The Top Ten Largest Cannabis Companies For 2021

These are the ten largest cannabis companies based on revenue for the last nine months of 2021. It doesn’t include proforma numbers or planned acquisitions as no ever planned deal is a closed deal. 

  1. The Scotts Miracle-Gro (NYSE SMG) is in the lead based on its revenues for the hydroponic business in the subsidiary Hawthorne. In the fourth quarter alone, Scott’s reported that its hydroponic business Hawthorne recorded sales of $329.1 million. Granted this was a drop of 2% due to declines in the European and Canadian businesses, plus the company noted that due to a shift in the fiscal calendar, the fourth quarter had six fewer days than a year ago which negatively impacted the quarter by $54 million. Still, for the full year, Hawthorne delivered  $1.4 billion in sales in fiscal 2021, which was an increase of 39.2% from fiscal 2020 net sales of $1.0 billion. The company attributed the increase in sales volume to lighting, nutrients, growing media, hardware, and growing environment products. On a positive note, Scotts made its initial investment under the company’s strategic minority non-equity investment initiative in the form of a $150 million six-year convertible note issued to the company by Toronto-based RIV Capital Inc. (CSE: RIV) (OTC: CNPOF). During the fourth quarter of fiscal 2021, The Hawthorne Collective, Inc. made additional minority non-equity investments of $43.1 million in other entities focused on branded cannabis and high-quality genetics. 
  2. Curaleaf Holdings Inc. (OTC: CURLF) is in second place and is the number one pure-play in cannabis with nine-month (quarter ending in September) revenues of $887 million. As the company has consistently turned in quarters with sales over $300 million, it looks to be on track to do that again in the fourth quarter. That would conservatively assume the full year of revenue would be in the range of $1.2 billion. Headquartered in Wakefield, Massachusetts, in the U.S., the company has operations in 23 states and, as of September 30, 2021, operated 109 dispensaries, 23 cultivation sites, and 30 processing sites with a focus on highly populated, limited license states, including New York, New Jersey, Florida, Illinois, Pennsylvania and Massachusetts. In Europe, Curaleaf has one cultivation site in Portugal, two pharma grade cannabis processing and manufacturing facilities in Spain and the UK, three medical cannabis distribution licenses in the UK, Germany and Switzerland and a medical cannabis pharmacy license (direct to patient) in the UK as well as a pan-European CBD wellness and wholesale business with manufacturing centered in the UK. No doubt the revenues will continue to be higher once the acquisition of Reef Dispensaries closes. That company is expected to deliver nearly $110 million in full-year revenue and the transaction should close in the second half of 2022.
  3. Green Thumb Industries Inc. (OTC: GTBIF) or GTI reported that for the nine months in 2021, the company has sales of $649 million. The most recent quarter delivered sales of $233 million and with that level of consistency, GTI will likely log full-year revenues of nearly $880 million. Green Thumb has revenue in fourteen markets (California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia), employs approximately 3,400 people. Retail revenue in the third quarter increased 7.3% sequentially, driven by increased foot traffic in established stores and new store openings. In December, the company opened Rise Reno, its 67th store nationwide. Profits from the first day of sales were donated to Helping our Brothers and Sisters (HOBS) which provides mentoring and short-term financial assistance to U.S. combat Veterans with an emphasis on those living with PTSD and other chronic issues, as well as LGBTQ Veterans denied recognition and support due to their sexual orientation. 
  4. Trulieve Cannabis Corp. (OTC: TCNNF) seemed like it should be higher up with the companies strong quarterly revenue results. For the past nine months, Trulieve reported revenue of $633 million. Trulieve said it was confident in its 2021 guidance of revenue in the range of $815 million to $850 million and adjusted EBITDA in the range of $355 million to $375 million. The company operates in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve just opened its 111th store in the state of Florida and employs over 6,900 people. It now operates 47 dispensaries outside of Florida compared to two just one year ago as the company pushes hard to expand outside of its home state of Florida. Trulieve did note that its fourth-quarter results will include the full quarter contribution for Harvest Health & Recreation – a huge acquisition that closed in October.
  5. Cresco Labs Inc. (OTC: CRLBF) reported that for the last nine months in 2021, the company had revenues of $603 million and has forecast revenue in the fourth quarter to be between $235 million and $245 million. That puts Cresco Labs on track to have revenues of roughly $840 million for the year and almost tied with Trulieve. The company stated in its recent earnings call that it has plans to grow the Florida footprint with multiple new stores, launching a robust wholesale business in Michigan, operating additional capacity and opening more Sunnyside stores in Pennsylvania, and gearing up for New York adult-use sales. While Cresco did take a fairly large charge of $291 million in the most recent quarter, it still had $252 million in cash on the books. Cresco said it expects to have another record-setting year in 2022 and could increase its overall store count from 108 to 185
