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This article is mainly introduced by Cosygrow and is about the 10 most famous cannabis companies in the world, ranked by market value in 2024. This is a must-read for those who are studying the cannabis market and want to understand the global cannabis business model. However, this ranking is based on publicly searchable book value, and there are many invisible giants in the cannabis industry, so it is only for reference.
1、Innovative Industrial Properties (Market value of approximately US$3.39 billion)
Innovative Industrial Properties has established a unique profit model as a real estate investment trust (REIT) focused on the cannabis industry. The company earns revenue by owning cannabis cultivation and processing facilities and leasing these facilities to cannabis-related companies. This business model allows Innovative Industrial to benefit from the growth of the entire industry without having to deal directly with cannabis-related issues. The company has contributed to the development of the industry by providing the necessary facilities. Due to strict regulations, many cannabis companies are unable to sign real estate contracts and therefore have the problem of not being able to grow or sell products. Innovative Industrial provides solutions for these companies.
2、Green Thumb Industries (market value of approximately $2.49 billion)
Green Thumb Industries (GTI), founded in 2014, is a cannabis consumer products company and retailer operating in the United States, committed to providing high-quality cannabis brands, with approximately 4,600 employees and serving millions of patients and customers each year. Headquartered in Chicago, Illinois, as of December 31, 2023, and operating in California, Connecticut and 14 other states. The company's strengths lie in its strong brand portfolio and fast business model. It is sold in retail stores under the Green Thumb banner. Its consumer-oriented packaging product portfolio is mainly made of plant materials grown and processed by Green Thumb and used to produce consumer packaged products in its 20 own manufacturing plants.
3、Curaleaf (market value of approximately $2.31 billion)
Curaleaf Holdings, Inc. is a high-growth cannabis company that provides industry-leading service, product selection and accessibility in the medical and recreational cannabis markets. Known for quality, expertise and reliability, it sells its brands in 19 states in the U.S. through its brands such as Curaleaf, Select and Grassroots, operates 145 pharmacies and has more than 5,600 employees worldwide. It also has high market share and growth rates in major markets such as Arizona, Florida, New York and Pennsylvania. Curaleaf's U.S. retail business grew at an annual rate of 9%, breaking the $1 billion mark for the first time. Domestic wholesale business grew 15% sequentially. The company has begun more strategic layouts, acquiring EU GMP processing assets from Clever Leaves in Portugal to consolidate its European business, and has also begun selling edible cannabis products in the UK market and started wholesale to Poland.
4、Trulieve Cannabis (market cap of approximately $1.85 billion)
Trulieve Cannabis is the leading company in Florida's medical marijuana market. The company's success comes from efficient operations and brand building by focusing on one state. Recently, Trulieve has also begun to expand to other states and has successfully established a loyal customer base with a focus on high-quality products and customer service.
5、Tilray (market value of approximately $1.58 billion) Tilray Brands was founded in 2013 by Brendan Kennedy, Michael Bleu and Christian Grow. It has a diversified portfolio of brands including cannabis, craft beer, spirits and beverages. Tilray went public on the Nasdaq in 2018, becoming the first pure-play cannabis company to be listed on a major U.S. exchange. As a pioneer in medical marijuana, it was one of the first companies to provide products to patients, doctors, hospitals and researchers on five continents. The company currently operates in more than 20 countries, including the United States, Canada and Germany. Founder Brendan Kennedy believes that medical marijuana has a future of global popularity.
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6、Verano Holdings (market value of approximately $1.42 billion)
Verano Holdings is a company focused on high-quality cannabis products. The company adopts a vertically integrated business model from cultivation to retail, with an emphasis on product quality control. Verano's strategy is to stand out in a highly competitive market by focusing on brand strength and product quality. The company's products are often described with words such as "craft" or "boutique" and have earned a high reputation.
7、Cronos Group (market value of approximately $900 million)
Cronos Group is well known for its strategic partnership with Altria Group, a leading Canadian tobacco company. Through the partnership, Cronos has received significant funding to accelerate the development and market deployment of innovative products. The company is particularly committed to developing new categories of cannabis-derived products and has developed a strategy that focuses on future market trends. The company is also actively researching and developing next-generation cannabis products, including utilizing biosynthesis technology.
8、Glass House Brands (market value of approximately $720 million)
Glass House Brands is a company focused on the California cannabis market. The company is characterized by low-cost production using large greenhouse facilities and sustainable cultivation methods. California is the largest cannabis market in the United States, and Glass House aims to take a leading position in this market. The company's strategy is to achieve economies of scale through large-scale production and build community-based brands.
9、Canopy Growth (market cap of approximately $710 million)
Canopy Growth is one of the companies that has been in the cannabis industry since the beginning and has been a leader in the industry for many years. Through its partnership with alcohol giant Constellation Brands, it has used its extensive capital and experience to develop its business. The company has a wide range of product lines, including medical cannabis, adult cannabis, and CBD products. It focuses on developing new forms of consumption, especially beverage products and e-cigarette products.
10、Cresco Labs (market value of approximately $610 million)
Cresco Labs is a cannabis company based on a strong wholesale network. In addition to developing and selling its own brand products, the company also distributes other companies' products and has extensive sales channels. Cresco's strategy is to use its extensive distribution network to increase the visibility of its brands while contributing to the efficient distribution of products throughout the industry. With this unique positioning, the company has achieved steady growth.
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