26 MARIMED

TTM REVENUE: $129 million
Ticker: OTC: MRMD
HQ: Norwood, MA
IPO Date: 5/11/12
IPO Price: $0.25
Recent Price: $0.52
Market Cap: $175 million

MariMed is an MSO operating in six U.S. states. The company’s flower brand, Nature’s Heritage, and its Betty’s Eddies fruit chews line are top sellers in every market they’re available.

Fire & Flower

27 FIRE & FLOWER

TTM REVENUE: $126 million
Ticker: OTC: FFLWF
HQ: Edmonton, Alberta
IPO Date: 2/22/19
IPO Price: $113.00
Recent Price: $1.28
Market Cap: $60 million

Fire & Flower is an adult-use cannabis retailer with more than 100 corporate-owned stores in Canada. Fire & Flower also has a technology development subsidiary, Hifyre Inc.

28 PLANET 13 HOLDINGS

TTM REVENUE: $117 million
Ticker: OTC: PLNHF
HQ: Las Vegas, NV
IPO Date: 7/13/18
IPO Price: $0.66
Recent Price: $1.24
Market Cap: $266 million

Planet 13 is a vertically integrated MSO with retail operations in California and Nevada, including its flagship store in Las Vegas, which it bills as the “largest cannabis entertainment complex in the world.”

Planet 13

29 4FRONT VENTURES

TTM REVENUE: $106 million
Ticker: OTC: FFNTF
HQ: Phoenix, AZ
IPO Date: 9/23/14
IPO Price: $0.36
Recent Price: $0.36
Market Cap: $215 million

4Front Ventures is a vertically integrated MSO operating in five U.S. states. The company’s brands include Marmas and Funky Monkey. 4Front’s retail brand is Mission Dispensaries, located in the recreational cannabis markets of Illinois, Massachusetts and Michigan.

30 ORGANIGRAM

TTM REVENUE: $93 million
Ticker: NASDAQ: OGI
HQ: Moncton, NB, Canada
IPO Date: 8/29/14
IPO Price: $2.11
Recent Price: $0.97
Market Cap: $303 million

Organigram is a Canadian LP operating in the medical and recreational markets. The company’s brands include Edison and Shred.

31 CRONOS GROUP

TTM REVENUE: $90 million
Ticker: NASDAQ: CRON
HQ: Toronto, ON, Canada
IPO Date: 7/15/16
IPO Price: $0.24
Recent Price: $3.08
Market Cap: $1.07 billion

Cronos Group is a Canadian LP with global operations. Cronos Group’s international brand portfolio includes PEACE NATURALS, Lord Jones and PEACE+.

32 CHARLOTTE’S WEB

TTM REVENUE: $87 million
Ticker: OTC: CWBHF
HQ: Denver, CO
IPO Date: 9/14/18
IPO Price: $10.93
Recent Price: $0.77
Market Cap: $116 million

Charlotte’s Web is a maker of CBD products distributed via more than 23,000 retailers and health care practitioners. Charlotte’s Web is the highest-ranking CBD-only company in the Global Cannabis 50.

Agrify

33 AGRIFY

TTM REVENUE: $86 million
Ticker: NASDAQ: AGFY
HQ: Billerica, MA
IPO Date: 1/29/21
IPO Price: $114.00
Recent Price: $1.33
Market Cap: $12 million

Agrify is a provider of cultivation and extraction solutions for the cannabis industry.

34 STATEHOUSE

TTM REVENUE: $83 million
Ticker: OTC: HBORF
HQ: San Diego, CA
IPO Date: 6/14/19
IPO Price: $3.73
Recent Price: $0.16
Market Cap: $38 million

StateHouse is a vertically integrated MSO with operations in California and Oregon. The company was created through the merger of four of California’s pioneering cannabis companies

35 AUXLY CANNABIS

TTM REVENUE: $77 million
Ticker: OTC: CBWTF
HQ: Toronto, ON, Canada
IPO Date: 4/7/17
IPO Price: $2.36
Recent Price: $0.03
Market Cap: $27 million

Auxly Cannabis is a Canadian LP with brands that include Foray and Dosecann and a product portfolio that includes vapes, flower, edibles, topicals, concentrates and more.

36 URBAN-GRO INC.

TTM REVENUE: $75 million
Ticker: NASDAQ: UGRO
HQ: Lafayette, CO
IPO Date: 11/14/19
IPO Price: $15.30
Recent Price: $3.83
Market Cap: $42 million

Urban-gro is an architectural, engineering and cultivation systems integration company for commercial cannabis and food-focused Controlled Environment Agriculture (“CEA”) facilities.

Unrivaled Brands

37 UNRIVALED BRANDS

TTM Revenue: $75 million
Ticker: OTC: UNRV
HQ: Santa Ana, CA
IPO Date: 1/24/14
IPO Price: $5.64
Recent Price: $0.04
Market Cap: $20 million

Unrivaled Brands is a vertically integrated MSO operating in two states. Unrivaled combines TRTC, one of the first publicly traded cannabis companies with cultivation and retail assets, with brand developer Korova and retailer The Spot.