  6. Verano Holdings Corp. (OTC: VRNOF) reported revenue of $206 million in the third quarter and nine-month revenue of $526 million. This puts the company on track to deliver roughly $730 million in revenue for 2021 if sales stay flat. Verano’s portfolio encompasses 15 U.S. states, with active operations in 12, including 12 production facilities comprising over 1,000,000 square feet of cultivation and 89 operating dispensaries. Verano designs, builds, and operates dispensaries under retail brands including Zen Leaf and MÜV. In November, the Company announced three accretive acquisitions in Connecticut, including two active dispensaries and one 217,000 square foot cultivation and production facility. 
  7. Jazz Pharmaceuticals plc (NASDAQ: JAZZ) isn’t a pure-play in the cannabis world, but the acquisition of GW Pharmaceuticals and its cannabis drug Epidiolex brings them into the fold. Epidiolex/Epidyolex net product sales were $160.4 million in the third quarter of 2021, an increase of 21% compared to the same period of 2020 on a pro-forma basis, despite short-term COVID-19 pressure. The company could record almost half a billion dollars in sales in 2021 for Epidiolex. Recent market research indicates approximately 40% of prescribers are moving Epidiolex up in their treatment algorithm. Epidiolex is now commercially available and fully reimbursed in four of the five key European markets: the United Kingdom, Germany, Italy, and Spain, with an anticipated launch in France in 2022. The company expects to initiate a Phase 3 pivotal trial of Epidiolex for Epilepsy with Myoclonic-Atonic Seizures (EMAS), the fourth target indication for Epidiolex, in 1H22.
  8. Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) is an independent distributor and manufacturer of hydroponics equipment and supplies for controlled environment agriculture. The company reported that its third-quarter sales increased 28.1% to $123.8 million versus last year’s $96.7 million. The company also reaffirmed its outlook for the full fiscal year 2021 for sales growth between 37% and 43% or approximately $470.0 million to $490.0 million. Like Scotts Hawthorne division, this isn’t purely cannabis indoor growing, but it does account for a lot of the company’s growth. With more acquisitions coming online in 2022, the total annual sales could easily grow even higher. 
  9. Columbia Care Inc. (OTCQX: CCHWF) reported revenue of $132.3 million in the third quarter, an increase of 144% over last year and a sequential improvement of 21%. The company recently revised its revenue guidance for 2021 to $470M – $485M. The company has licenses in 18 U.S. jurisdictions and the EU. Columbia Care operates 131 facilities including 99 dispensaries and 32 cultivation and manufacturing facilities, including those under development. Columbia Care is one of the original providers of medical cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, gLeaf, Classix, Plant Sugar, Press, Amber, and Platinum Label CBD.
  10. Canopy Growth Corporation (NASDAQ: CGC) recently reported revenue of C$131 million ($101 million) for the fiscal year second quarter. The annual revenue is a little more difficult to predict as the company’s sales have declined as the company struggles to match its inventory with specific consumer demands, but analysts have pegged the number at $453 million for 2021. Canopy is a mostly Canadian company with a CBD business in the U.S. The company has planned acquisitions in the U.S. whenever cannabis becomes federally legal. The company though recently announced that its CFO and Chief Product Officer would both be leaving the company.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


  • Mark

    December 22, 2021 at 5:20 am

    Thank you for the excellent article summarizing the largest 10 cannabis companies. Maybe at the beginning of 2022, an article on the 11th to 20th largest companies would be great. Happy Holidays


    • Debra Borchardt

      December 22, 2021 at 8:28 am

      Not a bad idea. You’re hired! To be honest, cutting it off at 10 seemed unfortunate for some great names, but our schedule was pretty busy at the time. Maybe as the news cycle slows in the holidays we can revisit the list.


  • Mark Sebastian

    February 23, 2022 at 2:36 pm

    Hey! Thanks for the great article! Very interesting and informative material, a lot of work has been done on your part. I know all these companies and have collaborated with some and still cooperate. For a company to succeed, there must be a good and correct advertising strategy, which will help to win first positions in every sense. A team of qualified employees is also very important, which will promote the site to the top.


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