The 15 Largest Cannabis Companies In The World

As of 2023, the cannabis industry was valued at approximately $19.6 billion worldwide. This impressive figure indicates significant growth potential in the years to come.

Recreational use of marijuana is currently legal in 23 of the 50 U.S. states, with many experts anticipating further expansion in the coming years. Advocacy groups and lawmakers across the nation continue to push for drug reform, suggesting that the trend towards legalization will only accelerate.

There is a strong possibility that federal legalization of recreational cannabis will occur within the next few years, which could dramatically reshape the industry landscape.

Even without additional legalization, the medical and recreational cannabis sector is projected to expand at an annual rate of about 33% between now and 2026.

If you’re an investor or considering entering the industry, researching the current largest cannabis companies and understanding their factors for success is essential.

In this article, we’ll explore the top 15 largest cannabis companies and provide a brief overview of their operations.

These 15 largest marijuana companies are:

1. Green Thumb Industries (GTI). Headquarters: Edmonton, Canada

   Market cap: $1.70 billion
   Revenue: $1 billion

   Green Thumb Industries is a pharmaceutical and recreational marijuana retailer that distributes and sells its product across 15 states.

   The company employs 2,300 workers and operates 13 manufacturing facilities and 77 licensed retail stores.

   Green Thumb also owns a large portfolio of branded cannabis products, including:

   • Rythm. Green Thumb’s premium brand of vape-able cannabis products.

   • Dogwalkers. Discrete and convenient cannabis pre-rolls.

   • Incredibles. Colorado’s best-selling cannabis-infused edibles brand.

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2. Tilray. Headquarters: Toronto, Canada

   Market cap: $1.69 billion
   Revenue: $628.4 million

   Tilray is a multinational pharmaceutical and cannabis company operating primarily in Canada, providing both medical and recreational cannabis through various subsidiaries and partnerships:

   • High Park Company. Launched for adult-use recreational cannabis sales.

   • Novartis. Partnered with Novartis subsidiary Sandoz for global medical cannabis distribution.

   • Authentic Brands Group (ABG). Revenue-sharing agreement to sell Tilray-supplied cannabis under well-known brand names.

   • Manitoba Harvest. Acquired in 2019 to access the U.S. CBD market.

   • Smith Sinclair. Develops and sells CBD edibles in the UK.

   Tilray was the first Canadian company to export medical cannabis to the U.S. for clinical testing.

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3. Curaleaf. Headquarters: Wakefield, MA

   Market cap: $1.68 billion
   Revenue: $1.31 billion

   Founded in 2010, Curaleaf has transformed from a cannabis research center into one of the largest cannabis companies globally, currently leading in revenue.

   The company operates dispensaries in 23 states, a number expected to grow as legalization spreads.

4. Trulieve. Headquarters: Florida, United States

   Market cap: $960 million
   Revenue: $1.2 billion

   Trulieve is Florida’s largest medical cannabis company, holding approximately 51% of the state’s market and serving 380,000 patients. The company boasts 1.9 million square feet of cultivation space and operates over 500 cannabis stock-keeping units (SKUs).

   Trulieve holds medical marijuana licenses in California, Massachusetts, and Connecticut, with 71 retail locations across the U.S.

   The company has ambitious plans to expand its operations into more states.

5. Verano Holdings. Headquarters: Chicago, IL

   Market cap: $940 million
   Revenue: $879 million

   Founded in 2014, Verano Holdings operates in 14 states, with a cultivation capacity of 1,000,000 square feet. Its brands, Zen Leaf™ and MŪV™, are sold in 126 retail locations.

6. Canopy Growth. Headquarters: Ontario, Canada

   Market cap: $830 million
   Revenue: $520 million

   Canopy Growth is a pioneer in the cannabis industry, being the first federally licensed, regulated, and publicly traded cannabis company in North America. Founded in 2013, the company has expanded its product range significantly since the legalization of recreational use in Canada in 2018.

   Canopy Growth has partnered with Constellation Brands to develop new cannabis products, with significant investments bolstering its production capabilities. The company is also exploring international markets, including Germany, Spain, and Australia.

