This article will discuss the 26 biggest marijuana companies in the world, understand some recent industry trends, and navigate the future of the marijuana industry. If you want to skip our detailed analysis, you can head directly to the 5 Biggest Marijuana Companies in the World.
An Analysis of the Cannabis Industry
According to a report by Fortune Business Insights, the global cannabis market was worth $43.72 billion in 2022. The industry is expected to reach a valuation of $57.18 billion by the end of 2023 and is projected to grow at a compound annual growth rate of 34.03% to a value of $444.34 billion by 2030.
The United States was one of the first countries to legalize the medicinal use of cannabis. Colorado and Washington were among the first to legalize the use of marijuana in 2012. This explains why North America dominated the global cannabis market and accounted for $35.67 billion of the industry's market value in 2022. According to Reuters, as of 2023, 23 states across the United States have legalized the use of cannabis for recreational purposes. Regional trends suggest that Canada is an emerging powerhouse for cannabis companies, attributable to rapid legalization and wide public acceptance.
When we look outside the US and North American region, Europe is expected to be the second-fastest growing region when it comes to the medicinal use of cannabis products. The Asia Pacific region is also forecasted to undergo significant growth as part of changing government policies related to the medicinal use of cannabis. In June 2022, the government of Thailand lifted bans on the cultivation, production, and sale of cannabis. Moreover, identifying the therapeutic benefits of marijuana, Germany, Finland, and Israel have permitted the medicinal use of cannabis on a larger scale.
A Potential Major Player Emerges
On July 20, Forbes reported Philip Morris International Inc. (NYSE:PM) is attempting to acquire Syqe Medical for an estimated $650 million, an Israel-based cannabis company. This step will be a catalyst for the medical and cannabis industry. Upon successful completion of the clinical trials, the acquisition will take place, potentially placing Syqe Medical among the top 10 marijuana companies in the world.
The company's product is a pain reduction inhaler backed by raw medical cannabis rather than its processed versions. Additionally, with its unique and innovative features, the inhaler suggests an appropriate dosage for each patient. First-world countries such as Canada have approved the inhaler for medical use. However, the product is yet to be marketed for sale. The acquisition by Philip Morris International Inc. (NYSE:PM) will be a game changer for Syqe Medical and the global medical community.
Product Innovation
Since the legalization of cannabis, companies traditionally specializing in medicinal-based cannabis products have begun to cater to the regular customer. These customers tend to use cannabis for recreational purposes and are constantly evolving or employing innovative techniques. For example, people are no longer limiting their use of cannabis to smoking flowers with joints. Consumers incorporate vapes, topicals, and various infused products into their lifestyles. These trends allow existing cannabis companies to enhance their product portfolio and penetrate potential markets.
Large companies like Jushi Holdings (JUSH.CN), the Green Thumb Industries (OTC:GTBIF), and CuraLeaf Holdings (OTC:CURLF) now offer vapes, flowers, edibles, disposables, cartridges, and conventional medicinal products. Conventionally, these companies operate in the healthcare industry. However, companies have diversified their product portfolio to keep up with changing trends. While such actions may be profitable, experts tend to assess the health risks associated with the use of cannabis.
Major Companies in the Marijuana Industry
Some of the biggest marijuana companies in the world making leaps in innovative medicine include Curaleaf Holdings (OTC:CURLF), Tilray Brands, Inc (NASDAQ:TLRY), and Green Thumb Industries, Inc (OTC:GTBIF).
Curleaf Holdings (OTC:CURLF) is the biggest marijuana company in the world. The company is an industry leader, pioneering the cultivation, production, and sale of cannabis in the United States. For the fiscal year 2022, Curaleaf Holdings (OTC:CURLF) reportedly grew its revenue by 12% compared to the fiscal year 2021. The company offers a range of products for adult and medical use, including flowers, joints, topicals, vaporizer pens, and edibles.
