A compact public roster of multistate cannabis operators and regulatory-technology vendors. Each company occupies one full-width record: short facts stay in a scan line, while the longer observation uses the full row below instead of forcing narrow stacked text. Scale figures are recorded snapshots, not live market quotes.
TypeOperator / MSOMSO
HQMiami, FL
FootprintFL, MA, NV, NJ, OH, PA, IL, CT
Scale~$450M annualized (Q4'24 ~$114M/qtr); mkt cap sub-$0.1B (near-distressed)
Recorded observationThe company operates a multi-state dispensary footprint and carries substantial debt. Florida concentration and balance-sheet risk are separate observations from hemp-policy exposure.
TypeTrack & traceTrack-and-trace / seed-to-sale software vendor
HQFort Lauderdale, FL area (parent Forian, Newtown, PA)
Footprint~12 state govt contracts (incl. NY) pre-2025; ~24% seed-to-sale market share (2nd to Metrc)
ScaleForian became privately held May 15, 2026; BioTrack remains an operating commercial-software business
Recorded observationBioTrack remains an independent commercial cannabis-software organization. Its government-facing operations moved to the separately operated BT Government structure in an August 2025 strategic arrangement with Metrc. Parent Forian became privately held and its NASDAQ: FORA listing ended May 15, 2026.
TypeOperator / MSOMSO
HQChicago, IL
FootprintIL, PA, OH, CA, MD, AZ, NY, MA, MI
Scale~$656M FY2025 revenue; mkt cap ~$0.28B
Recorded observationThe company combines wholesale brands with Sunnyside retail. This record documents limited direct hemp-derived THC activity and public support for licensed-channel regulation.
TypeOperator / MSOMSO
HQStamford, CT
Footprint17 US states + 15 countries (158 retail locations)
Scale~$1.27B FY2025 revenue; mkt cap ~$1.6B-$3.0B (source-dependent)
Recorded observationThe company entered hemp-derived THC beverages in 2024 and later announced a wind-down of that segment. It also reported a Missouri exit; review the cited company and reporting sources for timing.
TypeOperator / MSOMSO (California-only cultivation/CPG)
HQLong Beach, CA
FootprintCalifornia only (large-scale greenhouse cultivation + retail)
Scale~$182M FY2025 revenue (-9.4% YoY); mkt cap ~$0.73B
Recorded observationThe company is a California cultivation, consumer-products, and retail operator. California price conditions and hemp-product rules are relevant context, not a forecast.
TypeOperator / MSOMSO
HQChicago, IL
Footprint14 states; 100+ RISE dispensaries
Scale~$1.15B FY2025 revenue (~$280-293M/quarter); mkt cap ~$1.75B
Recorded observationThe company is a multi-state licensed operator with limited direct hemp-retail exposure in this record. Public statements favor regulation of intoxicating hemp through licensed channels.
TypeOperator / MSOMSO
HQBoca Raton, FL
FootprintCA, IL, MA, NV, NJ, OH, PA, VA
Scale~$260M FY2025 revenue (~$65M/qtr); mkt cap ~$0.13B
Recorded observationThe company operates licensed retail and brands with concentration in Pennsylvania and Virginia. The record identifies limited direct hemp-derived THC activity.
TypeTrack & traceTrack-and-trace vendor (state regulator systems)
HQDenver, CO
FootprintPennsylvania, Utah (Washington ended contract ~2023 for state-built system)
ScaleParent Akerna was small-cap; MJ Freeway/MTech merger
TickerAkerna traded NASDAQ: KERN (since wound down/merged)No current public chart mapped.
Recorded observationLeaf Data Systems is a legacy regulatory platform associated with MJ Freeway/Akerna. This record notes retained and lost state contracts and reported outage history; current status is jurisdiction-specific.
TypeOperator / MSOMSO
HQNorwood, MA
FootprintMA, IL, MD, OH, DE, PA (exited MO Oct 2025)
Scale~$159.8M FY2025 revenue (+1.3% YoY); mkt cap ~$32M
Recorded observationThe company operates branded products, cultivation/processing sites, and dispensaries and reported a Missouri exit. Direct hemp-derived THC exposure is limited in the cited record.
TypeTrack & traceTrack-and-trace vendor
HQLakeland, FL
Footprint~28+ jurisdictions incl. CA, CO, IL, MD, MA, MI, MN, MO, MT, NV, NJ, NY, OH, OK, OR, RI, SD, WV, AK, AL, KY, LA, ME, MS + DC, Guam, USVI
ScalePrivate (Franwell-owned; raised ~$50M incl. Casa Verde Capital)
TickerPrivateNo public market quote.
Recorded observationMetrc supplies mandatory seed-to-sale systems in many jurisdictions. A 2025 transaction with BioTrack consolidated government-contract activity; exact contract scope remains jurisdiction-specific.
TypeOperator / MSOMSO
HQToronto, ON (US ops HQ Bethesda-area / NJ)
FootprintNJ, MD, PA, OH, CA (+ Canada retail); exited MI
Scale~$260.6M FY2025 revenue; mkt cap ~$0.18B
Recorded observationThe company operates licensed cannabis brands and facilities across several U.S. states after exiting Michigan. This record identifies limited direct hemp-derived THC activity.
TypeOperator / MSOMSO under court-supervised restructuring
HQChelmsford, MA (founded/NYC roots)
FootprintHistorical footprint included CA, CO, DE, IL, MD, MA, NJ, NY, OH, PA, VA, WV; current assets are changing through sales and wind-downs
ScaleCourt-supervised CCAA restructuring and asset-sale process; prior annualized revenue and footprint figures are not a current operating-scale measure
Recorded observationThe company commenced Canadian CCAA restructuring proceedings on March 24, 2026. Court materials describe asset sales and an orderly wind-down in markets not covered by sale transactions. Its official Cboe Canada CBST page currently publishes no last sale; Terracotta therefore does not present a live chart as current.
TypeOperator / MSOMSO
HQTallahassee, FL (ops base Quincy, FL)
Footprint9 states: FL, AZ, CO, CT, GA, MD, OH, PA, WV
Scale~$1.18B FY2025 revenue; mkt cap ~$1.66B
Recorded observationFlorida is the company's largest operating market. Public sources describe support for a licensed-cannabis framework; the effect of the November 2026 federal hemp-definition change on the company is uncertain.
TypeOperator / MSOMSO
HQChicago, IL
FootprintCore markets FL, TX, VA, PA (+ others); ~13 states historically
Scale~$821.5M FY2025 revenue (-6.5% YoY); mkt cap ~$469M
Recorded observationThe company is concentrated in Florida and Pennsylvania and also has Texas exposure. The record notes declining revenue and policy overlap with intoxicating-hemp retail; it does not forecast the company's outcome.