As of March 2025, U.S. cannabis multistate operators (MSOs) have shifted from aggressive nationwide expansion to a disciplined focus on optimizing their footprints. Macroeconomic pressures—including stagnant federal reform, inflationary costs, high taxes, and interest rates—have forced MSOs to exit challenging markets (e.g., California, Arizona) and reallocate resources toward states with clearer growth pathways. According to MJBizDaily’s latest analysis, top MSOs are now prioritizing medical markets in states nearing adult-use legalization while shuttering underperforming retail stores, cultivation facilities, or entire state operations.
What are MSOs in Cannabis?
Multistate operators (MSOs) are vertically integrated cannabis companies licensed to cultivate, manufacture, and/or sell marijuana across multiple U.S. states where the drug is legalized for medical or adult use. Unlike single-state operators, MSOs leverage their scale to navigate fragmented regulations, optimize supply chains, and dominate regional markets. These companies face unique challenges, including federal prohibition (which restricts interstate commerce and access to traditional banking) and the Internal Revenue Code’s Section 280E, which prohibits standard business tax deductions. Despite these hurdles, leading MSOs—such as Curaleaf, Green Thumb Industries, and Trulieve—have emerged as major players by securing licenses, acquiring competitors, and prioritizing states with favorable regulatory frameworks.
Cannabis MSO List
The table below highlights the number of states where leading MSOs currently operate, reflecting recent consolidation efforts:
| MSO | Operational States | Key States |
|---|---|---|
| Curaleaf | 19 | AZ, FL, IL, NV, NY, CT, MD (exited CA, CO, OR in 2023) |
| The Cannabist Co. | 17 | CA, CO, MD, OH, VA (exited Puerto Rico, closed CA/MO stores) |
| Green Thumb | 15 | IL, NV, FL, NY, MN, MD (expanding in adult-use transition states) |
| Verano | 13 | FL, IL, CT, MD, AR (retained all markets despite halted acquisitions) |
| Trulieve | 9 | FL, PA, WV, GA (exited CA, NV, MA; pushing FL adult-use legalization) |
| Cresco Labs | 8 | IL, PA, NY, OH (exited AZ, MD after failed Columbia Care merger) |
| Ayr Wellness | 8 | NV, OH, FL (exited AZ; optimizing IL retail) |
| Ascend Wellness | 7 | IL, NJ, OH, MD (acquiring MMJ dispensaries for adult-use prep) |
| Jushi Holdings | 7 | PA, VA, NV, OH (shifting from retail expansion to production scaling) |
| TerrAscend | 5 | MI, PA, MD (replicating NJ’s medical-to-adult-use strategy) |
| MariMed | 5 | MA, MD, MO, IL (active in craft grow/production permits) |
| Planet 13 | 3 | NV, FL, CA (acquired FL’s VidaCann; expanding IL footprint) |
Strategic Shifts Among Top MSOs
Curaleaf Holdings (19 states)
Despite closing operations in California, Colorado, and Oregon, Curaleaf remains the most geographically diversified MSO. Its March 2024 acquisition of Utah’s Deseret Wellness underscores its focus on high-margin medical markets in population-dense states like Florida and Illinois.
The Cannabist Co. (17 states)
Following its rebrand from Columbia Care and a terminated merger with Cresco Labs, The Cannabist Co. exited Puerto Rico and unprofitable markets like California and Missouri. It now prioritizes Maryland, Ohio, and Virginia, where regulatory tailwinds and adult-use transitions are expected.
Green Thumb Industries (15 states)
As one of the few profitable MSOs, Green Thumb continues expanding in Minnesota, Maryland, and New York through new dispensaries (e.g., RISE stores in Nevada and Florida). Its dual strategy of license wins and targeted M&A avoids state exits.
Verano Holdings (13 states)
Verano retained all 13 markets but canceled its Goodness Growth Holdings acquisition, which would have added Minnesota and New York. It now focuses on Connecticut and Maryland’s adult-use sales while battling for licenses in Alabama.
Trulieve Cannabis (9 states)
Trulieve’s retreat from Nevada, California, and Massachusetts reflects its hyper-focus on Florida, where it has spent $40 million to advocate for adult-use legalization. The company is also banking on legislative progress in Pennsylvania and Ohio.
Cresco Labs (8 states)
After abandoning its merger with Columbia Care, Cresco exited Arizona and Maryland to redirect capital toward adult-use preparations in Florida, New York, and Pennsylvania.
