding. Trulieve reported 207 total retail dispensaries following another Florida opening after the second quarter.
Additionally, Trulieve reached an important milestone during 2026. Its shares began trading on the New York Stock Exchange under the ticker TRLV. The listing gave Trulieve significantly greater visibility within traditional U.S. financial markets.
Financially, Trulieve reported second-quarter revenue of $271 million. Retail sales represented approximately 94% of total revenue.
Gross profit reached $162 million, while gross margin came in at 60%.
However, Trulieve reported a GAAP net loss of $406 million. That figure included a $407 million impact related to the Harvest deconsolidation and equity investment.
Excluding several nonrecurring items, adjusted net income was $20 million, or $0.11 per diluted share.
Meanwhile, adjusted EBITDA reached $98 million, representing 36% of revenue. Operating cash flow totaled $53 million, while free cash flow reached $32 million.
Trulieve also finished the quarter with $325 million in cash.
Therefore, investors should distinguish the large accounting loss from the company’s underlying operating performance. Strong margins, cash generation, and Florida scale remain important factors surrounding TRLV.
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Green Thumb Industries (GTBIF)
Green Thumb Industries is another major American cannabis operator with a diversified footprint across numerous state markets.
Headquartered in Chicago, Green Thumb operates its retail locations under the RISE Dispensaries brand. The company also produces recognizable brands, including RYTHM, Dogwalkers, Beboe, Good Green, Doctor Solomon’s, and &Shine.
Green Thumb operates across 14 U.S. markets and employs approximately 4,900 people. Its RISE retail network has grown beyond 120 locations nationwide.
Pennsylvania represents an especially important market for Green Thumb. The company expanded there again by opening RISE Dispensary Hanover in July.
Moreover, management highlighted Pennsylvania among several markets where its brands maintained leading market share positions.
Green Thumb has also been expanding its Florida presence. The company opened its 24th Florida location in Port St. Lucie in August.
Financially, Green Thumb produced the highest quarterly revenue among these three companies. Second-quarter revenue reached $306.7 million, increasing 4.6% from the previous year.
Retail revenue increased 3.6%, despite pricing pressure across several important cannabis markets.
Green Thumb generated $137.9 million in gross profit, representing 45% of revenue. However, gross margin declined from 49.9% one year earlier.
Management attributed part of that decline to licensing fees and continued price compression.
Nevertheless, Green Thumb remained profitable. GAAP net income reached $4.9 million, or $0.02 per diluted share.
Normalized EBITDA totaled $84.3 million, representing 27.5% of revenue. Operating cash flow reached $29 million during the quarter.
Furthermore, Green Thumb ended June with $283.6 million in cash. The company also repurchased approximately 7.9 million shares for $48.3 million during the quarter.
In September, Green Thumb announced another $50 million share repurchase program. That decision adds another financial development for GTBIF investors to monitor closely.
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