Cannabis multistate operators (MSO) are the sleeping giants of the cannabis industry.
Since marijuana is still illegal on the federal level, U.S. companies that operate in multiple states are currently as big as it gets in the cannabis industry.
Some of the biggest MSOs currently include Acreage Holdings (ACRHF) , Columbia Care (CCHWF) , Cresco Labs (CRLBF) , Curaleaf (CURLF) and Green Thumb Industries (GTBIF) among others.
While growth slowed in the third quarter, there is still evidence of strength in the cannabis industry.
One of the biggest issues with operating as an MSO is dealing with the different regulations that are in place in each state.
Without a federal legal framework, businesses need lawyers to make sure they are in compliance with each state's unique laws and statutes.
But the benefits of spreading your brand to a new locale outweighs the cons of the extra red tape companies may have to deal with.
Planet 13 Expands to Jacksonville
Nevada-based Planet 13 Holdings is one of those MSOs looking to spread its wings.
Planet 13 will be opening a dispensary in Orange Park, a suburb of Jacksonville, Florida.
"We've been heads down working hard on our Florida expansion. We are progressing well on locating and working on both cultivation and retail under a dual track plan to bring both online at the same time," said Bob Groesbeck, Co-CEO of Planet 13. "This is the first signed lease of our initial six planned neighborhood style stores all focused on major population centers and heavily trafficked retail locations."
The new dispensary will be located next to a Walmart Superstore, giving it maximum visibility.
The company has been busy with its expansion plans on the West coast where they built a dispensary "superstore" in Orange County.
Planet 13 also has a license in Chicago where it plans to open another superstore "somewhere in the greater downtown area," according to an interview in New Cannabis Ventures.
Planet 13 has an 11.1% market share in its home state of Nevada, according to the company.
In a recent quarter the company reported about $33 million in revenue, a 205% increase year over year.
