The cannabis market has faced unexpected challenges in 2025, despite initial optimism for rescheduling in the US.
While US federal regulatory uncertainty and banking remain persistent, companies are shifting focus to match changes in consumer behavior. The growing popularity of edibles and rising interest in cannabis-infused beverages reflect evolving demand in a persevering industry.
Cannabis companies in the sector continue to move forward and develop their offerings, and with potential catalysts ahead, some investors are interested in getting involved. Looking at the key players is often a good place to get started, so this list of US and Canadian cannabis stocks covers the companies with the largest presence in two major cannabis ETFs.
This list of the biggest publicly traded cannabis companies was put together based on the top-weighted cannabis stocks included in the AdvisorShares Pure US Cannabis ETF (ARCA:MSOS) and the Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ) as of July 16, 2025. Share price information for the companies was accurate as of that time.
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. Green Thumb Industries (CSE:GTII,OTCQX:GTBIF)
ETF weight: 32.06 percent
Market cap: US$1.36 billion
Share price: US$5.72
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 United States. Green Thumb Industries owns a portfolio of well-known cannabis brands like Rythm, Beboe, Dogwalkers, Incredibles and Doctor Solomon’s.
2. Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF)
ETF weight: 22.59 percent
Market cap: US$781.51 million
Share price: US$4.09
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 United States.
3. Curaleaf Holdings (TSX:CURA,OTCQX:CURLF)
ETF weight: 15.37 percent
Market cap: US$764.16 million
Share price: US$1.00
Curaleaf 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.
4. Glass House Brands (CBOE:GLAS.A.U,OTC Pink:GHBWF)
ETF weight: 7.32 percent
Market cap: US$269.57 million
Share price: US$5.40
Glass House Brands is a vertically integrated cannabis company with a focus on the California market. The company is has placed an emphasis on sustainable practices at its large-scale cultivation facility in Camarillo, California. Glass House Brands is also a major producer and wholesaler of cannabis biomass and cannabis oil to other manufacturers and extractors in the industry.
Glass House offers a diverse range of cannabis products through its various brands and retail operations, including edibles and wellness products under its Mama Sue Wellness brand.
5. Cresco Labs (CSE:CL,OTCQX:CRLBF)
ETF weight: 5.53 percent
Market cap: US$235.9 million
Share price: US$0.53
Cresco Labs is a vertically integrated multi-state cannabis operator in the United States. 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.
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. Jazz Pharmaceuticals (NASDAQ:JAZZ)
ETF weight: 16.47 percent
Market cap: US$7.02 billion
Share price: US$116.08
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. They have a diverse portfolio of products in areas like sleep disorders, cancer and epilepsy.
Jazz Pharmaceuticals’ cannabis business stems from their 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.
2. Cronos Group (NASDAQ:CRON,TSX:CRON)
ETF weight: 13.14 percent
Market cap: US$774.69 million
Share price: US$2.01
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.
3. Innovative Industrial Properties (NYSE:IIPR)
ETF weight: 11.28 percent
Market cap: US$1.51 billion
Share price: US$53.99
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.
4. Scotts Miracle-Gro Co (NYSE:SMG)
ETF weight: 10.74 percent
Market cap: US$3.92 billion
Share price: US$67.92
Scotts Miracle-Gro is a leader in lawn and garden products, but its involvement in the cannabis industry comes through its Hawthorne Gardening Company subsidiary. Hawthorne is an ancillary provider, supplying essential hydroponic and indoor growing equipment, nutrients, lighting and environmental control systems for large-scale cannabis production.
5. SNDL (NASDAQ:SNDL)
ETF weight: 7.8 percent
Market cap: US$383.4 million
Share price: US$1.49
SNDL, formerly known as Sundial Growers, is the largest private-sector liquor and cannabis retailer on the Canadian market. They cultivate and sell cannabis products under various brands, including Top Leaf, Sundial Cannabis, Palmetto and more. They focus on premium indoor cultivation and have a strong presence in the Canadian market.
SNDL has faced financial challenges in the past, but in Q1 2025 the company’s cannabis business revenue grew year-over-year for the 13th consecutive quarter. The company has continued to make strategic investments in 2025.
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.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.