“I think these companies are insulated from the threats of the trade war, as far as revenue goes. Sure, the stocks prices could drop with fear in the market but these are domestic operations and in the long term, they’ll thrive. I like these vertically integrated, multi-state footprints. Since it’s federally illegal, each state is operating in an oligopoly. So in the near-term it’s costly that they have to build out (green field) or acquire an existing producer in each new state they enter. However, in the long term these companies are building up for strong regional production and distribution networks. I expect states to still be restrictive to keep the tax revenue in-state when the U.S. goes legal at a federal level. However, should some states be lax in their laws or there are shortages, these companies that have the regional distribution could benefit. Still a few years away but when the U.S. flips the switch (legalize or at least decriminalized/re-schedule), these companies go from individual state oligopolies to regional to super-regional distribution networks.

I think a combination of these three gives good exposure to the U.S. market:

  • Exposure to three of the top four states by population (California, Florida, and New York)
  • Have to discount some of the states on the map (New Mexico isn’t 100% ownership for iAnthus, California is CannaRoyalty’s primary focus, iAnthus still has to build out it’s East coast footprint)
  • Vertically integrated in large addressable markets and multi-state footprints.
  • Dispensaries and distribution networks
  • Large brand portfolio


  • Longer term outlook (2-3 years before fully built out and steady state)
  • In terms of near-term revenue, I’d rank 1) MPX 2) CannaRoyalty 3) iAnthus. MPX has their Arizona market while they build out their other operations. CannaRoyalty closed on the acquisitions of their distribution network but still need to integrate those operations but they should be up there with California ramping up. iAnthus still needs to build in NY, FL, and MA.
  • Other users on this sub can probably speak to their financials and share structure but from what I can tell CRZ and IAN look good from a fully diluted standpoint.
  • Competitors: California (lots), New York (MedMen, Columbia Care), Florida (Liberty Health), Nevada (TGIF, lots). Someone had that spreadsheet of the companies in each state.


MPX Bioceutical

iAnthus Capital

Original Source:

Comment from discussion iAnthus vs MPX.