\u00a01. NATURE OF OPERATIONS |
\u00a02. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
| March 31, 2024 (unaudited) | December 31, 2023 | |||||||||||||
Cash and cash equivalents | $ | 25,286\u00a0 | $ | 26,027\u00a0 | ||||||||||
Restricted cash - current (1) | 3,128\u00a0 | 3,128\u00a0 | ||||||||||||
Restricted cash - non-current (1) | 2,150\u00a0 | 2,150\u00a0 | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 30,564\u00a0 | $ | 31,305\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | |||||||||||||
Cash and cash equivalents | $ | 25,286\u00a0 | $ | 26,027\u00a0 | ||||||||||
Restricted cash - current (1) | 3,128\u00a0 | 3,128\u00a0 | ||||||||||||
Restricted cash - non-current (1) | 2,150\u00a0 | 2,150\u00a0 | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 30,564\u00a0 | $ | 31,305\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | |||||||||||||
Cash and cash equivalents | $ | 25,286\u00a0 | $ | 26,027\u00a0 | ||||||||||
Restricted cash - current (1) | 3,128\u00a0 | 3,128\u00a0 | ||||||||||||
Restricted cash - non-current (1) | 2,150\u00a0 | 2,150\u00a0 | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 30,564\u00a0 | $ | 31,305\u00a0 |
\u00a03. INVENTORY, NET |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
| Cannabis plants | $ | 4,727\u00a0 | $ | 4,478\u00a0 | |||||||
| Harvested cannabis and packaging | 10,374\u00a0 | 10,994\u00a0 | |||||||||
| Total raw materials | 15,101\u00a0 | 15,472\u00a0 | |||||||||
| Work in process | 5,439\u00a0 | 4,293\u00a0 | |||||||||
| Finished goods | 16,125\u00a0 | 13,821\u00a0 | |||||||||
| Total inventory, net | $ | 36,665\u00a0 | $ | 33,586\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
| Cannabis plants | $ | 4,727\u00a0 | $ | 4,478\u00a0 | |||||||
| Harvested cannabis and packaging | 10,374\u00a0 | 10,994\u00a0 | |||||||||
| Total raw materials | 15,101\u00a0 | 15,472\u00a0 | |||||||||
| Work in process | 5,439\u00a0 | 4,293\u00a0 | |||||||||
| Finished goods | 16,125\u00a0 | 13,821\u00a0 | |||||||||
| Total inventory, net | $ | 36,665\u00a0 | $ | 33,586\u00a0 |
\u00a04. PREPAID EXPENSES AND OTHER CURRENT ASSETS |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
| Employee retention credit receivable | $ | 10,140\u00a0 | $ | 10,140\u00a0 | |||||||
| Prepaid expenses and deposits | 2,337\u00a0 | 2,716\u00a0 | |||||||||
Assets held for sale | 1,647\u00a0 | 1,647\u00a0 | |||||||||
| Other current assets | 612\u00a0 | 1,011\u00a0 | |||||||||
| Total prepaid expenses and other current assets | $ | 14,736\u00a0 | $ | 15,514\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
| Employee retention credit receivable | $ | 10,140\u00a0 | $ | 10,140\u00a0 | |||||||
| Prepaid expenses and deposits | 2,337\u00a0 | 2,716\u00a0 | |||||||||
Assets held for sale | 1,647\u00a0 | 1,647\u00a0 | |||||||||
| Other current assets | 612\u00a0 | 1,011\u00a0 | |||||||||
| Total prepaid expenses and other current assets | $ | 14,736\u00a0 | $ | 15,514\u00a0 |
\u00a05. PROPERTY, PLANT AND EQUIPMENT |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
| Buildings and building components | $ | 88,134\u00a0 | $ | 88,527\u00a0 | |||||||
| Land | 12,956\u00a0 | 12,956\u00a0 | |||||||||
| Leasehold improvements | 47,589\u00a0 | 46,660\u00a0 | |||||||||
| Machinery and equipment | 27,128\u00a0 | 27,050\u00a0 | |||||||||
| Furniture, fixtures and office equipment (including computer) | 21,870\u00a0 | 21,146\u00a0 | |||||||||
| Construction-in-process | 318\u00a0 | 1,968\u00a0 | |||||||||
| Property, plant and equipment, gross | 197,995\u00a0 | 198,307\u00a0 | |||||||||
| Less: Accumulated depreciation | (43,854) | (39,039) | |||||||||
| Property, plant and equipment, net | $ | 154,141\u00a0 | $ | 159,268\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
| Buildings and building components | $ | 88,134\u00a0 | $ | 88,527\u00a0 | |||||||
| Land | 12,956\u00a0 | 12,956\u00a0 | |||||||||
| Leasehold improvements | 47,589\u00a0 | 46,660\u00a0 | |||||||||
