Best US Cannabis Stocks
Updated March 2026US-based cannabis companies ranked by market cap. The top American marijuana stocks including MSOs, biotechs, and ancillary companies.
The United States is the world's largest legal cannabis market, with state-legal sales exceeding $30 billion annually across medical and recreational programs in 40+ states. US cannabis stocks represent companies operating in this massive domestic market — from multi-state operators running hundreds of dispensaries to biotech firms developing cannabinoid therapeutics to ancillary companies providing technology and services to the industry.
Investing in US cannabis stocks offers direct exposure to the world's most valuable cannabis market, but comes with a unique set of complications. Federal prohibition means most US plant-touching companies trade on OTC Markets or the Canadian Securities Exchange rather than NASDAQ or NYSE. The 280E tax provision penalizes plant-touching companies by denying standard business deductions. And banking access remains limited, though this is slowly improving. Despite these headwinds, US cannabis companies have built substantial businesses and several MSOs are now generating over $1 billion in annual revenue.
The table below ranks all US-based cannabis companies by market capitalization, providing a comprehensive view of the American cannabis equity landscape. This includes MSOs, ancillary companies, biotechs, and REITs — all headquartered in the United States.
Best US Cannabis Stocks — Full Rankings
30 stocks · Ranked by market cap
| # | Ticker | Name | Price | Change | Market Cap | Revenue | Margin | P/S | Market Cap |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JAZZ | Jazz Pharmaceuticals | $178.55 | -1.66% | $10.99B | $4.16B | — | 2.64x | $10.99B |
| 2 | SMG | Scotts Miracle-Gro | $60.96 | +0.96% | $3.54B | $3.35B | 25.0% | 1.06x | $3.54B |
| 3 | CURLF | Curaleaf Holdings | $2.36 | +2.83% | $1.80B | $0 | — | — | $1.80B |
| 4 | TPB | Turning Point Brands | $90.62 | +0.69% | $1.73B | $463.1M | 55.9% | 3.75x | $1.73B |
| 5 | GTBIF | Green Thumb Industries | $6.56 | +7.01% | $1.54B | $0 | — | — | $1.54B |
| 6 | IIPR | Innovative Industrial Properties | $52.66 | -2.34% | $1.48B | $276.0M | — | 5.37x | $1.48B |
| 7 | TCNNF | Trulieve Cannabis | $6.40 | +4.92% | $1.22B | $0 | — | — | $1.22B |
| 8 | MSOS | AdvisorShares Pure US Cannabis ETF | $3.82 | +1.33% | $764.3M | $0 | — | — | $764.3M |
| 9 | GLASF | Glass House Brands | $7.50 | -2.72% | $608.3M | $0 | — | — | $608.3M |
| 10 | VRNOF | Verano Holdings | $1.26 | -8.70% | $457.6M | $0 | — | — | $457.6M |
| 11 | KERN | Akerna Corp | $6.27 | +24.64% | $376.3M | $6.8M | 402.0% | 55.05x | $376.3M |
| 12 | NLCP | NewLake Capital Partners | $15.43 | -1.09% | $370.3M | $0 | — | — | $370.3M |
| 13 | CRLBF | Cresco Labs | $0.97 | -0.27% | $346.1M | $0 | — | — | $346.1M |
| 14 | PLNHF | Planet 13 Holdings | $0.91 | +5.21% | $295.8M | $0 | — | — | $295.8M |
| 15 | LFLY | Leafly Holdings | $135.50 | +17.98% | $271.0M | $34.6M | 90.2% | 7.82x | $271.0M |
| 16 | TSNDF | TerrAscend Corp | $0.68 | +0.37% | $261.4M | $0 | — | — | $261.4M |
| 17 | REFI | Chicago Atlantic Real Estate Finance | $12.09 | +0.33% | $254.9M | $55.4M | — | 4.60x | $254.9M |
| 18 | CCHWF | Columbia Care | $1.14 | -4.20% | $232.6M | $0 | — | — | $232.6M |
| 19 | GDNSF | Vireo Growth (Goodness Growth) | $0.44 | -1.12% | $182.2M | $0 | — | — | $182.2M |
| 20 | MJ | ETFMG Alternative Harvest ETF | $24.79 | +0.74% | $123.1M | $0 | — | — | $123.1M |
| 21 | CWBHF | Charlotte's Web Holdings | $0.62 | -0.22% | $99.3M | $0 | — | — | $99.3M |
| 22 | JUSHF | Jushi Holdings | $0.49 | -0.26% | $96.4M | $0 | — | — | $96.4M |
| 23 | AGFY | Agrify Corp | $47.12 | +4.71% | $94.2M | $15.4M | 75.5% | 6.12x | $94.2M |
| 24 | CNBS | Amplify Seymour Cannabis ETF | $23.50 | +1.95% | $77.3M | $0 | — | — | $77.3M |
| 25 | MAPS | WM Technology (Weedmaps) | $0.68 | -7.27% | $73.0M | $174.7M | 94.9% | 0.42x | $73.0M |
| 26 | FORA | Forian Inc | $2.05 | -0.97% | $63.7M | $28.1M | 51.6% | 2.27x | $63.7M |
| 27 | GRWG | GrowGeneration | $1.06 | -2.75% | $63.4M | $161.4M | 27.2% | 0.39x | $63.4M |
| 28 | AFCG | AFC Gamma (Advanced Flower Capital) | $2.63 | +0.38% | $61.9M | $24.6M | — | 2.52x | $61.9M |
| 29 | AAWH | Ascend Wellness Holdings | $0.49 | -0.89% | $47.0M | $0 | — | — | $47.0M |
| 30 | GRAMF | TPCO Holding (The Parent Company) | $0.16 | -12.99% | $45.7M | $0 | — | — | $45.7M |
Top 3 Spotlight
Jazz Pharmaceuticals
Jazz Pharmaceuticals ranks #1 in the best us 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 market cap.
