The 12 largest cannabis companies in 2024

The cannabis industry is booming across the U.S. and Canada. Recreational and medical cannabis products, from oils, edibles, and prerolls to vapes, skincare products, and more, are now part of a multi-billion dollar industry, and investors are taking notice. According to Grandview Research, the global legal cannabis market is expected to grow at a compound annual rate of 25.7% from 2024 to 2030.

Several celebrities have given a public face to the cannabis industry with business ventures and branded cannabis products. As the use of cannabis is increasingly destigmatized and decriminalized, marijuana stocks are looking like a legitimate investment to many people. But they’re also subject to market volatility due to ongoing changes to the legal landscape.

Curious about what kind of companies are out there? Here’s the lowdown on twelve of the largest cannabis companies by market capitalization in North America.

In this article, we’ll cover:

• Top 6 U.S. cannabis companies
• Top 6 Canadian cannabis companies
• What to consider when researching cannabis companies

Top cannabis companies in the U.S.

Although cannabis consumption is not yet legal on a federal level in the U.S. the last few years have seen a rise in legalization at the state level. Recreational cannabis has been legalized in 24 states,  two territories, and the District of Columbia as of 2024. Several other states and territories allow the sale and consumption of medical cannabis as part of the healthcare sector. In August 2023, the Department of Health and Human Services recommended that the DEA reclassify marijuana from a Schedule I substance to a Schedule III substance, meaning that it would move to a lower-risk drug category. Currently classified as a Schedule I drug under the Controlled Substance Act, marijuana sits alongside high-risk substances such as heroin, LSD, and ecstasy. 

On April 30th, 2024, Attorney General Merrick Garland submitted the rescheduling proposal to the White House Office of Management and Budget for review, a historic step toward easing federal restrictions on cannabis. And roughly two weeks later on May 16th, President Biden announced that his administration is moving to reschedule marijuana under federal law. The Justice Department submitted a notice of proposed rulemaking to the Federal Register, initiating the formal rulemaking process for the rescheduling.

Once reclassified, the move to a lower-risk substance classification would ease multiple restrictions that have been holding back the industry. Consumers have responded with enthusiasm to this growing industry. Market capitalization for the top cannabis companies in the U.S. currently ranges from $610 million to $3.24 billion dollars. 

 U.S. cannabis companies by market cap (as of June 2024):

1. Curaleaf
2. Innovation Industrial
3. Green Thumb Industries
4. Trulieve Cannabis
5. Verano Holdings
6. Cresco Labs

 1. Curaleaf (CURLF)

Curaleaf operates in 17 states, has 147 retail locations, and well over 900 wholesale partner accounts nationwide. The company prides itself on its deep commitment to bettering communities across the U.S. with initiatives that address the collateral consequences associated with marijuana-related offenses. 

In 2023, the company announced its plans to close operations in California, Colorado, and Oregon in an aggressive effort to cut costs. At the same time, Curaleaf spent $20 million dollars to acquire the largest medical marijuana dispensary in Utah, Deseret Wellness. At the end of January 2024, the company commenced adult-use sales in New York and is currently looking into global markets after buying Polish medical cannabis operator Can4Med and signing a deal to acquire Northern Green Canada, a licensed cannabis producer. As of April 2024, Curaleaf completed the $16 million acquisition of Northern Green Canada.

• Market cap: $3.24 billion
• Headquarters: Wakefield, MA  
• Founded: 2010
• Cannabis products: Medical and recreational

2. Innovative Industrial (IIPR)

Innovative Industrial is the first and only real estate investment trust (REIT) on the New York Stock Exchange focused on the legal cannabis industry. Operating in 19 states with 108 properties, the company owns, manages, and leases industrial facilities and some retail spaces to state licenced cannabis operators.

• Market cap: $3.06 billion
• Headquarters: San Diego, CA
• Founded: 2016
• Cannabis products: Medical and recreational

3. Green Thumb Industries (GTIL.CN)

Green Thumb Industries owns and operates 91 dispensary locations under various names across 15 U.S. states, plus a suite of six cannabis brands. Each brand is designed to appeal to distinct types of cannabis consumers, from casual to sophisticated to supporters of nonprofits dedicated to creating real, sustained progress against the War on Drugs. 

In spring 2024, Green Thumb Industries announce further retail expansion in Florida with the opening of its 16th dispensary, offering a diverse range of cannabis products. In June 2024, CEO Ben Kovler reportedly sent a letter to Boston Beer Co. founding chairman, Jim Koch,  expressing interest in a merger, according to a recently published Wall Street Journal article. However, Green Thumb quickly issued a press release stating that the company does not comment on market rumors.

• Market cap: $2.72 billion
• Headquarters: Chicago, IL
• Founded: 2014
• Cannabis products: Medical and recreational

4. Trulieve Cannabis (TRUL.CN)

Founded in 1990 as Hackney Nursery, Trulieve emerged as a medically-focused low-THC/CBD cannabis company. The company owns and operates dispensaries and processing facilities in 11 states and has 200 dispensaries nationwide. Trulieve and its CEO, Kim Rivers, had been under recent scrutiny following the death of an employee at a Massachusetts processing facility amidst worker efforts to unionize at the firm’s four locations there. 

In June 2024, Trulieve hit the milestone of opening its 200th dispensary in Brooksville, Florida, making it the world’s largest cannabis retailer.

• Market cap: $1.62 billion
• Headquarters: Quincy, FL
• Founded: 2016
• Cannabis products: Medical

5. Verano Holdings (VRNOF)

Verano Holdings offers products under several brand names at 140 retail locations across 13 states. The company focuses on cultivating signature strains for both medical and recreational products. Like many others in the cannabis industry, the company dedicates resources to social justice causes like LGBTQ+ equity and financial aid for those serving prison time for cannabis-related offenses.

