Top 8 Companies in the Medical Cannabis Market

The global medical cannabis market was valued at USD 10.2 billion in 2023, driven by the increased legalisation of cannabis across the globe. The market is anticipated to grow at a CAGR of 24% during the forecast period of 2024-2032 to achieve a value of USD 70.7 billion by 2032.

Medical cannabis is derived from the Cannabis sativa or Cannabis indica species and contains tetrahydrocannabinol (THC) and cannabidiol (CBD). These cannabinoids interact with the body's endocannabinoid system to produce therapeutic effects. The medicinal effects of cannabis have shown potential in treating various medical conditions ranging from mild to severe including chronic pain, epilepsy, multiple sclerosis, and nausea caused by chemotherapy. Considering the medicinal effects, several nations have started to legalise medicinal cannabis under specific regulatory practices and medical prescriptions. Research on medical cannabis continues to grow, exploring its efficacy in treating various health conditions.

The market for medical cannabis is booming with a significant increase in awareness. Healthcare providers and market players have started to realise the potential of medicinal cannabis in several domains. Therefore, there is a rising trend in the market to legalise medical cannabis for recreational uses. Pharmaceutical companies are focusing more on researching the therapeutic effects of the material and finding expanded applications in several other diseases.

The market players are increasing their reach by expanding their medical cannabis business. This will enable them to cater to more users and healthcare facilities located in different places and stimulate demand. For instance, in June 2024, Verano Holdings Corp., a leading multistate cannabis company, announced the openings of two new medical cannabis dispensaries MÜV Naranja and MÜV Port Richey, expanding the company’s retail footprint to 77 Florida dispensaries and 142 locations nationwide.

The market growth can also be attributed to ongoing acquisitions by market players to solidify their market presence and expand on larger scales. For instance, in August 2024, Verano Holdings Corp. VRNOF, a leading multi-state cannabis operator acquired three subsidiaries from The Cannabist Company Holdings Inc. The strategic move includes two subsidiaries in Arizona and the other in Virginia, enhancing Verano’s market footprint in key regions and positioning the company for significant growth.  This acquisition is poised to solidify the company’s presence in the U.S. cannabis market, propelling the overall market growth of medical cannabis.

Top Companies Leading the Medical Cannabis Market in 2024

1.    Aurora Marijuana Inc.

Aurora Cannabis Inc. is a leading Canadian company in the medical cannabis market, known for its diverse portfolio of high-quality cannabis products. The company operates in multiple countries, focusing on innovation, research, and production of medical-grade cannabis, including oils, edibles, and dried flower products.

2.    Canopy Growth Corporation

Canopy Growth Corporation is one of the largest cannabis companies globally, offering a wide range of products in the medical cannabis market. With a focus on research and development, Canopy Growth provides medicinal cannabis oils, softgel capsules, and dried cannabis flowers, catering to patients' therapeutic needs across several countries.

3.    Cronos Group Inc

Cronos Group Inc. is a globally diversified and vertically integrated cannabis company. It focuses on developing innovative cannabinoid-based products, including pharmaceuticals and wellness products, to address a variety of medical conditions. Cronos is committed to advancing cannabis research and expanding its footprint in the global market.

4.    Medical Marijuana, Inc.

Medical Marijuana, Inc. is an American pioneer in the cannabis market, specialising in hemp-derived CBD products. The company's portfolio includes a wide range of wellness and therapeutic products, such as tinctures, topicals, and supplements, aimed at promoting health and wellness through natural cannabis solutions.

5.    OrganiGram Holding Inc.

OrganiGram Holding Inc. is a leading Canadian producer of high-quality, indoor-grown medical cannabis. The company offers a broad portfolio of products, including dried flower, oils, and edibles, with a strong emphasis on purity and consistency, serving patients across Canada and internationally.

6.    Terra Tech Corp.

Terra Tech Corp. is a vertically integrated cannabis-focused agriculture company based in the United States. It operates through multiple subsidiaries, offering a variety of medical cannabis products, including extracts, edibles, and topicals. Terra Tech emphasizes sustainable cultivation practices and innovation in product development.

7.    GW Pharmaceuticals plc.

GW Pharmaceuticals plc is a UK-based biopharmaceutical company known for pioneering the development of prescription cannabinoid medicines. The company's portfolio includes Sativex and Epidiolex, which are used to treat conditions like multiple sclerosis and epilepsy, positioning GW as a leader in cannabinoid-based pharmaceuticals.

8.    Cannabis Sativa

Cannabis Sativa, Inc. is an American company engaged in the development and marketing of natural cannabis-based products. The company’s portfolio includes wellness products such as lotions, balms, and edibles, with a focus on leveraging the therapeutic properties of cannabis to promote overall health and well-being.