MSO (Multi-State Operator)

A cannabis company that operates licensed cultivation, processing, distribution, or retail in more than one U.S. state. Curaleaf, Green Thumb, Trulieve, Verano, Cresco. The dominant corporate structure in U.S. cannabis — because federal illegality blocks interstate commerce, every state operation must be vertically integrated and separately licensed. 280E tax burden falls hardest on MSOs, and rescheduling would benefit them most.