Let’s talk real margins. What part of the cannabis supply chain is actually the most profitable right now?

Everyone I talk to in the industry gives a different answer. Some say cultivation is dead unless you’re vertically integrated. Others swear that white-label brands and distillate carts are printing money. Then there’s people killing it with solventless or niche DTC drops.

I’m trying to figure out where the smartest pivot is for 2025. If you’re actively working in the space, dispensary, lab, distro, grows, delivery — what are you seeing? Are flower margins completely cooked? Is retail still viable in any market without being MSO-backed? Is post-processing (gummies, vapes, beverages) still scalable without losing QC? Would love to hear from operators and insiders. No hype, no VC fantasy talk. Just what’s actually working and what’s burning out.