Inside the Cannabis Industry’s Big Bet on U.S. Exchange Listings

Publicly traded cannabis companies sit at a crossroads in today’s financial markets, poised for expansion yet constrained by regulatory uncertainty. Winning investor confidence, accessing institutional capital and preparing for eventual U.S. exchange listings have become defining tests of credibility for the sector.

Against this backdrop, the panel “Publicly Traded Cannabis: How Financial Institutions Can Decode Market Signals Toward Investability” brought together key voices at IgniteIt’s Capital & Policy Summit in Washington, D.C. Moderated by Alliance Global Partners senior analyst Aaron Grey, the discussion featured Verano CIO Aaron Miles, Trulieve SVP Christine Hersey and GrowGeneration President Michael Salaman.

GrowGen, a company that designs, builds and supplies large commercial cultivation facilities, was listed on NASDAQ in 2019. Florida-based Trulieve, one of the largest cannabis businesses in the U.S., is traded on the Canadian Securities Exchange, while multistate operator Verano is listed on Cboe Canada.

After the panel members introduced themselves and their companies, they discussed the climate for publicly traded cannabis companies and the potential for listing on major U.S. stock exchanges. Miles said that despite the delay in getting cannabis companies listed on major stock exchanges, Verano is preparing for that eventuality, saying, “What we’ve done as a company is try to look at what that landscape is going to look like for us.”

“So what we’re trying to do is make sure that we have a seamless transition into the U.S. without any hiccups or any types of delays when that opportunity arises, because we’ve been waiting for that moment for so long,” said Miles.

The Benefits of Major Exchange Listing

Grey then asked Salaman to explain the benefits of being listed on NASDAQ or another major exchange.

“The main benefit is transparency into the capital markets. I think credibility–being a NASDAQ-listed company is very important,” Salaman said. “The access to capital we have. If we wanted to go out and raise another 50, 100 million, we have the ability to do it,” adding that the company would need a good reason to do so.

“But those are the areas that I think make NASDAQ, you know, exciting,” he added. “I do believe that the industry ultimately will be on the NASDAQ, and we will see the Canadian companies ultimately migrate into NASDAQ once rescheduling and all the regulatory events happen, because that’s where the liquidity is, that’s where the value is, and that’s where we can all reap the benefits.”

Reform’s Impact on Stock Exchange Listing

With the Trump administration considering reclassifying cannabis under federal drug laws, Grey asked Miles if rescheduling would be a catalyst for cannabis companies to be listed on U.S. stock exchanges. Such a development, he replied, would be “game-changing.”

“What we’re going to be able to do is really start to be able to use our stock as currency. And again, we’ve touched on this in multiple conferences, talking about consolidation and assets starting to come together,” Miles said. “But I think that makes it more viable, because we have too many waves right now. We’ll get an inflow of capital, and the market will be great for two days, and then it trades down for two days. So, I think the consistency that we would feel being in the U.S. capital markets now makes us a viable business, and I think we can start to go about things a little differently.”

Hersey took the question next, saying that “rescheduling would really be a very important first step.”

“If you think about it, this would be the first reform in over 50 years for our business,” she explained. “This would be a signal from the federal government that acknowledges the medical value of the plant.”

She explained that all plant-touching companies would see an immediate improvement in their credit rating. The end of the 280E tax restrictions would also improve their financials, attracting institutional investors to the sector. Other reforms, such as easing cannabis companies’ access to banking services, would also increase investor confidence and interest.

“I think SAFER banking would help too, just because it would again acknowledge the value of what we’re trying to do with these state market programs,” said Hersey, “and what we’re trying to do as companies. And it would definitely send a signal and set the tone for that.”

Prospects for Growth

The conversation then turned to the prospects for growth by plant-touching companies such as Trulieve and Verano.

“I think there are three ways, really, that we can grow,” said Hersey of Trulieve. “One, within our existing footprints, we can gain market share.”

“Two is going to be catalysts within our footprint,” such as Pennsylvania or Florida approving adult-use cannabis.

“And then the third one is just going to be inorganic opportunities,” including mergers and acquisitions.

Miles agreed, saying that Verano saw similar growth opportunities in the cannabis industry.

“So growth is going to come from us, you know, grabbing market share in certain states, positioning ahead of adult-use, as Christine mentioned, in Florida, Virginia, and Pennsylvania.”

Miles concluded the discussion by mentioning other potential avenues of growth, including new product forms and international expansion.

Join Us at Our Upcoming Events

As federal cannabis policy enters a pivotal stretch, IgniteIt will continue convening the operators, investors, regulators, and policymakers shaping the future of the industry. We invite you to join us at our upcoming national and regional events:

New Jersey Policy & Capital Forum

February 10, 2026 — Jersey City, NJ

Missouri Policy Roundtable

April 2026 — Kansas City, MO

Chicago Cannabis Capital Conference ‘26

June 14–16, 2026 — Chicago, IL

Industry leaders, policymakers, and investors will reconvene for three days of capital-market insights, policy briefings, and strategic networking. For agenda details, registration, and scholarship information for minority- and women-owned businesses, visit https://events.igniteit.com/