1. Overview and Basis of Presentation
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(a) Description of Business
Green Thumb Industries Inc. (\u201cGreen Thumb,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while being committed to community and sustainable, profitable growth. Green Thumb owns, manufactures, and distributes a portfolio of cannabis consumer packaged goods brands including &Shine, Beboe, Dogwalkers, Doctor Solomon\u2019s, Good Green, incredibles, and RYTHM, to third-party retail stores across the United States as well as to Green Thumb owned retail locations. The Company also owns and operates retail cannabis stores that include a national chain named RISE Dispensaries, and sell our products and third-party products. As of June 30, 2024, Green Thumb has revenue in fourteen markets (California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia), employs approximately 4,500 people and serves millions of patients and customers annually.
The Company\u2019s registered office is located at 250 Howe Street, 20th Floor, Vancouver, British Columbia, V6C 3R8. The Company\u2019s U.S. headquarters are at 325 W. Huron St., Suite 700, Chicago, IL 60654.
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(b) Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (\u201cSEC\u201d). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the \u201c2023 Form 10-K\u201d). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
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(c) Significant Accounting Policies
There have been no changes to the Company\u2019s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2023 Form 10-K.
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(d) Earnings per Share
Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of June 30, 2024, the Company had 9,196,881 options, 4,665,523 restricted stock units and 2,128,022 warrants outstanding. As of June 30, 2023, the Company had 10,874,051 options, 3,453,460 restricted stock units and 3,734,555 warrants outstanding.
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1. Overview and Basis of Presentation (Continued)
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(d) Earnings per Share (Continued)
In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended June 30, 2024, the computation of diluted earnings per share included 1,632,323 options, 971,792 restricted stock units, and 117,434 warrants. For the six months ended June 30, 2024, the computation of diluted earnings per share included 1,625,478 options, 1,939,848 restricted stock units, and 119,259 warrants. For the three months ended June 30, 2023, the computation of diluted earnings per share included 135,894 options and 287,259 restricted stock units. For the six months ended June 30, 2023, the computation of diluted earnings per share included 167,191 options and 1,587,917 restricted stock units. There were no dilutive warrants during the three and six months ended June 30, 2023 as the strike price was greater than the average stock price for the period. For the three and six months ended June 30, 2024, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 896,810 and 978,895, respectively. For the three and six months ended June 30, 2023, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 3,399,518 and 3,473,866, respectively.
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(e) Recently Issued Accounting Standards
The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the business for disclosure.
The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (\u201cSEC\u201d). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the \u201c2023 Form 10-K\u201d). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
"}]},{"name":"rpt:f-406","factDimensions":{"xbrl:concept":"gtbif:SignificantAccountingPoliciesPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Significant Accounting PoliciesThere have been no changes to the Company\u2019s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2023 Form 10-K.
"}]},{"name":"rpt:f-407","factDimensions":{"xbrl:concept":"gtbif:EarningslosspersharePolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Earnings per ShareBasic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of June 30, 2024, the Company had 9,196,881 options, 4,665,523 restricted stock units and 2,128,022 warrants outstanding. As of June 30, 2023, the Company had 10,874,051 options, 3,453,460 restricted stock units and 3,734,555 warrants outstanding.
Earnings per Share (Continued)In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended June 30, 2024, the computation of diluted earnings per share included 1,632,323 options, 971,792 restricted stock units, and 117,434 warrants. For the six months ended June 30, 2024, the computation of diluted earnings per share included 1,625,478 options, 1,939,848 restricted stock units, and 119,259 warrants. For the three months ended June 30, 2023, the computation of diluted earnings per share included 135,894 options and 287,259 restricted stock units. For the six months ended June 30, 2023, the computation of diluted earnings per share included 167,191 options and 1,587,917 restricted stock units. There were no dilutive warrants during the three and six months ended June 30, 2023 as the strike price was greater than the average stock price for the period. For the three and six months ended June 30, 2024, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 896,810 and 978,895, respectively. For the three and six months ended June 30, 2023, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 3,399,518 and 3,473,866, respectively.
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Issued Accounting StandardsThe Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the business for disclosure.
"}]},{"name":"rpt:f-429","factDimensions":{"xbrl:concept":"us-gaap:InventoryDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"2. INVENTORIES
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The Company\u2019s inventories include the following at June 30, 2024 and December 31, 2023:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Raw Material | \n $ | \n 2,205 | \n $ | \n 1,547 | \n
Packaging and Miscellaneous | \n \u00a0 | \n 11,021 | \n \u00a0 | \n 10,661 | \n
Work in Process | \n \u00a0 | \n 51,219 | \n \u00a0 | \n 47,029 | \n
Finished Goods | \n \u00a0 | \n 70,320 | \n \u00a0 | \n 57,631 | \n
Reserve for Obsolete Inventory | \n \u00a0 | \n (4,235) | \n \u00a0 | \n (3,898) | \n
Total Inventories, Net | \n $ | \n 130,530 | \n $ | \n 112,970 | \n
The Company\u2019s inventories include the following at June 30, 2024 and December 31, 2023:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Raw Material | \n $ | \n 2,205 | \n $ | \n 1,547 | \n
Packaging and Miscellaneous | \n \u00a0 | \n 11,021 | \n \u00a0 | \n 10,661 | \n
Work in Process | \n \u00a0 | \n 51,219 | \n \u00a0 | \n 47,029 | \n
Finished Goods | \n \u00a0 | \n 70,320 | \n \u00a0 | \n 57,631 | \n
Reserve for Obsolete Inventory | \n \u00a0 | \n (4,235) | \n \u00a0 | \n (3,898) | \n
Total Inventories, Net | \n $ | \n 130,530 | \n $ | \n 112,970 | \n
3. PROPERTY AND EQUIPMENT
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\u00a0
At June 30, 2024 and December 31, 2023, property and equipment consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Buildings and Improvements | \n $ | \n 354,195 | \n $ | \n 353,912 | \n
Equipment, Computers and Furniture | \n \u00a0 | \n 182,041 | \n \u00a0 | \n 171,522 | \n
Leasehold Improvements | \n \u00a0 | \n 222,073 | \n \u00a0 | \n 200,232 | \n
Land Improvements | \n \u00a0 | \n 1,168 | \n \u00a0 | \n 1,046 | \n
Capitalized Interest | \n \u00a0 | \n 31,603 | \n \u00a0 | \n 30,817 | \n
Total Property and Equipment | \n \u00a0 | \n 791,080 | \n \u00a0 | \n 757,529 | \n
Less: Accumulated Depreciation | \n \u00a0 | \n (157,168) | \n \u00a0 | \n (127,290) | \n
Property and Equipment, net | \n \u00a0 | \n 633,912 | \n \u00a0 | \n 630,239 | \n
Land | \n \u00a0 | \n 33,725 | \n \u00a0 | \n 33,725 | \n
Assets Under Construction | \n \u00a0 | \n 26,402 | \n \u00a0 | \n 23,142 | \n
Property and Equipment, net | \n $ | \n 694,039 | \n $ | \n 687,106 | \n
\u00a0
Assets under construction represent costs associated with construction projects on cultivation and production facilities and retail stores as well as costs associated with internal-use software not yet placed in service.
Depreciation expense for the three and six months ended June 30, 2024 totaled $15,412 thousand and $30,516 thousand, respectively, of which $9,930 thousand and $19,723 thousand, respectively, is included in cost of goods sold. Depreciation expense for the three and six months ended June 30, 2023 totaled $11,490 thousand and $22,381 thousand respectively, of which $7,694 thousand and $15,050 thousand, respectively, is included in cost of goods sold.
"}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At June 30, 2024 and December 31, 2023, property and equipment consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Buildings and Improvements | \n $ | \n 354,195 | \n $ | \n 353,912 | \n
Equipment, Computers and Furniture | \n \u00a0 | \n 182,041 | \n \u00a0 | \n 171,522 | \n
Leasehold Improvements | \n \u00a0 | \n 222,073 | \n \u00a0 | \n 200,232 | \n
Land Improvements | \n \u00a0 | \n 1,168 | \n \u00a0 | \n 1,046 | \n
Capitalized Interest | \n \u00a0 | \n 31,603 | \n \u00a0 | \n 30,817 | \n
Total Property and Equipment | \n \u00a0 | \n 791,080 | \n \u00a0 | \n 757,529 | \n
Less: Accumulated Depreciation | \n \u00a0 | \n (157,168) | \n \u00a0 | \n (127,290) | \n
Property and Equipment, net | \n \u00a0 | \n 633,912 | \n \u00a0 | \n 630,239 | \n
Land | \n \u00a0 | \n 33,725 | \n \u00a0 | \n 33,725 | \n
Assets Under Construction | \n \u00a0 | \n 26,402 | \n \u00a0 | \n 23,142 | \n
Property and Equipment, net | \n $ | \n 694,039 | \n $ | \n 687,106 | \n
4. INTANGIBLE ASSETS AND GOODWILL
\u00a0
\u00a0
(a) Intangible Assets
Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.
