The 10 Largest Cannabis Companies in 2025

Innovative Industrial Properties (IIP) is the pioneering real estate investment trust (REIT) dedicated solely to the cannabis sector. As the first publicly traded cannabis company on the NYSE, IIP has built a robust portfolio by acquiring and leasing mission-critical industrial and retail properties to state-licensed cannabis operators. Their sale-leaseback program has provided vital capital to cannabis businesses across Ohio, Maryland, New York, Massachusetts, and Virginia. With billions invested in the market and a focus on long-term, absolute net leases, IIP continues to generate steady cash flows and remains a cornerstone in the financing of cannabis operations.

Green Thumb Industries (GTI) has rapidly emerged as a leader in the U.S. cannabis consumer packaged goods space. Specializing in cultivation, processing, and retail through its expansive network of RISE Dispensaries, GTI’s strong brand portfolio—featuring names like &Shine and Beboe—caters to a diverse consumer base. Expansion into new states, coupled with innovative product launches and strategic sustainability initiatives, has bolstered its market influence and contributed to steady improvements in EBITDA margins. GTI’s aggressive market expansion and operational excellence continue to set industry standards.

Tilray has redefined the cannabis landscape on a global scale. Headquartered in Canada, this cannabis company has diversified its product mix by integrating premium cannabis products with an impressive portfolio of craft beverages and wellness items. Its bold acquisition of craft beer brands like Shock Top and Montauk Brewery has led to a 127% revenue jump in its beverage-alcohol division in Q4 2024. This diversification, along with its strategic international expansion, underscores Tilray’s competitive advantage and robust growth trajectory in the global cannabis market.

Curaleaf stands as one of the largest vertically integrated cannabis companies in the United States, boasting a vast network of cultivation, processing, and retail operations. Dominating both medicinal and recreational segments, Curaleaf has capitalized on its extensive product range—offering everything from traditional flowers to innovative edibles like the JAMS Remix Fast-Acting Ratio Jellies. Their commitment to cost efficiency, continuous product innovation, and a strong digital presence has reinforced their market leadership, even amid broader industry challenges.

Trulieve is a dominant force in the U.S. cannabis market, especially renowned in Florida. With a fully vertically integrated model covering cultivation, processing, and a wide retail network under the RISE banner, Trulieve consistently delivers strong operating metrics and positive cash flow. Navigating complex regulatory landscapes, they have formed strategic partnerships with healthcare institutions like Morehouse School of Medicine and technology partners such as Webscale to support innovation and expansion—driving growth both domestically and internationally.

The Cronos Group has established itself as a versatile cannabis company, successfully balancing recreational and medicinal product lines. Its diverse brand portfolio—featuring Spinach®, PEACE NATURALS®, and Lord Jones®—targets consumers who value premium quality and innovative formulations. With an emphasis on sustainability and responsible business practices, Cronos appeals to health- and quality-conscious demographics. Their forward-thinking approach in R&D and corporate social responsibility initiatives further strengthens their market position in 2025.

Botanix Pharmaceuticals is an Australian-based biotech innovator focused on cannabinoid-based therapeutics. Through strategic acquisitions and reverse mergers (such as with Bone Medical Ltd.), Botanix has fortified its position in the pharmaceutical segment. The company invests heavily in digital transformation and advanced R&D to develop innovative delivery systems and patient-centered treatment platforms. Its commitment to clinical research and technological advancement has enhanced product efficacy and customer engagement, carving out a unique niche in the global cannabis healthcare market.

Sundial Growers has built a strong reputation in the Canadian cannabis market with a focus on premium, value-driven products. Known for its robust brand positioning and customer loyalty, Sundial’s portfolio includes popular names like Spiritleaf and Value Buds. Despite market volatility, their disciplined operational approach and transparent investor relations have supported steady growth. With plans to expand cultivation capacity and retail presence, Sundial is poised for further market capitalization growth and increased investor confidence.

Verano Holdings is a key player in the U.S. medicinal cannabis sector, recognized for its vertically integrated, patient-centric approach. Specializing in a comprehensive suite of medical cannabis products—ranging from curated strains to advanced extracts—Verano is committed to innovation in cannabinoid formulations and novel extraction/delivery technologies. Although the company emphasizes R&D and clinical research collaborations, its partnerships with healthcare providers are more integrated within its retail operations, ensuring regulatory compliance and exceptional patient care.

Glass House Brands has carved out a niche as the largest cannabis flower brand in the world, catering to upscale, lifestyle-focused consumers. Specializing in artisanal, premium cannabis products, Glass House differentiates itself through unique branding, high-end packaging, and immersive digital marketing strategies. Despite intense competition, their focus on quality and customer experience enables them to expand strategically. By continuously innovating and leveraging emerging retail trends, Glass House Brands navigates challenges and seizes opportunities in a dynamic market landscape.

In 2025, the cannabis industry stands as a testament to the power of innovation, sustainability, and strategic leadership. The 10 largest cannabis companies are setting the stage for what promises to be a robust future. These companies are not only shaping consumer trends but also setting new benchmarks for quality and regulatory compliance.

Furthermore, emerging trends indicate that as the market evolves, technological advancements and regulatory improvements will continue to transform the landscape. For insurers and industry stakeholders alike, understanding the strategies and market positioning of the biggest cannabis companies is crucial for managing risk and capitalizing on new opportunities.

At AlphaRoot, we’re proud to stand as your trusted cannabis insurance partner. Our expert insights and tailored insurance solutions are designed to help you navigate this dynamic market. Schedule a meeting with one of our advisors today and discover how we can provide the coverage and insights your company needs to thrive securely in this fast-growing industry.

Stay informed, stay protected, and join us as we explore the future of cannabis innovation.