I’m of the view that marijuana stocks could be intriguing bets heading into 2026. I know, for a guy who has not been bullish on this sector in a long time (most of my 2018–2020 pieces focused on how overvalued this sector became), that may be a shocker. Of course, that view was correct back then, but I do think a number of things have changed as we head toward a decade in which publicly listed cannabis stocks have been on the market.
For those with some excess speculative capital looking to be put to work this year, let’s dive into three top Canadian cannabis stocks I think are worth owning right now.
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Curaleaf
Perhaps my favourite TSX-listed cannabis giant is Curaleaf (TSX:CURA). That ought to be no surprise to readers, given my previous commentary around this multi-state operator.
Curaleaf’s share price has been on the decline over the course of the past five years. That should be no surprise to readers, given the direction of travel for this sector overall.
That said, this company’s focus on the U.S. retail market, with a vertically integrated business model and multi-state scale, positions the company well to benefit not only from more adult medical use (given the recent reclassification of marijuana south of the border), but also future potential legalization in the U.S.
For those who believe the cannabis trade will eventually be opened up in the U.S. market, Curaleaf remains my top idea as a way to play this future explosion of interest in this sector. As the saying goes, it’s best to buy stocks when they’re cheap and sell them when they’re expensive. Curaleaf looks dirt cheap to me right now.
Canopy Growth
A top Canadian producer of cannabis in a wide range of forms, Canopy Growth (TSX:WEED) is another top option for investors to consider.
This company is one I’d classify as a highly speculative bet, given the company’s weak balance sheet and years of slow growth. In combination with a number of reverse splits (the reason for such an ugly chart over the past five years), most investors may find no redeeming qualities in this name.
That’s fair, and this is a company I’ve been very critical of in the past. However, as a speculative bet to play a resurgence of investor interest in Canadian cannabis stocks (and perhaps domestic regulatory improvements at home), I do think this is a company that could see a surge in investor demand if conditions improve more broadly.
Right now, that’s a big if. However, for those looking to create a well-diversified slice of speculative bets within their portfolio (and I’d argue a position in Canopy should be quite small to account for this risk), it’s a bet I think may be worth taking in 2026.
AdvisorShares Pure U.S. Cannabis ETF
The last pick on this list is perhaps the most evenly keeled way to play the cannabis sector, in my view. AdvisorShares Pure U.S. Cannabis ETF (NYSEMKT:MSOS) is an exchange traded fund tracking the cannabis sector, but mainly companies in the multi-state operator category.
In other words, investors who put capital to work in MSOS gain exposure to Curaleaf and other companies with similar operating models in the U.S. Personally, I think the U.S. market will end up being the key area of focus for investors during the next upturn in this sector. For those who are thinking along a similar vein, this is a well-diversified ETF I think may be the one stock to buy and hold for those with a long-term investing time horizon.
