Which cannabis SPACs or public investment vehicles are most active?

Dedicated cannabis SPACs are largely inactive or have wound down following market saturation and regulatory delays, meaning active public investment in the sector is now dominated by specialized exchange-traded funds (ETFs) and major multi-state operators (MSOs).

The era of blank-check companies raising hundreds of millions specifically for cannabis deals (such as Silver Spike or Subversive Capital) has largely passed. Public market activity has shifted toward actively managed funds and institutional-backed real estate and operating companies.

Top Public Cannabis Investment Vehicles and Funds

Instead of SPACs, active public exposure to the cannabis sector runs through specialized ETFs and publicly traded ancillary/plant-touching vehicles:

• AdvisorShares Pure US Cannabis ETF (MSOS): The AdvisorShares Pure US Cannabis ETF is the largest and most actively traded U.S.-focused cannabis ETF. It provides targeted exposure to leading American multi-state operators through swaps and direct equity.
• Amplify Seymour Cannabis ETF (CNBS): Managed by industry expert Tim Seymour, the Amplify Seymour Cannabis ETF actively invests across global and U.S. plant-touching operators, agricultural tech, and ancillary infrastructure businesses.
• Innovative Industrial Properties (IIPR): As a specialized cannabis real estate investment trust (REIT), Innovative Industrial Properties trades publicly on the NYSE and remains one of the most stable institutional conduits for capital into licensed cultivation facilities via sale-leaseback transactions.
• NewLake Capital Partners (NLCP): Another prominent cannabis-focused publicly traded REIT [0.5] that provides alternative real estate capital and liquidity to state-legal operators.

Leading Operative Public Core Entities

Investors looking for direct operational exposure rather than funds typically track top-tier multi-state operators (MSOs) and licensed producers that drive the majority of public market liquidity:

If by “most active” you mean publicly traded vehicles that currently give investors meaningful cannabis exposure, the landscape in 2026 is much more ETF-heavy than SPAC-heavy.

Cannabis SPACs

The cannabis-SPAC wave was concentrated in 2019–2022. Examples included Silver Spike, Greenrose, Canna-Global, Subversive and Mercer Park. Most either completed a transaction, liquidated, or became operating companies rather than remaining active cannabis blank-check vehicles. Historical data show that more than a dozen cannabis-focused SPACs raised over $3 billion during that period.

I don't see a significant cohort of currently active, cannabis-specific SPACs in the U.S. in September 2026. The broader SPAC market is very active again—Reuters reports 143 SPAC IPOs in 2026 through September—but cannabis hasn't been a major part of that resurgence.

Public cannabis investment vehicles that are actually active

For context, MSOS is particularly important because it concentrates on U.S. multi-state operators, while MJ has historically provided broader global exposure.

The public-market structure has also changed materially: Trulieve (TRLV) became the first U.S. cannabis operator to list on the NYSE in June 2026, giving investors a conventional exchange-listed U.S. cannabis company rather than an OTC listing.

If you're specifically hunting for “SPAC-like” opportunities

I'd separate the universe into three buckets:

• Existing cannabis SPAC shells: very few credible active opportunities today.
• Cannabis ETFs: MSOS, MJ, CNBS and MJUS are the more relevant liquid public vehicles.
• Cannabis-focused public companies/investment structures: IIPR and the MSOs themselves provide more direct exposure.

There is also a fairly active private cannabis-investment ecosystem—Merida Capital, Navy Capital, Greenfield, FocusGrowth and others—but those aren't generally accessible like public securities.

If your real objective is finding the cannabis equivalent of an “active SPAC sponsor” that could launch/acquire something next, I can dig specifically through SEC filings and current SPAC shells and give you a table of ticker, cash in trust, deadline, sponsor, stated target sector, and probability of liquidation vs. transaction (without making an investment recommendation).

For context, MSOS is particularly important because it concentrates on U.S. multi-state operators, while MJ has historically provided broader global exposure.

The public-market structure has also changed materially: Trulieve (TRLV) became the first U.S. cannabis operator to list on the NYSE in June 2026, giving investors a conventional exchange-listed U.S. cannabis company rather than an OTC listing.

If you're specifically hunting for “SPAC-like” opportunities

I'd separate the universe into three buckets:

The "Cannabis SPAC" (Special Purpose Acquisition Company) wave that peaked around 2021 has largely concluded. Dedicated cannabis blank-check vehicles like Clover Leaf Capital and Canna-Global Acquisition Corp have ultimately liquidated or dissolved without completing long-term business combinations due to persistent regulatory gridlock (federal prohibition in the U.S.), high redemption rates, and a depressed broader market for cannabis equities.

