Publicly traded marijuana multistate operators exited regulated cannabis markets through late 2023, continuing a pattern fueled by increased capital costs, high taxes and the slow pace of federal reform.
New York-based The Cannabist Co., for example, recently exited Missouri and Utah after what CEO David Hart called an “arduous year.”
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Meanwhile, Florida-based Trulieve Cannabis Corp. wound down its presence in Massachusetts. (This map pinpoints where the large MSOs are operating.)
While some companies may have invested too heavily in expansion plans or tried to spread themselves too thin across fragmented markets with different regulations, the industry is also young – and still federally illegal.
“Part of the issue is that it’s still, to some extent, the Wild West,” Matt Karnes, founder of cannabis
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