7 Biggest Canadian Marijuana Companies

Tilray, SNDL, and Canopy Growth Corp top the list of biggest Canadian marijuana firms

The Canadian cannabis industry has grown dramatically in size since the national government legalized cannabis in 2018. Companies in the marijuana industry are involved in the cultivation, growth, and distribution of cannabis and related products for both recreational and medical use. Many new entrants to the industry have invested in cannabis businesses or launched new cannabis or cannabis-related divisions.

Investors are carefully scrutinizing Canadian cannabis companies' underlying financials to determine which ones offer the best growth on a sustained basis. That focus is especially true since many of these are young companies that launched on their rapid growth path in the few years since legalization. Many of them are continuing to generate major losses as they focus on developing new products, and expanding their markets through internal growth and acquisitions.

As a result, these companies' prospects are measured mainly by revenue growth rather than net income growth. We detail below the seven biggest Canadian cannabis companies ranked by 12-month trailing (TTM) revenue. This list is limited to companies that are publicly traded in the U.S. or Canada, either directly or through American depositary receipts (ADRs). Some foreign companies may report semiannually, and so may have longer lag times. All data throughout is courtesy of YCharts and as of Dec. 15, 2022.

Key Takeaways

  • Canada legalized marijuana in 2018, which led to a boom in the country's cannabis industry.
  • Tilray Brands is the largest cannabis company in the country based on annual revenue.
  • SNDL is a developer of cannabis and liquor products.
  • Canopy Growth is a producer of medical-grade cannabis products.
  • Some of the other top revenue earners in the industry include TerrAscend, Aurora Cannabis, OrganiGram Holdings, and Cronos Group.

1. Tilray Brands Inc. (TLRY)

  • Revenue (TTM): $613.56 million
  • Net Income (TTM): -$508.63 million
  • Market Cap: $2.07 billion
  • 1-Year Trailing Total Return: -57.89%
  • Exchange: Nasdaq

Tilray is a Canadian company focused primarily on cultivating, processing, and distributing medical cannabis products. The company is also heavily focused on medical cannabis research. Its products include dried cannabis and cannabis extracts. In May 2021, Tilray completed its merger with Aphria, another Canadian company. It now has operations in Europe, Australia, and Latin America in addition to Canada and the United States.

2. SNDL Inc. (SNDL)

  • Revenue (TTM): $383.49 million
  • Net Income (TTM): -$210.31 million
  • Market Cap: $559.32 million
  • 1-Year Trailing Total Return: -57.85%
  • Exchange: Nasdaq

Calgary, Alberta, Canada-based SNDL develops and distributes liquor and cannabis products through its banner businesses. The company boasts that it's the largest private-sector liquor and cannabis company. The cannabis banners include Spiritleaf and Value Buds and its brands include Top Leaf, Spiritleaf Selects, and Grasslands.

3. Canopy Growth Corp. (CGC)

  • Revenue (TTM): $376.47 million
  • Net Income (TTM): -$2.34 million
  • Market Cap: $1.38 billion
  • 1-Year Trailing Total Return: -68.96%
  • Exchange: Toronto Stock Exchange (TSX) and Nasdaq

Canopy Growth, headquartered in Canada, produces medical marijuana products. The company has the distinction of having been the first federally regulated and licensed publicly-traded cannabis grower in North America. It is among the largest cannabis companies in the world by market capitalization. The company also has plans to enter the U.S. market.

$415 billion

The amount spent globally by cannabis consumers. This figure is expected to rise to $496 billion by 2025.

4. TerrAscend Corp. (TRSSF)

  • Revenue (TTM): $294.90 million
  • Net Income (TTM): -420.53 million
  • Market Cap: $562.13 million
  • 1-Year Trailing Total Return: -71.69%
  • Exchange: Canadian Securities Exchange

TerrAscend is an integrated Canadian cannabis company offering products for both medical and recreational use. The company has a portfolio of businesses including (but not limited to):

  • Arise Bioscience, a manufacturer and distributor of hemp products
  • The Apothecarium, a cannabis dispensary
  • Ilera Healthcare, a medical marijuana cultivator, processor, and distributor

Operations are based in Pennsylvania, New Jersey, Michigan, and California, and there are cultivation and processing plants in Maryland and Canada.

5. Aurora Cannabis Inc. (ACB)

  • Revenue (TTM): $164.88 million
  • Net Income (TTM): -$1.38 billion
  • Market Cap: $356.76 million
  • 1-Year Trailing Total Return: -81.26%
  • Exchange: Toronto Stock Exchange (TSX) and Nasdaq

Aurora Cannabis is a major cannabis producer and a licensed distributor. The company, based in Edmonton, Alberta, Canada, has operations in both the medical and consumer cannabis areas and has a division focused on cannabidiol products for distribution in the U.S. CBD is one of the most active and prevalent ingredients in cannabis. It expanded its footprint, with production facilities and sales agreements in the European Union (EU).

6. OrganiGram Holdings Inc. (OGI)

  • Revenue (TTM): $145.80 million (CAD)
  • Net Income (TTM): -$14.28 million (CAD)
  • Market Cap: $395.45 million (CAD)
  • 1-Year Trailing Total Return: -45.45%
  • Exchange: Toronto Stock Exchange (TSX) and Nasdaq

Originally a provider of medical-grade cannabis, OrganiGram Holdings expanded to include marijuana for recreational users in Canada. Founded in 2013, OrganiGram Holdings is based in Moncton, New Brunswick, and is the parent company of OrganiGram and Laurentian Organic. It also operates The Edibles and Infusions Corporation, which makes cannabis-infused candy and soft chews.

7. Cronos Group Inc. (CRON)

  • Revenue (TTM): $94.81 milllion
  • Net Income (TTM): -$223.48 million
  • Market Cap: $1.07 billion
  • 1-Year Trailing Total Return: -30.64%
  • Exchange: Nasdaq

Cronos is a Toronto-based company that deals in the distribution and production of cannabis and cannabis-related research along with technology development. The company has a diverse global brand portfolio, which includes Spinach, Lord Jones, and Peace+.

Article Sources
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  2. YCharts. "YCharts."

  3. Tilray Medical. "About Us: Medical Cannabis That Matters."

  4. Tilray Brands. "Tilray & Aphria Announce Closing of Transaction That Creates the "New" Tilray – A Global Cannabis Leader."

  5. Tilray Brands. "Corporate Profile."

  6. SNDL. "We Are SNDL."

  7. SNDL. "Cannabis Banners."

  8. SNDL. "Cannabis Brands."

  9. Canopy Growth. "Conversation with Canopy Growth," Page 3.

  10. Companies MarketCap. "Largest Cannabis Companies by Market Cap."

  11. Canopy Growth. "Introducing Canopy USA."

  12. New Frontier Data. "The Global Cannabis Report."

  13. TerrAscend. "About TerrAscend."

  14. Aurora. "Corporate Profile."

  15. Harvard Health Publishing, Harvard Medical School. "Cannabidiol (CBD): What We Know and What We Don't."

  16. Aurora. "About."

  17. Organigram. "About Us."

  18. Cronos Group. "About."

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