At June 30, 2024 and December 31, 2023, intangible assets consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n ||||||||
\u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n Net Book Value | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n (in thousands) | \n ||||||||
Licenses and Permits | \n $ | \n 660,716 | \n $ | \n 179,813 | \n $ | \n 480,903 | \n $ | \n 660,716 | \n $ | \n 157,764 | \n $ | \n 502,952 | \n
Trademarks | \n \u00a0 | \n 41,511 | \n \u00a0 | \n 14,746 | \n \u00a0 | \n 26,765 | \n \u00a0 | \n 41,511 | \n \u00a0 | \n 13,378 | \n \u00a0 | \n 28,133 | \n
Customer Relationships | \n \u00a0 | \n 24,438 | \n \u00a0 | \n 18,672 | \n \u00a0 | \n 5,766 | \n \u00a0 | \n 24,438 | \n \u00a0 | \n 16,927 | \n \u00a0 | \n 7,511 | \n
Non-Competition Agreements | \n \u00a0 | \n 2,565 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n 2,483 | \n \u00a0 | \n 82 | \n
Total Intangible Assets | \n $ | \n 729,230 | \n $ | \n 215,796 | \n $ | \n 513,434 | \n $ | \n 729,230 | \n $ | \n 190,552 | \n $ | \n 538,678 | \n
The Company recorded amortization expense for the three and six months ended June 30, 2024 of $12,573 thousand and $25,244 thousand, respectively. The Company recorded amortization expense for the three and six months ended June 30, 2023 of $12,744 thousand and $25,354 thousand, respectively. As of June 30, 2024 and December 31, 2023, intangible assets are carried net of accumulated impairment losses of $31,131 thousand as of each period then ended.
The following table outlines the estimated annual amortization expense related to intangible assets as of June 30, 2024:
\n
| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Estimated | \n
Year Ending December 31, | \n \u00a0 | \n (in thousands) | \n
Remainder of 2024 | \n $ | \n 25,148 | \n
2025 | \n \u00a0 | \n 50,294 | \n
2026 | \n \u00a0 | \n 47,332 | \n
2027 | \n \u00a0 | \n 46,803 | \n
2028 | \n \u00a0 | \n 46,803 | \n
2029 and Thereafter | \n \u00a0 | \n 297,054 | \n
\u00a0 | \n $ | \n 513,434 | \n
As of June 30, 2024, the weighted average amortization period remaining for intangible assets was 10.91 years.
(b) Goodwill
At June 30, 2024 and December 31, 2023 the balances of goodwill, by segment, consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Retail | \n $ | \n 273,802 | \n $ | \n 273,802 | \n
Consumer Packaged Goods | \n \u00a0 | \n 315,889 | \n \u00a0 | \n 315,889 | \n
Total | \n $ | \n 589,691 | \n $ | \n 589,691 | \n
\u00a0
Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of June 30, 2024 and December 31, 2023. During the three and six months ended June 30, 2024 and 2023, there were no goodwill impairment charges recognized by the Company in the unaudited interim condensed consolidated statements of operations.
"}]},{"name":"rpt:f-476","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At June 30, 2024 and December 31, 2023, intangible assets consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n ||||||||
\u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n Net Book Value | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n (in thousands) | \n ||||||||
Licenses and Permits | \n $ | \n 660,716 | \n $ | \n 179,813 | \n $ | \n 480,903 | \n $ | \n 660,716 | \n $ | \n 157,764 | \n $ | \n 502,952 | \n
Trademarks | \n \u00a0 | \n 41,511 | \n \u00a0 | \n 14,746 | \n \u00a0 | \n 26,765 | \n \u00a0 | \n 41,511 | \n \u00a0 | \n 13,378 | \n \u00a0 | \n 28,133 | \n
Customer Relationships | \n \u00a0 | \n 24,438 | \n \u00a0 | \n 18,672 | \n \u00a0 | \n 5,766 | \n \u00a0 | \n 24,438 | \n \u00a0 | \n 16,927 | \n \u00a0 | \n 7,511 | \n
Non-Competition Agreements | \n \u00a0 | \n 2,565 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n 2,483 | \n \u00a0 | \n 82 | \n
Total Intangible Assets | \n $ | \n 729,230 | \n $ | \n 215,796 | \n $ | \n 513,434 | \n $ | \n 729,230 | \n $ | \n 190,552 | \n $ | \n 538,678 | \n
The following table outlines the estimated annual amortization expense related to intangible assets as of June 30, 2024:
\n
| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Estimated | \n
Year Ending December 31, | \n \u00a0 | \n (in thousands) | \n
Remainder of 2024 | \n $ | \n 25,148 | \n
2025 | \n \u00a0 | \n 50,294 | \n
2026 | \n \u00a0 | \n 47,332 | \n
2027 | \n \u00a0 | \n 46,803 | \n
2028 | \n \u00a0 | \n 46,803 | \n
2029 and Thereafter | \n \u00a0 | \n 297,054 | \n
\u00a0 | \n $ | \n 513,434 | \n
At June 30, 2024 and December 31, 2023 the balances of goodwill, by segment, consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Retail | \n $ | \n 273,802 | \n $ | \n 273,802 | \n
Consumer Packaged Goods | \n \u00a0 | \n 315,889 | \n \u00a0 | \n 315,889 | \n
Total | \n $ | \n 589,691 | \n $ | \n 589,691 | \n
5. INVESTMENTS
\u00a0
\u00a0
As of June 30, 2024 and December 31, 2023, the Company held various equity interests in cannabis-related companies as well as investments in note(s) receivable instruments that had a combined fair value of $61,412 thousand and $64,361 thousand, respectively. The Company measures its investments that do not have readily determinable fair value at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.
The following table summarizes the changes in the Company\u2019s investments during the six months ended June 30, 2024 and year ended December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Beginning | \n $ | \n 64,361 | \n $ | \n 74,169 | \n
Additions | \n \u00a0 | \n 2,965 | \n \u00a0 | \n 8,200 | \n
Disposals | \n \u00a0 | \n (6,248) | \n \u00a0 | \n (498) | \n
Fair value adjustment | \n \u00a0 | \n 334 | \n \u00a0 | \n (17,460) | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (50) | \n
Ending | \n $ | \n 61,412 | \n $ | \n 64,361 | \n
\u00a0
The following table summarizes the change in fair value associated with the Company's equity investments and notes receivable instruments recorded during the three and six months ended June 30, 2024 and 2023.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n Six Months Ended June 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Equity Investments | \n $ | \n (481) | \n $ | \n (655) | \n \u00a0 | \n $ | \n 158 | \n $ | \n (1,134) | \n
Notes Receivable Instruments | \n \u00a0 | \n 9 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 9 | \n \u00a0 | \n \u2014 | \n
Accrued Interest on Notes Receivable Instruments | \n \u00a0 | \n 84 | \n \u00a0 | \n 78 | \n \u00a0 | \n \u00a0 | \n 167 | \n \u00a0 | \n 206 | \n
Net fair value gains (losses) | \n $ | \n (388) | \n $ | \n (577) | \n \u00a0 | \n $ | \n 334 | \n $ | \n (928) | \n
\u00a0
(a) Equity Investments
\u00a0
As of June 30, 2024 and December 31, 2023, the Company held equity investments in publicly traded entities which have readily determinable fair values, which are classified as Level 1 investments of $507 thousand and $2,001 thousand, respectively. During the three and six months ended June 30, 2024, the Company recorded (losses) gains on the change in fair value of such investments of $(481) thousand and $158 thousand, respectively, within other income (expense) on the unaudited interim condensed consolidated statement of operations. During the three and six months ended June 30, 2023, the Company recorded net losses on the change in fair value of such investments of $655 thousand and $1,134 thousand, respectively, within other income (expense) on the unaudited interim condensed consolidated statement of operations. During the six months ended June 30, 2024 and 2023, the Company received proceeds from the sale of such investments of $1,652 thousand and $31 thousand, respectively.
As of June 30, 2024 and December 31, 2023, the Company held equity investments in privately held entities that did not have readily determinable fair values, which are classified as Level 3 investments, of $25,953 thousand as of each period end. For the three and six months ended June 30, 2024 and 2023, there were no gains or losses on the change in fair value of such investments. There were no sales of these investments during these periods.
\u00a0
These investments are classified as trading securities and are included within investments on the Company's unaudited interim condensed consolidated balance sheets.
See Note 13 - Fair Value Measurements for additional details.
\u00a0
\u00a0
5. INVESTMENTS (Continued)
\u00a0
\u00a0
\u00a0
(a) Equity Investments (Continued)
\u00a0
Unrealized (losses) gains associated with the Company's equity investments recorded during the three and six months ended June 30, 2024 were $(253) thousand and $319 thousand, respectively. Unrealized (losses) gains associated with the Company's equity investments recorded during the three and six months ended June 30, 2023 were $(653) thousand and $1,996 thousand, respectively.
\u00a0
(b) Notes Receivable Instruments
\u00a0
As of June 30, 2024 and December 31, 2023, the Company held note receivable instruments, which were classified as a Level 1 investment as they represent public debt of a publicly traded entity, and had a fair value of $24,188 thousand and $22,214 thousand, respectively. During the three and six months ended June 30, 2024, the Company recorded fair value adjustments of $9 thousand on these instruments. There were no gains (losses) recognized on these investments during the three and six months ended June 30, 2023. The notes receivable had a stated interest rate of 13% and a maturity date of April 29, 2025. The notes did not contain any conversion features.
