Top 3 Canadian Cannabis Stocks to Watch in February 2026
The Canadian cannabis sector continues to evolve in early 2026. Although volatility remains, investor interest is returning. Regulatory discussions in the United States are once again gaining momentum. Because of that, Canadian operators with U.S. exposure are drawing attention. Many investors are watching companies positioned for cross-border expansion.
Canada remains a mature recreational market. However, growth there has slowed compared to earlier years. Therefore, companies are seeking revenue internationally. In addition, cost-cutting and operational discipline have become top priorities. Profitability now matters more than rapid expansion.
Meanwhile, global cannabis reform continues to progress. Germany and other European markets are expanding medical programs. Furthermore, Latin American markets are slowly opening. As a result, Canadian producers with international infrastructure may benefit.
Still, risks remain across the sector. Oversupply issues have pressured pricing in Canada. Additionally, federal prohibition in the United States limits full expansion opportunities. However, strategic partnerships and brand licensing offer alternative paths.
For traders and long-term investors alike, February 2026 could present an opportunity. Sector valuations remain below historic highs. Yet, balance sheets are improving, and stronger revenue trends are emerging. Therefore, careful stock selection is critical.
Three Canadian cannabis companies stand out this month. They each maintain global operations and recognizable brands. Moreover, they offer varying levels of U.S. exposure. Tilray Brands, Canopy Growth, and Cronos Group continue to lead sector conversations.
Below is a closer look at these three stocks. Each profile reviews operations, U.S. presence, and recent financial performance.
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- Tilray Brands Inc. (NASDAQ: TLRY)
- Canopy Growth Corporation (NASDAQ: CGC)
- Cronos Group Inc. (NASDAQ: CRON)
Tilray Brands Inc. (TLRY)
Tilray Brands is one of the largest Canadian cannabis producers. The company operates across Canada, Europe, Latin America, and the United States. Since merging with Aphria, Tilray expanded its production capacity and brand lineup. Its portfolio includes cannabis flower, edibles, beverages, and wellness products.
In the United States, Tilray does not directly own THC dispensaries. However, it maintains a strong presence through beverage alcohol brands and strategic partnerships. The company owns several craft beer and spirits labels. Therefore, it has built a distribution infrastructure across multiple U.S. states.
Additionally, Tilray distributes medical cannabis internationally. Germany remains one of its strongest European markets. Because of its diversified platform, Tilray generates revenue from multiple segments. This reduces reliance on Canadian adult-use sales alone.
Investors often view Tilray as a proxy for U.S. legalization momentum. The stock tends to move on regulatory headlines. As discussions around federal reform continue, TLRY remains highly liquid and widely followed.
From a financial standpoint, Tilray has focused on stabilizing operations. Recent quarterly revenue came in above $200 million. That represented modest year-over-year growth. International sales contributed meaningfully to results.
Although the company reported a net loss, it narrowed compared to prior years. Cost reductions and operational streamlining supported improvement. Adjusted EBITDA remained a key management metric. Leadership reaffirmed its path toward sustained profitability.
Gross margins improved sequentially due to efficiency gains. Furthermore, the beverage alcohol segment delivered steady cash flow. Tilray continues to reduce debt and strengthen liquidity.
However, pricing pressure in Canada remains a challenge. Competition still weighs on margins. Even so, management appears committed to disciplined growth.
If U.S. reform accelerates, Tilray could leverage its distribution footprint quickly. Therefore, February 2026 may be an important period for the stock.
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Canopy Growth Corporation (CGC)
Canopy Growth is among the most recognizable cannabis companies globally. The company is headquartered in Smiths Falls, Ontario. It produces dried flower, pre-rolls, beverages, and cannabinoid products.
While Canopy does not operate U.S. THC dispensaries, it maintains exposure through strategic arrangements. Historically, it structured conditional U.S. expansion plans. Therefore, investors monitor any changes in federal enforcement policy closely.
Canopy’s brand portfolio remains broad. It includes both premium and value product lines. Additionally, the company distributes medical cannabis internationally. Europe represents an important long-term opportunity.
Because of its early leadership position, CGC remains included in many cannabis ETFs. That provides steady trading liquidity. However, past restructuring efforts have reshaped the company significantly. Management has reduced costs and divested non-core assets.
Today, Canopy operates leaner than during prior expansion phases. Consequently, investors are watching for improved financial consistency.
In recent quarters, Canopy reported mixed revenue trends. Sales have fluctuated across segments. However, cost controls have reduced operating losses. Gross margins showed incremental improvement.
The company continues focusing on premium product categories. Higher margin offerings are central to strategy. Additionally, management targets stronger cash discipline.
Net losses remain present, yet they have moderated. Adjusted EBITDA improved compared to earlier years. Liquidity remains sufficient for near-term operations.
Still, the company must demonstrate sustained revenue growth. Competitive pressures persist in Canada. Furthermore, investor patience has been tested over time.
Even so, restructuring efforts could position Canopy for stability. If regulatory catalysts emerge, CGC may respond positively. Therefore, traders continue watching the stock closely in February 2026.
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Cronos Group Inc. (CRON)
Cronos Group takes a different approach within the cannabis space. The company focuses heavily on branding and product innovation. It operates in Canada, Israel, and select international markets.
Unlike some peers, Cronos does not run a large dispensary network. It relies more on wholesale distribution and partnerships. In the United States, Cronos has limited exposure to THC retail. However, its wellness brands have reached U.S. consumers where permitted.
Cronos emphasizes research and development. The company invests in cannabinoid science and differentiated formulations. Therefore, it positions itself as a long-term innovation player.
Its Canadian brands include Spinach and PEACE NATURALS. International sales provide geographic diversification. As a result, Cronos is not solely dependent on Canadian adult-use demand.
Investors often view CRON as financially conservative compared to its peers. The company historically maintained a strong cash position.
Financially, Cronos has shown gradual improvement. Recent quarterly revenue reflected steady international demand. Israeli medical sales contributed to growth.
Gross profit expanded as operational efficiencies improved. Additionally, the company reported improved cost management. In select periods, Cronos even achieved positive net income.
Adjusted EBITDA trends have strengthened compared to earlier years. The balance sheet remains relatively solid. That provides flexibility for future expansion.
However, overall revenue remains smaller than that of some competitors. Growth must accelerate to justify higher valuations. Still, disciplined spending supports stability.
Because of its measured strategy, Cronos may appeal to risk-aware investors. If global cannabis markets expand further, CRON could benefit.
As February 2026 unfolds, Cronos remains a stock to monitor alongside Tilray and Canopy.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
