Cybersecurity risk management and strategy
The Company integrates risk management into its overall cybersecurity strategy and has implemented processes designed to identify, assess, prioritize, and manage risks to protect data, intellectual property, and information assets. As part of our risk governance and management, the Company has developed procedures to identify and evaluate risks, measure them against predefined criteria, devise and execute strategies to mitigate identified risks, continuously monitor and review risk profiles, and communicate risks to management and relevant stakeholders. Addressing cybersecurity risks involves a comprehensive approach that encompasses both internal assessments and external information sources. For instance, the Company engages in security assessments conducted by internal and external experts to ensure compliance with security policies and industry frameworks; and vulnerability assessments to discover vulnerabilities in networks, systems and applications. The Company has strategically reduced its hardware footprint by eliminating on-premise datacenters and moving IT infrastructure into cloud-hosted and Software as a Service (SaaS) providers. As a result, the Company believes it is streamlined and agile to respond quickly to market fluctuations and changes in the industry. Additionally, the Company leverages cloud-hosted and SaaS providers that offer Service Level Agreements (SLAs) and adhere to compliance and regulatory requirements for the industry. We oversee third-party service providers by conducting vendor diligence upon onboarding and additional monitoring. Vendors are assessed for risk based on the nature of their services, access to data and systems and supply chain risk. The Company performs ongoing risk assessments that evaluate IT systems and assess the likelihood of occurrence, estimate potential impact, and plan for remediation.
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Cybersecurity risk management is overseen by the Company\u2019s Vice President of Information Technology and Security who is supported by full-time information security staff. These individuals have experience across industries that, among other things, develops and distributes information security policies, standards and procedures; engages in employee cybersecurity training; implements security controls; assesses security risk and compliance posture; monitors and responds to security events; and executes security testing and assessments The Vice President of Information Technology and Security advises the executive team on the development and implementation of the information security program.
The Company incorporates learning from its cybersecurity risk management process into its overall cybersecurity program. To date, the Company has not experienced a cybersecurity incident that resulted in a material effect on our business strategy, results of operations, or financial condition. Despite our efforts, we cannot provide assurance that we will not be materially affected in the future by cybersecurity risks or any future material incidents. For more information, see \u201cItem 1A. Risk Factors \u2014 We face risks related to our information technology systems, including potential cyber-attacks and security and privacy breaches\u201d.
The Board and executive team provide regular oversight of the Company\u2019s cybersecurity risk management program. The Vice President of Information Technology and Security presents to the Board and the executive team regularly with updates via business review dashboards. The Board and executive team provide guidance, including with respect to any changes to business priorities, risk tolerance, or security initiatives.
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Description of Business and Summary
Vireo Growth Inc. (\u201cVireo Growth\u201d or the \u201cCompany\u201d) (formerly,\u00a0Goodness Growth Holdings, Inc.) was incorporated under the Alberta Business Corporations Act on November\u00a023, 2004. The Company was previously listed on the Canadian Securities Exchange (the \u201cCSE\u201d) under ticker symbol \u201cGDNS\u201d. On July 8, 2024, the Company changed its name to Vireo Growth Inc., its ticker symbol on the CSE to \u201cVREO\u201d and its ticker symbol on the OTCQX to \u201cVREOF.\u201d
Vireo Growth is a cannabis company whose mission is to provide safe access, quality products and value to its customers while supporting its local communities through active participation and restorative justice programs. Vireo Growth operates cannabis cultivation, production, and dispensary facilities in Maryland, Minnesota, and New York, and formerly in New Mexico.
While marijuana and CBD-infused products are legal under the laws of several U.S. states (with vastly differing restrictions), the United States Federal Controlled Substances Act classifies all \u201cmarijuana\u201d as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of safety for the use of the drug under medical supervision. Recently some federal officials have attempted to distinguish between medical cannabis use as necessary, but adult-use as \u201cstill a violation of federal law.\u201d At the present time, the distinction between \u201cmedical marijuana\u201d and \u201cadult-use marijuana\u201d does not exist under U.S. federal law.
Update on Verano Litigation (Note 18)
On October 21, 2022, Vireo Growth commenced an action in the Supreme Court of British Columbia against Verano Holdings Corp. (\"Verano\") after Verano repudiated the Arrangement Agreement with the Company dated January 31, 2022. The Company is seeking damages, costs and interest, based on Verano's breach of contract and of its duty of good faith and honest performance.
On May 2, 2024, the Company filed an application with the Supreme Court of British Columbia for summary determination. The Company is seeking substantial damages, specifically $860.9\u00a0million, as well as other costs and legal fees, based on Verano\u2019s breach of contract and of its duty of good faith and honest performance.
Due to uncertainties inherent in litigation, it is not possible for Vireo Growth to predict the timing or final outcome of the legal proceedings against Verano or to determine the amount of damages, if any, that may be awarded.
Merger Agreements with Deep Roots, Proper and Wholesome
On December 18, 2024, we entered into the Merger Agreements with respect the Mergers. Each Merger is an all-share\u00a0transaction whereby, at the closing of each applicable transaction, (i) a new wholly-owned subsidiary of the Company would merge with and into Deep Roots, (ii) a new wholly-owned subsidiary of the Company would merge with and into Wholesome, and (ii) the Proper entities would each merge with and into new wholly-owned subsidiaries of the Company. None of the Deep Roots Merger, the Proper Mergers or the Wholesome Merger is contingent on the completion of any of the other Mergers (Note 3). \u00a0
"}]},{"name":"rpt:f-324","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesSoughtValue","xbrl:period":"2024-05-02T00:00:00/2024-05-03T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"vreof:ArrangementAgreementWithVeranoHoldingsCorpMember"},"factValues":[{"value":"860900000","decimals":-5}]},{"name":"rpt:f-325","factDimensions":{"xbrl:concept":"us-gaap:SignificantAccountingPoliciesTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"2. Summary of Significant Accounting Policies
Basis of presentation and going concern
The accompanying consolidated financial statements reflect the accounts of the Company. The consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d) and pursuant to the rules\u00a0and regulations of the United States Securities and Exchange Commission (\u201cSEC\u201d).
These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due.
These consolidated financial statements reflect all adjustments, which, in the opinion of management, are necessary for a fair presentation of the Company\u2019s financial position and results of operations.