\u00a0
As of June 30, 2024 and December 31, 2023, the Company held note receivable instruments, which were classified as Level 3 investments as they represent loans provided to privately held entities that do not have readily determinable fair values. The note receivable instruments had a combined fair value of $10,764 thousand and $14,193 thousand, respectively, with stated interest ranging between 2.7% - 10% and terms between twelve months to five years. The combined fair value of these notes receivable instruments includes the initial investment cost and combined contractual accrued interest of $84 thousand and $167 thousand for the three and six months ended June 30, 2024, respectively, and $78 thousand and $206 thousand for the three and six months ended June 30, 2023, respectively. The accrued interest is recorded within interest income on the unaudited interim condensed consolidated statements of operations.
\u00a0
On January 9, 2024, one of the Company's privately held note receivable instruments matured. As a result, the Company received the principal amount of $4,000 thousand along with the accrued interest of $605 thousand on such date.
These notes receivable instruments are classified as trading securities and are included within investments on the Company's unaudited interim condensed consolidated balance sheets.
\u00a0
See Note 13 - Fair Value Measurements for additional details.
"}]},{"name":"rpt:f-536","factDimensions":{"xbrl:concept":"us-gaap:EquityFairValueDisclosure","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"gtbif:CannabisCompaniesMember"},"factValues":[{"value":"61412000","decimals":-3}]},{"name":"rpt:f-537","factDimensions":{"xbrl:concept":"us-gaap:EquityFairValueDisclosure","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"gtbif:CannabisCompaniesMember"},"factValues":[{"value":"64361000","decimals":-3}]},{"name":"rpt:f-538","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfLongTermInvestmentsTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes the changes in the Company\u2019s investments during the six months ended June 30, 2024 and year ended December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Beginning | \n $ | \n 64,361 | \n $ | \n 74,169 | \n
Additions | \n \u00a0 | \n 2,965 | \n \u00a0 | \n 8,200 | \n
Disposals | \n \u00a0 | \n (6,248) | \n \u00a0 | \n (498) | \n
Fair value adjustment | \n \u00a0 | \n 334 | \n \u00a0 | \n (17,460) | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (50) | \n
Ending | \n $ | \n 61,412 | \n $ | \n 64,361 | \n
The following table summarizes the change in fair value associated with the Company's equity investments and notes receivable instruments recorded during the three and six months ended June 30, 2024 and 2023.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n Six Months Ended June 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Equity Investments | \n $ | \n (481) | \n $ | \n (655) | \n \u00a0 | \n $ | \n 158 | \n $ | \n (1,134) | \n
Notes Receivable Instruments | \n \u00a0 | \n 9 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 9 | \n \u00a0 | \n \u2014 | \n
Accrued Interest on Notes Receivable Instruments | \n \u00a0 | \n 84 | \n \u00a0 | \n 78 | \n \u00a0 | \n \u00a0 | \n 167 | \n \u00a0 | \n 206 | \n
Net fair value gains (losses) | \n $ | \n (388) | \n $ | \n (577) | \n \u00a0 | \n $ | \n 334 | \n $ | \n (928) | \n
6. LEASES
\u00a0
\u00a0
\u00a0
(a) Operating Leases
The Company has operating leases for its retail stores, processing and cultivation facilities and corporate office spaces. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.
All real estate leases are recorded on the balance sheet. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease agreements for some locations provide for rent escalations and renewal options. Certain real estate leases require payment for fixed and variable non-lease components, such as taxes, insurance and maintenance. The Company accounts for each real estate lease and the related non-lease components together as a single component.
The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. For three and six months ended June 30, 2024, the Company recorded operating lease expense of $12,425 thousand and $24,676 thousand, respectively compared to operating lease expense of $12,146 thousand and $24,368 thousand for three and six months ended June 30, 2023, respectively.
\u00a0
Other information related to operating leases as of June 30, 2024 and December 31, 2023 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
Weighted average remaining lease term (years) | \n \u00a0 | \n 11.19 | \n \u00a0 | \n 11.75 | \n
Weighted average discount rate | \n \u00a0 | \n 12.29% | \n \u00a0 | \n 12.40% | \n
\u00a0
Maturities of lease liabilities for operating leases as of June 30, 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Lease Liability | \n ||||
Year Ending December 31, | \n \u00a0 | \n Third-Party | \n \u00a0 | \n Related Party | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Remainder of 2024 | \n $ | \n 22,626 | \n $ | \n 292 | \n $ | \n 22,918 | \n
2025 | \n \u00a0 | \n 44,893 | \n \u00a0 | \n 592 | \n \u00a0 | \n 45,485 | \n
2026 | \n \u00a0 | \n 45,102 | \n \u00a0 | \n 603 | \n \u00a0 | \n 45,705 | \n
2027 | \n \u00a0 | \n 45,622 | \n \u00a0 | \n 572 | \n \u00a0 | \n 46,194 | \n
2028 | \n \u00a0 | \n 44,898 | \n \u00a0 | \n 364 | \n \u00a0 | \n 45,262 | \n
2029 and Thereafter | \n \u00a0 | \n 329,894 | \n \u00a0 | \n 1,364 | \n \u00a0 | \n 331,258 | \n
Total Lease Payments | \n \u00a0 | \n 533,035 | \n \u00a0 | \n 3,787 | \n \u00a0 | \n 536,822 | \n
Less: Interest | \n \u00a0 | \n (261,707) | \n \u00a0 | \n (1,231) | \n \u00a0 | \n (262,938) | \n
Present Value of Lease Liability | \n $ | \n 271,328 | \n $ | \n 2,556 | \n $ | \n 273,884 | \n
\u00a0
(b) Related Party Operating Leases
The Company has leasing arrangements that are related party transactions, including for certain facilities in Maryland, Massachusetts and Nevada. Wendy Berger, a former director of the Company, is a principal of WBS Equities, LLC, which is the Manager of Mosaic Real Estate, LLC, which owned the facilities leased by the Company. Additionally, Mosaic Real Estate, LLC is owned in part by Ms. Berger (through the Wendy Berger 1998 Revocable Trust), Benjamin Kovler, the Chairman and Chief Executive Officer of the Company (through KP Capital, LLC), and Anthony Georgiadis, the President and a director of the Company (through Three One Four Holdings, LLC). The terms of these leases range from 7 years to 15 years. For the three and six months ended June 30, 2024, the Company recorded lease expense of $166 thousand and $305 thousand, respectively, compared to lease expense of $137 thousand and $276 thousand for the three and six months ended June 30, 2023, respectively, associated with these leasing arrangements.
"}]},{"name":"rpt:f-602","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12425000","decimals":-3}]},{"name":"rpt:f-603","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"24676000","decimals":-3}]},{"name":"rpt:f-604","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12146000","decimals":-3}]},{"name":"rpt:f-605","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2023-01-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"24368000","decimals":-3}]},{"name":"rpt:f-606","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfOtherInformationRelatedToOperatingLeasesTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Other information related to operating leases as of June 30, 2024 and December 31, 2023 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
Weighted average remaining lease term (years) | \n \u00a0 | \n 11.19 | \n \u00a0 | \n 11.75 | \n
Weighted average discount rate | \n \u00a0 | \n 12.29% | \n \u00a0 | \n 12.40% | \n
Maturities of lease liabilities for operating leases as of June 30, 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Lease Liability | \n ||||
Year Ending December 31, | \n \u00a0 | \n Third-Party | \n \u00a0 | \n Related Party | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Remainder of 2024 | \n $ | \n 22,626 | \n $ | \n 292 | \n $ | \n 22,918 | \n
2025 | \n \u00a0 | \n 44,893 | \n \u00a0 | \n 592 | \n \u00a0 | \n 45,485 | \n
2026 | \n \u00a0 | \n 45,102 | \n \u00a0 | \n 603 | \n \u00a0 | \n 45,705 | \n
2027 | \n \u00a0 | \n 45,622 | \n \u00a0 | \n 572 | \n \u00a0 | \n 46,194 | \n
2028 | \n \u00a0 | \n 44,898 | \n \u00a0 | \n 364 | \n \u00a0 | \n 45,262 | \n
2029 and Thereafter | \n \u00a0 | \n 329,894 | \n \u00a0 | \n 1,364 | \n \u00a0 | \n 331,258 | \n
Total Lease Payments | \n \u00a0 | \n 533,035 | \n \u00a0 | \n 3,787 | \n \u00a0 | \n 536,822 | \n
Less: Interest | \n \u00a0 | \n (261,707) | \n \u00a0 | \n (1,231) | \n \u00a0 | \n (262,938) | \n
Present Value of Lease Liability | \n $ | \n 271,328 | \n $ | \n 2,556 | \n $ | \n 273,884 | \n
\u00a0
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NOTES PAYABLE
\u00a0
At June 30, 2024 and December 31, 2023, notes payable consisted of the following:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Charitable contributions1 | \n $ | \n 48 | \n $ | \n 351 | \n
Private placement debt dated April 30, 20212 | \n \u00a0 | \n 224,435 | \n \u00a0 | \n 221,680 | \n
Mortgage notes3 | \n \u00a0 | \n 85,260 | \n \u00a0 | \n 86,492 | \n
Total notes payable | \n \u00a0 | \n 309,743 | \n \u00a0 | \n 308,523 | \n
Less: current portion of notes payable | \n \u00a0 | \n (227,265) | \n \u00a0 | \n (2,996) | \n
Notes payable, net of current portion | \n $ | \n 82,478 | \n $ | \n 305,527 | \n
\u00a0
1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide charitable contributions of $50 thousand per quarter through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these contributions has been recorded as a liability with interest rates ranging between 2.17% - 7.00%.
