CRB Monitor Securities Update | March 2026

Cannabis-themed equities experienced a broad-based decline in March 2026, extending the weak start to the year and reinforcing the cannabis sector’s persistent volatility. Cannabis-themed indexes moved lower across the board, with the American Cannabis Operator Index down 5.5% during the month and the AdvisorShares Pure U.S. Cannabis ETF (MSOS) falling 8.5%, which is now down nearly 25% year-to-date. Canadian licensed producers and Tier 2 businesses were down as well, highlighting that weakness was not isolated to a single geography or cannabis-related sector, but rather highlights the entire industry’s sensitivity to global events.

Uncertainty tends to lead to emotion and of course, volatility, in the capital markets. We have seen this movie before – 1987, 2001, 2008 – and now 2026, as we witness what happens when 20% of the world’s energy supply remains in a holding pattern. And investors are getting motion sickness with the fear that the Strait of Hormuz could be closed, or at least severely limited, for the foreseeable future.

Performance dispersion at the company level was high, as is typically the case in this volatile, illiquid space. Only a handful of names posted modest gains while others saw double-digit declines, underscoring the continued sensitivity of cannabis equities to company-specific developments, capital structure pressures, and liquidity constraints. And as has been the case for more than a half decade, the slow pace of any regulatory progress at the U.S. Federal Government has all but removed any remaining cannabis investors’ optimism.

From an industry perspective, March reflected a disconnect between improving fundamentals and weak equity performance. On the operational side, select companies continued to report revenue growth—such as rising international cannabis sales and expanding margins in certain segments—while long-term demand expectations remain supported by potential U.S. regulatory reform and global market expansion. However, investor sentiment remained constrained by the lack of near-term federal policy clarity, persistent balance sheet challenges, and broader macroeconomic headwinds. The month also highlighted the speculative nature of the space, with isolated extreme moves—such as a legacy cannabis-related company surging over 900% following a strategic pivot—contrasting sharply with the sector’s overall decline. Taken together, March 2026 reinforced the view that while the cannabis industry continues to evolve operationally, equity market performance remains uneven and highly dependent on external catalysts.

The two largest US plant-touching cannabis-themed ETFs, the Amplify Alternative Harvest ETF (NYSE Arca: MJ) (-11.3%) and the actively-managed MSO-heavy Advisorshares Pure US Cannabis ETF (NYSE: MSOS) (-8.5%) survived for another month without any wild swings but still struggle to attract new capital.

Cannabis-Linked Equity Performance

The CRB Monitor equally-weighted basket of top Pure Play Tier 1 CRBs closed out March in negative territory, with a return of -7.7%. This portfolio is an equally-weighted basket of the largest pure play Ther 1 CRBs (representing both US plant-touching and non-US plant-touching MJ companies). The CRB Monitor equally-weighted basket of Tier 2 CRBs outperformed the Tier 1 CRB basket, posting a -1.2% return for March 2026. In August 2025 CRB Monitor published an update to our article on correlations of Pure Play Tier 1 and Tier 2 CRBs , which also analyzed the correlations of MSOs and Canadian operators. What we have observed historically is that these two groups tend to display high correlation (>0.50) in the long term, while their respective performance has a tendency to diverge in the short term. This can be due to (among other factors) the lag from the impact of market forces (in this case marijuana rescheduling) that affect their sources of revenue that are derived from the Tier 1 group. If this theory holds, investors would be expected to load up on Tier 2 CRBs in the short term and we would witness this gap narrow over time.

U.S. equities delivered a volatile but ultimately modestly negative performance in March 2026, with the S&P 500 declining 4.9% for the month amid heightened geopolitical tensions, persistent inflation concerns, and a rotation away from large-cap technology stocks. Early and midmonth trading was marked by sharp swings, including the index’s longest losing streak of the year and a breach of key technical levels such as the 200-day moving average, reflecting deteriorating investor sentiment. Energy stocks were the primary source of gain, supported by surging oil prices tied to the ongoing Middle East conflict. Meanwhile, growth-oriented sectors, particularly technology, lagged as valuations were reassessed. The S&P 500 (represented by the SPDR S&P 500 ETF Trust (NYSE Arca: SPY)) posted a return of -4.9% for the month of March.

Largest Tier 1 Pure Play & Tier 2 CRBs by Market Cap – March 2026 Returns

An equally-weighted basket of the largest Tier 1 pure-play cannabis equities (a combination of MSO and CAD companies) retreated in March, with the majority of the basket in negative territory for the month. Tier 1 CRBs finished the month behind the Tier 2 basket (-5.4% vs. -3.4%).

