W
e're taking a closer look at Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) in the context of top marijuana stocks to invest in according to billionaires. The US cannabis sector got off to a rough start in 2025, with the failure of Florida's adult-use ballot initiative and lack of federal reforms contributing to record-low equity values. The MSOS ETF, which focuses on US companies, has plummeted by over 36% this year, outpacing the general market's decline.

    The biggest multi-state cannabis operators face a daunting $6 billion in debt maturing next year, with no recourse to US bankruptcy court due to federal prohibition. This will force them to refinance at higher interest rates and onerous terms, exacerbating declining profitability. A recent survey found only 27.3% of cannabis operators are profitable, down from 42% in 2022.

    The black market continues to plague licensed operators, with $44 billion in illicit sales last year compared to $31 billion in regulated sales. This oversaturation has led to price declines and reduced margins. The US Cannabis Spot Index sits at $991 per pound, a far cry from its peak of $2,133 in 2015.

    As conditions worsen at home, some cannabis operators are turning to international opportunities. Several stocks on our list have seen sales increases due to expanding international footprints and revenues. With legalization gaining traction worldwide, industry veterans are now exporting cannabis or establishing facilities abroad. Canada's exports to Germany, for example, doubled last year to 33,155 kilograms.