The multistate cannabis operators and the track-and-trace vendors behind the regulated market — footprint, scale, and where they trade.
| Company | Type | HQ | Footprint | Scale | Ticker |
|---|---|---|---|---|---|
| Ayr Wellness Inc. | MSO | Miami, FL | FL, MA, NV, NJ, OH, PA, IL, CT | ~$450M annualized (Q4'24 ~$114M/qtr); mkt cap sub-$0.1B… | OTCQX: AYRWF (CSE: AYR.A) |
| BioTrack (owned by Forian Inc.) | Track-and-trace /… | Fort Lauderdale, FL area (parent Forian, Newtown, PA) | ~12 state govt contracts (incl. NY)… | Forian is public; BioTrack a division; small-cap parent | Parent Forian — NASDAQ: FORA |
| Cresco Labs Inc. | MSO | Chicago, IL | IL, PA, OH, CA, MD, AZ, NY, MA, MI | ~$656M FY2025 revenue; mkt cap ~$0.28B | CSE: CL (OTCQX: CRLBF) |
| Curaleaf Holdings, Inc. | MSO | Stamford, CT | 17 US states + 15 countries (158 retail… | ~$1.27B FY2025 revenue; mkt cap ~$1.6B-$3.0B… | TSX: CURA (OTCQX: CURLF) |
| Glass House Brands Inc. | MSO (California-only… | Long Beach, CA | California only (large-scale greenhouse… | ~$182M FY2025 revenue (-9.4% YoY); mkt cap ~$0.73B | NYSE American: GLAS (fmr OTC: GLASF) |
| Green Thumb Industries Inc. (GTI) | MSO | Chicago, IL | 14 states; 100+ RISE dispensaries | ~$1.15B FY2025 revenue (~$280-293M/quarter); mkt cap… | CSE: GTII (OTCQX: GTBIF) |
| Jushi Holdings Inc. | MSO | Boca Raton, FL | CA, IL, MA, NV, NJ, OH, PA, VA | ~$260M FY2025 revenue (~$65M/qtr); mkt cap ~$0.13B | OTCQX: JUSHF (CSE: JUSH) |
| Leaf Data Systems (MJ Freeway / Akerna) | Track-and-trace vendor (state… | Denver, CO | Pennsylvania, Utah (Washington ended… | Parent Akerna was small-cap; MJ Freeway/MTech merger | Akerna traded NASDAQ: KERN (since wound down/merged) |
| MariMed Inc. | MSO | Norwood, MA | MA, IL, MD, OH, DE, PA (exited MO Oct… | ~$159.8M FY2025 revenue (+1.3% YoY); mkt cap ~$32M | OTCQX: MRMD (CSE: MRMD) |
| Metrc LLC (Franwell Inc. affiliate) | Track-and-trace vendor | Lakeland, FL | ~28+ jurisdictions incl. CA, CO, IL, MD,… | Private (Franwell-owned; raised ~$50M incl. Casa Verde… | Private |
| TerrAscend Corp. | MSO | Toronto, ON (US ops HQ Bethesda-area / NJ) | NJ, MD, PA, OH, CA (+ Canada retail);… | ~$260.6M FY2025 revenue; mkt cap ~$0.18B | TSX: TSND (OTCQX: TSNDF) |
| The Cannabist Company Holdings Inc. (fmr. Columbia Care) | MSO | Chelmsford, MA (founded/NYC roots) | CA, CO, DE, IL, MD, MA, NJ, NY, OH, PA,… | ~$330M annualized FY2025 (Q2'25 ~$86.4M, -31% YoY);… | OTCQB: CBSTF |
| Trulieve Cannabis Corp. | MSO | Tallahassee, FL (ops base Quincy, FL) | 9 states: FL, AZ, CO, CT, GA, MD, OH, PA,… | ~$1.18B FY2025 revenue; mkt cap ~$1.66B | NYSE: TRLV (also OTCQX: TCNNF, CSE: TRUL) |
| Verano Holdings Corp. | MSO | Chicago, IL | Core markets FL, TX, VA, PA (+ others);… | ~$821.5M FY2025 revenue (-6.5% YoY); mkt cap ~$469M | Cboe CA: VRNO (OTCQX: VRNOF) |