Cannabis Stocks Slide After Schedule III Delay; Who Took the Biggest Hit?

Cannabis stocks remained below their pre-delay levels Thursday morning after a sharp September 30 selloff. Trulieve recovered some ground, while Glass House kept falling after the DEA paused the broader marijuana rescheduling proceeding.

The September 29 order remains in place while the judge considers a motion involving a Government Accountability Office report. The government must respond by October 13, but that is a briefing deadline—not a guaranteed date for proceedings to resume or for rescheduling to occur.

Cannabis Stocks Before and After the Rescheduling Delay

The following comparisons use U.S. listings and prices in U.S. dollars, with September 28 closing prices as the baseline before the stay:

• Trulieve (NYSE: TRLV): Closed at $12.34 on September 28 and $12.41 on September 29, then fell 12.17% to $10.90 on September 30. At 10:40 a.m. ET Thursday, shares traded at $11.15, up 2.29%, recovering part of Wednesday’s decline.
• Green Thumb Industries (OTCQX: GTBIF): Closed at $7.91 on September 28 and $7.68 on September 29, before dropping 13.41% to $6.65 on September 30.
• Curaleaf Holdings (OTCQX: CURLF): Closed at $10.87 on September 28 and approximately $10.81 on September 29, then declined 5.05% to $10.26 on September 30.
• Glass House Brands (NYSE: GLAS): Closed at $6.85 on September 28 and $6.79 on September 29, then plunged 17.38% to $5.61 on September 30. At 10:38 a.m. ET Thursday, shares traded at $5.18, down another 7.66%.
• Cresco Labs (OTCQX: CRLBF): Closed at approximately $0.760 on September 28 and $0.730 on September 29, before falling 12.47% to $0.639 on September 30.

Thursday quotes are intraday. Updated quotes near the publication cutoff could not be verified for GTI, Curaleaf and Cresco, so their figures reflect Wednesday’s close.

Who took the biggest hit?

Glass House recorded the largest September 30 percentage decline among these five companies, followed by Green Thumb, Cresco, Trulieve and Curaleaf. Its continued Thursday decline also contrasted with Trulieve’s partial recovery.

At $5.18, Glass House was approximately 24.4% below its September 28 close. Trulieve, despite Thursday’s rebound to $11.15, remained approximately 9.6% below that baseline. Those price changes measure the selloff around the delay; they do not establish that the regulatory development alone caused each company’s losses.

To discuss what regulatory uncertainty means for capital, shareholders, cash flow, and business strategy with cannabis executives in person, join IgniteIt’s Market Spotlight: California on October 7 in Los Angeles.