10 Biggest Cannabis Stocks in the US and Canada
The cannabis market has faced unexpected challenges in 2025, despite initial optimism for rescheduling in the US.
While US federal regulatory uncertainty and banking remain persistent, companies are shifting focus to match changes in consumer behavior. The growing popularity of edibles and rising interest in cannabis-infused beverages reflect evolving demand in a persevering industry.
Cannabis companies in the sector continue to move forward and develop their offerings, and with potential catalysts ahead, some investors are interested in getting involved. Looking at the key players is often a good place to get started, so this list of US and Canadian cannabis stocks covers the companies with the largest presence in two major cannabis ETFs.
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 Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ) as of July 16, 2025. 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. Green Thumb Industries (CSE:GTII,OTCQX:GTBIF)
ETF weight: 32.06 percent
Market cap: US$1.36 billion
Share price: US$5.72
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, of which there are many across the United States. Green Thumb Industries owns a portfolio of well-known cannabis brands like Rythm, Beboe, Dogwalkers, Incredibles and Doctor Solomon’s.
2. Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF)
ETF weight: 22.59 percent
Market cap: US$781.51 million
Share price: US$4.09
Trulieve is another 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,…