Instead of traditional SPACs, public investment and active operational vehicles in the cannabis sector have pivoted toward diversified public holding companies, real estate investment trusts (REITs), and specialty finance firms.

The most active and prominent public investment vehicles in the space include:

• SNDL Inc. (NASDAQ: SNDL): Originally a Canadian licensed producer, SNDL has actively transformed into a leading alternative cannabis investment and holding corporation. It features a specialized investment arm (SunStream Bancorp) that deploys capital into cannabis credit, structured financing, and retail operations (such as Spiritleaf and Dutch Love).
• AFC Gamma, Inc. (NASDAQ: AFCG): An institutional lender and capital provider to established cannabis operators in states where medical and adult-use cannabis is legal. It operates as an active active public finance vehicle, providing real estate mortgages, construction loans, and bridge financing.
• Innovative Industrial Properties, Inc. (NYSE: IIPR): Though structured as a traditional REIT rather than a SPAC, IIPR remains the premier public vehicle for channeling institutional real estate capital into regulated U.S. state-licensed cannabis facilities through sale-leaseback transactions.
• Major Multi-State Operators (MSOs): For direct equity exposure, active liquidity and public market activities are concentrated in tier-1 MSOs trading over-the-counter (OTCQX) or on senior Canadian exchanges, such as Green Thumb Industries (GTBIF), Curaleaf Holdings (CURLF ), and Trulieve Cannabis (TCNNF / TRLV ). These act as the de facto primary vehicles for public market capital allocation despite ongoing federal restrictions.

If by “most active” you mean public vehicles that currently give investors meaningful cannabis exposure—not just the many cannabis SPACs from the 2019–21 boom—the landscape in 2026 is much more concentrated.

Most relevant public vehicles

• AdvisorShares Pure US Cannabis ETF (MSOS) — probably the clearest active public investment vehicle for U.S. cannabis. It holds a basket of U.S. multi-state operators and related companies. As of May 31, 2026, it had about $1.13 billion in assets and a reported 103.7% one-year NAV return.
• Canopy Growth / Canopy USA — not a SPAC, but an unusually important public-market vehicle because Canopy has structured itself to provide exposure to U.S. cannabis assets through Canopy USA. It remains one of the more interesting “optionality” vehicles around U.S. legalization/rescheduling.
• Individual MSOs such as Trulieve, Curaleaf, Green Thumb, Verano, Cresco Labs and TerrAscend are arguably more important than new cannabis SPACs. The sector's capital activity in 2026 has been dominated by refinancing and balance-sheet transactions rather than fresh SPAC formation.
• Global X Cannabis ETF (POTX) and similar cannabis ETFs provide broader international exposure, although they're less directly targeted at U.S. MSOs than MSOS.

What happened to the cannabis SPACs?

The dedicated cannabis-SPAC wave was largely a 2020–21 phenomenon. More than a dozen cannabis-focused SPACs raised over $3 billion during that period. Forbes Examples included:

• Silver Spike Acquisition Corp. → WM Technology (Weedmaps) — completed its merger in 2021.
• Greenrose Acquisition Corp. — announced a $210 million combination with four cannabis operators in 2021.
• Merida Merger Corp. → Leafly — another cannabis-focused SPAC combination.
• Ceres Acquisition Corp. (CNGL) — raised a $200 million cannabis-focused SPAC in 2021.

Most of these vehicles either completed transactions, liquidated, or ceased being meaningful standalone cannabis investment vehicles. So I wouldn't use “cannabis SPACs” as the primary screen in 2026.

If you're looking for active capital allocators

The more interesting universe is actually cannabis-focused investment firms and public vehicles, rather than blank-check companies. Private investors such as Merida Capital Partners, Navy Capital and Greenfield Capital Partners remain prominent cannabis investors, but they're generally not directly investable by public-market investors.

The broader SPAC market itself has come back strongly in 2026—143 U.S. SPAC IPOs had already occurred by September—but the hot sectors are currently AI, defense, space, energy and crypto rather than cannabis.

Bottom line: if your goal is to find publicly traded vehicles actively accumulating cannabis exposure, I'd start with MSOS, the major MSOs themselves, and Canopy/Canopy USA, rather than hunting for a new cannabis SPAC.