Scotts Miracle-Gro
Scotts Miracle-Gro ranks #2 in the best us 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 market cap.
Curaleaf Holdings
Curaleaf Holdings ranks #3 in the best us cannabis stocks category with a share price of $2.36 and a market capitalization of $1.80B. The company operates in the MSO sector and is listed on the OTC. With trailing twelve-month revenue of $0 and a gross margin of N/A, CURLF represents the third-ranked stock in this category based on market cap.
Methodology
Stocks are filtered to include only companies headquartered in the United States 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 30 qualifying stocks out of 100 total cannabis companies tracked by Cannabismarketcap.
Key Observations
The top-ranked stock in the best us cannabis stocks category is JAZZ (Jazz Pharmaceuticals) with a market cap of $10.99B. The stock trades at $178.55 per share with a market capitalization of $10.99B. In second place is SMG ($3.54B), followed by CURLF ($1.80B) in third.
Across all 30 qualifying stocks, the average share price is $22.92 and the average market capitalization is $918.9M. The combined trailing twelve-month revenue of all companies in this category is $8.75B. The average gross margin among companies with positive margins is 102.8%. The average price-to-sales ratio is 7.67x.
The most represented sector in this category is MSO with 12 out of 30 companies (40%). Among the ranked stocks, 15 are trading higher today while 15 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 us cannabis 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
US cannabis stocks face the overarching risk of federal prohibition, which creates legal uncertainty, limits capital market access, and imposes punitive taxation through 280E. Regulatory risk exists at both the state and federal level — states can change licensing rules, tax rates, or enforcement priorities, and federal policy shifts could be positive (legalization) or negative (enforcement crackdown). Many US cannabis companies have complex corporate structures designed to navigate federal law, including holding company arrangements that may face legal challenges. The OTC listing of most US plant-touching companies results in lower liquidity, wider spreads, and less institutional participation compared to exchange-listed equities.
Compare These Stocks
Head-to-head comparisons between top-ranked stocks in this category.
Frequently Asked Questions
Why are US cannabis stocks traded on OTC Markets instead of major exchanges?
NASDAQ, NYSE, and other major US stock exchanges will not list companies that directly cultivate or sell cannabis while it remains a Schedule I controlled substance under federal law. This policy forces US MSOs and other plant-touching companies to list on OTC Markets (which has less stringent listing requirements) or the Canadian Securities Exchange. The result is reduced liquidity, limited institutional participation, and less analyst coverage. If cannabis is rescheduled or legalized federally, these companies could uplist to major exchanges, which would likely attract significant new investment.
How does the US cannabis market compare to Canada's?
The US legal cannabis market is approximately 7-8 times larger than Canada's by revenue. The US has a population of 330+ million with legal access in most states, compared to Canada's 40 million. US cannabis prices are generally higher, and the market supports a wider range of product categories. However, the US market is fragmented across 50+ separate state regulatory regimes with no interstate commerce, while Canada operates under a single federal framework. For investors, this means US cannabis companies offer greater scale potential but also greater complexity and regulatory risk.
What would federal legalization mean for US cannabis stocks?
Federal legalization could be transformative for US cannabis stocks. Key benefits would include elimination of 280E taxation (immediately boosting profitability), access to major exchange listings (attracting institutional capital), traditional banking and lending (reducing capital costs), interstate commerce (enabling supply chain optimization), and the potential for mainstream institutional investors, index funds, and ETFs to add cannabis holdings. Historical precedent from Canada's legalization suggests an initial speculative surge, followed by a period of consolidation as the market prices in the new reality.
What is the SAFE Banking Act and why does it matter?
The Secure and Fair Enforcement (SAFE) Banking Act would protect banks and financial institutions from federal penalties for providing services to state-legal cannabis businesses. Currently, most banks avoid cannabis companies due to the risk of federal prosecution for money laundering. SAFE Banking would enable cannabis companies to access checking accounts, loans, credit card processing, and other standard banking services. While less impactful than full legalization, SAFE Banking would meaningfully reduce operating costs, improve safety (by reducing cash handling), and could facilitate additional lending that would help companies grow.
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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.