| Machinery and equipment | 27,128\u00a0 | 27,050\u00a0 | |||||||||
| Furniture, fixtures and office equipment (including computer) | 21,870\u00a0 | 21,146\u00a0 | |||||||||
| Construction-in-process | 318\u00a0 | 1,968\u00a0 | |||||||||
| Property, plant and equipment, gross | 197,995\u00a0 | 198,307\u00a0 | |||||||||
| Less: Accumulated depreciation | (43,854) | (39,039) | |||||||||
| Property, plant and equipment, net | $ | 154,141\u00a0 | $ | 159,268\u00a0 |
\u00a06. ACQUISITIONS |
\u00a07. OTHER NON-CURRENT ASSETS |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
Operating lease assets | $ | 17,943\u00a0 | $ | 18,265\u00a0 | |||||||
| Indemnification assets | 7,080\u00a0 | 6,906\u00a0 | |||||||||
| Net deferred tax assets | 2,895\u00a0 | 2,772\u00a0 | |||||||||
| Deposits and escrows - properties | 1,723\u00a0 | 1,723\u00a0 | |||||||||
| Deposits - equipment | 422\u00a0 | 422\u00a0 | |||||||||
Equity investment (1) | 200\u00a0 | 200\u00a0 | |||||||||
| Other | 61\u00a0 | 70\u00a0 | |||||||||
| Total other non-current assets | $ | 30,324\u00a0 | $ | 30,358\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
Operating lease assets | $ | 17,943\u00a0 | $ | 18,265\u00a0 | |||||||
| Indemnification assets | 7,080\u00a0 | 6,906\u00a0 | |||||||||
| Net deferred tax assets | 2,895\u00a0 | 2,772\u00a0 | |||||||||
| Deposits and escrows - properties | 1,723\u00a0 | 1,723\u00a0 | |||||||||
| Deposits - equipment | 422\u00a0 | 422\u00a0 | |||||||||
Equity investment (1) | 200\u00a0 | 200\u00a0 | |||||||||
| Other | 61\u00a0 | 70\u00a0 | |||||||||
| Total other non-current assets | $ | 30,324\u00a0 | $ | 30,358\u00a0 |
\u00a08. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
Deferred income - ERC (1) | $ | 10,140\u00a0 | $ | 10,140\u00a0 | |||||||
| Goods received not invoiced | 5,268\u00a0 | 5,019\u00a0 | |||||||||
| Accrued employee related expenses and liabilities | 5,260\u00a0 | 4,175\u00a0 | |||||||||
Acquisition-related milestone accrual (2) | 5,000\u00a0 | 4,167\u00a0 | |||||||||
| Operating lease obligations | 4,707\u00a0 | 4,693\u00a0 | |||||||||
| Accrued interest | 4,480\u00a0 | 4,106\u00a0 | |||||||||
| Accrued sales and excise taxes | 2,866\u00a0 | 2,388\u00a0 | |||||||||
| Deferred revenue (loyalty program) | 1,441\u00a0 | 1,407\u00a0 | |||||||||
| Accrued professional and management fees | 698\u00a0 | 986\u00a0 | |||||||||
| Accrued capital expenditures | 100\u00a0 | 702\u00a0 | |||||||||
Contingent consideration liabilities (2) | \u2014\u00a0 | 817\u00a0 | |||||||||
| Other accrued expenses and current liabilities | 3,190\u00a0 | 5,470\u00a0 | |||||||||
Total accrued expenses and other current liabilities | $ | 43,150\u00a0 | $ | 44,070\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
Deferred income - ERC (1) | $ | 10,140\u00a0 | $ | 10,140\u00a0 | |||||||
| Goods received not invoiced | 5,268\u00a0 | 5,019\u00a0 | |||||||||
| Accrued employee related expenses and liabilities | 5,260\u00a0 | 4,175\u00a0 | |||||||||
Acquisition-related milestone accrual (2) | 5,000\u00a0 | 4,167\u00a0 | |||||||||
| Operating lease obligations | 4,707\u00a0 | 4,693\u00a0 | |||||||||
| Accrued interest | 4,480\u00a0 | 4,106\u00a0 | |||||||||
| Accrued sales and excise taxes | 2,866\u00a0 | 2,388\u00a0 | |||||||||
| Deferred revenue (loyalty program) | 1,441\u00a0 | 1,407\u00a0 | |||||||||
| Accrued professional and management fees | 698\u00a0 | 986\u00a0 | |||||||||
| Accrued capital expenditures | 100\u00a0 | 702\u00a0 | |||||||||
Contingent consideration liabilities (2) | \u2014\u00a0 | 817\u00a0 | |||||||||
| Other accrued expenses and current liabilities | 3,190\u00a0 | 5,470\u00a0 | |||||||||
Total accrued expenses and other current liabilities | $ | 43,150\u00a0 | $ | 44,070\u00a0 |
\u00a09. DEBT |
| Effective Interest Rate | Maturity Date | March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||||||
| Principal amounts: | |||||||||||||||||
