Due to the lack of federal legality cannabis products grown in one state cannot be sold in another state. Given that medical cannabis will most likely become legal federally within the decade, however, cannabis companies must establish brands that have strong consumer acceptance and name recognition within the states that they operate in so they are well-positioned to roll out nationally when finally allowed to do so. As such, it is 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 (seed-to-sale) multi-state operators (MSOs) by market capitalization (i.e. those in excess of  $100M) are tracked in the munKNEE American Cannabis MSOs Index and below are the performances of the constituents in the Index this week, in descending order, and YTD. Also presented are links to summary articles on their latest quarter financial results and a link to a previous article that highlights the financial health of each constituent.

1. Jushi (JUSHF): UP 27.1% this week; UP 1.4% YTD
   • Read: Jushi Holdings Releases Mixed Preliminary Q3 Financials
2. Ayr (AYRWF): UP 6.3% this week; UP 11.6% YTD
   • Read: Ayr Wellness Q3 Financial Metrics All Show Major Improvements
3. TerrAscend (TRSSF): UP 2.0% this week; UP 38.2% YTD
   • Read: TerrAscend Q3 Financial Report Reveals Major Declines In Income And EBITDA
4. Planet 13 (PLNHF): UP 1.1% this week; UP 31.9% YTD
   • Read: Planet 13 Financial Metrics In Q3 All Declined
5. Ascend (AAWH): DOWN 1.4% this week; UP 4.6% YTD
   • Read: Ascend Wellness Q3 Report: Record Revenue, Adjusted Gross Profit, And EBITDA Margin
6. Green Thumb (GTBIF): DOWN 2.0% this week; DOWN 0.7% YTD
   • Read: Green Thumb Reports Record Revenue And Adjusted Operating EBITDA
7. Curaleaf (CURLF): DOWN 2.8% this week; DOWN 4.1% YTD
   • Read: Curaleaf Q3 Report Reveals 80% Decrease In Net Profit
8. Columbia Care (CCHWF): DOWN 4.1% this week; DOWN 6.7% YTD
   • Read: Columbia Care Reports Third Quarter 2022 Results
9. Cresco Labs (CRLBF): DOWN 4.3% this week; UP 2.9% YTD
   • Read: Cresco Labs Q3 Financials Show No Improvement Over Q2 Results
10. Verano (VRNOF): DOWN 5.4% this week; DOWN 2.6% YTD
    • Read: Verano Q3 Financial Report Reveals Major Increase In Net Loss
11. Trulieve (TCNNF): DOWN 5.4% this week; DOWN 17.1% YTD
    • Read: Trulieve Cannabis Q3 Financials Were Down But Stock Price Jumps
12. Acreage (ACRDF/ACRHF): DOWN 11.9% this week; UP 41.7% YTD 
    • Read: Acreage Reports Third Quarter 2022 Financial Results

The munKNEE American Cannabis MSO Stocks Index was DOWN 2. 7% this week and is now DOWN 0.8% YTD. In comparison, the munKNEE  Canadian Cannabis LP Stocks Index went DOWN 13.6 % this week (see here) and is now only UP 0.1% YTD.

More By This Author:

Canadian Cannabis LPs: CGC's Plunge Drags Category Down
Canopy Q3: Revenue -14%, Net Loss +15%; To Cut Jobs By ~60%
Aurora Q2 Financials: Net Revenue +25%, Net Profit -30%, Adj. EBITDA Turned Positive