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10 Biggest Canadian Marijuana Companies

APHA.TO, WEED.TO, and ACB.TO top the list of biggest Canadian marijuana firms


Nathan Reiff has been writing expert articles and news about financial topics such as investing and trading, cryptocurrency, ETFs, and alternative investments on Investopedia since 2016.

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.

With Aphria leading the pack, these are the 10 biggest Canadian marijuana companies by 12-month trailing revenue.

Top 10 Largest CBD Oil Companies in the World 2021

CBD oil is also known as Cannabidiol oil. CBD has skyrocketed popularity over the last few years since its legalization since 2020 and with that growth in popularity also emerged a host of new CBD brands fighting for consumer’s trust and underlying affection. Besides, currently being sold online, CBD oil is also traded in vape shops, by health food stores, and at some grocery stores. The global CBD market is in the center of a much-needed transformation and countries are considering the legality of marijuana, there is an inundation of research on the benefits of the plant, and various new cannabidiol products are being launched by major CBD oil companies and these factors have been giving the CBD oil market a boost over the last few years.

What is CBD: Cannabidiol (CBD) oil is a product that’s derived from cannabis. It is a type of cannabinoid, which are the chemicals naturally found in marijuana plants. Even though it comes from marijuana plants, CBD doesn’t create a “high” effect or any form of intoxication- that is caused by another cannabinoid, known as THC. A THC (Tetrahydrocannabidiol)-free CBD oil means no high, psychoactive effects- only a gentle boost to the body’s inner workings. However, there will of course still be people who hear the word cannabis and instantly jump to the wrong conclusion but with more and more information in circulation we are rapidly moving towards a time where CBD’s non-psychoactive nature is becoming a widely accepted fact. CBD is the second most prevalent of the active ingredients of cannabis (marijuana) and is an essential component of medical marijuana. It is derived directly from the hemp plant, which is a cousin of the marijuana plant.

CBD (Cannabidiol) is commonly used to address Anxiety, Anti-seizure, Neuroprotective, Pain relief, Anti-acne, cancer treatment and for patients who suffer through the misery of insomnia. Also, the study suggests that CBD may help with both falling asleep and staying asleep. It is also used in treating some of the curelest childhood epilepsy syndromes, such as Dravet syndrome and Lennox-Gastaut syndrome (LGS), which typically don’t respond to anti-seizure medications.

In Addition, the Side effects of CBD oil include nausea, fatigue and irritability. CBD can increase the level in your blood of the blood thinner Coumadin, and it can raise levels of certain other medications in your blood by the exact same mechanism that grapefruit juice does.

There are plenty of CBD oils and tinctures on the market today, it’s important to known that not all of them are created equal. There are currently no-over-the-counter (OTC) CBD products approved by the Food and Drug Administration (FDA), and some products may not be as effective or reliable as others.

Global CBD oil market analysis: Cannabidiol has exploded in popularity over the past few years thanks to its wide-ranging medical benefits and absence of psychoactive effects. Indeed, the global CBD oil market accounts for the largest share of the global legal cannabis industry, which is the parent market for the CBD oil segment. As legal and regulatory barriers are being removed, and consumer education is spreading across the world, it is estimated that the global CBD oil market will grow by USD 3.52 billion during 2020-2024 with an estimated CAGR of more than 32% over the next 5 years. Moreover, the market is concentrated. The health benefits of CBD oil will offer immense growth opportunities. Besides, to make the most of the opportunities, vendors should focus on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Meanwhile, the top 10 Cannabidiol (CBD) oil companies in the world 2021 that are popular in today’s market:

10 Largest CBD Companies In The World 2021

1. Aurora Cannabis Inc.

Aurora Cannabis is one of the top CBD oil companies in the world which primarily focuses on producing and selling medical marijuana products. The award-winning company also produces psychoactive products, such as THC. Aurora cannabis is all set to become the largest producer of CBD oil with its current production capacity potential to produce 570,000 kg per year. These production facilities position the company for a rapid response to growing demand for CBD oil in Europe and other global markets. Through its fully-owned cannabis distributor Pedanios, Aurora Cannabis has already been able to adhere to the GMP standards obligatory in facilities operating in the European Union.