| Second Lien Notes | 15% | December 2026 | $ | 79,835\u00a0 | $ | 75,497\u00a0 | |||||||||||
| Acquisition Facility | 15% | December 2024 | 57,687\u00a0 | 60,125\u00a0 | |||||||||||||
| Acquisition-related promissory notes payable | 8% - 16% | August 2024 - April 2027 | 25,864\u00a0 | 35,716\u00a0 | |||||||||||||
| Mortgage loans | 6% - 11% | January 2027 - April 2028 | 29,424\u00a0 | 29,456\u00a0 | |||||||||||||
| Total debt subject to scheduled repayments | 192,810\u00a0 | 200,794\u00a0 | |||||||||||||||
Promissory notes payable to Sammartino (1) | 10% | September 2024 - September 2026 | 21,500\u00a0 | 21,500\u00a0 | |||||||||||||
Jushi Europe debt (2) | n/a | March 2022 | 3,225\u00a0 | 3,298\u00a0 | |||||||||||||
| Total debt | 217,535\u00a0 | 225,592\u00a0 | |||||||||||||||
| Less: debt issuance costs and original issue discounts | (10,478) | (13,037) | |||||||||||||||
| Total debt, net | $ | 207,057\u00a0 | $ | 212,555\u00a0 | |||||||||||||
| Debt, net - current portion | $ | 79,877\u00a0 | $ | 86,514\u00a0 | |||||||||||||
| Debt, net - non-current portion | $ | 127,180\u00a0 | $ | 126,041\u00a0 |
| Remainder of the year | 2025 | 2026 | 2027 | 2028 | Total | |||||||||||||||
| Second Lien Notes | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 79,835\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 79,835\u00a0 | ||||||||
| Acquisition Facility | 57,687\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 57,687\u00a0 | ||||||||||||||
| Acquisition-related promissory notes payable | 3,750\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 22,114\u00a0 | \u2014\u00a0 | 25,864\u00a0 | ||||||||||||||
| Mortgage loans | 438\u00a0 | 647\u00a0 | 658\u00a0 | 9,441\u00a0 | 18,240\u00a0 | 29,424\u00a0 | ||||||||||||||
| Total debt subject to scheduled repayments | $ | 61,875\u00a0 | $ | 647\u00a0 | $ | 80,493\u00a0 | $ | 31,555\u00a0 | $ | 18,240\u00a0 | $ | 192,810\u00a0 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Interest expense | |||||||||||
| Interest and accretion - Second Lien Notes | $ | 2,748\u00a0 | $ | 2,344\u00a0 | |||||||
| Interest and accretion - Finance lease liabilities | 2,668\u00a0 | 2,349\u00a0 | |||||||||
Interest and accretion - Promissory notes | 1,374\u00a0 | 1,536\u00a0 | |||||||||
| Interest and accretion - Acquisition Facility | 2,152\u00a0 | 2,296\u00a0 | |||||||||
| Interest and accretion - Mortgage loans and other financing activities | 706\u00a0 | 185\u00a0 | |||||||||
| Capitalized interest | \u2014\u00a0 | (188) | |||||||||
| Total interest expense | 9,648\u00a0 | 8,522\u00a0 | |||||||||
| Interest income | (104) | (2) | |||||||||
| Total interest expense, net | $ | 9,544\u00a0 | $ | 8,520\u00a0 |
| Effective Interest Rate | Maturity Date | March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||||||
| Principal amounts: | |||||||||||||||||
| Second Lien Notes | 15% | December 2026 | $ | 79,835\u00a0 | $ | 75,497\u00a0 | |||||||||||
| Acquisition Facility | 15% | December 2024 | 57,687\u00a0 | 60,125\u00a0 | |||||||||||||
| Acquisition-related promissory notes payable | 8% - 16% | August 2024 - April 2027 | 25,864\u00a0 | 35,716\u00a0 | |||||||||||||
| Mortgage loans | 6% - 11% | January 2027 - April 2028 | 29,424\u00a0 | 29,456\u00a0 | |||||||||||||
| Total debt subject to scheduled repayments | 192,810\u00a0 | 200,794\u00a0 | |||||||||||||||
Promissory notes payable to Sammartino (1) | 10% | September 2024 - September 2026 | 21,500\u00a0 | 21,500\u00a0 | |||||||||||||
Jushi Europe debt (2) | n/a | March 2022 | 3,225\u00a0 | 3,298\u00a0 | |||||||||||||
| Total debt | 217,535\u00a0 | 225,592\u00a0 | |||||||||||||||
| Less: debt issuance costs and original issue discounts | (10,478) | (13,037) | |||||||||||||||
| Total debt, net | $ | 207,057\u00a0 | $ | 212,555\u00a0 | |||||||||||||
| Debt, net - current portion | $ | 79,877\u00a0 | $ | 86,514\u00a0 | |||||||||||||
| Debt, net - non-current portion | $ | 127,180\u00a0 | $ | 126,041\u00a0 |