Basis of consolidation
These consolidated financial statements include the accounts of the following entities wholly owned, or effectively controlled by the Company for the year ended December 31, 2024:
Name of entity | Place\u00a0of\u00a0\u00a0incorporation |
HiColor, LLC | Minnesota, USA |
MaryMed, LLC | Maryland, USA |
Mayflower Botanicals, Inc. | Massachusetts, USA |
Vireo Health of Minnesota, LLC | Minnesota, USA |
MJ Distributing C201, LLC | Nevada, USA |
MJ Distributing P132, LLC | Nevada, USA |
Resurgent Biosciences, Inc. | Delaware, USA |
Verdant Grove, Inc. | Massachusetts, USA |
Vireo Health de Puerto Rico, Inc. | Puerto Rico |
Vireo Health of Nevada 1, LLC | Nevada, USA |
Vireo Health of New York, LLC | New York, USA |
Vireo Health of Puerto Rico, LLC | Delaware, USA |
Vireo Health, Inc. | Delaware, USA |
Vireo of Charm City, LLC | Maryland, USA |
Vireo DR Merger Sub Inc. | Delaware, USA |
Vireo WH Merger Sub Inc. | Delaware, USA |
Vireo PR Merger Sub Inc. | Delaware, USA |
Vireo PR Merger Sub II Inc. | Delaware, USA |
XAAS Agro, Inc. | Puerto Rico |
The entities listed above are wholly owned, or effectively controlled by the Company and have been formed or acquired to support the intended operations of the Company and all intercompany transactions and balances have been eliminated in the consolidated financial statements of the Company.
During the\u00a0year ended December\u00a031, 2023, Red Barn Growers, Inc. was removed as a result of a business disposition. Refer to Note\u00a03 for further details on business dispositions.
Recently adopted accounting pronouncements
ASU 2023-07\u00a0In November 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\"ASU\") 2023-07,\u00a0Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (\u201cCODM\u201d) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment\u2019s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.\u00a0The Company adopted the standard on January 1, 2024. This ASU resulted in additional required disclosures (Note 21).
Use of estimates and significant judgments
The preparation of the Company\u2019s consolidated financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of revenue, expenses, assets, liabilities, accompanying disclosures and the disclosure of contingent liabilities. These estimates and judgments are subject to change based on experience and new information which could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affecting future periods. Estimates and judgments are assessed on an ongoing basis. Revisions to estimates are recognized prospectively.
Examples of key estimates in these consolidated financial statements include credit losses, inventory valuation adjustments that contemplate the market value of, and demand for inventory, estimated useful lives of property and equipment and intangible assets, valuation allowance on deferred income tax assets, determining the fair value of financial instruments, fair value of stock-based compensation, estimated variable consideration on contracts with customers, estimated redemption rates on loyalty sales programs, estimated paid time off redemption rates, sales return estimates, the fair value of the convertible notes and equity component and the classification, incremental borrowing rates, uncertain tax positions, and lease terms applicable to lease contracts.
Financial statement areas that require significant judgments are as follows:
Assets held for sale and discontinued operations\u00a0- The Company classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and their fair value less cost to sell. Costs to sell are the incremental costs directly attributable to the sale, excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or the disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the sale will be withdrawn. Management must be committed to the sale expected within one\u00a0year from the date of the classification.
A discontinued operation is a component of the Company that either has been abandoned, disposed of, or is classified as held for sale, and: (i)\u00a0disposal group is a component of an entity (or group of components); (ii)\u00a0component of an entity (or group of components) meets the held for sale criteria, is disposed of by sale, or is disposed of other than by sale; (iii)\u00a0component of an entity (or group of components) represents a strategic shift that has (or will have) a major effect on an entity\u2019s operations and financial results. A component of the Company comprises an operation and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. During the\u00a0years ended December\u00a031, 2024 and 2023, the Company completed various divestitures, further described in Note\u00a03. Management considered the quantitative results of the divested entities as well as qualitative strategic considerations to judge whether the divestitures constitute a discontinued operation. Management does not believe these divestitures represent a strategic shift that has or will have a major effect on an entity\u2019s operations and financial results, and as such, none of these divestitures are considered a discontinued operation.
Stock-based compensation - Valuation of stock-based compensation and warrants requires management to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of the Company\u2019s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates are considered for each new grant of stock options or warrants.
Uncertain tax positions - The Company records uncertain tax positions in accordance with Accounting Standards Codification (\u201cASC\u201d) 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than- not recognition threshold, the Company would recognize the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.
Asset impairment\u00a0\u2013 Asset impairment tests require the allocation of assets to asset groups, where appropriate, which requires significant judgment and interpretation with respect to the integration between the assets and shared resources. Asset impairment tests require the determination of whether there is an indication of impairment. The assessment of whether an indication of impairment exists is performed at the end of each reporting period and requires the application of judgment, historical experience, and external and internal sources of information.
Leases\u00a0\u2013 The Company applies judgment in determining whether a contract contains a lease and if a lease is classified as an operating lease or a finance lease. The Company determines the lease term as the non-cancellable term of the lease, which may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
The Company has several lease contracts that include extension and termination options. The Company applies judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset).
The Company also applies judgment in allocating the consideration in a contract between lease and non-lease components. It considers whether the Company can benefit from the right-of-use asset either on its own or together with other resources and whether the asset is highly dependent on or highly interrelated with another right-of-use asset.
Foreign currency
These consolidated financial statements are presented in the United States dollar (\u201cUSD\u201d), which is the Company\u2019s reporting currency. The functional currency of the Company and its subsidiaries, as determined by management, is the United States (\u201cUS\u201d) dollar.
Net loss per share
Basic net loss per share is computed by dividing reported net loss by the weighted average number of subordinate voting shares outstanding for the reported period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock of the Company during the reporting period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of subordinate voting shares and the number of potential dilutive common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of vested share options and the incremental shares issuable upon conversion of the convertible notes. Potential dilutive common share equivalents consist of stock options, warrants, and convertible debt.
In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. Since the Company is in a net loss for all periods presented in these financial statements, there is no difference between the Company\u2019s basic and diluted net loss per share for the periods presented.
The anti-dilutive shares outstanding for\u00a0years ending December\u00a031, 2024 and 2023 were as follows:
Year Ended | ||||
December 31, | ||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||
Stock options | 31,232,633 | \u00a0 | 29,969,324 | |
Warrants | 18,957,212 | \u00a0 | 19,437,649 | |
RSUs | 11,327,530 | 2,543,011 | ||
Convertible debt | 16,000,000 | 70,510,028 | ||
Total | 77,517,375 | \u00a0 | 122,460,012 |
Segment Information
Accounting Standards Codification (\"ASC\") 280, Segment Reporting, establishes disclosure requirements relating to operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources to the segment and assess its performance. The Company operates in one business segment, namely as the Cannabis segment that cultivates, processes and distributes medical and adult-use cannabis products in a variety of formats, as well as related accessories. The Company\u2019s Chief Executive Officer is the Company\u2019s chief operating decision maker.
Cash
Cash is comprised of cash. The Company has no cash equivalents for the\u00a0years presented.
