Cannabis Stocks with Most Cash
Updated March 2026Cannabis companies ranked by cash and equivalents on their balance sheet. Financial strength and liquidity rankings.
In an industry where traditional bank financing is largely unavailable and capital markets access is limited, cash on hand is one of the most important indicators of a cannabis company's financial health and staying power. Companies with substantial cash reserves can fund operations without resorting to dilutive equity offerings, pursue strategic acquisitions at favorable prices, and weather economic downturns or regulatory setbacks that might push cash-poor competitors into distress.
The cannabis industry's unique financing challenges make balance sheet strength paramount. Federal prohibition prevents most banks from lending to plant-touching companies, and the few lenders willing to serve the sector charge interest rates of 10-18% — far above what companies in legal industries pay. This means that companies with large cash reserves have a significant competitive advantage: they can self-fund growth while competitors take on expensive debt or dilute shareholders.
The ranking below lists every cannabis company with positive cash on hand, sorted from the most liquid to the least. Cross-reference cash positions with quarterly cash burn rates (also available on Cannabismarketcap) to calculate how many months each company can operate without additional financing — a critical metric for assessing financial runway.
Cannabis Stocks with Most Cash — Full Rankings
30 stocks · Ranked by cash
| # | Ticker | Name | Price | Change | Market Cap | Revenue | Margin | P/S | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JAZZ | Jazz Pharmaceuticals | $207.83 | +1.35% | $13.44B | $4.60B | — | 2.92x | $1.62B |
| 2 | CRON | Cronos Group | $3.36 | +0.30% | $1.23B | $179.1M | 45.9% | 6.88x | $467.0M |
| 3 | TRLV | Trulieve Cannabis | $10.60 | -0.19% | $2.08B | $1.14B | 59.5% | 1.82x | $325.4M |
| 4 | GTBIF | Green Thumb Industries | $6.43 | +0.31% | $1.54B | $1.21B | 46.9% | 1.27x | $283.6M |
| 5 | TPB | Turning Point Brands | $68.81 | +2.53% | $1.37B | $507.2M | 59.2% | 2.70x | $268.3M |
| 6 | CGC | Canopy Growth | $0.68 | +0.46% | $289.8M | $209.9M | 25.2% | 1.38x | $240.6M |
| 7 | TLRY | Tilray Brands | $2.64 | -1.86% | $390.2M | $963.1M | 29.1% | 0.41x | $215.0M |
| 8 | IIPR | Innovative Industrial Properties | $53.46 | +1.14% | $1.47B | $263.7M | — | 5.59x | $207.6M |
| 9 | SNDL | SNDL Inc | $1.30 | +0.78% | $342.4M | $676.6M | 27.3% | 0.51x | $180.3M |
| 10 | VREOF | Vireo Growth (Goodness Growth) | $7.90 | +2.31% | $361.6M | $511.7M | 48.6% | 0.71x | $122.7M |
| 11 | CURLF | Curaleaf Holdings | $8.59 | +1.27% | $2.28B | $1.27B | 49.8% | 1.79x | $107.0M |
| 12 | AFCG | AFC Gamma (Advanced Flower Capital) | $3.02 | +1.00% | $68.0M | $24.6M | — | 2.77x | $106.5M |
| 13 | VRNO | Verano Holdings | $5.17 | +1.37% | $375.6M | $845.2M | 47.9% | 0.44x | $102.1M |
| 14 | CRLBF | Cresco Labs | $0.63 | +2.82% | $213.9M | $655.8M | 49.5% | 0.33x | $94.3M |
| 15 | VFF | Village Farms International | $2.59 | +0.39% | $316.7M | $230.6M | 44.3% | 1.37x | $72.9M |
| 16 | AAWH | Ascend Wellness Holdings | $0.40 | -0.18% | $80.6M | $488.3M | 36.7% | 0.17x | $67.0M |
| 17 | MAPS | WM Technology (Weedmaps) | $0.31 | +0.16% | $32.9M | $171.2M | — | 0.19x | $60.5M |
| 18 | TSNDF | TerrAscend Corp | $0.49 | -0.68% | $153.0M | $263.9M | 52.8% | 0.58x | $42.0M |
| 19 | HITI | High Tide Inc | $2.66 | -1.12% | $230.3M | — | — | — | $34.2M |
| 20 | JUSH | Jushi Holdings | $0.53 | +2.80% | $105.7M | $276.5M | 44.2% | 0.36x | $30.9M |
| 21 | SMG | Scotts Miracle-Gro | $61.87 | +3.70% | $3.58B | $3.48B | 31.8% | 1.03x | $27.7M |
| 22 | NLCP | NewLake Capital Partners | $13.63 | -1.20% | $280.5M | $47.9M | — | 5.85x | $25.8M |
| 23 | GRWG | GrowGeneration | $1.50 | 0.00% | $88.6M | $166.7M | 26.4% | 0.53x | $23.5M |
| 24 | GLAS | Glass House Brands | $2.28 | +1.33% | $223.0M | $182.0M | 42.3% | 1.16x | $23.4M |
| 25 | BHST | BioHarvest Sciences | $1.66 | -5.68% | $37.6M | $34.5M | 59.3% | 1.09x | $23.0M |
| 26 | CWBHF | Charlotte's Web Holdings | $0.24 | +0.06% | $64.6M | $46.8M | 42.4% | 1.38x | $14.0M |
| 27 | REFI | Chicago Atlantic Real Estate Finance | $8.96 | -0.88% | $229.9M | — | — | — | $13.4M |
| 28 | MRMD | MariMed Inc | $0.0530 | +0.19% | $21.4M | $163.8M | 35.6% | 0.13x | $8.4M |
| 29 | ITHUF | iAnthus Capital Holdings | $0.0035 | -20.45% | $24.4M | $139.5M | 44.9% | 0.20x | $8.3M |
| 30 | HYFM | Hydrofarm Holdings | $0.78 | -5.45% | $3.9M | — | — | — | $6.6M |
Top 3 Spotlight
Jazz Pharmaceuticals
Jazz Pharmaceuticals ranks #1 in the cannabis stocks with most cash category with a share price of $207.83 and a market capitalization of $13.44B. The company operates in the Biotech sector and is listed on the NASDAQ. With trailing twelve-month revenue of $4.60B, JAZZ represents the top-ranked stock in this category based on cash.
