The cannabis industry is on a roll, and a selective group of 50 companies is redefining success on a global scale. These companies, from places like the United States, Israel, Ireland, Canada, and Australia, have together brought in over $16.2 billion in revenue, showing just how big this industry is growing.
To evaluate the reason behind this boom, we discovered the industry’s top players, analyzing data drawn from Statista for the top 100 cannabis companies by revenue and workforce size. We also ranked them based on revenue per employee to identify the industry’s efficiency leaders.
At the top stands Ireland’s Jazz Pharmaceuticals, with the highest revenue of $3.7 billion. Yet the trend shifts, as nearly 50% of the industry’s revenue comes from 20 American companies, pulling in $7.7 billion.
But the story doesn’t end with American dominance. We also spotlight Canada’s highest-grossing companies and the global leaders in operational efficiency. Find out how the cannabis industry is growing and reshaping the global economy.
Key Findings
- Jazz Pharmaceuticals in Ireland has the highest revenue of $3.7 billion, and its 1,200 employees make it the third most efficient, with a remarkable revenue per employee of approximately $1.3 million.
- America’s top player, Curaleaf Holdings, ranks second globally with a revenue of $1.3 billion, along with Trulieve Cannabis (second on America’s Top 10 List) at third with $1.2 billion, respectively.
- Among the top 50, 20 American companies contribute nearly half of the total revenue, amassing $7.7 billion out of the $16.2 billion.
- In the list, 25 Canadian companies make their mark, with Cresco Labs leading in Canada with a revenue of $842.7 million from 3,200 employees, which calculates to a revenue per employee of $263.3K
- The highest revenue per employee accolade goes to Agrify from the United States. With just 141 employees, it boasts $297 million in revenue, equating to an astounding revenue per employee of $2.1 million.
Top 50 Highest-Earning Cannabis Companies (Infographic)
Top 50 Highest-Earning Cannabis Companies (Table)
Top 20 Highest-Earning Cannabis Companies in the World
1. Jazz Pharmaceuticals
- Revenue: $3.7B
- No. of Employees: 2,800
- Country: Ireland
Jazz Pharmaceuticals is at the top of the rank due to its staggering revenue contribution to the industry’s total of $16.2 trillion, signifying a substantial market share.
Based in Ireland, it has $3.7 billion in revenue and a remarkable revenue per employee of $1.3 million. Its workforce is 2,800. This dominance underscores its significant influence and success in the global cannabis market.
2. Curaleaf Holdings
- Revenue: $1.3B
- No. of Employees: 5,931
- Country: United States
Curaleaf Holdings, occupying the second rank, showcases its prowess with revenue of $1.3 billion. This company, of 5,931 employees from the United States, contributes significantly to the industry’s total revenue, with an impressive per-employee revenue of $225.3K. Its financial performance highlights its critical role in shaping the cannabis industry landscape.
3. Trulieve Cannabis
- Revenue: $1.2B
- No. of Employees: 7,600
- Country: United States
Trulieve Cannabis, another leading company from the United States, secures the third position with a $1.2 billion revenue. This represents a notable share of the total industry revenue, reflecting its strong market presence with a revenue per employee of $163.1K.
4. Green Thumb Industries
- Revenue: $1.0B
- No. of Employees: 3,763
- Country: United States
Green Thumb Industries not only ranks fourth with a $1.0 billion revenue but also boasts the largest workforce of 3,763 employees among the top 20, emphasizing its extensive operations in the United States. With a revenue per employee of $270.6K, it underscores the company’s substantial role in employment within the sector.
5. Verano Holdings
- Revenue: $879.4M
- No. of Employees: 3,780
- Country: United States
Verano Holdings, with a fifth-place ranking and a workforce of 3,780, contributes $879.4 million to the industry’s earnings. This U.S. company achieves notable efficiency with a revenue per employee of $232.6K, showcasing its strong business model amidst the industry giants.
6. Cresco Labs
- Revenue: $842.7M
- No. of Employees: 3,200
- Country: Canada
From Canada, Cresco Labs, ranking sixth, employs 3,200 people, contributing $842.7 million to the industry’s total. It stands out with a revenue per employee of $263.3K, indicating its high productivity and efficiency in operations.
