With Trump’s tariffs increasing costs for Canadian cannabis producers, and most cannabis stocks active in Canada tanking because of excess growth over the past few years, there is an opportunity to invest in standout operators whose stocks have been unjustly punished by the generalized downturn.
Top 5 cannabis stocks with operations in Canada
To determine the top cannabis stocks with operations in Canada’s US$6 billion industry, I attempted to strike a balance between income statement strength and in-country presence, whether that be flower production, consumer packaged goods (CPG) or retail stores. In this way, my hope was to identify picks with the strongest fundamentals and most extensive Canadian exposure based on publicly available data. Here’s the top 5 listed by market capitalization as of March 31:
- Organigram, C$184.28 million.
- High Tide, C$225.76 million.
- Aurora Cannabis, C$348.89 million.
- Tilray, C$881.40 million.
- Cronos Group, C$990.75 million.
Let’s delve into assessments of each company’s Canadian footprint and earnings track record.
1. Organigram
Organigram is a licensed cannabis cultivator, processor and CPG manufacturer and Canada’s largest pure-play company by market share.
Active primarily in the recreational market, Organigram operates facilities in New Brunswick, Quebec, Manitoba and Ontario, with a growing international presence, supplying the market with popular brands such as Edison, Holy Mountain, SHRED and Big Bag O’ Buds.
According to the company’s 2024 investor presentation, its portfolio has earned it the #1 spot in Canada for vapes and pre-rolls and a top-three showing in every major category.
Backed by British American Tobacco, Organigram intends to bring Canadian-grown cannabis to the world, as detailed in a news release about its new brand identity, making it a key consideration for topping up the Made in Canada sleeve of your portfolio. Points in favour include a strong balance sheet with C$113 million in cash and rising adjusted EBITDA as of fiscal Q1 2025, positioning the company to be opportunistic about further expansion.
Organigram stock (TSX:OGI) last traded at C$1.46. Shares have given back 47.48 per cent year-over-year and 83.99 per cent since 2020.
2. High Tide
High Tide operates Canada’s largest cannabis retail chain and the second-largest globally under the Canna Cabana brand, granting the company a considerable barrier to entry.
There are currently 194 Canna Cabana locations across Canada, which are complemented by the company’s diversified business lines in the cannabis space, including its Fastendr retail kiosks and technology, cannabis accessories, CBD products, wholesale distribution through its Valiant operation, and its brand portfolio highlighted by Queen of Bud, Dopezilla and Atomik.
High Tide’s financial performance suggests that it is making the most of its market leadership position, pairing growth and the benefits of scale with positive adjusted EBITDA and large reductions in net income losses over the past three fiscal years. The company dipped into net income profitability in Q2 2024.
High Tide stock (TSXV:HITI) last traded at C$2.79. Shares have added 5.28 per cent year-over-year but remain down by 7 per cent since 2020.
3. Aurora Cannabis
Aurora Cannabis supplies medical and retail markets in Canada, Europe, Australia and New Zealand with a brand portfolio that contains some of the most iconic names in the cannabis space, including San Rafael ’71, Tasty’s and MedReleaf.
The company holds the number one spot in the Canadian medical cannabis market in terms of revenue, according to its February 2025 investor presentation, posting consistent margins and high patient retention.
Aurora’s income statements are far from exemplary, having racked up over C$6 billion in net losses since 2020 as investor enthusiasm following Canadian legalization in 2018 turned sour in a few short years. That said, the company actually made money in two out of the past three quarters – Q3 2025 and Q1 2025 – making a short but watchlist-worthy case for a turnaround story.
Aurora Cannabis stock (TSX:ACB) last traded at C$6.38. Shares have added 9.81 per cent year-over-year but remain down by 95.29 per cent since 2020.
4. Tilray Brands
Our penultimate pick for top cannabis stock with operations in Canada, Tilray Brands, is the most outlandish because it requires investors to put a considerable amount of weight on brand power and market share as a source of value, as opposed to anything resembling cold, hard cash.
Tilray, as Stockhouse readers are well aware, given its enduring popularity on the Bullboards, is a spirits, non-alcoholic beverage and cannabis CPG company active in Canada, the United States, Europe, Australia and Latin America spanning 40 brands across more than 20 countries.
The company owns a handful of brands that are synonymous with Canadian cannabis, including Good Supply, Redecan, Solei, Aphria, Broken Coast, as well as Tilray itself, making it an easy-win acquisition target, should any larger consumer brands company recognize the value creation potential in harnessing the millions of customers at stake here.
The ability to recognize Tilray’s value, however, is no easy task, since all its operations do is lose money. We’re talking over US$2.5 billion in net losses since 2020, though revenue has grown consistently over the period and the company does generate adjusted EBITDA – including US$9 million in Q2 2025 and US$60 million in fiscal 2024 – giving it some means of internal financing.
The bottom line is that Tilray’s brands are too widespread to not be of value to a company with the ability to foster their market leadership over the long term, especially as global legalization opens new avenues to scale into lower costs and improved profitability.
Tilray Brands stock (TSX:TLRY) last traded C$0.94. Shares have given back 71.52 per cent year-over-year and 95.22 per cent since 2020.
5. Cronos Group
Cronos Group is a cannabis company specializing in research, technology and product development with a presence in Canada, Israel, Germany and the United Kingdom.
The company’s top brands – Spinach, PEACE NATURALS and Lord Jones – offer exposure to the mainstream, wellness and premium categories, respectively, with Canadian production based out of Stayner and Kingville, Ontario.
Tobacco giant Altria invested US$1.8 billion for a 45 per cent stake in Cronos in 2018, granting the company proven R&D and brand development expertise to innovate and expand market share.
Cronos’ growth plans only recently bore fruit, generating positive net income in the past two quarters of 2024, including US$8.35 million in Q3 and US$43.73 million in Q4, though the stock has not taken note of this shift into profitability.
Cronos Group stock (TSX:CRON) last traded at C$2.59. Shares have given back 27.25 per cent year-over-year and 66.96 per cent since 2020.
Join the discussion: Find out what everybody’s saying about these cannabis stocks in Canada on the Organigram Holdings Inc., High Tide Inc., Aurora Cannabis Inc., Tilray Brands Inc. and Cronos Group Inc. Bullboards and check out the rest of Stockhouse’s stock forums and message boards.
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