10 Biggest Cannabis Stocks in the US and Canada in 2026

US cannabis market

Cannabis is federally illegal in the US, but state market openings have allowed some operators to thrive. Typically these firms set up vertically integrated businesses with a focus on branded products, retail networks and licenses.

While these companies have adapted to regulatory challenges, they have much to gain from country-level reform in the US, and are eager to see more welcoming federal laws that will allow their businesses to develop further.

Top cannabis stocks in the AdvisorShares Pure US Cannabis ETF

The AdvisorShares Pure US Cannabis ETF provides exposure to public companies exclusively operating within the US cannabis industry. By investing in companies that are working in states with clear guidelines, MSOS gives investors a way to be more selective about the types of cannabis companies they're investing in.

1. Curaleaf Holdings (TSX:CURA,OTCQX:CURLF)

ETF weight: 28.18 percent
Market cap: C$2.47 billion
Share price: C$13.05

Curaleaf Holdings has a significant presence in the US cannabis market, with 158 dispensaries and several cultivation centers across 17 states. The company is also continuing its expansion into the European cannabis sector, with a July 2025 buyout of its minority partner for full control and a partnership with Australia Natural Therapeutics Group to supply medical cannabis to the UK.

Curaleaf has a wide range of brands covering a variety of cannabis product types, including flower, vapes, edibles and hemp-derived THC beverages.

The company announced a 1-for-3 reverse stock split in May 2026 in preparation for a major US listing. Additionally, the Montréal Exchange, a Canadian derivatives exchange, decided to list exchange-traded options for Curaleaf shares. They commenced trading on July 13 under the ticker CURA.

2. Trulieve Cannabis (NYSE:TRLV,CSE:TRUL)

ETF weight: 26.46 percent
Market cap: C$1.68 billion
Share price: C$8.75

Trulieve is a major player in the cannabis industry, with a strong focus on medical cannabis. The company offers a diverse selection of cannabis products, including flower, pre-rolls, concentrates, edibles, topicals and more.

Vertically integrated, Trulieve Cannabis has over 200 dispensaries across the US. It holds a dominant market share in its home state of Florida, and also has a significant presence in Arizona and Pennsylvania.

The company uplisted to the NYSE on June 10 and earned a spot on TIME Magazine's list of America's Best Companies 2026. A Q2 earnings call is scheduled for August 7.

3. Green Thumb Industries (CSE:GTII,OTCQX:GTBIF)

ETF weight: 18.99 percent
Market cap: C$2.17 billion
Share price: C$10.02

Green Thumb Industries is a multi-state operator (MSO) with headquarters in Chicago, Illinois. The company is involved in the entire process of the industry, from cultivating and producing cannabis products to selling them in its own retail stores across the US.

Green Thumb Industries produces and distributes a portfolio of well-known cannabis brands like Rythm, Beboe, Dogwalkers, Incredibles and Doctor Solomon's.

The company previously owned the intellectual property for these brands. However, following a 2025 strategic transaction, Green Thumb now manufactures them under a long-term licensing agreement with RYTHM (NASDAQ:RYM), which changed its name from Agrify following the deal.

Following the rescheduling of medical cannabis in April, Green Thumb Industries applied to the DEA to register certain state-licensed medical cannabis operations under the newly created expedited registration pathway.

4. Glass House Brands (CBOE:GLAS.A.U,NYSE:GLAS)

ETF weight: 8.83 percent
Market cap: US$807.59 million
Share price: US$10.74

Glass House Brands is a vertically integrated cannabis company focused on the California market and founded in 2015. The company emphasizes sustainable, low-cost production. Glass House controls its products' full supply chain, cultivating cannabis in large facilities such as its flagship 5.5 million square foot site in Southern California.

Following a federal immigration raid in July 2025 that significantly disrupted operations and impacted Q3 revenue, Glass House says it has overhauled its labor model and expects to reach full production capacity in Q1 2026.

In June 2026, the company separated its adult-use/retail cannabis business from its medical business and announced its application to uplist shares to the NYSE. Subordinate voting shares began trading on June 30. Glass House also completed its first international sale of smokeable CBD biomass to Europe in July 2026.

5. Verano Holdings (CSE:VRNO)

ETF weight: 6.21 percent
Market cap: C$2.17 billion
Share price: C$8.05

Verano Holdings is a multi-tiered cannabis company that grows, processes and sells cannabis products through its own dispensaries and through wholesale channels. It operates as a multi-state business and is based in Chicago.

It operates the Zen Leaf adult-use dispensaries and its MÜV medical dispensaries, with brands including Savvy, Encore Edibles, (the) Essence and Avexia.

Like Green Thumb, Verano also submitted applications with the DEA to register certain state-licensed medical cannabis operations for the expedited registration pathway following the US federal rescheduling of medical cannabis.

In June, the board approved a 1-for-5 reverse stock split in preparation for a listing on a major US stock exchange.

Canadian cannabis market

In 2018, Canada became the first G7 nation to legalize adult-use cannabis and create its own streamlined program regulated by both federal and provincial powers. Since then, companies working in the country have faced ups and downs in dealing with tight marketing rules, high tax rates and ongoing competition with the unregulated market.

