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In 2020, the cannabis industry was worth $16.1 billion in the United States and $19.6 billion worldwide. Even though this is already an impressive number, it has huge room to grow.
Recreational use of marijuana is currently only legal in 11 of the 50 U.S states. Most experts expect this number to quickly increase over the next decade, with prominent groups and lawmakers in almost every state lobbying for drug reform.
There is even a possible chance that recreational use of the plant will become legalized on a federal basis within the next half-decade.
Even without further legalization, the medical and recreational cannabis industry is expected to grow at an annual rate of about 33% between now and 2024.
In this article, we’ll discuss the top 15 largest cannabis and provide a brief overview of their operations.
These 15 largest marijuana companies are:
Canopy Growth. Headquarters: Ontario, Canada
Stock ticker: CGC
Market cap: $19.4 billion
Revenue: $470 million
Net income: -$1.52 billion
Canopy Growth was the first federally licensed, regulated, and publicly traded cannabis company in North America.Job type you wantFull TimePart TimeInternshipTemporary
The company was founded in 2013 under the original name Tweed Marijuana Inc. It later merged with Bedrocan Canada in 2015 and rebranded itself to its current name.
Prior to the legalization of marijuana for recreational use in Canada in 2018, Canopy Growth only sold products that were licensed under the Access to Cannabis for Medical Purposes Regulations (ACMPR) act.
The company now sells a much wider range of products, both recreational and for medical purposes, through its main subsidiary brands of Bedrocan Canada Corp and Tweed Inc.
Also in 2018, Canopy Growth partnered with American beer, wine, and spirits giant Constellation Brands to increase their production capabilities and develop new drinkable cannabis products.
As of early 2021, Constellation Brands has invested a total of $4 billion in Canopy Growth, giving it a 38% stake in the company.
Canopy Growth currently plans to expand its operations into overseas markets, notably Germany, Spain, and Australia.
The company recently acquired Spektrum Cannabis GmbH to sell medical cannabis in Germany and partnered with Alicaliber S.A. to do the same in Spain.
Aphria. Headquarters: Ontario, Canada
Stock ticker: APHA
Market cap: $4.13 billion
Revenue: $550 million
Net Income: -$84 million
Aphria is an international distributor and producer of recreational and medicinal cannabis.
The company mainly operates in Canada but also has a presence in 10 other countries. Notably, Aphria is the largest distributor of medical marijuana in Germany.
Aphria offers a wide range of popular recreational cannabis brands, such as:
The company acquired SweetWater Brewing Company in November 2020, making it one of the United States’ largest craft breweries.
Also in late 2020, Aphria announced a merger with Tilray, another recreational and cannabis giant.
The combined company will operate under the Tilray name and be the largest multinational cannabis company in the country.
The two firms seek to leverage Aphria’s free trade status in Europe and Tilray’s exposure in the United States to enable cohesive global operations.
After the merger, Aphria and Tilray also plan to partner with Anheuser-Busch InBev to develop new cannabis-infused beverages and cannabidiol products.
Tilray. Headquarters: Toronto, Canada
Stock ticker: TLRY
Market cap: $8.3 billion
Revenue: $248 million
Net income: -$291 million
Tilray is a multinational pharmaceutical and cannabis company that operates primarily in Canada.
The company sells both medical and recreational cannabis through its various subsidiaries and strategic partnerships:
High Park Company. Tilray launched High Park Company to sell adult-use recreational cannabis.
Novartis. Tilray partnered with Novartis subsidiary Sandoz to co-brand, distribute, and sell medical cannabis in legal markets around the world.
Authentic Brands Group (ABG). ABG and Tilray maintain a revenue-sharing agreement wherein ABG sells Tilray-supplied cannabis under its more well-known brand names, such as Greg Norman and Juicy Couture.
Manitoba Harvest. Tilray acquired Manitoba Harvest in 2019 to gain access to the United States’ CBD market.
Smith & Sinclair. Tilray develops and sells CBD edibles in the United Kingdom through the Smith & Sinclair brand.
Tilray was the first Canadian company to export medical cannabis to the United States for clinical testing.
Aurora Cannabis. Headquarters: Alberta, Canada
Stock ticker: ACB
Market cap: $8.01 billion
Revenue: $248 million
Net income: -$291 million
Aurora Cannabis is a Canadian cannabis producer that operates in over 25 countries.
The company owns five sales licenses and eight licensed production facilities, giving it cannabis production capabilities of over 625,000 kilograms each year.
