The landscape of publicly traded cannabis giants—such as Curaleaf, Canopy Growth, Tilray, Green Thumb and Trulieve—reflects a sobering recalibration rather than a gilded opportunity. Once collectively valued at around US$37 billion in early 2021, these companies now carry a combined market cap of roughly US$4 billion, with valuation multiples averaging just over 1× forward sales. Market Challenges Regulatory Gridlock…

A small number of industry giants have continued to dominate North American legal cannabis revenue—reporting sales in the hundreds of millions to over a billion dollars annually. According to public filings and industry trackers, Curaleaf, Trulieve, Verano, TerrAscend, Green Thumb Industries, and Canadian leaders such as Tilray and Canopy Growth stand out as the most…