Business combinations and goodwill
The Company accounts for business combinations using the acquisition method in accordance with ASC 805, Business Combinations, which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition. Any excess of the purchase consideration over the net fair value of tangible and identified intangible assets acquired less liabilities assumed is recorded as goodwill. The costs of business acquisitions, including fees for accounting, legal, professional consulting and valuation specialists, are expensed as incurred within acquisition-related (income) expenses, net. Purchase price allocations may be preliminary and, during the measurement period not to exceed one\u00a0year from the date of acquisition, changes in assumptions and estimates that result in adjustments to the fair value of assets acquired and liabilities assumed are recorded in the period the adjustments are determined.
The estimated fair value of acquired assets and assumed liabilities are determined primarily using a discounted cash flow approach, with estimated cash flows discounted at a rate that the Company believes a market participant would determine to be commensurate with the inherent risks associated with the asset and related estimated cash flow streams.
Fair value measurements
The carrying value of the Company\u2019s accounts receivable, deposits, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature, and the carrying value of notes receivable, convertible debt, and long-term debt approximates fair value as they bear a market rate of interest.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
Inventory
Inventory is comprised of cannabis work-in-process, cannabis finished goods and other inventory. Work-in-process inventory includes cannabis plants, bulk harvested material, and various bulk oils and extracts. Finished goods include packaged flower and extracts. Other inventory includes product packaging, hemp derived CBD, apparel, and paraphernalia.
Inventory cost includes pre-harvest, post-harvest and shipment and fulfillment, as well as related accessories. Pre-harvest costs include labor and direct materials to grow cannabis, which includes water, electricity, nutrients, integrated pest management, growing supplies and allocated overhead. Post-harvest costs include costs associated with drying, trimming, blending, extraction, purification, quality testing and allocated overhead. Shipment and fulfillment costs include the costs of packaging, labelling, courier services and allocated overhead.
Inventory is stated at the lower of cost or net realizable value, determined using weighted average cost. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At the end of each reporting period, the Company performs an assessment of inventory and record write-downs for excess and obsolete inventories based on the Company\u2019s estimated forecast of product demand, production requirements, market conditions, regulatory environment, and spoilage. Actual inventory losses may differ from management\u2019s estimates and such differences could be material to the Company\u2019s balance sheets, statements of net loss and comprehensive loss and statements of cash flows.
Property and equipment
Property and equipment are recorded at cost net of accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful life of buildings and improvements ranges from to , the estimated useful life of property and equipment, other than buildings, ranges from to ten years. Land is not depreciated. Leasehold improvements, included in buildings and improvements, are depreciated over the lesser of the asset\u2019s estimated useful life or the remaining lease term. The estimated useful life of right of use assets relating to operating and finance leases ranges from to twenty years.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized. Maintenance and repairs are charged to expenses as incurred. Significant expenditures, which extend the useful lives of assets or increase productivity, are capitalized. When significant parts of an item of property and equipment have different useful lives, they are accounted for as separate items or components of property and equipment.
Construction-in-process includes construction progress payments, deposits, engineering costs, interest expense on long-term construction projects and other costs directly related to the construction of the facilities. Expenditures are capitalized during the construction period and construction in progress is transferred to the relevant class of property and equipment when the assets are available for use, at which point the depreciation of the asset commences.
The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
Capitalization of interest
Interest incurred relating to the construction or expansion of facilities is capitalized to the construction in progress. The Company ceases the capitalization of interest when construction activities are substantially completed and the facility is available for commercial use.
During the years ended December 31, 2024 and 2023, the Company capitalized $1,387,750 and $320,937, respectively, of interest expense to construction in progress.
Intangible assets
Intangible assets include intangible assets acquired as part of business combinations, asset acquisitions and other business transactions. The Company records intangible assets at cost, net of accumulated amortization and accumulated impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value on the acquisition date.
Amortization of definite life intangible assets is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Licenses | \u00a0\u00a0\u00a0\u00a0 | 2- years |
When there is no foreseeable limit on the period of time over which an intangible asset is expected to contribute to the cash flows of the Company, an intangible asset is determined to have an indefinite life. Indefinite life intangible assets are not amortized but tested for impairment annually or more frequently when indicators of impairment exist. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-life intangible asset is impaired by the amount of the excess.
The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
Impairment of long-lived assets
The Company reviews long-lived assets, including property and equipment, definite life intangible assets, and other long-lived assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (\u201casset group\u201d). An impairment loss is recognized when the sum of projected undiscounted cash flows is less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach. The reversal of impairment losses is prohibited.
Financial assets
Initial recognition and measurement
The Company aggregates its financial assets into classes at the time of initial recognition based on the Company's business model and the contractual terms of the cash flows. Non-derivative financial assets are classified and measured as \u201cfinancial assets at fair value\u201d, as either fair value through profit or loss (\u201cFVPL\u201d), or \u201cfinancial assets at amortized cost\u201d, as appropriate.
All financial assets are recognized initially at fair value plus, in the case of financial assets not at FVPL, directly attributable transaction costs on the trade date at which the Company becomes a party to the contractual provisions of the instrument.
Financial assets with embedded derivatives are considered in their entirety when determining their classification.
Subsequent measurement \u00a0- Financial assets at amortized cost
After initial recognition, financial assets measured at amortized cost are subsequently measured at the end of each reporting period at amortized cost using the Effective Interest Rate (\u201cEIR\u201d) method. Amortized cost is calculated by considering any discount or premium on acquisition and any fees or costs that are an integral part of the EIR. In these consolidated financial statements, cash, trade and other receivables, indemnification receivables, and loans receivable are classified in this category.
Subsequent measurement \u00a0- Financial assets at FVPL
Financial assets measured at FVPL include financial assets such as the Company's equity investments in other entities, and any derivative financial instrument that is not designated as a hedging instrument in a hedge relationship. Financial assets measured at FVPL are carried at fair value in the consolidated balance sheet with changes in fair value recognized in a separate caption in the consolidated statements of net loss and comprehensive loss.
Derecognition
A financial asset is derecognized when the contractual rights to the cash flows from the asset expire, or the Company no longer retains substantially all the risks and rewards of ownership.
Impairment of financial assets
Financial assets classified subsequently as amortized cost are subject to impairment based on the expected credit losses (\u201cECL's\u201d). The Company's financial assets subject to impairment are cash, accounts receivable and notes receivable.
Accounts receivable and notes receivable are recognized initially at fair value and subsequently measured at amortized cost, less any provisions for impairment. Impairment provisions are estimated using the ECL impairment model where any expected future credit losses are provided for, irrespective of whether a loss event has occurred at the reporting date. Estimates of expected credit losses consider the Company's collection history by country and customer, deterioration of collection rates during the average credit period, as well as observable changes in and forecasts of future economic conditions that affect default risk. The Company utilizes a provision matrix to estimate lifetime ECL's for accounts receivable, supplemented by specific allowance based on customer-specific data. Changes in the allowance are recognized as bad debt expense in the consolidated statements of net loss and comprehensive loss. When the Company determines that no recovery of the amount owed is possible, the amount is deemed irrecoverable, and the financial asset is written off.