If you want, I can also rank the 10 most interesting cannabis public vehicles by AUM, trading volume, cannabis exposure, and current M&A/SPAC activity as of September 2026.

If you mean public-market vehicles that are actively financing, acquiring, or providing exposure to cannabis, the landscape is much smaller than the 2020–2021 cannabis SPAC boom. Most cannabis SPACs either failed, liquidated, or moved into other sectors. Today, the more active vehicles tend to be ETFs, specialty lenders, REITs, and cannabis-focused investment companies rather than traditional cannabis SPACs.

Most active cannabis public investment vehicles

Cannabis SPACs: what remains?

The dedicated cannabis SPAC wave largely peaked around 2019–2021. Notable historical examples included:

• Subversive Capital Acquisition Corp. — merged with The Parent Company (California cannabis operator), later becoming a cautionary example of cannabis SPAC execution risk.
• Ceres Acquisition Corp. — pursued cannabis-related opportunities but did not become a major lasting cannabis investment platform.
• Mercer Park Brand Acquisition Corp. — merged with Glass House Brands.

The current SPAC market is much broader, with hundreds of active SPACs seeking targets, but cannabis is no longer a dominant SPAC theme.

If you are looking for “who is actually deploying capital now”

The most active categories are:

1. Cannabis credit

• AFCG-type lenders are arguably among the most active because cannabis companies still have limited access to traditional banking.
• Debt financing can be attractive because lenders receive high yields and collateral.

2. Cannabis real estate

• IIPR remains a major institutional route into the sector.
• Sale-leasebacks let operators unlock capital without issuing equity.

3. MSO consolidation plays

• Large operators such as Curaleaf Holdings, Green Thumb Industries, and Trulieve Cannabis have been among the more active strategic players.

4. ETFs for broad exposure

• MSOS is generally the most commonly cited pure-play U.S. cannabis public vehicle.

Bottom line

If you mean “which cannabis SPACs are currently hunting for deals?” — there are few meaningful cannabis-specific ones left.

If you mean “where is public capital most actively flowing into cannabis?”, the shortlist is:

1. MSOS — liquid cannabis equity exposure
2. IIPR — cannabis real estate capital
3. AFCG — cannabis lending/credit
4. MJ — diversified global cannabis ETF

The next major wave is more likely to come from M&A consolidation, uplistings, institutional lending, and cannabis-adjacent healthcare/pharma, rather than another wave of cannabis SPACs.

The cannabis SPAC (Special Purpose Acquisition Company) wave—which peaked around 2020–2021 with high-profile public listings like WM Technology (Weedmaps) and Glass House Brands—has largely quieted down. Regulatory delays surrounding federal U.S. legalization and rescheduling stagnation forced most dedicated cannabis SPACs to either liquidate, merge, or pivot away from the sector.

As a result, active public investment vehicles in the space have shifted away from blank-check SPACs and toward actively managed and passive ETFs , alongside top-tier Multi-State Operators (MSOs) functioning as the primary liquid investment proxies.

1. Most Active Public Investment Vehicles (ETFs)

Because direct U.S. multi-state operators cannot list on major national U.S. exchanges (like the NYSE or NASDAQ) due to federal prohibition, specialized ETFs have become the most active and liquid public vehicles for sector exposure:

• AdvisorShares Pure U.S. Cannabis ETF (MSOS): The largest and most actively traded U.S.-focused cannabis ETF. It actively manages exposure to tier-1 U.S. MSOs and total return swaps, reacting swiftly to regulatory catalysts and rescheduling news. You can review its holdings and structure directly on the AdvisorShares Cannabis ETF Page.
• AdvisorShares Pure Cannabis ETF (YOLO): Another prominent actively managed fund providing global exposure, including Canadian licensed producers and ancillary businesses.
• Amplify Alternative Harvest ETF (MJ): One of the oldest passive/indexed cannabis ETFs tracking a broader basket of global cannabis-related infrastructure, pharmaceuticals, and consumer goods.