| Remainder of the year | 2025 | 2026 | 2027 | 2028 | Total | |||||||||||||||
| Second Lien Notes | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 79,835\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 79,835\u00a0 | ||||||||
| Acquisition Facility | 57,687\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 57,687\u00a0 | ||||||||||||||
| Acquisition-related promissory notes payable | 3,750\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 22,114\u00a0 | \u2014\u00a0 | 25,864\u00a0 | ||||||||||||||
| Mortgage loans | 438\u00a0 | 647\u00a0 | 658\u00a0 | 9,441\u00a0 | 18,240\u00a0 | 29,424\u00a0 | ||||||||||||||
| Total debt subject to scheduled repayments | $ | 61,875\u00a0 | $ | 647\u00a0 | $ | 80,493\u00a0 | $ | 31,555\u00a0 | $ | 18,240\u00a0 | $ | 192,810\u00a0 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Interest expense | |||||||||||
| Interest and accretion - Second Lien Notes | $ | 2,748\u00a0 | $ | 2,344\u00a0 | |||||||
| Interest and accretion - Finance lease liabilities | 2,668\u00a0 | 2,349\u00a0 | |||||||||
Interest and accretion - Promissory notes | 1,374\u00a0 | 1,536\u00a0 | |||||||||
| Interest and accretion - Acquisition Facility | 2,152\u00a0 | 2,296\u00a0 | |||||||||
| Interest and accretion - Mortgage loans and other financing activities | 706\u00a0 | 185\u00a0 | |||||||||
| Capitalized interest | \u2014\u00a0 | (188) | |||||||||
| Total interest expense | 9,648\u00a0 | 8,522\u00a0 | |||||||||
| Interest income | (104) | (2) | |||||||||
| Total interest expense, net | $ | 9,544\u00a0 | $ | 8,520\u00a0 |
\u00a010. LEASES |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Finance lease cost: | |||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 1,184\u00a0 | $ | 1,590\u00a0 | |||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 2,668\u00a0 | 2,349\u00a0 | |||||||||
| Total finance lease cost | 3,852\u00a0 | 3,939\u00a0 | |||||||||
| Operating lease cost | 1,326\u00a0 | 733\u00a0 | |||||||||
| Variable lease cost | 36\u00a0 | 66\u00a0 | |||||||||
| Total lease cost | $ | 5,214\u00a0 | $ | 4,738\u00a0 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.08\u00a0 | % | 15.15\u00a0 | % | 16.09\u00a0 | % | 15.09\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 16.4 | 8.6 | 16.6 | 8.7 | |||||||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| Remainder of year | $ | 7,319\u00a0 | $ | 3,734\u00a0 | |||||||
| 2025 | 10,820\u00a0 | 5,772\u00a0 | |||||||||
| 2026 | 10,494\u00a0 | 5,536\u00a0 | |||||||||
| 2027 | 10,002\u00a0 | 5,243\u00a0 | |||||||||
| 2028 | 10,166\u00a0 | 4,842\u00a0 | |||||||||
| Thereafter | 147,970\u00a0 | 19,670\u00a0 | |||||||||
| Total lease payments | 196,771\u00a0 | 44,797\u00a0 | |||||||||
| Less: Imputed interest | (135,367) | (20,658) | |||||||||
| Total present value of minimum lease payments | $ | 61,404\u00a0 | $ | 24,139\u00a0 | |||||||
| Lease liabilities - current portion | $ | 9,121\u00a0 | $ | 4,707\u00a0 | |||||||
| Lease liabilities - non-current | $ | 52,283\u00a0 | $ | 19,432\u00a0 |
\u00a010. LEASES |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Finance lease cost: | |||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 1,184\u00a0 | $ | 1,590\u00a0 | |||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 2,668\u00a0 | 2,349\u00a0 | |||||||||
| Total finance lease cost | 3,852\u00a0 | 3,939\u00a0 | |||||||||
| Operating lease cost | 1,326\u00a0 | 733\u00a0 | |||||||||
| Variable lease cost | 36\u00a0 | 66\u00a0 | |||||||||
| Total lease cost | $ | 5,214\u00a0 | $ | 4,738\u00a0 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.08\u00a0 | % | 15.15\u00a0 | % | 16.09\u00a0 | % | 15.09\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 16.4 | 8.6 | 16.6 | 8.7 | |||||||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| Remainder of year | $ | 7,319\u00a0 | $ | 3,734\u00a0 | |||||||
| 2025 | 10,820\u00a0 | 5,772\u00a0 | |||||||||
