--- title: "Cannabis 13Fs: Tilray, Canopy, Curaleaf, Trulieve Decoder" type: learn slug: cannabis-13f-tlry-cgc-acb-decoder canonical_url: https://13finsight.com/learn/cannabis-13f-tlry-cgc-acb-decoder published_at: 2026-05-15T22:03:05.109Z updated_at: 2026-05-15T22:03:07.913Z author: Sarah Mitchell author_title: Education Editor author_url: https://13finsight.com/authors/sarah-mitchell word_count: 400 locale: en source: 13F Insight --- # Cannabis 13Fs: Tilray, Canopy, Curaleaf, Trulieve Decoder > Tilray Brands, Canopy Growth, Aurora Cannabis, Curaleaf Holdings, and Trulieve Cannabis anchor US cannabis-related 13F positioning. Federal legalization uncertainty, state-level program dynamics, banking access constraints, and Section 280E tax burden drive distinctive institutional patterns. US-listed and OTC-traded cannabis equities form a distinctive regulated-emerging-industry corner of institutional 13F positioning. Tilray Brands, Canopy Growth (CGC), Aurora Cannabis (ACB), Curaleaf Holdings (CURLF OTC), and Trulieve Cannabis (TCNNF OTC) anchor the cohort. Multi-year federal legalization uncertainty, state-level cannabis program dynamics, banking access constraints, and Section 280E tax burden drive distinctive institutional patterns. Reading cannabis 13F positioning requires understanding the federal-regulatory framework plus the multi-year state-program cycle dynamics.The cannabis business modelCannabis faces four primary economic drivers:Federal legalization uncertainty. Cannabis remains Schedule I under US federal law. Multi-year DEA rescheduling proceeding plus SAFE Banking legislation drive long-cycle regulatory framework changes.State-level program dynamics. 24+ states plus DC have adult-use cannabis programs; 38+ states have medical programs. Multi-year state program expansion plus selective new state legalization drive operator revenue trajectory.Banking access constraints. Cannabis companies face limited banking access due to federal Schedule I status. Multi-year SAFE Banking legislation pursuit aims to enable broader banking relationships.Section 280E tax burden. US Section 280E denies cannabis operators tax deductions for ordinary business expenses creating effective 40-70%+ tax rates. Multi-year DEA rescheduling could eliminate 280E.Major cannabis 13F-tracked namesTilray Brands (TLRY)Canadian licensed producer plus US craft beer plus emerging US cannabis assets. NASDAQ-listed provides broader institutional access than US plant-touching operators.Canopy Growth (CGC)Canadian licensed producer. Multi-year operational restructuring plus US plant-touching strategy (Canopy USA).Aurora Cannabis (ACB)Canadian licensed producer. Multi-year operational restructuring plus medical cannabis focus.Curaleaf Holdings (CURLF OTC)Largest US multi-state operator (MSO). Operations across 17+ states. NYSE-listing pending federal rescheduling.Trulieve Cannabis (TCNNF OTC)Multi-state operator with Florida dominance. NYSE-listing similarly contingent on federal status.How institutional managers position around cannabisThree patterns:Pattern 1: NASDAQ-listed Canadian concentrationTLRY-concentrated active manager positions reflect broader institutional access through NASDAQ listing.Pattern 2: Federal-rescheduling positioningUS MSO positions during DEA rescheduling proceeding reflect 280E elimination thesis plus potential NYSE/NASDAQ uplisting.Pattern 3: ESG-mandate exclusionMany institutional ESG-mandated portfolios exclude cannabis. Reading positions across mandate frameworks reveals exclusion boundaries.How to read cannabis 13F positioningThree rules:Rule 1: Identify federal-regulatory exposureNASDAQ-listed Canadian producers vs OTC-traded US MSOs face different institutional accessibility.Rule 2: Watch DEA rescheduling milestonesDEA rescheduling proceeding plus SAFE Banking legislation drive multi-year regulatory framework visibility.Rule 3: Cross-check state program dataState adult-use legalization plus program expansion data drives long-cycle revenue trajectory.What cannabis positioning signalsNASDAQ-listed conviction. Concentrated TLRY positions signal NASDAQ-accessible cannabis thesis.Federal-rescheduling conviction. Concentrated US MSO positions signal rescheduling thesis.State-expansion conviction. Concentrated state-specific operator positions signal state program expansion thesis.For real-time tracking of cannabis 13F activity, see the institutional signals feed. ## FAQ ### What are the major US-traded cannabis companies? Five major cannabis 13F-tracked names: (1) Tilray Brands (TLRY) — NASDAQ-listed Canadian plus US craft beer plus emerging cannabis; (2) Canopy Growth (CGC) — Canadian licensed producer plus US Canopy USA strategy; (3) Aurora Cannabis (ACB) — Canadian medical focus; (4) Curaleaf Holdings (CURLF OTC) — largest US multi-state operator across 17+ states; (5) Trulieve Cannabis (TCNNF OTC) — multi-state with Florida dominance. ### What is federal cannabis rescheduling? Cannabis remains Schedule I under US federal Controlled Substances Act. DEA proposed 2024 rescheduling to Schedule III which would substantially reduce federal restrictions plus eliminate Section 280E tax burden for cannabis operators. Multi-year DEA rescheduling proceeding plus potential Schedule III final rule drive long-cycle regulatory framework changes. Reading DEA proceeding milestones drives institutional positioning. ### What is Section 280E tax burden? US Section 280E denies cannabis operators tax deductions for ordinary business expenses (rent, marketing, salaries) given Schedule I status. The disallowance creates effective federal tax rates of 40-70%+ on cannabis operators versus 21% corporate rate for non-cannabis businesses. Multi-year DEA rescheduling could eliminate 280E by reclassifying cannabis to Schedule III. 280E elimination would dramatically improve operator cash flow. ### How does state-level cannabis program work? 24+ US states plus DC have adult-use cannabis programs; 38+ states have medical cannabis programs. Each state operates its own licensing framework, supply chain rules, tax structures, and retail regulations. Multi-year state program expansion plus selective new state legalization drives operator revenue trajectory. Multi-state operators (MSOs) navigate state-by-state regulatory complexity. Reading state program data drives institutional positioning. ### What is the SAFE Banking Act? SAFE Banking Act (Secure And Fair Enforcement Banking Act) would protect financial institutions serving cannabis-related businesses from federal penalties. Multi-year congressional consideration plus repeated House passage without Senate action. SAFE Banking enactment would enable broader banking relationships, payment processing, and capital access for cannabis operators. Reading SAFE Banking legislative status drives institutional positioning expectations. ### Why do some institutions exclude cannabis? Many institutional ESG-mandated portfolios plus regulatory-sensitive mandates exclude cannabis due to: (1) federal Schedule I status creating legal risk; (2) ESG framework concerns including substance abuse implications; (3) banking and payment processing complications. Pension funds plus university endowments often exclude cannabis. Reading positions across mandate frameworks reveals exclusion boundaries. Cannabis ETFs plus dedicated cannabis funds provide alternative exposure. --- Source: 13F Insight — https://13finsight.com/learn/cannabis-13f-tlry-cgc-acb-decoder Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell Last updated: 2026-05-15T22:03:07.913Z