Trulieve and Cronos Outpace the S&P 500 in 2026

Trulieve Cannabis and Cronos Group shares had each gained about 27% through September 18, outpacing the S&P 500’s roughly 12% rise, according to market data cited by The Motley Fool. The companies have different businesses, but recent results give investors more than a rally to assess.

Trulieve’s June listing on the New York Stock Exchange under TRLV followed a restructuring that separated its mixed-use Harvest operations from its consolidated medical-cannabis business. The company said the move made it the first U.S. cannabis company listed on the exchange.

Its second-quarter revenue was $271 million, with a 60% gross margin and $98 million in adjusted EBITDA, a measure of operating earnings. Trulieve also reported $74 million in free cash flow for the first half of the year and ended June with $325 million in cash.

There are caveats in those figures. Revenue fell 10% from a year earlier, and Trulieve reported a $406 million net loss, including a $407 million impact tied to the Harvest deconsolidation and equity investment.

Cronos posted record second-quarter revenue of $53 million, up 58% year over year. Organic growth was 51% on a constant-currency basis, while gross margin increased to 54% from 43%; the company said stronger sales in Israel and Germany helped, and currency movements also lifted reported revenue.

The Canadian company’s Spinach brand held the top position in vapes and edibles in Canada, while its Peace Naturals brand logged a tenth straight quarter of record revenue in Israel. Cronos reported about $829 million in cash, short-term investments and interest-bearing deposits at June’s end.

Cronos also repurchased 12.3 million shares in the first half of 2026, reducing its share count. But its Israeli business faces uncertainty: the company’s filings disclose expenses related to an inquiry into allegations of unfairly priced cannabis imports from Canada.

Investors will be watching whether Trulieve can sustain cash generation after its restructuring and whether Cronos can keep growing without relying on favorable currency movements. Both remain exposed to regulatory changes and the pricing pressures common across cannabis markets.