Impairment of goodwill and indefinite life intangible assets
Goodwill and indefinite life intangible assets are tested for impairment annually, or more frequently when events or circumstances indicate that impairment may have occurred. As part of the impairment evaluation, the Company may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of the indefinite-lived intangible asset or the reporting unit (for goodwill) is less than its carrying value, a quantitative impairment test to compare the fair value to the carrying value is performed. An impairment charge is recorded if the carrying value exceeds the fair value.
Leases
The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (\u201cROU\u201d) assets and right-of-use liabilities (current and non-current) in the balance sheets. Finance lease ROU assets are included in property and equipment, net and ROU liabilities (current and non-current) in the balance sheets.
ROU assets represent the Company\u2019s right to use an underlying asset for the lease term and lease liabilities represent the Company\u2019s obligation to make lease payments arising from the lease. ROU assets are classified as a finance lease or an operating lease. A finance lease is a lease in which 1) ownership of the property transfers to the lessee by the end of the lease term; 2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; 3) the lease is for a major part of the remaining economic life of the underlying asset; 4) The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value; or 5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company classifies a lease as an operating lease when it does not meet any one of these criteria.
ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company\u2019s leases do not provide an implicit rate, the incremental borrowing rate is used based
on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU assets also include any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
For finance leases, lease expenses are the sum of interest on the lease obligations and amortization of the ROU assets, resulting in a front-loaded expense pattern. ROU assets are amortized based on the lesser of the lease term and the useful life of the leased asset according to the property and equipment accounting policy. If ownership of the ROU assets transfers to the Company at the end of the lease term or if the Company is reasonably certain to exercise a purchase option, amortization is calculated using the estimated useful life of the leased asset, according to the property and equipment accounting policy. For operating leases, the lease expenses are generally recognized on a straight-line basis over the lease term and recorded to general and administrative expenses in the statements of net loss and comprehensive loss.
The Company has elected to apply the practical expedient, for each class of underlying asset, except real estate leases, to not separate non-lease components from the associated lease components of the lessee\u2019s contract and account for both components as a single lease component.
The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12\u00a0months or less that do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Short-term leases include real estate and vehicles and are not significant in comparison to the Company\u2019s overall lease portfolio. The Company continues to recognize the lease payments associated with these leases as expenses on a straight-line basis over the lease term.
Convertible debt
The Company first analyzes convertible debt with a conversion feature in accordance with ASC 470-20, Debt with Conversion and Other Options (\u201cASC 470-20\u201d), to determine whether the fair value option should be applied. ASC 470-20 requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer\u2019s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible debt are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. The resulting debt discount is amortized over the period during which the convertible debt are expected to be outstanding as additional non-cash interest expenses.
If the Company does not elect the fair value option, any conversion feature is then evaluated in accordance with ASC 815 to determine if the conversion option is required to be bifurcated. ASC 815 does not require a conversion option to be bifurcated if the conversion option is indexed to the Company\u2019s own stock and classified in stockholders\u2019 equity in the statement of financial position.
Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in the statements of net loss and comprehensive loss. The remaining settlement consideration allocated to the equity component would be recognized as a reduction of additional paid-in capital in the balance sheets.
During the year ended December 31, 2024, the Company issued convertible debt (Note 15). It was determined that the debt should be accounted for as a liability in its entirety.
Warrants held
The Company accounts for warrants held under ASC 321, Investments \u2013 Equity Securities (\u201cASC 321\u201d). The scope of ASC 321 includes investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures and limited liability companies. Under ASC 321 an equity security is any security representing an ownership interest in an entity (e.g., common, preferred, other capital stock) or the right to acquire (e.g., warrants, rights, forward purchase contracts, call options) or dispose of (e.g., put options, forward sale contracts) an ownership interest in an entity at fixed or determinable prices.
ASC 321 calls for equity interests to be carried at fair value with changes in value recorded in earnings.\u00a0The Company has elected to use a black scholes valuation model to arrive at a fair value of the warrants held (Note 19), which will be remeasured at each period end with any changes in valuation being recorded in other income.
Revenue recognition
The Company\u2019s primary source of revenue is from wholesale of cannabis products to dispensary locations and direct retail sales to eligible customers at the Company-owned dispensaries. Substantially all of the Company\u2019s retail revenue is from the direct sale of cannabis products to adult-use and medical customers.
The following table represents the Company\u2019s disaggregated revenue by source:
Year Ended | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Retail | $ | 79,534,555 | $ | 73,620,866 | ||
Wholesale | \u00a0 | 19,849,666 | \u00a0 | 14,512,297 | ||
Total | $ | 99,384,221 | $ | 88,133,163 |
Revenue is recognized when control of the promised goods or services, through performance obligations by the Company, is transferred to the customer in an amount that reflects the consideration it expects to be entitled to in exchange for the performance obligations. More specifically, wholesale revenues are recognized upon delivery and acceptance by wholesale customers. Retail revenues are recognized at the point of sale. Service revenues are recognized when the service is performed. Discounts are recorded at the time of revenue recognition. \u00a0Returns were not material during the years ended December 31, 2024 and 2023, but are recognized when the customer is refunded. Revenues are presented net of discounts and returns.
Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from sales revenue as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Excise duties that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer are included in revenue. Freight revenues on all product sales, when applicable, are also recognized, on a consistent manner, at a point in time. The term between invoicing and when payment is due is not significant and the period between when the entity transfers the promised good or service to the customer and when the customer pays for that good or service is one\u00a0year or less.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. If a customer pays consideration before the Company transfers goods or services, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when the Company performs under the contract.
The Company considers whether there are other promises in the contracts that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Company considers the effects of variable consideration and the existence of significant financing components (if any).
Accounts receivable
A receivable represents the Company\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration).
Cost of sales
Cost of sales represents costs directly related to manufacturing and distribution of the Company\u2019s products. Primary costs include raw materials, packaging, direct labor, overhead, shipping and handling and the depreciation of manufacturing equipment and production facilities. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes. Cost of sales also includes inventory valuation adjustments. The Company recognizes the cost of sales as the associated revenues are recognized.
Advertising Costs
Advertising costs are expensed as incurred and are included in selling, general, and administrative expenses on the accompanying consolidated statements of loss and comprehensive loss\u00a0and totaled $859,535 and $791,980 for the years ended December\u00a031, 2024 and 2023, respectively.
Stock-based compensation
The Company measures and recognizes compensation expense for stock options and restricted stock units (RSUs) to employees and non-employees on a straight-line basis over the vesting period based on their grant date fair values. The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model. Determining the estimated fair value at the grant date requires judgment in determining the appropriate valuation model and assumptions, including the fair value of subordinated voting shares on the grant date, risk-free rate, volatility rate, annual dividend yield and the expected term. The volatility rate is based on historical volatilities of public companies operating in a similar industry to the Company, as well as the Company\u2019s historical volatility. The Company estimates the fair value of RSUs to be the closing market price of the Company\u2019s stock on the business day immediately preceding the grant date.
