Markets: United States
Cannabis M&A and Capital Raising in the United States
The U.S. is the world's largest cannabis market and among its most fragmented. Kronos advises multi-state operators, single-state operators and CBD and hemp brands on divestitures, acquisitions, capital raising and restructuring, often connecting them with buyers and investors in Canada.
Why the U.S., why now
Federal policy has started to move. In April 2026, the Justice Department and DEA moved FDA-approved marijuana products and marijuana regulated by a state medical license to Schedule III. For state-licensed medical operators, that ends the 280E tax penalty, and medical licensees will register with the DEA, which many expect to improve access to banking and capital markets.
Adult-use is still waiting. Marijuana outside the April 2026 rule remains in Schedule I for now, while a separate DEA proceeding decides whether the rest of the market follows. Operators with significant medical exposure have a clear advantage today.
That points to more M&A. Lower taxes, better access to capital and a clearer federal path tend to bring buyers back. Multi-state operators are selling non-core state assets to concentrate where they are strongest, while single-state operators consolidate to gain scale.
Who we work with
• Multi-state and single-state operators
• CBD, hemp and wellness brands
• Canadian-listed companies with U.S. operations
• Lenders, special committees and investors
How we help
• Divestitures: selling state-level assets, licences and retail locations
• Acquisitions and roll-ups: buy-side work for operators building scale
• Capital raising: term loans, convertible notes and equity
• Fairness opinions: independent opinions for boards and special committees
Buying or selling a cannabis business in the United States
Whether you are looking to sell a cannabis business or a dispensary, or acquire one, we can help. We advise multi-state and single-state operators on selling dispensaries, cultivation facilities and state licences, and work with buyers looking for cannabis businesses for sale across U.S. states.
Our principals' U.S. transactions include Village Farms' US$75 million acquisition of Balanced Health Botanicals, Cansortium's combination with RIV Capital, divestitures of Florida, Arizona and Nevada assets by The Cannabist Company and MedMen, and a fairness opinion for The Cannabist Company on its proposed acquisition by Cresco Labs. See our full track record.
Considering a sale, acquisition or financing? We're happy to have a confidential conversation.