Aurora Cannabis owns many large subsidiaries in the medical and recreational cannabis industries, such as:
Pedianios GmbH. Pedionios GmbH is the second largest supplier of medical cannabis to pharmacies in Germany.
CanvasRx. Canada’s largest medical cannabis patient outreach program.
Aurora-Larssen Projects. One of the world’s leading greenhouse design and engineering consultancies.
In Canada, Aurora Cannabis sells recreational cannabis through a total of 60 retail locations. Its flagship store in West Edmonton Mall is Canada’s largest cannabis retail store.
Cresco Labs Inc. Headquarters: Chicago, Illinois
Stock ticker: CRLBF
Market cap: $5.84 billion
Revenue: $153 million
Net income: $4.9 million
Cresco Labs is a vertically integrated recreational and medical marijuana company that operates across nine states in the US.
The company owns various subsidiaries through which it distributes and sells its products:
VidaCann. Cresco Labs acquired VidaCann in 2019 to access its seven retail cannabis locations in Florida. Cresco also acquired 30 licenses for cultivating and manufacturing cannabis products in the state.
Origin House. Cresco Labs’ $850 acquisition of Origin House in 2019 is still the largest public company acquisition in the cannabis industry as of early 2021.
The deal gave Creso Labs access to Origin House’s existing 500 dispensary locations in the state of California.
Well Beings. Cresco Labs’ flagship brand for all its products containing only cannabidiol.
Sunnyside. Cresco Labs operates 56 Sunnyside-branded dispensaries, through which the company sells wellness-themed cannabis products.
Green Thumb Industries. Headquarters: Edmonton, Canada
Stock ticker: GTBIF
Market cap: $8.76 billion
Revenue: $442 billion
Net income: -$25 million
Green Thumb Industries is a pharmaceutical and recreational marijuana retailer that distributes and sells its product across 12 states.
The company employs 2,300 workers and operates 13 manufacturing facilities and 97 licensed retail stores.
Green Thumb also owns a large portfolio of branded cannabis products that it manufactures and distributes.
The company’s best selling brands are:
Rythm. Rythm is Green Thumb’s premium brand of vape-able cannabis products.
Dogwalkers. Dogwalkers are cannabis pre-rolls that Green Thumb markets as being discrete and convenient.
Incredibles. Incredibles is Colorado’s best-selling cannabis-infused edibles brand.
Trulieve. Headquarters: Florida, United
Stock ticker: TCNNF
Market cap: $5.91 billion
Revenue: $487 million
Net income: $182 million
Trulieve is the largest medical cannabis company in Florida, controlling approximately 51% of the state’s market. The company serves 380,000 patients in Florida and 1.9 million square feet of cultivation space.
The company operates over 500 cannabis stock-keeping units (SKUs) and is constantly updating its product line with new offerings.
Trulieve also possesses medical marijuana licenses in California, Massachusetts, and Connecticut and operates 71 retail locations across the United States.
The company made aggressive plans in 2020 to expand its operations and sales into more states, acquiring two Pennsylvania cannabis cultivation companies and a processor permit in West Virginia.
Innovative Industrial Properties Inc. Headquarters: San Diego, California
Stock ticker: IIPR
Market cap: $5.02 billion
Revenue: $163 million
Net income: $74 million
Unlike the other cannabis giants on this list that produce cannabis and cannabis-derived goods, Innovative Industrial Properties’ business instead focuses on selling and leasing out the land and facilities required to grow such products.
As of early 2021, the company currently owns 2.4 million square feet of rentable land across the states of:
Innovative Industrial’s properties are almost 100% leased-out at any given time. The company’s average lease term is 15 years.
Scotts Miracle-Gro Co. Headquarters: Marysville, OH
Stock ticker: SMG
Market cap: $13.41 billion
Revenue: $2.66 billion
Net income: $242 million
Scotts Miracle-Gro Co is one of the largest and oldest lawn and garden supplies companies in the world.
The company generates most of its sales through products that are completely unrelated to cannabis. However, they have been expanding into the cannabis industry since 2018 to take advantage of its rapidly-growing popularity.
Scotts Miracle-Gro Co produces many brands and types of cannabis-growing fertilizers, hydroponics, and seeds.
Harvest Health & Recreation. Headquarters: Tempe, Arizona
Stock ticker: ORAN
Market cap: $1.69 billion
Revenue: $172 million
Net income: $52 million
Harvest Health & Recreation, commonly called Harvest Health, is a vertically integrated multi-state cannabis company.
