Hi @John Mullen ,
I hope you're doing well.
Based on the information you've provided, it does not appear that your Microsoft 365 Business Standard subscription or Office activation is failing. The fact that Word and Excel are showing as activated confirms that your Microsoft 365 license has been assigned and activated successfully.
However, Microsoft Publisher reached end of life for Microsoft 365 subscribers in October 2026 and is no longer included with Microsoft 365 subscriptions. Microsoft states that subscribers "will not be able to access Publisher on or shortly after October 1, 2026, as the removal update process rolls out" and that Publisher is no longer included in Microsoft 365 after that date.

For your reference: Microsoft Publisher will no longer be supported after October 2026 | Microsoft Support
As a result, it is expected that Publisher may display "Unlicensed Product" while the rest of the Microsoft 365 apps remain licensed and fully functional. When an Office application is in an unlicensed state, it operates with reduced functionality, which explains why Publisher opens in read-only mode.
If you need to continue using Publisher after October 2026, you would need a valid perpetual Publisher license. Microsoft states that perpetual versions can still be installed and used after October 2026 if you already own a valid license, although support for those products has ended.
Please be cautious when purchasing older perpetual Office products solely to obtain Publisher. Some perpetual Office suites and standalone Office products are not supported for use alongside Microsoft 365 Apps, and mixing different Office versions, licensing models, or installation technologies can result in installation, activation, or update conflicts. Additionally, some Office and Publisher versions (like Office 2021 or Publisher 2021,...) are no longer supported by Microsoft and no longer receive security updates or product support. Before purchasing, verify that the product is compatible with your existing Microsoft 365 deployment and that it meets your organization's requirements.
For your reference: Install and use different versions of Office on the same PC | Microsoft Support
Please let me know if you need any assistance or clarification. I'll be happy to help.