2. Notable Legacy Cannabis SPACs (Now Operating Public Companies)

The few SPACs that successfully completed their business combinations are now standard public equities rather than active blank-check vehicles. They remain heavily watched barometers for public market sentiment:

• WM Technology Inc. (NASDAQ: MAPS): Brought public via Silver Spike Acquisition Corp. It operates the Weedmaps marketplace and B2B software ecosystem. It frequently tracks institutional sentiment tied to U.S. federal rescheduling announcements.
• Glass House Brands Inc. (CBOE: GLAS.A.U / NYSE: GLAS): A major California-focused vertically integrated operator that expanded heavily through operational scaling and structural adjustments.
• SNDL Inc. (NASDAQ: SNDL): While not a SPAC, SNDL transitioned into a massive Canadian cultivator and liquor retailer that heavily acts as a public investment/deployment vehicle (via SunStream Bancorp joint ventures) investing in distressed U.S. cannabis debt and equity assets.

3. Tier-1 Operating MSOs (The Real "Public Vehicles")

Institutional investors seeking active exposure typically bypass micro-cap or defunct SPAC shells to trade dominant plant-touching operators directly on Canadian exchanges (TSX/CSE) or via OTC (Over-The-Counter) U.S. tickers:

• Green Thumb Industries (OTCQX: GTBIF / CNSX: GTII): Widely viewed as one of the most operationally disciplined and financially robust U.S. MSOs, frequently engaging in strategic corporate updates and footprint adjustments.
• Curaleaf Holdings (OTCQX: CURLF / TSX: CURA): One of the largest global cannabis operators by footprint, actively driving international medical market expansion (especially across Europe).
• Trulieve Cannabis Corp. (OTCQX: TCNNF / CSE: TRUL): Dominant market share holder anchored deeply in the Florida medical market, active in state-level legislative campaigns.

Summary Guidance: If you are looking for active participation or daily liquidity, dedicated funds like MSOS or tier-1 operating MSOs dominate the volume, whereas clean-slate cannabis-focused SPAC issuance has ground to a near-complete halt.

If by “most active” you mean publicly traded vehicles that currently provide meaningful cannabis exposure or are actively deploying capital, the field is actually pretty small in 2026. The old cannabis-SPAC wave has largely converted, liquidated, or become ordinary operating companies.

My current shortlist

1. MSOS — probably the most important public cannabis investment vehicle

MSOS is the standout if your objective is liquid public-market exposure to U.S. cannabis operators.

It had roughly $1B+ in assets in 2026 and remains the largest cannabis-focused ETF. Its portfolio is concentrated in the major U.S. MSOs, particularly Curaleaf, Trulieve and Green Thumb. The fund gained more than 100% over the year through mid-2026 as the regulatory environment improved.

The important caveat is structural: because of federal cannabis restrictions, MSOS has historically obtained exposure to U.S. plant-touching companies largely through derivatives rather than simply holding the underlying stocks like a conventional equity ETF.

If you're looking for the public vehicle with the most actual cannabis-market activity, MSOS is #1.

2. WEED — Roundhill Cannabis ETF

WEED is another straightforward cannabis ETF. Its 2026 SEC prospectus confirms that it is listed on Cboe BZX and specifically seeks capital appreciation from cannabis-related investments.

It's smaller than MSOS, but interesting if you're looking for a newer pure-play cannabis ETF rather than an old SPAC structure.

3. MJ — Amplify Alternative Harvest

MJ is one of the older cannabis ETFs and provides global rather than predominantly U.S.-MSO exposure. It had approximately $123 million in assets in mid-2026, versus roughly $1B for MSOS.

I'd rank it below MSOS if your thesis is specifically U.S. cannabis reform/rescheduling.

4. AFCG — the interesting investment-company story

Advanced Flower Capital (AFCG) is more interesting if by "investment vehicle" you mean a public company that actually deploys capital into cannabis businesses, rather than an ETF.

It began as a cannabis-focused lender and subsequently converted to a BDC, giving it the ability to invest beyond cannabis. In Q1 2026 it made approximately $90M of new non-cannabis commitments while receiving $41.2M of cannabis-loan repayments.

By Q2, its portfolio was about $290M across 17 companies, but management was explicitly cautious about new cannabis lending because cannabis companies still have constrained access to equity capital. Legacy cannabis credits—including Justice Grown—were also generating problems.

So I'd characterize AFCG as:

formerly a cannabis investment vehicle → now a diversified private-credit BDC with a legacy cannabis book.

That's a very different proposition from MSOS.

5. IIPR — probably the most established public cannabis-capital vehicle

Innovative Industrial Properties (IIPR) isn't a cannabis SPAC, but it is arguably one of the most significant public pools of capital tied to U.S. cannabis.