The company has primarily sold medical cannabis since its establishment in 2012. However, the company is constantly making strategic acquisitions and establishing partnerships to expand into the recreational market as well.
Harvest Health’s main brands include Evolab, CO2LORs, and Modern Flower. Each is among the best-selling cannabis brands in the states of Arizona, Colorado, and Florida.
The company also runs many initiatives with local communities and charity groups to attract customers and boost sales.
For example, Harvest Health runs monthly seminars to educate customers and patients about the health benefits of cannabis.
OrganiGram. Headquarters: Moncton, Canada
Stock ticker: OGI
Market cap: $1.39 billion
Revenue: $84 million
Net income: $18 million
OrganiGram is one of the largest in-door producers of medical and recreational cannabis in Canada.
The company primarily sells its cannabis and extract-based products within the country, but also maintains international strategic partnerships that allow it access to other legal markets around the world.
Notably, OrganiGram has a five-year partnership with Canndoc, the largest medical cannabis producer in Israel. Under their agreement, OrganiGram supplies 3,000 kilograms of dried flower product to Canndoc each year for them to sell in the Israeli medical cannabis industry.
OrganiGram’s best-selling cannabis brands are Edison, ANKR Organics, and Trailblazer.
HEXO Corp. Headquarters: Ottawa, Canada
Stock ticker: HEXO
Market cap: $1.26 billion
Revenue: $142 million
Net income: $49 million
HEXO Corp is one of the largest cannabis producers in Canada, possessing over two million square feet of growing space across Quebec and Ontario.
The company also grows and distributes its product internationally. HEXO Corp owns production, processing, and distribution facilities in Greece that allow it access to legal markets across Europe.
HEXO Corp originally established under the name Hydropothecary Corporation in 2013 to specialize in medical marijuana.
After the legalization of marijuana for recreational use in Canada in 2018, the company rebranded under its current name and started producing recreational cannabis as well.
HEXO Corp’s most popular brands of marijuana products are Original Stash, HEXO, and HEXO plus.
The company also owns the Up brand, a line of cannabis and cannabis-related ancillary products that include vaporizers and water pipes.
The Green Organic Dutchman. Headquarters: Ontario, Canada
Stock ticker: TGOD
Market cap: $666 million
Revenue: $23.4 million
Net income: -$2.2 million
The Green Organic Dutchman, also called TGOD, is the largest publicly-traded cannabis company in Canada that only grows its products organically.
The company owns and operates Green Organic Dutchman Valleyfield greenhouse. At 820,000 square feet, the facility is over twice the size of the next largest cannabis greenhouse in Canada.
TGOD focuses primarily on the premium health and wellness cannabis market. Although the company plans to eventually expand into the recreational market, it currently only markets its product as alternative medicine.
Their most popular products in Canada include dried flower and oil, organic teas, and dissolvable powders. TGOD also distributes its products in Europe through its subsidiary HemPoland.
KushCo Holdings. Headquarters: Garden Grove, California
Stock ticker: KSHB
Market cap: $249.75 million
Revenue: $140 million
Net income: $8 million
KushCo Holdings is the only company on this list that produces ancillary products for the marijuana industry rather than actual cannabis.
The company is one of the largest manufacturers and distributors of vaporizers, having produced over 300 million products since its establishment in 2010 for over 5,000 legal cannabis clients.
KushCo mainly sells its products through its business-to-business eCommerce website.
The company has also made many acquisitions to enter new markets and expand its product lines. Notably, they own subsidiaries such as:
CMP Wellness. CMP Wellness produces and distributes various popular vaporizer brands.
Summit Innovations. Summit Innovations is a vaporizer brand that specializes in products that turn cannabis into CBD oil.
Roll-Uh-Bowl. Roll-Uh-Bowl produces and sells silicone water pipes.
Charlotte’s Web Holdings. Headquarters: Boulder, Colorado
Stock ticker: CWBHF
Market cap: $943.43 million
Revenue: $87 million
Net income: $27 million
Charlotte’s Web Holdings is a majority-family-owned company that sells various products made from hemp extract oil.
The company was founded by seven brothers in 2013 and has since expanded into one of the largest players in the hemp CBD industry, operating over three million square feet of growing land across Colorado.
Charlotte’s Web Holdings initially exploded in popularity when CNN aired a documentary covering how the company’s CBD products greatly alleviated the symptoms of a child suffering from Dravet syndrome.
The company’s most popular products are its CBD capsules, gummies, oil, which it sells through over 80 retail locations across the United States.
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