Top 3 U.S. Marijuana Stocks to Watch in February 2026
The U.S. cannabis sector enters February 2026 at a critical inflection point. Market sentiment has improved, yet investors remain selective. After several years of consolidation, attention is shifting toward operators with scale and execution. As a result, established multi-state operators continue drawing interest.
Although price volatility remains, long-term demand continues growing. State-level legalization continues to expand, while medical programs remain stable. Meanwhile, federal reform discussions still influence sentiment, even without firm timelines. Therefore, investors are focusing on companies positioned to survive uncertainty.
Profitability now matters more than rapid expansion. Companies are tightening operations and protecting margins. In addition, retail scale and brand strength provide stability during downturns. These factors help separate leaders from weaker competitors.
This article highlights three U.S. marijuana stocks worth watching in February 2026. Each company operates at scale and maintains a strong retail footprint. Together, they represent key players shaping the future of U.S. cannabis.
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Top U.S. Cannabis Operators to Watch as 2026 Momentum Builds
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Verano Holdings Corp. (OTC: VRNOF)
Trulieve Cannabis Corp. (TCNNF)
Trulieve Cannabis Corp. remains one of the most dominant cannabis operators in the United States. The company operates a vertically integrated business model. It focuses on cultivation, processing, distribution, and retail sales. As a result, Trulieve maintains control across the entire value chain.
Trulieve’s largest presence remains in Florida. The state continues serving as the company’s core revenue engine. However, Trulieve has expanded aggressively beyond Florida. It now operates in states like Pennsylvania, Arizona, Maryland, Ohio, and Connecticut. These markets provide exposure to both medical and adult-use demand.
As of early 2026, Trulieve operates more than 230 dispensaries nationwide. This large footprint gives the company strong brand visibility. Additionally, its loyalty program continues driving repeat customer visits. Trulieve also offers a wide product portfolio across flower, edibles, concentrates, and vapes.
Importantly, the company has focused on disciplined expansion. Instead of chasing growth at any cost, Trulieve targets profitable markets. This approach has helped it remain competitive during industry slowdowns. Consequently, Trulieve continues ranking among the largest U.S. cannabis companies by revenue.
From a financial perspective, Trulieve has emphasized cash flow and balance sheet strength. Recent quarterly results showed stable revenue despite pricing pressure. Gross margins remained healthy compared to industry peers. This reflects efficient cultivation and strong retail execution.
Operating cash flow continues to support day-to-day operations. Meanwhile, management has taken steps to address near-term debt obligations. Strategic refinancing actions have extended maturities and improved liquidity. These efforts reduce financial risk during uncertain conditions.
Although net income remains pressured, Trulieve’s core operations remain resilient. The company continues generating meaningful EBITDA. Capital expenditures are now more targeted, which supports margin protection. Additionally, Trulieve maintains sufficient cash reserves to fund selective growth.
Looking ahead, Trulieve remains well-positioned. Its dominant retail presence and operational discipline provide stability. As regulatory clarity improves, the company could benefit significantly from its scale and infrastructure.
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Curaleaf Holdings, Inc. (CURLF)
Curaleaf Holdings stands as the largest cannabis company in the United States by revenue. The company operates across numerous states and markets. Its scale provides diversification and risk mitigation. As a result, Curaleaf remains a cornerstone of the U.S. cannabis industry.
Curaleaf operates more than 160 dispensaries nationwide. Its largest retail presence is in Florida. The state continues to account for a significant share of total sales. Additionally, Curaleaf maintains strong positions in New Jersey, New York, Arizona, and Illinois. These states offer exposure to high-population markets.
The company also operates extensive cultivation and processing facilities. This vertical integration supports a consistent product supply. Curaleaf’s brand portfolio includes Select, Grassroots, and Curaleaf-branded products. These brands remain well recognized among consumers.
Importantly, Curaleaf continues focusing on operational efficiency. Rather than aggressive expansion, the company prioritizes optimizing existing assets. This strategy helps preserve margins and improve cash flow. Consequently, Curaleaf remains one of the most resilient operators during market volatility.
Financially, Curaleaf continues generating over a billion dollars in annual revenue. Recent quarterly trends showed stabilization after prior declines. Sequential improvements reflected stronger retail performance and cost controls. Gross margins improved modestly, despite competitive pricing pressures.
Adjusted EBITDA remains a key focus for management. The company continues to reduce expenses and streamline operations. Debt management also remains a priority heading into 2026. Curaleaf has worked to extend maturities and improve capital structure flexibility.
While net profitability remains elusive, losses have narrowed compared to prior years. This improvement reflects disciplined spending and operational focus. Additionally, Curaleaf continues investing selectively in adult-use markets with high returns.
Looking forward, Curaleaf’s size offers unique advantages. Its nationwide footprint positions the company well for federal reform. If regulatory changes occur, Curaleaf could scale rapidly due to its infrastructure.
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Verano Holdings Corp. (VRNOF)
Verano Holdings is a vertically integrated cannabis operator headquartered in Chicago. The company operates across multiple U.S. states. Its footprint includes Illinois, Florida, New Jersey, Pennsylvania, and Arizona. These states represent key cannabis markets.
Verano operates dozens of retail dispensaries under brands like Zen Leaf and MÜV. While smaller than some peers, its retail network remains strategically placed. The company also maintains cultivation and processing facilities to support wholesale operations.
Product quality remains central to Verano’s strategy. The company emphasizes premium offerings and consistent branding. This focus helps attract loyal customers across competitive markets. Additionally, Verano continues expanding selectively where regulations allow.
Although Verano operates fewer dispensaries than its larger peers, its footprint remains meaningful. The company balances retail growth with operational discipline. As a result, Verano has remained relevant in a challenging market.
Financially, Verano has faced revenue pressure over the past year. Industry pricing compression and competition impacted top-line results. However, management has focused heavily on cost control. This approach has helped protect margins relative to peers.
Adjusted EBITDA margins remain competitive despite revenue challenges. Verano has also taken steps to improve liquidity. Amendments to credit facilities have provided flexibility. These actions reduce near-term financial strain.
Net losses remain significant, reflecting ongoing investments and restructuring costs. However, leadership continues to prioritize operational efficiency. Capital spending has slowed, which supports cash preservation.
Looking ahead, Verano remains a higher-risk, higher-reward operator. If market conditions improve, operating leverage could drive meaningful upside. For investors seeking exposure beyond the largest operators, Verano remains worth watching in February 2026.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
