Top marijuana companies based on market capitalization 2025

Among cannabis companies that trade on major exchanges, Innovative Industrial and Green Thumb Industries, both U.S. companies, are the top two companies based on their market capitalization. As of the beginning of 2025, Innovative Industrial had a market capitalization of 1.85 billion U.S. dollars. With the full name Innovative Industrial Properties Inc, the company is a real estate investment trust for the regulated cannabis industry. In contrast to that, most of the other companies in the ranking are involved in the development, production and sales of cannabis products.

The legal marijuana industry

U.S. sales of legal cannabis have increased significantly in recent years. The increase in sales of legal cannabis can, among others, be attributed to the legalization of recreational cannabis in California (2018) and other U.S. states.

Recreational marijuana

Marijuana has many uses among consumers. A recent survey among U.S. residents indicated that among those that consume cannabis, the primary reason for consumption was relaxation, followed by stress relief. Marijuana can be consumed in various forms, including flower, edibles, concentrates and pills, to name a few. The most favored form of cannabis among U.S. consumers is flower. Despite its popularity, all forms of cannabis remain illegal under U.S. federal law. However, over time, the U.S. population has warmed up to the thought of legalizing marijuana. A survey conducted in October 2021 suggests that more than two thirds of U.S. adults think that marijuana should be made legal.