Tilray Brands, Inc (NASDAQ:TLRY) is a well-known name in the marijuana industry. Tilray Brands, Inc (NASDAQ: TLRY) specializes in the research, cultivation, production, and distribution of cannabis-based medical products in the United States. As of July 24, Tilray Brands, Inc (NASDAQ:TLRY) has surged 21.36% over the past month.
Another big name in the marijuana industry is Green Thumb Industries, Inc (OTC:GTBIF). The company offers cannabis-based products for recreational and medical purposes across the United States. Some of their popular products include gummies, vapes, dried cannabis flowers, and extracts. In fiscal 2022, Green Thumb Industries, Inc (OTC:GTBIF) generated a revenue of $1 billion, up 14% year over year.
26 Biggest Marijuana Companies in the World
Photo by terre-di-cannabis on Unsplash
Our Methodology
To compile our list, we considered public and private companies operating in the marijuana industry. We used the market cap as of July 25 to quantify the size of public companies. For private companies, we relied on their annual revenue for the most recent fiscal year, or any other quantitative metric that can justify their size. We sourced our data from three credible sources including Yahoo Finance, Crunchbase, and Forbes.
Market cap was prioritized as the metric for quantifying a company's size, so private companies are ranked earlier in the list. As we move up, we will find public companies.
Please note that all companies mentioned in our rankings are pure-play marijuana companies and so you may not find companies that have some, or indirect, exposure to the marijuana industry.
Trees Corporation (OTC:CANN) is a vertically integrated cannabis company and is ranked among the biggest marijuana companies in the world. Operating primarily in the retail and cultivation of cannabis, Trees Corporation (OTC:CANN) was founded in 2013 and currently employs 150 employees.
25. Auxly Cannabis Group Inc. (OTC:CBWTF)
Market cap as of July 25, 2023: $16.07 Million
Auxly Cannabis Group Inc. (OTC:CBWTF) is a consumer-packaged cannabis goods provider in Canada. The company offers a range of cannabis-related products, including vapes, cartridges, infused pre-rolls, dried flowers, and pills. Auxly Cannabis Group Inc. (OTC:CBWTF) was founded in 1987 and currently employs 420 people. As of July 25, the company is worth $16.07 million on the open market.
MedMen Enterprises Inc. (OTC:MMNFF) is an American cannabis retailer. The company offers different cannabis products under the brand names: MedMen Red and LuxLyte. MedMen Enterprises Inc. (OTC:MMNFF) operates stores across California, Nevada, Illinois, Arizona, and Massachusetts, and employs 428 people.
23. Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP)
Market cap as of July 25, 2023: $28.706 Million
Corbus Pharmaceuticals (NASDAQ:CRBP) is a biopharmaceutical company based in the United States. The company is currently in phase 2 trials of developing cannabinoid receptors to treat inflammation and fibrosis. With the company's technical nature, Corbus Pharmaceuticals (NASDAQ:CRBP) boasts a unique product portfolio, contributing to its ranking as the twenty-third biggest marijuana company in the world. The company was founded in 2009 and employs 33 employees.
Some of the biggest marijuana companies in the world making leaps in innovative medicine include Curaleaf Holdings (OTC:CURLF), Tilray Brands Inc (NASDAQ:TLRY), and Green Thumb Industries (OTC:GTBIF).
Charlotte’s Web Holdings, Inc. (OTC:CWBHF) is a drug manufacturer in the United States. The company produces, distributes, markets, and sells hemp-derived cannabidiol wellness products. Since its inception in 2013, Charlotte’s Web Holdings, Inc. (OTC:CWBHF) has grown to produce and sell CBD creams, capsules, lotions, and pet products. The company currently employs 170 employees.
21. Village Farms International, Inc. (NASDAQ:VFF)
Market cap as of July 25, 2023: $70.531 Million
Village Farms International, Inc. (NASDAQ:VFF) is a farm product company based in Canada. The company operates through four segments: Produce, cannabis-Canada, cannabis-US, and energy. Village Farms International, Inc. (NASDAQ:VFF) sells cannabinoid-based health products, including edibles, topical applications, and ingestibles. Founded in 1989, the company currently employs 1800 employees and ranks amongst the biggest marijuana companies in the world.