• Market cap: $1.34 billion
• Headquarters: Chicago, IL
• Founded: 2014
• Cannabis products: Medical and recreational

6. Cresco Labs (CRLBF)

Cresco Labs and its associated brands market themselves as a sophisticated choice for the everyday cannabis user. In the summer of 2023, Cresco Labs announced an expanded partnership with Wiz Khalifa’s brand Khalifa Kush to exclusively cultivate, manufacture and distribute the brand in Massachusetts. 

In May 2024, the company planted nearly 1,000 cannabis plants in Ohio in preparation for recreational sales that could start as early as mid-June.

• Market cap: $0.61 billion 
• Headquarters: Chicago, IL
• Founded: 2013
• Cannabis products: Medical and recreational

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Top cannabis companies in Canada

Canada’s federal Cannabis Act of 2018 made medical and recreational marijuana usage legal across Canada for adults 18 and older. Since that time, the industry has grown rapidly nationwide. Market cap for the top cannabis companies in Canada ranges from $320 million to $1.48 billion.

Canadian cannabis companies by market cap (as of June 2024):

1. Tilray
2. Cronos Group
3. Canopy Growth
4. Sundial Growers
5. TerrAscend
6. Aurora Cannabis

1. Tilray (TLRY)

Tilray supplies medical cannabis products to patients, physicians, hospitals, pharmacies, researchers, and governments in over 20 countries and across five continents under various brand names. The company recently launched a new platform to help destigmatize the use of medical marijuana in women’s healthcare.

In fall 2023, Tilray announced its purchase of eight beer and beverage brands from Anheuser-Busch. The company has expanded its cannabis portfolio in 2024 with a February launch of cold brew teas infused with THC and CBD through its brand Soleil and a June announcement introducing a new sativa flower strain named ‘Purple Churro’ through its brand Redecan Cannabis.

• Market cap: $1.48 billion
• Headquarters: Nanaimo, British Columbia
• Founded: 2013
• Cannabis products: Medical

2. Cronos Group (CRON)

Cronos Group offers a wide variety of THC and CBD products under five brand names. The company has adopted a marketing code of conduct, promising transparency and age-appropriate marketing of recreational cannabis products. In March 2024, the company’s brand Lord Jones launched its first entry into the chocolate edibles category. And May 2024, Cronos announced that it was expanding its medical brand, PEACE NATURALS, into the United Kingdom, a follow-up of the company’s expansion into Germany and Australia last year.

• Market cap: $0.96 billion
• Headquarters: Toronto, Ontario
• Founded: 2012
• Cannabis products: Recreational

3. Canopy Growth (CGC)

Canopy Growth operates internationally under more than 20 brand names. Products range from vapes and prerolls to skin care products, edibles, infused beverages, Martha Stewart’s line of CBD products, and more. 

The company started 2024 with the launch of several new products for their brands Tween, 7ACRES, and Spectrum Therapeutics. The products range from oils and softgels to flowers and medical pre-rolls. In May 2024, the company announced the acquisition of two brands, Wana and Jetty. These brands cover the market of edibles and vape technology. On June 4, 2024, Canopy Growth announced it will acquire American cannabis multistate operate Acreage Holdings, a move that is part of an expansion into the U.S.

• Market cap: $0.73 billion
• Headquarters: Smith Falls, Ontario
• Founded: 2014
• Cannabis products: Recreational

4. Sundial Growers (SNDL)

In addition to its cannabis retail banners and brands, Sundial operates three popular liquor retail banners with more than 187 locations across Alberta and British Columbia. The company is committed to “driving regulated product excellence” and offers an extensive array of recreational cannabis products.

• Market cap: $0.55 billion
• Headquarters: Calgary, Alberta
• Founded: 2006
• Cannabis products: Recreational

5. TerrAscend (TRSSF)

Although the company’s headquarters are located in Canada, TerrAscend maintains several large cultivation facilities in five U.S. states. Their diverse brand and product portfolio includes oils, vapes, edibles, and high-quality dried flower. In 2023, the company announced a partnership with international cannabis brand, Cookies, to cultivate and manufacture their products and flavors in Maryland for in-state patients and future adult-use. 

• Market cap: $0.51 billion
• Headquarters: Mississauga, Ontario
• Founded: 2017
• Cannabis products: Medical and recreational

6. Aurora Cannabis (ACB)

Between its four medical and six recreational cannabis brands, Aurora’s global footprint covers 25 countries across five continents. Aurora’s recreational Greybeard brand won KIND Magazine’s “Best Diamonds of the Year” Award in December 2022, and its medical offerings are expanding rapidly. In February 2024, the company acquired MedReleaf Australian, a leading distributor of medical cannabis products in Australia.

• Market cap: $0.32 billion
• Headquarters: Edmonton, Alberta
• Founded: 2006
• Cannabis products: Medical and recreational

What to consider when researching cannabis stocks

Investing in marijuana stocks isn’t for everyone. The legal cannabis industry can present a higher potential for risk due to its volatility and the ever-changing regulatory landscape. But if, like many investors, you’re interested in cannabis investing, do your research just as you would when considering an investment in any other sector. First, gain an understanding of the different types of companies and cannabis products they offer. Investigate each company’s management team, growth history, and financial statements. Make yourself aware of the risks, both legally and financially, and ensure that you’re ready and willing to take those risks.

Investing in the legal cannabis industry

When it comes to investing in the cannabis industry, the possibilities are wide open, from investing directly in marijuana stocks to buying shares of companies that offer related products and services. If you’re ready to add cannabis company stocks to your diversified portfolio, Stash has you covered with cannabis industry investing options.

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