\u00a0
2 The April 30, 2021 private placement debt, as amended on October 21, 2021 (the \u201cApril 30, 2021 Notes\u201d), were issued in an aggregate amount of $249,934 thousand with an interest rate of 7%, maturing on April 30, 2025. The outstanding principal balance of the April 30, 2021 Notes was $224,435 thousand as of June 30, 2024 and December 31, 2023. The April 30, 2021 Notes were recorded net of debt discount which was fully amortized as of June 30, 2024, and had a carrying value of $2,755 thousand as of December 31, 2023.
\u00a0
3 The Company has issued various mortgage notes at an aggregate value of $88,785 thousand in connection with various operating properties as of June 30, 2024 and December 31, 2023. The mortgage notes were issued at a discount, the carrying value of which was $671 thousand and $725 thousand, and are presented net of principal payments of $2,854 thousand and $1,568 thousand as of June 30, 2024 and December 31, 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.
\u00a0
(a) April 30, 2021 Private Placement Financing:
\u00a0
As of June 30, 2024, the Company reclassified the April 30, 2021 Notes to current portion of notes payable on the unaudited interim condensed consolidated balance sheets due to its approaching maturity. The Company is actively evaluating potential partners to refinance the April 30, 2021 Notes. While the exact amount of capital required for the refinancing has not yet been determined, the Company possesses the ability to fully repay the April 30, 2021 Notes if necessary. The Company remains confident in its ability to secure acceptable financing terms or utilize its cash reserves to settle the obligation.
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| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Charitable contributions1 | \n $ | \n 48 | \n $ | \n 351 | \n
Private placement debt dated April 30, 20212 | \n \u00a0 | \n 224,435 | \n \u00a0 | \n 221,680 | \n
Mortgage notes3 | \n \u00a0 | \n 85,260 | \n \u00a0 | \n 86,492 | \n
Total notes payable | \n \u00a0 | \n 309,743 | \n \u00a0 | \n 308,523 | \n
Less: current portion of notes payable | \n \u00a0 | \n (227,265) | \n \u00a0 | \n (2,996) | \n
Notes payable, net of current portion | \n $ | \n 82,478 | \n $ | \n 305,527 | \n
\u00a0
1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide charitable contributions of $50 thousand per quarter through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these contributions has been recorded as a liability with interest rates ranging between 2.17% - 7.00%.
\u00a0
2 The April 30, 2021 private placement debt, as amended on October 21, 2021 (the \u201cApril 30, 2021 Notes\u201d), were issued in an aggregate amount of $249,934 thousand with an interest rate of 7%, maturing on April 30, 2025. The outstanding principal balance of the April 30, 2021 Notes was $224,435 thousand as of June 30, 2024 and December 31, 2023. The April 30, 2021 Notes were recorded net of debt discount which was fully amortized as of June 30, 2024, and had a carrying value of $2,755 thousand as of December 31, 2023.
\u00a0
3 The Company has issued various mortgage notes at an aggregate value of $88,785 thousand in connection with various operating properties as of June 30, 2024 and December 31, 2023. The mortgage notes were issued at a discount, the carrying value of which was $671 thousand and $725 thousand, and are presented net of principal payments of $2,854 thousand and $1,568 thousand as of June 30, 2024 and December 31, 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.
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WARRANTS
\u00a0
\u00a0
\u00a0
As part of the terms of the Company\u2019s issuance of the April 30, 2021 Notes, as well as other financing arrangements, the Company issued warrants, which allow the holders to purchase Subordinate Voting Shares at an exercise price determined at the time of issuance.
The following table summarizes the number of warrants outstanding as of June 30, 2024 and December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Liability Classified | \n \u00a0 | \n Equity Classified | \n |||||||
\u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Exercise Price (C$) | \n \u00a0 | \n Weighted Average Remaining Contractual Life | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Exercise Price (USD) | \n Weighted Average | \n
Balance as of December 31, 2023 | \n 1,997,208 | \n C$ | \n 18.03 | \n \u00a0 | \n 0.50 | \n \u00a0 | \n 1,737,347 | \n $ | \n 31.83 | \n 2.38 | \n
Warrants Expired | \n (1,606,533) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u2014 | \n
Balance as of June 30, 2024 | \n 390,675 | \n C$ | \n 12.42 | \n \u00a0 | \n 0.46 | \n \u00a0 | \n 1,737,347 | \n $ | \n 31.83 | \n 1.88 | \n
\u00a0
(a) Liability Classified Warrants Outstanding
The following table summarizes the fair value of the liability classified warrants at June 30, 2024 and December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair Value | \n ||||
Warrant Liability | \n Strike Price | \n \u00a0 | \n Warrants Outstanding | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n \u00a0 | \n Change | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Private Placement Financing Warrants Issued May 2019 | \n \u00a0C$19.39 | \n \u00a0 | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 1,673 | \n $ | \n (1,673) | \n
Modification Warrants Issued November 2019 | \n \u00a0C$12.04 | \n \u00a0 | \n 316,947 | \n \u00a0 | \n 1,280 | \n \u00a0 | \n 1,151 | \n \u00a0 | \n 129 | \n
Additional Modification Warrants Issued May 2020 | \n \u00a0C$14.03 | \n \u00a0 | \n 73,728 | \n \u00a0 | \n 303 | \n \u00a0 | \n 293 | \n \u00a0 | \n 10 | \n
Totals | \n \u00a0 | \n \u00a0 | \n 390,675 | \n $ | \n 1,583 | \n $ | \n 3,117 | \n $ | \n (1,534) | \n
\u00a0
During the three and six months ended June 30, 2024 and 2023, the Company recorded gains of $3,641 thousand and $1,534 thousand, and $621 thousand and $2,263 thousand, respectively, on the change in the fair value of the warrant liability within other income (expense) on the unaudited interim condensed consolidated statements of operations.
\u00a0
The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 13 - Fair Value Measurements for additional details):
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n June 30, | \n \u00a0 | \n December 31, | \n
Significant Assumptions | \n 2024 | \n \u00a0 | \n 2023 | \n
Volatility | \n 74.81%-79.97% | \n \u00a0 | \n 61.76% - 74.31% | \n
Remaining Term | \n 0.36-0.89\u00a0years | \n \u00a0 | \n 0.39-1.39\u00a0years | \n
Risk Free Rate | \n 4.02% | \n \u00a0 | \n 3.91% | \n
\u00a0
\u00a0
\u00a0
8. WARRANTS (Continued)
\u00a0
\u00a0
\u00a0
(b) Equity Classified Warrants Outstanding
The Company's equity classified warrants were recorded at fair value at each respective date of issuance. Equity classified warrants are not remeasured at fair value on a recurring basis and are carried at their issuance date fair value. The following table summarizes the carrying amounts of the Company's equity classified warrants at June 30, 2024 and December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Issuance Date Fair Value | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n Warrants | \n \u00a0 | \n June 30, | \n \u00a0 | \n December 31, | \n
Warrants Included in Contributed Surplus | \n Strike Price | \n \u00a0 | \n Outstanding | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Mortgage Warrants Issued June 2020 | \n $9.10 | \n \u00a0 | \n 35,000 | \n $ | \n 181 | \n $ | \n 181 | \n
Private Placement Refinance Warrants Issued April 2021 | \n $32.68 | \n \u00a0 | \n 1,459,044 | \n \u00a0 | \n 22,259 | \n \u00a0 | \n 22,259 | \n
Private Placement Refinance Warrants Issued October 2021 | \n $30.02 | \n \u00a0 | \n 243,303 | \n \u00a0 | \n 2,616 | \n \u00a0 | \n 2,616 | \n
Totals | \n \u00a0 | \n \u00a0 | \n 1,737,347 | \n $ | \n 25,056 | \n $ | \n 25,056 | \n
\u00a0
The equity warrants were valued as of the date of issuance using a Black Scholes Option Pricing model. The following table summarizes the significant assumptions used in determining the fair value of the warrants as of each respective issuance date:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
Significant Assumptions | \n Private Placement Refinancing Warrants | \n \u00a0 | \n Private Placement Refinancing Warrants | \n \u00a0 | \n Mortgage Warrants | \n
Date of Issuance | \n October 15, 2021 | \n \u00a0 | \n April 30, 2021 | \n \u00a0 | \n June 5, 2020 | \n
Volatility | \n 73% | \n \u00a0 | \n 73% | \n \u00a0 | \n 80% | \n
Estimated Term | \n 4\u00a0years | \n \u00a0 | \n 4\u00a0years | \n \u00a0 | \n 5\u00a0years | \n
Risk Free Rate | \n 1.12% | \n \u00a0 | \n 0.74% | \n \u00a0 | \n 0.37% | \n
The following table summarizes the number of warrants outstanding as of June 30, 2024 and December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Liability Classified | \n \u00a0 | \n Equity Classified | \n |||||||
