Since the legalization of cannabis in Canada in 2018, the past few years have seen a burgeoning growth for Canadian marijuana companies across the nation. As legalization continued to spread—including throughout parts of the bordering U.S.—Canadian cannabis companies and investors alike saw a major opportunity. More and more companies have launched, and some major non-cannabis companies, like beverage producer Constellation Brands (STZ), have invested heavily in cannabis-focused businesses in a show of support for the future of the industry.

For many investors, the proof of a cannabis company's success is similar to that of any other company's: it's in the financials. Now that Canadian cannabis companies have reported their first sets of financial results since legalization took place, analysts can get a better sense of just how justified (or not) the hype has been. Below, we'll take a look at the top revenue-generating Canadian marijuana companies, per the most recent financial information available.

1. Canopy Growth Corp.

Market cap: $6.76 billion

Canopy Growth Corp. (CGC) is an Ontario-based company that has the distinction of having been the first federally-regulated and licensed publicly-traded cannabis grower in North America. Now, thanks in part to an investment of close to $4 billion by Constellation Brands in August of 2018, Canopy Growth is the largest marijuana company in existence as of this writing and per market capitalization.

Canopy Growth Corp. reported on its final-quarter results from 2019 early in the new year, and the figures boast some impressive accomplishments. The company made a whopping $90.5 million in the first fiscal quarter of 2020 and is positioning itself to bring CBD products to the U.S. market by the end of the fiscal year. With increased harvests and demand for medical cannabis, Canopy is staying busy: to date, it has a portfolio of 111 patents and 270 applications.

2. Cronos Group

Market cap: $2.36 billion

Cronos Group (CRON)'s reach is astounding: the cannabinoid company is already boasting international production and distribution across five continents, building products from hemp-derived CBD for wellness to vape pens. While there has been some recent volatility in the stock due to a class action filed against Cronos, their shares have also been indicative that cannabis sales and deliveries may rise.

According to the company, Cronos Group generated $7.64 million (CAD) in revenue in the third fiscal quarter of 2019, which a significant year-over-year increase due to the launch of the adult-use market in Canada.

3. Aurora Cannabis

Market cap: $1.15 billion

Headquartered in Edmonton, Aurora Cannabis (ACB) is a major cannabis producer and a licensed distributor. Aurora boasts a strong international presence, having purchased Berlin-based Pedanios GmbH and having received a supply agreement through a subsidiary called Pedanios to the Italian cannabis market as well. It also purchased MedReleaf and CanniMed in 2018.

Aurora's financials for its 2019 Q4 were quite strong compared with previous quarters as well, generating net revenue of roughly CAD$95 million. In fact, net revenue increased by 61% from the previous quarter.

4. Aphria

Market cap: $1.37 billion

Founded in 2014, Aphria (APHA) is a relatively new entrant into the legal cannabis space. It focuses on medical cannabis, having first received a license to produce and sell medical products. In recent months and in an effort to expand into the U.S. market, Aphria has engaged in high profile (and sometimes highly controversial) acquisitions. For the last fiscal quarter of 2019, Aphria reported net revenue of CAD$128.6 million.

The Bottom Line

With skyrocketing growth among Canadian cannabis companies, eager investors are riding the wave as legalization spreads around the world. Any investors should also be wary of claims that the cannabis industry more broadly is overblown, with companies potentially extending themselves too far in a bid to buy up competitors, expand growing and production capabilities, and prepare for an industry that enjoys worldwide dominance. Looking ahead, the next test of these businesses will be whether they are able to sustain such impressive revenue growth quarter-over-quarter going into the future.