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Multistate Operators Set To Capitalize On New Markets, But Small Firms Face Hurdles

Canadian-based investment banking firm Canaccord Genuity made the call

Marijuana multistate operators are well-positioned to thrive in adult-use cannabis markets created by the Nov. 3 election, but small businesses – including minority- and women-owned firms – face challenges such as access to capital.

Four publicly traded MSOs are particularly primed to benefit from new and potential adult-use markets in Arizona, New Jersey and Pennsylvania, according to an industry update by Canadian-based investment banking firm Canaccord Genuity.

Voters in Arizona and New Jersey legalized potentially huge adult-use marijuana markets on Election Day while Pennsylvania and New York are strong possibilities to follow suit because of their proximity to New Jersey.

The four MSOs identified by Canaccord Genuity are:

  • Massachusetts-based Curaleaf: the leader in New Jersey’s medical marijuana market, No. 2 in Arizona and competing for a top-three spot in Pennsylvania.
  • Arizona-based Harvest Health & Recreation: No. 1 in Arizona.
  • Illinois-based Green Thumb Industries: No. 1 in Pennsylvania’s medical marijuana market and one of 12 licensed MMJ operators in New Jersey.
  • New York-based Columbia Care, which operates in Arizona, New Jersey and Pennsylvania.

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