7. Tilray
- Revenue: $769.3M
- No. of Employees: 1,800
- Country: United States
Tilray, seventh-ranked and based in the United States, adds $769.3 million to the industry revenue with an employee headcount of 1,800. Its revenue per employee is $427.4K, reflecting its significant role in the cannabis market’s growth.
8. Jushi Holdings
- Revenue: $544.1M
- No. of Employees: 1,486
- Country: Canada
Jushi Holdings, with a team of 1,486 from Canada, ranks eighth, contributing $544.1 million. Its revenue per employee of $366.2K demonstrates the company’s efficient operation and strong market position.
9. Columbia Care
- Revenue: $511.6M
- No. of Employees: 2,586
- Country: Canada
Ninth-ranked Columbia Care, also from Canada, and a staff headcount of 2,586, reported a revenue of $511.6 million. This indicates a significant contribution to the industry’s total, showcasing an impressive revenue per employee of $197.8K.
10. Ayr Wellness
- Revenue: $465.6M
- No. of Employees: 2,300
- Country: United States
Ayr Wellness, at the tenth position in the United States, contributes $465.6 million to the total industry revenue. The company’s workforce size of 2,300 amounts to a revenue per employee of $202.4K, highlighting its strong presence and operational efficiency in the cannabis sector.
11. Canopy Growth
- Revenue: $422.5M
- No. of Employees: 3,151
- Country: Canada
Canopy Growth, from Canada, ranks eleventh with $422.5 million and a team of 3,151, contributing notably to the industry’s total revenue. It has the highest revenue per employee of $5,867,638.89, indicating exceptional efficiency.
12. Village Farms International
- Revenue: $422.1M
- No. of Employees: 1,800
- Country: Canada
Village Farms International employs 1,800 members, ranking twelfth from Canada, with a contribution of $422.1 million, showcasing its significant role with a revenue per employee of $234.5K.
13. Ascend Wellness Holdings
- Revenue: $405.9M
- No. of Employees: 2,200
- Country: United States
Ascend Wellness Holdings, thirteenth and based in the United States, adds $405.9 million to the industry’s total, reflecting its solid market performance with a team of 2,200 employees, amounting to revenue per employee of $184.5K.
14. Hydrofarm Holdings Group
- Revenue: $344.5M
- No. of Employees: 498
- Country: United States
Hydrofarm Holdings Group, in fourteenth place from the United States, contributes $344.5 million with a relatively smaller workforce of only 498 employees. Its revenue per employee of $691.8K highlights its significant market presence and efficiency.
15. Agrify
- Revenue: $297.0M
- No. of Employees: 141
- Country: United States
Agrify, ranking fifteenth and based in the United States, adds $297.0 million with only 141 employees (the smallest workforce among the top 20), showcasing its market engagement with an impressive revenue per employee of $2.1 million.
16. High Tide
- Revenue: $282.8M
- No. of Employees: 1,300
- Country: Canada
High Tide, from Canada, has a team of 1,300 employees; in the sixteenth position, it contributes $282.8 million, indicating its impactful market presence with a revenue per employee of $217.6K.
17. Growgeneration
- Revenue: $278.2M
- No. of Employees: 455
- Country: United States
Growgeneration, seventeenth-ranked from the United States, with such a small team of 455 members, adds $278.2 million, demonstrating its solid industry standing with a revenue per employee of $611.4K.
18. Terrascend
- Revenue: $250.5M
- No. of Employees: 1,125
- Country: Canada
Terrascend, in the eighteenth spot from Canada, contributes $250.5 million with a labor force of 1,125. It showcases its efficiency and market impact with a revenue per employee of $222.7K.
19. Wm Technology
- Revenue: $215.5M
- No. of Employees: 580
- Country: United States
Wm Technology, nineteenth and based in the United States, has only 580 employees, adding $215.5 million. With the lowest revenue per employee at $371.6K, it reflects a unique strategy within the cannabis industry.