Top cannabis stocks in the Global X Marijuana Life Sciences Index ETF

The Global X Marijuana Life Sciences Index ETF was the first cannabis ETF available in Canada, and it holds a variety of publicly traded companies involved in cannabis, along with several non-flower companies.

While HMMJ does not invest in US-based multi-state operators, it does have exposure to the US market through Canadian companies that have interests in the US cannabis industry. Overall, HMMJ is designed to give investors broad exposure to the cannabis industry, with a particular focus on North American companies.

1. Innovative Industrial Properties (NYSE:IIPR)

ETF weight: 10.77 percent
Market cap: US$1.87 billion
Share price: US$64.35

Innovative Industrial Properties is a real estate investment trust that provides specialized real estate opportunities for cannabis companies in 19 states. Its properties mostly consist of processing plants, greenhouses and warehouses, with retail spaces making up a small percentage of its portfolio.

The firm has provided long-term absolute net lease agreements to some of the cannabis industry’s biggest names, including Green Thumb Industries, Ascend Wellness (CSE:AAWH.U,OTCQX:AAWH) and Curaleaf Holdings. The company’s sale-leaseback program has helped cannabis companies access a source of capital, a much-needed workaround in the US where there are fewer traditional financing options.

Innovative Industrial Properties declared a Q2 2026 dividend of US$1.90 per share of common stock, and reported its Q2 2026 results, including adjusted funds from operations totaling US$53 million, on August 3.

2. Jazz Pharmaceuticals (NASDAQ:JAZZ)

ETF weight: 10.66 percent
Market cap: US$15.29 billion
Share price: US$243.36

Jazz Pharmaceuticals is a global biopharmaceutical company focused on developing and commercializing medicines for people with serious diseases, often with limited or no other options. It has a diverse portfolio of products in areas like sleep disorders, cancer and epilepsy.

Jazz Pharmaceuticals' cannabis business stems from its 2021 acquisition of GW Pharmaceuticals and its epilepsy medicine Epidiolex for a whopping US$7.2 billion.

At the American Epilepsy Society 2025 meeting in December, Jazz presented four abstracts on Epidiolex's non-seizure outcomes and real-world effectiveness in treating rare forms of epilepsies like Dravet syndrome, Lennox-Gastaut syndrome and tuberous sclerosis complex-associated epilepsy. It also shared results from its research at the 2026 American Academy of Neurology Annual Meeting in April.

3. Cronos Group (NASDAQ:CRON,TSX:CRON)

ETF weight: 10.21 percent
Market cap: US$1.05 billion
Share price: US$2.81

Cronos Group is the Canada-based company behind the Spinach, Peace Naturals and Lord Jones cannabis brands. Founded in 2012, its portfolio spans a wide range of affordable products. In Canada, Cronos’ Spinach brand is in the top three for retail sales in the flower and edible categories and the number one vape brand in Canada.

The company also has a presence in Israel and Germany with its brand Peace Naturals. In late 2023, the company re-entered the German medical cannabis market through its partnership with a German medical cannabis company called Cansativa Group. Cronos serves the Israeli market through its subsidiary Cronos Israel.

In May, the company’s board approved a share repurchase program to buy back up to US$50 million of common shares on the TSX for cancellation, which is expected to terminate on May 13, 2027.

4. Canopy Growth (TSX:WEED,NASDAQ:CGC)

ETF weight: 9.86 percent
Market cap: US$418.82 million
Share price: US$0.934

Canopy Growth is a provider of both medical and adult-use cannabis, along with vaporizer products. The company is one of the largest cannabis operators in Canada, with business in international markets like Germany and Australia as well.

Its main brands include Tweed, 7ACRES, DOJA, Deep Space, Spectrum Therapeutics and Storz & Bickel. The company further expanded its portfolio when it closed the acquisition of MTL Cannabis in March.

In H1 2026, Canopy and Spectrum Therapeutics announced an expansion of its medical product lineup by adding 30-pack and 90-pack softgels and more dosing choices in an effort to increase its softgel lineup's flexibility and value for patients.

The company is also pushing further into the German medical market, relaunching its Tweed brand along with three MTL Cannabis strains to start, with more expected to follow.

5. Tilray Brands (TSX:TLRY,NASDAQ:TLRY)

ETF weight: 9.46 percent
Market cap: US$510.41 million
Share price: US$4.25

Tilray Brands is a pharmaceutical cannabis company headquartered in New York City, with operations spanning Canada, Australia, New Zealand, Latin America, Germany and Portugal.

Established in 2013, it was among Canada's first licensed cannabis producers and has evolved into a global leader in medical and recreational cannabis products. Some of its cannabis brands include Good Supply, Broken Coast and Soleil.

The company operates through several segments, including cannabis cultivation and distribution, and it also owns multiple craft breweries. In 2023, it acquired eight beverage brands and breweries from Anheuser-Busch for US$85 million, expanding into cannabis-infused beverages alongside traditional craft beer.

Other highlights include a 1 to 10 reverse stock split in November 2025 and premium diamond vape launches under its Redecan brand in December. In July of this year, the company announced the commercial launch of its Tilray Oral Solution CBD100 in Panama, its first medical cannabis product to be distributed in the country.

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