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This short article was republished with authorization from Cannabiz Media.

Cannabiz Media has actually been tracking marijuana as well as hemp licenses around the world considering that 2015. Over those 7 years, we have actually accumulated a mass of information on licenses, firms, as well as deals that lead to modification of certificate possession.

After assembling 500 deals in our Cannabiz Knowledge system, we intended to take a better consider exactly how essential openly traded MSOs were contributing to their shop impacts. Our objective was to figure out which shops were “developed” versus those that were “purchased”.

Secret Searchings For

  • Virtually 12% people marijuana shops are possessed by a public firm.
  • 338 of these shops have actually altered hands, as well as 29 public firms were associated with these deals.
  • Virtually 60% of the shop procurements took place in 5 states (Florida, Colorado, Pennsylvania, The Golden State, as well as Arizona).
  • The variety of shops altering hands has actually boosted annually. In 2021, we located 185 shops that were bought, up from 53 in 2020.


According to the Cannabiz Media Certificate Data Source, there are presently 8,909 stores/dispensaries in the United States. Of those licenses, 1,048 (11.8%) are possessed by public firms, as well as we located 338 shops that altered hands. An overall of 29 public firms were associated with these deals.

The chart listed below programs the variety of shops that have actually altered hands. We just consisted of shut bargains.


In attempting to examine the footprint influence, we put together the variety of shops purchased versus the number developed or granted. The Leaderboard listed below programs public MSOs that purchased the very least 10 shops

Based upon our evaluation, Trulieve has actually purchased one of the most shops (54 ), which represent 32% of its impact. AYR Health bought 42, representing 62% of its shops. Curaleaf, a business with a huge impact, has actually just gotten 15 shops. $1.2 B was invested by these companies to get these licenses.

  • In the table over, Schwazze purchased 77% of its licenses with AYR Health at 62%. Cresco is available in 3rd at 56% though this will certainly alter as soon as the Columbia Treatment purchase is total.
  • Verano invested one of the most at $202 million with Cresco at $178 million as well as Trulieve at $176 million.
  • Verano paid one of the most per shop at $9.64 million while Schwazze paid the least at $1.79 million.


Much more shops were gotten in minimal certificate states instead of unrestricted certificate states. Restricted certificate settings are extra foreseeable many thanks to the oligopolistic securities paid for by the guidelines. Early participants are well placed when the unavoidable grown-up usage market opens up, as well as they have benefits consisting of clients, advertising, branding, property as well as well-known partnerships with regulatory authorities.

The M&A Hotspots Table reveals the states that public MSO’s bought.


We do not see this pattern finishing anytime quickly. The most recent smash hit offer of Cresco as well as Columbia Treatment will certainly face certificate cap problems in some states, as well as this will certainly need divestiture. In future messages, we intend to consider the certificate cap problem as well as look into which states have actually had their licenses MSO would certainly– like Connecticut. We invite your concerns also, so connect straight to ekeating @cannabiz. media.


Evaluation similar to this is as much art as scientific research, so right here is a few of the reasoning we used:

  • Just energetic licenses are counted. Pending as well as used are not consisted of, neither are future licenses that a business can run. This method makes a few of the Pennsylvania licenses look really pricey as drivers purchased these licenses recognizing they might run numerous shops.
  • In big bargains where a selection of properties were gotten, we backed out the worth of cultivation/manufacturing properties based upon similar deals when offered.
  • We make every effort to be thorough however we might not have actually captured every offer, as well as sometimes, the MSO might have regarded a tiny purchase as unimportant.
  • Along with the Cannabiz Knowledge system, the group obtained offer information from SEC as well as SEDAR filings along with firm news release, capitalist decks, as well as capitalist relationships personnel.


Ed Keating is a founder of Cannabiz Media as well as manages the firm’s information study as well as federal government relationships initiatives. He has actually invested his profession dealing with as well as recommending details firms in the conformity room. Ed has actually handled item, advertising, as well as sales while managing intricate multijurisdictional product in the safety and securities, company, UCC, safety and security, ecological, as well as personnel markets.

Shea Sanford is Item Supervisor for Cannabiz Media’s Cannabiz Knowledge item. He is in charge of sleuthing out company deals as well as keeping an eye on MSOs, SSOs, REITs, SPACs as well as any kind of various other phrases we can locate.

Cannabiz Media clients can remain updated on these as well as various other brand-new licenses with our e-newsletters, signals, as well as records components. Register for our e-newsletter to get these regular records provided to your inbox. Or you can routine a trial to find out more on exactly how to access the Cannabiz Media Certificate Data source on your own to dive better right into this information.

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