Vertically integrated dispensary

A cannabis business that owns multiple links in the supply chain — typically cultivation, processing, and retail. Common in markets that require or strongly incentivize vertical integration (e.g., Florida, New Jersey, New York pre-MRTA). Provides supply security and brand control, but concentrates capital risk and is associated with higher consumer prices than markets dominated by independent producers and retailers. Multi-State Operators (MSOs) like Trulieve, Curaleaf, and Verano are vertically integrated by design.