The Prime Ten Largest Hashish Firms For 2021


These are the ten largest hashish firms primarily based on income for the final 9 months of 2021. It doesn’t embrace proforma numbers or deliberate acquisitions as no ever deliberate deal is a closed deal. 

  1. The Scotts Miracle-Gro (NYSE SMG) is within the lead primarily based on its revenues for the hydroponic enterprise within the subsidiary Hawthorne. Within the fourth quarter alone, Scott’s reported that its hydroponic enterprise Hawthorne recorded gross sales of $329.1 million. Granted this was a drop of two% because of declines within the European and Canadian companies, plus the corporate famous that because of a shift within the fiscal calendar, the fourth quarter had six fewer days than a yr in the past which negatively impacted the quarter by $54 million. Nonetheless, for the total yr, Hawthorne delivered  $1.4 billion in gross sales in fiscal 2021, which was a rise of 39.2% from fiscal 2020 internet gross sales of $1.0 billion. The corporate attributed the rise in gross sales quantity to lighting, vitamins, rising media, {hardware}, and rising atmosphere merchandise. On a constructive word, Scotts made its preliminary funding beneath the corporate’s strategic minority non-equity funding initiative within the type of a $150 million six-year convertible word issued to the corporate by Toronto-based RIV Capital Inc. (CSE: RIV) (OTC: CNPOF). Through the fourth quarter of fiscal 2021, The Hawthorne Collective, Inc. made extra minority non-equity investments of $43.1 million in different entities centered on branded hashish and high-quality genetics. 
  2. Curaleaf Holdings Inc. (OTC: CURLF) is in second place and is the primary pure-play in hashish with nine-month (quarter ending in September) revenues of $887 million. As the corporate has persistently turned in quarters with gross sales over $300 million, it appears to be like to be on observe to try this once more within the fourth quarter. That might conservatively assume the total yr of income could be within the vary of $1.2 billion. Headquartered in Wakefield, Massachusetts, within the U.S., the corporate has operations in 23 states and, as of September 30, 2021, operated 109 dispensaries, 23 cultivation websites, and 30 processing websites with a concentrate on extremely populated, restricted license states, together with New York, New Jersey, Florida, Illinois, Pennsylvania and Massachusetts. In Europe, Curaleaf has one cultivation website in Portugal, two pharma grade hashish processing and manufacturing services in Spain and the UK, three medical hashish distribution licenses within the UK, Germany and Switzerland and a medical hashish pharmacy license (direct to affected person) within the UK in addition to a pan-European CBD wellness and wholesale enterprise with manufacturing centered within the UK. Little question the revenues will proceed to be greater as soon as the acquisition of Reef Dispensaries closes. That firm is predicted to ship practically $110 million in full-year income and the transaction ought to shut within the second half of 2022.
  3. Inexperienced Thumb Industries Inc. (OTC: GTBIF) or GTI reported that for the 9 months in 2021, the corporate has gross sales of $649 million. The latest quarter delivered gross sales of $233 million and with that stage of consistency, GTI will doubtless log full-year revenues of practically $880 million. Inexperienced Thumb has income in fourteen markets (California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia), employs roughly 3,400 individuals. Retail income within the third quarter elevated 7.3% sequentially, pushed by elevated foot site visitors in established shops and new retailer openings. In December, the corporate opened Rise Reno, its 67th retailer nationwide. Earnings from the primary day of gross sales had been donated to Serving to our Brothers and Sisters (HOBS) which supplies mentoring and short-term monetary help to U.S. fight Veterans with an emphasis on these dwelling with PTSD and different power points, in addition to LGBTQ Veterans denied recognition and help because of their sexual orientation. 
  4. Trulieve Hashish Corp. (OTC: TCNNF) appeared prefer it ought to be greater up with the businesses sturdy quarterly income outcomes. For the previous 9 months, Trulieve reported income of $633 million. Trulieve mentioned it was assured in its 2021 steering of income within the vary of $815 million to $850 million and adjusted EBITDA within the vary of $355 million to $375 million. The corporate operates in 11 states, with main market positions in Arizona, Florida, and Pennsylvania. Trulieve simply opened its 111th retailer within the state of Florida and employs over 6,900 individuals. It now operates 47 dispensaries outdoors of Florida in comparison with two only one yr in the past as the corporate pushes exhausting to increase outdoors of its house state of Florida. Trulieve did word that its fourth-quarter outcomes will embrace the total quarter contribution for Harvest Well being & Recreation – an enormous acquisition that closed in October.
