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As more and more states legalize marijuana, American companies are racing to establish multi-state cannabis empires. It is still illegal under federal law, so exchanges like the New York Stock Exchange and Nasdaq aren’t an option for these outfits. Seven of the multi-state chains have raised war chests and listed their stocks on the Canadian Securities Exchange. Their shares also trade in the U.S. on the OTC Market.

Most of these American marijuana merchants aren’t yet profitable, as they pour cash into growing operations, storefronts, and their house brands. But if you want to build a bracket for this Reefer March Madness, check out the contenders below, in order of stock market capitalization.

You can read more in this week’s cover story on the American marijuana industry.

Curaleaf

Curaleaf Holdings (CURA.Canada and CURLF.OTC) was launched by two fellows who got rich in Russia’s transition to capitalism—Boris Jordan and Andrei Blokh. It has deep pockets to make acquisitions and extend its dispensary network beyond the 13 states where it is licensed to open up to 61 shops. So far, 42 are up and running. It lost $41 million on sales of $55 million in the nine months ended September 2018.

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Harvest Health & Recreation

Harvest Health & Recreation (HARV.Canada and HRVSF.OTC) started in Arizona and has 13 dispensaries under the Harvest banner. CEO Steve White has proven very good at winning licenses, with approval for 86 locations so far, across 12 states. Although Harvest has raised piles of cash, it is spending it judiciously and turned a profit on sales of $30 million in 2018’s first nine months.

Green Thumb Industries

Green Thumb Industries (GTII.Canada and GTBIF.OTC) runs 20 stores from its home base in Chicago (which turns out to be a hotbed of cannabis entrepreneurship). It has licenses to open 83 of its Rise dispensaries in 10 states. The shops will offer a wide variety of cannabis products, CEO Ben Kovler says, in addition to the company’s own brands like Rythm and Dogwalkers.

Acreage Holdings

Acreage Holdings (ACRG.U.Canada and ACRGF.OTC) grew out of the cannabis investments of CEO Kevin Murphy. Among the rivals, Acreage is licensed in the most states: 19 to date. It has licenses for 79 shops and has opened 19. The stores will be named The Botanist and affect a 19th Century décor. Nervous neighbors may find reassurance in Acreage’s advisory board of conservative politicians, who include former House Speaker John Boehner, former Massachusetts Governor (and potential presidential candidate) Bill Weld, and former Canadian Prime Minister Brian Mulroney.

MedMen

MedMen Enterprises (MMEN.Canada and MMNFF.OTC) is the industry’s glamour player—with sleek stores in high-priced haunts like Beverly Hills and Manhattan’s Fifth Avenue. CEO Adam Bierman hangs with Hollywood celebrities and headlines at the South by Southwest Conference. While MedMen says its flagship shops have higher sales-per-square foot than a Tiffany or Apple store, the company has run huge losses building out its network of 30 locations. Sales were $74 million in the nine months ended September 2018. When a merger with rival PharmaCann closes, MedMen will have licenses for 78 shops in 12 states.

Trulieve Cannabis

Trulieve Cannabis (TRUL.Canada and TCNNF.OTC) has done something that none of the other American cannabis sellers have: make a good profit. It earned $32 million on sales of $67 million in last year’s first nine months. Those revenues were all in Florida, where Trulieve’s 24 dispensaries dominate the state’s medical marijuana market. That store count will grow a lot if CEO Kim Rivers succeeds in her court challenge to the state’s cap on retail licenses. Meanwhile, she’s expanding to California and Massachusetts.

iAnthus Capital Holdings

iAnthus Capital Holdings (IAN.Canada and ITHUF.OTC) doubled its size in a recent merger, to a total of 63 retail licenses in 11 states. The combined companies had sales of $39 million in the nine months ended September 2018, and big losses. iAnthus was the first of the U.S. multi-state operations to go public in Canada, and CEO Hadley Ford likes to remind investors that his company doesn’t have piles of insider shares waiting to be unlocked and sold—as most of his rivals do.

Write to Bill Alpert at william.alpert@barrons.com