| 2026 | 10,494\u00a0 | 5,536\u00a0 | |||||||||
| 2027 | 10,002\u00a0 | 5,243\u00a0 | |||||||||
| 2028 | 10,166\u00a0 | 4,842\u00a0 | |||||||||
| Thereafter | 147,970\u00a0 | 19,670\u00a0 | |||||||||
| Total lease payments | 196,771\u00a0 | 44,797\u00a0 | |||||||||
| Less: Imputed interest | (135,367) | (20,658) | |||||||||
| Total present value of minimum lease payments | $ | 61,404\u00a0 | $ | 24,139\u00a0 | |||||||
| Lease liabilities - current portion | $ | 9,121\u00a0 | $ | 4,707\u00a0 | |||||||
| Lease liabilities - non-current | $ | 52,283\u00a0 | $ | 19,432\u00a0 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Finance lease cost: | |||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 1,184\u00a0 | $ | 1,590\u00a0 | |||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 2,668\u00a0 | 2,349\u00a0 | |||||||||
| Total finance lease cost | 3,852\u00a0 | 3,939\u00a0 | |||||||||
| Operating lease cost | 1,326\u00a0 | 733\u00a0 | |||||||||
| Variable lease cost | 36\u00a0 | 66\u00a0 | |||||||||
| Total lease cost | $ | 5,214\u00a0 | $ | 4,738\u00a0 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.08\u00a0 | % | 15.15\u00a0 | % | 16.09\u00a0 | % | 15.09\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 16.4 | 8.6 | 16.6 | 8.7 | |||||||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| Remainder of year | $ | 7,319\u00a0 | $ | 3,734\u00a0 | |||||||
| 2025 | 10,820\u00a0 | 5,772\u00a0 | |||||||||
| 2026 | 10,494\u00a0 | 5,536\u00a0 | |||||||||
| 2027 | 10,002\u00a0 | 5,243\u00a0 | |||||||||
| 2028 | 10,166\u00a0 | 4,842\u00a0 | |||||||||
| Thereafter | 147,970\u00a0 | 19,670\u00a0 | |||||||||
| Total lease payments | 196,771\u00a0 | 44,797\u00a0 | |||||||||
| Less: Imputed interest | (135,367) | (20,658) | |||||||||
| Total present value of minimum lease payments | $ | 61,404\u00a0 | $ | 24,139\u00a0 | |||||||
| Lease liabilities - current portion | $ | 9,121\u00a0 | $ | 4,707\u00a0 | |||||||
| Lease liabilities - non-current | $ | 52,283\u00a0 | $ | 19,432\u00a0 |
| Finance Leases | Operating Leases | ||||||||||
| Remainder of year | $ | 7,319\u00a0 | $ | 3,734\u00a0 | |||||||
| 2025 | 10,820\u00a0 | 5,772\u00a0 | |||||||||
| 2026 | 10,494\u00a0 | 5,536\u00a0 | |||||||||
| 2027 | 10,002\u00a0 | 5,243\u00a0 | |||||||||
| 2028 | 10,166\u00a0 | 4,842\u00a0 | |||||||||
| Thereafter | 147,970\u00a0 | 19,670\u00a0 | |||||||||
| Total lease payments | 196,771\u00a0 | 44,797\u00a0 | |||||||||
| Less: Imputed interest | (135,367) | (20,658) | |||||||||
| Total present value of minimum lease payments | $ | 61,404\u00a0 | $ | 24,139\u00a0 | |||||||
| Lease liabilities - current portion | $ | 9,121\u00a0 | $ | 4,707\u00a0 | |||||||
| Lease liabilities - non-current | $ | 52,283\u00a0 | $ | 19,432\u00a0 |
\u00a011. DERIVATIVE LIABILITIES |
Total Derivative Liabilities (1) | ||||||||
| Balance as of January 1, 2024 | $ | 2,638\u00a0 | ||||||
| Fair value changes | 5,100\u00a0 | |||||||
| Balance as of March 31, 2024 | $ | 7,738\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
| Stock price | $0.73 | $0.46 | |||||||||
| Risk-free annual interest rate | 4.45% - 5.21% | 4.01% - 4.79% | |||||||||
| Range of estimated possible exercise price | $1.00 - $2.086 | $1.00 - $2.086 | |||||||||
| Weighted average volatility | 124% | 101% | |||||||||
| Remaining life | 0.70 - 2.70 years | 1.00 - 2.90 years | |||||||||
Forfeiture rate | 0% | 0% | |||||||||
| Expected annual dividend yield | 0% | 0% |
| As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| Input | Effect of 10% Increase | Effect of 10% Decrease | Input | Effect of 10% Increase | Effect of 10% Decrease | ||||||||||||||||||||||||||||||
| Stock price | $ | 0.73 | $ | 1,540\u00a0 | $ | (1,440) | $ | 0.46 | $ | 637\u00a0 | $ | (574) | |||||||||||||||||||||||
| Volatility | 124\u00a0 | % | 1,190\u00a0 | (1,202) | 101\u00a0 | % | 680\u00a0 | (643) |
Total Derivative Liabilities (1) | ||||||||
