Top Marijuana Stocks to Watch in May 2026
The cannabis sector continues to attract investors seeking long-term growth opportunities in 2026. Although volatility remains high, many marijuana companies are improving operations and cutting costs. At the same time, investors continue watching potential federal reform closely. Rescheduling discussions and banking reform could become major catalysts for the industry.
Several cannabis operators are also continuing to expand their dispensary footprints across key U.S. markets. Florida, Nevada, and California remain key states for future cannabis growth. Additionally, companies with strong branding and retail exposure could outperform competitors during the next market cycle. Because of this, many traders continue building marijuana stock watchlists for May 2026.
Three marijuana stocks standing out this month are Planet 13 Holdings, Glass House Brands, and Verano Holdings. Each company offers different strengths within the cannabis sector. Some focus heavily on retail expansion, while others prioritize cultivation efficiency and branded products. Investors should still practice proper risk management, as cannabis stocks remain highly speculative. However, these companies continue to show growth potential amid a changing cannabis landscape.
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Top Cannabis Stocks Under Investor Watch in May 2026
- Planet 13 Holdings (OTC: PLNH)
- Glass House Brands (OTC: GLASF)
- Verano Holdings (OTC: VRNOF)
Planet 13 Holdings (OTC: PLNH)
Planet 13 Holdings remains one of the cannabis industry’s most recognizable retail brands. The company became famous through its massive Las Vegas SuperStore concept. Its locations combine cannabis sales with entertainment-style customer experiences. As a result, Planet 13 has built strong brand recognition among cannabis consumers and investors.
The company’s largest presence remains in Nevada. However, Planet 13 has expanded operations into California, Florida, and Illinois. Florida, especially, remains an important long-term opportunity for the company. The state continues to grow rapidly within the medical marijuana market. Additionally, many investors still believe adult-use legalization could eventually return to the ballot.
Planet 13 operates multiple dispensaries while also investing in cultivation and production facilities. Management continues to focus heavily on premium-branded products and retail expansion. Furthermore, the company aims to create destination-style dispensaries that separate it from competitors. As a result, PLNH continues attracting attention from speculative cannabis investors.
Cannabis reform discussions also remain important for the company’s future growth. Banking reform and federal rescheduling could improve margins throughout the industry. Additionally, stronger tourism spending could help Planet 13’s Las Vegas operations later in 2026. Consequently, many traders continue monitoring PLNH closely during sector pullbacks.
Planet 13 recently reported first-quarter 2026 financial results. Revenue came in around $21 million during the quarter. Meanwhile, the company reported a net loss because of ongoing industry pressure and expansion costs. However, management improved gross margins through stronger operational efficiency. Gross margin increased compared to previous quarters.
The company also continues restructuring portions of its operations. Management remains focused on improving cash flow and reducing unnecessary expenses. Additionally, Planet 13 continues emphasizing higher-margin branded cannabis products across its retail locations. Investors are now watching closely for stabilization in future quarterly revenue trends.
Florida expansion may also become a major catalyst moving forward. The state remains one of America’s largest cannabis markets. If adult-use legalization eventually passes, Planet 13 could see significantly stronger retail demand. Therefore, PLNH remains one of the top marijuana stocks to watch in May 2026.
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Glass House Brands (OTC: GLASF)
Glass House Brands has become one of California’s largest vertically integrated cannabis companies. The company focuses heavily on greenhouse cultivation and low-cost cannabis production. Because of its large-scale farming operations, Glass House maintains efficiency advantages compared to many competitors. Additionally, the company continues to expand its retail operations across California.
California remains the company’s largest and most important market. Glass House currently operates several dispensary locations throughout the state. The company also continues to expand its distribution partnerships and branded product offerings. Consequently, GLASF remains a popular cannabis stock among investors seeking California exposure.
Glass House continues to emphasize premium flower products and operational efficiency. Management remains focused on reducing cultivation costs during difficult market conditions. Furthermore, the company believes scale advantages will eventually improve long-term profitability. Investors continue watching the company closely as California cannabis pricing stabilizes.
Federal reform discussions also remain important for Glass House Brands. Improved banking access and tax reform could help profitability across the industry. Additionally, federal reform could improve investor sentiment toward cannabis stocks overall. Because of this, many traders continue monitoring GLASF during sector rallies and pullbacks.
Glass House recently released preliminary first-quarter 2026 financial results. The company reported quarterly revenue of nearly $40 million. That result slightly exceeded management expectations entering the quarter. However, margins declined due to pricing pressure in California’s cannabis market.
The company also reported strong production numbers during the quarter. Glass House produced large amounts of cannabis biomass across its greenhouse facilities. Additionally, management maintained full-year revenue guidance despite challenging market conditions. However, profitability expectations were lowered due to higher operational costs and weaker pricing.
Despite those challenges, Glass House continues to focus on long-term growth opportunities. Management believes California market conditions may improve later in 2026. Furthermore, the company continues investing in cultivation scale and branded products. Consequently, GLASF remains one of the most closely watched marijuana stocks this month.
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Verano Holdings (OTC: VRNOF)
Verano Holdings remains one of the largest multistate cannabis operators in the United States. The company operates through its Zen Leaf and MÜV dispensary brands. Verano maintains operations across numerous U.S. cannabis markets. Additionally, the company controls cultivation, manufacturing, and retail assets nationwide.
Florida remains Verano’s largest operational market. The company operates a large number of dispensaries throughout the state. Nationwide, Verano has expanded to more than 160 retail locations. That footprint makes the company one of America’s largest cannabis retailers. Furthermore, management continues to open additional dispensaries during 2026.
Verano also continues growing its branded cannabis product lineup. The company sells flower, concentrates, edibles, and vape products across several states. Additionally, management remains focused on operational efficiency and long-term retail growth. Because of its scale, many investors consider Verano one of the strongest cannabis operators in the industry.
Federal cannabis reform could become another major catalyst for the company. Schedule III reform discussions may significantly reduce tax burdens for operators like Verano. Improved banking access could also strengthen future expansion opportunities. Therefore, VRNOF continues attracting attention from long-term cannabis investors.
Verano recently reported strong first-quarter 2026 financial results. Quarterly revenue reached roughly $208 million during the period. Revenue increased sequentially compared to the previous quarter. However, year-over-year revenue declined slightly due to promotional activity and wholesale pricing pressure.
The company still generated strong gross profit margins during the quarter. Additionally, adjusted EBITDA remained solid despite industry challenges. Management also approved a share repurchase program, showing confidence in the company’s long-term value. Investors viewed that decision as a positive signal during a difficult cannabis market.
Verano continues producing strong retail performance in Florida and Pennsylvania. Furthermore, the company plans to open additional dispensaries throughout 2026. Management also continues expanding branded cannabis product offerings across multiple markets. Because of this, VRNOF remains one of the top marijuana stocks to watch in May 2026.
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