The cannabis industry is rapidly growing, with more and more businesses getting in on the action. If you’re thinking of starting your own cannabis company or scaling your existing business, it’s important to research the competition and find out who the biggest players are. In this post, we’ll take a look at the 7 largest cannabis companies in the industry. Keep reading to learn more about them!
These are definitely companies you’ll want to keep your eye on.
1. Trulieve
Headquarters: Florida, United States
Stock ticker: TCNNF
Market cap: $5.91 billion
Revenue: $938.4 million
Net income: $182 million
Trulieve is the largest medical cannabis company in Florida, controlling approximately 51% of the state’s market. The company serves 380,000 patients in Florida and 1.9 million square feet of cultivation space.
The company also operates over 500 cannabis stock-keeping units (SKUs) and is constantly updating its product line with new offerings.
Trulieve also possesses medical marijuana licenses in California, Massachusetts, and Connecticut and operates 71 retail locations across the United States.
What Makes Them Unique: The company made aggressive plans in 2020 to expand its operations and sales into more states, acquiring two Pennsylvania cannabis cultivation companies and a processor permit in West Virginia.
2. Green Thumb Industries
Headquarters: Edmonton, Canada
Stock ticker: GTBIF
Market cap: $8.76 billion
Revenue: $243 million
Net income: -$25 million
Green Thumb Industries is a pharmaceutical and recreational marijuana retailer that distributes and sells its product across 12 states.
The company employs 2,300 workers and operates 13 manufacturing facilities and 97 licensed retail stores.
Green Thumb also owns a large portfolio of branded cannabis products that it manufactures and distributes including Rythm premium vape-able cannabis products, Dogwalkers discrete and convenient cannabis pre-rolls, and Incredibles as Colorado’s best-selling cannabis-infused edibles brand.
What Makes Them Unique: Very high market valuation compared to revenues and earnings.
3. Tilray
Headquarters: Toronto, Canada
Stock ticker: TLRY
Market cap: $8.3 billion
Revenue: $210.5 million
Net income: -$291 million
Tilray is a multinational pharmaceutical and cannabis company that operates primarily in Canada. The company sells both medical and recreational cannabis through its various subsidiaries and strategic partnerships:
- High Park Company. Tilray launched High Park Company to sell adult-use recreational cannabis.
- Tilray partnered with Novartis subsidiary Sandoz to co-brand, distribute, and sell medical cannabis in legal markets around the world.
- Authentic Brands Group (ABG). ABG and Tilray maintain a revenue-sharing agreement wherein ABG sells Tilray-supplied cannabis under its more well-known brand names, such as Greg Norman and Juicy Couture.
- Manitoba Harvest. Tilray acquired Manitoba Harvest in 2019 to gain access to the United States’ CBD market.
- Smith Sinclair. Tilray develops and sells CBD edibles in the United Kingdom through the Smith Sinclair brand.
What Makes Them Unique: Tilray was the first Canadian company to export medical cannabis to the United States for clinical testing.
4. Cresco Labs
Headquarters: Chicago, Illinois
Stock ticker: CRLBF
Market cap: $5.84 billion
Revenue: $209.48 million
Net income: $4.9 million
Cresco Labs is a vertically integrated recreational and medical marijuana company that operates across nine states in the US.
The company owns various subsidiaries through which it distributes and sells its products:
- Cresco Labs acquired VidaCann in 2019 to access its seven retail cannabis locations in Florida. Cresco also acquired 30 licenses for cultivating and manufacturing cannabis products in the state.
- Origin House. Cresco Labs’ $850 acquisition of Origin House in 2019 is still the largest public company acquisition in the cannabis industry as of early 2021. The deal gave Creso Labs access to Origin House’s existing 500 dispensary locations in the state of California.
- Well Beings. Cresco Labs’ flagship brand for all its products containing only cannabidiol.
- Cresco Labs operates 56 Sunnyside-branded dispensaries, through which the company sells wellness-themed cannabis products.
What Makes Them Unique: Cresco has grown primarily thorough an aggressive acquisition strategy.
5. Innovative Industrial Properties Inc.
Headquarters: San Diego, California
Stock ticker: IIPR
Market cap: $5.02 billion
Revenue: $163 million
Net income: $74 million
Unlike the other cannabis giants on this list that produce cannabis and cannabis-derived goods, Innovative Industrial Properties’ business instead focuses on selling and leasing out the land and facilities required to grow such products.
As of early 2021, the company currently owns 2.4 million square feet of rentable land across the states of Arizona, Massachusetts, California, Colorado, New York, Maryland, Ohio and Pennsylvania
What Makes Them Unique: Innovative Industrial’s properties are almost 100% leased-out at any given time. The company’s average lease term is 15 years.
6. Verano Holdings
Headquarters: Chicago, Illinois
Stock Ticker: VRNOF
Market cap: $1.45 billion
Revenue: $738 million
Net income: -$15 million
Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States. It engages in the cultivation, processing, wholesale, and retail distribution of cannabis in Arizona, Arkansas, California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, Ohio, Pennsylvania, and West Virginia.
The company offers artisanal cannabis products under the Encore, Avexia, MUV, and Verano brands for medical and adult-use markets. As of May 10, 2022, it operated 96 retail dispensaries, and 13 cultivation and processing facilities.
What Makes Them Unique: Since its founding in 2014, Verano has built an impressive 14-state footprint with a market-leading position in multiple limited licensed states which places it among the top-tier MSOs.
7. Canopy Growth Corporation
Headquarters: Smiths Falls, Ontario, Canada
Stock ticker: WEED (TSX)/CGC (NASDAQ)
Market cap: $1.13 billion
Revenue: $520 million
Net income: -$302 million
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario. In April 2019, Canopy was the world’s largest cannabis company, based on the value of all shares, or market capitalization.
They offer product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its color-coded classification system and is a market leader in both Canada and Germany.
What Makes Them Unique: Partnerships to distribute hemp-derived CBD products to the United States through First & Free and Martha Stewart CBD brands. Also has an established partnership with Fortune 500 alcohol leader Constellation Brands.
The cannabis industry is one of the fastest growing industries in the world. If you want to get in on the action and start your own cannabis company, it makes sense to understand what some of the bigger players are doing so that you can apply the same growth strategies to grow your business. Keep an eye on these seven companies so that you can learn from their success and replicate their growth strategies in your own business.
Are you ready to start growing your cannabis business using the proven strategies used by these large cannabis companies? Let’s talk about how we can help you achieve your goals.
