Ind.
Market intelligence, M&A, operator news, and the money moving through cannabis.
Section Editor
Caleb Quinn — The Insider
Market & Sales
All Market Data →
Industry
Tilray’s International Cannabis Revenue Grew 73% in Q3. Its Beverage Segment Shrank 24%. Then It Bought a British Beer Brand.
Caleb Quinn
·
Apr 1
Industry
Two of Cannabis’s Largest Private Operators Just Signaled the MSO Shakeout Is Real
Caleb Quinn
·
Mar 30
Industry
MJ Unpacked’s Atlantic City Agenda Is a Stress Test Wrapped in a Trade Show
Caleb Quinn
·
Mar 28
M&A Activity
All Deals →
Industry
AI Analysts Can’t Make Sense of Cannabis Stocks Yet. The Reasons Are Structural.
Caleb Quinn
·
Mar 27
Industry
Canada’s Cannabis Market Grew 6.5% as Alcohol Shrank. The Substitution Trade Is Real — and It’s Coming for U.S. Markets.
Caleb Quinn
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Mar 27
Industry
Illinois Cannabis Sales Fell to a Four-Year Low in 2025. Two Months Into 2026, They’re Already Worse.
Caleb Quinn
·
Mar 26
Operations
All Operator News →
Industry
Cannabis M&A Is Frozen. Employee Buyouts Are Giving Founders a Path Out — Without Selling Low
Caleb Quinn
·
Mar 23
Industry
Cannabis Beverages Are Having a Moment — And the Alcohol Industry Is Paying Attention
Caleb Quinn
·
Mar 21
Industry
MSO Earnings Season Reveals a Sector Learning to Survive Under Pressure
Caleb Quinn
·
Mar 21
Finance & Investment
All Finance →
Industry
Why Social Equity Cannabis Licenses Take Years to Open
Caleb Quinn
·
Mar 21
Industry
More industry coverage coming soon…
Industry
More industry coverage coming soon…
Deal Tracker
— Q1 2026
View All Deals →
| Acquirer → Target | Deal Size | Status | Date | Sector |
|---|---|---|---|---|
Curaleaf→PharmaCann |
$2.1B | Announced | Mar 19, 2026 | Retail / Multi-state |
Trulieve→3 FL Dispensaries |
$64M | Closed | Mar 15, 2026 | Florida Retail |
Jushi Holdings→Ascend Wellness |
All-stock | Pending | Mar 12, 2026 | Merger |
Acreage Holdings→Ohio Leaf Group |
$28M | Closed | Mar 8, 2026 | Cultivation |
Glass House Brands→NorCal facility |
$18M | Closed | Feb 28, 2026 | Real Estate |
Schwazze→New Mexico Organic |
$12M | Announced | Feb 21, 2026 | Wholesale / Brand |
◆ Data Feature · MSO Watch
The MSO Shakeout: Who’s Winning, Who’s Bleeding
Twelve months of relentless price compression, 280E tax pressure, and drying capital markets have sorted the multi-state operators into two camps: the consolidators and the consolidatees. Here’s where every major player stands going into Q2 2026.
Revenue growth YoY
Debt-to-revenue ratio
Top Performer
GTI
+11% revenue YoY · Q4 '25
Biggest Loser
MedMen
−67% revenue · license risk
Sector Avg. Gross Margin
41.2%
Down from 49% in 2023
Combined MSO Debt
$4.8B
Up $600M in 12 months
The Insider — Opinion & Analysis
The Insider
Tilray’s International Cannabis Revenue Grew 73% in Q3. Its Beverage Segment Shrank 24%. Then It Bought a British Beer Brand.
Tilray posted record Q3 revenue of $206.7 million and swung to adjusted profitability for the first time in years — while its cannabis business grew 19% and its beer business shrank. The BrewDog acquisition may look like doubling down on a losing hand. Look closer.
Read the full take →
April 1, 2026
The Insider
Two of Cannabis’s Largest Private Operators Just Signaled the MSO Shakeout Is Real
Cannabist filed for insolvency protection and began selling off assets in eight states. PharmaCann announced it's closing its Denver cultivation operation and exiting Colorado. The forced rationalization of the MSO sector is no longer theoretical.
Read the full take →
March 30, 2026