Best Licensed Producer Stocks
Updated March 2026Top Canadian licensed producer cannabis stocks ranked by market cap. The largest LPs in the legal marijuana industry.
Canadian licensed producers (LPs) were the original publicly traded cannabis companies, with many listing on the TSX and later NASDAQ as Canada moved toward federal legalization in 2018. These companies hold licenses from Health Canada to cultivate, process, and sell cannabis for recreational and medical use. While the initial euphoria around Canadian legalization has long faded, LPs remain a significant part of the cannabis investment landscape with some unique advantages.
LPs benefit from operating in a fully legal federal framework, which provides access to traditional banking, major exchange listings, and institutional capital. Several LPs have expanded internationally, building distribution networks in Germany, the UK, Israel, and other markets with emerging medical cannabis programs. This global optionality is something US MSOs cannot easily replicate while cannabis remains federally prohibited.
However, the Canadian domestic market has been challenging. Oversupply, intense price competition, illicit market persistence, and onerous regulations have pressured margins and driven several LPs to restructure or consolidate. The ranking below sorts LP stocks by market capitalization, reflecting which companies the market considers the most viable long-term survivors in this competitive landscape.
Best Licensed Producer Stocks — Full Rankings
25 stocks · Ranked by market cap
| # | Ticker | Name | Price | Change | Market Cap | Revenue | Margin | P/S | Market Cap |
|---|---|---|---|---|---|---|---|---|---|
| 1 | CRON | Cronos Group | $2.50 | +0.81% | $947.6M | $146.6M | 36.4% | 6.46x | $947.6M |
| 2 | TLRY | Tilray Brands | $6.89 | -1.57% | $802.7M | $837.3M | 26.4% | 0.96x | $802.7M |
| 3 | SNDL | SNDL Inc | $1.51 | -5.03% | $388.8M | $0 | — | — | $388.8M |
| 4 | CGC | Canopy Growth | $1.02 | -2.86% | $385.4M | $278.4M | 28.8% | 1.38x | $385.4M |
| 5 | VFF | Village Farms International | $2.87 | -6.51% | $331.5M | $253.3M | 38.7% | 1.31x | $331.5M |
| 6 | HITI | High Tide Inc | $2.46 | +2.50% | $216.1M | $0 | — | — | $216.1M |
| 7 | ACB | Aurora Cannabis | $3.43 | -3.65% | $194.5M | $0 | — | — | $194.5M |
| 8 | OGI | Organigram Holdings | $1.41 | -2.76% | $190.6M | $0 | — | — | $190.6M |
| 9 | CBWTF | Auxly Cannabis Group | $0.09 | +1.07% | $111.6M | $0 | — | — | $111.6M |
| 10 | LOVFF | Cannara Biotech | $1.30 | -5.09% | $81.9M | $0 | — | — | $81.9M |
| 11 | HEXO | HEXO Corp | $0.71 | +5.62% | $68.9M | $0 | — | — | $68.9M |
| 12 | NVACF | Nova Cannabis | $1.26 | -0.47% | $50.6M | $0 | — | — | $50.6M |
| 13 | DBCCF | Decibel Cannabis Co | $0.09 | +7.20% | $36.1M | $0 | — | — | $36.1M |
| 14 | AVTBF | Avant Brands | $0.52 | +3.82% | $28.6M | $0 | — | — | $28.6M |
| 15 | MEDIF | MediPharm Labs | $0.05 | +1.78% | $19.1M | $0 | — | — | $19.1M |
| 16 | VVIVF | Vivo Cannabis | $0.11 | 0.00% | $17.7M | $0 | — | — | $17.7M |
| 17 | ROMJF | Rubicon Organics | $0.35 | +0.22% | $17.2M | $0 | — | — | $17.2M |
| 18 | GWAYF | Greenway Greenhouse Cannabis | $0.12 | -3.62% | $15.3M | $0 | — | — | $15.3M |
| 19 | MTLNF | MTL Cannabis Corp | $0.39 | 0.00% | $14.3M | $0 | — | — | $14.3M |
| 20 | NDVAF | Indiva | $0.02 | -10.09% | $4.1M | $0 | — | — | $4.1M |
| 21 | FFLWF | Fire & Flower Holdings | $0.12 | -31.43% | $3.4M | $0 | — | — | $3.4M |
| 22 | CLCFF | Christina Lake Cannabis | $0.02 | -2.05% | $3.1M | $0 | — | — | $3.1M |
| 23 | DLTNF | Delta 9 Cannabis | $0.01 | -1.95% | $3.0M | $0 | — | — | $3.0M |
| 24 | LFSWF | Lifeist Wellness | $0.03 | +24.48% | $1.1M | $0 | — | — | $1.1M |
| 25 | AYURF | Ayurcann Holdings | $0.00 | 0.00% | $389.4K | $0 | — | — | $389.4K |
Top 3 Spotlight
Cronos Group
Cronos Group ranks #1 in the best licensed producer stocks category with a share price of $2.50 and a market capitalization of $947.6M. The company operates in the LP sector and is listed on the NASDAQ. With trailing twelve-month revenue of $146.6M and a gross margin of 36.4%, CRON represents the top-ranked stock in this category based on market cap.