For stock options granted, the exercise price at the date of grant was determined by the Board of Directors with assistance from management. The Company does not estimate forfeiture rates when calculating compensation expense for stock options or RSUs. The Company records forfeitures as they occur.
Fully vested, non-forfeitable equity instruments issued to parties other than employees are measured on the date they are issued where there is no specific performance required by the grantee to retain those equity instruments. Stock-based payment transactions with non-employees are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
Income taxes
The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management assesses the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.
The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a
50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs.
New accounting pronouncements not yet adopted
ASU 2023-09\u00a0In December 2023, the FASB issued ASU 2023-09,\u00a0Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity\u2019s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. Once adopted, this ASU will result in additional disclosures.
"}]},{"name":"rpt:f-326","factDimensions":{"xbrl:concept":"us-gaap:BasisOfAccountingPolicyPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Basis of presentation and going concern
The accompanying consolidated financial statements reflect the accounts of the Company. The consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d) and pursuant to the rules\u00a0and regulations of the United States Securities and Exchange Commission (\u201cSEC\u201d).
These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due.
These consolidated financial statements reflect all adjustments, which, in the opinion of management, are necessary for a fair presentation of the Company\u2019s financial position and results of operations.
"}]},{"name":"rpt:f-327","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Basis of consolidation
These consolidated financial statements include the accounts of the following entities wholly owned, or effectively controlled by the Company for the year ended December 31, 2024:
Name of entity | Place\u00a0of\u00a0\u00a0incorporation |
HiColor, LLC | Minnesota, USA |
MaryMed, LLC | Maryland, USA |
Mayflower Botanicals, Inc. | Massachusetts, USA |
Vireo Health of Minnesota, LLC | Minnesota, USA |
MJ Distributing C201, LLC | Nevada, USA |
MJ Distributing P132, LLC | Nevada, USA |
Resurgent Biosciences, Inc. | Delaware, USA |
Verdant Grove, Inc. | Massachusetts, USA |
Vireo Health de Puerto Rico, Inc. | Puerto Rico |
Vireo Health of Nevada 1, LLC | Nevada, USA |
Vireo Health of New York, LLC | New York, USA |
Vireo Health of Puerto Rico, LLC | Delaware, USA |
Vireo Health, Inc. | Delaware, USA |
Vireo of Charm City, LLC | Maryland, USA |
Vireo DR Merger Sub Inc. | Delaware, USA |
Vireo WH Merger Sub Inc. | Delaware, USA |
Vireo PR Merger Sub Inc. | Delaware, USA |
Vireo PR Merger Sub II Inc. | Delaware, USA |
XAAS Agro, Inc. | Puerto Rico |
The entities listed above are wholly owned, or effectively controlled by the Company and have been formed or acquired to support the intended operations of the Company and all intercompany transactions and balances have been eliminated in the consolidated financial statements of the Company.
During the\u00a0year ended December\u00a031, 2023, Red Barn Growers, Inc. was removed as a result of a business disposition. Refer to Note\u00a03 for further details on business dispositions.
"}]},{"name":"rpt:f-328","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Name of entity | Place\u00a0of\u00a0\u00a0incorporation |
HiColor, LLC | Minnesota, USA |
MaryMed, LLC | Maryland, USA |
Mayflower Botanicals, Inc. | Massachusetts, USA |
Vireo Health of Minnesota, LLC | Minnesota, USA |
MJ Distributing C201, LLC | Nevada, USA |
MJ Distributing P132, LLC | Nevada, USA |
Resurgent Biosciences, Inc. | Delaware, USA |
Verdant Grove, Inc. | Massachusetts, USA |
Vireo Health de Puerto Rico, Inc. | Puerto Rico |
Vireo Health of Nevada 1, LLC | Nevada, USA |
Vireo Health of New York, LLC | New York, USA |
Vireo Health of Puerto Rico, LLC | Delaware, USA |
Vireo Health, Inc. | Delaware, USA |
Vireo of Charm City, LLC | Maryland, USA |
Vireo DR Merger Sub Inc. | Delaware, USA |
Vireo WH Merger Sub Inc. | Delaware, USA |
Vireo PR Merger Sub Inc. | Delaware, USA |
Vireo PR Merger Sub II Inc. | Delaware, USA |
XAAS Agro, Inc. | Puerto Rico |
Recently adopted accounting pronouncements
ASU 2023-07\u00a0In November 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\"ASU\") 2023-07,\u00a0Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (\u201cCODM\u201d) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment\u2019s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.\u00a0The Company adopted the standard on January 1, 2024. This ASU resulted in additional required disclosures (Note 21).
New accounting pronouncements not yet adopted
ASU 2023-09\u00a0In December 2023, the FASB issued ASU 2023-09,\u00a0Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity\u2019s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. Once adopted, this ASU will result in additional disclosures.
"}]},{"name":"rpt:f-330","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Use of estimates and significant judgments
The preparation of the Company\u2019s consolidated financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of revenue, expenses, assets, liabilities, accompanying disclosures and the disclosure of contingent liabilities. These estimates and judgments are subject to change based on experience and new information which could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affecting future periods. Estimates and judgments are assessed on an ongoing basis. Revisions to estimates are recognized prospectively.
Examples of key estimates in these consolidated financial statements include credit losses, inventory valuation adjustments that contemplate the market value of, and demand for inventory, estimated useful lives of property and equipment and intangible assets, valuation allowance on deferred income tax assets, determining the fair value of financial instruments, fair value of stock-based compensation, estimated variable consideration on contracts with customers, estimated redemption rates on loyalty sales programs, estimated paid time off redemption rates, sales return estimates, the fair value of the convertible notes and equity component and the classification, incremental borrowing rates, uncertain tax positions, and lease terms applicable to lease contracts.
Financial statement areas that require significant judgments are as follows:
Assets held for sale and discontinued operations\u00a0- The Company classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and their fair value less cost to sell. Costs to sell are the incremental costs directly attributable to the sale, excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or the disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the sale will be withdrawn. Management must be committed to the sale expected within one\u00a0year from the date of the classification.
A discontinued operation is a component of the Company that either has been abandoned, disposed of, or is classified as held for sale, and: (i)\u00a0disposal group is a component of an entity (or group of components); (ii)\u00a0component of an entity (or group of components) meets the held for sale criteria, is disposed of by sale, or is disposed of other than by sale; (iii)\u00a0component of an entity (or group of components) represents a strategic shift that has (or will have) a major effect on an entity\u2019s operations and financial results. A component of the Company comprises an operation and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. During the\u00a0years ended December\u00a031, 2024 and 2023, the Company completed various divestitures, further described in Note\u00a03. Management considered the quantitative results of the divested entities as well as qualitative strategic considerations to judge whether the divestitures constitute a discontinued operation. Management does not believe these divestitures represent a strategic shift that has or will have a major effect on an entity\u2019s operations and financial results, and as such, none of these divestitures are considered a discontinued operation.