2. Canopy Growth Corp.

Canopy Growth Corporation, formerly Tweed Marijuana Inc. is a cannabis company based in Ontario. The company advances the world’s perception of cannabis by focusing on research, product development and innovative products capabilities –all presents through brands people trust. By April 2019, Canopy Growth Corporation recently increased its effort to market medical cannabis in the global market to Germany and Brazil. Its products include Bedrocan, a sativa plant type cannabis; Bedropuur, a tetrahydrocannabinol (THC) indica for THC extraction, Bedica, an indica dominant strain of cannabis; Bedrobinol, Bediol, and Bedrolite products, the sativa dominant strains of cannabis.

3. CBD American Shaman

CBD American Shaman is a producer of high-quality hemp oil that contains high amounts of CBD. The company has emerged as one of the largest companies in the CBD oil market owing to its dedication to move CBD out of the typical vape stores and smoke shops and to use CBD for bringing wellness to the world. American Shaman’s CBD oils are made from natural and organic industrial hemp that contains no GMOs, heavy metals, or insecticides and are 100% gluten-free. Its products include hemp oil for pain relief, CBD and terpene rich hemp oil tinctures, skin care products, and canine and feline hemp oil, and they contain high amounts of cannabidiol and natural pure CO2 extracts.

4. CV Sciences Inc.

CV Sciences is a manufacturer and supplier of hemp-based phytocannabinoids such as CBD oil to the beauty care, pet care, nutraceuticals, specialty beverage, and functional food sectors. It is also a maker of pharmaceutical therapeutics. Formerly known as CannaVest, CV Sciences reported impressive growth and profitability this year that has demonstrated the power of its products and brand recognition with the CBD oil industry.

5. Elixinol Global Ltd.

Elixinol is best known for manufacturing and producing high-quality natural and organic hemp products. The Elixinol Group’s portfolio includes three main segments: Elixinol Australia, focused on medicinal cannabis; Hemp Foods Australia, selling food products; and Elixinol USA, which markets dietary supplements. Elixinol is the first firm to launch a CBD product in Japan. Today, the company follows a disciplined approach to drive growth, backed by investment in production capabilities in Colorado.

6. Endoca BV

Endoca is among the leading CBD oil companies and one of the largest CBD oil manufacturers by volume. The company produces hemp products such as CBD oil and other cannabinoids, and it grows, harvests, and processes its plants itself, using its own equipment and machinery to deliver the finished products. The company also has its own shipping and warehouse facility. Endoca’s next big step is to use solar energy as a sustainable source of power.

7. Gaia Botanicals LLC

Bluebird Botanicals, also known as Gaia Botanicals, is an award-winning CBD oil company and a leading manufacturer of hemp CBD consumer products. Although the majority of its sales occur online, its products are also sold at its physical retail stores and other third-party retailers. The company currently has distributors in Japan, South America, and Europe, and the Gaia Botanicals is working to enter other regions too. Its products include oil extracts, vape items, CBD capsules, and pet products.

8. Isodiol International Inc.

Isodiol International has been developing pharmaceutical and health and wellness products for a long time, and today the company is supporting the pharmaceutical sector at large with its recently approved CBD products as an active pharmaceutical ingredient. The company is currently focused on the health benefits that hemp delivers and is actively marketing hemp-based consumer products and solutions.

9. Medical Marijuana Inc.

Medical Marijuana is an industrial hemp and cannabis-based products vendor. The company has become a market leader in CBD oil products manufactured specifically for nutraceutical, cosmeceutical, and pharmaceutical industries. Today, Medical Marijuana operates through various subsidiary companies, including HempMeds, Wellness Managed Services, Red Dice Holdings, CanChew Biotechnologies, Hempwire, Kannaway, HempVap, and HempMeds Brasil.

10. NewLeaf Naturals LLC

NuLeaf Naturals is one of America’s top pioneering hemp companies which has been Founded by a group of plant medicine aficionados. NuLeaf Naturals has been committed to creating the world’s highest quality CBD products in their most pure and potent form. The company’s full spectrum CBD oil contains no additives and the only ingredient is organic hemp.

Lastly, the rise in the number of internet users over the last few years and the ready-to-buy attitude of customers are boosting the popularity of online CBD oil retailing. Indeed, e-commerce is all the rage these days for both business-to-consumer (B2C) and business-to-business (B2B) operations. This trend is encouraging several CBD oil companies to focus on the internet-savvy customer segment and explore the new online retailing format based on websites and portals. This mode of business will definitely help vendors reduce operating costs and overheads, which are lower in the online retailing format compared with the physical store format. Consequently, the massive growth in the number of online shoppers globally is helping companies grow in terms of sales of CBD oil products as well as profits through this channel.

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