Regional Tracker
The Viridian Cannabis Regional Tracker is the premier resource to follow the movement of capital and M&A by location.
Cannabis industry capital raises and M&A activity are shifting. Newly legalized states in the Central and Northeast have become the focus of an increasing amount of capital deployment to fund new cultivation capacity and new dispensaries. MSOs are often finding it more advantageous to build scale in new states through acquisition rather than internal build, leading to a similar shift in M&A activity.
The Regional Tracker gives investors a clear view of where capital is being allocated.
Capital raises ltm (Last 12 months)
New York ranks number one in total capital raised at $686.31M and ranks second in total transaction volume with 9 total raises. Illinois ranks second in total capital raised at $487.00M for the LTM period ended 8/29/25. Minnesota ranks third in total invested capital at $243.96M for the LTM period ended 8/29/25.
M&A LTM
New York now ranks first in transaction volume by state with 4 deals for LTM ended 8/29/2025. Colorado, Nevada, and Oregon now tie for second in total M&A transactions with 3 total deals completed for LTM ended 8/29/2025. Florida, California, Missouri, Utah, Ohio and Illinois tie for third in total M&A transactions with 2 total deals completed for LTM ended 8/29/2025.
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