The end of 2018 set the stage for more consolidation. Larger, more well-financed players were able to acquire smaller companies as the land grab frenzy heats up. Key end of year consolidations included MedMen's (MMNFF) acquisition of Pharmacann and the combination of iAnthus (ITHUF) and MPX Bioceuticals (MPXEF) . The latest announcement between Green Growth Brands and Aphria (APHA) has generated a heated discussion as to whether the proposed hostile bid is serious.
Multi-state operators (MSO) are rushing to plant flags in as many states as possible in order to claim to be the company with the largest footprint. There will certainly be more moves as the larger MSO's identify smaller, single state operators to add to their growing portfolios.
It's difficult to keep track of the how the MSO's rank as the picture keeps changing. There are many planned mergers that haven't actually closed. Some mergers are announced to great fanfare and when they don't close, they just quietly end with little announcement. Having said that, these are the top five MSO's at this time.