The global perception of cannabis is shifting, with increasing legalization and medical research unlocking new opportunities for growth. From medical treatments to wellness products, the cannabis industry is expanding across pharmaceuticals, consumer goods, and recreational markets.
The Cannabis market is experiencing rapid growth due to rising demand for medicinal cannabis, evolving regulatory frameworks, and increasing consumer acceptance. Pharmaceutical companies, wellness brands, and agricultural businesses are investing in cannabis-based products to cater to diverse applications, including pain management, mental health, and skincare.
Innovation in cultivation techniques, extraction processes, and product development is further shaping the industry. As more countries legalize cannabis for medical and recreational use, the market is set for significant expansion in the coming years. According to Extrapolate, the global cannabis market is estimated to generate a revenue of around USD 143.64 billion by 2032.
Top 10 companies playing a prominent role in the Cannabis Market:
1. Tilray Brands, Inc.
Tilray Brands is one of the leading companies that specializes in cannabis and wellness products. The company offers a wide range of medical and recreational cannabis. Tilray focuses on pharmaceutical-grade cannabis extracts, edibles, beverages, and hemp-based wellness solutions. Its extensive international footprint makes it a key player in shaping cannabis accessibility worldwide.
In January 2025, Tilray Deutschland GmbH, a subsidiary of Tilray Brands, Inc. secured a tender to supply premium quality cannabis flowers to Luxembourg. This tender was granted by the Ministry of Health and Social Security for the Grand Duchy of Luxembourg. Through this tender Tilray aims to reinforce its position in the international medical cannabis market.
2. Medipharm Labs
Medipharm Labs offers products that are crafted using premium, validated dried cannabis as their foundation for offerings. Their main focus is on maintaining a supply chain of legal producers, highly vetted standards of products, consistent cultivators, and proper testing of every batch of cannabis. They formulate, process, test, package, and distribute cannabis extracts and advanced cannabinoid-based products.
In January 2025, MediPharm Labs entered an agreement with Laboratório Teuto in Brazil. Laboratório Teuto is a pharmaceutical manufacturer in Brazil, producing generic and branded medicines, including a comprehensive range of oncologic specialty drugs. This partnership helped MediPharm to extend its presence in Brazil.
3. Lexaria Bioscience
Lexaria Bioscience is one of leading players in the cannabis market that revolutionizes cannabis consumption with its patented technology. The company develops DehydraTECH, which enhances the absorption and bioavailability of cannabinoids. This innovative approach improves the efficiency of oral cannabis products such as edibles, capsules, and beverages, making them faster acting and more effective.
4. Organigram Holdings Inc.
Organigram Holdings is a leading cannabis producer known for its high-quality dried flowers, vape products, and infused edibles. The company operates a state-of-the-art indoor cultivation facility, enabling precise control over product quality and consistency. Organigram continues to expand its product offerings in both the medical and adult-use cannabis segments.
In November 2024, Organigram launched Edison Sonics gummies, powered by its innovative FAST nanoemulsion technology. This product offers up to 50% faster onset and nearly double the cannabinoid delivery compared to traditional edibles, setting a new standard in the cannabis market.
5. Green Thumb Industries
Green Thumb Industries is a leading U.S.-based cannabis company that specializes in the production and sale of cannabis products for both medical and recreational use. Its prominent brands include Beboe, Dogwalkers, Doctor Solomon's, Good Green, incredibles, and RHYTHM. These brands cater to a wide range of consumer preferences, from pre-rolls to edibles, essential oils, and CBD therapies, all designed to provide high-quality benefits.
6. Medical Marijuana, Inc.
Medical Marijuana, Inc. makes and sells a wide range of hemp-based products. The company collaborates with brands like Hempvap, Delite, and Cannabis Beauty Defined and develops CBD-based wellness products, nutritional supplements, and skincare solutions.
In August 2023, Medical Marijuana, Inc.'s network marketing division, Kannaway, completed the acquisition of KZ1, a Japan-based network marketing company. This strategic move expanded Kannaway's sales force in Japan by approximately 1,450 individuals, enhancing its market presence. Additionally, KZ1's premium product "Focus," which contains Nootropics to support cognitive function, was integrated into Kannaway's existing line of CBD, natural health, and beauty products.
7. HEXO Corp
HEXO Corp is a global cannabis company that develops and distributes innovative products. Through strategic partnerships HEXO leverages their distribution networks to expand its market reach and strengthen its industry position . These partnerships allow HEXO to access new sales channels and strengthen its global presence. Through these partnerships, HEXO continues to expand its influence across various sectors.
8. Ecofibre
Ecofibre Limited is an Australian biotechnology company which specializes in hemp products operating in the U.S. and Australia. The company's divisions comprise of Ecofibre Genetics, which focuses on cannabis breeding and research, which produces plant-based wellness products. Ecofibre Advanced Technologies develops sustainable materials and performance yarns. The company's commitment to sustainability and innovation positions it as a leader in the global hemp market.
9. Harvest Health & Recreation Inc.
Harvest Health & Recreation is a multi-state cannabis operator with an extensive retail and cultivation footprint in the U.S. The company offers a wide range of cannabis products, from premium flower to concentrates and infused edibles. Its emphasis on high-quality production and customer experience has made it a well-known name in the Cannabis Market.
10. Aurora Cannabis Inc.
Aurora Cannabis is a major global cannabis producer with operations spanning medical, recreational, and wellness markets. The company offers pharmaceutical-grade cannabis, concentrates, edibles, and vape products. Aurora is a leader in cannabis research and innovation, continuously developing new formulations and delivery methods to improve patient outcomes.
Conclusion
The Cannabis Market continues to evolve, driven by increasing consumer demand, regulatory advancements, and scientific innovation. Companies like Tilray, Aurora, and Green Thumb Industries are at the forefront of this transformation, offering high-quality products and cutting-edge formulations. As legalization spreads and consumer preferences shift, these key players will shape the future of the global cannabis industry.