Ayr Wellness Inc. (OTC:AYRWF) is a vertically integrated cannabis company based in the United States. Ayr Wellness Inc. (OTC:AYRWF) is involved in cultivating, manufacturing, and selling packaged cannabis products. Since its inception in 2017, it has added several retail outlets under the following brand names: AYR, Liberty Health Sciences, and The Dispensary. Such contributed to the company’s ranking as the twentieth biggest marijuana company in the world. The company currently employs 2400 employees.
InterCure Ltd. (NASDAQ:INCR), is a cannabis producer and retailer based in Israel. InterCure Ltd. (NASDAQ:INCR) is among the biggest marijuana companies in the world. The company primarily conducts research, development, cultivation, and production of cannabis-related products for medical use. Some of the products include cannabis extract oil and dried cannabis inflorescences. The company was founded in 1994 and currently employs 370 employees.
Jushi Holdings Inc. (OTC:JUSHF) is a vertically integrated cannabis company based in the United States. Jushi Holdings Inc. (OTC:JUSHF) develops, produces, and distributes medical and adult-use cannabis-based products. Since its inception, Jushi Holdings Inc. (OTC:JUSHF) has been able to develop a strong brand reputation in Pennsylvania, Virginia, Ohio, Illinois, California, Nevada, and Massachusetts. Jushi Holdings Inc. (OTC:JUSHF) offers a range of CBD products, including cannabis dry flower, vape cartridges, disposables, and edibles. The company’s employee count is currently 1,486 people.
Organigram Holdings Inc. (NASDAQ:OGI) is a cannabis producer and retailer operating across Canada through its strong retailer network. Organigram Holdings Inc. (NASDAQ:OGI) offers cannabis healthcare products, including cannabis flowers, oils, and vaporizers. Organigram Holdings Inc. (NASDAQ:OGI) also offers products to the regular customer for recreational use. These products include pre-rolls, blends, and dried flowers. The company was founded in 2010, employs 882 people, and is among the biggest marijuana companies in the world.
Planet 13 Holdings Inc. (OCT:PLNHF) is an integrated cannabis company based in the United States. Planet 13 Holdings Inc. (OCT:PLNHF) specializes in cultivating, distributing, and selling cannabis products, primarily for medical and retail purposes. With 639 full-time employees and vast operations, the company stands firm as the sixteenth biggest marijuana company in the world. The company was founded in 2002.
MariMed Inc. (OTC:MRMD) is a drug manufacturer based in the United States. MariMed Inc. (OTC:MRMD) ranks as the fifteenth biggest marijuana company in the world. The company specializes in cultivating, producing, and distributing cannabis. MariMed Inc. (OTC:MRMD) offers adult-use cannabis products such as flowers, concentrates, and chewable cannabis under the brand names: Nature’s Heritage and Kalm Fusion. Founded in 2011, the company currently employs 637 employees.
Aurora Cannabis Inc. (NASDAQ:ACB) is a cannabis producer and distributor based in Canada. The company produces, distributes, and sells cannabis products to three major segments: Canadian cannabis, European cannabis, and plant propagation. Aurora Cannabis Inc. (NASDAQ:ACB) also distributes cannabis consumer and medical products in the European Union, Australia, the Caribbean, South America, and Israel. Aurora Cannabis Inc. (NASDAQ:ACB) also provides hemp-derived cannabidiol (CBD) products across North America. Notable adult-use products include Aurora Drift, San Rafael’71, Being, and Greybeard. Notable CBD brands include Reliva and KG7. With a large variety of product offerings, Aurora Cannabis Inc. (NASDAQ:ACB) boasts the rank of the fourteenth biggest marijuana company in the world. The company currently employs 1,338 employees.
13. Glass House Brands Inc. (OTC:GLASF)
Market cap as of July 25, 2023: $203.104 Million
Glass House Brands Inc (OTC:GLASF) is a cannabis producer and retailer based in the United States. Glass House Brands Inc. (OTC:GLASF) ranks as the thirteenth biggest marijuana company in the world. The company distributes raw cannabis, cannabis oil, and cannabis consumer goods through third-party and owned retail outlets. The company primarily operates in California through its subsidiaries. Cannabis-based products are served under the brand names: Glass House Farms, Forbidden Flowers, and Mama Sue. The company commenced operations in 2015.
