Been diving into the cannabis sector lately and figured I'd share what I found looking at the biggest players. Back in late 2024, the industry was still wrestling with the same regulatory headwinds that plagued it for years. The US side had some optimism when the DEA started moving cannabis down from Schedule I to Schedule III, but honestly the process has been slower than anyone expected.

Let me break down the top cannabis stocks I came across. On the US side, Green Thumb Industries was absolutely dominating the rankings with a 36.3% weight in the major cannabis ETF. They're basically everywhere - multiple states, strong brand portfolio with names like Rythm and Beboe, and they've built a proper vertically integrated operation. Market cap was sitting around 1.89 billion at that time.

Trulieve was the second heavyweight, especially strong in Florida and the Southwest. They'd just hit 200 dispensaries and were pulling in solid medical cannabis revenue. Then you had Curaleaf, which had expanded way beyond just the US - they were already making moves into Europe with over 150 US locations. Verano and Cresco Labs rounded out the top five, both running tight supply chains from cultivation to retail.

On the Canadian side, things looked different. The market's been tougher since legalization in 2018 - high taxes, marketing restrictions, and constant competition from unlicensed players have made it rough. But some major cannabis stocks still showed resilience. Cronos Group was leading the charge with their Spinach brand crushing it in retail sales. SNDL (formerly Sundial Growers) had actually started showing revenue growth again by Q3 2024, which was notable after years of struggle.

Canopy Growth, one of the OGs, was still operating with that celebrity-backed positioning and their medical division Spectrum Therapeutics. What caught my attention though was Innovative Industrial Properties - a REIT that basically provides real estate for cannabis companies. They were the top-weighted Canadian-focused holding, which tells you something about how constrained financing options are in this space.

Looking at these biggest cannabis stocks, the pattern's pretty clear. The major players have adapted to the regulatory maze, but they're all basically waiting for the next catalyst. US operators are hungry for federal reform, Canadian companies are trying to squeeze profitability out of a mature market. Some investors are definitely eyeing this sector as a contrarian play, especially if legalization momentum picks up.

Cannabis stocks have been volatile and beaten down for a while now, but the long-term case for top cannabis stocks in the US still hinges on state-by-state expansion and eventual federal reform. Worth keeping an eye on if you're thinking about exposure to this space.