My Largest Pot Holding Preps Listing
My growing and largest cannabis holding, Verano ($VRNO) Prepares for U.S. Stock Exchange Listing
Verano Completes 1-for-5 Reverse Stock Split, Advancing the
Position: Long VRNO m
Things I Did Today
Here are today’s things:
* I shorted the indices:
$SPY at $743.26
$QQQ at $718.08
* Covered some SPY at $741.18 and $716.57 (I didn’t report this one promptly!)
* Shorted $GRNY at $27.18 and $JOET at $44.66.
* Added to $VRNO long at $1.135.
* Shorted $GS at $1,053.42 and $MS at $215.02
Position: Long VRNO (S); Short SPY (S), QQQ (S), GRNY (S), JOET (S), GS (VS), MS (VS)
Adding to VRNO
Adding to ($VRNO).
Positions: Long VRNO S
Let’s Get Chai (Again!)
* Uplistings will reprice cannabis stocks higher and likely lead the way to institutional ownership
* I am growing more bullish on the cannabis space — having repurchased $MSOS on Wednesday
* MSOS and Trulieve’s shares moved higher yesterday on moves aimed by $TCNNF to facilitate NYSE uplisting
* Expect other MSOS to uplist in the months ahead
* I added to $VRNO yesterday (and I will do more today) — it’s my favorite risk/reward candidate (and one of the more probable other uplisting candidates)
On Wednesday I stepped up and repurchased MSOS (at around $4.75). Here is what I wrote two days ago:
Doesn’t Make Sense
I don’t think today’s decline in cannabis stocks makes much sense.
I have gotten aggressive with MSOS on a scale lower.
My average cost is about $4.76.
Position: Long MSOS (M)
BY Doug Kass · Jun 3, 2026, 3:52 PM EDT
Yesterday MSOS had an outsized move to the upside ($4.72 to $5.10), likely because of Trulieve’s (TCNNF) move (its shares rose by +14%) aimed at a NYSE listing:
Trulieve Restructures Business in Move Tied to NYSE Listing Application
and…
and…
On Tuesday I wrote an upbeat weed column that emphasized that uplistings could be a catalyst for the cannabis sector:
* The Likely Memeification of Cannabis Stocks
“I never make plans that far ahead.”
– Casablanca (Rick’s response when Ilsa asks, “Will I see you tonight?”)
The animal spirits are on overload.
Market participants are grabbing at anything AI, space, memory, semis, etc. Parabolic moves have become common place. In the extreme, Jensen Huang mentions Marvell (MRVL) favorably and the shares rally by nearly +$70.
With the likely rescheduling of weed, likely uplistings (on major U.S. exchanges), settling of custody issues and emergence of institutional buyers (unleashing an abundance of buying power), I am increasingly of the camp that cannabis stocks could be memeified with such powerful changes ahead in the reasonably near term.
I add daily to VRNO – my favorite on a risk/reward basis.
Position: Long MSOS (M), VRNO (S) TCNNF (VS)
Recommended Viewing
Verano Holdings ($VRNO) management is on the Trade to Black podcast from The Dales Report.
Position: Long VRNO (M)
Some ‘Stuff’
* A Key Observation
“Maybe not today, maybe not tomorrow, but soon and for the rest of your life.”
– Casablanca (Rick telling Ilsa why she has to board the plane)
Everyone is playing the same game on the long side (AI).
* The Likely Memeification of Cannabis Stocks
“I never make plans that far ahead.”
– Casablanca (Rick’s response when Ilsa asks, “Will I see you tonight?”)
The animal spirits are on overload.
Market participants are grabbing at anything AI, space, memory, semis, etc. Parabolic moves have become common place. In the extreme, Jensen Huang mentions Marvell ($MRVL) favorably and the shares rally by nearly +$70.
With the likely rescheduling of weed, likely uplistings (on major U.S. exchanges), settling of custody issues and emergence of institutional buyers (unleashing an abundance of buying power), I am increasingly of the camp that cannabis stocks could be memeified with such powerful changes ahead in the reasonably near term.
I add daily to $VRNO — my favorite on a risk/reward basis.
Position: Long MSOS (VS), TSNDF (S), GTBIF (VS), TCNNF (VS), GLASF (S), CURLF (VS) VRNO (M)