The Canadian cannabis industry is maturing into a sizable consumer market and economic contributor. In 2024 the legal sector added roughly $16 billion to Canada’s GDP and generated tens of billions in broader economic output, underscoring how far the market has come since national legalization in 2018.
Sales are accelerating through 2025. Canada’s regulated market reached about C$2.9 billion in retail sales for the first nine months of 2025, with monthly sales and year-over-year growth picking up across most provinces. Consumer use also remains high: more than one third of adults aged 18–44 reported using cannabis in the previous 12 months, according to Statistics Canada.
At the same time structural challenges persist. The illicit market still undercuts legal prices in many regions, though reports show the black market is gradually shrinking as regulated retailers, product innovation, and improved supply chains win back customers. Inventory gluts and pricing pressure have forced producers to cut costs and pursue consolidation.
Key trends shaping 2026 investment opportunities include industry consolidation and M&A, a continuing shift in consumer demand toward extracts, edibles, and higher-margin branded products, and renewed strategic focus on export and international markets. Recent deal activity, such as acquisitions that re-rank market share among Canadian operators, highlights how companies are repositioning to compete at scale.
Below we examine the top Canadian marijuana stocks for 2026, the catalysts and risks to watch, and how to think about valuations in a sector that is finally showing signs of structural recovery.
Related: List of stocks in the Canadian healthcare sector
What are cannabis stocks?
Cannabis stocks are companies involved in the growth, distribution, and sale of medical and recreational marijuana. These stocks are generally separated into three main groups:
- Recreational growers: Agricultural centres responsible for growing and harvesting marijuana for casual use.
- Ancillary businesses: “Non-plant” companies that develop better agricultural equipment for growers, such as improved lighting and more efficient grow centres.
- Biotechnology companies: Healthcare companies that use marijuana as the base for pharmaceuticals and other medical treatments.
In addition to these, you’ll find other cannabis companies that package, transport, and distribute marijuana, as well as retail stores that sell it to the public. There are also consulting companies that specialize in marijuana legislation and help cannabis companies navigate ever-changing regulations. The three types of companies mentioned above, however, make up the bulk of the top cannabis stocks in Canada.
Top cannabis stocks in Canada
The legalization of marijuana in 2018 has given Canada an abundance of small-cap cannabis stocks to choose from. To help you pick long-term winners, below are some of the top cannabis stocks on the Toronto Stock Exchange (TSX).
| Cannabis Stocks | Description |
| Canopy Growth (TSX:WEED) | Canada’s largest producer of medical and recreational marijuana. |
| Aurora Cannabis (TSX: ACB) | Major producer of medical marijuana. |
| OrganiGram Holdings (TSX:OGI) | Micro-cap cannabis stock that posted impressive numbers in 2022. |
| Curaleaf Holdings (TSX:CURA) | Leading U.S. cannabis producer, recently added to the TSX Composite Index, with international reach. |
Canopy Growth
Headquartered in Smiths Falls, Ontario, Canopy Growth (TSX:WEED) remains one of Canada’s most recognizable cannabis producers, offering recreational and medical products through brands like Tweed, Spectrum, CraftGrow, and Storz & Bickel. Once the industry’s leading name, the company expanded across Canada, the U.S., and parts of Europe.
After soaring during the cannabis boom, the stock has collapsed more than 99% from its 2018 highs. Today, shares trade near $1.91 with a market cap of about $646 million, though they’ve climbed roughly 30% over the past month following a stronger-than-expected quarter. Management highlighted gains in high-demand product categories, helping renew interest in the stock.
Despite ongoing volatility (beta ≈ 2.4) and continued risks, the valuation is now extremely low at 0.9× sales and 1.2× book value. For investors comfortable with speculation, gradual buying or dollar-cost averaging may offer a way to participate if Canopy’s recent momentum signals the start of a longer-term turnaround.
Aurora Cannabis
Aurora Cannabis (TSX: ACB) is a medical marijuana company based in Edmonton. The company operates in 25 countries and has eight licenced production facilities spread among them. The marijuana company has established a more diverse global presence than most other cannabis stocks. Though it’s headquartered in Canada, Aurora has expanded to Europe, Latin America, and Australia. Not only has it expanded into other nations, but it has also reached outwards into numerous markets, funding research in genomics and biotechnology with cannabis as its base.
