As the U.S. legal cannabis industry gears toward $45 billion in revenue in 2025 and beyond, ten companies stand out as dominant multi‑state operators and market innovators.
1. Curaleaf Holdings Inc.
Website: curaleaf.com
Curaleaf is the largest U.S. cannabis company by revenue, generating over $1.3 billion in 2024 and operating in 19 states with more than 140 retail locations. Its aggressive acquisition strategy—including purchases of Grassroots, Select, and BlueKudu—combined with vertical integration and international expansion into Europe, give it unmatched scale and diversification.
2. Trulieve Cannabis Corp.
Website: trulieve.com
Based in Florida, Trulieve is second only to Curaleaf in size among U.S. operators, with roughly $1.1 billion in revenue and more than 180 retail outlets. What distinguishes Trulieve is its dominance in Florida, strong customer loyalty programs, and high-margin vertically‑integrated operations that minimize costs and maximize profitability.
3. Green Thumb Industries (GTI)
Website: gtigrows.com
Chicago‑based GTI posted about $1.06 billion in 2024 revenue, with over 90 dispensaries across 15 states and a workforce of nearly 5,500. It’s known for a well‑crafted consumer‑brand portfolio (e.g. RYTHM, incredibles, Dogwalkers, Beboe) and strong retail execution under its RISE dispensary network. Its wellness and sustainability initiatives also
stand out.
4. Verano Holdings Corp.
Website: verano.com
Verano ranks just behind Cresco in revenue among U.S. MSOs, generating about $860 million in trailing‑twelve‑month sales. Verano emphasizes a clean and consistent retail presence with high‑end dispensary design and premium local brands, giving it strong consumer appeal.
5. Tilray Brands, Inc. (U.S. segment)
Website: tilray.com
While a Canadian company at scale, Tilray’s U.S. operations are significant—especially in the cannabis beverage and wellness market. Its purchase of craft breweries and premium product development has driven rapid growth (~$820 million in revenue) and innovation in THC‑infused beverages and wellness offerings.
6. Cresco Labs, Inc.
Website: crescolabs.com
Chicago‑based Cresco posts roughly $700 million in revenue and operates in nine adult‑use and medicinal markets including Illinois, California, and Florida. Cresco is particularly notable for its Sunnyside dispensary brand, consumer‑packaged goods branding strategy, and strong marketing leadership drawn from consumer CPG and retail industries.
7. Innovative Industrial Properties (IIP)
Website: innovativeindustrialproperties.com
Unique in the list, IIP is a REIT dedicated to cannabis real estate, trading on the NYSE. It specializes in sale‑leaseback arrangements, financing cultivation and retail infrastructure for operators across states like Massachusetts, New York, Ohio, and Maryland. This gives it a stable, cash‑flow driven model distinct from vertically‑integrated operators.
8. Planet 13 Holdings, Inc.
Website: planet13.com
Based in Nevada, Planet 13 operates the largest cannabis superstore in the world—a retail/entertainment complex in Las Vegas—as well as locations in California, Florida, and Illinois. Its strategy blends tourism‑oriented retail design, destination experience, and a strong product mix of its own brands, making it a standout destination player.
9. Sundial Growers (SNDL)
Website: sndl.com
Although Canadian‑based, Sundial has U.S. operations and achieved ~$660 million in cannabis revenue in early 2025. It focuses on premium indoor cultivation and has posted year‑over‑year revenue growth for over a year. Its brands include Top Leaf and Palmetto.
10. Ascend Wellness Holdings (AWH)
Website: awholdings.com
Ascend Wellness (now renamed Ascend) had trailing sales near $540 million and ranks among top U.S. MSOs. It operates in key markets—including Illinois, Massachusetts, Michigan—with a focus on premium cannabis retail and local brand development under its multiple wellness labels.
Why These Companies Dominate
These ten firms lead because they consistently deliver across key strategic pillars:
- Scale and state‑by‑state reach through acquisition and licensing.
- Vertical integration from cultivation to retail ensures efficiency and profit control.
- Brand innovation and consumer focus, especially with well‑curated retail experiences or product packaging.
- Financial resilience, be it via real estate cash flows (like IIP) or dominant regional cash cows (like Trulieve in Florida).
- Adaptability to evolving demographics, such as young women and Gen Z consumer preferences emphasizing edibles, beverages, and wellness products.
Industry Outlook
As legalization spreads and federal reforms—such as banking access under SAFER and possible reclassification to Schedule III—gain momentum, the top MSOs are solidly positioned. The newly formed U.S. Cannabis Roundtable, led by executives from several of these firms, will push for policy change to support industry growth across all 38 legal states.
With the U.S. cannabis market projected to approach $45 billion in 2025 and rise further by 2028, these companies are primed to lead in innovation, scale, and execution.
In summary, Curaleaf, Trulieve, GTI, Cresco Labs, Verano, Tilray U.S., IIP, Planet 13, Sundial Growers, and Ascend represent the most influential players in today’s U.S. cannabis industry — each offering distinct capabilities around branding, scale, finance, or consumer experience, and collectively driving America’s cannabis boom.