The marijuana industry in Canada has been growing rapidly over the last couple of years following the legalization of medical cannabis in 2001 and recreational pot in October 2018. Going forward, many companies are no doubt going to join the market to meet the growing demand for both medical and adult cannabis products. But already, there are lots of companies that are widening their operations to cover many areas and to also provide a wide array of cannabis strains to buyers. Here are the five fastest growing Canadian Cannabis companies:
#1: The Hexo Corporation Company
Ever since it kicked off its operations in the cannabis industry in 2013, the Hexo Corporation has sailed through the waves of the industry to become one of the leading cannabis companies. It is headquartered in Gatineau, Canada and has a market capital of about $ 1.266 billion. The figure is, however, expected to go higher owing to the vibrancy of the company in the Canadian cannabis industry.
The Hexo Corporation has been focusing on recreational marijuana since it was legalized in October 2018. Its line of business is the creation and distribution of cannabis products mostly in the Canadian cannabis market. As at 31st December 2018, Hexo was ranked as the fourth largest producer of marijuana. It is expected that henceforth, the company will move up in ranks even to the status of being the largest.
#2: The Cronos Group Company
The Cronos Group cannabis company has gained fame for its commitment to building industry-leading companies that will transform the perception that people have for cannabis. At the moment the Cronos Group consists of six companies though it only owns two of them. It, however, has a stake in the others and its market capital is estimated to be approximately $1.37 billion. With its current vibrant status, the Cronos is no doubt among the fastest growing cannabis companies in Canada.
#3: Aphria Inc
Since it was founded in 2014, Aphria Inc has grown over the years to become one of the leading Canadian cannabis companies. In fact, it is listed in Toronto stock exchange, and also in the New York Stock exchange. Its growth rate, as well as its stock, surged in 2018 when the company made an announcement that it had gotten approval to sell its cannabis products on Shoppers Drug Mart, a Canadian pharmacy chain that sells a variety of drugs. The deal saw Aphria Inc grow to a market capital $ 3.64 billion. It is expected to register further growth going forward.
#4: Aurora Cannabis
Headquartered in Edmonton, Aurora Cannabis Company is a licensed producer of cannabis. Since it started its operations, the company has constantly been on an upward trend. In fact, it is now operating in 18 countries and has licenses to operate eight cannabis production facilities. It is also worth noting that the company has five sale licenses for cannabis products it produces for its customers in different areas.
Regarding growth, Aurora saw a 292% increase in stock over the last year and is one of those companies whose growth can’t be stopped. It also acquired MedReleaf Corporation recently to make sure that it meets the growing demand for its cannabis products. As of 2018, its market capital was estimated to be about $10.61 billion.
#5: Canopy Growth Corporation
Canopy Growth Corporation has enjoyed a good reputation in the Canadian cannabis industry due to its commitment to producing high-quality products. Though it sells them at different brand names, Canopy has managed to win many, and register one of the highest growth rates among other players in the industry. Currently, it is estimated to have a market capital of $12.4 billion. It is listed in the New York Stock Exchange. Like the other four, it is expected to register further growth in the years to come.
While there are other companies doing well in the Canadian Cannabis industry, these five are the leading ones setting the pace for the others. Their products have always been of high-quality, and their stocks in markets have been growing too. They are, therefore, the fastest growing marijuana companies in Canada.