Like Canopy, Aurora was once a market darling before losing more than 98% of its value. But the company has been steadily rebuilding by focusing on higher-margin medical cannabis and expanding internationally.
In fiscal 2025, Aurora delivered record global medical cannabis revenue of ~CAD 244 million (up ~39%), adjusted EBITDA of CAD 49.7 million, and positive free cash flow, all while remaining debt-free with ~CAD 185 million in cash. Strong medical sales in Australia, Germany, and the U.K. were key growth drivers.
Quarterly performance also remains solid. In Q3 2025, net revenue climbed to CAD 88.2 million (up ~37% YoY), with medical cannabis representing over 77% of sales and supporting strong margins. While the stock remains volatile, Aurora’s disciplined shift toward medical markets and improving financials offer a more stable outlook than in years past.
OrganiGram Holdings
Organigram Holdings (TSX:OGI) is a Canadian cannabis producer focused on recreational and medical products, including flower, vapes, infused pre-rolls, and soft-chew edibles. Originally a medical supplier, it has expanded into beverages and international markets, including Europe and U.S. hemp-derived THC products.
The company has recently delivered record financial results, with fiscal 2025 quarters showing strong double-digit revenue growth, improving margins, and a return to positive adjusted EBITDA. These gains follow the Motif Labs and Collective Project acquisitions, which strengthened its market share and product lineup in a still-challenged cannabis sector.
OGI’s share price historically sat in the $1.50–$3 range, but its recent inclusion in the S&P Global BMI Index has boosted visibility and contributed to renewed investor interest. Stronger revenue performance, cost synergies, and expanding international channels have positioned Organigram more favorably than many peers.
Curaleaf Holdings
Curaleaf Holdings (TSX:CURA) is one of the largest U.S. cannabis operators, producing recreational and medical products across multiple states while also maintaining a significant presence in Canada through its TSX listing and cross-border investor base. The company has expanded internationally and continues to streamline operations under its “Return to Our Roots” plan to improve product quality, margins, and cash flow.
Financially, Curaleaf has shown steady but modest performance. Recent quarters in 2025 delivered US$310–320 million in revenue, gross margins near 50%, and consistent positive operating and free cash flow, though the company still posts net losses (about US$54 million in the latest quarter). Adjusted EBITDA margins remain in the low 20% range, reflecting both disciplined cost management and continued competitive pressure in key markets.
In September 2025, Curaleaf was added to the S&P/TSX Composite Index, boosting its visibility with institutional investors and improving liquidity. While the stock has historically moved with broader cannabis-sector sentiment, index inclusion and stable cash generation have strengthened Curaleaf’s position relative to many peers in a challenging regulatory environment.
Pros of investing in cannabis
- The cannabis industry has plenty of room to grow. Marijuana hasn’t been legalized in all 50 U.S. states. If you’re looking at total addressable market, the cannabis industry has a lot of space to grow.
- New medical uses. While non-medical marijuana takes the lion’s share of total cannabis sales, medical marijuana research has high prospects. Biotech companies are currently testing cannabis’ effectiveness in treating Alzheimer’s disease, as well as dementia, cancer, and Crohn’s disease.
Cons of investing in cannabis
- Some cannabis stocks may be overhyped. There’s a lot of enthusiasm around cannabis, both from investors and consumers. This has easily led to some companies being valued above their underlying business fundamentals.
- Regulation is ongoing and complex. Legalized marijuana isn’t even a decade old, and North American governments are still figuring out how to regulate the industry. Expect lots of volatility in the short term as cannabis companies figure out how to adapt.
- Not all cannabis stocks will make it. The industry is still budding, you might say, yet is already saturated with marijuana companies. With so many options, it can be hard to separate the duds from those companies that will be around in 15 years.
Are cannabis stocks right for you?
There’s certainly a compelling argument for having a small exposure to the budding marijuana industry. Many great cannabis companies are still in their infancy, and if marijuana sales take off at the rate analysts are expecting, the value of these stocks could go extremely high.
But be cautious in how much of your portfolio you invest in cannabis. Again, this industry is young, and there’s simply no certainty about what the future holds for it. Not only that, but nearly every cannabis company is burning through cash and far from profitable.
As time goes on, the mass of marijuana companies will gradually dwindle, leaving only those with strong business fundamentals (and probably good marijuana, too). Be sure you analyze the company itself and decide if it’s worth your long-term investment.