It provides real-estate capital to cannabis operators through its REIT structure. As of mid-2026 it reportedly owned about 110 properties totaling 8.9 million rentable square feet across 19 states, with the majority of its tenants being MSOs.

The distinction is important: you're underwriting cannabis real-estate credit/leases, not cannabis cultivation and retail.

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What happened to the cannabis SPACs?

This is where things get interesting.

The major cannabis SPAC cohort from 2019–21 has largely already completed its job.

Silver Spike → Weedmaps

WM Technology is the clearest example.

Silver Spike Acquisition Corp. (SSPK) merged with Weedmaps in June 2021 and became WM Technology (MAPS).

So SSPK isn't an active cannabis SPAC anymore. MAPS is the surviving public cannabis technology company.

Interestingly, its old SPAC warrants survived for years; the warrants were delisted from Nasdaq in April 2026 and subsequently began trading OTC.

Subversive → The Parent Company → Gold Flora

Subversive Capital Acquisition Corp. was another cannabis SPAC. It merged with California cannabis businesses to create The Parent Company, which subsequently merged with Gold Flora in 2023.

Again: not an active SPAC today.

Greenrose and the other cannabis SPACs

The broader cannabis-SPAC boom produced numerous deals involving companies such as Greenrose and other acquisition vehicles, but the sector's SPAC pipeline largely collapsed as cannabis valuations fell, financing became difficult and deals were terminated/restructured.

Consequently, I wouldn't treat the old SPAC tickers as an active cannabis-investment universe in 2026.

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The more interesting question: who's deploying new capital?

If you're looking for vehicles that could function as cannabis capital allocators, rather than simply cannabis stocks, I'd rank the landscape roughly:

1. MSOS — best liquid public-market proxy for U.S. MSOs.
2. IIPR — largest/most established public cannabis real-estate capital provider.
3. AFCG — genuine investment-company structure, but increasingly diversified away from cannabis.
4. WEED — pure-play cannabis ETF, smaller than MSOS.
5. MJ — broad/global cannabis ETF.
6. MAPS — cannabis infrastructure/software rather than an investment vehicle.

And importantly, I don't see a major new cannabis SPAC currently occupying the role that Silver Spike or Subversive did in 2020–21. The opportunity set has shifted toward ETFs, REITs, BDC/private-credit structures and conventional cannabis operating companies.

If you're asking this from an investment-banking / deal-sourcing perspective—i.e., which public vehicles have cash, mandates and management teams that could actually finance or acquire cannabis companies—that's a different and more interesting list. I can rank those by cash available, acquisition appetite, cannabis exposure, and likelihood of doing a transaction in the next 12–24 months.

It had roughly $1B+ in assets in 2026 and remains the largest cannabis-focused ETF. Its portfolio is concentrated in the major U.S. MSOs, particularly Curaleaf, Trulieve and Green Thumb. The fund gained more than 100% over the year through mid-2026 as the regulatory environment improved.

The important caveat is structural: because of federal cannabis restrictions, MSOS has historically obtained exposure to U.S. plant-touching companies largely through derivatives rather than simply holding the underlying stocks like a conventional equity ETF.

If you're looking for the public vehicle with the most actual cannabis-market activity, MSOS is #1.

2. WEED — Roundhill Cannabis ETF

WEED is another straightforward cannabis ETF. Its 2026 SEC prospectus confirms that it is listed on Cboe BZX and specifically seeks capital appreciation from cannabis-related investments.

It's smaller than MSOS, but interesting if you're looking for a newer pure-play cannabis ETF rather than an old SPAC structure.

3. MJ — Amplify Alternative Harvest

MJ is one of the older cannabis ETFs and provides global rather than predominantly U.S.-MSO exposure. It had approximately $123 million in assets in mid-2026, versus roughly $1B for MSOS.

I'd rank it below MSOS if your thesis is specifically U.S. cannabis reform/rescheduling.

4. AFCG — the interesting investment-company story

Advanced Flower Capital (AFCG) is more interesting if by "investment vehicle" you mean a public company that actually deploys capital into cannabis businesses, rather than an ETF.

It began as a cannabis-focused lender and subsequently converted to a BDC, giving it the ability to invest beyond cannabis. In Q1 2026 it made approximately $90M of new non-cannabis commitments while receiving $41.2M of cannabis-loan repayments.

By Q2, its portfolio was about $290M across 17 companies, but management was explicitly cautious about new cannabis lending because cannabis companies still have constrained access to equity capital. Legacy cannabis credits—including Justice Grown—were also generating problems.

