Although Canada and the U.S. share a border, they have very different views on marijuana. The latter still considers it a controlled substance, which has been heavily restricted in the U.S. As of May 2022, there were 38 states where the medical use of marijuana was legal.
Contrast this with what’s happening in Canada, where medical marijuana was legalized in 2018. This has led to a significant evolution in the industry.
Despite the uncertainty surrounding the U.S.’s marijuana policy, Canadian investors can still take advantage of the country’s legal marijuana market by purchasing stocks on major exchanges or through over-the-counter markets.
Tilray Brands Inc.
In May 2021, the company purchased Aphria, which was another competitor. According to them, they are the most significant player in the global cannabis industry.
In addition to producing dried marijuana, Tilray also has various cannabis oil. In December 2017, Aphria announced that it would sell its products through Shoppers Drug Mart’s website.
Canopy Growth
The company is regarded as Canada’s first unicorn in the marijuana industry. Its marijuana brand, called “Tweed,” has gained widespread recognition due to its association with rapper Snoop Dog. It debuted on the New York Stock Exchange on May 24, 2018.
TerrAscend
TerrAscend is a vertically-integrated company with extensive facilities in both the U.S. and Canada. It owns various brands, such as The Apothecarium, Cage Cannabis, Kind Tree, Ilera Healthcare, and Arise Bioscience Inc.
The Cronos Group
The Cronos Group is focused on investing in companies and pot growers in the marijuana industry. It also produces its marijuana products. In addition to this, it also invests in other companies that have various types of cannabis. Some of these include COVE, a British Columbia-based producer of marijuana, Lord Jones, and PEACE NATURALS.
The company’s stock price has gained significantly since it received a significant investment from tobacco giant Philip Morris International in 2019. This investment gave it an increased capital base.
Aurora Cannabis
The stock of Aurora Cannabis started trading on the Toronto Stock Exchange and the New York Stock Exchange in July 2017. In January 2017, it was also granted a license to sell marijuana oil. In 2018, it purchased MedReleaf, an OTC-traded company, for $2.5 billion. The company then continued its acquisition strategy by purchasing another producer, the Whistler Medical Marijuana Corporation, in 2019.