7 Biggest Canadian Marijuana Companies

The Canadian cannabis industry has grown since the national government legalized cannabis in 2018. The marijuana industry includes companies that cultivate, grow, and distribute cannabis and related products for both recreational and medical use.

Below are the seven biggest Canadian cannabis companies ranked by trailing 12-month (TTM) revenue, limited to companies that are publicly traded in the United States or Canada. All data is courtesy of Morningstar and as of September 2025.

Calgary, Alberta, Canada-based SNDL Inc. (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, Contraband, and Versus.

• Revenue: $821.31 million (as of May 31, 2025)
• Net Income: $-2.186.74 billion (as of May 31, 2025)
• Market Cap: $1.25 billion (as of Sept. 9, 2025)
• Trailing 1-Year Total Return: -32.94% (day-end as of Sept. 9, 2025)
• Exchange: Nasdaq

Tilray (TLRY) is a Canadian company focused primarily on cultivating, processing, and distributing medical cannabis products with operations in Europe, Australia, and Latin America in addition to Canada and the U.S. The company focuses on medical cannabis research. Its products include dried cannabis and cannabis extracts. In May 2021, Tilray completed its merger with Aphria.

• Revenue: $550.25 million (as of April 30, 2025)
• Net Income: $-9.68 million (as of April 30, 2025)
• Market Cap: $287.32 million (as of Sept. 9, 2025)
• Trailing 1-Year Total Return: 55.66% (day-end as of Sept. 9, 2025)
• Exchange: Nasdaq

Raj Grover founded High Tide (HITI) in 2009. The company has grown into a leader in Canadian cannabis retail and has a dominant presence in the North American and European ecommerce space for hemp-derived cannabidiol (CBD) and consumption accessories. High Tide’s subsidiary companies include Valiant Distribution, Canna Cabana, and Famous Brandz.

• Revenue: $357.88 million (as of June 30, 2025)
• Net Income: $-20.14 million (as of June 30, 2025)
• Market Cap: $284.08 million (as of Sept. 9, 2025)
• Trailing 1-Year Total Return: -10.54% (day-end as of Sept. 9, 2025)
• Exchanges: Toronto Stock Exchange (TSX) (ACB.TO) and Nasdaq (ACB)

Aurora Cannabis (ACB) is a major cannabis producer and a licensed distributor. Based in Edmonton, Alberta, Canada, the company supports the medical and consumer cannabis arena 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).

• Revenue: $277.83 million (as of June 30, 2025)
• Net Income: $-117.95 million (as of June 30, 2025)
• Market Cap: $269.49 million (as of Sept. 9, 2025)
• Trailing 1-Year Total Return: -32.82% (day-end as of Sept. 9, 2025)
• Exchange: OTC Market

TerrAscend (TSNDF) is an integrated Canadian cannabis company with products for medical and recreational use. The company has a portfolio of businesses including the Apothecarium, a cannabis dispensary; Ilera Healthcare, a medical marijuana cultivator, processor, and distributor; and Gage Cannabis Co., a premium cannabis brand, cultivator, and distributor. Operations are based in Pennsylvania, New Jersey, Michigan, and California, with cultivation and processing plants in Maryland and Canada.

• Revenue: $274.92 million (as of June 30, 2025)
• Net Income: $-512.50 million (as of June 30, 2025)
• Market Cap: $452.39 million (as of Sept. 9, 2025)
• Trailing 1-Year Total Return: -70.10% (day-end as of Sept. 9, 2025)
• Exchanges: Toronto Stock Exchange (TSX) (WEED.TO) and Nasdaq (CGC)

Canopy Growth (CGC), headquartered in Canada, produces medical marijuana products. The company was 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 has also merged its U.S. assets into a separately operated holding company, Canopy USA.

• Revenue: $265.50 million (as of June 30, 2025)
• Net Income: $10.35 million (as of June 30, 2025)
• Market Cap: $292.87 million (as of Sept. 9, 2025)
• Trailing 1-Year Total Return: 162.57% (day-end as of Sept. 9, 2025)
• Exchange: Nasdaq

Village Farms (VFF) is a large-scale, vertically integrated supplier of plant-based consumer goods and a fresh produce supplier to grocery and large retailers throughout the U.S. and Canada. The company focuses on new high-growth opportunities in the cannabis and CBD arenas in North America. Village Farms also targets cannabis opportunities with long-term potential in the Asia-Pacific region and Europe.

The Bottom Line

In 2018, Canada legalized marijuana. Since then, the industry has grown with companies that specialize in cultivating, growing, and distributing cannabis for various uses. As of 2025, SNDL is the largest cannabis company in Canada based on annual revenue.