\u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Exercise Price (C$) | \n \u00a0 | \n Weighted Average Remaining Contractual Life | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Exercise Price (USD) | \n Weighted Average | \n
Balance as of December 31, 2023 | \n 1,997,208 | \n C$ | \n 18.03 | \n \u00a0 | \n 0.50 | \n \u00a0 | \n 1,737,347 | \n $ | \n 31.83 | \n 2.38 | \n
Warrants Expired | \n (1,606,533) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u2014 | \n
Balance as of June 30, 2024 | \n 390,675 | \n C$ | \n 12.42 | \n \u00a0 | \n 0.46 | \n \u00a0 | \n 1,737,347 | \n $ | \n 31.83 | \n 1.88 | \n
The following table summarizes the fair value of the liability classified warrants at June 30, 2024 and December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair Value | \n ||||
Warrant Liability | \n Strike Price | \n \u00a0 | \n Warrants Outstanding | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n December 31, 2023 | \n \u00a0 | \n Change | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Private Placement Financing Warrants Issued May 2019 | \n \u00a0C$19.39 | \n \u00a0 | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 1,673 | \n $ | \n (1,673) | \n
Modification Warrants Issued November 2019 | \n \u00a0C$12.04 | \n \u00a0 | \n 316,947 | \n \u00a0 | \n 1,280 | \n \u00a0 | \n 1,151 | \n \u00a0 | \n 129 | \n
Additional Modification Warrants Issued May 2020 | \n \u00a0C$14.03 | \n \u00a0 | \n 73,728 | \n \u00a0 | \n 303 | \n \u00a0 | \n 293 | \n \u00a0 | \n 10 | \n
Totals | \n \u00a0 | \n \u00a0 | \n 390,675 | \n $ | \n 1,583 | \n $ | \n 3,117 | \n $ | \n (1,534) | \n
\u00a0
"}]},{"name":"rpt:f-699","factDimensions":{"xbrl:concept":"gtbif:WarrantLiabilityStrikePrice","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:PrivatePlacementFinancingWarrantsMember"},"factValues":[{"value":"19.39","decimals":2}]},{"name":"rpt:f-700","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:PrivatePlacementFinancingWarrantsMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-701","factDimensions":{"xbrl:concept":"gtbif:FairValueOfLiabilityClassifiedWarrants","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:PrivatePlacementFinancingWarrantsMember"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-702","factDimensions":{"xbrl:concept":"gtbif:FairValueOfLiabilityClassifiedWarrants","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:PrivatePlacementFinancingWarrantsMember"},"factValues":[{"value":"1673000","decimals":-3}]},{"name":"rpt:f-703","factDimensions":{"xbrl:concept":"gtbif:IncreaseDecreaseInFairValueOfWarrantsLiability","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:PrivatePlacementFinancingWarrantsMember"},"factValues":[{"value":"-1673000","decimals":-3}]},{"name":"rpt:f-704","factDimensions":{"xbrl:concept":"gtbif:WarrantLiabilityStrikePrice","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:ModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"12.04","decimals":2}]},{"name":"rpt:f-705","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:ModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"316947","decimals":0}]},{"name":"rpt:f-706","factDimensions":{"xbrl:concept":"gtbif:FairValueOfLiabilityClassifiedWarrants","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:ModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"1280000","decimals":-3}]},{"name":"rpt:f-707","factDimensions":{"xbrl:concept":"gtbif:FairValueOfLiabilityClassifiedWarrants","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:ModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"1151000","decimals":-3}]},{"name":"rpt:f-708","factDimensions":{"xbrl:concept":"gtbif:IncreaseDecreaseInFairValueOfWarrantsLiability","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:ModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"129000","decimals":-3}]},{"name":"rpt:f-709","factDimensions":{"xbrl:concept":"gtbif:WarrantLiabilityStrikePrice","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:AdditionalModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"14.03","decimals":2}]},{"name":"rpt:f-710","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:AdditionalModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"73728","decimals":0}]},{"name":"rpt:f-711","factDimensions":{"xbrl:concept":"gtbif:FairValueOfLiabilityClassifiedWarrants","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:AdditionalModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"303000","decimals":-3}]},{"name":"rpt:f-712","factDimensions":{"xbrl:concept":"gtbif:FairValueOfLiabilityClassifiedWarrants","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:AdditionalModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"293000","decimals":-3}]},{"name":"rpt:f-713","factDimensions":{"xbrl:concept":"gtbif:IncreaseDecreaseInFairValueOfWarrantsLiability","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:ClassOfWarrantOrRightAxis":"gtbif:AdditionalModificationWarrantsMember","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"10000","decimals":-3}]},{"name":"rpt:f-714","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"390675","decimals":0}]},{"name":"rpt:f-715","factDimensions":{"xbrl:concept":"gtbif:FairValueOfLiabilityClassifiedWarrants","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"1583000","decimals":-3}]},{"name":"rpt:f-716","factDimensions":{"xbrl:concept":"gtbif:FairValueOfLiabilityClassifiedWarrants","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"3117000","decimals":-3}]},{"name":"rpt:f-717","factDimensions":{"xbrl:concept":"gtbif:IncreaseDecreaseInFairValueOfWarrantsLiability","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"-1534000","decimals":-3}]},{"name":"rpt:f-718","factDimensions":{"xbrl:concept":"us-gaap:FairValueAdjustmentOfWarrants","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3641000","decimals":-3}]},{"name":"rpt:f-719","factDimensions":{"xbrl:concept":"us-gaap:FairValueAdjustmentOfWarrants","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1534000","decimals":-3}]},{"name":"rpt:f-720","factDimensions":{"xbrl:concept":"us-gaap:FairValueAdjustmentOfWarrants","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"621000","decimals":-3}]},{"name":"rpt:f-721","factDimensions":{"xbrl:concept":"us-gaap:FairValueAdjustmentOfWarrants","xbrl:period":"2023-01-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2263000","decimals":-3}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfFairValueMeasurementInputsAndValuationTechniquesUsedInDeterminingWarrantLiabilityTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","gtbif:WarrantTypeAxis":"gtbif:LiabilityClassifiedWarrantMember"},"factValues":[{"value":"The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 13 - Fair Value Measurements for additional details):
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n June 30, | \n \u00a0 | \n December 31, | \n
Significant Assumptions | \n 2024 | \n \u00a0 | \n 2023 | \n
Volatility | \n 74.81%-79.97% | \n \u00a0 | \n 61.76% - 74.31% | \n
Remaining Term | \n 0.36-0.89\u00a0years | \n \u00a0 | \n 0.39-1.39\u00a0years | \n
Risk Free Rate | \n 4.02% | \n \u00a0 | \n 3.91% | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Issuance Date Fair Value | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n Warrants | \n \u00a0 | \n June 30, | \n \u00a0 | \n December 31, | \n
Warrants Included in Contributed Surplus | \n Strike Price | \n \u00a0 | \n Outstanding | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Mortgage Warrants Issued June 2020 | \n $9.10 | \n \u00a0 | \n 35,000 | \n $ | \n 181 | \n $ | \n 181 | \n
Private Placement Refinance Warrants Issued April 2021 | \n $32.68 | \n \u00a0 | \n 1,459,044 | \n \u00a0 | \n 22,259 | \n \u00a0 | \n 22,259 | \n
Private Placement Refinance Warrants Issued October 2021 | \n $30.02 | \n \u00a0 | \n 243,303 | \n \u00a0 | \n 2,616 | \n \u00a0 | \n 2,616 | \n
Totals | \n \u00a0 | \n \u00a0 | \n 1,737,347 | \n $ | \n 25,056 | \n $ | \n 25,056 | \n
The equity warrants were valued as of the date of issuance using a Black Scholes Option Pricing model. The following table summarizes the significant assumptions used in determining the fair value of the warrants as of each respective issuance date:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
Significant Assumptions | \n Private Placement Refinancing Warrants | \n \u00a0 | \n Private Placement Refinancing Warrants | \n \u00a0 | \n Mortgage Warrants | \n
Date of Issuance | \n October 15, 2021 | \n \u00a0 | \n April 30, 2021 | \n \u00a0 | \n June 5, 2020 | \n
Volatility | \n 73% | \n \u00a0 | \n 73% | \n \u00a0 | \n 80% | \n
Estimated Term | \n 4\u00a0years | \n \u00a0 | \n 4\u00a0years | \n \u00a0 | \n 5\u00a0years | \n
Risk Free Rate | \n 1.12% | \n \u00a0 | \n 0.74% | \n \u00a0 | \n 0.37% | \n
9. SHARE CAPITAL
\u00a0
\u00a0
\u00a0
Common shares, which include the Company\u2019s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the applicable vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with Accounting Standards Codification (\u201cASC\u201d) 740, Income Taxes.
