The 12 Largest Cannabis Companies in 2023

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 25.3% from 2022 to 2030, reaching $134.4 billion by 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 21 states and three territories as of December 2022. Several other states and territories allow the sale and consumption of medical cannabis as part of the healthcare sector. Consumers have responded with enthusiasm to this growing industry. Market capitalization for the top cannabis companies in the U.S. currently ranges from $600 million to $3.74 billion dollars. 

 U.S. cannabis companies by market cap (as of May 2023):

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

1. Innovative Industrial (IIPR)

While not a cannabis operator themself, 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 110 properties, the company owns, manages, and leases industrial facilities and some retail spaces to state licensed cannabis operators.

• Market cap: $1.97 billion
• Headquarters: San Diego, CA
• Founded: 2016
• Cannabis products: Medical and recreational

2. Curaleaf (CURLF)

Curaleaf operates in 22 states, with 26 cultivation sites, 135 retail locations, and well over 2,000 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.

• Market cap: $1.70 billion
• Headquarters: Wakefield, MA 
• Founded: 2010
• Cannabis products: Medical and recreational

3. Green Thumb Industries (GTIL.CN)

Green Thumb Industries owns and operates 77 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.

• Market cap: $1.68 billion
• Headquarters: Chicago, IL
• Founded: 2014
• Cannabis products: Medical and recreational

4. Verano Holdings (VRNOF)

Verano Holdings offers products under several brand names at 119 retail locations across 14 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: $0.95 billion
• Headquarters: Chicago, IL
• Founded: 2014
• Cannabis products: Medical and recreational

5. 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 nine states. Trulieve and its CEO, Kim Rivers, have 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. 

• Market cap: $0.94 billion
• Headquarters: Quincy, FL
• Founded: 2016
• Cannabis products: Medical

6. Cresco Labs (CRLBF)

Cresco Labs and its associated brands market themselves as a sophisticated choice for the everyday cannabis user. In March 2022, they announced plans to acquire another market cap leader, Columbia Care. In November 2022, Cresco Labs and Columbia Care announced a planned divestiture to Sean “Diddy” Combs, creating the first minority-owned, vertically integrated multi-state cannabis operator.

• Market cap: $0.45 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 $330 million to $1.99 billion. 

Canadian cannabis companies by market cap (as of May 2023):

1. Tilray
2. Cronos Group
3. TerrAscend
4. Canopy Growth
5. Sundial Growers
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. On April 10th, Tilray announced their agreement to acquire HEXO, a Canadian competitor.

• Market cap: $1.52 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.

• Market cap: $0.67 billion
• Headquarters: Toronto, Ontario
• Founded: 2012
• Cannabis products: Recreational

3. 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. On April 25th, 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. As one of the states to legalize marijuana in 2022, adult-use sales in Maryland will begin on July 1st, 2023. 

• Market cap: $0.59 billion
• Headquarters: Mississauga, Ontario
• Founded: 2017
• Cannabis products: Medical and recreational

4. 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.

• Market cap: $0.54 billion
• Headquarters: Smith Falls, Ontario
• Founded: 2014
• Cannabis products: Recreational

5. Sundial Growers (SNDL)

In addition to its cannabis retail banners and brands, Sundial operates three popular liquor retail banners with more than 160 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: $0.42 billion
• Headquarters: Calgary, Alberta
• Founded: 2006
• Cannabis products: 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. On April 12th, Aurora and partner, MedReleaf Australia announced the launch of a new range of higher THC dried cannabis for qualified patients, giving doctors more options to prescribe their medical cannabis patients.

• Market cap: $0.19 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.

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Investing in the legal cannabis industry

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