CRB Monitor Tier 1

The  a wide range of returns across the Tier 1 CRB universe in March 2026. In the MSO basket, Trulieve Cannabis Corp. (CSE: TRUL) (-12.2%), Tier 1B Cresco Labs Inc. (CSE: CL) (-10.3%), Tier 1Bs TerrAscend Corp. (TSX: TSND) (-2.2%) and Curaleaf Holdings, Inc. (CSE: CURA) (-6.0%) all landed in negative territory. Closer-to-flat Tier 1B Verano Holdings Corp. (CSE: VRNO) (-0.7%), and Green Thumb Industries Inc. (CSE: GTII) (-0.2%) outperformed their peers in March.

Companies in the Canadian CRB basket, which tend face a lighter impact from US cannabis reform-related news (either positive or negative) than MSOs, also got hit hard in March. Tier 1A SNDL, Inc. (Nasdaq: SNDL) (-11.7%) and Tier 1B CRB Canopy Growth Corporation (TSX: WEED) (-14.6%), Tier 1B craft beverage giant Tilray Brands, Inc. (Nasdaq: TLRY) (-18.0%), Tier 1B High Tide Inc. (TSXV: HITI) (-9.5%) and Tier 1B Cronos Group Inc. (TSX: CRON) (-5.6%) were all affected negatively by the lapse in global equities.

As we have stated regarding these two groups (MSOs and CADs), short-term performance has deviated between the CAD and the MSO baskets, but they tend to mean-revert over time and historical correlations are high. It is also worth mentioning that as an industry cannabis has fallen to the point where no company’s stock can even be regarded as a small capitalization stock; over the last few years they have all shrunk (some by more than 90%) to the point where they are considered micro-caps and consequently non-investable by most institutions from a policy perspective. For more detail on the MSO/CAD relationship, please see our August 2025 Chart of the Month on our CRB Monitor News website.

CRB Monitor Tier 2

An equally-weighted basket of the largest CRB Monitor Tier 2 companies outperformed the Tier 1 basket in March 2026 significantly, posting a return of -1.2%. Historically the performance of these two portfolios (given their close business ties) has displayed high correlation (please see our recently-published August 2025 “Chart of the Month”), and we expect the returns of Tier 1 and Tier 2 CRBs to mean-revert over time. When the two baskets deviate from one another in the short term, the deviation could be a signal for investors to rebalance into (out of) the Tier 1 basket and out of (into) Tier 2’s given their direct revenue relationship. This is due to the fact that Tier 2 CRBs are direct suppliers of goods and services to (and derive their revenues from) Tier 1 CRBs. However, the precise moment when these two baskets mean revert is not easy to predict and the costs required to systematically rebalance these illiquid portfolios could eat up any expected material gains from even the best rebalance strategy. In other words, gaming these two baskets can lead to losses, so proceed with caution!

The performance of the largest CRB in the Tier 2 basket, well-known REIT Innovative Industrial Properties, Inc. (NYSE: IIPR) (CRBM Sector: Real Estate) (-4.1%) was off, following three positive months. On February 23rd IIPR reported its 4th quarter 2025 results which featured the following highlights:

• Total revenues of $266.0 million and net income attributable to common stockholders of $114.4 million, or $3.93 per diluted share (all per share amounts in this press release are reported on a diluted basis unless otherwise noted).
• Adjusted funds from operations (“AFFO”) of $205.4 million, or $7.24 per diluted share.
• Declared dividends to common stockholders totaling $7.60 per share, increasing IIP’s common stock dividends declared each year since its inception in 2016. Since its inception, IIP has paid over $1.1 billion in common stock dividends to its stockholders.

Tier 2 REIT Advanced Flower Capital, Inc.  (Nasdaq: AFCG) (CRBM Sector: Real Estate) (+25.2%) had a strong March, outperforming nearly all CRBs. On March 4th AFCG reported its 4th Quarter 2025 financial results (featuring a net loss of $12.5) and the statement from CEO Daniel Neville:

“In 2025, we focused on disciplined portfolio management and the successful completion of our BDC conversion. As a BDC with a broader investment universe, we remain focused on unlocking value from underperforming loans and redeploying that capital into high-quality, cash-flowing businesses in the lower middle market…In short, we remain committed to resolving legacy positions and leveraging our robust pipeline to drive long-term value for our shareholders.”