| Balance as of January 1, 2024 | $ | 2,638\u00a0 | ||||||
| Fair value changes | 5,100\u00a0 | |||||||
| Balance as of March 31, 2024 | $ | 7,738\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
| Stock price | $0.73 | $0.46 | |||||||||
| Risk-free annual interest rate | 4.45% - 5.21% | 4.01% - 4.79% | |||||||||
| Range of estimated possible exercise price | $1.00 - $2.086 | $1.00 - $2.086 | |||||||||
| Weighted average volatility | 124% | 101% | |||||||||
| Remaining life | 0.70 - 2.70 years | 1.00 - 2.90 years | |||||||||
Forfeiture rate | 0% | 0% | |||||||||
| Expected annual dividend yield | 0% | 0% |
| As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| Input | Effect of 10% Increase | Effect of 10% Decrease | Input | Effect of 10% Increase | Effect of 10% Decrease | ||||||||||||||||||||||||||||||
| Stock price | $ | 0.73 | $ | 1,540\u00a0 | $ | (1,440) | $ | 0.46 | $ | 637\u00a0 | $ | (574) | |||||||||||||||||||||||
| Volatility | 124\u00a0 | % | 1,190\u00a0 | (1,202) | 101\u00a0 | % | 680\u00a0 | (643) |
\u00a012. EQUITY |
Non-Derivative (Equity) Warrants (1) | Derivative Liabilities Warrants | Total Number of Warrants | Weighted - Average Exercise Price | ||||||||||||||||||||
Balance as of January\u00a01, 2024 | 49,068,636 | 37,862,922 | 86,931,558 | $ | 1.12\u00a0 | ||||||||||||||||||
| Granted | 2,050,000\u00a0 | \u2014\u00a0 | 2,050,000\u00a0 | $ | 0.97\u00a0 | ||||||||||||||||||
Balance as of March\u00a031, 2024 | 51,118,636 | 37,862,922 | 88,981,558 | $ | 1.12\u00a0 | ||||||||||||||||||
Exercisable as of March\u00a031, 2024 | 49,083,636 | 37,862,922 | 86,946,558 | $ | 1.12\u00a0 |
| Weighted average stock price | $0.93 | ||||
| Weighted average expected stock price volatility | 76.5% | ||||
| Expected annual dividend yield | 0% | ||||
Weighted average expected life of warrants | 3.1 years | ||||
| Weighted average risk-free annual interest rate | 4.1% | ||||
| Weighted average grant date fair value | $0.48 |
| Number of Stock Options | Weighted-Average Per Share Exercise Price | ||||||||||
| Issued and Outstanding as of January 1, 2024 | 27,653,184\u00a0 | $ | 1.40\u00a0 | ||||||||
| Granted | 1,220,000\u00a0 | $ | 0.70\u00a0 | ||||||||
Exercised | (3,333) | $ | 0.60\u00a0 | ||||||||
| Cancelled/forfeited/expired | (273,166) | $ | 1.77\u00a0 | ||||||||
| Issued and Outstanding as of March 31, 2024 | 28,596,685\u00a0 | $ | 1.36\u00a0 | ||||||||
| Exercisable as of March 31, 2024 | 15,966,391\u00a0 | $ | 1.75\u00a0 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Weighted average stock price | $0.70 | $0.60 | |||||||||
| Weighted average expected stock price volatility | 77.1% | 77.4% | |||||||||
| Expected annual dividend yield | 0% | 0% | |||||||||
| Weighted average expected life | 5.1 years | 6.2 years | |||||||||
| Weighted average risk-free annual interest rate | 4.3% | 3.7% | |||||||||
| Weighted average grant date fair value | $0.46 | $0.42 |
| Number of Restricted Subordinate Voting Shares | |||||
| Unvested restricted stock as of January 1, 2024 | 1,861 | ||||
| Unvested restricted stock as of March 31, 2024 | 1,861 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Stock options | $ | 1,355\u00a0 | $ | 1,596\u00a0 | |||||||
| Restricted stock | 1\u00a0 | 200\u00a0 | |||||||||
| Warrants | 168\u00a0 | 515\u00a0 | |||||||||
| Total share-based compensation expense | $ | 1,524\u00a0 | $ | 2,311\u00a0 |
Non-Derivative (Equity) Warrants (1) | Derivative Liabilities Warrants | Total Number of Warrants | Weighted - Average Exercise Price | ||||||||||||||||||||
Balance as of January\u00a01, 2024 | 49,068,636 | 37,862,922 | 86,931,558 | $ | 1.12\u00a0 | ||||||||||||||||||
| Granted | 2,050,000\u00a0 | \u2014\u00a0 | 2,050,000\u00a0 | $ | 0.97\u00a0 | ||||||||||||||||||
Balance as of March\u00a031, 2024 | 51,118,636 | 37,862,922 | 88,981,558 | $ | 1.12\u00a0 | ||||||||||||||||||
Exercisable as of March\u00a031, 2024 | 49,083,636 | 37,862,922 | 86,946,558 | $ | 1.12\u00a0 |
