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 in many states, 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.

Top cannabis companies in the U.S.

Name	Ticker	Last price   The last publicly stated price for one share of an investment, updated every approximately 20 minutes during market hours (usually business days between 9:30 a.m. and 4:00 p.m. ET).	Today   This is how much an investment's price has changed over the last day of active trading. For example, if an investment's price was $10 yesterday, and today it rose to $11, you'd see a 1 day change of 10%.	YTD   This is the performance of the investments since the start of the year, updated approximately every 20 minutes during market hours (usually business days between 9:30 a.m. and 4:00 p.m. ET).
Innovative Industrial Properties Inc	IIPR	$50.37	0.96%	-14.74% (1Y)
Curaleaf Holdings Inc	CURLF	$2.34	-4.1%	42.68% (1Y)
Trulieve Cannabis Corp	TCNNF	$6.14	0.16%	2.5% (1Y)

Innovative Industrial Properties Inc

YTD:

-14.74% (1Y)

Last price: $50.37

Curaleaf Holdings Inc

YTD:

42.68% (1Y)

Last price: $2.34

Trulieve Cannabis Corp

YTD:

2.5% (1Y)

Last price: $6.14

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 30, 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 16, 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 $0.58 billion to $3.33 billion dollars. 

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

• Innovation Industrial

• Curaleaf

• Green Thumb Industries

• Trulieve Cannabis

• Verano Holdings

• Glass House Brands

1. 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-licensed cannabis operators.

In June 2024, Innovative Industrial acquired a 16-acre industrial property in Florida, which has the largest medical-use cannabis market in the U.S., in partnership with AYR Wellness. The company’s Q2 2024 dividends increased by 4.4% over the previous quarter, continuing their trend of increasing dividends each year since 2016.

• Market cap: $3.33 billion

• Headquarters: San Diego, CA

• Founded: 2016

• Cannabis products: Medical and recreational

 2. Curaleaf (CURLF)

Curaleaf has the largest geographical reach of any American cannabis company, operating in 17 states, with 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. 

At the beginning of 2024, Curaleaf commenced adult-use sales in New York and began exploring global markets, acquiring Polish medical cannabis operator Can4Med and completing the $16 million acquisition of Northern Green Canada, a licensed cannabis producer, by April 2024. On June 24, the company announced the launch of a new line of hemp-derived THC products under its Select and Zero Proof brands, available for order through their new online storefront, TheHempCompany.com.

• Market cap: $3.13 billion

• Headquarters: Wakefield, MA  

• Founded: 2010

• 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 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. In July 2024, Green Thumb Industries announced further retail expansion in Florida with the opening of its 19th dispensary, offering a diverse range of cannabis products.

• Market cap: $2.74 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. 

Trulieve is continuing to expand its reach in the U.S. In June 2024, Trulieve hit the milestone of opening its 200th dispensary in Brooksville, Florida, making it the world’s largest cannabis retailer. The company has continued to expand its reach outside its Florida market. On July 11, Trulieve announced the opening of a new Trulieve-affiliated medical marijuana dispensary in Wilkes-Barre, Pennsylvania, and on August 6 the company will launch adult-use cannabis sales in Ohio. 

• Market cap: $1.87 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.

In June 2024, the company announced the grand opening of two new dispensaries in Florida, expanding its presence and aiming to meet the increasing demand for medical cannabis. Now, they’re expanding their reach and acquiring operations in Arizona and Virginia from the Cannabist Co.

• Market cap: $1.29 billion

• Headquarters: Chicago, IL

• Founded: 2014

• Cannabis products: Medical and recreational

6. Glass House Brands (GLASF)

Glass House is one of the largest cannabis flower companies, with a portfolio of consumer brands, including Glass House Farms, PLUS, Allswell, Forbidden Flowers, FIELD, and Mana Sue Wellness. The Glass House umbrella serves both medical and adult-use customers in California. 

Glass House saw significant growth in 2023 and 2024, moving from a market cap of $0.27 billion in August 2023 to $0.58 billion in August 2024.

