Despite a topsy-turvy year for the broader market, marijuana stocks were quite the buzz on Wall Street in 2020. Slowly but surely, we’ve watching cannabis grow into a legitimate industry.
In Canada, the opening of new dispensaries is easing some of the early stage bottlenecks that plagued the pot industry. Meanwhile, in the U.S., a total of 36 states have now given the green light to medical marijuana, 15 of which also allow for adult-use consumption and/or retail sale.
This burgeoning industry has given rise to 10 marijuana stocks with at least a $2 billion valuation. Here’s how these industry titans rank as we enter 2021.
1. Canopy Growth: $9.18 billion
As has been the case for years, Canadian licensed producer Canopy Growth (NASDAQ:CGC) is the largest pot stock in the world — although it’s lost its large-cap status. Canopy’s mammoth cash pile, courtesy of multiple direct and indirect equity investments from spirits giant Constellation Brands, has been primarily responsible for buoying the company’s valuation. On an operating basis, former Constellation CFO and now Canopy CEO David Klein has been working overtime to cut costs. Despite leading the industry in market cap, there’s still a lot of work to be done to get this company anywhere near recurring profitability.