Growth in Market Capitalization of Top Cannabis Companies

  • Following explosive growth in the legal cannabis sector, various forces – e.g., launch stumbles with licensing delays, supply-chain disruptions, and stalled political reform – have led to a pull-back in share prices across the legal cannabis sector, shaving significant value from North America’s leaders.
  • The industry is also entering a new phase of growth, adding dynamic instability: The value of M&A deals yet rise as multistate operators consolidate and major brands pursue strategic acquisitions.
  • Meanwhile, the vanguard of executives who led the industry through early growth are being replaced by leaders from other sectors to steer the companies into maturity.
  • Important new state markets (e.g., MI, IL) are being rolled out, and more mature markets (OK, NV) continue to outperform expectations, with public acceptance for cannabis continuing to rise and momentum building toward federal policy reform.
  • While exuberant outlooks are replaced by pragmatic views, strong optimism remains for the future of legal cannabis. Even as some companies face turbulent waters ahead, capital flow into the industry is on pace to shatter last year’s record as investors aggressively pursue the industry’s deep and multi-sectoral opportunities.



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