Top U.S. Marijuana Stocks to Watch in October 2025
The U.S. cannabis industry continues to expand as legalization momentum gains strength across multiple states. In 2025, analysts expect the legal marijuana market to generate over $45 billion in annual revenue, driven by new adult-use programs and medical market growth. This impressive expansion highlights the sector’s resilience despite federal restrictions and volatile capital markets. Moreover, investors are increasingly monitoring multistate operators with proven profitability, strong retail presence, and effective cost controls. These companies are well-positioned to capture rising consumer demand and future policy shifts.
Recent headlines surrounding potential federal rescheduling and banking reform have reignited interest in top-tier cannabis equities. Consequently, traders and investors are watching for trend reversals and volume confirmations across key technical levels. Using technical analysis and risk management remains essential when navigating these volatile stocks. This week, three leading U.S. marijuana companies—Trulieve Cannabis (TCNNF), Cresco Labs (CRLBF), and Verano Holdings (VRNOF)—stand out as top stocks to watch in October 2025.
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October 2025 Cannabis Watchlist: U.S. Operators Poised for Profit and Policy Gains
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Cresco Labs Inc. (OTC: CRLBF)
- Verano Holdings Corp. (OTC: VRNOF)
Trulieve Cannabis Corp. (TCNNF)
Trulieve Cannabis is one of the largest and most profitable multistate cannabis operators in the United States. Founded in Florida, the company dominates the state’s medical cannabis market, operating 190+ dispensaries nationwide as of late 2025. Most of these are concentrated in Florida, where Trulieve continues to expand its cultivation and retail footprint. Additionally, the company operates in key markets such as Arizona, Georgia, and Pennsylvania. Through strategic acquisitions, including Harvest Health & Recreation, Trulieve strengthened its Western U.S. presence.
Trulieve’s business model emphasizes vertical integration—controlling every step from cultivation to retail. This approach has allowed it to maintain strong margins while scaling efficiently. As the company awaits potential adult-use approval in Florida, it remains one of the most established names in the U.S. cannabis industry. Its extensive dispensary network and loyal customer base continue to support revenue stability amid market volatility.
In its most recent quarterly report, Trulieve posted revenue of approximately $305 million, reflecting sequential growth driven by expanded retail operations. Gross profit margin stood around 54%, indicating strong operational control. Additionally, the company reported positive adjusted EBITDA exceeding $80 million, signaling consistent profitability despite price compression in certain markets. Trulieve has also reduced its debt load through disciplined cost management and refinancing efforts.
Notably, the company ended the quarter with more than $160 million in cash, offering ample liquidity for expansion and regulatory adaptation. Although net losses remain due to non-cash charges, Trulieve’s fundamentals remain resilient. Moving forward, investors should watch for progress on Florida’s potential adult-use legalization ballot, which could meaningfully boost revenue. As one of the few MSOs maintaining sustained profitability, Trulieve remains a cornerstone for cannabis investors this fall.
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Cresco Labs Inc. (CRLBF)
Cresco Labs is a major multistate operator headquartered in Chicago, Illinois. The company’s mission focuses on normalizing cannabis through compliance and quality products. It currently operates 70+ dispensaries across 10 states, including Illinois, Pennsylvania, Ohio, and Florida. Its flagship retail brand, Sunnyside, has become one of the most recognized cannabis retail banners in the U.S.
Cresco’s vertically integrated operations span cultivation, manufacturing, and retail. Moreover, the company’s wholesale division is among the largest in the country, supplying cannabis products to over 1,500 dispensaries. This strong wholesale presence gives Cresco a unique advantage during pricing volatility. Additionally, its commitment to social equity and brand development has strengthened its market position. As U.S. federal reform draws closer, Cresco’s balanced geographic exposure could offer meaningful upside potential for investors in 2025.
In its latest financial update, Cresco Labs reported revenue of roughly $188 million, reflecting a modest year-over-year decline due to industry price pressure. However, the company maintained solid gross margins near 50%, supported by efficiency improvements in cultivation and production. Adjusted EBITDA reached approximately $42 million, marking steady quarter-over-quarter performance.
Cresco also continued to focus on deleveraging its balance sheet, reducing long-term debt, and optimizing working capital. Despite temporary challenges from delayed regulatory approvals in key markets, management reaffirmed its profitability goals for 2025. Importantly, Cresco’s operating cash flow remained positive, a key indicator of financial health. Investors should also monitor its growing share in emerging markets like Florida and Pennsylvania. With a diversified business model and a disciplined financial strategy, Cresco remains a key contender for growth once federal barriers are eased.
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Verano Holdings Corp. (VRNOF)
Verano Holdings is one of the fastest-growing U.S. cannabis companies, recognized for its premium retail and cultivation assets. Headquartered in Chicago, the company operates over 140 dispensaries across 13 states, including major markets such as Illinois, New Jersey, Florida, and Pennsylvania. Verano also manages 15 cultivation and production facilities, ensuring vertical integration and brand consistency. Its well-known retail brands—Zen Leaf and MÜV—are recognized for high-quality products and upscale retail experiences.
Verano’s strategy focuses on profitability and operational efficiency. Unlike some peers, it has pursued steady organic growth rather than overleveraged acquisitions. This discipline has allowed Verano to expand while preserving cash and margins. Additionally, it continues to benefit from the ongoing rollout of adult-use cannabis in states like Maryland and New Jersey, both of which are major revenue drivers. With a strong footprint in limited-license states, Verano remains positioned for sustainable long-term growth.
Financially, Verano posted quarterly revenue exceeding $235 million, representing modest year-over-year growth amid challenging pricing conditions. The company reported an adjusted EBITDA of around $80 million, demonstrating solid operational performance. Gross margins remained strong at nearly 48%, supported by effective cost control and expanding retail sales.
Verano’s management emphasized free cash flow generation, marking one of the best liquidity positions among MSOs. The firm reduced total debt to roughly $330 million, a sign of fiscal discipline during a capital-tight environment. Although net losses persist due to non-cash charges, Verano continues improving profitability quarter over quarter. Investors are closely watching its expansion into new adult-use markets and potential M&A opportunities. As legalization momentum builds, Verano’s scale and efficiency make it a top U.S. marijuana stock to watch in October 2025.
Final Outlook
Trulieve, Cresco Labs, and Verano represent the strongest pillars of the American cannabis landscape. Each combines operational scale, disciplined cost management, and strategic expansion in key regulated states. As federal reform discussions intensify, these MSOs may offer meaningful upside for patient investors. However, volatility remains high, making technical analysis and risk management essential tools for identifying precise entry points. With legalization momentum growing and financial fundamentals improving, October 2025 could mark a turning point for top U.S. marijuana stocks.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
