Highest Revenue Cannabis Stocks
Updated March 2026The largest cannabis companies by trailing twelve-month revenue. See which marijuana companies are generating the most sales.
Revenue is the top-line measure of a cannabis company's scale and market relevance. In an industry where profitability remains elusive for many operators, trailing twelve-month (TTM) revenue serves as the primary yardstick for comparing business size, growth trajectory, and competitive positioning. The highest-revenue cannabis companies tend to be the multi-state operators and licensed producers with the broadest retail and cultivation footprints.
Tracking revenue rankings over time reveals important competitive dynamics. Companies moving up the revenue leaderboard are successfully executing their growth strategies, while those sliding down may be losing market share, exiting underperforming markets, or facing operational challenges. The gap between the largest and smallest companies by revenue in cannabis is enormous — the top five companies often generate more revenue combined than the next fifty.
The table below ranks every cannabis company with positive trailing twelve-month revenue from largest to smallest. This gives you a clear picture of the industry's revenue hierarchy and helps identify which companies are the true market leaders versus those still in early growth stages.
Highest Revenue Cannabis Stocks — Full Rankings
20 stocks · Ranked by revenue ttm
| # | Ticker | Name | Price | Change | Market Cap | Revenue | Margin | P/S | Revenue TTM |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JAZZ | Jazz Pharmaceuticals | $178.55 | -1.66% | $10.99B | $4.16B | — | 2.64x | $4.16B |
| 2 | SMG | Scotts Miracle-Gro | $60.96 | +0.96% | $3.54B | $3.35B | 25.0% | 1.06x | $3.35B |
| 3 | TLRY | Tilray Brands | $6.89 | -1.57% | $802.7M | $837.3M | 26.4% | 0.96x | $837.3M |
| 4 | TPB | Turning Point Brands | $90.62 | +0.69% | $1.73B | $463.1M | 55.9% | 3.75x | $463.1M |
| 5 | CGC | Canopy Growth | $1.02 | -2.86% | $385.4M | $278.4M | 28.8% | 1.38x | $278.4M |
| 6 | IIPR | Innovative Industrial Properties | $52.66 | -2.34% | $1.48B | $276.0M | — | 5.37x | $276.0M |
| 7 | VFF | Village Farms International | $2.87 | -6.51% | $331.5M | $253.3M | 38.7% | 1.31x | $253.3M |
| 8 | MAPS | WM Technology (Weedmaps) | $0.68 | -7.27% | $73.0M | $174.7M | 94.9% | 0.42x | $174.7M |
| 9 | GRWG | GrowGeneration | $1.06 | -2.75% | $63.4M | $161.4M | 27.2% | 0.39x | $161.4M |
| 10 | CRON | Cronos Group | $2.50 | +0.81% | $947.6M | $146.6M | 36.4% | 6.46x | $146.6M |
| 11 | HYFM | Hydrofarm Holdings | $1.19 | -6.30% | $5.6M | $146.4M | 11.6% | 0.04x | $146.4M |
| 12 | REFI | Chicago Atlantic Real Estate Finance | $12.09 | +0.33% | $254.9M | $55.4M | — | 4.60x | $55.4M |
| 13 | LFLY | Leafly Holdings | $135.50 | +17.98% | $271.0M | $34.6M | 90.2% | 7.82x | $34.6M |
| 14 | FORA | Forian Inc | $2.05 | -0.97% | $63.7M | $28.1M | 51.6% | 2.27x | $28.1M |
| 15 | AFCG | AFC Gamma (Advanced Flower Capital) | $2.63 | +0.38% | $61.9M | $24.6M | — | 2.52x | $24.6M |
| 16 | YCBD | cbdMD Inc | $0.71 | -0.75% | $7.5M | $19.1M | 59.8% | 0.39x | $19.1M |
| 17 | XXII | 22nd Century Group | $3.88 | +1.97% | $2.0M | $18.1M | 36.3% | 0.11x | $18.1M |
| 18 | AGFY | Agrify Corp | $47.12 | +4.71% | $94.2M | $15.4M | 75.5% | 6.12x | $15.4M |
| 19 | KERN | Akerna Corp | $6.27 | +24.64% | $376.3M | $6.8M | 402.0% | 55.05x | $6.8M |
| 20 | GNLN | Greenlane Holdings | $0.82 | -1.84% | $4.1M | $4.7M | -692.4% | 0.89x | $4.7M |
Top 3 Spotlight
Jazz Pharmaceuticals
Jazz Pharmaceuticals ranks #1 in the highest revenue cannabis stocks category with a share price of $178.55 and a market capitalization of $10.99B. The company operates in the Biotech sector and is listed on the NASDAQ. With trailing twelve-month revenue of $4.16B and a gross margin of N/A, JAZZ represents the top-ranked stock in this category based on revenue ttm.
Scotts Miracle-Gro
Scotts Miracle-Gro ranks #2 in the highest revenue cannabis stocks category with a share price of $60.96 and a market capitalization of $3.54B. The company operates in the Ancillary sector and is listed on the NYSE. With trailing twelve-month revenue of $3.35B and a gross margin of 25.0%, SMG represents the second-ranked stock in this category based on revenue ttm.