| Weighted average stock price | $0.93 | ||||
| Weighted average expected stock price volatility | 76.5% | ||||
| Expected annual dividend yield | 0% | ||||
Weighted average expected life of warrants | 3.1 years | ||||
| Weighted average risk-free annual interest rate | 4.1% | ||||
| Weighted average grant date fair value | $0.48 |
| Number of Stock Options | Weighted-Average Per Share Exercise Price | ||||||||||
| Issued and Outstanding as of January 1, 2024 | 27,653,184\u00a0 | $ | 1.40\u00a0 | ||||||||
| Granted | 1,220,000\u00a0 | $ | 0.70\u00a0 | ||||||||
Exercised | (3,333) | $ | 0.60\u00a0 | ||||||||
| Cancelled/forfeited/expired | (273,166) | $ | 1.77\u00a0 | ||||||||
| Issued and Outstanding as of March 31, 2024 | 28,596,685\u00a0 | $ | 1.36\u00a0 | ||||||||
| Exercisable as of March 31, 2024 | 15,966,391\u00a0 | $ | 1.75\u00a0 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Weighted average stock price | $0.70 | $0.60 | |||||||||
| Weighted average expected stock price volatility | 77.1% | 77.4% | |||||||||
| Expected annual dividend yield | 0% | 0% | |||||||||
| Weighted average expected life | 5.1 years | 6.2 years | |||||||||
| Weighted average risk-free annual interest rate | 4.3% | 3.7% | |||||||||
| Weighted average grant date fair value | $0.46 | $0.42 |
| Number of Restricted Subordinate Voting Shares | |||||
| Unvested restricted stock as of January 1, 2024 | 1,861 | ||||
| Unvested restricted stock as of March 31, 2024 | 1,861 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Stock options | $ | 1,355\u00a0 | $ | 1,596\u00a0 | |||||||
| Restricted stock | 1\u00a0 | 200\u00a0 | |||||||||
| Warrants | 168\u00a0 | 515\u00a0 | |||||||||
| Total share-based compensation expense | $ | 1,524\u00a0 | $ | 2,311\u00a0 |
\u00a013. EARNINGS (LOSS) PER SHARE |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Numerator: | |||||||||||
Net loss and comprehensive loss | $ | (18,355) | $ | (12,440) | |||||||
Net loss and comprehensive loss - diluted | $ | (18,355) | $ | (12,440) | |||||||
| Denominator: | |||||||||||
| Weighted-average shares of common stock - basic | 195,131,642\u00a0 | 194,050,835\u00a0 | |||||||||
| Weighted-average shares of common stock - diluted | 195,131,642\u00a0 | 194,050,835\u00a0 | |||||||||
Loss per common share: | |||||||||||
| Basic | $ | (0.09) | $ | (0.06) | |||||||
| Diluted | $ | (0.09) | $ | (0.06) |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Stock options | 27,653,611\u00a0 | 28,615,308\u00a0 | |||||||||
| Warrants (derivative liabilities and equity) | 88,052,437\u00a0 | 85,989,948\u00a0 | |||||||||
| Unvested restricted stock awards | 1,861\u00a0 | 1,120,815\u00a0 | |||||||||
| 115,707,909\u00a0 | 115,726,071\u00a0 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Numerator: | |||||||||||
Net loss and comprehensive loss | $ | (18,355) | $ | (12,440) | |||||||
Net loss and comprehensive loss - diluted | $ | (18,355) | $ | (12,440) | |||||||
| Denominator: | |||||||||||
| Weighted-average shares of common stock - basic | 195,131,642\u00a0 | 194,050,835\u00a0 | |||||||||
| Weighted-average shares of common stock - diluted | 195,131,642\u00a0 | 194,050,835\u00a0 | |||||||||
Loss per common share: | |||||||||||
| Basic | $ | (0.09) | $ | (0.06) | |||||||
| Diluted | $ | (0.09) | $ | (0.06) |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Stock options | 27,653,611\u00a0 | 28,615,308\u00a0 | |||||||||
| Warrants (derivative liabilities and equity) | 88,052,437\u00a0 | 85,989,948\u00a0 | |||||||||
| Unvested restricted stock awards | 1,861\u00a0 | 1,120,815\u00a0 | |||||||||
| 115,707,909\u00a0 | 115,726,071\u00a0 |
\u00a014. REVENUE |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Retail | $ | 57,369\u00a0 | $ | 62,311\u00a0 | |||||||
| Wholesale | 8,090\u00a0 | 7,562\u00a0 | |||||||||
| Total revenue, net | $ | 65,459\u00a0 | $ | 69,873\u00a0 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Retail | $ | 57,369\u00a0 | $ | 62,311\u00a0 | |||||||