20. Aurora Cannabis
- Revenue: $175.4M
- No. of Employees: 2,779
- Country: Canada
Aurora Cannabis from Canada, with 2,779 members, is the twentieth-highest earning company with a revenue of $175.4 million, demonstrating its competitive edge with a revenue per employee of $886,010.10 amidst a fiercely competitive market.
Top 10 Highest-Earning Cannabis Companies in America
1. Curaleaf Holdings
Curaleaf Holdings stands out not only as the top American cannabis company with a revenue of $1.3 billion but also for its global rank of 2. Operating with 5,931 employees, it showcases a robust workforce and extensive operations across the United States.
2. Trulieve Cannabis
Trulieve Cannabis takes the second spot among American companies with $1.2 billion in revenue. It boasts the largest workforce in the American sector, with 7,600 employees, emphasizing its vast operational scale. This company also secures a global top 3 position, underlining its significant market presence.
3. Green Thumb Industries
With $1.0 billion in revenue, Green Thumb Industries ranks third in the United States and fourth globally. Its team of 3,763 employees plays a critical role in sustaining its strong market performance and operational success.
4. Verano Holdings
Verano Holdings is fourth among American cannabis companies, generating $879.4 million in revenue. With a workforce of 3,780 employees, it highlights its competitive edge and operational efficiency. This also ranks it fifth globally, showcasing its significant industry influence.
5. Tilray
Tilray, ranking fifth in the United States with $769.3 million in revenue, employs 1,800 people. Its global position is seventh, indicating its strong standing in the international cannabis market as well.
6. Ayr Wellness
Ayr Wellness, in the sixth spot, generates $465.6 million in revenue with 2,300 employees. Its considerable workforce contributes to its robust market performance and operational capabilities.
7. Ascent Wellness Holdings
Ascend Wellness Holdings ranks seventh in the United States, with a revenue of $405.9 million and a team of 2,200 employees. Its solid operational base supports its significant market presence.
8. Hydrofarm Holdings Group
Hydrofarm Holdings Group, the eighth-ranked American company, achieves $344.5 million in revenue with a comparatively small workforce of 498 employees, indicating high operational efficiency.
9. Agrify
Agrify takes the ninth position with $297.0 million in revenue. With just 141 employees, it stands out for its high revenue efficiency among American cannabis companies.
10. Growgeneration
Growgeneration rounds out the top 10 with $278.2 million in revenue and 455 employees. This company showcases a lean operation with a strong focus on productivity and market penetration.
Top 10 Highest-Earning Cannabis Companies in Canada
1. Cresco Labs
Cresco Labs is number one in the Canadian cannabis industry, with the highest revenue of $842.7 million and a workforce of 3,200, placing it sixth globally. Its substantial revenue and significant employee base highlight its dominant position within Canada and internationally.
2. Jushi Holdings
Jushi Holdings holds the second spot in Canada with $544.1 million in revenue and employs 1,486 people, securing the eighth position on the global list. This reflects its strong market presence and operational efficiency in the global cannabis sector.
3. Columbia Care
Columbia Care, the third-ranked Canadian company, generates $511.6 million in revenue with 2,586 employees, ranking ninth globally. Its position underscores its significant contribution to the industry and its international influence.
4. Canopy Growth
Canopy Growth, with a revenue of $422.5 million and 3,151 employees, is the fourth largest in Canada and ranks eleventh globally. This highlights its substantial role and global reach in the cannabis market.
5. Village Farms International
Village Farms International, ranking fifth in Canada, brings in $422.1 million in revenue with 1,800 employees and is placed twelfth globally. Its international standing emphasizes its competitiveness in the global cannabis landscape.
6. High Tide
High Tide, the sixth-highest revenue Canadian company, has $282.8 million in revenue and 1,300 employees and ranks sixteenth globally. This showcases its significant market presence and operational efficiency both domestically and internationally.
7. Terrascend
Terrascend holds the seventh position in Canada with $250.5 million in revenue and 1,125 employees, ranking eighteenth globally. Its global ranking signifies its important role in the international cannabis industry.