38 CANSORTIUM

TTM REVENUE: $74 million
Ticker: OTC: CNTMF
HQ: Miami, FL
IPO Date: 4/18/19
IPO Price: $1.80
Recent Price: $0.17
Market Cap: $37 million

Cansortium is a vertically-integrated MSO with operations in Florida, Pennsylvania and Texas. The company’s flagship brand is Fluent.

39 GLASS HOUSE BRANDS

TTM REVENUE: $66 million
Ticker: OTC: GLASF
HQ: Long Beach, CA
IPO Date: 7/18/19
IPO Price: $9.80
Recent Price: $4.00
Market Cap: $180 million

Glass House Brands is a vertically integrated SSO with 10 stores and cultivation operations in California. The company’s flagship brand is Glass House Farms.

40 VALENS

TTM REVENUE: $64 million
Ticker: NASDAQ: VLNS
HQ: Kelowna, BC, Canada
IPO Date: 6/7/17
IPO Price: $2.77
Recent Price: $0.72
Market Cap: $59 million

Valens is a third-party extraction company in Canada with an annual capacity of 425,000 kg of dried cannabis and hemp biomass.

41 GOODNESS GROWTH HOLDINGS

TTM REVENUE: $64 million
Ticker: OTC: GDNSF
HQ: Minneapolis, MN
IPO Date: 3/22/19
IPO Price: $4.54
Recent Price: $0.42
Market Cap: $52 million

Goodness Growth Holdings is an MSO operating dispensaries in five U.S. states. The company has subsidiaries that include Vireo Health and Resurgent Biosciences.

42 IM CANNABIS

TTM REVENUE: $61 million
Ticker: NASDAQ: IMCC
HQ: Vancouver, BC, Canada
IPO Date: 5/20/20
IPO Price: $1.98
Recent Price: $0.44
Market Cap: $31 million

IM Cannabis is a Canadian LP with international operations in Israel and Germany. IM Cannabis serves both the medical and recreational markets in Canada.

43 LOWELL FARMS

TTM REVENUE: $53 million
Ticker: OTC: LOWLF
HQ: Santa Barbara, CA
IPO Date: 5/3/19
IPO Price: $10.93
Recent Price: $0.18
Market Cap: $17 million

Lowell Farms is a vertically integrated SSO operating in California. The company’s brands include Lowell Herb Co., MOON and Kaizen Extracts.

Red White & Bloom Brands

44 RED WHITE & BLOOM BRANDS

TTM REVENUE: $50 million
Ticker: OTC: RWBYF
HQ: Toronto, ON, Canada
IPO Date: 7/13/18
IPO Price: $9.31
Recent Price: $0.06
Market Cap: $24 million

Red White & Bloom Brands is a vertically integrated MSO with licenses to operate in six U.S. states. The company’s top brand is Platinum Vape.

45 HUMBLE + FUME

TTM REVENUE: $49 million
Ticker: OTC: HUMBF
HQ: Toronto, ON, Canada
IPO Date: 8/31/21
IPO Price: $0.35
Recent Price: $0.12
Market Cap: $18 million

Humble + Fume is a Canadian cannabis accessories distributor offering more than 10,000 unique products and accessories. In 2021, the company began operating as an SSO in California.

46 LEAFLY HOLDINGS

TTM REVENUE: $47 million
Ticker: OTC: LFLY
HQ: Seattle, WA
IPO Date: 12/13/19
IPO Price: $9.70
Recent Price: $0.88
Market Cap: $36 million

Leafly is an online cannabis marketplace and educational platform with 10 million monthly active users and more than 100 million annual visitors.

Leafly

47 DECIBEL

TTM REVENUE: $46 million
Ticker: OTC: DBCCF
HQ: Calgary, AB, Canada
IPO Date: 1/11/19
IPO Price: $1.61
Recent Price: $0.05
Market Cap: $22 million

Decibel is a vertically integrated Canadian LP operating in six Canadian provinces. Decibel’s cultivation facility is the Qwest Estate in Creston, BC and its wholly owned retail business is Prairie Records.

48 DELTA 9 CANNABIS

TTM REVENUE: $46 million
Ticker: OTC: DLTNF
HQ: Winnipeg, Manitoba
IPO Date: 6/3/16
IPO Price: $0.12
Recent Price: $0.08
Market Cap: $12 million

Delta 9 Cannabis is a vertically integrated Canadian LP operating more than 38 retail stores.

49 FLOWER ONE HOLDINGS

TTM REVENUE: $43 million
Ticker: OTC: FLOOF
HQ: Las Vegas, NV
IPO Date: 10/12/18
IPO Price: $1.23
Recent Price: <$0.00
Market Cap: $1 million

Flower One is an SSO running cultivation and manufacturing facilities in Nevada. Flower One produces its own NLVO branded products as well as supplying such companies as Cookies, Kiva and Old Pal with cannabis flower, oil and distillates, as well as finished CPGs.

50 ENTOURAGE HEALTH

TTM REVENUE: $43 million
Ticker: OTC: ETRGF
HQ: Toronto, ON, Canada
IPO Date: 7/5/17
IPO Price: $0.62
Recent Price: $0.03
Market Cap: $12 million

Entourage Health is a Health Canada LP selling such brands as Starseed Medicinal and Syndicate.