TREES is a small, multi-state cannabis retailer and cultivator operating in Colorado and Oregon. The core business is retail cannabis dispensaries — TREES currently operates six dispensaries across the Portland metro area, Denver/Englewood metro area, and Longmont, CO, selling recreational and medical cannabis directly to consumers. TREES also operates two cannabis cultivation facilities in Colorado, giving it partial vertical integration and some ability to reduce the cost of goods sold relative to sourcing entirely from third-party wholesalers. TREES operates through two segments: Retail and Cultivation. The company's stated strategy is to grow through acquisitions of licensed cannabis assets, though recent years have involved both acquisitions and divestitures as TREES has rationalized its portfolio. The business is capital-intensive and has been funded through a mix of debt and equity. Like all U.S. cannabis companies, TREES faces a structural tax disadvantage under IRS Section 280E, which prohibits cannabis businesses from deducting ordinary operating expenses because cannabis remains a Schedule I controlled substance federally — only cost of goods sold is deductible, which inflates the effective tax rate and compresses profitability. A potential DEA reclassification of cannabis to Schedule III would eliminate the 280E burden and improve after-tax economics, though this outcome remains uncertain.