MoatScopeMoatScope

Cannabis

Cannabis cultivators, processors, brands, retailers and suppliers.

Companies
48
With a moat
0%
Average quality
18
0 wide moat · 0 narrow moat · 48 no moat · Open in screener →
Updated 27 Sep 2026

Cannabis covers cultivators, processors, brands, dispensary chains and suppliers. MoatScope covers 51 companies here, and none of them has a moat, the only industry in MoatScope's universe where that is true.

How the industry makes money

Companies grow, process and retail cannabis products under state or national licenses. In the United States, multi-state operators build footprints market by market; in Canada, licensed producers compete nationally. Federal restrictions in the United States limit access to banking and capital markets and keep the industry fragmented state by state.

Why the moats are missing

Licenses limit competition in some markets, but products are hard to differentiate, prices fall as supply grows, and illicit sellers compete on price. Operators such as Curaleaf, Vireo Growth and Tilray Brands all carry no moat, and the industry averages 19 on MoatScope's quality scale.

What to watch

  • Changes to U.S. federal cannabis policy.
  • Wholesale price trends as supply grows.
  • Debt levels and access to capital.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Cannabis into 2 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Cannabis producers & brands

Licensed growers, processors and branded cannabis products.

North America market · $33.0B total revenue in 2025 · source: NORML. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US state-licensed sales ($29.1B) plus Canada's (fiscal year to March 2025). Tilray's revenue also includes beverage alcohol and distribution.

#BusinessMarket shareRevenue
1CURLF · Curaleaf Holdings, Inc.3.8%$1.3B
2GTBIF · Green Thumb Industries Inc.3.6%$1.2B
3TLRY · Tilray Brands, Inc.2.8%$915M
4VRNO · Verano Holdings Corp.2.5%$822M
5SNDL · SNDL Inc.2.1%$700M
6CRLBF · Cresco Labs Inc.2.0%$656M
7AAWH · Ascend Wellness Holdings, Inc.1.5%$501M
8AYRWF · Ayr Wellness Inc.1.4%$464M
9VREOF · Vireo Growth Inc.0.8%$269M
10JUSH · Jushi Holdings Inc.0.8%$263M
All other companies71.7%$23.7B

Cannabis retail & supplies

Dispensaries, smoke shops and hydroponics suppliers.

3 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1HITI · High Tide Inc.$440M
2GRWG · GrowGeneration Corp.$162M
3HYFM · HYDROFARM HOLDINGS GROUP, INC.$134M

Companies

CompanyMoatQualityMarket
TLRY
Tilray Brands, Inc.
None11Cannabis producers & brands2.8%$4.6B
CURLF
Curaleaf Holdings, Inc.
None30Cannabis producers & brands3.8%$2.0B
VRNO
Verano Holdings Corp.
None28Cannabis producers & brands2.5%$1.7B
CRON
Cronos Group Inc.
None24Cannabis producers & brands0.4%$1.4B
GTBIF
Green Thumb Industries Inc.
None46Cannabis producers & brands3.6%$1.2B
VREOF
Vireo Growth Inc.
None25Cannabis producers & brands0.8%$433M
CGC
Canopy Growth Corp
None13Cannabis producers & brands0.6%$406M
VFF
Village Farms International, Inc.
None35Cannabis producers & brands0.7%$290M
SNDL
SNDL Inc.
None20Cannabis producers & brands2.1%$270M
INCR
Intercure Ltd.
None20Cannabis producers & brands0.2%$250M
HITI
High Tide Inc.
None27Cannabis retail & supplies—$210M
CRLBF
Cresco Labs Inc.
None28Cannabis producers & brands2.0%$205M
ACB
AURORA CANNABIS INC
None25Cannabis producers & brands0.8%$200M
TSNDF
TerrAscend Corp.
None26Cannabis producers & brands0.8%$161M
GRUSF
Grown Rogue International Inc.
None26Cannabis producers & brands<0.1%$150M
OGI
ORGANIGRAM GLOBAL INC.
None20Cannabis producers & brands0.4%$150M
JUSH
Jushi Holdings Inc.
None21Cannabis producers & brands0.8%$104M
GRWG
GrowGeneration Corp.
None20Cannabis retail & supplies—$83M
ISPR
Ispire Technology Inc.
None6Cannabis producers & brands0.4%$82M
AAWH
Ascend Wellness Holdings, Inc.
None22Cannabis producers & brands1.5%$81M
ITHUF
iANTHUS CAPITAL HOLDINGS, INC.
None16Cannabis producers & brands0.4%$70M
CWBHF
Charlotte's Web Holdings, Inc.
None21Cannabis producers & brands0.2%$68M
LEEEF
Leef Brands Inc.
None3Cannabis producers & brands0.1%$60M
MAPS
WM TECHNOLOGY, INC.
None33Cannabis producers & brands0.5%$50M
RYM
RYTHM, Inc.
None10Cannabis producers & brands<0.1%$35M
PLNH
Planet 13 Holdings Inc.
None18Cannabis producers & brands0.3%$34M
JSDA
JONES SODA CO.
None5Cannabis producers & brands<0.1%$32M
MRMD
MARIMED INC.
None18Cannabis producers & brands0.5%$23M
AKAN
AKANDA CORP.
None9Cannabis producers & brands<0.1%$20M
KAYS
Kaya Holdings, Inc.
None5Cannabis producers & brands<0.1%$7M
LVRLF
CordovaCann Corp.
None19Cannabis producers & brands<0.1%$5M
HYFM
HYDROFARM HOLDINGS GROUP, INC.
None3Cannabis retail & supplies—$4M
YCBD
cbdMD, Inc.
None18Cannabis producers & brands<0.1%$4M
CBIH
Cannabis Bioscience International Holdings, Inc.
None15Cannabis producers & brands<0.1%$3M
BUDZ
WEED, INC.
None8Cannabis producers & brands—$3M
IMCC
IM Cannabis Corp.
None9Cannabis producers & brands0.1%$2M
CVSI
CV Sciences, Inc.
None18Cannabis producers & brands<0.1%$2M
LIFD
LFTD PARTNERS INC.
None27Cannabis producers & brands0.1%$2M
GNLN
Greenlane Holdings, Inc.
None10Cannabis producers & brands<0.1%$1M
OWPC
One World Products, Inc.
None4Cannabis producers & brands<0.1%$1M
AYRWF
Ayr Wellness Inc.
None16Cannabis producers & brands1.4%$1M
GCAN
Greater Cannabis Company, Inc.
None14Cannabis producers & brands—$1M
SBIG
SpringBig Holdings, Inc.
None19Cannabis producers & brands<0.1%$1M
PNXP
PINEAPPLE EXPRESS CANNABIS Co
None8Cannabis producers & brands<0.1%$1M
KOAN
Resonate Blends, Inc.
None19Cannabis producers & brands<0.1%$1M
RKDA
Arcadia Biosciences, Inc.
None15Cannabis producers & brands<0.1%$1M
CBDY
Target Group Inc.
None17Cannabis producers & brands<0.1%—
CPMD
CANNAPHARMARX, INC.
None6Cannabis producers & brands<0.1%—

48 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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