Tier 2 technology company, WM Technology, Inc. (Nasdaq: MAPS), operates Weedmaps, the leading online listings marketplace for cannabis consumers and businesses, and WM Business, the most comprehensive SaaS subscription offering sold to cannabis retailers and brands. WM Technology’s stock was negative for the third month in a row, with a -2.8% return for March. On March 12th, MAPS reported its 4th Quarter 2025 earnings, with the following chilling headlines:

• Revenue of $174.7 million decreased from $184.5 million in the prior year. The decrease from the prior year was driven by continued headwinds across core markets, where ongoing pricing pressure and price deflation continued to compress client operating margins and constrain marketing budgets.
  • Average monthly paying clients⁽¹⁾ of 5,190 was up from 5,077 in the prior year. The increase from the prior year period was largely due to new client acquisitions across certain developing markets, partially offset by a churn in more established markets.
  • Average monthly revenues per paying client⁽²⁾ of $2,805 decreased from $3,029 in the prior year. The decrease from the prior year period was due to spend declines in established markets driven by continued industry challenges, such as price deflation and ongoing consolidation. In addition, new clients acquired across certain markets had lower levels of average spend.

• Net income decreased to $3.3 million from $12.2 million in the prior year.

• Adjusted EBITDA⁽³⁾ decreased to $39.8 million from $42.9 million in the prior year.

CRB Monitor News Featured Article: Slow Momentum for Cannabis Legalization in 2026

New cannabis legislation has started off slowly in 2026. While there could be some major developments at the federal level, states are looking like they’ll operate business as usual this year, with some refinements.

Several states have filed bills to legalize adult use, and Virginia is quickly moving to erect a regulated marketplace. Hemp, again, will likely be the story of the year as another delinquent Farm Bill has been introduced with language that redefines legal hemp, as well as federal bills aiming to halt the upcoming hemp-derived cannabinoid (HDC) ban. Meanwhile, a dozen states look to restrict the market.

Click here for the full article on our CRB Monitor News website.

CRB Monitor Securities Database Updates

The CRB Monitor research team has followed cannabis industry regulations daily for close to a decade. For that time we have remained up to date on all the information that is vital to the ongoing breadth and accuracy of our data in the CRB Monitor securities database. While the cannabis industry has faced major regulatory headwinds over those years, we have remained plugged into the news as licensed CRBs’ operations have evolved and survived in a complicated regulatory environment.

Cannabis Business Transaction News – March 2026

As we have for more than a decade, the CRB Monitor research team covers the cannabis business news cycle daily. Our goal is to remain up to date on all the relevant information vital to the ongoing breadth and accuracy of our data in the CRB Monitor securities database. And while the cannabis industry has faced major regulatory obstacles over those years, there has never been a shortage of news as licensed CRBs’ operations evolve to survive in a complicated business and regulatory environment.

On that note, here are some of the cannabis company news stories from March 2026:

Tilray Brands confirms deal for BrewDog assets
Canadian Tier 1B Tilray Brands confirmed it has finalized a deal to acquire select assets from BrewDog as part of its diversification strategy. The acquisition strengthens Tilray’s position in the craft beverage alcohol market. It reflects the company’s ongoing effort to expand beyond cannabis into adjacent consumer packaged goods sectors. Currently Tilray holds 360 active cannabis licenses and operates in 11 countries.

Vext expands Ohio presence with new dispensary
Tier 1B MSO Vext announced the opening of a new dispensary in Ohio, marking continued expansion in the state’s growing cannabis market. The new location aims to improve access for both medical and adult-use consumers. This move reinforces Vext’s strategy of scaling operations in key U.S. markets. Vext holds 9 active cannabis licenses and operates in 3 states.

High Tide opens 220th Canna Cabana store in Sarnia
Canadian Tier 1B High Tide has opened its 220th Canna Cabana store, continuing its rapid retail expansion across Canada. The Sarnia location supports the company’s focus on value-driven pricing and loyalty programs. This milestone highlights High Tide’s strong position in the competitive Canadian cannabis retail sector. With this opening High Tide now holds 227 active cannabis licenses and operates in 3 countries.

Trulieve to open dispensary in Lake Wales
Tier 1A MSO Trulieve plans to open a new medical cannabis dispensary in Lake Wales, expanding its footprint in Florida. The store will provide a range of products to registered patients, improving local access to treatment options. This expansion aligns with Trulieve’s strategy to deepen its leadership in the Florida market. Trulieve holds 108 active cannabis licenses in the US and operates in 16 states, and holds 6 cannabis licenses to operate in Canada as well.

