I’m Still Positive on Cannabis
Cannabis stocks were conspicuously weak yesterday (and in recent sessions) as investors preferred to look up to the sky (space, semis, memory) and to momentum stocks (e.g., Mag 7):
My thesis is unchanged — from late May — and I saw nothing fundamental to change my mind. I continued to buy across the board in Monday’s trading session:
8 Reasons I’m Getting More Positive on Cannabis
I am growing much more optimistic on the cannabis complex.
I plan to super-size (VL) my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF and VRNO).
I am doing so because:
* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months.
* I am confident that uplistings will soon follow.
* More relaxed custodian rules allowing for institutional purchases of the group.
* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared.
* Industry fundamentals (volumes and pricing) have stabilized.
* Expectations are very low.
* Massive absolute and relative underperformance over the last five years has created a long runway for appreciation.
* Upside reward is probably more than 5x downside risk.
Position: Long MSOS common (L) and calls (S), VRNO (S), GTBIF (VS)
BY Doug Kass · May 27, 2026, 4:33 PM EDT
Position: Long cannabis