| Wholesale | 8,090\u00a0 | 7,562\u00a0 | |||||||||
| Total revenue, net | $ | 65,459\u00a0 | $ | 69,873\u00a0 |
\u00a015. OPERATING EXPENSES |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Salaries, wages and employee related expenses | $ | 14,147\u00a0 | $ | 16,804\u00a0 | |||||||
| Depreciation and amortization expense | 3,278\u00a0 | 2,663\u00a0 | |||||||||
| Rent and related expenses | 2,914\u00a0 | 2,893\u00a0 | |||||||||
| Professional fees and legal expenses | 2,575\u00a0 | 2,325\u00a0 | |||||||||
| Share-based compensation expense | 1,524\u00a0 | 2,311\u00a0 | |||||||||
Other expenses (1) | 3,773\u00a0 | 5,456\u00a0 | |||||||||
| Total operating expenses | $ | 28,211\u00a0 | $ | 32,452\u00a0 |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Salaries, wages and employee related expenses | $ | 14,147\u00a0 | $ | 16,804\u00a0 | |||||||
| Depreciation and amortization expense | 3,278\u00a0 | 2,663\u00a0 | |||||||||
| Rent and related expenses | 2,914\u00a0 | 2,893\u00a0 | |||||||||
| Professional fees and legal expenses | 2,575\u00a0 | 2,325\u00a0 | |||||||||
| Share-based compensation expense | 1,524\u00a0 | 2,311\u00a0 | |||||||||
Other expenses (1) | 3,773\u00a0 | 5,456\u00a0 | |||||||||
| Total operating expenses | $ | 28,211\u00a0 | $ | 32,452\u00a0 |
\u00a016. INCOME TAXES |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Loss before income tax | $ | (8,608) | $ | (2,292) | |||||||
Income tax expense | $ | 9,747\u00a0 | $ | 10,148\u00a0 | |||||||
| Effective income tax rate | 113.2\u00a0 | % | 442.8\u00a0 | % |
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Loss before income tax | $ | (8,608) | $ | (2,292) | |||||||
Income tax expense | $ | 9,747\u00a0 | $ | 10,148\u00a0 | |||||||
| Effective income tax rate | 113.2\u00a0 | % | 442.8\u00a0 | % |
\u00a017. RELATED PARTY TRANSACTIONS |
| Three Months Ended March 31, | As of | ||||||||||||||||||||||
| 2024 | 2023 | March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||||||||||||
| Nature of transaction | Related Party Expense | Related Party Payable | |||||||||||||||||||||
12% Second Lien Notes - interest expense and principal amount (1) | $ | (577) | $ | (521) | $ | (19,493) | $ | (19,788) | |||||||||||||||
Other debt (2) | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | (3,225) | $ | (3,298) |
| Three Months Ended March 31, | As of | ||||||||||||||||||||||
| 2024 | 2023 | March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||||||||||||
| Nature of transaction | Related Party Expense | Related Party Payable | |||||||||||||||||||||
12% Second Lien Notes - interest expense and principal amount (1) | $ | (577) | $ | (521) | $ | (19,493) | $ | (19,788) | |||||||||||||||
Other debt (2) | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | (3,225) | $ | (3,298) |
\u00a018. COMMITMENTS AND CONTINGENCIES |
\u00a019. FINANCIAL INSTRUMENTS |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
Financial assets: (1) | |||||||||||
| Equity investment | $ | 200\u00a0 | $ | 200\u00a0 | |||||||
| Total financial assets | $ | 200\u00a0 | $ | 200\u00a0 | |||||||
Financial liabilities: (1) | |||||||||||
Derivative liabilities (2) | $ | 7,738\u00a0 | $ | 2,638\u00a0 | |||||||
Contingent consideration liabilities (3) | \u2014\u00a0 | 817\u00a0 | |||||||||
| Total financial liabilities | $ | 7,738\u00a0 | $ | 3,455\u00a0 |
| March 31, 2024 (unaudited) | December 31, 2023 | ||||||||||
Financial assets: (1) | |||||||||||
| Equity investment | $ | 200\u00a0 | $ | 200\u00a0 | |||||||
| Total financial assets | $ | 200\u00a0 | $ | 200\u00a0 | |||||||
Financial liabilities: (1) | |||||||||||
Derivative liabilities (2) | $ | 7,738\u00a0 | $ | 2,638\u00a0 | |||||||
Contingent consideration liabilities (3) | \u2014\u00a0 | 817\u00a0 | |||||||||
| Total financial liabilities | $ | 7,738\u00a0 | $ | 3,455\u00a0 |
\u00a020. SEGMENT INFORMATION |
\u00a021. SUBSEQUENT EVENTS |