  5. Cresco Labs Inc. (OTC: CRLBF) reported that for the final 9 months in 2021, the corporate had revenues of $603 million and has forecast income within the fourth quarter to be between $235 million and $245 million. That places Cresco Labs on observe to have revenues of roughly $840 million for the yr and virtually tied with Trulieve. The corporate acknowledged in its latest earnings name that it has plans to develop the Florida footprint with a number of new shops, launching a sturdy wholesale enterprise in Michigan, working extra capability and opening extra Sunnyside shops in Pennsylvania, and gearing up for New York adult-use gross sales. Whereas Cresco did take a reasonably large cost of $291 million in the latest quarter, it nonetheless had $252 million in money on the books. Cresco mentioned it expects to have one other record-setting yr in 2022 and will improve its general retailer depend from 108 to 185
  6. Verano Holdings Corp. (OTC: VRNOF) reported income of $206 million within the third quarter and nine-month income of $526 million. This places the corporate on observe to ship roughly $730 million in income for 2021 if gross sales keep flat. Verano’s portfolio encompasses 15 U.S. states, with lively operations in 12, together with 12 manufacturing services comprising over 1,000,000 sq. toes of cultivation and 89 working dispensaries. Verano designs, builds, and operates dispensaries beneath retail manufacturers together with Zen Leaf and MÜV. In November, the Firm introduced three accretive acquisitions in Connecticut, together with two lively dispensaries and one 217,000 sq. foot cultivation and manufacturing facility. 
  7. Jazz Prescribed drugs plc (NASDAQ: JAZZ) isn’t a pure-play within the hashish world, however the acquisition of GW Prescribed drugs and its hashish drug Epidiolex brings them into the fold. Epidiolex/Epidyolex internet product gross sales had been $160.4 million within the third quarter of 2021, a rise of 21% in comparison with the identical interval of 2020 on a pro-forma foundation, regardless of short-term COVID-19 strain. The corporate may document virtually half a billion {dollars} in gross sales in 2021 for Epidiolex. Current market analysis signifies roughly 40% of prescribers are transferring Epidiolex up of their therapy algorithm. Epidiolex is now commercially out there and totally reimbursed in 4 of the 5 key European markets: the UK, Germany, Italy, and Spain, with an anticipated launch in France in 2022. The corporate expects to provoke a Section 3 pivotal trial of Epidiolex for Epilepsy with Myoclonic-Atonic Seizures (EMAS), the fourth goal indication for Epidiolex, in 1H22.
  8. Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) is an unbiased distributor and producer of hydroponics gear and provides for managed atmosphere agriculture. The corporate reported that its third-quarter gross sales elevated 28.1% to $123.8 million versus final yr’s $96.7 million. The corporate additionally reaffirmed its outlook for the total fiscal yr 2021 for gross sales development between 37% and 43% or roughly $470.0 million to $490.0 million. Like Scotts Hawthorne division, this isn’t purely hashish indoor rising, nevertheless it does account for lots of the corporate’s development. With extra acquisitions coming on-line in 2022, the entire annual gross sales may simply develop even greater. 
  9. Columbia Care Inc. (OTCQX: CCHWF) reported income of $132.3 million within the third quarter, a rise of 144% over final yr and a sequential enchancment of 21%. The corporate just lately revised its income steering for 2021 to $470M – $485M. The corporate has licenses in 18 U.S. jurisdictions and the EU. Columbia Care operates 131 services together with 99 dispensaries and 32 cultivation and manufacturing services, together with these beneath improvement. Columbia Care is likely one of the unique suppliers of medical hashish within the U.S. and now delivers industry-leading services and products to each the medical and adult-use markets. In 2021, the corporate launched Cannabist, its new retail model, making a nationwide dispensary community that leverages proprietary know-how platforms. The corporate presents merchandise spanning flower, edibles, oils, and tablets, and manufactures common manufacturers together with Seed & Pressure, Triple Seven, gLeaf, Classix, Plant Sugar, Press, Amber, and Platinum Label CBD.
  10. Cover Development Company (NASDAQ: CGC) just lately reported income of C$131 million ($101 million) for the fiscal yr second quarter. The annual income is a bit more troublesome to foretell as the corporate’s gross sales have declined as the corporate struggles to match its stock with particular shopper calls for, however analysts have pegged the quantity at $453 million for 2021. Cover is a principally Canadian firm with a CBD enterprise within the U.S. The corporate has deliberate acquisitions within the U.S. every time hashish turns into federally authorized. The corporate although just lately introduced that its CFO and Chief Product Officer would each be leaving the corporate.

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Debra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has coated the hashish {industry} for a number of years at Forbes, Searching for Alpha and TheStreet. Previous to changing into a monetary journalist, Debra was a Vice President at Bear Stearns the place she held a Sequence 7 and Registered Funding Advisor license. Debra has a Masters diploma in Enterprise Journalism from New York College.

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