• Market cap: $0.58 billion

• Headquarters: Long Beach, CA

• Founded: 2015

• Cannabis products: Medical and recreational

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 $1.56 billion.

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

• Tilray

• Cronos Group

• Canopy Growth

• Sundial Growers

• TerrAscend

• Aurora Cannabis

Name	Ticker	Last price   The last publicly stated price for one share of an investment, updated every approximately 20 minutes during market hours (usually business days between 9:30 a.m. and 4:00 p.m. ET).	Today   This is how much an investment's price has changed over the last day of active trading. For example, if an investment's price was $10 yesterday, and today it rose to $11, you'd see a 1 day change of 10%.	YTD   This is the performance of the investments since the start of the year, updated approximately every 20 minutes during market hours (usually business days between 9:30 a.m. and 4:00 p.m. ET).
Tilray	TLRY	$7.84	0.23%	436.99% (1Y)
Cronos Group	CRON	$2.49	-0.2%	20.87% (1Y)
Canopy Growth	CGC	$1.14	0.88%	-60.42% (1Y)
Sundial Growers Inc	SNDL	$1.71	1.79%	-10.0% (1Y)
Aurora Cannabis	ACB	$4.54	0.22%	0.89% (1Y)

Tilray

YTD:

436.99% (1Y)

Last price: $7.84

Cronos Group

YTD:

20.87% (1Y)

Last price: $2.49

Canopy Growth

YTD:

-60.42% (1Y)

Last price: $1.14

Sundial Growers Inc

YTD:

-10.0% (1Y)

Last price: $1.71

Aurora Cannabis

YTD:

0.89% (1Y)

Last price: $4.54

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. The company has continued its beverage theme by announcing the launch of a nonalcoholic beer brand, Runner’s High Brewing Company. The non-alcoholic beer, targeting active consumers looking for a healthier alternative to beer, debuted in Atlanta at the annual Peachtree Road Race. By Q4 of 2024, Tilray’s beverage and alcohol business surpassed its cannabis sector.

• Market cap: $1.56 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 2024, the company expanded its product lines across the cannabis market, including a launch in the chocolate edibles category, an expansion of its medical brand, PEACE NATURALS, into the United Kingdom, expansions of its Spinach brand gummy and flower product lines, and investments in GrowCo, a cannabis cultivation company Cronos owns 50% of. 

• Market cap: $0.88 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. 

In early 2024, the company launched new oils, soft gel, flower, and medical pre-roll products for their Tween, 7Acres, and Spectrum Therapeutics brands. In May, Canopy announced the acquisition of two new brands,  Wana and Jetty, competing in the medical and vape technology markets. On June 4, 2024, the company announced an additional acquisition, American cannabis multistate operator Acreage Holdings, as part of their ongoing expansion into the U.S.

In June 2024, Canopy established a U.S. $250 million at-the-market equity program (ATM Program) that allows the company to issue and sell up to $250 million of common shares of the company from treasury. 

• 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.

Sundial has undertaken some business shifts in 2024, with a restructuring “to reduce corporate overheads and improve the efficiency of its organizational structure to position the company for future growth,” resulting in several rounds of layoffs and extensive organizational changes. In July 2024, they announced the completed acquisition of Delta 9 Cannabis Inc.’s debt from Connect First and Servuc Credit Union.

• Market cap: $0.55 billion

• Headquarters: Calgary, Alberta

• Founded: 2006

• Cannabis products: Recreational

5. TerrAscend (TRSSF)

Although TerrAscend’s headquarters are in Canada, the company 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. In June 2024, the company announced the opening of the company’s fourth retail location in Maryland and 39th dispensary nationwide. In July, the company closed on a $140 million senior secured term loan to boost its balance sheet and fund its growth strategy. 

• Market cap: $0.45 billion

• Headquarters: Mississauga, Ontario

• Founded: 2017

• Cannabis products: Medical and recreational

6. Aurora Cannabis (ACB)

Among 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. On August 1, 2024, Aurora Cannabis and Cectura Fertin Pharma, Inc. announced a commercial collaboration, starting with a new CBD lozenge.

• 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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