\u00a0
(a) Authorized
The Company has the following classes of share capital, with each class having no par value:
\u00a0
(i) Subordinate Voting Shares
The holders of the Subordinate Voting Shares are entitled to receive dividends which may be declared from time to time and are entitled to one vote per share at meetings of the Company\u2019s shareholders. All Subordinate Voting Shares are ranked equally with regard to the Company\u2019s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting Shares.
(ii) Multiple Voting Shares
Each Multiple Voting Share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares.
(iii) Super Voting Shares
Each Super Voting Share is entitled to 1,000 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares or one Multiple Voting Share. The Company is authorized to issue an unlimited number of Super Voting Shares.
\u00a0
(b) Issued and Outstanding
A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Issued and Outstanding | \n ||||
\u00a0 | \n \u00a0 | \n Subordinate | \n \u00a0 | \n Multiple | \n \u00a0 | \n Super | \n
As at January 1, 2024 | \n \u00a0 | \n 209,871,792 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 216,690 | \n
Distribution of contingent consideration | \n \u00a0 | \n 1,250,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 843,387 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 804,440 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Subordinate Voting Shares | \n \u00a0 | \n (2,725,000) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Exchange of shares | \n \u00a0 | \n 1,084,800 | \n \u00a0 | \n (848) | \n \u00a0 | \n (10,000) | \n
As at June 30, 2024 | \n \u00a0 | \n 211,129,419 | \n \u00a0 | \n 37,683 | \n \u00a0 | \n 206,690 | \n
\u00a0
\u00a0
\u00a0
9. SHARE CAPITAL (Continued)
\u00a0
\u00a0
\u00a0
(i) Distribution of Contingent Consideration
\u00a0
Dharma Pharmaceuticals, LLC
\u00a0
In connection with the Company's 2021 acquisition of Dharma Pharmaceuticals, LLC (\u201cDharma\u201d), the purchase agreement included contingent consideration of up to $65,000 thousand in Subordinate Voting Shares of Green Thumb, dependent upon 1) the successful opening of five retail stores in the Virginia area within the first three years following the signing of the agreement (\u201cRetail Stores Milestone\u201d) and 2) the legal sale of adult-use cannabis in a retail store on or before January 1, 2025 (the \u201cRecreational Sales Milestone\u201d). The Retail Stores Milestone was fully achieved prior to expiration and settled in previous periods.
\u00a0
On February 9, 2024, the Company and the former owners of Dharma agreed to amend the conditions of the Recreational Sales Milestone (the \u201cAmended Agreement\u201d). Under the Amended Agreement, the former owners waived their right to the Recreational Sales Milestone in exchange for the delivery of 1,250,000 Subordinate Voting Shares. On February 15, 2024, the Company recorded a gain of $15,991 thousand, representing the settlement of the Recreational Sales Milestone and distributed the shares to the former owners of Dharma, which had a fair market value of $17,259 thousand, which was based on the value of the shares as traded on the Canadian Securities Exchange on the date of distribution. The gain was recorded within sales general and administrative expenses on the unaudited interim condensed consolidated statement of operations.
\u00a0
(ii) Repurchase of Subordinate Voting Shares
\u00a0
On September 5, 2023, the Company's Board of Directors authorized the repurchase of up to 5%, or 10,486,951 of its Subordinate Voting Shares over a 12-month period at an aggregate cost of up to $50,000 thousand. On February 28, 2024, the Company's Board of Directors authorized an increase in its share repurchase program of $50,000 thousand. During the six months ended June 30, 2024, the Company repurchased 2,725,000 Subordinate Voting Shares at an average price of $12.27 per share, bringing the total remaining repurchase ability to approximately $26,700 thousand through September 10, 2024.
\u00a0
(c) Stock-Based Compensation
The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company measures their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled stock-based payments under stock-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to equity.
In June 2018, the Company established the Green Thumb Industries Inc. 2018 Stock and Incentive Plan, which was amended by Amendment No. 1 and Amendment No. 2 thereto (as amended, the \u201cPlan\u201d). The maximum number of Restricted Stock Units (\u201cRSUs\u201d) and options outstanding under the Plan at any time shall not exceed 10% of the then issued and outstanding shares on an as-converted basis.
The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized.
Option and RSU awards generally vest over three years, and options typically have a life of five to ten years. Option grants under the Plan are determined by the Compensation Committee of the Company\u2019s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant.
\u00a0
\u00a0
\u00a0
9. SHARE CAPITAL (Continued)
\u00a0
\u00a0
\u00a0
(c) Stock-Based Compensation (Continued)
Stock option activity is summarized as follows:
\n
| \n | \n | \n | \n |
\u00a0 | \n Number of Shares | \n Weighted Average Exercise Price | \n Weighted Average Remaining Contractual Life | \n
Balance as of December 31, 2023 | \n 10,071,467 | \n $11.75 | \n 4.31 | \n
Granted | \n 797,289 | \n 14.96 | \n \u00a0 | \n
Exercised | \n (843,387) | \n 8.81 | \n \u00a0 | \n
Forfeited | \n (828,488) | \n 14.06 | \n \u00a0 | \n
Balance as of June 30, 2024 | \n 9,196,881 | \n $12.44 | \n 4.41 | \n
Exercisable as of June 30, 2024 | \n 4,214,462 | \n $8.00 | \n 3.78 | \n
\u00a0
The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted during the six months ended June 30, 2024 and the year ended December 31, 2023, using the following ranges of assumptions:
\n
| \n | \n | \n |
\u00a0 | \n June 30, | \n December 31, | \n
\u00a0 | \n 2024 | \n 2023 | \n
Risk-free interest rate | \n 3.25% - 3.92% | \n 3.06% - 4.32% | \n
Expected dividend yield | \n 0% | \n 0% | \n
Expected volatility | \n 62% - 64% | \n 64% | \n
Expected option life | \n 4.46\u00a0- 4.5\u00a0years | \n 3.5\u00a0\u2013 4.5\u00a0years | \n
\u00a0
As permitted under ASC 718, the Company has made an accounting policy choice to account for forfeitures when they occur.
\u00a0
The following table summarizes the number of unvested RSU awards as of June 30, 2024 and December 31, 2023 and the changes during the six months ended June 30, 2024:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Grant Date Fair Value | \n
Unvested Shares at December 31, 2023 | \n \u00a0 | \n 3,620,638 | \n $ | \n 9.25 | \n
Granted | \n \u00a0 | \n 2,458,964 | \n \u00a0 | \n 14.75 | \n
Forfeited | \n \u00a0 | \n (609,639) | \n \u00a0 | \n 11.29 | \n
Vested | \n \u00a0 | \n (804,440) | \n \u00a0 | \n 9.89 | \n
Unvested Shares at June 30, 2024 | \n \u00a0 | \n 4,665,523 | \n $ | \n 11.88 | \n
\u00a0
The stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n Six Months Ended June 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n (in thousands) | \n ||||
Stock options expense | \n $ | \n 2,637 | \n $ | \n 4,303 | \n $ | \n 5,694 | \n $ | \n 8,786 | \n
Restricted Stock Units | \n \u00a0 | \n 6,229 | \n \u00a0 | \n 3,078 | \n \u00a0 | \n 9,662 | \n \u00a0 | \n 4,834 | \n
Total Stock Based Compensation Expense | \n $ | \n 8,866 | \n $ | \n 7,381 | \n $ | \n 15,356 | \n $ | \n 13,620 | \n
\u00a0
As of June 30, 2024, $63,591 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 2.21 years.