Stock-based compensation - Valuation of stock-based compensation and warrants requires management to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of the Company\u2019s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates are considered for each new grant of stock options or warrants.
Uncertain tax positions - The Company records uncertain tax positions in accordance with Accounting Standards Codification (\u201cASC\u201d) 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than- not recognition threshold, the Company would recognize the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.
Asset impairment\u00a0\u2013 Asset impairment tests require the allocation of assets to asset groups, where appropriate, which requires significant judgment and interpretation with respect to the integration between the assets and shared resources. Asset impairment tests require the determination of whether there is an indication of impairment. The assessment of whether an indication of impairment exists is performed at the end of each reporting period and requires the application of judgment, historical experience, and external and internal sources of information.
Leases\u00a0\u2013 The Company applies judgment in determining whether a contract contains a lease and if a lease is classified as an operating lease or a finance lease. The Company determines the lease term as the non-cancellable term of the lease, which may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
The Company has several lease contracts that include extension and termination options. The Company applies judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset).
The Company also applies judgment in allocating the consideration in a contract between lease and non-lease components. It considers whether the Company can benefit from the right-of-use asset either on its own or together with other resources and whether the asset is highly dependent on or highly interrelated with another right-of-use asset.
"}]},{"name":"rpt:f-331","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Foreign currency
These consolidated financial statements are presented in the United States dollar (\u201cUSD\u201d), which is the Company\u2019s reporting currency. The functional currency of the Company and its subsidiaries, as determined by management, is the United States (\u201cUS\u201d) dollar.
"}]},{"name":"rpt:f-332","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Net loss per share
Basic net loss per share is computed by dividing reported net loss by the weighted average number of subordinate voting shares outstanding for the reported period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock of the Company during the reporting period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of subordinate voting shares and the number of potential dilutive common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of vested share options and the incremental shares issuable upon conversion of the convertible notes. Potential dilutive common share equivalents consist of stock options, warrants, and convertible debt.
In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. Since the Company is in a net loss for all periods presented in these financial statements, there is no difference between the Company\u2019s basic and diluted net loss per share for the periods presented.
The anti-dilutive shares outstanding for\u00a0years ending December\u00a031, 2024 and 2023 were as follows:
Year Ended | ||||
December 31, | ||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||
Stock options | 31,232,633 | \u00a0 | 29,969,324 | |
Warrants | 18,957,212 | \u00a0 | 19,437,649 | |
RSUs | 11,327,530 | 2,543,011 | ||
Convertible debt | 16,000,000 | 70,510,028 | ||
Total | 77,517,375 | \u00a0 | 122,460,012 |
Year Ended | ||||
December 31, | ||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||
Stock options | 31,232,633 | \u00a0 | 29,969,324 | |
Warrants | 18,957,212 | \u00a0 | 19,437,649 | |
RSUs | 11,327,530 | 2,543,011 | ||
Convertible debt | 16,000,000 | 70,510,028 | ||
Total | 77,517,375 | \u00a0 | 122,460,012 |
Segment Information
Accounting Standards Codification (\"ASC\") 280, Segment Reporting, establishes disclosure requirements relating to operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources to the segment and assess its performance. The Company operates in one business segment, namely as the Cannabis segment that cultivates, processes and distributes medical and adult-use cannabis products in a variety of formats, as well as related accessories. The Company\u2019s Chief Executive Officer is the Company\u2019s chief operating decision maker.
"}]},{"name":"rpt:f-345","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"vreof:segment"},"factValues":[{"value":"1"}]},{"name":"rpt:f-346","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Cash
Cash is comprised of cash. The Company has no cash equivalents for the\u00a0years presented.
"}]},{"name":"rpt:f-347","factDimensions":{"xbrl:concept":"us-gaap:CashEquivalentsAtCarryingValue","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-348","factDimensions":{"xbrl:concept":"vreof:BusinessCombinationsAndGoodwillPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Business combinations and goodwill
The Company accounts for business combinations using the acquisition method in accordance with ASC 805, Business Combinations, which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition. Any excess of the purchase consideration over the net fair value of tangible and identified intangible assets acquired less liabilities assumed is recorded as goodwill. The costs of business acquisitions, including fees for accounting, legal, professional consulting and valuation specialists, are expensed as incurred within acquisition-related (income) expenses, net. Purchase price allocations may be preliminary and, during the measurement period not to exceed one\u00a0year from the date of acquisition, changes in assumptions and estimates that result in adjustments to the fair value of assets acquired and liabilities assumed are recorded in the period the adjustments are determined.
The estimated fair value of acquired assets and assumed liabilities are determined primarily using a discounted cash flow approach, with estimated cash flows discounted at a rate that the Company believes a market participant would determine to be commensurate with the inherent risks associated with the asset and related estimated cash flow streams.
"}]},{"name":"rpt:f-349","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Fair value measurements
The carrying value of the Company\u2019s accounts receivable, deposits, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature, and the carrying value of notes receivable, convertible debt, and long-term debt approximates fair value as they bear a market rate of interest.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
"}]},{"name":"rpt:f-350","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Inventory
Inventory is comprised of cannabis work-in-process, cannabis finished goods and other inventory. Work-in-process inventory includes cannabis plants, bulk harvested material, and various bulk oils and extracts. Finished goods include packaged flower and extracts. Other inventory includes product packaging, hemp derived CBD, apparel, and paraphernalia.
Inventory cost includes pre-harvest, post-harvest and shipment and fulfillment, as well as related accessories. Pre-harvest costs include labor and direct materials to grow cannabis, which includes water, electricity, nutrients, integrated pest management, growing supplies and allocated overhead. Post-harvest costs include costs associated with drying, trimming, blending, extraction, purification, quality testing and allocated overhead. Shipment and fulfillment costs include the costs of packaging, labelling, courier services and allocated overhead.
Inventory is stated at the lower of cost or net realizable value, determined using weighted average cost. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At the end of each reporting period, the Company performs an assessment of inventory and record write-downs for excess and obsolete inventories based on the Company\u2019s estimated forecast of product demand, production requirements, market conditions, regulatory environment, and spoilage. Actual inventory losses may differ from management\u2019s estimates and such differences could be material to the Company\u2019s balance sheets, statements of net loss and comprehensive loss and statements of cash flows.
