Cannabis News

Cannabis Stocks: 10 Biggest Companies in 2023

Cannabis Investing News
cannabis plant

Investors have diverse choices when it comes to cannabis stocks. Here's a look at the largest players in the sector and their operations.

The cannabis industry is facing similar worrying trends and patterns in the first half of 2023 as it did all throughout 2022.

In the US market, investors are eagerly awaiting the potential enactment of policies that would aid the financial reality of the market. The level of optimism surrounding this event varies from moderately cautious to doom and gloom on any given day. Meanwhile in Canada investors are expected to continue seeing strategic closures and shifts as operators pursue cost cutting measures.

With the first calendar quarter of the year behind us, here the Investing News Network recounts the performance of some of the largest cannabis stocks out there. This list was put together based on the top-weighted pure cannabis stocks included in the AdvisorShares Pure US Cannabis ETF (ARCA:MSOS) and the Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ) as of April 28, 2023.

US operators

Cannabis remains illegal at the federal level in the US, but state market openings have allowed US-based 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.

US-focused cannabis fund

The AdvisorShares Pure US Cannabis ETF (ARCA:MSOS) is one of the only funds strictly focused on US-based names with interests strictly tied to state-by-state cannabis programs. These businesses pursue growth assets, dispensary networks and unique branding to establish their base in the states that most appeal to their commercial interests.

While states like California and Colorado are known for their wide-open cannabis policy, experts have pointed to limited license states as the most desirable markets for publicly traded cannabis companies looking for an edge.

MSOS has depreciated in value by 19.51 percent in 2023, resulting in a price point of US$5.53 as of April 28.

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

Green Thumb Industries is headquartered in Chicago, Illinois, and produces and sells medicinal and recreational cannabis through wholesale and retail channels in the US. It offers multiple products under a portfolio of cannabis consumer packaged goods brands.

Green Thumb Industries holds a weight of 25.71 percent in the MSOS fund. Its share price has dropped by 15.79 percent year-to-date as of the end of April, at which time the operator had a price point of C$9.60.

2. Curaleaf Holdings (CSE:CURA,OTCQX:CURLF)

Curaleaf Holdings is headquartered in Wakefield, Massachusetts, and cultivates and sells medicinal and recreational cannabis in the US. Curaleaf bills itself as one of the only US-based state operators that is expanding into the emerging European cannabis market.

Curaleaf holds a weight of 17.38 percent in the MSOS fund. Its share price has dropped by 37.06 percent year-to-date and held a price point of C$3.43.

3. Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF)

Trulieve Cannabis is a vertically integrated and fully licensed seed-to-sale medical marijuana company. It is mainly engaged in the cultivation, possession, use, sale and distribution of medical cannabis. Trulieve is based in the state of Florida, and holds a dominant market share in the Sunshine State. However, the firm has expanded its reach into other legal state markets as well.

Trulieve holds a weight of 15.24 percent in the MSOS fund. Its share price has dropped by 26.43 percent year-to-date to a price point of C$7.32 on April 28.

4. Verano Holdings (CSE:VRNO,OTCQX:VRNOF)

Verano Holdings is a vertically integrated multi-state operator in the US. The firm operates licensed cannabis cultivation, processing and retail facilities, and produces a suite of premium, artisanal cannabis products sold under its portfolio of consumer brands.

Verano holds a weight of 12.06 percent in the MSOS fund. Its share price has dropped by 5.23 percent year-to-date as of the end of April and had a price point of C$3.99.


TerrAscend is a Toronto headquartered cannabis operator with interests across the US, particularly in Pennsylvania, New Jersey, Michigan, California and Maryland.

TerrAscend holds a weight of 8.39 percent in the MSOS fund. Unlike its peers, the share price for this operator has increased by 49.02 percent year-to-date to C$2.28.

Canadian growers

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 and ongoing competition with the unregulated market.

Canada-based cannabis fund

The Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ) is a basket of some of the biggest names in the cannabis industry.