"}]},{"name":"rpt:f-763","factDimensions":{"xbrl:concept":"us-gaap:CommonStockVotingRights","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:ConversionOfStockByUniqueDescriptionAxis":"gtbif:ConversionOfMultipleVotingSharesMember","us-gaap:StatementClassOfStockAxis":"gtbif:MultipleVotingSharesMember"},"factValues":[{"value":"100"}]},{"name":"rpt:f-764","factDimensions":{"xbrl:concept":"us-gaap:CommonStockVotingRights","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:StatementClassOfStockAxis":"gtbif:SuperVotingSharesMember","us-gaap:ConversionOfStockByUniqueDescriptionAxis":"gtbif:ConversionOfSuperVotingSharesMember"},"factValues":[{"value":"1,000"}]},{"name":"rpt:f-765","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCommonStockOutstandingRollForwardTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Issued and Outstanding | \n ||||
\u00a0 | \n \u00a0 | \n Subordinate | \n \u00a0 | \n Multiple | \n \u00a0 | \n Super | \n
As at January 1, 2024 | \n \u00a0 | \n 209,871,792 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 216,690 | \n
Distribution of contingent consideration | \n \u00a0 | \n 1,250,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 843,387 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 804,440 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Subordinate Voting Shares | \n \u00a0 | \n (2,725,000) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Exchange of shares | \n \u00a0 | \n 1,084,800 | \n \u00a0 | \n (848) | \n \u00a0 | \n (10,000) | \n
As at June 30, 2024 | \n \u00a0 | \n 211,129,419 | \n \u00a0 | \n 37,683 | \n \u00a0 | \n 206,690 | \n
Stock option activity is summarized as follows:
\n
| \n | \n | \n | \n |
\u00a0 | \n Number of Shares | \n Weighted Average Exercise Price | \n Weighted Average Remaining Contractual Life | \n
Balance as of December 31, 2023 | \n 10,071,467 | \n $11.75 | \n 4.31 | \n
Granted | \n 797,289 | \n 14.96 | \n \u00a0 | \n
Exercised | \n (843,387) | \n 8.81 | \n \u00a0 | \n
Forfeited | \n (828,488) | \n 14.06 | \n \u00a0 | \n
Balance as of June 30, 2024 | \n 9,196,881 | \n $12.44 | \n 4.41 | \n
Exercisable as of June 30, 2024 | \n 4,214,462 | \n $8.00 | \n 3.78 | \n
\u00a0
"}]},{"name":"rpt:f-792","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"10071467","decimals":0}]},{"name":"rpt:f-793","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"11.75","decimals":2}]},{"name":"rpt:f-794","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P4Y3M21D"}]},{"name":"rpt:f-795","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"797289","decimals":0}]},{"name":"rpt:f-796","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"14.96","decimals":2}]},{"name":"rpt:f-797","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"843387","decimals":0}]},{"name":"rpt:f-798","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"8.81","decimals":2}]},{"name":"rpt:f-799","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"828488","decimals":0}]},{"name":"rpt:f-800","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"14.06","decimals":2}]},{"name":"rpt:f-801","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"9196881","decimals":0}]},{"name":"rpt:f-802","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"12.44","decimals":2}]},{"name":"rpt:f-803","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P4Y4M28D"}]},{"name":"rpt:f-804","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"4214462","decimals":0}]},{"name":"rpt:f-805","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"8","decimals":2}]},{"name":"rpt:f-806","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P3Y9M10D"}]},{"name":"rpt:f-807","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted during the six months ended June 30, 2024 and the year ended December 31, 2023, using the following ranges of assumptions:
\n
| \n | \n | \n |
\u00a0 | \n June 30, | \n December 31, | \n
\u00a0 | \n 2024 | \n 2023 | \n
Risk-free interest rate | \n 3.25% - 3.92% | \n 3.06% - 4.32% | \n
Expected dividend yield | \n 0% | \n 0% | \n
Expected volatility | \n 62% - 64% | \n 64% | \n
Expected option life | \n 4.46\u00a0- 4.5\u00a0years | \n 3.5\u00a0\u2013 4.5\u00a0years | \n
The following table summarizes the number of unvested RSU awards as of June 30, 2024 and December 31, 2023 and the changes during the six months ended June 30, 2024:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Grant Date Fair Value | \n
Unvested Shares at December 31, 2023 | \n \u00a0 | \n 3,620,638 | \n $ | \n 9.25 | \n
Granted | \n \u00a0 | \n 2,458,964 | \n \u00a0 | \n 14.75 | \n
Forfeited | \n \u00a0 | \n (609,639) | \n \u00a0 | \n 11.29 | \n
Vested | \n \u00a0 | \n (804,440) | \n \u00a0 | \n 9.89 | \n
Unvested Shares at June 30, 2024 | \n \u00a0 | \n 4,665,523 | \n $ | \n 11.88 | \n
The stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n Six Months Ended June 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n (in thousands) | \n ||||
Stock options expense | \n $ | \n 2,637 | \n $ | \n 4,303 | \n $ | \n 5,694 | \n $ | \n 8,786 | \n
Restricted Stock Units | \n \u00a0 | \n 6,229 | \n \u00a0 | \n 3,078 | \n \u00a0 | \n 9,662 | \n \u00a0 | \n 4,834 | \n
Total Stock Based Compensation Expense | \n $ | \n 8,866 | \n $ | \n 7,381 | \n $ | \n 15,356 | \n $ | \n 13,620 | \n
10. INCOME TAX EXPENSE
\u00a0
\u00a0
\u00a0
The following table summarizes the Company\u2019s income tax expense and effective tax rates for the three and six months ended June 30, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n Six Months Ended June 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
Income before Income Taxes | \n $ | \n 52,817 | \n $ | \n 39,455 | \n $ | \n 116,314 | \n $ | \n 82,496 | \n
Income Tax Expense | \n \u00a0 | \n 31,899 | \n \u00a0 | \n 25,765 | \n \u00a0 | \n 64,048 | \n \u00a0 | \n 59,401 | \n
Effective Tax Rate | \n \u00a0 | \n 60.4% | \n \u00a0 | \n 65.3% | \n \u00a0 | \n 55.1% | \n \u00a0 | \n 72.0% | \n
\u00a0
\u00a0
The effective tax rates for the three months ended June 30, 2024 and 2023 were based on the Company\u2019s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented.
Due to its cannabis operations, the Company is subject to the limitations of the U.S. Internal Revenue Code of 1986, as amended (\u201cIRC\u201d) Section 280E under which the Company is only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income and provides for effective tax rates that are well in excess of statutory tax rates.
Taxes paid during the six months ended June 30, 2024 and 2023 were $52,904 thousand and $52,134 thousand, respectively.
"}]},{"name":"rpt:f-848","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes the Company\u2019s income tax expense and effective tax rates for the three and six months ended June 30, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n Six Months Ended June 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
Income before Income Taxes | \n $ | \n 52,817 | \n $ | \n 39,455 | \n $ | \n 116,314 | \n $ | \n 82,496 | \n
Income Tax Expense | \n \u00a0 | \n 31,899 | \n \u00a0 | \n 25,765 | \n \u00a0 | \n 64,048 | \n \u00a0 | \n 59,401 | \n
Effective Tax Rate | \n \u00a0 | \n 60.4% | \n \u00a0 | \n 65.3% | \n \u00a0 | \n 55.1% | \n \u00a0 | \n 72.0% | \n
11. OTHER INCOME (EXPENSE)
\u00a0
\u00a0
For the three and six months ended June 30, 2024 and 2023 other income (expense) was comprised of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n \u00a0 | \n Six Months Ended June 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Fair value adjustments on equity investments | \n $ | \n (472) | \n $ | \n (655) | \n \u00a0 | \n $ | \n 167 | \n $ | \n (1,134) | \n
Fair value adjustments on warrants issued | \n \u00a0 | \n 3,641 | \n \u00a0 | \n 621 | \n \u00a0 | \n \u00a0 | \n 1,534 | \n \u00a0 | \n 2,263 | \n
Loss from equity method investments | \n \u00a0 | \n (772) | \n \u00a0 | \n (432) | \n \u00a0 | \n \u00a0 | \n (1,100) | \n \u00a0 | \n (750) | \n
Other | \n \u00a0 | \n 67 | \n \u00a0 | \n 196 | \n \u00a0 | \n \u00a0 | \n 100 | \n \u00a0 | \n 275 | \n
Total Other Income (Expense) | \n $ | \n 2,464 | \n $ | \n (270) | \n \u00a0 | \n $ | \n 701 | \n $ | \n 654 | \n
For the three and six months ended June 30, 2024 and 2023 other income (expense) was comprised of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n \u00a0 | \n Six Months Ended June 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Fair value adjustments on equity investments | \n $ | \n (472) | \n $ | \n (655) | \n \u00a0 | \n $ | \n 167 | \n $ | \n (1,134) | \n
Fair value adjustments on warrants issued | \n \u00a0 | \n 3,641 | \n \u00a0 | \n 621 | \n \u00a0 | \n \u00a0 | \n 1,534 | \n \u00a0 | \n 2,263 | \n
Loss from equity method investments | \n \u00a0 | \n (772) | \n \u00a0 | \n (432) | \n \u00a0 | \n \u00a0 | \n (1,100) | \n \u00a0 | \n (750) | \n
Other | \n \u00a0 | \n 67 | \n \u00a0 | \n 196 | \n \u00a0 | \n \u00a0 | \n 100 | \n \u00a0 | \n 275 | \n
Total Other Income (Expense) | \n $ | \n 2,464 | \n $ | \n (270) | \n \u00a0 | \n $ | \n 701 | \n $ | \n 654 | \n
12. COMMITMENTS AND CONTINGENCIES
\u00a0
\u00a0
\u00a0
The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities.
Contingent liabilities are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify contingent liabilities for contracts. Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation are recognized in the Company\u2019s unaudited interim condensed consolidated statements of operations.
(a) Contingencies
The Company\u2019s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, sanctions, restrictions on its operations, or losses of permits that could result in the Company ceasing operations in that specific state or local jurisdiction. The Company may be subject to regulatory fines, penalties, or restrictions in the future as cannabis and other regulations continue to evolve and are subject to differing interpretations.
(b) Claims and Litigation
From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. Subsequent to June 30, 2024, the Company received Findings of Fact and Conclusions of Law from an October 30, 2019 complaint filed against Green Thumb (\u201cDefendant\u201d) alleging Defendant breached a commercial property lease with ineffective termination. The court ruled in favor of Plaintiff in the amount of $7,307 thousand, representing unpaid rent. In addition, the court found Defendant liable for attorney fees, which have yet to be determined. As of June 30, 2024, the Company accrued the amount of probable loss that can reasonably be estimated within accrued liabilities on the unaudited interim condensed consolidated balance sheets. No final Order of Judgment has been entered in the case and the Company has reserved all rights and intends to contest the findings, including an appeal if necessary.