Tilray Brands
Tilray Brands ranks #2 in the best licensed producer 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 second-ranked stock in this category based on market cap.
SNDL Inc
SNDL Inc ranks #3 in the best licensed producer stocks category with a share price of $1.51 and a market capitalization of $388.8M. The company operates in the LP sector and is listed on the NASDAQ. With trailing twelve-month revenue of $0 and a gross margin of N/A, SNDL represents the third-ranked stock in this category based on market cap.
Methodology
Stocks are filtered to include only companies classified as Licensed Producers (LPs) and ranked in descending order by market capitalization. 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 25 qualifying stocks out of 100 total cannabis companies tracked by Cannabismarketcap.
Key Observations
The top-ranked stock in the best licensed producer stocks category is CRON (Cronos Group) with a market cap of $947.6M. The stock trades at $2.50 per share with a market capitalization of $947.6M. In second place is TLRY ($802.7M), followed by SNDL ($388.8M) in third.
Across all 25 qualifying stocks, the average share price is $1.09 and the average market capitalization is $157.3M. The combined trailing twelve-month revenue of all companies in this category is $1.52B. The average gross margin among companies with positive margins is 32.6%. The average price-to-sales ratio is 2.53x.
The most represented sector in this category is LP with 25 out of 25 companies (100%). Among the ranked stocks, 9 are trading higher today while 13 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 best licensed producer stocks category, consider looking beyond the primary ranking metric to build a holistic view of each company. A stock that ranks well by market cap 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
Canadian LPs face a saturated domestic market with declining wholesale cannabis prices and persistent competition from the illicit market. Many LPs have histories of significant shareholder dilution, goodwill write-downs, and management turnover. International expansion, while promising, is subject to the pace of regulatory reform in target markets, which has been slower than many companies projected. Some LPs have legacy cost structures from the initial expansion era that are difficult to right-size. Currency risk is also a factor for US-based investors holding Canadian-listed LP stocks, as fluctuations in the CAD/USD exchange rate can impact returns.
Compare These Stocks
Head-to-head comparisons between top-ranked stocks in this category.
Frequently Asked Questions
What is a licensed producer (LP) in cannabis?
A licensed producer is a company authorized by Health Canada to cultivate, process, and sell cannabis. LPs were created under Canada's cannabis regulatory framework, first for medical cannabis and later expanded to include recreational cannabis after the Cannabis Act took effect in October 2018. LPs must meet strict Health Canada requirements for security, quality control, and product testing. The largest LPs include Tilray, Canopy Growth, Aurora Cannabis, and SNDL.
Are Canadian LP stocks a good investment in 2026?
Canadian LP stocks are a mixed bag in 2026. The domestic Canadian market has matured and growth has slowed, but international medical cannabis markets — particularly Germany and the broader EU — represent meaningful expansion opportunities. LPs that have successfully rationalized their cost structures, achieved positive free cash flow, and built international distribution networks are in a stronger position than those still reliant on the competitive Canadian market. Valuation-wise, many LPs trade at historically low multiples, which could represent value if international growth materializes.
Why have LP stocks underperformed since legalization?
LP stocks peaked in 2018-2021 during the legalization hype cycle and have since declined 80-95% from those highs. Key reasons include: the legal Canadian market was smaller than projected, the illicit market proved resilient, oversupply drove wholesale prices down dramatically, many LPs over-invested in cultivation capacity, and the US market (which LPs expected to access) remained federally illegal. Massive goodwill write-downs, restructuring charges, and ongoing dilution further eroded shareholder value.
How do LP stocks trade on US exchanges?
Several Canadian LPs are dual-listed on the TSX and either NASDAQ or NYSE. Companies like Tilray (TLRY), Canopy Growth (CGC), and Aurora Cannabis (ACB) trade on NASDAQ, while SNDL trades on NASDAQ as well. Smaller LPs may only trade on the TSX, CSE, or OTC Markets. For US investors, buying TSX-listed stocks typically requires a broker that supports Canadian market orders, and trades are denominated in Canadian dollars, introducing currency risk.
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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.