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MSO (Multi-State Operator)

Definition: A US cannabis company that holds licenses in multiple state markets. Major public MSOs include Curaleaf, Green Thumb Industries, Trulieve, Cresco Labs, and Verano. Because cannabis remains federally illegal, each state license is technically a separate business; MSOs hold them through subsidiary entities.

Related Terms

280E — Internal Revenue Code §280E, a US federal tax provision that prohibits businesses "trafficking" in Schedule I or II controlled substances from deducting ordinary business expenses.
Vertical Integration — A business model where one company owns cultivation, processing, distribution, and retail within the same state cannabis market.

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