July 28, 2026
Cannabis Q2 2026 earnings season opens next week, and this one carries more signal than usual: it's the first full quarter reported under the April 23 order that moved state-licensed medical cannabis to Schedule III. The calendar so far: Green Thumb on August 4, Curaleaf and Verano on August 5, Cresco and TerrAscend on August 6, and Trulieve on August 7. Ascend Wellness and Glass House haven't announced dates; both have historically landed mid-August.
Q1 gave a messy preview of what rescheduling does to cannabis income statements. Curaleaf reported roughly $70 million in net income, driven largely by a one-time tax benefit from releasing 280E-related tax positions, not operations. Trulieve's 10-Q flagged the same tax shift.
Q2 is the first quarter where medical-licensed operations ran start to finish under Schedule III, so the tax line finally shows the run-rate, not the catch-up. The split to watch is medical-heavy versus rec-heavy: about 60% of Curaleaf's business is medical, and Trulieve restructured around its medical operations entirely. Rec-weighted operators are still paying 280E rates while the adult-use rescheduling question sits with the DEA; post-hearing briefs are due August 17, and we walked through that timeline when the hearing wrapped last week. Meanwhile the IRS is pushing back on retroactive 280E refund claims, with the sector carrying over $1.6 billion in 280E-related back taxes. Listen for how management teams talk about those balances.
Trulieve began trading on the NYSE as TRLV on June 10, the first US plant-touching operator on a major exchange. It pulled that off by deconsolidating its adult-use operations so the listed entity is exclusively state-licensed medical. August 7 is its first report as an NYSE issuer, and the deconsolidation will scramble year-over-year comparisons. Whether the market reads the restructured numbers as a template other MSOs should copy is the strategic question of the quarter.
Q1 drew the dividing line clearly. Green Thumb grew revenue 7.4% to $300 million with $76 million in operating cash flow. Trulieve posted $100 million in adjusted EBITDA on $287 million in revenue. On the other side, Cresco's revenue fell to $151 million from $166 million a year earlier. But it guided Q2 revenue up about 10% sequentially and added 11 stores in Pennsylvania and Ohio after the quarter, so its August 6 print is a credibility test. Ascend shrank 8.6% and guided only 2–3% sequential growth while targeting 60+ stores by year-end. Glass House cut its 2026 margin outlook after wholesale prices came in at $171 a pound against elevated production costs; its California retail joint venture with Vireo is still pending closing.
Also in the background: the sector's debt wall, with billions maturing by end of 2026. Curaleaf already refinanced its December 2026 notes with a $500 million offering at 11.5%, and Cresco refinanced its August 2026 facility. Listen for who still has 2026 maturities unaddressed.
MSO earnings are a purchasing forecast for a few hundred of the biggest dispensary accounts in the country. A medical-heavy operator whose tax bill just dropped has budget room it didn't have in March. An operator guiding 10% sequential growth and opening stores in Pennsylvania and Ohio is about to sign vendors in Pennsylvania and Ohio. And an operator cutting margin guidance is one where the pitch better lead with cost savings. The license mix that determines who got Schedule III relief is knowable account by account. It's a field in the state record, and in ours.
When do cannabis companies report Q2 2026 earnings? The major MSOs report the first week of August 2026: Green Thumb August 4, Curaleaf and Verano August 5, Cresco and TerrAscend August 6, Trulieve August 7.
How does Schedule III affect cannabis earnings? Since the April 23, 2026 order, state-licensed medical cannabis operations are no longer subject to IRS Section 280E, which materially cuts effective tax rates for medical-heavy operators. Adult-use operations remain under 280E pending a separate DEA decision.
Is Trulieve on the NYSE? Yes. Trulieve began trading on the NYSE under the ticker TRLV on June 10, 2026, after restructuring so the listed entity holds exclusively state-licensed medical operations.
Earnings tell you which operators have budget; the license record tells you which stores they run. See verified dispensary contacts with license-level detail across six states, refreshed weekly. Free preview here.
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