The cannabis sector remains one of the fastest-growing industries globally, with a market size valued at nearly $50 billion in 2024. While this industry is expected to surpass the $170 billion mark by 2032, investing in pure-play cannabis stocks has rarely yielded consistent success for investors, largely due to the ongoing hurdles such as regulatory complexities and market crowding.

Considering these hurdles, it would be wise to focus on the less conventional avenues for cannabis exposure. Diversification remains a key strategy in any investment portfolio, and the cannabis sector is no exception. By including companies with cannabis-related activities alongside those in established sectors, one can potentially mitigate the typical risks while tapping into the broader market trends.

Here, we discuss three non-traditional cannabis stocks — Philip Morris International (PM Quick QuotePM - Free Report) , Corbus Pharmaceuticals (CRBP Quick QuoteCRBP - Free Report) and Jazz Pharmaceuticals (JAZZ Quick QuoteJAZZ - Free Report) — that could prove to be valuable additions to your portfolio. We'll analyze why each of these companies, with their unique cannabis strategies and diversified operations, is an interesting prospect to watch.

Philip Morris — Strategically Expanding Into Cannabis

The world’s largest tobacco company, Philip Morris is undergoing a significant transformation in the face of consumers' increasing health awareness and stern regulations to dissuade smoking. As part of this shift, the company has been expanding in the reduced-risk products (RRPs) or smoke-free products category. PM aims to become substantially smoke-free by 2030.

Earlier this year, Philip Morris announced a partnership with the Canadian biopharmaceutical firm Avicanna that specializes in cannabinoids (CBD)-based medicines. Through its subsidiary Vectura Fertin Pharma, which focuses on four key areas (including CBD), PM intends to advance medical cannabis research and improve accessibility in Canada. It has also publicly supported medical marijuana initiatives and expressed a willingness to explore broader cannabis-related opportunities as regulations evolve.

PM’s diversification strategy is supported by strong financial fundamentals. The company’s steady cash flows and robust dividend yield make it appealing for long-term income and growth-oriented investors.

Philip Morris sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Estimates for PM’s 2025 earnings per share (EPS) have risen from $7.14 to $7.44 in the last 60 days. During the same timeframe, EPS estimates for 2026 have increased from $7.90 to $8.16. The stock has surged about 41% year to date, driven by strong pricing power and an expanding smoke-free product portfolio.

Corbus Pharma — A Small Cap With Big Cannabis Ambitions

A clinical-stage biotech, Corbus Pharma is exploring the therapeutic potential of CBD beyond traditional applications. Last month, CRBP started an early-stage study on CRB-913, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist drug designed to treat obesity. According to Corbus, CB1 inverse agonism is a clinically validated mechanism for inducing weight loss.

While early-stage drug development carries inherent risks, Corbus’ innovative approach to CBD-based therapies positions it as a unique player within the biotech space, offering potentially high-reward opportunities for risk-tolerant investors. Like cannabis, the obesity space is also growing at an exponential pace and is expected to reach $100 billion by 2030. Through the successful development of CRB-913, Corbus intends to pursue dual opportunities in cannabis and obesity.

Besides CRB-913, Corbus is advancing two investigational oncology drugs in its portfolio for treating solid tumors. Its lead oncology asset is CRB-701 — a next-generation antibody-drug conjugate targeting Nectin-4 — currently being evaluated in a phase I/II study. The company is also developing CRB-601, an anti-αvβ8 integrin monoclonal antibody, in an early-stage study.

Corbus carries a Zacks Rank #2 (Buy), reflecting positive sentiment around its clinical strategy.

Estimates for CRBP’s 2025 loss per share have improved from $6.29 to $5.47 in the last 60 days. During the same timeframe, loss estimates for 2026 have narrowed from $6.32 to $5.30. While the stock has declined 36% year to date, such volatility is not uncommon given the dynamic shifts in the regulatory landscape, providing an opportunity for investors seeking speculative growth exposure in the cannabis-adjacent space.

Jazz Pharma Rides the Cannabis Wave With Epidiolex

Jazz’s involvement in the cannabis sector centers on the epilepsy drug Epidiolex, the only FDA-approved therapy containing a purified drug substance derived from marijuana. The company added more than $972 million from Epidiolex sales in 2024, which accounted for a quarter of its net product revenues. Sales of the drug rose 15% over the year-ago period, driven by expanding global launches and a growing prescriber base. The drug is on track to achieve blockbuster status in 2025.

Beyond cannabis, Jazz has built a diverse product lineup that spans neuroscience and oncology. The company markets the blockbuster oxybate therapy Xywav, which is approved to treat three conditions, including cataplexy and excessive daytime sleepiness in patients with narcolepsy. This drug is also the only FDA-approved treatment for the full spectrum of idiopathic hypersomnia. While Jazz has five marketed products in its oncology portfolio, it is nearing the FDA’s approval for a sixth drug with a final decision expected on Aug. 18.

With a strong pipeline and continued growth across multiple therapeutic areas, Jazz offers investors a balanced opportunity to participate in the medical cannabis market while benefiting from the company's broader pharmaceutical success.

Jazz Pharma carries a Zacks Rank #3 (Hold).

Estimates for JAZZ’s 2025 EPS rose from $22.13 to $23.33 in the last 60 days. During the same timeframe, EPS estimates for 2026 remained consistent at $23.22. The stock is down 8% year to date, which may present an attractive entry point for long-term investors, given Jazz’s strong fundamentals and expanding revenue base.