Cronos Group
Cronos Group ranks #2 in the cannabis stocks with most cash category with a share price of $3.36 and a market capitalization of $1.23B. The company operates in the LP sector and is listed on the NASDAQ. With trailing twelve-month revenue of $179.1M and a gross margin of 45.9%, CRON represents the second-ranked stock in this category based on cash.
Trulieve Cannabis
Trulieve Cannabis ranks #3 in the cannabis stocks with most cash category with a share price of $10.60 and a market capitalization of $2.08B. The company operates in the MSO sector and is listed on the NYSE. With trailing twelve-month revenue of $1.14B and a gross margin of 59.5%, TRLV represents the third-ranked stock in this category based on cash.
Methodology
Stocks are filtered to include only companies with positive cash and equivalents and ranked in descending order by total cash on hand as reported on the most recent balance sheet. 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 30 qualifying stocks out of 71 total cannabis companies tracked by Cannabismarketcap.
Key Observations
The top-ranked stock in the cannabis stocks with most cash category is JAZZ (Jazz Pharmaceuticals) with a cash of $1.62B. The stock trades at $207.83 per share with a market capitalization of $13.44B. In second place is CRON ($467.0M), followed by TRLV ($325.4M) in third.
Across all 30 qualifying stocks, the average share price is $15.95 and the average market capitalization is $1.03B. The combined trailing twelve-month revenue of the 27 companies in this category that report revenue is $18.75B. The average gross margin among companies with positive margins is 43.2%. The average price-to-sales ratio is 1.61x.
The most represented sector in this category is MSO with 12 out of 30 companies (40%). Among the ranked stocks, 19 are trading higher today while 10 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 cannabis stocks with most cash category, consider looking beyond the primary ranking metric to build a holistic view of each company. A stock that ranks well by cash 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
A large cash position today does not guarantee financial security tomorrow. Cash burn rates in cannabis can be substantial — some companies consume $20-50 million per quarter on operations and capital expenditures. A company with $200 million in cash but $50 million in quarterly burn has only one year of runway. Additionally, cash balances can decline rapidly when companies make acquisitions, repay debt maturities, or face unexpected regulatory costs. Cash sitting on a balance sheet also earns relatively low returns and may indicate that management lacks attractive investment opportunities. Always pair cash-on-hand analysis with burn rate, debt maturity schedule, and capital allocation strategy.
Compare These Stocks
Head-to-head comparisons between top-ranked stocks in this category.
Frequently Asked Questions
Why is cash on hand so important for cannabis companies?
Cash on hand is especially critical in cannabis because the industry faces severe capital access constraints. Federal prohibition prevents most traditional banks and credit unions from providing loans or lines of credit to plant-touching companies. The SAFE Banking Act, which would address this, has failed to pass Congress multiple times. Without easy access to debt financing, cannabis companies rely on cash reserves and equity markets to fund operations, making the balance sheet cash position a key survival metric.
How do I calculate a cannabis company's cash runway?
Divide the company's cash and equivalents by its average quarterly cash burn (negative free cash flow). For example, a company with $100M in cash and -$25M in quarterly free cash flow has approximately four quarters (one year) of runway. Cannabismarketcap displays cash burn months for each company, but you can verify by checking the cash flow statement in their most recent quarterly filing. Companies with less than 12 months of runway may need to raise capital soon, which could dilute existing shareholders.
What is considered a strong cash position in cannabis?
Generally, cannabis companies with 18+ months of cash runway are considered well-positioned, and those with 24+ months have ample financial cushion. In dollar terms, the largest MSOs typically hold $100-400 million in cash, while mid-cap operators may hold $20-100 million. For smaller companies, even $10-20 million can represent a strong position if cash burn is minimal. The key is the ratio of cash to burn rate rather than the absolute dollar amount.
Do cannabis companies earn interest on their cash holdings?
This is a significant issue for cannabis companies. Many plant-touching operators have difficulty maintaining traditional bank accounts due to federal prohibition, which limits their ability to earn interest on deposits or invest in standard money market instruments. Some companies hold large amounts of physical cash, which earns nothing and carries security risks. Companies that have managed to establish banking relationships (often with state-chartered banks or credit unions) can earn interest on deposits, but at potentially lower rates than what is available to companies in fully legal industries.
More on Cannabismarketcap
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.