Over the last several months, growth in the cannabis sector has been notable, and several developments appear to be in the works that could offer a significant boost to the industry. Attitudes are changing at a federal level, and several agencies are moving to reduce restrictions. Specifically, the DHHS has requested that the DEA change marijuana from a Schedule I controlled substance to a Schedule III. This would alleviate constraints on the cannabis sector including those related to banking. As a result, projected growth for the sector between 2024 and 2030 is expected to be 25.7%. Understanding this, it’s worth reevaluating business leaders in cannabis as things stand currently. As cannabis trends in 2024 become more favorable to the market, it’s likely current cannabis leaders will leverage this to their future advantage. The following therefore lists the top eight business leaders in cannabis for 2024.
(How did commercial real estate do in 2024? Check out this Bold Business report card.)
- Innovative Industries – Topping the list of business leaders in cannabis, at least by market cap, is Innovative Industries. Current market cap value of the company is $3.84 billion, and it is the only REIT among cannabis companies. Innovative currently operates in 19 states with a total of 108 properties involving industrial and retail spaces. Based in San Diego, the company was founded in 2016 and deals in medical and recreational products. Given its real estate holdings, expect Innovative Industries to reap the benefits of recent federal government shifts. This new model could encourage other cannabis enterprises to explore similar pursuits in the near future.
- Curaleaf – Coming in second among business leaders in cannabis is Curaleaf. At a market cap of $3.13 billion, this Massachusetts-based company has an extensive reach. In addition to operating in 17 states, it also has 147 retail locations. Plus, it boasts roughly 900 wholesale partners for its medical and recreational cannabis products. Based on this, it’s not surprising Curaleaf has its eye on global expansion. Cannabis trends in 2024 are supporting this as Curaleaf has acquired Polish and Canadian cannabis companies. Curaleaf now owns Can4Med in Poland and Northern Green in Canada. And based on its lasting tenure since 2010, expect Curaleaf to be a market leader for a while.
- Green Thumb Industries – With a current market cap of $2.74 billion, Green Thumb Industries is also among the top business leaders in cannabis. The Chicago-based marijuana company deals in both medical and recreational products. It also has 6 different brands based on various user profiles and needs. This has contributed to its diversified revenue streams. Green Thumb currently operates in 15 states, and it has a total of 91 cannabis dispensaries. Given cannabis trends in 2024, Green Thumb will likely continue to expand to more states. Since its founding in 2014, the company has consistently shown progressive growth.
- Trulieve Cannabis – Trulieve was originally founded in 1990 as a medically-focused cannabis enterprise. However, it was relaunched in 2016 under the name Trulieve Cannabis and has attained a market cap of $1.87 billion. It therefore has been among the top business leaders in cannabis for a while. Likewise, it too has capitalized on recent cannabis trends in 2024. In fact, it opened its 200th dispensary this year, making it the largest cannabis retailer. Based in Quincy, Florida, Trulieve operates in 11 states presently and focuses primarily on medical use of marijuana products. It too plans to pursue a presence in more states this coming year. Therefore, expect its number of dispensaries to continue to grow.
- Tilray – Based on British Columbia, Tilray is among several Canadian business leaders in cannabis. However, it tops them all with a market cap of $1.56 billion thanks to its global outreach. In terms of cannabis, Tilray is invested in medical cannabis products, and it operates in 20 countries in five continents. At the same time, however, Tilray has expanded into the beer and beverage industry, purchasing eight such products from Anheuser-Busch. Tilray is also experimenting with CBD teas and non-alcoholic beer products. The blending of cannabis and the beverage industry is again highlighted as major trends in cannabis in 2024. Tilray is thus ahead of the curve on these developments.
- Verano Holdings – Still within the billion-dollar club among business leaders in cannabis, Verano Holdings makes the list. Founded in 2014, and based in Chicago, Verano Holdings has a market cap of $1.29 billion at the current time. And it too has expanded significantly in recent years. In addition to operating in medical and recreation products in 13 states, it operates 140 retail locations. Verano Holdings is also known for its investments in social justice movements. For the industry as a whole, this is becoming popular trends in cannabis in 2024.
- Cronos Group – Cronos Group is the second Canadian company to make the list of business leaders in cannabis for 2024. With a market cap of $880 million, Cronos primarily deals with recreational cannabis products. It does, however, deal in some medical marijuana sales in the United Kingdom. Many of its recreational brands are gummies and edibles, and it has CBD products as well as THC ones. The company was founded in 2012 and is based in Toronto. As one of its trends in cannabis in 2024, Cronos looks to be pursuing cannabis cultivation. Such diversification could help its future growth and recognition in the industry.
- Canopy Growth – This well-known business leader in cannabis has been around since 2014. Its market cap is valued at $730 million presently. It too is Canada-based, and it has invested in recreational cannabis to a large extent. However, Canopy Growth, like Tilray, has chosen to diversify its portfolio significantly over the years. For example, the company has a long list of products ranging from vapes, to pre-rolls, to edibles, to beverages. It also has skin care products and is behind Martha Stweart’s line of CBD products. Canopy Growth now boasts over 20 brands and operates internationally.
Outsourcing is essential for business growth–read why in this Bold story.