8. Aurora Cannabis
Aurora Cannabis, with $175.4 million in revenue and 2,779 employees, ranks twentieth globally and eighth in Canada. This position reflects its strategic market presence and influence in the global cannabis market.
9. Ianthus Capital Holdings
Ianthus Capital Holdings is ninth in Canada, generating $164.1 million in revenue with 801 employees. Although not among the top 20 globally, its performance is notable within the Canadian context, showing its potential and growth in the industry.
10. Hexo
Hexo is the tenth-highest earning company in Canada, with $151.5 million in revenue and 1,200 employees. While it doesn’t appear in the global top 20, its significant contribution within Canada highlights its role in the cannabis market and potential for future growth.
Top 10 Cannabis Companies with Highest Revenue Per Employee
1. Agrify
Agrify from the United States tops this list in efficiency, with the highest revenue per employee at $2.1 million. It stands 15th globally in terms of revenue. With a workforce of 141, it generates revenue of $297.0M, showcasing its leading position in operational efficiency.
2. Cannassure Therapeutics
Cannassure Therapeutics, based in Israel, secures the second spot for efficiency with a revenue per employee of $1.5 million. Globally, it doesn’t rank within the top 20 for overall revenue, illustrating a focused and effective operation with its revenue of $113.5M and a team of just 72.
3. Jazz Pharmaceuticals
Jazz Pharmaceuticals, hailing from Ireland, is third in efficiency with $1,306,917.86 revenue per employee. It stands out by ranking 1st globally in revenue, with a total of $3.6 trillion generated by 2,800 employees, highlighting its massive scale and operational success.
4. Greenlane Holdings
Greenlane Holdings from the United States achieves fourth in efficiency, with $945,379.31 revenue per employee. Although not in the top 20 globally for total revenue, its workforce of 145 contributes to revenue of $137.1M, indicating solid operational efficiency.
5. Heritage Cannabis Holdings
Placing fifth in efficiency, Heritage Cannabis Holdings from Canada, with a compact team of 25, manages a revenue per employee of $937,200.00. This company also does not appear in the top 20 global revenue rankings, yet it generates a revenue of $23.4M, showcasing the effective use of its workforce.
6. Hydrofarm Holdings Group
Hydrofarm Holdings Group from the United States, with 498 employees, generates $344.5M in revenue, placing it sixth in efficiency with $691,767.07 revenue per employee and 14th globally in revenue, underscoring its strong market presence.
7. Growgeneration
In the seventh position for efficiency is Growgeneration from the United States, with a revenue per employee of $611,362.64. It ranks 17th globally with a revenue of $278.2M, supported by 455 employees, demonstrating significant market effectiveness.
8. Vitura Health
Vitura Health in Australia, ranking eighth in efficiency with $474,519.23 revenue per employee, showcases a strong operational model with a workforce of 104 generating $49.4M in revenue. This company does not rank within the top 20 globally for total revenue.
9. Cordovacann
Cordovacann in Canada is ninth in efficiency, with 25 employees generating $10.7M in revenue, which translates to a revenue per employee of $428,800.00. It is not listed among the top 20 globally in total revenue, indicating a niche but effective operation.
10. Tilray
Tilray from the United States, with 1,800 employees contributing to revenue of $769.3M, ranks tenth in efficiency with $427,388.89 revenue per employee and seventh globally in revenue. This placement reflects its substantial impact and operational efficiency on a large scale.
Methodology
To analyze the recent growth in the cannabis industry, we streamlined our approach into three main steps, focusing on understanding the contributions of the industry’s top companies:
Identification of Industry Leaders:
We selected the top 100 cannabis companies from Statista based on their revenue and workforce size.
Data Collection and Analysis:
We gathered and analyzed these companies’ financial data and employee numbers, checking for accuracy and relevance.
Efficiency Evaluation:
Companies were ranked based on revenue per employee to gauge operational efficiency, highlighting the most effective firms in utilizing their workforce.
This concise methodology allowed us to pinpoint the factors behind the industry’s boom and identify its efficiency leaders, providing insights into successful operational strategies within the cannabis sector.