The fund does not hold US-based multi-state operators, but does have US exposure by way of some Canadian companies with remote interests in the coveted American market. HMMJ holds the distinction of being the first cannabis ETF in Canada.

This ETF hasn’t had the best year, with a year-to-date loss of 16.58 percent as of April 28, finishing the month with a price point of C$9.86.

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

Cronos Group cultivates and sells medicinal and recreational cannabis in Canada. Although it primarily operates in Canada, Cronos exports medical cannabis abroad as well as, and has partnerships outside of Canada. The firm also sells hemp-derived CBD products in the US through a partnership with PharmaCann.

Cronos makes up 12.06 percent of the total weight of the HMMJ fund, and its share price has dropped 25.2 percent to C$1.87 so far this year.

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

Tilray Brands is a Canadian producer that cultivates and sells medical and recreational cannabis. In 2021, Aphria acquired Tilray in a reverse merger and renamed itself after the latter company. The bulk of Tilray's sales are in Canada and in the international medical cannabis export market. The company's US exposure consists of CBD products.

Tilray represents 10.82 percent of the total weight of the HMMJ fund, and its share price has dropped 14.55 percent over a year-to-date period. This grower had a price of C$1.87 at that time.

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

Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis, as well as hemp, through a portfolio of brands. Additionally, the firm has interests in the US with an acquisition option for Acreage Holdings (CSE:ACRG.A.U,OTCQX:ACRHF). The firm has the financial backing of alcohol-maker Constellation Brands (NYSE:STZ).

Canopy accounts for 5.94 percent of the total weight of the HMMJ fund, and its share price has dropped 43.72 percent over a year-to-date period. This grower closed the month of April with a price per share of C$1.30.


SNDL, formerly Sundial Growers, is engaged in producing and marketing cannabis for the adult-use market. The company's primary focus is on producing and distributing inhalable products and brands. SNDL is pursuing international assets in addition to its Canadian operations, and has expanded internationally with holdings in Germany and Israel.

SNDL stands at about 4.2 percent of the total weight of the HMMJ fund, and its share price has dropped 28.02 percent over a year-to-date period to C$1.49.

5. Organigram Holdings (NASDAQ:OGI,TSX:OGI)

Organigram Holdings is a Canadian licensed producer of cannabis products. The company focuses on producing indoor-grown cannabis for patients and adult recreational consumers, and is developing global business partnerships. Organigram has undergone a restructuring plan in order to focus on pursuing organic revenue growth.

Shares of Organigram represent 2.29 percent of the total weight of the HMMJ fund, and its share price has dropped 35.06 percent over a year-to-date period. This grower closed the month of April with a price per share of C$0.50.

FAQs for investing in cannabis

Are cannabis stocks worth investing in?

Each investor will have to think and act for themselves to manage their own risk exposure, but it’s no secret that cannabis stocks have taken a beating for some time now. While financial experts point to the long-term upside of US operators as more state markets expand, the stock market has not been kind to these names lately.

Are cannabis stocks considered a high- or low-risk investment?

Cannabis investments are extremely young in the grand scheme of the investment universe. There is an exciting and refreshing element to these stocks, but the market has always been characterized by volatility and unpredictability.

While wild, spontaneous swings in the open market have become less common, cannabis stocks are often moved — both positively and negatively — by big pieces of market news or legalization updates.

Why do people buy cannabis stocks?

Investors may choose to get exposure to the cannabis market as a way to participate in the development of a new drug market with consumer packaged goods capabilities. Some participants are bullish on the industry's long-term outlook and expect more welcoming laws in the US and across the world to provide upward momentum.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

The Conversation (5)
Bill Pragalz
27 Mar, 2018
You should add Potnetwork Holding Co POTN
john walper
27 Mar, 2018
Maple Leaf Green World is operating in Nevada and Calif. I think it should be on the list.
Jesus Ramos
07 Apr, 2017
Rollice Arnold
24 Mar, 2017
JoAnn Nordquist
23 Mar, 2017
Should add MJNA and vnnyf to the list


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