10 Biggest Cannabis Stocks in the US and Canada in 2024

ETF weight: 25.63 percent; market cap: US$2.42 billion; share price: US$11.35

Green Thumb Industries is a multi-state operator (MSO) with headquarters in Chicago, Illinois. The company produces and sells cannabis products for recreational and medical use out of 91 stores across 14 states. Its newest store is set to open in Syracuse on August 2.

The company reported its Q1 2024 earnings on May 8, reporting revenue of US$276 million, up 11 over Q1 2023, and GAAP net income of US$31 million, an annual increase of 240 percent.

ETF weight: 19.75 percent; market cap: US$2.61 billion; share price: US$4.04

Curaleaf Holdings has a significant presence in the US cannabis market, with 147 dispensaries and 19 cultivation centers in 17 states. The company is also continuing its expansion into the European cannabis sector, where it already has a strong presence. Curaleaf began trading on the Toronto Stock Exchange on December 14, 2023.

Curaleaf is one of many US companies that is optimizing its operations to cope with cannabis industry challenges. In Q3 2023, Curaleaf completed the final steps of its asset optimization plan, which included reducing inventory and adding new product offerings, resulting in a revenue of US$333 million, a year-on-year increase of 2 percent.

For Q1 2024, its earnings report also showed a 2 percent increase in revenue year-over-year, coming in at US$339 million.

ETF weight: 19.26 percent; market cap: US$1.92 billion; share price: US$10.24

Vertically integrated medical cannabis firm Trulieve Cannabis has a dominant market share in its home state of Florida, as well as in Arizona and Pennsylvania. On June 3, the company opened its 200th dispensary.

Trulieve redeemed its 9.75 percent senior secured notes, worth US$130 million, six months ahead of its original due date of June 2024, a positive sign of its financial health and stability. Q1 2024 earnings showed a 4 percent increase in revenue year-over-year, with 96 percent of earnings coming from retail sales.

ETF weight: 12.77 percent; market cap: US$1.36 billion; share price: US$3.98

Verano Holdings is a vertically integrated cannabis company. It delivers high-quality products out of its 150 Zen Leaf and MÜV retail locations, which are spread across 14 states.

Verano moved from the CSE to Cboe Canada on October 18, a move that was expected to increase the company's visibility and accessibility to investors, while leaving it in a better position to transition to a US exchange if cannabis is legalized there, according to CEO George Archos.

Its stock price has exhibited volatility in 2024, but the company announced a plan to repurchase up to US$50 million of its Class A subordinate voting shares on June 17.

ETF weight: 5.68 percent; market cap: US$411.38 million; share price: US$1.41

TerrAscend is a vertically integrated MSO with operations in the US and Canada. Its diversified ownership structure is a good representation of the growing interest in the cannabis industry from various sources. TerrAscend has 37 dispensaries in five states, including six medical dispensaries in Pennsylvania and four in Maryland.

TerrAscend also has a strong presence in New Jersey, with retail stores and a state-of-the-art cultivation and production facility. In fact, the Garden State is the company’s most profitable market.

TerrAscend’s Q1 2024 results reveal seven consecutive quarters of positive cash. TerrAscend’s net revenue in Q1 was US$80.6 million, up 16.1 percent year-on-year.

ETF weight: 17.71 percent; market cap: US$3.52 billion; share price: US$124.07

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, Tilt Holdings (NEO:TILT,OTCQB:TLLTF), Ascend Wellness (CSE:AAWH.U,OTCQX:AAWH) and Curaleaf. The company’s attractive 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.

ETF weight: 13.95 percent; market cap: US$941 million; share price: US$2.47

Cronos Group is the Canada-based company behind the Spinach, Peace Naturals and Lord Jones cannabis brands. The company recently re-entered the German medical cannabis market through its partnership with a German medical cannabis company called Cansativa Group, and is positioned to take advantage of potential adult-use legalization in the country. Cronos also serves the Israeli market through its subsidiary Cronos Israel.

The company’s Q1 results reveal a 30 percent year-on-year net revenue increase to US$25.3 million. In Canada, Cronos’ Spinach brand is in the top three for retail sales in the flower, edible and vape categories.

ETF weight: 9.16 percent; market cap: US$1.68 billion; share price: US$2.03

Tilray Brands has a presence in over 20 countries worldwide with a wide range of cannabis products, including edibles, flower and oils.

The company solidified its position as one of the largest players in the global cannabis market after it merged with medical cannabis brand Aphria in 2020. In 2023, Tilray acquired cannabis company HEXO — a move that contributed to a 6 percent year-on-year increase in total revenue on a constant-currency basis.

The bulk of Tilray’s sales lies in the Canadian and international medical cannabis export markets. It has also grown its portfolio of brands in the alcohol segment.

The company reported record financial results for its fiscal year ended May 31, 2024, with a 26 percent annual increase in net revenue overall and a 24 percent increase for its cannabis segment. Tilray’s alcohol segment saw the largest growth in fiscal 2024, with net revenue up 113 percent year-over-year.

ETF weight: 6.6 percent; market cap: US$612.46 million; share price: US$2.32

SNDL, formerly known as Sundial Growers, is the largest private-sector liquor and cannabis retailer on the Canadian market.

SNDL has rebounded from its difficult 2023, which saw it close its Olds, Alberta, cannabis facility in October, and its share price took a big hit on the news. The company took steps during the year to reduce its debt and introduced new products to the SNDL lineup.

Its share price shot up in mid-March following the release of its full year 2023 results and it has remained elevated since. As for the first quarter of 2024, SNDL reported a 4 percent increase in net revenue for Q1 2024, driven by cannabis retail and operations, as well as a record gross margin of US$50.4 million.

ETF weight: 4 percent; market cap: US$826 million; share price: US$7.88

Canopy Growth is a company that’s grown alongside Canada’s cannabis industry. Founded in 2013, it has become one of the largest producers of cannabis in the world, fostering brand deals with celebrities like Martha Stewart and Snoop Dogg.

On May 30, Canopy Growth released its Q4 and fiscal year 2024 financial results, which showed a net revenue increase of 7 percent year-on-year, as well as reductions in cash burn, expenses and debt.

“With no material debt maturing until 2026, Canopy is equipped to capitalize on growth opportunities and enhance shareholder value," said Judy Hong, the company’s chief financial officer, in the release.