After a year of stop‑start policy signals, the US cannabis market ended 2025 with a new wave of attention as US President Donald Trump moved to accelerate federal cannabis rescheduling efforts.
His December executive order directing the attorney general to complete the process of shifting marijuana from Schedule I to Schedule III has energized the sector. At the same time, companies are reshaping product portfolios around changing consumer behavior, with rapid growth in edibles and rising interest in cannabis‑infused beverages as smoke‑free formats gain traction.
With policy catalysts still unfolding and demand trends evolving, many investors are revisiting the space. For those looking to get exposure, starting with the key US and Canadian names held by major cannabis exchange‑traded funds (ETFs) offers a practical way to focus on the largest, most established public operators.
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 Global X Marijuana Life Sciences Index ETF (TSX: HMMJ) as of January 2, 2026. 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. Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF)
ETF weight: 24.53 percent
Market cap: C$2.28 billion
Share price: C$11.91
Trulieve is a 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 over 200 dispensaries across the US. It holds a dominant market share in its home state of Florida, and also has a significant presence in Arizona and Pennsylvania.
2. Curaleaf Holdings (CSE:CURA)
ETF weight: 22.25 percent
Market cap: C$2.76 billion
Share price: C$3.58
Cureleaf Holdings also has a significant presence in the US cannabis market, with 158 dispensaries and several cultivation centers across 17 states. The company is also continuing its expansion into the European cannabis sector, with a July 2025 buyout of its minority partner for full control and a partnership with Australia Natural Therapeutics Group to supply medical cannabis to the UK.
Curaleaf has a wide range of brands covering a variety of cannabis product types, including flower, vapes, edibles and hemp-derived THC beverages.
3. Green Thumb Industries (CSE:GTII,OTCQX:GTBIF)
ETF weight: 20.93 percent
Market cap: C$2.57 billion
Share price: C$11.10
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 across the US.
Green Thumb Industries produces and distributes a portfolio of well-known cannabis brands like Rythm, Beboe, Dogwalkers, Incredibles and Doctor Solomon’s.
The company previously owned the intellectual property for these brands. However, following a 2025 strategic transaction, Green Thumb now manufactures them under a long-term licensing agreement with RYTHM (NASDAQ:RYM), which changed its name from Agrify following the deal.
4. Cresco Labs (CSE:CL,OTCQX:CRLBF)
ETF weight: 7.01 percent
Market cap: C$774.16 million
Share price: C$1.74
Cresco Labs is a vertically integrated multi-state cannabis operator in the US. Founded in 2013, 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. Glass House Brands (CBOE:GLAS.A.U,OTC:GLASF)
ETF weight: 6.79 percent
Market cap: C$481.48 million
Share price: C$8.97
Glass House Brands is a vertically integrated cannabis company focused on the California market and founded in 2015. The company emphasizes sustainable, low-cost production. Glass House controls its products’ full supply chain, cultivating cannabis in large facilities such as its flagship 5.5 million square foot site in Southern California.
Following a federal immigration raid in July 2025 that significantly disrupted operations and impacted Q3 revenue, Glass House says it has overhauled its labor model and expects to reach full production capacity in Q1 2026.
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: 10.75 percent
Market cap: US$8.3 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.
At the American Epilepsy Society 2025 meeting in December, Jazz presented four abstracts on Epidiolex’s non-seizure outcomes and real-world effectiveness in treating rare forms of epilepsies like Dravet syndrome, Lennox-Gastaut syndrome and tuberous sclerosis complex associated epilepsy.
2. Innovative Industrial Properties (NYSE:IIPR)
ETF weight: 10.06 percent
Market cap: US$1.5 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.
3. Cronos Group (NASDAQ:CRON,TSX:CRON)
ETF weight: 9.84 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. Founded in 2012, its portfolio spans a wide range of affordable products. 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.
4. Tilray Brands (NASDAQ:TLRY)
ETF weight: 9.56 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. Some of its cannabis brands include Good Supply, Broken Coast and Soleil.
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.
Recent highlights include a 1:10 reverse stock split in November 2025 and premium vape launches under its Redecan brand.
5. SNDL (NASDAQ:SNDL)
ETF weight: 9.36 percent
Market cap: US$653.8 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, Palmetto, Versus, No Future 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 Q3, the company’s cannabis business revenue grew year-on-year for the 15th consecutive quarter. The company has continued to make strategic investments in 2025, including a deal to acquire 32 cannabis retail stores in two stages.
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.
