As the American cannabis market continues to expand and evolve, Multi-State Operators (MSOs) have become the industry’s power players. These companies oversee cannabis cultivation, processing, and retail operations across several states, helping shape the future of the legal cannabis sector. As of early 2025, several MSOs stand out for their substantial revenues, national presence, and strategic growth plans. Here’s a breakdown of the top MSOs currently dominating the cannabis space:
Curaleaf Holdings, Inc.
Curaleaf, headquartered in New York City, is widely recognized as the highest-grossing cannabis company globally. Since its inception in 2010, it has expanded operations into 23 states with a network of more than 150 dispensaries and over 25 cultivation facilities. In 2024, Curaleaf posted annual revenue nearing $1.34 billion and a gross margin of 48%. Despite incurring a net loss of $216.2 million, the company maintained a strong adjusted EBITDA of $300.8 million—showcasing its dominant market footprint.
Trulieve Cannabis Corp.
Florida-based Trulieve has firmly established itself as a leader in the medical cannabis space, especially in its home state where it operates over 130 locations. Its reach extends beyond Florida into markets like Pennsylvania and Arizona. In 2024, Trulieve reported approximately $1.2 billion in revenue, a 60% gross profit margin, and an adjusted EBITDA of $420 million. Its commitment to patient care and product diversity continues to reinforce its strong reputation among consumers.
Green Thumb Industries Inc. (GTI)
Operating out of Chicago, Green Thumb Industries utilizes a vertically integrated business model covering cultivation, manufacturing, and retail. With a stable of well-known cannabis brands and a broad national footprint, GTI achieved roughly $1.1 billion in revenue in 2024—an 8% rise from the previous year. The company reported a net profit of $73 million and adjusted EBITDA of $371 million, solidifying its financial health and market stability.
Verano Holdings Corp.
Also based in Chicago, Verano has developed a wide-reaching presence in both recreational and medical cannabis markets. The company brought in $879 million in revenue during 2024, operating with a gross profit margin of 51% and reaching $264 million in adjusted EBITDA. Though it recorded a net loss of $342 million, Verano remains focused on scaling operations and improving efficiency to bolster future growth.
Cresco Labs Inc.
Cresco Labs is another major MSO headquartered in Chicago, noted for its integrated supply chain and prominent brand portfolio. The company operates across numerous U.S. markets, emphasizing both wholesale and retail channels. In the final quarter of 2024, Cresco reported $172 million in revenue—a 9% decline year-over-year—and an estimated 17% decrease in adjusted EBITDA, which stood at $45 million. While facing revenue dips, the company continues to refine its strategic focus.
Acreage Holdings
Acreage Holdings, based in New York, operates across a range of cannabis verticals including cultivation, processing, and retail. The company holds a diversified presence with operations or agreements in 19 states as of 2019, positioning itself to capitalize on industry growth as legalization expands. Acreage remains a key player to watch as it pursues long-term value through targeted market entry and regulatory navigation.
Planet 13 Holdings
Known for offering an immersive retail experience, Planet 13 is headquartered in Nevada and is famed for its Las Vegas dispensary—the largest in the world at 112,000 square feet. The company has extended operations to states like California and Illinois, emphasizing unique, large-format store environments that prioritize customer engagement and experiential shopping.
Industry Trends and Outlook
The cannabis sector is undergoing constant transformation, driven by shifting regulations, consumer behavior, and competitive forces. While some MSOs are posting record revenues, others face challenges like narrowing profit margins and strategic headwinds. The legislative landscape—both state-level and federally—continues to impact taxation, compliance, and expansion potential.
Looking ahead, industry leaders are expected to prioritize strategic mergers, operational improvements, and innovation in product offerings. With continued attention from investors and policymakers alike, MSOs are likely to shape the trajectory of legal cannabis in the years to come.