Washington Shifts Cannabis Policy: 3 Marijuana Stocks in Focus
The U.S. cannabis industry enters October 2026 with federal marijuana policy moving in a dramatically different direction. In April, the Justice Department placed qualifying state-licensed medical marijuana and FDA-approved marijuana products into Schedule III. Previously, marijuana remained under Schedule I alongside substances considered to have no accepted medical use. The change followed President Trump’s December 2025 executive order calling for faster action on medical marijuana rescheduling. However, the April order did not legalize recreational marijuana nationwide. Instead, it created separate treatment for qualifying medical marijuana while broader cannabis remained subject to additional federal proceedings. The administration also directed agencies to support expanded marijuana and cannabidiol research. Furthermore, federal regulators created a pathway for qualifying state medical marijuana businesses to register with the DEA. These developments represent one of the biggest federal cannabis policy shifts in decades. Consequently, marijuana investors enter October watching Washington almost as closely as company earnings.
Federal Marijuana Rules Evolve
However, broader federal rescheduling remains unfinished as October begins. The DEA held hearings from June 29 through July 15 regarding broader Schedule III treatment for marijuana. Then, another important development arrived near the end of September. On September 29, the administrative law judge overseeing the proceedings issued a stay. The decision followed concerns after a Government Accountability Office report identified weaknesses in federal drug-scheduling procedures. Investors hoping for another quick federal breakthrough were reminded that regulatory changes can take time. Schedule III treatment could still create significant long-term opportunities for marijuana companies.
Additionally, changes could expand research opportunities and potentially reduce certain federal tax burdens for qualifying medical businesses. However, federal recreational legalization remains a separate issue. Hemp-derived THC products are also facing tighter federal restrictions. As a result, cannabis stocks remain highly sensitive to developments in Washington. Against this changing backdrop, AYR Wellness, Glass House Brands, and FLUENT are three marijuana companies to watch in October.
[Read More] Cannabis Stocks Enter A New Moment Of Financial Discipline
Cannabis Reform in Focus: 3 Stocks to Watch in October 2026
- AYR Wellness (OTC: AYRWF)
- Glass House Brands (OTC: GLASF)
- FLUENT Corp. (OTC: CNTMF)
AYR Wellness (AYRWF)
AYR Wellness has historically operated as a vertically integrated cannabis company across several major American marijuana markets. The company built its business around cultivation, manufacturing, branded products, and a large dispensary network. Florida became AYR’s largest retail market, giving the company significant exposure to one of America’s biggest medical marijuana markets. AYR historically operated approximately 67 dispensaries across Florida.
The company also expanded into Pennsylvania, Massachusetts, New Jersey, Nevada, Ohio, and other markets. Its overall retail footprint previously included more than 90 licensed dispensaries. AYR also developed several recognizable cannabis brands, including Kynd, Haze, and Later Days. However, the company’s financial problems eventually overshadowed its expanding retail footprint. Heavy debt and continued operating pressures forced AYR into a significant restructuring process. Consequently, investors considering AYRWF in October are looking at something very different from the growing multistate cannabis operator that existed several years ago.
Latest Financials
AYR’s latest available first-quarter 2025 financial results showed revenue of approximately $107.3 million. That compared with approximately $118 million during the same quarter one year earlier. Therefore, revenue declined roughly 9% year over year. Retail revenue contributed approximately $90.9 million, while wholesale operations generated another $16.4 million. Meanwhile, gross profit dropped to approximately $32.8 million from $50.7 million one year earlier. Adjusted EBITDA from continuing operations totaled approximately $19.2 million. However, that figure was down from roughly $29.1 million in the prior-year quarter. AYR also reported a net loss attributable to the company of approximately $57.1 million. More importantly, financial pressures eventually pushed the company toward restructuring and asset transfers. Several major operating assets have since moved to Arboretum, which senior secured noteholders established. Consequently, AYRWF enters October as an extremely speculative cannabis investment rather than a conventional growth stock.
