10 Biggest Cannabis Stocks in the US and Canada in 2025

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 (CSE:CURA)

ETF weight: 23.51 percent
Market cap: C$2.93 billion
Share price: C$4.10

Cureleaf Holdings has a significant presence in the US cannabis market, with around 150 dispensaries and several cultivation centers across 17 states. The company is also continuing its expansion into the European cannabis sector, where it already has a strong presence. Curaleaf has a wide range of brands covering a variety of cannabis product types, including flower, vapes, edibles and hemp-derived THC beverages.

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

ETF weight: 22.30 percent
Market cap: C$2.14 billion
Share price: C$11.70

Trulieve is another 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 a dominant market share in its home state of Florida, as well as in Arizona and Pennsylvania. In June 2024, the company opened its 200th dispensary in the US.

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

ETF weight: 20.73 percent
Market cap: C$2.57 billion
Share price: C$11.56

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, of which there are many across the US. Green Thumb Industries owns a portfolio of well-known cannabis brands like Rythm, Beboe, Dogwalkers, Incredibles and Doctor Solomon's.

4. Cresco Labs (CSE:CL,OTCQX:CRLBF)

ETF weight: 7.25 percent
Market cap: C$808.48 million
Share price: C$1.96

Cresco Labs is a vertically integrated multi-state cannabis operator in the US. A leading US cannabis company, it is known for its strong brands like Cresco, High Supply and Good News.

Cresco Labs controls its supply chain from cultivation to retail, offering a wide range of products. While it has its own stores, it focuses heavily on wholesale, getting its products into dispensaries across the country.

5. Verano Holdings (OTCQX:VRNOF)

ETF weight: 6.59 percent
Market cap: US$1.56 billion
Share price: US$1.50

Headquartered in Chicago, Verano Holdings emphasizes growing its own premium cannabis flower in-house, featuring over 160 proprietary strains grown in 15 state-of-the-art cultivation and production facilities

Verano offers a diverse portfolio of cannabis products under multiple brands such as Encore, Avexia, MUV, Savvy, BITS, Verano and Essence, catering to both medical and adult-use markets. The company recently proposed a plan to redomicile from Canada to the state of Nevada to streamline its US-based business.

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

ETF weight: 10.32 percent
Market cap: US$1.02 billion
Share price: US$2.66

Cronos Group is the Canada-based company behind the Spinach, Peace Naturals and Lord Jones cannabis brands. In Canada, Cronos’ Spinach brand is in the top three for retail sales in the flower and edible categories.

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.

2. Jazz Pharmaceuticals (NASDAQ:JAZZ)

ETF weight: 10.19 percent
Market cap: US$8.30 billion
Share price: US$136.90

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. This made big waves as it was one of the largest moves by a traditional pharmaceutical company into the cannabis space.

3. Tilray Brands Inc. (NASDAQ:TLRY)

ETF weight: 9.78 percent
Market cap: US$1.84 billion
Share price: US$1.66

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.

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.

4. Innovative Industrial Properties (NYSE:IIPR)

ETF weight: 9.76 percent
Market cap: US$1.50 billion
Share price: US$24.56

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 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.

5. SNDL (NASDAQ:SNDL)

ETF weight: 9.71 percent
Market cap: US$653.80 million
Share price: US$2.54

SNDL, formerly known as Sundial Growers, is the largest private-sector liquor and cannabis retailer on the Canadian market. It cultivates and sells cannabis products under various brands, including Top Leaf, Sundial Cannabis, Palmetto and more. It focuses on premium indoor cultivation and have a strong presence in the Canadian market.

SNDL has faced financial challenges in the past, but in Q1, the company's cannabis business revenue grew year-on-year for the 13th consecutive quarter. The company has continued to make strategic investments in 2025.

FAQs for investing in cannabis