7. Cronos Group. Headquarters: Toronto, Canada

   Market cap: $710 million
   Revenue: $91.9 million

   Founded in 2012, Cronos Group focuses on cannabis production and distribution, with facilities in Los Angeles, Toronto, and Ontario. Despite being one of the smaller companies by revenue, Cronos Group experienced a 23% increase in revenue in 2022.

8. TerrAscend. Headquarters: Mississauga, Canada

   Market cap: $510 million
   Revenue: $247.8 million

   Founded in 2017, TerrAscend operates cultivation facilities in Canada and Maryland, as well as operations in Pennsylvania, New Jersey, Michigan, and California. The company has seen impressive revenue growth, increasing by 27.6% between 2021 and 2022.

9. Cresco Labs. Headquarters: Chicago, Illinois

   Market cap: $460 million
   Revenue: $843 million

   Cresco Labs is a vertically integrated cannabis company operating across nine states, with a focus on both medical and recreational marijuana. The company has made significant acquisitions, including VidaCann and Origin House, enhancing its retail and distribution capabilities.

   • VidaCann. Acquired in 2019, providing access to retail cannabis locations in Florida.

   • Origin House. Its $850 million acquisition remains one of the largest in the cannabis sector, granting Cresco access to 500 dispensaries in California.

   • Well Beings. The brand for all products containing cannabidiol.

   • Sunnyside. Operates 56 dispensaries offering wellness-themed cannabis products.

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10. Sundial Growers. Headquarters: Alberta, Canada

    Market cap: $390 million
    Revenue: $230.5 million

    Established in 2006, Sundial Growers specializes in inhalable cannabis products. The company operates over 180 locations in Canada, primarily around Calgary, and offers a variety of brands including Top Leaf and Sundial Cannabis.

11. Bakhu Holdings. Headquarters: Long Beach, CA

    Market cap: $300 million
    Revenue: $20.91 million

    Founded in 2008, Bakhu Holdings focuses on producing and selling cannabis and its byproducts, primarily targeting North and Central American markets.

    The company is also involved in funding cannabis-related research and education on medical and non-medical uses.

12. Cara Therapeutics. Headquarters: Stamford, CT

    Market cap: $240 million
    Revenue: $16.6 million

    Founded in 2004, Cara Therapeutics is a biotechnology company focused on developing therapies for chronic pruritus, incorporating cannabis research into its initiatives. The company employs around 84 individuals and is not directly involved in retail.

13. Aurora Cannabis. Headquarters: Edmonton, Canada

    Market cap: $220 million
    Revenue: $39.5 million

    Aurora Cannabis, founded in 2006, produces cannabis products sold in 25 countries, including Canada, Denmark, Germany, and Italy. The company operates eight licensed production facilities, with an annual production capacity exceeding 625,000 kilograms.

    Aurora’s top products include:

    • Aurora Drift

    • San Rafael ’71

    • Daily Special

    • Whistler

    • Being and Greybeard

    The company also offers CBD brands such as Reliva and KG7.

14. Columbia Care. Headquarters: New York, NY

    Market cap: $1.39 billion
    Revenue: $511.6 million

    Founded in 2012, Columbia Care is a high-revenue U.S. cannabis company focused on medical cannabis care and research. As of 2023, the company operates in 18 U.S. jurisdictions, including Arizona, California, Colorado, Delaware, Florida, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, Utah, Virginia, and West Virginia.

15. OrganiGram Holdings. Headquarters: Moncton, Canada

    Market cap: $200 million
    Revenue: $145.8 million

    Founded in 2010, OrganiGram Holdings offers a variety of recreational cannabis brands, including Edison Cannabis Co, SHRED, Holy Mountain, Big Bag O’ Buds, Trailblazer, monjour, Laurentian Cannabis, and Tremblant Cannabis.

As the cannabis industry continues to evolve, understanding the largest players can provide valuable insights for investors and job seekers alike. The growth trajectory of these companies reflects broader trends in legalization, consumer acceptance, and innovation within the market.

Author

Chris Kolmar

Chris Kolmar is a co-founder of Zippia and the editor-in-chief of the Zippia career advice blog. He has hired over 50 people in his career, been hired five times, and wants to help you land your next job. His research has been featured on the New York Times, Thrillist, VOX, The Atlantic, and a host of local news. More recently, he's been quoted on USA Today, BusinessInsider, and CNBC.