[Read More] 3 Cannabis Stocks to Watch Heading Out of September
Glass House Brands (GLASF)
Glass House Brands has developed one of the largest cannabis cultivation operations in California. Rather than building its strategy primarily around dispensaries, Glass House has emphasized large-scale, lower-cost greenhouse cultivation. The company’s cultivation footprint totals roughly six million square feet. Therefore, Glass House can produce cannabis at a scale few American operators can match. California remains the company’s largest and most important market. Historically, Glass House also operated ten California dispensaries through retail brands, including Farmacy and Natural Healing Center.
However, the company deconsolidated its retail operations in June 2026. Consequently, investors should separate that historical ten-store footprint from the company’s current operating structure. Glass House is now increasingly centered around wholesale cannabis production and branded consumer products. Its brands include Glass House Farms, Allswell, PLUS, and Mama Sue Wellness. Its massive greenhouse capacity also provides significant production potential. That makes Glass House an interesting marijuana company to watch during October.
Latest Financials
Glass House reported second-quarter 2026 revenue of approximately $47 million from continuing operations. That represented a major sequential improvement from $28.6 million during the first quarter. However, revenue remained slightly below the $47.6 million reported during the comparable 2025 period. Gross profit reached approximately $15.8 million, producing a gross margin near 34%. Meanwhile, adjusted EBITDA improved significantly to approximately $5.7 million. That compared with negative adjusted EBITDA of roughly $4.2 million during the previous quarter. Production also reached a company record of approximately 245,746 equivalent dry pounds. Production costs also declined to approximately $122 per pound from $175 in the first quarter. Wholesale biomass generated approximately $41.7 million, accounting for most quarterly revenue. Glass House also ended June with approximately $22.1 million in cash, restricted cash, and cash equivalents. Therefore, October investors should closely watch wholesale pricing, production growth, costs, and improving operating margins.
[Read More] Cannabis Stocks Enter A New Era For Investors And Enthusiasts
FLUENT Corp. (CNTMF)
FLUENT Corp., formerly associated with the Cansortium name, operates a vertically integrated cannabis business with substantial exposure to Florida. The company operates cultivation, manufacturing, distribution, and retail operations across regulated marijuana markets. Florida remains FLUENT’s largest and most important market by a considerable margin. At the end of the second quarter, the company operated 32 dispensaries in Florida.
Additionally, FLUENT opened another dispensary in Palm Bay during July 2026. That expansion increased its Florida retail footprint to 33 locations after quarter-end. The company also operated one retail location in New York during the second quarter. Therefore, FLUENT had 34 retail locations across its operating footprint following the Palm Bay opening. The company has also maintained production operations in Florida, New York, and Texas. However, management entered into an agreement to sell its Texas operations during 2026. Consequently, Florida remains especially important for investors evaluating FLUENT as we head further into October.
Latest Financials
FLUENT reported second-quarter 2026 revenue from continuing operations of approximately $17.1 million. That declined from approximately $22.8 million in the second quarter of 2025. Florida contributed approximately $12.8 million of quarterly revenue. However, Florida revenue declined from roughly $19.2 million during the comparable period one year earlier. Gross profit before fair-value adjustments reached approximately $4.3 million. Meanwhile, adjusted EBITDA totaled approximately $300,000, compared with approximately $3.6 million one year earlier. Operating cash flow remained positive at roughly $800,000. Additionally, FLUENT finished June with approximately $4.5 million in cash and cash equivalents. Debt remains an important concern, with approximately $79.7 million outstanding at quarter-end. Management continues working to lower expenses and improve operating efficiency. Meanwhile, developments surrounding the proposed Vireo Growth transaction remain another potential catalyst. Therefore, CNTMF remains speculative, but Florida performance, margins, debt reduction, and federal cannabis reform deserve attention throughout October.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
