Top U.S. Marijuana Stocks to Watch in November 2025
The U.S. cannabis industry continues to attract growing investor attention as legalization momentum builds nationwide. Legal cannabis sales in the United States reached roughly $38.5 billion in 2024, showing impressive expansion despite economic challenges. Furthermore, analysts expect the market to grow by about 11.5 percent annually through 2030, signaling strong future demand. Recent headlines suggest progress on federal rescheduling, which could reduce restrictions and boost investor confidence. As more states expand recreational programs, multi-state operators are positioned to benefit from rising consumer adoption. Therefore, this week’s marijuana stocks to watch offer compelling setups for those following market catalysts closely.
However, success in cannabis investing requires proper technical analysis and disciplined risk management. Traders should monitor key chart patterns such as breakout confirmations, consolidation zones, and volume increases before entering trades. Moreover, protecting capital with stop-loss orders and defined risk-to-reward ratios remains essential. Since volatility often accompanies industry headlines and earnings reports, prudent sizing and patience are vital. By combining technical setups with strong fundamentals, investors can navigate short-term price swings while positioning for long-term sector growth.
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November 2025 Cannabis Watchlist: Green Thumb, Glass House, and Verano Lead the Way
- Green Thumb Industries Inc. (OTC: GTBIF)
- Glass House Brands Inc. (OTC: GLASF)
- Verano Holdings Corp. (OTC: VRNOF)
Green Thumb Industries Inc. (GTBIF)
Green Thumb Industries Inc. is a national multi-state operator headquartered in Chicago, Illinois. With operations spanning 14 U.S. states, it serves both medical and adult-use consumers. Moreover, its retail network under the “RISE” brand exceeds 100 stores. In fact, the company reported that 101 RISE dispensaries have opened across its footprint. The business model combines retail, vertically integrated cultivation, and consumer-branded products. Because of this broad presence, Green Thumb stands out among U.S. operators for scale and consistency. Also, the firm emphasizes growth in limited-license markets and brand development. Thus, it becomes a key candidate for investor attention in November 2025.
Latest Financials
Turning to its recent financials, the company reported full-year 2024 revenue of roughly $1.1 billion, an 8 percent increase over the prior year. It generated cash flow from operations of $195 million (net of $131 million in tax payments). It reported GAAP net income of $73 million, or $0.31 per basic share, and adjusted EBITDA of $371 million (about 33 percent of revenue). In its first quarter of 2025, the company reported revenue of approximately $280 million, a 1 percent year-over-year increase; cash flow from operations was $74 million; cash at quarter-end was $211 million; and adjusted EBITDA was $85 million, or about 31 percent of revenue. However, comparable-store retail sales were down about 5.3 percent, reflecting price pressure. Given this mix of positive cash generation and margin strength, even amid macro headwinds, Green Thumb represents a compelling watchlist candidate for November.
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Glass House Brands Inc. (GLASF)
Glass House Brands Inc. is a California-centric vertically integrated cannabis company focusing on greenhouse cultivation, manufacturing, and retailing. Its operations are anchored in the California market—the largest legal cannabis market in the U.S.—where it claims a top-five position in flower brands. The company also operates approximately 10 dispensary stores in California via its retail portfolio. Furthermore, its integrated greenhouse facilities span approximately 6 million square feet of cultivation area in Southern California. Because of this strong California focus and operational scale, Glass House is positioned to capitalize on regulatory changes or adult-use expansions that evolve. Additionally, the company emphasizes cost-efficient production and branded consumer packaged goods to differentiate itself.
Latest Financials
On the financial front, the latest results show meaningful growth and an improving cost structure. For the full year 2024, the company reported net revenue of about $200.9 million, a 25% year-over-year increase. In its fourth quarter, the firm recorded revenue of $53.0 million (up 31 percent year-over-year), adjusted EBITDA of $9.0 million (up 139 percent year-over-year), and biomass production of 165,074 pounds (up 60 percent year-over-year) with a cost per dry equivalent pound of $110. In its first quarter of 2025, the company reported revenue of $45 million (up 49 percent year-over-year), a gross margin of 45 percent, adjusted EBITDA of $4.4 million, and cultivation costs per pound of $108. The upward trajectory in growth and cost control bodes well; however, the company remains dependent on California’s regulatory environment and competitive dynamics. Thus, Glass House merits a spot on the November watchlist.
Verano Holdings Corp. (VRNOF)
Verano Holdings Corp. is a multi-state operator with a broad footprint across the United States. The company’s active operations span 13-14 states and include retail dispensary brands such as MÜV and Zen Leaf. As of mid-2025, the company reported approximately 142 retail dispensaries nationwide, including over 80 in Florida alone, demonstrating a strong presence in key growth markets. Verano is vertically integrated, operating cultivation, processing, and retail facilities, which provides scale advantages and brand flexibility. Because of its diversified geographic exposure and retail scale, Verano is positioned to benefit from broader U.S. cannabis market developments and potential regulatory progress.
Latest Financials
Examining its financials, full-year 2024 revenue was approximately $879 million, down from $938 million in full-year 2023. Gross profit for 2024 was around $444 million, or about 51 percent of revenue, compared to $475 million, or 51 percent, for 2023. SG&A expenses rose to $353 million, or 40 percent of revenue, up from $332 million, or 35 percent, in 2023; and net loss widened to $(342) million, or roughly 39 percent of revenue, compared to $(117) million, or 13 percent of revenue, in 2023. Adjusted EBITDA for full-year 2024 was $264 million, or 30 percent of revenue.
In its first quarter of 2025, the company reported a gross profit of $100 million, or 47 percent of revenue; SG&A expenses of $85 million, or 40 percent of revenue; a net loss of $(12) million, or 5 percent of revenue; and an adjusted EBITDA of $54 million, or 26 percent of revenue. Additionally, in the second quarter of 2025, the company reported revenue of about $202 million, gross profit of $113 million (56 percent of revenue), SG&A of $86 million (43 percent of revenue), net loss of $(19) million or (9 percent) of revenue, and adjusted EBITDA of $66 million or 33 percent of revenue. While Verano’s scale and retail footprint are significant, the company still bears legacy losses and cost pressures. Therefore, it is a watchlist inclusion for investors who accept higher risk for potential upside as the regulatory landscape evolves.
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American Marijuana Companies Poised for Growth
In summary, November 2025 presents interesting opportunities in the U.S. cannabis sector. Green Thumb Industries offers scale, positive cash flow, and strong margins, making it a strong watchlist candidate. Glass House Brands delivers growth in a focused California market, with improving cost metrics, and thus merits attention. Verano Holdings brings broad national reach and retail scale, albeit with elevated risk given its recent losses, which may offer a rebound opportunity if regulatory momentum returns. As always, investors should carefully apply technical analysis, watch for chart setups, and manage risk appropriately given the sector’s regulatory, pricing, and valuation uncertainties.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
