Last updated June 9, 2023
After a period of rapid expansion through securing new licenses and mergers and acquisitions, marijuana multistate operators have become far more selective about the states where they set up shop.
Recent macroeconomic headwinds and industry-specific challenges (such as the slow pace of federal legalization, competition, wholesale price compression, inflation, high interest rates and high taxes) have forced MSO executives to cut spending and rethink their strategies.
Now, it is all about “optimization,” a word used by a majority of executives of the largest U.S. cannabis companies.
This year, cash-strapped MSOs will continue to wind down underperforming assets and use those funds to invest in what they hope will be better revenue-generating opportunities.
Many are investing in medical cannabis programs in key states where efforts to legalize adult-use marijuana are looking likely to pass.
Still, many MSOs are growing from an employee perspective, but by downsizing and reallocating resources and – which, in some cases, has resulted in complete exits from certain states.
Below, find out in which states the larger MSOs currently have retail, cultivation and/or manufacturing operations. Informed by regulatory filings, news releases and verified by company staff, this page will be updated every quarter.
Curaleaf Holdings
New York-based Curaleaf Holdings is still operating in 19 states, even after closing operations in California, Colorado and Oregon over the past year.
Now, the company is focused on optimizing its investments and growing its presence in populated states such as Arizona, Florida and Illinois.
In March, Curaleaf acquired Utah’s largest medical cannabis retailer, Deseret Wellness.
Columbia Care
As part of its efforts to be an accretive acquisition for Cresco Labs - a complex M&A deal that has been plagued by delays - New York-based Columbia Care announced a corporate restructuring in January.
The move included exiting Puerto Rico, shuttering cultivation operations in Missouri and closing unprofitable stores in California, Colorado and Missouri.
Now, the company is focused on optimizing its portfolio.
East Coast markets such as New Jersey, Virginia and West Virginia are the company’s current top-growth drivers, according to Columbia Care's first-quarter financial results for 2023.
Green Thumb Industries
Chicago-based Green Thumb Industries is one of the few profitable MSOs on this list, and the company hasn’t scaled back or exited any states through its double-pronged strategy of winning licenses and M&A.
Through 2023, Green Thumb is scaling up in Maryland, Minnesota and New York, where they hope to tap into forthcoming adult-use markets, CEO Ben Kovler said on the company’s first-quarter earnings call.
The company has plans to open approximately 15 stores in Florida, Minnesota, Nevada, Pennsylvania and Virginia.
In addition to cultivation and retail locations in the states below, Green Thumb has licensed its Incredibles edibles brand for sale to a third party in Colorado.
Verano Holdings
With active operations in 13 states, Chicago-based Verano Holdings hasn’t exited any markets.
But last October, Verano terminated its agreement to acquire Minneapolis-based Goodness Growth Holdings, a move that would have added three new markets to Verano's portfolio: Minnesota, New Mexico and New York.
In 2023, the company is focused on new adult-use markets in Connecticut and Maryland and meeting demand in Florida and Illinois.
In June, the company won a coveted vertically integrated license in Alabama and is also keeping a close eye on efforts to legalize adult-use marijuana in Florida.
On Verano’s 2022 full-year financial results earnings call in March, co-founder and CEO George Archos said the company is still evaluating expanding into new markets but that he and his team will be “disciplined, patient and highly selective.”
Trulieve Cannabis
After its blockbuster acquisition of Harvest Health & Recreation, Florida-based Trulieve Cannabis exited the Nevada market and downsized operations in California and Florida in 2022.
In June, Trulieve announced it would cease operations in Massachusetts and downsize its presence even further in California.
During its first-quarter earnings call, CEO Kim Rivers said the company is now focused on expanding its presence in Georgia and Ohio as well as the July launch of Maryland’s adult-use market.
Trulieve is also bankrolling efforts to legalize adult-use cannabis in Florida.
Cresco Labs
In 2022, Chicago-based Cresco Labs shut down some of its underperforming assets in Arizona and California but did not exit either state entirely.
On the company’s first-quarter earnings call for 2023, CEO Charlie Bachtell said Cresco is still working with Columbia Care to divest the assets required to combine the companies.
Bachtell also said Cresco is preparing for adult-use cannabis markets by investing in Florida, New York, Ohio and Pennsylvania. (So far, just New York has legalized adult-use cannabis.)
Ayr Wellness
Florida-based Ayr Wellness exited Arizona after selling assets in February that it had just recently acquired.
The company also expanded its presence in Ohio’s medical market, where it sees growth opportunity if or when the state legalizes adult use.
The company plans to open 10 new stores in Florida and invest in Nevada, a key market for the company, through 2023, according to Ayr’s first-quarter earnings call.
In Illinois, Ayr is “optimizing” its two retail locations.
“We see opportunity to potentially scale in the future, but it’s not a key priority for 2023,” CEO David Goubert said during the call.
Ascend Wellness
Through 2022, New York-based Ascend Wellness expanded in Illinois, New Jersey and Ohio through M&A.
Like many of its competitors, Ascend is focused on Maryland’s new adult-use cannabis market, and the company has acquired several MMJ dispensaries to grow its presence in the state.
Ascend plans to open new retail outlets in Illinois, Ohio and Pennsylvania through 2023 and 2024.
Jushi Holdings
Florida-based Jushi Holdings expanded its presence in Pennsylvania, Nevada and Virginia in 2022.
So far in 2023, the company has opened its first dispensary near Cincinnati, Ohio and expanded its footprint in Virginia, where it plans to expand further this year.
But like many of its competitors, the company is shifting away from rapid retail expansion and investing in its existing footprint.
In Massachusetts and Pennsylvania, Jushi is ramping up production, reassessing retail locations and implementing new key-performance indicators, founder and CEO Jim Cacioppo said during the company’s first-quarter earnings call.
TerrAscend Corp.
TerrAscend, which sold its Canadian headquarters in June, grew its presence in Michigan in 2022.
The North American company is also focused on Maryland’s new adult-use cannabis market and has established a strong presence in that state in an effort to replicate the company’s success transitioning from medical to adult use in New Jersey.
TerrAscend is hoping to take that strategy to Pennsylvania as well, should the state legalize adult-use cannabis.
Jason Wild, TerrAscend’s executive chair, said during the fourth-quarter and full-year earnings call for 2022 that the company will potentially expand in both new and current markets by acquiring distressed assets.
MariMed
Massachusetts-based MariMed was very active in M&A in 2022, expanding into Maryland and acquiring a craft grow license in Illinois and a processing and distribution permit in Missouri.
The company also built a Massachusetts store and won a medical marijuana dispensary license in Missouri.
This year, the company announced plans to acquire vertically integrated operator Ermont, a Massachusetts company in receivership. Terms weren’t disclosed.
Planet 13 Holdings
Nevada-based Planet 13 Holdings has a strong presence in its home state and is working to grow its presence in California.
