Tue., June 6th, 2023 | MarketBeat Staff
Slowly and surely the cannabis industry is becoming mainstream. As more states legalize medical and recreational marijuana, the number of public companies operating in the cannabis industry is slowly expanding as well. It’s still early though. Many public cannabis companies either trade on the Canadian stock exchange where there are fewer regulations or on over the counter (OTC) markets in the United States. That said, there are more than [link]50 public companies[/link] in the cannabis industry that you can invest in with your brokerage account.
Most public cannabis stocks aren’t directly growing and selling marijuana themselves, but they do stand to benefit greatly as more states legalize the sale and possession of marijuana. Some of these firms are media companies. Others are privately studying the medical uses of cannabis. Yet others are providing tools and software for growers.
As the "green rush" enters public markets through IPOs and SPACs, it will become increasingly difficult for investors to identify which cannabis stocks are solid companies with long-term prospects and which are shell companies simply trying to benefit from the marijuana megatrend.
There’s very little professional coverage of cannabis companies on Wall Street, but that hasn’t stopped independent analysts and our subscribers from researching these firms.
This slideshow lists the the 12 cannabis stocks that have the most MarketBeat subscribers following them on their watchlists. More than 2,500 MarketBeat subscribers are now following our top-trending cannabis company.
#1 - Canopy Growth (TSE:WEED)
- MarketBeat Followers
- 2,886
- Market Cap
- C$515.79 million
- Consensus Rating
- Hold
- Rating Score
- 1.8
- Ratings Breakdown
- 1 Buy Ratings, 4 Hold Ratings, 3 Sell Ratings.
- Consensus Price Target
- C$4.03 (307.4% Upside)
About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.
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Recent Analyst Ratings
#2 - Innovative Industrial Properties (NYSE:IIPR)
- MarketBeat Followers
- 2,033
- Market Cap
- $1.98 billion
- Consensus Rating
- Buy
- Rating Score
- 2.5
- Ratings Breakdown
- 3 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $126.50 (79.1% Upside)
About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.
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Recent Analyst Ratings
- MarketBeat Followers
- 1,569
- Market Cap
- $4.63 million
- Consensus Rating
- N/A
- Rating Score
- NaN
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
About Unrivaled Brands

Terra Tech Corp. cultivates, produces, and retails medical and adult use cannabis products. The company also operates medical marijuana retail and adult use dispensaries, cultivation, and production facilities in California and Nevada under the Blüm name in California and Nevada. Terra Tech Corp. was founded in 2010 and is based in Santa Ana, California.
#4 - 22nd Century Group (NASDAQ:XXII)
- MarketBeat Followers
- 1,413
- Market Cap
- $143.91 million
- Consensus Rating
- Buy
- Rating Score
- 3.0
- Ratings Breakdown
- 2 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $4.00 (518.4% Upside)
About 22nd Century Group

22nd Century Group, Inc is a biotechnology company, which engages in the business of tobacco harm reduction, reduced nicotine tobacco, and improvement of health and wellness through plant science. It operates through the Tobacco and Hemp/Cannabis segments. The Tobacco segment manufactures branded filtered cigars and cigarettes.
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Recent Analyst Ratings
#5 - Organigram (TSE:OGI)
- MarketBeat Followers
- 1,192
- Market Cap
- C$175.85 million
- Consensus Rating
- Hold
- Rating Score
- 2.3
- Ratings Breakdown
- 1 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- C$1.64 (193.4% Upside)
About Organigram

Organigram Holdings Inc, through its subsidiaries, engages in the production and sale of cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including cannabis flowers, gummies, cannabis oils, and vaporizers for civilian patients and veterans; adult use recreational cannabis under the SHRED, Big Bag O' Buds, Monjour, SHRED'ems, Edison Cannabis Co, Edison JOLTS, Tremblant, and Laurentian brands; and cannabis edibles products and concentrates.
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Recent Analyst Ratings
- MarketBeat Followers
- 1,109
- Market Cap
- $240.50 million
- Consensus Rating
- Hold
- Rating Score
- 2.3
- Ratings Breakdown
- 1 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $4.26 (8.2% Upside)
About GrowGeneration

GrowGeneration Corp. engages in the operation of specialty retail hydroponic and organic garden centers. The firm is also involved in the marketing and distribution of nutrients, growing media, lighting, benching, and racking environmental control systems and other products for both indoor and outdoor hydroponic and organic gardening.
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Recent Analyst Ratings
#7 - Medical Marijuana (OTCMKTS:MJNA)
- MarketBeat Followers
- 1,089
- Consensus Rating
- N/A
- Rating Score
- NaN
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
About Medical Marijuana

Medical Marijuana, Inc engages in the development, sale, and distribution of hemp oil that contains naturally occurring cannabinoids. It operates through the following divisions: Medical Marijuana Inc, HempMeds and Kannaway. Medical Marijuana Inc operates as the parent company of all divisions. HempMeds distributes hemp oil in the US and internationally.
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#8 - Marijuana Company of America (OTCMKTS:MCOA)
- MarketBeat Followers
- 883
- Consensus Rating
- N/A
- Rating Score
- NaN
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
About Marijuana Company of America

Marijuana Company of America, Inc owns and operates licensed cannabis cultivation, processing, and dispensary facilities. It also engages in developing, producing, and distributing branded cannabis and cannabidiol products in the United States. The firm operates through the hempSMART segment. It operates a diversified business portfolio positioned across various cannabis segments including Cultivation, Nationwide Distribution, International Consumer Products, and Strategic Investments.
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- MarketBeat Followers
- 589
- Consensus Rating
- N/A
- Rating Score
- NaN
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
About Cannabis Sativa

Cannabis Sativa, Inc engages in the telemedicine business while seeking opportunities in brand development and marketing of products and services to the cannabidiol and marijuana industries. Its Telemedicine, PrestoCorp offers an online telemedicine platform providing customers with access to knowledgeable physicians to obtain a medical marijuana recommendation.
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- MarketBeat Followers
- 451
- Market Cap
- $11.06 million
- Consensus Rating
- N/A
- Rating Score
- NaN
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
About Trees

TREES Corp. is a holding company, which is engaged in the provision of lease growing space and related facilities to licensed marijuana business operators. It operates through the following segments: Security, Operations, Consumer Goods, and Investments. The Security segment provides advanced security, including on-site professionals, video surveillance and cash transport, to licensed cannabis cultivators and retail shops.
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- MarketBeat Followers
- 451
- Market Cap
- $394.90 million
- Consensus Rating
- N/A
- Rating Score
- NaN
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
About MassRoots

MassRoots, Inc engages in the development and provision of social media network for the cannabis community. It offers WeedPass, a rewards program which enables consumers to earn tickets to movies, sporting events, and festivals by shopping at participating dispensaries. The company was founded by Isaac Dietrich, Stewart Fortier, Tyler Knight, and Hyler Fortier in April 2013 and is headquartered in Denver, CO.
#12 - American Cannabis (OTCMKTS:AMMJ)
- MarketBeat Followers
- 372
- Consensus Rating
- N/A
- Rating Score
- NaN
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
About American Cannabis

American Cannabis Company, Inc, together with its subsidiary, Hollister & Blacksmith, Inc, doing business as American Cannabis Consulting, provides solutions for businesses operating in the regulated cannabis industry in the United States and Canada. The company offers advisory and consulting services, including commercial cannabis business planning, cannabis business license application, cultivation build-out oversight, cannabis regulatory compliance, compliance audit, cannabis business growth strategy, and cannabis business monitoring services.
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