The Cannabist Company is a vertically integrated, multi-state cannabis operator in the U.S. that cultivates, manufactures, and sells cannabis products through its own retail dispensaries and via wholesale to other licensed operators. Cannabist's dispensaries, branded under the "Cannabist" name, serve both registered medical patients and adult-use consumers across 70 locations in 12 states, selling flower, edibles, concentrates, oils, and accessories under its own in-house brands as well as third-party brands. Retail is the dominant revenue driver, with wholesale making up roughly 13–17% of revenue. Management has made wholesale a growing priority, shifting the mix from bulk flower toward higher-margin finished goods to better utilize existing cultivation and manufacturing capacity. Vertical integration allows Cannabist to capture margin across the supply chain, but its 19 cultivation and manufacturing facilities carry fixed overhead that weighs on margins when underutilized. Near-term growth centers on adult-use market transitions — several of Cannabist's existing medical markets, including Delaware, Virginia, and Pennsylvania, are expected to convert to adult use, dramatically expanding the consumer base with minimal additional CapEx required. The company is also rationalizing its portfolio, exiting underperforming markets to focus on its strongest states. Cannabist carries a significant debt load of roughly $270M in senior notes, and in early 2025 entered a restructuring agreement with noteholders to extend maturities and issue new equity. Like all U.S. cannabis operators, Cannabist is subject to Section 280E of the federal tax code, which disallows ordinary business expense deductions and materially increases its effective tax rate.