Other than the matter discussed above, as of June 30, 2024 and December 31, 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company\u2019s consolidated operations. There are also no proceedings in which any of the Company\u2019s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company\u2019s interest.
(c) Construction Commitments
As of June 30, 2024, the Company held approximately $5,400 thousand of open construction commitments to contractors on work being performed."}]},{"name":"rpt:f-886","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesSoughtValue","xbrl:period":"2024-07-01T00:00:00/2024-08-02T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember"},"factValues":[{"value":"7307000","decimals":-3}]},{"name":"rpt:f-887","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyNumberOfPlaintiffs","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"gtbif:Lawsuit","us-gaap:LitigationStatusAxis":"us-gaap:PendingLitigationMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-888","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyNumberOfPlaintiffs","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"gtbif:Lawsuit","us-gaap:LitigationStatusAxis":"us-gaap:PendingLitigationMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-889","factDimensions":{"xbrl:concept":"us-gaap:ContractualObligation","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"gtbif:ConstructionCommitmentsMember"},"factValues":[{"value":"5400000","decimals":-3}]},{"name":"rpt:f-890","factDimensions":{"xbrl:concept":"us-gaap:FairValueDisclosuresTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"13. FAIR VALUE MEASUREMENTS
\u00a0
\u00a0
\u00a0
The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.
(a) Financial Instruments
The Company\u2019s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable and accrued liabilities, notes payable, warrant liability, and contingent consideration payable.
It was not practicable to estimate the fair value of the Company's long-term notes payable, which consist of charitable contributions, private placement debt and mortgage notes, since there were no quoted market prices or active trading markets. The carrying amount of notes payable at June 30, 2024 and December 31, 2023 was $309,743 thousand and $308,523 thousand, respectively, which includes $227,265 thousand and $2,996 thousand, respectively, of short-term debt due within one year.
Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The fair values of the Company\u2019s financial instruments associated with each of the three levels of the hierarchy are:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of June 30, 2024 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and Cash Equivalents | \n $ | \n 196,142 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 196,142 | \n
Investments | \n \u00a0 | \n 24,695 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 36,717 | \n \u00a0 | \n 61,412 | \n
Warrant Liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (1,583) | \n \u00a0 | \n (1,583) | \n
\u00a0 | \n $ | \n 220,837 | \n $ | \n \u2014 | \n $ | \n 35,134 | \n $ | \n 255,971 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2023 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and Cash Equivalents | \n $ | \n 161,634 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 161,634 | \n
Investments | \n \u00a0 | \n 24,215 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 40,146 | \n \u00a0 | \n 64,361 | \n
Contingent Consideration Payable | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (33,250) | \n \u00a0 | \n (33,250) | \n
Warrant Liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (3,117) | \n \u00a0 | \n (3,117) | \n
\u00a0 | \n $ | \n 185,849 | \n $ | \n \u2014 | \n $ | \n 3,779 | \n $ | \n 189,628 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of June 30, 2024 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and Cash Equivalents | \n $ | \n 196,142 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 196,142 | \n
Investments | \n \u00a0 | \n 24,695 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 36,717 | \n \u00a0 | \n 61,412 | \n
Warrant Liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (1,583) | \n \u00a0 | \n (1,583) | \n
\u00a0 | \n $ | \n 220,837 | \n $ | \n \u2014 | \n $ | \n 35,134 | \n $ | \n 255,971 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2023 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and Cash Equivalents | \n $ | \n 161,634 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 161,634 | \n
Investments | \n \u00a0 | \n 24,215 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 40,146 | \n \u00a0 | \n 64,361 | \n
Contingent Consideration Payable | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (33,250) | \n \u00a0 | \n (33,250) | \n
Warrant Liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (3,117) | \n \u00a0 | \n (3,117) | \n
\u00a0 | \n $ | \n 185,849 | \n $ | \n \u2014 | \n $ | \n 3,779 | \n $ | \n 189,628 | \n
14. SEGMENT REPORTING
\u00a0
\u00a0
\u00a0
The Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (\u201cConsumer Packaged Goods\u201d) and retailing of cannabis to patients and consumers (\u201cRetail\u201d). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the CODM does not review total assets or net income (loss) by segments; therefore, such information is not presented below.
The below table presents revenues by type for the three and six months ended June 30, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n \u00a0 | \n Six Months Ended June 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Revenues, Net of Discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 204,656 | \n $ | \n 188,044 | \n \u00a0 | \n $ | \n 408,434 | \n $ | \n 376,922 | \n
Consumer Packaged Goods | \n \u00a0 | \n 156,323 | \n \u00a0 | \n 136,054 | \n \u00a0 | \n \u00a0 | \n 306,235 | \n \u00a0 | \n 261,671 | \n
Intersegment Eliminations | \n \u00a0 | \n (80,832) | \n \u00a0 | \n (71,710) | \n \u00a0 | \n \u00a0 | \n (158,716) | \n \u00a0 | \n (137,669) | \n
Total Revenues, Net of Discounts | \n $ | \n 280,147 | \n $ | \n 252,388 | \n \u00a0 | \n $ | \n 555,953 | \n $ | \n 500,924 | \n
Depreciation and Amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 10,436 | \n $ | \n 9,109 | \n \u00a0 | \n $ | \n 20,683 | \n $ | \n 17,941 | \n
Consumer Packaged Goods | \n \u00a0 | \n 17,549 | \n \u00a0 | \n 15,125 | \n \u00a0 | \n \u00a0 | \n 35,077 | \n \u00a0 | \n 29,794 | \n
Intersegment Eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Depreciation and Amortization | \n $ | \n 27,985 | \n $ | \n 24,234 | \n \u00a0 | \n $ | \n 55,760 | \n $ | \n 47,735 | \n
Income Taxes | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 16,405 | \n $ | \n 13,328 | \n \u00a0 | \n $ | \n 33,969 | \n $ | \n 32,339 | \n
Consumer Packaged Goods | \n \u00a0 | \n 15,494 | \n \u00a0 | \n 12,437 | \n \u00a0 | \n \u00a0 | \n 30,079 | \n \u00a0 | \n 27,062 | \n
Intersegment Eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Income Taxes | \n $ | \n 31,899 | \n $ | \n 25,765 | \n \u00a0 | \n $ | \n 64,048 | \n $ | \n 59,401 | \n
Goodwill assigned to the Retail segment as of June 30, 2024 and December 31, 2023 was $273,802 thousand, respectively. Intangible assets, net assigned to the Retail segment as of June 30, 2024 and December 31, 2023 was $266,423 thousand and $278,492 thousand, respectively.
Goodwill assigned to the Consumer Packaged Goods segment as of June 30, 2024 and December 31, 2023 was $315,889 thousand, respectively. Intangible assets, net assigned to the Consumer Packaged Goods segment as of June 30, 2024 and December 31, 2023 was $247,011 thousand and $260,186 thousand, respectively.
The Company\u2019s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, Green Thumb has identified two reporting units which align with our reportable segments (Retail and Consumer Packaged Goods). All revenues are derived from customers domiciled in the United States and all assets are located in the United States.
"}]},{"name":"rpt:f-933","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The below table presents revenues by type for the three and six months ended June 30, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended June 30, | \n \u00a0 | \n \u00a0 | \n Six Months Ended June 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Revenues, Net of Discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 204,656 | \n $ | \n 188,044 | \n \u00a0 | \n $ | \n 408,434 | \n $ | \n 376,922 | \n
Consumer Packaged Goods | \n \u00a0 | \n 156,323 | \n \u00a0 | \n 136,054 | \n \u00a0 | \n \u00a0 | \n 306,235 | \n \u00a0 | \n 261,671 | \n
Intersegment Eliminations | \n \u00a0 | \n (80,832) | \n \u00a0 | \n (71,710) | \n \u00a0 | \n \u00a0 | \n (158,716) | \n \u00a0 | \n (137,669) | \n
Total Revenues, Net of Discounts | \n $ | \n 280,147 | \n $ | \n 252,388 | \n \u00a0 | \n $ | \n 555,953 | \n $ | \n 500,924 | \n
Depreciation and Amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 10,436 | \n $ | \n 9,109 | \n \u00a0 | \n $ | \n 20,683 | \n $ | \n 17,941 | \n
Consumer Packaged Goods | \n \u00a0 | \n 17,549 | \n \u00a0 | \n 15,125 | \n \u00a0 | \n \u00a0 | \n 35,077 | \n \u00a0 | \n 29,794 | \n
Intersegment Eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Depreciation and Amortization | \n $ | \n 27,985 | \n $ | \n 24,234 | \n \u00a0 | \n $ | \n 55,760 | \n $ | \n 47,735 | \n
Income Taxes | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 16,405 | \n $ | \n 13,328 | \n \u00a0 | \n $ | \n 33,969 | \n $ | \n 32,339 | \n
Consumer Packaged Goods | \n \u00a0 | \n 15,494 | \n \u00a0 | \n 12,437 | \n \u00a0 | \n \u00a0 | \n 30,079 | \n \u00a0 | \n 27,062 | \n
Intersegment Eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Income Taxes | \n $ | \n 31,899 | \n $ | \n 25,765 | \n \u00a0 | \n $ | \n 64,048 | \n $ | \n 59,401 | \n