"}]},{"name":"rpt:f-351","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Property and equipment
Property and equipment are recorded at cost net of accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful life of buildings and improvements ranges from to , the estimated useful life of property and equipment, other than buildings, ranges from to ten years. Land is not depreciated. Leasehold improvements, included in buildings and improvements, are depreciated over the lesser of the asset\u2019s estimated useful life or the remaining lease term. The estimated useful life of right of use assets relating to operating and finance leases ranges from to twenty years.
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized. Maintenance and repairs are charged to expenses as incurred. Significant expenditures, which extend the useful lives of assets or increase productivity, are capitalized. When significant parts of an item of property and equipment have different useful lives, they are accounted for as separate items or components of property and equipment.
Construction-in-process includes construction progress payments, deposits, engineering costs, interest expense on long-term construction projects and other costs directly related to the construction of the facilities. Expenditures are capitalized during the construction period and construction in progress is transferred to the relevant class of property and equipment when the assets are available for use, at which point the depreciation of the asset commences.
The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
"}]},{"name":"rpt:f-352","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"vreof:PropertyAndEquipmentOtherThanBuildingsMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-353","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"vreof:OperatingAndFinanceLeaseRightOfUseAssetsMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-354","factDimensions":{"xbrl:concept":"us-gaap:InterestExpensePolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Capitalization of interest
Interest incurred relating to the construction or expansion of facilities is capitalized to the construction in progress. The Company ceases the capitalization of interest when construction activities are substantially completed and the facility is available for commercial use.
During the years ended December 31, 2024 and 2023, the Company capitalized $1,387,750 and $320,937, respectively, of interest expense to construction in progress.
"}]},{"name":"rpt:f-355","factDimensions":{"xbrl:concept":"us-gaap:InterestCostsCapitalized","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1387750","decimals":0}]},{"name":"rpt:f-356","factDimensions":{"xbrl:concept":"us-gaap:InterestCostsCapitalized","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"320937","decimals":0}]},{"name":"rpt:f-357","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsPolicy","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Intangible assets
Intangible assets include intangible assets acquired as part of business combinations, asset acquisitions and other business transactions. The Company records intangible assets at cost, net of accumulated amortization and accumulated impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value on the acquisition date.
Amortization of definite life intangible assets is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Licenses | \u00a0\u00a0\u00a0\u00a0 | 2- years |
When there is no foreseeable limit on the period of time over which an intangible asset is expected to contribute to the cash flows of the Company, an intangible asset is determined to have an indefinite life. Indefinite life intangible assets are not amortized but tested for impairment annually or more frequently when indicators of impairment exist. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-life intangible asset is impaired by the amount of the excess.
The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
"}]},{"name":"rpt:f-358","factDimensions":{"xbrl:concept":"vreof:ScheduleOfUsefulLifeOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Licenses | \u00a0\u00a0\u00a0\u00a0 | 2- years |
Impairment of long-lived assets
The Company reviews long-lived assets, including property and equipment, definite life intangible assets, and other long-lived assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (\u201casset group\u201d). An impairment loss is recognized when the sum of projected undiscounted cash flows is less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach. The reversal of impairment losses is prohibited.
"}]},{"name":"rpt:f-361","factDimensions":{"xbrl:concept":"us-gaap:FairValueOfFinancialInstrumentsPolicy","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Financial assets
Initial recognition and measurement
The Company aggregates its financial assets into classes at the time of initial recognition based on the Company's business model and the contractual terms of the cash flows. Non-derivative financial assets are classified and measured as \u201cfinancial assets at fair value\u201d, as either fair value through profit or loss (\u201cFVPL\u201d), or \u201cfinancial assets at amortized cost\u201d, as appropriate.
All financial assets are recognized initially at fair value plus, in the case of financial assets not at FVPL, directly attributable transaction costs on the trade date at which the Company becomes a party to the contractual provisions of the instrument.
Financial assets with embedded derivatives are considered in their entirety when determining their classification.
Subsequent measurement \u00a0- Financial assets at amortized cost
After initial recognition, financial assets measured at amortized cost are subsequently measured at the end of each reporting period at amortized cost using the Effective Interest Rate (\u201cEIR\u201d) method. Amortized cost is calculated by considering any discount or premium on acquisition and any fees or costs that are an integral part of the EIR. In these consolidated financial statements, cash, trade and other receivables, indemnification receivables, and loans receivable are classified in this category.
Subsequent measurement \u00a0- Financial assets at FVPL
Financial assets measured at FVPL include financial assets such as the Company's equity investments in other entities, and any derivative financial instrument that is not designated as a hedging instrument in a hedge relationship. Financial assets measured at FVPL are carried at fair value in the consolidated balance sheet with changes in fair value recognized in a separate caption in the consolidated statements of net loss and comprehensive loss.
Derecognition
A financial asset is derecognized when the contractual rights to the cash flows from the asset expire, or the Company no longer retains substantially all the risks and rewards of ownership.
Impairment of financial assets
Financial assets classified subsequently as amortized cost are subject to impairment based on the expected credit losses (\u201cECL's\u201d). The Company's financial assets subject to impairment are cash, accounts receivable and notes receivable.
Accounts receivable and notes receivable are recognized initially at fair value and subsequently measured at amortized cost, less any provisions for impairment. Impairment provisions are estimated using the ECL impairment model where any expected future credit losses are provided for, irrespective of whether a loss event has occurred at the reporting date. Estimates of expected credit losses consider the Company's collection history by country and customer, deterioration of collection rates during the average credit period, as well as observable changes in and forecasts of future economic conditions that affect default risk. The Company utilizes a provision matrix to estimate lifetime ECL's for accounts receivable, supplemented by specific allowance based on customer-specific data. Changes in the allowance are recognized as bad debt expense in the consolidated statements of net loss and comprehensive loss. When the Company determines that no recovery of the amount owed is possible, the amount is deemed irrecoverable, and the financial asset is written off.
"}]},{"name":"rpt:f-362","factDimensions":{"xbrl:concept":"vreof:ImpairmentOfGoodwillAndIndefiniteLivedIntangibleAssetsPolicyPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Impairment of goodwill and indefinite life intangible assets
Goodwill and indefinite life intangible assets are tested for impairment annually, or more frequently when events or circumstances indicate that impairment may have occurred. As part of the impairment evaluation, the Company may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of the indefinite-lived intangible asset or the reporting unit (for goodwill) is less than its carrying value, a quantitative impairment test to compare the fair value to the carrying value is performed. An impairment charge is recorded if the carrying value exceeds the fair value.
"}]},{"name":"rpt:f-363","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Leases
The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (\u201cROU\u201d) assets and right-of-use liabilities (current and non-current) in the balance sheets. Finance lease ROU assets are included in property and equipment, net and ROU liabilities (current and non-current) in the balance sheets.
