Top Companies in the Global Cannabis Market

Aurora Cannabis Inc., Tilray Brands, Inc., Canopy Growth Corporation, Cresco Labs, LLC, and Ecofibre Ltd. are the leading companies in the global cannabis market.

The global cannabis market reached a value of USD 32.23 billion in 2023, driven by the increasing legalization and decriminalization of cannabis for medical and recreational use. The market is expected to grow at a CAGR of 23.50% between 2024 and 2032, reaching a value of USD 215.42 billion by 2032.

Cannabis, often referred to as marijuana, is used for both medical and recreational use. It contains chemical compounds called cannabinoids including THC (tetrahydrocannabinol) and CBD (cannabidiol). Cannabidiol is non-psychoactive in nature and is often used for potential therapeutic effects such as reducing pain and anxiety. Medical cannabis products are available in the form of cannabis oils, tinctures, capsules, and dried flowers. On the other hand, for recreational use, cannabis and cannabis-derived products are usually available in the form of edibles, beverages, vapes, and concentrates.

In the United States, 24 states, two territories, and the District of Columbia have announced the legalization of small amounts of cannabis for recreational use by adults. Further, in February 2024, the marijuana decriminalization bill was passed by the German parliament which will authorize legal sales of cannabis to adults. This rising legalization of cannabis for medical and recreational use in various countries across the world is the primary growth driver of the market. These regulatory changes stimulate the development of new cannabis products and businesses, and thus significantly contribute in elevating the market value.

The growing awareness regarding the medical benefits of cannabis and changing cultural attitudes towards the recreational use of cannabis and cannabis-derived products are driving the market demand. This rise in societal acceptance of cannabis is also stimulating the expansion of products. Cannabis companies are increasingly introducing diverse therapeutic formulations for pain management, anxiety, and epilepsy as well as edibles and vapes for recreational use.

 
The market is also witnessing a surge in the availability of cannabis-derived products, such as CBD oils, tinctures, and topicals. Additionally, the growth and development of the cannabis market are propelled by significant investments from venture capitalists and large corporations. This influx of capital is likely to fuel research and market expansion.

Top Companies Leading the Global Cannabis Market in 2024

 
1.    Aurora Cannabis Inc.

Headquartered in Edmonton, this Canadian licensed cannabis producer is a major market player with operations in around 25 countries along with 8 licensed production sites and 5 sales licenses. The company is an established producer and distributor of cannabis and cannabis-derivative products including oils, soft gels, topicals, and cannabis-based medicines. The company also sells recreational cannabis products, such as dried flowers, pre-rolls, edibles, and vapes. Aurora Europe is a subsidiary of Aurora Cannabis Inc. headquartered in Berlin, Germany, and ranks as one of the largest authorized distributors and importers of high-quality pharmaceutical-grade medical cannabis products across European countries.

2.    Tilray Brands, Inc.

United States-based Tilray Brands, Inc. is a prominent cannabis-lifestyle and consumer packaged goods company with operations running in New Zealand, Canada, Australia, and Latin America. It also has growing production facilities in Portugal and Germany. Tilray Brands boasts a robust portfolio of medical, wellness, and recreational cannabis products and is rapidly growing its presence in the hemp and CBD markets. Tilray Brands is known for heavily investing in research and development to expand its medical cannabis offerings. The company is focused on developing pharmaceutical-grade cannabis products in compliance with regulatory standards. Tilray leverages strategic mergers and acquisitions to reinforce its market presence. For instance, the company closed the merger agreement with another major Canadian cannabis company Aphria Inc. in 2021.

3.    Canopy Growth Corporation

Formerly known as Tweed Marijuana Inc., Canopy Growth Corporation is an Ontario-based cannabis company engaged in the production and sales of cannabis and cannabinoid-based products for medical and adult-use purposes. The company invests in branding and marketing to differentiate its products and build consumer loyalty. Under brands such as Tweed and Tokyo Smoke, Canopy Growth has a robust product line of cannabis products such as dried flowers, edibles, beverages, and vapes. Further, its medical cannabis products are also available in various formats.

4.    Cresco Labs, LLC

Cresco Labs LLC is known for cultivating and processing medical cannabis products and serves customers in the State of Illinois. This cannabis company is focused on developing medical-grade cannabis products to treat various health conditions. Cresco Labs uses the brands Cresco, Reserve, Mindy's Edibles, and others to market recreational cannabis products. Its medical cannabis offerings are produced in multiple forms, including oils, capsules, and tinctures. The company is actively expanding its operations into new U.S. states where cannabis has been legalized. In July 2024, Cresco Labs received an operational license for recreational weed in Yellow Springs (Ohio, United States). Once the company receives the final approval for adult-use sales, this license will allow Cresco to distribute its portfolio of cannabis products to Sunnyside and other dispensaries in the region.

5.    Ecofibre Ltd.

Australian-listed biotechnology company Ecofibre Ltd. is a leading producer of hemp-derived products. The company sells these products to consumers and retailers in Australia and the United States. Ecofibre is steadily expanding its presence in the hemp sector through innovative product lines including nutraceuticals, textiles, and other industrial applications. Its plant-based cannabinoid product line called Ananda Hemp, available through prescription, is gaining popularity in the Australian market. Ecofibre is also investing substantially in research and development activities to improve its product offerings, particularly in the area of hemp-derived nutraceuticals and pharmaceuticals, which is likely to strengthen its market position.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.