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 done so by investing in cannabis businesses or by launching 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 10 biggest Canadian cannabis companies ranked by 12-month trailing revenue. This list is limited to companies which are publicly traded in the U.S. or Canada, either directly or through ADRs. Some foreign companies may report semiannually, and so may have longer lag times. All data throughout is courtesy of YCharts and as of April 2, 2021.

#1 Aphria Inc. (APHA.TO)

  • Revenue (TTM): CA$601.3 million
  • Net Income (TTM): -CA$218.8 million
  • Market Cap: CA$7.2 billion
  • 1-Year Trailing Total Return: 465.9%
  • Exchange: Toronto Stock Exchange

Aphria produces, grows, and markets primarily medical cannabis products. Its medical cannabis is 100% greenhouse grown, allowing its plants to benefit from natural sunlight. The Canadian company's products include oils, softgels, oral sprays, and cartridges. Aphria is in the process of merging with Tilray Inc. to create the world's largest cannabis company by pro forma revenue. Aphria also trades in the U.S. under APHA.

#2 Canopy Growth Corp. (WEED.TO)

  • Revenue (TTM): CA$506.1 million
  • Net Income (TTM): -CA$2.3 billion
  • Market Cap: CA$15.4 billion
  • 1-Year Trailing Total Return: 108.9%
  • Exchange: Toronto Stock Exchange

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. Canopy Growth also trades in the U.S. under CGC.

#3 Aurora Cannabis Inc. (ACB.TO)

  • Revenue (TTM): CA$283.1 million
  • Net Income (TTM): -CA$2.4 billion
  • Market Cap: CA$2.3 billion
  • 1-Year Trailing Total Return: -17.5%
  • Exchange: Toronto Stock Exchange

Aurora Cannabis is a major cannabis producer and a licensed distributor. The company, based in Canada, has operations in both the medical and consumer cannabis areas and has a division focused on cannabidiol products (CBD) for distribution in the U.S. CBD is one of the most active and prevalent ingredients in cannabis. Aurora Cannabis also trades in the U.S. under ACB.

#4 Village Farms International Inc. (VFF.TO)

  • Revenue (TTM): CA$228.0 million
  • Net Income (TTM): CA$15.3 million
  • Market Cap: CA$1.4 billion
  • 1-Year Trailing Total Return: 377.4%
  • Exchange: Toronto Stock Exchange

Village Farms International is a greenhouse grower that sells a variety of produce to grocers in the U.S. and Canada. The Canada-based company operates a cannabis business through its wholly-owned subsidiary, Pure Sunfarms. It has established a joint venture called Village Fields Hemp USA, LLC, to cultivate hemp and extract CBD for sale in the U.S. Village Farms International also trades in the U.S. under VFF.

#5 Tilray Inc. (TLRY)

  • Revenue (TTM): $210.5 million
  • Net Income (TTM): -$271.1 million
  • Market Cap: $3.8 billion
  • 1-Year Trailing Total Return: 278.6%
  • Exchange: NASDAQ

Tilray is a Canada-based company focused primarily on cultivating, processing, and distribution of medical cannabis products. The company also is heavily focused on medical cannabis research. Its products include dried cannabis and cannabis extracts. As mentioned, Tilray and Aphria plan to merge. While Tilray is a Canadian company, it only trades on the NASDAQ exchange.

#6 Ayr Wellness Inc. (AYR.A.CX)

  • Revenue (TTM): CA$207.0 million
  • Net Income (TTM): -CA$231.0 million
  • Market Cap: CA$1.5 billion
  • 1-Year Trailing Total Return: 317.8%
  • Exchange: Canadian Securities Exchange

Ayr Wellness cultivates, manufactures, and distributes a broad range of cannabis and related products. Based in Canada, the company offers brands including Kynd, Sira Naturals, Jimmy's Choice, cannabis-based vape products line Entourage.

#7 TerrAscend Corp. (TER.CX)

  • Revenue (TTM): CA$198.3 million
  • Net Income (TTM): -CA$155.1 million
  • Market Cap: CA$2.2 billion
  • 1-Year Trailing Total Return: 403.3%
  • 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 business including: Arise Bioscience Inc., a manufacturer and distributor of hemp products; The Apothecarium, a cannabis dispensary; and Ilera Healthcare, a medical marijuana cultivator, processor, and distributor; as well as others.

#8 HEXO Corp. (HEXO.TO)

  • Revenue (TTM): CA$111.6 million
  • Net Income (TTM): -CA$213.1 million
  • Market Cap: CA$993.8 million
  • 1-Year Trailing Total Return: 105.1%
  • Exchange: Toronto Stock Exchange

HEXO was founded in 2013 to serve the Canadian medical cannabis market and expanded to serve the adult-use recreational market following nationwide legalization. The consumer packaged goods cannabis company serves the Canadian adult-use markets under its HEXO Cannabis, Up Cannabis and Original Stash brands, and the medical market under HEXO medical cannabis. The company also trades in the U.S. under HEXO.

#9 Fire & Flower Holdings Corp. (FAF.TO)

  • Revenue (TTM): CA$101.6 million
  • Net Income (TTM): -CA$89.8 million
  • Market Cap: CA$272.3 million
  • 1-Year Trailing Total Return: 185.0%
  • Exchange: Toronto Stock Exchange

Fire & Flower Holdings, through its subsidiary Fire & Flower Inc., operates an independent retail store selling cannabis products for recreational use. The company's digital platform, Hifyre, connects consumers with a range of cannabis products. Fire & Flower has dozens of retail locations throughout Alberta, Manitoba, Ontario, Saskatchewan, and Yukon.

#10 Zenabis Global Inc. (ZENA.TO)

  • Revenue (TTM): CA$88.9 million
  • Net Income (TTM): -CA$130.8 million
  • Market Cap: CA$96.5 million
  • 1-Year Trailing Total Return: 60.0%
  • Exchange: Toronto Stock Exchange

Zenabis Global cultivates and sells cannabis products for both recreational and medical use. The company sells under the brand name Zenabis for medical cannabis products, and under the brand names Namaste, Re-Up, and Blazery, for recreational-use products. Zenabis operates millions of square feet of combined greenhouse and indoor facility space across Canada.