The big 4 are NY, California, Texas and Florida. Of those, NY is...

The big 4 are NY, California, Texas and Florida. Of those, NY is the only one that has legalised but is not yet active as is still working out how the model will work. The model approved is one where the state collects a huge chunk of revenue so not particularly favourable for the operators. In addition, apparently only 2 operators will be licensed in NY and they will be able to subcontract from there (skins). A pretty miserable model compared to the other states in my opinion.
The other 3 States are not even on the horizon at this point as their politicians have not even raised the topic. Obviously down the track this could change and I expect it will but realistically it could be years off. This means that I don’t believe the PBH share price has factored in these states at all at this point. Regardless of these bigger states, as has been mentioned by other posters, there is still an enormous market in the US and PBH is already live in New Jersey, Illinois, Iowa, Colorado, Indiana, Michigan with plenty more just around the corner including the maple leaf so the future seems extremely bright.