A select few have even broken away from the pack to expand and become profitable.
Emily Paxhia, a cofounder and managing partner of Poseidon Asset Management, and Mitch Baruchowitz, a managing partner at Merida Capital Holdings, describe the biggest US cannabis companies as forming the "first tier" of the industry.
That group includes Green Thumb Industries, Trulieve, Cresco, Verano, Curaleaf, Columbia Care, Jushi, Ayr, and TerrAscend.
US cannabis companies fit into multiple tiers
But it's not as simple as breaking down US companies into a top tier and lower tier, Paxhia and Baruchowitz told Insider in a panel on Thursday.