Organigram receives ISS support for Sanity Group GmbH acquisition
Tier 1B Canadian CRB Organigram announced that ISS recommends shareholders vote in favor of its proposed acquisition of Sanity Group GmbH. The endorsement underscores confidence in the strategic benefits of entering the European cannabis market. The deal is expected to support Organigram’s long-term international growth. Organigram currently holds 11 active cannabis licenses to operate in Canada.

Curaleaf opens dispensary in Lorain with RC Retail
Tier 1A MSO Curaleaf has opened a new branded dispensary in Lorain, Ohio, through a partnership with RC Retail. The location expands the company’s retail presence in a key Midwestern market. It highlights Curaleaf’s strategy of leveraging partnerships to accelerate expansion and reach more customers. With this opening Curaleaf now holds 117 active cannabis licenses and has cannabis operations in 6 countries.

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Officers/Directors Highlights

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Cannabis News: Regulatory News Updates

We continue to closely follow the cannabis regulatory news cycle, which features developments from both state and federal levels of government as well as around the world. And as we have noted over the years, cannabis-related investment performance is primarily sentiment-driven and highly sensitive to news (rather than value or growth-based), particularly when the news comes from Washington. With that said, here are some of the March 2026 highlights:

Washington, D.C. Shutters Suspended Cultivator

Washington, D.C. regulators shut down a previously licensed cannabis cultivator after its license was suspended for failing to renew, marking the first closure of an operational grow facility in the district’s crackdown. Authorities seized cannabis products and related materials as part of enforcement actions aimed at eliminating non-compliant operators. The move reflects a broader effort to transition the market toward a fully regulated system and away from illicit or noncompliant activity.

FL Applicants May Get Long-Awaited Licenses This Summer

Florida is expected to issue 22 long-delayed medical cannabis licenses as early as summer 2026, following the resolution of prolonged administrative litigation. Applicants have waited more than three years due to legal challenges from unsuccessful bidders that stalled the process. The anticipated issuance would mark a significant expansion of the state’s cannabis market and increase competition among operators.

MSOs Snatch Up Distressed Assets

Multi-state operators (MSOs) are increasingly acquiring distressed cannabis assets as financial pressures and market saturation lead to bankruptcies and receiverships. These acquisitions allow larger operators to expand footprints at discounted valuations while consolidating market share. The trend highlights both ongoing industry stress and a shift toward consolidation led by well-capitalized firms.

Michigan Governor Candidate Vows to Repeal Cannabis Tax

A Michigan gubernatorial candidate has pledged to repeal the state’s newly implemented wholesale cannabis tax, arguing it places undue burden on businesses. The proposal comes alongside a legal challenge to the tax, reflecting growing industry pushback against rising cost pressures. The outcome could have significant implications for pricing, operator margins, and state tax revenues.

Massachusetts Prohibition Campaign Faces Pushback

A campaign seeking to reintroduce cannabis prohibition in Massachusetts is encountering legislative resistance and organizational hurdles. Lawmakers and stakeholders have pushed back against the effort, and organizers may need additional signatures to advance the proposal. The situation underscores the difficulty of reversing legalization in established markets.

US Cannabis Companies Could Ring the Bell Under New Bill

Proposed federal legislation could allow U.S. cannabis companies to list on major stock exchanges, addressing a longstanding barrier to capital access. If enacted, the bill would enable plant-touching operators to uplist domestically rather than relying on Canadian exchanges. This development could significantly improve liquidity, valuations, and institutional participation in the sector.

7 States That Could Still Legalize Cannabis in 2026

Several U.S. states remain potential candidates for cannabis legalization in 2026, though timelines and political support vary widely. Legislative efforts are ongoing, with some states pursuing ballot initiatives and others advancing bills through statehouses. While progress is uneven, incremental expansion of legal markets is still expected across select jurisdictions.

Wondering what a Tier 1, Tier 2 or Tier 3 CRB is?

See our seminal ACAMS Today white paper, Defining “Marijuana-Related Business,” and its update, Defining “Cannabis-Related Business”.

Wondering what a Tier 1, Tier 2 or Tier 3 DARB is?

See our seminal ACAMS Today white paper Defining ‘Digital Asset-related Business’ and Digital-Asset Related Businesses – What Financial Institutions Need to Know