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 leads all states in total capital raised LTM with $631.2M. Illinois follows with $412.0M for the LTM ending 11/28/2025. Minnesota ranks third with $233.96M raised over the same period.
M&A LTM
New York leads all states in transaction volume with 5 deals completed in the LTM ending 11/28/2025. Colorado follows with 3 deals. Nevada, Missouri, Utah, Oregon, Ohio, Michigan, and Massachusetts each recorded 2 deals during the same period, tying for third place. Illinois ranks 10th with 2 recorded deals.
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