Stem Holdings is a small, multi-state cannabis operator that has wound down its operations and is seeking acquisition. At its peak, Stem operated as a vertically integrated cannabis company across Oregon, Nevada, and California, with cultivation, processing, extraction, retail, and distribution capabilities. Its branded product lines included TJ's Gardens, TravisxJames, and Yerba Buena (flower and extracts) and Cannavore (edibles). Stem sold cannabis products to adult recreational and medical consumers through its own retail dispensaries and also sold wholesale to other licensed operators. Oregon was Stem's primary market, where it operated through wholly-owned subsidiaries; Nevada operations were held through a 50% joint venture; and California consisted of a single dispensary sold in July 2023. Originally formed in 2016 as a real estate holding company leasing properties to cannabis operators, Stem transitioned into direct operations and completed a merger with Driven Deliveries, a cannabis delivery technology company, in 2020 — though that business was divested in 2021 after generating substantial losses. Beginning in 2022, Stem began selling off licenses and properties, and by September 30, 2023, all remaining cannabis assets were classified as held for sale. Like most U.S. cannabis operators, Stem faced structural headwinds including federal Schedule I status, limited banking access, cash-heavy operations, and a higher effective tax burden under Section 280E of the U.S. tax code.