So I'd characterize AFCG as:

formerly a cannabis investment vehicle → now a diversified private-credit BDC with a legacy cannabis book.

That's a very different proposition from MSOS.

5. IIPR — probably the most established public cannabis-capital vehicle

Innovative Industrial Properties (IIPR) isn't a cannabis SPAC, but it is arguably one of the most significant public pools of capital tied to U.S. cannabis.

It provides real-estate capital to cannabis operators through its REIT structure. As of mid-2026 it reportedly owned about 110 properties totaling 8.9 million rentable square feet across 19 states, with the majority of its tenants being MSOs.

The distinction is important: you're underwriting cannabis real-estate credit/leases, not cannabis cultivation and retail.

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What happened to the cannabis SPACs?

This is where things get interesting.

The major cannabis SPAC cohort from 2019–21 has largely already completed its job.

Silver Spike → Weedmaps

WM Technology is the clearest example.

Silver Spike Acquisition Corp. (SSPK) merged with Weedmaps in June 2021 and became WM Technology (MAPS).

So SSPK isn't an active cannabis SPAC anymore. MAPS is the surviving public cannabis technology company.

Interestingly, its old SPAC warrants survived for years; the warrants were delisted from Nasdaq in April 2026 and subsequently began trading OTC.

Subversive → The Parent Company → Gold Flora

Subversive Capital Acquisition Corp. was another cannabis SPAC. It merged with California cannabis businesses to create The Parent Company, which subsequently merged with Gold Flora in 2023.

Again: not an active SPAC today.

Greenrose and the other cannabis SPACs

The broader cannabis-SPAC boom produced numerous deals involving companies such as Greenrose and other acquisition vehicles, but the sector's SPAC pipeline largely collapsed as cannabis valuations fell, financing became difficult and deals were terminated/restructured.

Consequently, I wouldn't treat the old SPAC tickers as an active cannabis-investment universe in 2026.

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The market for cannabis-focused Special Purpose Acquisition Companies (SPACs) has cooled down significantly. Most of the dedicated cannabis SPACs from the 2020–2021 boom—such as Canna-Global Acquisition Corp and Clover Leaf Capital Corp —have ultimately liquidated or dissolved without completing a business combination due to regulatory hurdles, shifting market valuations, and a restricted pool of federally compliant targets.

Instead of SPACs, active public investment vehicles in the cannabis sector are dominated by Exchange-Traded Funds (ETFs), Real Estate Investment Trusts (REITs) , and Multi-State Operators (MSOs) functioning as public holding corporations.

1. Active Public Cannabis ETFs (Liquid Investment Vehicles)

Rather than blank-check companies, public market investors looking for diversified exposure actively trade cannabis ETFs:

• AdvisorShares Pure US Cannabis ETF (MSOS): The largest and most actively traded U.S.-focused cannabis ETF, targeting American multi-state operators.
• AdvisorShares Pure Cannabis ETF (YOLO): Provides broader global and ancillary cannabis exposure.
• ETFMG Alternative Harvest ETF (MJ): One of the oldest and most liquid cannabis ETFs tracking a global basket of broader legal cannabis and life-sciences equities.

2. Prominent Publicly Traded Ancillary & Real Estate Vehicles

• Innovative Industrial Properties (IIPR): A specialized REIT that acts as a major public capital vehicle for the cannabis industry. It purchases and leases back industrial greenhouse and processing facilities for state-licensed operators, remaining one of the most financially stable and actively traded public vehicles in the space.

3. Leading Public MSOs (Operating as Investment Proxies)

Because direct institutional capital cannot easily flow into private startups due to federal prohibition, major vertically integrated Multi-State Operators serve as the primary proxy investment vehicles:

• Green Thumb Industries (GTBIF): Known for disciplined financial performance and broad footprint operations.
• Curaleaf Holdings (CURLF): One of the largest international cannabis operators with extensive U.S. cultivation and retail exposure.
• Trulieve Cannabis (TRLV): Dominant footprint anchored heavily in key southeastern and national markets.

If you mean public-market vehicles that give investors exposure to cannabis (especially SPACs, de-SPACs, ETFs, and cannabis-focused investment companies), the SPAC wave has largely faded. The most active vehicles today are generally ETFs and operating-company platforms, not new cannabis SPACs.

