Cannabis
Substance · Active
· Consumer Staples
Latest report
2026-05-01 13:57
Cannabis cultivators, distributors, dispensary operators, and CBD/THC product companies.
Pool
68
Industries
6
Cohort
31
Cohort MCap
516.0B
Layers
4
Topology Rationale
The cannabis value chain starts with regulated consumer-product operators that cultivate, formulate, brand, and commercialize cannabinoid products, then extends upstream to agricultural inputs and inhalation/formulation enablers, with specialized real estate supporting licensed production capacity. Downstream, retail and distribution channels matter only where companies plausibly touch cannabinoid commercialization; broad packaged food, beauty, and healthcare names without clear cannabis exposure are better left unassigned than forced into the chain.
Value-Chain Layers
1
Cannabis, Cannabinoid & Inhalable Product Operators
Consumer-product companies that are most plausibly positioned to produce, brand, or commercialize cannabis, hemp-derived, or closely related inhalable/nicotine-adjacent products under regulated frameworks.
6 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Income ($M) | Gross Profit ($M) | EPS Diluted (Adj.) | Total Debt ($M) |
|---|---|---|---|---|---|---|---|
|
Philip Morris International Inc
PM
Q1-2026
|
reduced-risk inhalables and global smoke-free platform
Consumer Defensive
|
253.6B | 10,146 | 3,893 | 6,905 | 1.96 | — |
|
British American Tobacco p.l.c.
|
tobacco and new-category inhalable consumer products
Consumer Defensive
|
124.3B | — | — | — | — | — |
|
Altria Group
MO
Q1-2026
|
smokeable and oral product commercialization capability
Consumer Defensive
|
114.0B | 5,428 | 2,956 | 3,506 | 1.32 | 24,602 |
|
RLX Technology Inc
|
vapor-device ecosystem adjacent to inhalable formats
Consumer Defensive
|
2.6B | — | — | — | — | — |
|
Turning Point Brands Inc
TPB
FY2025
|
Zig-Zag and alternative smoking accessories exposure
Consumer Defensive
|
1.5B | 463 | 95 | 264 | 3.96 | 294 |
|
Universal Corporation
UVV
9M-2026
|
tobacco plus ingredients platform for regulated consumables
Consumer Defensive
|
1.3B | 2,209 | — | 414 | 3.09 | 1,079 |
2
Controlled Cultivation, Biomass & Formulation Inputs
Agricultural and ingredient suppliers that provide crop production, biomass handling, extraction-adjacent ingredients, or specialty formulation capabilities relevant to cannabinoid product manufacturing.
7 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Operating Income ($M) | Gross Profit ($M) | Total Debt ($M) |
|---|---|---|---|---|---|---|---|---|
|
Archer-Daniels-Midland Company
ADM
FY2025
|
nutrition and ag processing for infused-product ingredients
Consumer Defensive
|
35.8B | 80,269 | 1,248 | 5,452 | 3,242 | 5,033 | — |
|
Bunge Limited
BG
Q1-2026
|
oilseed processing and ingredient supply capabilities
Consumer Defensive
|
24.5B | 21,861 | 336 | -541 | 184 | 766 | 14,553 |
|
Darling Ingredients Inc
DAR
FY2025
|
specialty ingredient processing platform
Consumer Defensive
|
10.0B | 6,136 | 380 | — | 273 | 1,473 | 3,937 |
|
Ingredion Incorporated
INGR
FY2025
|
texture and food ingredient systems for edibles
Consumer Defensive
|
7.0B | 7,219 | 433 | 944 | — | 1,828 | 1,790 |
|
The Andersons Inc
ANDE
FY2025
|
agribusiness and crop-handling infrastructure
Consumer Defensive
|
2.6B | 11,009 | 233 | 177 | 141 | 714 | 873 |
|
Adecoagro SA
|
large-scale crop production and controlled agriculture exposure
Consumer Defensive
|
2.1B | — | — | — | — | — | — |
|
Dole PLC
DOLE
FY2025
|
fresh produce and agricultural production know-how
Consumer Defensive
|
1.4B | 9,173 | 122 | 123 | 223 | 714 | — |
3
Specialized Facilities & Regulated Production Infrastructure
Property and infrastructure providers that enable licensed cultivation, processing, and storage capacity for cannabis operators.
1 companies
| Company | Role | Market Cap | AFFO ($M) | AFFO/Share ($) | FFO ($M) | Debt/Gross Assets (%) | Debt Service Coverage (x) |
|---|---|---|---|---|---|---|---|
|
Innovative Industrial Properties Inc
IIPR
FY2025
|
industrial REIT focused on cannabis facilities
Real Estate
|
1.5B | 205 | 7.24 | 192 | 14.0% | 10.4 |
4
Retail Channels & Wholesale Route-to-Market
Storefront and distribution companies that could serve as points of sale or wholesale logistics intermediaries for hemp-derived or cannabinoid consumables where regulation permits.
11 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Free Cash Flow ($M) | Gross Margin (%) | Operating Income ($M) | Stores Count (Count) |
|---|---|---|---|---|---|---|---|---|
|
Kroger Company
KR
FY2025
|
large-scale grocery retail point-of-sale network
Consumer Defensive
|
42.5B | 147,642 | 3,855 | 3,418 | — | — | — |
|
Sysco Corporation
SYY
FY2026
|
broadline distribution into foodservice channels
Consumer Defensive
|
35.4B | 81,000 | — | — | — | — | — |
|
US Foods Holding Corp
USFD
FY2025
|
food distribution and route-to-market capabilities
Consumer Defensive
|
20.1B | 39,424 | 410 | 959 | — | — | — |
|
Performance Food Group Co
PFGC
Q2-FY2026
|
wholesale distribution across convenience and specialty
Consumer Defensive
|
13.8B | 16,445 | 192 | 264 | — | 190 | — |
|
Albertsons Companies
ACI
FY2025
|
regional grocery retail network
Consumer Defensive
|
8.1B | 83,172 | 1,839 | 527 | 27.2% | 728 | 2,244 |
|
Sprouts Farmers Market LLC
SFM
FY2025
|
natural and wellness-oriented retail channel
Consumer Defensive
|
6.7B | 2,149 | 248 | 468 | — | — | 477 |
|
BBB Foods Inc.
|
value grocery storefront distribution
Consumer Defensive
|
4.2B | — | — | — | — | — | — |
|
The Chefs Warehouse Inc
CHEF
Q1-2026
|
specialty wholesale distribution capabilities
Consumer Defensive
|
3.1B | 1,059 | 8 | 31 | 24.3% | 33 | — |
|
United Natural Foods Inc
UNFI
Q2-FY2026
|
natural-products wholesale distribution network
Consumer Defensive
|
3.0B | 7,947 | 40 | 243 | 13.2% | 57 | — |
|
Weis Markets Inc
WMK
FY2025
|
supermarket retail shelf access
Consumer Defensive
|
1.7B | 4,958 | — | — | 25.0% | 114 | — |
|
Ingles Markets Incorporated
IMKTA
Q1-2026
|
regional grocery retail channel
Consumer Defensive
|
1.7B | 1,373 | 36 | — | 24.4% | 39 | 197 |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 13:57 | 68 | 4 |