Tilray Brands
Tilray Brands ranks #3 in the highest revenue cannabis stocks category with a share price of $6.89 and a market capitalization of $802.7M. The company operates in the LP sector and is listed on the NASDAQ. With trailing twelve-month revenue of $837.3M and a gross margin of 26.4%, TLRY represents the third-ranked stock in this category based on revenue ttm.
Methodology
Stocks are filtered to include only companies with positive trailing twelve-month revenue and ranked in descending order by TTM revenue. Data is sourced from company filings, exchange feeds, and financial data providers. Rankings update automatically as new data becomes available. All financial figures are based on trailing twelve-month (TTM) data unless otherwise noted. The current ranking includes 20 qualifying stocks out of 100 total cannabis companies tracked by Cannabismarketcap.
Key Observations
The top-ranked stock in the highest revenue cannabis stocks category is JAZZ (Jazz Pharmaceuticals) with a revenue ttm of $4.16B. The stock trades at $178.55 per share with a market capitalization of $10.99B. In second place is SMG ($3.35B), followed by TLRY ($837.3M) in third.
Across all 20 qualifying stocks, the average share price is $30.50 and the average market capitalization is $1.07B. The combined trailing twelve-month revenue of all companies in this category is $10.45B. The average gross margin among companies with positive margins is 70.7%. The average price-to-sales ratio is 5.18x.
The most represented sector in this category is Ancillary with 10 out of 20 companies (50%). Among the ranked stocks, 9 are trading higher today while 11 are trading lower. Investors should use these observations as a starting point for further research rather than as the basis for trading decisions.
Investment Considerations
When evaluating stocks in the highest revenue cannabis stocks category, consider looking beyond the primary ranking metric to build a holistic view of each company. A stock that ranks well by revenue ttm may have weaknesses in other areas — such as high debt, poor margins, or slowing growth — that the ranking alone does not capture. Cross-reference this list with other Cannabismarketcap category pages and the screener tool to identify stocks that score well across multiple dimensions.
Position sizing is particularly important in cannabis. The sector is inherently volatile, and even the strongest companies can experience 30-50% drawdowns during sector-wide sell-offs triggered by legislative disappointments or broader market risk-off events. Most financial advisors suggest limiting total cannabis exposure to 5-15% of your portfolio, and individual positions to 1-3% depending on your risk tolerance and conviction level.
Dollar-cost averaging (DCA) is a widely recommended approach for building cannabis stock positions over time. Rather than investing your entire allocation at a single price point, spreading purchases across weeks or months can reduce the impact of short-term volatility and lower your average cost basis if prices decline after your initial purchase. This strategy is particularly relevant for the stocks in this category given the sector's history of sharp and sometimes prolonged drawdowns.
Risk Factors
Risk Warning
High revenue does not necessarily mean a good investment. Some of the highest-revenue cannabis companies carry enormous debt loads, have negative free cash flow, and trade at premium valuations relative to peers. Revenue quality matters — recurring revenue from retail dispensaries is generally more valuable than volatile wholesale revenue. Also watch for revenue that is growing due to acquisitions but declining on an organic basis, and for companies where revenue growth is being offset by margin compression. The highest-revenue companies also face the greatest regulatory risk from potential changes in state licensing frameworks.
Compare These Stocks
Head-to-head comparisons between top-ranked stocks in this category.
Frequently Asked Questions
Which cannabis company has the highest revenue?
Revenue leadership changes over time as companies grow and report earnings. The table on this page is updated with the latest trailing twelve-month revenue data. Historically, the largest cannabis companies by revenue have been major US multi-state operators (MSOs) like Curaleaf, Green Thumb Industries, and Trulieve, as well as Canadian licensed producers like Tilray. Check the current rankings above for the most up-to-date figures.
Why is trailing twelve-month (TTM) revenue used instead of annual revenue?
TTM revenue provides a more current picture than fiscal year revenue because it rolls forward with each quarterly report. A company's fiscal year revenue might be 6-18 months old by the time you look at it, while TTM revenue always reflects the four most recent quarters. This is especially important in a fast-changing industry like cannabis where revenue can shift significantly quarter to quarter.
How much revenue do cannabis companies typically generate?
Revenue spans an enormous range in the cannabis sector. The largest MSOs generate $1 billion+ in annual revenue, while mid-tier operators may generate $100-500 million. Smaller operators, early-stage companies, and single-state operators may generate $10-100 million. Many micro-cap cannabis companies generate less than $10 million in annual revenue. The sector's total addressable market in the US alone is estimated at $30-50 billion, so even the largest companies represent a small fraction of the overall market.
Is revenue or profitability more important when evaluating cannabis stocks?
Both matter, but their relative importance depends on the company's stage and your investment timeframe. For early-stage and high-growth companies, revenue growth is the priority because it demonstrates market traction and scale potential. For mature companies with established operations, profitability (especially free cash flow) becomes more important because it determines the company's ability to self-fund operations, service debt, and eventually return capital to shareholders. Ideally, look for companies that demonstrate both strong revenue growth and improving profitability metrics.
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Disclaimer: The information on this page is for informational and educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Cannabis stocks are highly speculative and carry significant risk of loss, including the potential loss of your entire investment. Past performance is not indicative of future results. The rankings and data presented are based on publicly available financial information and may contain errors or omissions. Always do your own research and consult with a qualified financial advisor before making investment decisions. Cannabismarketcap is not a registered investment advisor, broker-dealer, or financial planner.