Most active cannabis public investment vehicles

The main publicly traded cannabis operators attracting capital

These are not SPACs, but they are among the most actively traded institutional cannabis names:

• Curaleaf Holdings (CURLF) — one of the largest U.S. cannabis operators and a major MSOS holding.
• Trulieve Cannabis (TRLV) — another large MSOS position and one of the more heavily followed U.S. operators.
• Green Thumb Industries (GTBIF) — consistently among the largest U.S. cannabis holdings.
• Glass House Brands (GLAS) — a significant cultivation-focused operator that has gained attention after capital-market improvements.
• Verano Holdings (VRNO) — another MSO held by cannabis-focused funds.

Cannabis SPACs: where things stand

The 2020–2021 cannabis SPAC boom produced several deals, but most have either:

• merged and become operating companies,
• fallen sharply from their de-SPAC valuations,
• or ceased to be meaningful cannabis investment vehicles.

Examples of cannabis-related SPAC/de-SPAC transactions from that era include:

• WM Technology — merged with a SPAC in 2021.
• Leafly — went public via SPAC in 2022.
• Ayr Wellness — expanded through capital markets rather than remaining a SPAC vehicle.

The market has shifted away from “blank-check cannabis plays” toward:

1. MSO consolidation plays
2. rescheduling/regulatory catalysts
3. cannabis ETFs
4. real-estate and lending infrastructure

If you are looking for “most active” by trading/investor attention

A rough ranking would be:

1. MSOS — biggest pure-play cannabis basket and institutional proxy.
2. CURLF / TRLV / GTBIF — the core U.S. operator names.
3. YOLO — broader cannabis ETF exposure.
4. IIPR — cannabis infrastructure/real estate exposure.

If you mean SPACs that are currently searching for cannabis acquisitions (pre-deal SPACs) rather than cannabis-related public companies, that is a much smaller universe and I can compile that list separately.

The era of dedicated cannabis Special Purpose Acquisition Companies (SPACs) —which peaked around 2020–2021 with names like Subversive Acquisition Corp. (which de-SPACed into Schwazze) or Silver Spike Acquisition Corp. (which combined with WM Technology/Weedmaps)—has largely drawn to a close. Most of those specific vehicles either completed a merger, liquidated, or dissolved due to harsh market conditions, regulatory gridlock, and the inability to list U.S. plant-touching operators on major national exchanges.

As a result, public cannabis investment activity has shifted back to Multi-State Operators (MSOs), real estate investment trusts (REITs), and actively managed exchange-traded funds (ETFs) rather than new SPAC shells.

The most active and prominent public investment vehicles in the cannabis sector include:

1. Active Publicly Traded Cannabis ETFs (The Go-To Public Vehicles)

Because major U.S. multi-state operators still cannot list on the NYSE or NASDAQ due to federal prohibition, institutional and retail investors lean heavily on liquid ETF structures as proxy vehicles:

• • AdvisorShares Pure US Cannabis ETF (MSOS): The premier and most heavily traded U.S.-listed active ETF focusing exclusively on American multi-state operators (such as Green Thumb, Trulieve, and Curaleaf). It trades directly on the NYSE Arca, bypassing the need for retail investors to buy over-the-counter (OTC) foreign shares.
• • Amplify Alternative Harvest ETF (MJ): One of the oldest broad-market cannabis ETFs, capturing a global mix of Canadian licensed producers, ancillary businesses, and some multi-state exposure.

2. Major Multi-State Operators (MSOs - Operating as the Core Public Equities)

Since dedicated cannabis SPACs are largely gone, capital flows directly into the top-tier tier-1 operators that function as the blue-chip public vehicles of the sector. They trade on U.S. OTC markets or Canadian exchanges awaiting federal reform:

• • Curaleaf Holdings (CURLF): Highly active in domestic cultivation/dispensaries alongside aggressive international medical expansions in Europe.
• • Green Thumb Industries (GTBIF): Noted for maintaining consistent financial discipline and positive cash flow relative to peers.
• • Trulieve Cannabis (TCNNF): Dominant in key state markets like Florida, Arizona, and Pennsylvania.

3. Cannabis Real Estate & Ancillary Public Vehicles

• • Innovative Industrial Properties (IIPR): A specialized cannabis-focused Real Estate Investment Trust (REIT) that trades directly on the NYSE. It acts as a primary public vehicle for investors seeking dividend yields and indirect real-estate exposure to licensed operators.