American cannabis companies are not allowed by federal law to sell cannabis grown in one state in another state. So almost all have established multi-state operations (MSOs) to expand their businesses. That being said, the sale of medical cannabis will most likely become legal federally within the decade, which will allow cannabis companies to do business nationally. Such being the case, MSOs must establish brands that have strong consumer acceptance and name recognition, and competitive operational and financial foundations within the states in which they currently operate, if they hope to be well-positioned to successfully roll out nationally when the time comes. That's why it's important to keep track of how well the major players are doing at the state level in growing their sales and profits.

The 12 largest vertically integrated MSOs by market capitalization (i.e. those in excess of  $100M) are tracked in the munKNEE American Cannabis MSOs Index and below are the YTD performances, in descending order, of the constituents in the Index:

1. TerrAscend (TRSSF): Up 64.5% YTD
   • Read: TerrAscend Q3 Financial Report Reveals Major Declines In Income And EBITDA
2. Planet 13 (PLNHF): Up 42.0% YTD
   • Read: Planet 13 Financial Metrics In Q3 All Declined
3. Acreage (ACRDF/ACRHF): Up 21.7% YTD 
   • Read: Acreage Reports Third Quarter 2022 Financial Results
4. Jushi (JUSHF): Up 8.4% YTD
   • Read: Jushi Holdings Releases Mixed Preliminary Q3 Financials
5. Green Thumb (GTBIF): Up  7.4% YTD
   • Read: Green Thumb Reports Record Revenue And Adjusted Operating EBITDA
6. Cresco Labs (CRLBF): Up 3.4% YTD
   • Read: Cresco Labs Q3 Financials Show No Improvement Over Q2 Results
7. Ayr (AYRWF): Up 3.1% YTD
   • Read: Ayr Wellness Q3 Financial Metrics All Show Major Improvements
8. Verano (VRNOF): Up 0.5% YTD
   • Read: Verano Q3 Financial Report Reveals Major Increase In Net Loss
9. Curaleaf (CURLF): Down 0.3% YTD
   • Read: Curaleaf Q3 Report Reveals 80% Decrease In Net Profit
10. Ascend (AAWH): Down 0.8% YTD
    • Read: Ascend Wellness Q3 Report: Record Revenue, Adjusted Gross Profit, And EBITDA Margin
11. Trulieve (TCNNF): Down 7.7% YTD
    • Read: Trulieve Cannabis Q3 Financials Were Down But Stock Price Jumps
12. Columbia Care (CCHWF): Down 17.3% YTD
    • Read: Columbia Care Reports Third Quarter 2022 Results

The munKNEE American Cannabis MSO Stocks Index was Up 5.1% this week and is now Up 4.3 % YTD. In comparison, the munKNEE  Canadian Cannabis LP Stocks Index went Up 4.6 % this week (see here) and is now only Up 4.7% YTD.

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