Three pot stocks analysts love right now

On Dec. 18, 2025, President Donald Trump signed an executive order directing federal agencies to fast-track the reclassification of marijuana from a Schedule I to a Schedule III drug under the Controlled Substances Act. It marks one of the most meaningful shifts in U.S. federal marijuana policy in decades.

The order instructs the government to formally move marijuana into Schedule III, acknowledging that it has accepted medical uses and a lower potential for abuse than drugs classified under Schedule I.

The move builds on earlier findings from the FDA, the Department of Health and Human Services and the National Institute on Drug Abuse, which concluded there is credible scientific support for marijuana’s use in treating conditions such as chronic pain, chemotherapy-related nausea and appetite loss.

The policy shift has been well received by markets. In the days following the announcement, analysts covering the sector turned more constructive on cannabis stocks, citing improved regulatory clarity and potential financial benefits for operators.

Curaleaf Holdings, Trulieve Cannabis and Organigram have emerged as three of the most frequently cited top picks among analysts followed by Cantech.

Curaleaf Holdings (Curaleaf Holdings Stock Quote, Chart, News, Analysts, Financials TSX:CURA)

Beacon Securities analyst Russell Stanley reiterated his “Buy” rating and C$5.00 target on Curaleaf Holdings in a Dec. 2 note, saying the planned US$110-million acquisition of The Cannabist Company’s Virginia operations positions the company well ahead of a likely adult-use cannabis launch in the state in late 2026.

Stanley described the deal as favourable, citing Virginia’s 8.8-million population, regional exclusivity in the medical market and what he sees as a high probability of recreational legalization next year. The acquisition adds cultivation capacity and six retail locations, strengthening Curaleaf’s footprint as the market opens.

He left forecasts unchanged, calling the regulatory outlook more constructive with a new Democratic governor taking office and key barriers removed from the draft adult-use framework.

Stanley expects Curaleaf to generate US$262-million in Adjusted EBITDA on US$1.268-billion of revenue in fiscal 2025, improving to US$332-million on US$1.385-billion in fiscal 2026.

Trulieve Cannabis (Trulieve Cannabis Stock Quote, Chart, News, Analysts, Financials CSE:TRUL)

Stanley also reiterated his “Buy” rating and C$20.00 target on Trulieve Cannabis in a Dec. 8 update, pointing to improved balance sheet flexibility after the company fully redeemed its 8.0% senior secured notes due 2026.

Trulieve repaid the entire US$368-million principal amount for roughly US$373-million, including accrued interest, following a strong liquidity position exiting Q3 with US$449-million in cash. Stanley said the move strengthens Trulieve’s financial position ahead of what could be a catalyst-heavy 2025 and gives management flexibility around any potential new debt issuance.

He said Trulieve’s operating cash flow outlook appears conservative, with management guiding to at least US$250-million in fiscal 2025. Stanley forecasts US$286-million, supported by solid year-to-date performance.

Stanley also highlighted long-term growth potential in Texas after Trulieve received a conditional medical cannabis licence in the state, calling it a “nice win” despite current THC limits and low patient penetration.

Trulieve trades at 4.9 times Stanley’s 2026 adjusted EBITDA forecast, a discount to U.S. MSO peers. He forecasts US$1.19-billion in revenue and US$427-million in Adjusted EBITDA in fiscal 2025, followed by US$1.20-billion and US$415-million in 2026.

Organigram (Organigram Global Stock Quote, Chart, News, Analysts, Financials TSX:OGI)

And Haywood Capital Markets analyst Neal Gilmer raised his target price on Organigram Global to $3.25 from $2.50 and reiterated a “Buy” rating after the company delivered stronger-than-expected fourth-quarter results and showed continued margin improvement.

Organigram posted Q4 fiscal 2025 net revenue of $80.1-million and Adjusted EBITDA of $9.8-million, both ahead of Haywood and Street estimates, driven largely by the Motif acquisition and growth in adult-use and international sales. Adjusted gross margin expanded to 38.2%, up sharply from the prior quarter.

Gilmer said Organigram maintained its position as Canada’s top licensed producer with an 11.9% market share and highlighted strong international momentum, while noting that early fiscal 2026 growth could be modestly tempered by a labour disruption in B.C.

For fiscal 2026, management expects revenue to exceed $300-million, supported by Motif synergies, cultivation optimization and a higher mix of international sales. Gilmer now forecasts $316.4-million in revenue and $37.6-million in Adjusted EBITDA in 2026, rising to $328.5-million and $41.9-million in 2027.

-30-