Columbia Care Inc. (OTC:CCHWF) is a leading cannabis-based product producer and provider based in the United States. Since its inception in 2012, Columbia Care Inc. (OTC:CCHWF) has been involved in the cultivation, manufacture, and distribution of high-quality medical-based cannabis products. Such contributes directly to its position as the twelfth biggest marijuana company in the world. Notable products include spanning flowers, edibles, oils, and tablets under the following brand names: Seed & Strain, Triple Seven, Hedy, and Amber. The company currently employs 2,505 employees.
Canopy Growth Corporation (NASDAQ:CGC) is a drug manufacturer based in Canada. Canopy Growth Corporation (NASDAQ:CGC) produces, distributes, and sells cannabis and hemp-based products. The company provides adult-use and recreational products in Germany, Canada, and the United States. With a vast brand portfolio, Canopy Growth Corporation (NASDAQ:CGC) stands as the eleventh biggest marijuana company in the world. The company currently employs 1621 employees.
SNDL Inc. (NASDAQ:SNDL) is an agri-based cannabis company in Canada. SNDL Inc. (NASDAQ:SNDL) specializes in the production of cannabis strains using horticultural techniques serving four segments: Liquor Retail, Cannabis Retail, Cannabis Operations, and Investments. The company is known for using innovative and sustainable practices for the cultivation and processing of cannabis. Tapping into the recreational market, the company now offers and distributes pre-rolls and vapes under the following brand names: Top Leaf, Sundial Cannabis, Palmetto, and Grasslands. The company stands as the tenth biggest marijuana company in the world and is home to 2607 employees since its inception in 2006.
TerrAscend Corp. (OTC:TSNDF) is a drug manufacturer based in Canada. TerrAscend Corp. (OTC:TSNDF) specializes in cultivating, processing, and selling adult and medical-based cannabis products. Operating under the brand name, Apothecarium, TerrAscend Corp. (OTC:TSNDF) not only owns a range of retail dispensaries but also various synergies across California, Pennsylvania, and New Jersey. The company was founded in 2017 and currently employs 972 employees.
Cresco Labs Inc. (OTC:CRLBF) is a drug manufacturer based in the United States. Cresco Labs Inc. (OTC:CRLBF) engages in the cultivation, manufacturing, and retail of medical cannabis. Since its inception in 1990 in Chicago, the company has offered several products under the Cresco brand name, including value carts, vape pens, flowers, popcorn, shakes, and pre-rolls. The vast range of products contributes to the company’s rank as the eighth biggest marijuana company in the world. The company currently employs 3,200 employees.
7. Syqe Medical
Estimated valuation: $650 Million
Syqe Medical specializes in the production of innovative medicine using cannabis. Syqe Medical’s inhaler is the world's first regulated cannabis-based inhaler. Based in Israel, the company is to be acquired by Philip Morris International Inc. (NYSE:PM) for an estimated valuation of $650 million. Syqe Medical is ranked seventh among the biggest marijuana companies in the world.
Cronos Group Inc. (NASDAQ:CRON) is a drug manufacturer based in Canada. Cronos Group Inc. (NASDAQ:CRON) stands as the sixth biggest marijuana company in the world, selling cannabis products for adult and medical use. Some of the notable products include pre-rolls, edibles, concentrates, and cannabis extracts. Cronos Group Inc. (NASDAQ:CRON) is involved in cultivating, manufacturing, and marketing cannabis and cannabis-based products for medicinal purposes across the United States under the Lord Jones brand name. The company currently employs 447 employees.
For investors looking to increase their exposure to the marijuana industry, some viable options to consider include Curaleaf Holdings (OTC:CURLF), Tilray Brands Inc (NASDAQ:TLRY), and Green Thumb Industries (OTC:GTBIF).
