Marijuana firms chase NYSE and Nasdaq listings after federal schedule change
Federal reclassification of marijuana to Schedule 3 has opened U.S. cannabis companies to public markets, sparking a listing battle between the NYSE and Nasdaq.
Donald Trump's December executive order reclassified marijuana as a Schedule 3 controlled substance, and the Department of Justice and the Drug Enforcement Administration subsequently enacted the change into law. The new status permits U.S. cannabis operators, previously denied banking services, to register with the DEA as medical companies and pursue public listings. The New York Stock Exchange and Nasdaq are now competing to host these IPOs, with Glass House Brands debuting on the NYSE on June 30 and Trulieve listed after a contested process.
Listings provide fee revenue, enhanced liquidity and a stamp of compliance for both exchanges, while the $50 billion industry aims to reach almost $100 billion annually by 2030. Nasdaq touts faster processing, yet the NYSE has taken an early lead. Company leaders believe Trump may soon move marijuana to Schedule 4 or 5, effectively legalizing it for recreational use and fully opening capital markets.
Why it matters
The regulatory shift lets cannabis firms raise capital on major exchanges, reshaping the industry’s growth and investment landscape.
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