As the cannabis industry continues to grow, a select group of companies has emerged as dominant forces in the U.S. market. These multi-state operators (MSOs) are expanding aggressively, capitalizing on the shifting regulatory landscape and growing consumer demand. In 2024, the U.S. cannabis industry is not just about survival—it’s about scale, profitability, and market domination. Let’s take a deep dive into the top 10 cannabis MSOs, ranked by revenue, and explore how they’ve come to dominate the industry.
1. Curaleaf Holdings: Pioneering in Scale and Reach
Leading the charge is Curaleaf Holdings, with an astounding $342.3 million in quarterly revenue oai_citation:18,10 leading U.S. multistate public cannabis firms by Q1 revenue oai_citation:17,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures. As one of the largest cannabis companies in the U.S., Curaleaf has a presence in 23 states, with over 150 retail locations. Its strategy of acquiring smaller operators, combined with its focus on both medical and recreational markets, has paid off significantly. By leveraging its scale, Curaleaf continues to outpace competitors, setting a benchmark for the industry.
2. Trulieve Cannabis Corp: A Medical Marijuana Powerhouse
Following closely behind is Florida-based Trulieve Cannabis Corp, generating $303.4 million in quarterly revenue oai_citation:16,10 leading U.S. multistate public cannabis firms by Q1 revenue oai_citation:15,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures. Trulieve’s dominance stems from its deep roots in the medical marijuana sector, particularly in Florida, where it commands a significant share of the market. The company’s expansion into other states has been strategic, with a keen focus on maintaining profitability while scaling its operations. With over 200 dispensaries, Trulieve is a model of how to blend strong retail presence with a focus on patient care.
3. Green Thumb Industries: Retail Excellence Meets Strategic Growth
Green Thumb Industries (GTI) rounds out the top three, with quarterly revenue of $280.1 million oai_citation:14,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures oai_citation:13,10 leading U.S. multistate public cannabis firms by Q1 revenue. Headquartered in Chicago, GTI has built a reputation for retail excellence. It operates the popular “Rise” dispensary brand and has a presence in 15 states. The company’s strategic focus on high-growth markets like Illinois, Pennsylvania, and New Jersey has helped it maintain a competitive edge. GTI’s retail footprint and cultivation capabilities make it a formidable player in both the medical and adult-use markets.
4. Verano Holdings: Expanding Through Acquisitions
With $222.4 million in quarterly revenue, Verano Holdings has proven that thoughtful acquisitions can drive substantial growth oai_citation:12,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures. The company has expanded its national footprint by acquiring smaller operators, allowing it to enter new markets swiftly. Verano’s focus on cultivation and retail has helped it become one of the top vertically integrated cannabis companies in the U.S.
5. Cresco Labs: The Wholesale Leader
Cresco Labs, with $184.4 million in quarterly revenue, stands out for its strength in wholesale distribution oai_citation:11,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures oai_citation:10,10 leading U.S. multistate public cannabis firms by Q1 revenue. While many cannabis operators focus on retail, Cresco has built one of the largest wholesale cannabis businesses in the U.S. This strategy allows the company to distribute its products to hundreds of dispensaries across key markets, in addition to operating its own retail locations.
6. Ascend Wellness Holdings: A Focus on Premium Cannabis
Ascend Wellness Holdings generated $141.5 million in quarterly revenue, marking it as one of the key players in premium cannabis retail oai_citation:9,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures. With its high-end dispensaries and focus on quality products, Ascend has positioned itself as a top choice for cannabis consumers who prioritize quality and experience.
7. Columbia Care: Medical Roots with Nationwide Ambitions
With $125.2 million in quarterly revenue, Columbia Care continues to grow its footprint in both medical and recreational markets oai_citation:8,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures. The company’s deep roots in medical cannabis provide a solid foundation for expansion into adult-use markets, making it a well-rounded competitor in the U.S. cannabis landscape.
8. Ayr Wellness: Vertically Integrated and Growing
Ayr Wellness reported $116.7 million in quarterly revenue, and its focus on vertical integration has allowed it to expand rapidly oai_citation:7,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures. By controlling cultivation, production, and retail, Ayr has managed to build a strong presence in several states, offering high-quality products through its own dispensaries.
9. TerrAscend: Aiming for Quality
TerrAscend, with $77.5 million in quarterly revenue, has built a reputation for quality products across its multiple operations oai_citation:6,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures. The company operates in key markets like New Jersey, Pennsylvania, and Michigan, and its commitment to quality cultivation and production is paying dividends.
10. Jushi Holdings: Small but Growing
Rounding out the top 10 is Jushi Holdings, with $64.6 million in quarterly revenue oai_citation:5,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures. Though smaller than some of its competitors, Jushi has made significant strides in the industry by focusing on strategic market entry and expanding its retail operations in high-growth states like Virginia and Pennsylvania.
The Future of U.S. Cannabis MSOs
The cannabis industry is rapidly consolidating, and these top 10 MSOs are leading the charge. With the potential for full federal legalization on the horizon, these companies are positioning themselves for long-term success. Their strategies vary—from vertical integration to aggressive M&A activity—but their collective impact is undeniable. As the market continues to evolve, these companies will likely continue to set the standard for growth, innovation, and market dominance.
While challenges remain, including fluctuating cannabis prices and regulatory hurdles, the U.S. MSOs are well-equipped to navigate the complexities of this burgeoning industry. As Curaleaf CEO Boris Jordan remarked, “The future of cannabis is not just about opening new markets; it’s about operational excellence and executing a long-term vision.”
In a market filled with potential, the top MSOs are showing that size, strategy, and execution are the keys to dominating one of the fastest-growing industries in the U.S.
Sources: MJBizDaily, New Cannabis Ventures, Green Market Report oai_citation:4,10 leading U.S. multistate public cannabis firms by Q1 revenue oai_citation:3,Cannabis Chart Of The Week: How Much Are U.S. MSOs Undervalued Compared To Other Industries? – Benzinga oai_citation:2,Public Cannabis Company Revenue Tracker – Ranking Cannabis Stocks by Revenue and Income – New Cannabis Ventures oai_citation:1,The Cannabis Industry’s Top 12 U.S. Multi-State Operators.
