Cannabis Stocks in Canada: December 2025 Investment Guide
The Canadian cannabis sector enters December 2025 with renewed attention from both traders and long-term investors. Market conditions have remained unpredictable this year, yet several leading companies continue showing resilience and strategic progress. The industry still faces slower domestic growth, tighter financing conditions, and heavy price competition. However, many operators are building stronger platforms, expanding international footprints, and positioning themselves for potential U.S. policy shifts. As these developments unfold, Canadian cannabis stocks remain essential watchlist candidates heading into the new year.
Meanwhile, the global landscape continues to evolve at a steady pace. Several European countries are expanding medical programs, while Germany advances its multi-phase legalization strategy. These changes create promising export opportunities for Canadian producers with efficient cultivation and strong regulatory compliance. U.S. federal reform remains uncertain, yet companies with indirect American exposure could benefit quickly from any policy movement. Investors are watching closely for signs of stabilization, momentum, and improved fundamentals as December trading progresses.
Best Upside Heading Into 2026
Financial discipline has also become a defining theme across the sector. Many companies have reduced costs, closed underperforming sites, and strengthened balance sheets. These actions have helped improve margins and create more sustainable operating structures. Some Canadian operators now report consistent gross margin gains and more diversified revenue contributions from medical and international channels. As a result, the sector shows clearer signs of maturity despite ongoing volatility.
Within this changing environment, three Canadian companies stand out as top watchlist names for December. Tilray continues expanding abroad while steadily improving core financial performance. Canopy Growth is rebuilding its foundation while positioning itself through U.S. partnerships and brand platforms. Village Farms remains one of the most efficient growers in the industry and a rare source of profitability. Together, these companies offer diverse strengths and compelling long-term potential as the sector moves into 2026.
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Top Canadian Cannabis Stocks to Watch in December 2025
- Tilray Brands, Inc. (NASDAQ: TLRY)
- Canopy Growth Corporation (NASDAQ: CGC)
- Village Farms International, Inc. (NASDAQ: VFF)
Tilray Brands, Inc. (TLRY)
Tilray remains one of the most watched Canadian cannabis companies as December 2025 approaches. The company continues its leadership role in Canada and Europe, where it maintains a wide distribution network and strong adult-use brand presence. Its Canadian footprint includes cultivation sites, processing centers, and a broad portfolio of market-leading flower, vape, and beverage products. In the United States, Tilray’s largest presence is in alcohol and wellness rather than high-THC cannabis. The company owns major craft beer brands, including SweetWater and Montauk, which give it broad national distribution. It also sells hemp-based and CBD products through retail partners in several states. Because U.S. federal restrictions still prevent direct cannabis operations by exchange-listed companies, Tilray does not own or operate U.S. cannabis dispensaries. Therefore, its U.S. dispensary count is zero. Even so, the company remains well-positioned for future expansion should regulations eventually shift.
Latest Financials
Tilray recently delivered one of its strongest financial updates in several years. The company reported Q1 fiscal 2026 revenue of roughly $210 million, which represented steady year-over-year growth. Cannabis revenue grew at a healthy pace due to stronger Canadian sales and rising international demand. The company also posted positive net income for the quarter, which reflected improving margins and better cost control. Beverage alcohol revenue continued to support the broader business and helped stabilize overall results. Tilray ended the quarter with more than $250 million in cash, which gave management flexibility for debt reduction and strategic investments. Adjusted EBITDA improved again and moved closer to long-term targets. Additionally, management reaffirmed its fiscal 2026 outlook, noting continued momentum in cannabis, beverages, and wellness. Tilray’s improved financial stability, combined with its large global platform, positions the company well for long-term industry growth.
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Canopy Growth Corporation (CGC)
Canopy Growth enters December 2025 with renewed investor interest following several years of restructuring and strategic refocusing. The company remains one of Canada’s most recognized cannabis brands and has streamlined its product mix to emphasize premium flower, infused products, and medical formulations. Its Canadian operations now feature a more efficient cultivation network and improved product consistency. In the United States, Canopy’s largest presence comes through Canopy USA, a structure that includes Acreage Holdings, Wana Brands, and Jetty Extracts. Acreage operates more than 20 dispensaries across key states like New York, New Jersey, Ohio, and others. These stores include well-known retail brands such as The Botanist. Wana and Jetty anchor the U.S. edibles and concentrates segments, giving Canopy broad exposure to the American market. Although Canopy Growth itself does not directly hold U.S. cannabis licenses, its integrated platform provides a strong multi-state reach.
Latest Financials
Canopy’s latest quarterly results show the company gaining traction after several years of contraction. Revenue in Q2 fiscal 2026 grew modestly, driven primarily by Canadian adult-use sales and improving medical demand. The company saw double-digit cannabis revenue growth in Canada thanks to better brand strength and stronger retail penetration. International medical sales softened somewhat, but management expects demand to stabilize as distribution expands. Gross margins also improved, aided by lower production costs and a more efficient operating footprint. The company reduced its net loss significantly and reported stronger cash positions after asset sales and cost reductions. Liquidity strengthened further due to improved working capital management. Canopy also highlighted progress within Canopy USA, where brands saw better sell-through and wider distribution. These factors supported a more optimistic outlook heading into 2026. With a leaner structure and expanding market access, Canopy remains a key Canadian cannabis stock to watch.
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Village Farms International, Inc. (VFF)
Village Farms offers a different profile from most Canadian cannabis operators in December 2025. The company transitioned from vegetable cultivation to cannabis through its Pure Sunfarms subsidiary, which now stands among Canada’s largest greenhouse growers. Pure Sunfarms holds a significant share of Canada’s dried flower market and continues expanding its premium offerings. Village Farms also operates in Europe through Leli Holland, where it supplies regulated cannabis to Dutch retailers under the Netherlands’ legal program. This international presence gives the company access to expanding medical and adult-use markets. In the United States, Village Farms operates no THC dispensaries. Instead, its presence comes from hemp-derived wellness products sold through Balanced Health Botanicals. It also controls large greenhouse assets in Texas, which could be converted to THC production if federal reforms occur. Therefore, its U.S. dispensary count remains zero.
Latest Financials
Village Farms has consistently shown some of the strongest financial performance among Canadian cannabis names. Recent quarterly results featured double-digit revenue growth driven by Pure Sunfarms and expanding international sales. The Canadian cannabis segment delivered some of the industry’s highest gross margins, which reflected efficient greenhouse operations and strong product demand. International sales also grew, supported by medical shipments and early Netherlands revenue. Village Farms generated positive net income for multiple consecutive quarters, a rare achievement in the cannabis sector. Adjusted EBITDA improved significantly and represented a large portion of overall revenue. The company also reported strong operating cash flow, which helped fund expansion projects without heavy dilution. Its balance sheet remained stable, with solid cash reserves and manageable debt levels. Village Farms continues to benefit from disciplined cost controls, scalable growing capacity, and rising overseas demand. This combination positions VFF as a compelling Canadian cannabis stock with long-term growth potential.
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