The 5 Largest Multi-State Cannabis Companies in the U.S. (2025)

The U.S. cannabis industry continues to scale, and at the heart of this expansion are a handful of dominant multi-state operators (MSOs). These companies span multiple regulated markets, combining retail, cultivation, and production operations across state lines.

As cannabis continues to gain mainstream and legal acceptance, MSOs are setting the tone for industry trends—from branding and customer experience to M&A strategy and vertical integration. Below, we dive into the five largest MSOs in the U.S. as of 2025, based on market share, revenue, footprint, and strategic activity.

1. Curaleaf Holdings Inc.

Ticker: $CURA.CN / $CURLFHeadquarters: New York, NY

Key Stats (2024):

• Revenue: $1.37 billion

• Markets: 19 U.S. states + expanding in Europe

• Retail Locations: Over 140

• Employees: ~6,000

Why They’re #1: Curaleaf has held the top spot for years thanks to its aggressive acquisition strategy and global ambitions. In the U.S., it boasts one of the widest state footprints. Its 2021 acquisition of Grassroots and more recent focus on adult-use markets like New York and New Jersey have helped solidify its dominance.

What Sets Them Apart:

• First U.S. MSO to expand internationally via Curaleaf International

• High volume in both wholesale and retail

• Broad product portfolio with top-selling brands like Select

2. Trulieve Cannabis Corp.

Ticker: $TRUL.CN / $TCNNFHeadquarters: Tallahassee, FL

Key Stats (2024):

• Revenue: $1.1 billion

• Markets: 11 states

• Retail Locations: Over 180 (most in Florida)

• Employees: ~6,500

Why They’re #2: Trulieve is the dominant force in Florida, the third-largest cannabis market in the U.S. Their hyper-focus on vertical integration and strong retail operations has made them a profitability leader.

What Sets Them Apart:

• High-margin Florida business subsidizes expansion

• Strong loyalty program and customer retention

• Vertical integration allows tight cost control

3. Green Thumb Industries (GTI)

Ticker: $GTII.CN / $GTBIFHeadquarters: Chicago, IL

Key Stats (2024):

• Revenue: $1.06 billion

• Markets: 15 states

• Retail Locations: 90+

• Employees: ~5,500

Why They’re #3: GTI has achieved rapid growth through smart state selection, brand building, and maintaining a strong balance sheet. Its consumer brand portfolio—including Dogwalkers, Rythm, and Beboe—is among the best recognized nationally.

What Sets Them Apart:

• Strong financial performance and profitability

• Strategic real estate and license acquisitions

• Deep investment in brand storytelling

4. Verano Holdings Corp.

Ticker: $VRNO.CN / $VRNOFHeadquarters: Chicago, IL

Key Stats (2024):

• Revenue: ~$880 million

• Markets: 13 states

• Retail Locations: 135+

• Employees: ~4,800

Why They’re #4:Verano has grown steadily by targeting limited-license states like New Jersey and Illinois. Their tiered brand architecture (Verano, Savvy, Encore) allows for strategic customer targeting across different segments.

What Sets Them Apart:

• Strong margins from premium product lines

• Focused expansion in strategic high-value markets

• Efficient back-end infrastructure

5. Cresco Labs Inc.

Ticker: $CL.CN / $CRLBFHeadquarters: Chicago, IL

Key Stats (2024):

• Revenue: ~$775 million

• Markets: 10 states

• Retail Locations: 70+

• Employees: ~3,800

Why They’re #5: Although Cresco’s planned merger with Columbia Care was called off in 2023, the company continues to lead in wholesale cannabis distribution. Their house of brands and national reach in distribution channels like California and Pennsylvania still make them formidable.

What Sets Them Apart:

• Wholesale leadership in multiple states

• Strong product portfolio including Mindy’s and High Supply

• Smart restructuring post-merger failure to protect margins

What These MSOs Have in Common

Despite differences in geography and business models, the top 5 cannabis companies share several common traits:

✅ Vertical Integration

Each company controls its own supply chain—from cultivation to dispensary shelves—ensuring quality, consistency, and better margins.

✅ Brand Portfolios

They’re not just operators—they’re brand builders. Most have multi-brand strategies tailored to different consumer needs, from wellness seekers to high-THC connoisseurs.

✅ Strategic State Selection

All 5 have focused on limited-license markets and early adult-use states (e.g., NY, NJ, IL, FL), giving them a competitive edge in both growth and margin.

✅ Regulatory Expertise

These companies have robust legal and compliance teams capable of adapting to constantly changing state-by-state rules, giving them durability where smaller operators struggle.

Industry Trends to Watch

• Consolidation continues: Expect more M&A activity among midsize players as MSOs solidify market share.

• East Coast expansion: As adult-use markets open up in states like New York, Pennsylvania, and Maryland, expect these MSOs to deepen their presence.

• Global ambitions: Curaleaf has already begun international expansion—others may follow.

Final Thoughts

As the cannabis industry shifts into its next phase, multi-state cannabis companies are becoming the anchors of national infrastructure. Their scale, strategy, and capital access set the tone for the rest of the market.

Whether you’re an emerging operator, investor, or ancillary service provider, watching how these top MSOs evolve provides a blueprint for where the cannabis industry is heading next.

Want to Compete with the Big Multi-State Cannabis Companies?

At Cann Strategy, we help emerging cannabis businesses develop operational strategies, marketing systems, and licensing plans that position them for acquisition or competitive growth.

📩 Let’s talk about how your business can scale like the leaders. Contact Cann Strategy