ROU assets represent the Company\u2019s right to use an underlying asset for the lease term and lease liabilities represent the Company\u2019s obligation to make lease payments arising from the lease. ROU assets are classified as a finance lease or an operating lease. A finance lease is a lease in which 1) ownership of the property transfers to the lessee by the end of the lease term; 2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; 3) the lease is for a major part of the remaining economic life of the underlying asset; 4) The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value; or 5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company classifies a lease as an operating lease when it does not meet any one of these criteria.
ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company\u2019s leases do not provide an implicit rate, the incremental borrowing rate is used based
on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU assets also include any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
For finance leases, lease expenses are the sum of interest on the lease obligations and amortization of the ROU assets, resulting in a front-loaded expense pattern. ROU assets are amortized based on the lesser of the lease term and the useful life of the leased asset according to the property and equipment accounting policy. If ownership of the ROU assets transfers to the Company at the end of the lease term or if the Company is reasonably certain to exercise a purchase option, amortization is calculated using the estimated useful life of the leased asset, according to the property and equipment accounting policy. For operating leases, the lease expenses are generally recognized on a straight-line basis over the lease term and recorded to general and administrative expenses in the statements of net loss and comprehensive loss.
The Company has elected to apply the practical expedient, for each class of underlying asset, except real estate leases, to not separate non-lease components from the associated lease components of the lessee\u2019s contract and account for both components as a single lease component.
The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12\u00a0months or less that do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Short-term leases include real estate and vehicles and are not significant in comparison to the Company\u2019s overall lease portfolio. The Company continues to recognize the lease payments associated with these leases as expenses on a straight-line basis over the lease term.
"}]},{"name":"rpt:f-364","factDimensions":{"xbrl:concept":"vreof:ConvertibleNotesPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Convertible debt
The Company first analyzes convertible debt with a conversion feature in accordance with ASC 470-20, Debt with Conversion and Other Options (\u201cASC 470-20\u201d), to determine whether the fair value option should be applied. ASC 470-20 requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer\u2019s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible debt are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. The resulting debt discount is amortized over the period during which the convertible debt are expected to be outstanding as additional non-cash interest expenses.
If the Company does not elect the fair value option, any conversion feature is then evaluated in accordance with ASC 815 to determine if the conversion option is required to be bifurcated. ASC 815 does not require a conversion option to be bifurcated if the conversion option is indexed to the Company\u2019s own stock and classified in stockholders\u2019 equity in the statement of financial position.
Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in the statements of net loss and comprehensive loss. The remaining settlement consideration allocated to the equity component would be recognized as a reduction of additional paid-in capital in the balance sheets.
During the year ended December 31, 2024, the Company issued convertible debt (Note 15). It was determined that the debt should be accounted for as a liability in its entirety.
"}]},{"name":"rpt:f-365","factDimensions":{"xbrl:concept":"vreof:WarrantsHeldPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Warrants held
The Company accounts for warrants held under ASC 321, Investments \u2013 Equity Securities (\u201cASC 321\u201d). The scope of ASC 321 includes investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures and limited liability companies. Under ASC 321 an equity security is any security representing an ownership interest in an entity (e.g., common, preferred, other capital stock) or the right to acquire (e.g., warrants, rights, forward purchase contracts, call options) or dispose of (e.g., put options, forward sale contracts) an ownership interest in an entity at fixed or determinable prices.
ASC 321 calls for equity interests to be carried at fair value with changes in value recorded in earnings.\u00a0The Company has elected to use a black scholes valuation model to arrive at a fair value of the warrants held (Note 19), which will be remeasured at each period end with any changes in valuation being recorded in other income.
"}]},{"name":"rpt:f-366","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Revenue recognition
The Company\u2019s primary source of revenue is from wholesale of cannabis products to dispensary locations and direct retail sales to eligible customers at the Company-owned dispensaries. Substantially all of the Company\u2019s retail revenue is from the direct sale of cannabis products to adult-use and medical customers.
The following table represents the Company\u2019s disaggregated revenue by source:
Year Ended | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Retail | $ | 79,534,555 | $ | 73,620,866 | ||
Wholesale | \u00a0 | 19,849,666 | \u00a0 | 14,512,297 | ||
Total | $ | 99,384,221 | $ | 88,133,163 |
Revenue is recognized when control of the promised goods or services, through performance obligations by the Company, is transferred to the customer in an amount that reflects the consideration it expects to be entitled to in exchange for the performance obligations. More specifically, wholesale revenues are recognized upon delivery and acceptance by wholesale customers. Retail revenues are recognized at the point of sale. Service revenues are recognized when the service is performed. Discounts are recorded at the time of revenue recognition. \u00a0Returns were not material during the years ended December 31, 2024 and 2023, but are recognized when the customer is refunded. Revenues are presented net of discounts and returns.
Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from sales revenue as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Excise duties that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer are included in revenue. Freight revenues on all product sales, when applicable, are also recognized, on a consistent manner, at a point in time. The term between invoicing and when payment is due is not significant and the period between when the entity transfers the promised good or service to the customer and when the customer pays for that good or service is one\u00a0year or less.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. If a customer pays consideration before the Company transfers goods or services, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when the Company performs under the contract.
The Company considers whether there are other promises in the contracts that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Company considers the effects of variable consideration and the existence of significant financing components (if any).
"}]},{"name":"rpt:f-367","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Year Ended | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Retail | $ | 79,534,555 | $ | 73,620,866 | ||
Wholesale | \u00a0 | 19,849,666 | \u00a0 | 14,512,297 | ||
Total | $ | 99,384,221 | $ | 88,133,163 |
Accounts receivable
A receivable represents the Company\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration).
"}]},{"name":"rpt:f-375","factDimensions":{"xbrl:concept":"us-gaap:CostOfSalesPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Cost of sales
Cost of sales represents costs directly related to manufacturing and distribution of the Company\u2019s products. Primary costs include raw materials, packaging, direct labor, overhead, shipping and handling and the depreciation of manufacturing equipment and production facilities. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes. Cost of sales also includes inventory valuation adjustments. The Company recognizes the cost of sales as the associated revenues are recognized.
"}]},{"name":"rpt:f-376","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Advertising Costs
Advertising costs are expensed as incurred and are included in selling, general, and administrative expenses on the accompanying consolidated statements of loss and comprehensive loss\u00a0and totaled $859,535 and $791,980 for the years ended December\u00a031, 2024 and 2023, respectively.
"}]},{"name":"rpt:f-377","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"859535","decimals":0}]},{"name":"rpt:f-378","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"791980","decimals":0}]},{"name":"rpt:f-379","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Stock-based compensation
The Company measures and recognizes compensation expense for stock options and restricted stock units (RSUs) to employees and non-employees on a straight-line basis over the vesting period based on their grant date fair values. The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model. Determining the estimated fair value at the grant date requires judgment in determining the appropriate valuation model and assumptions, including the fair value of subordinated voting shares on the grant date, risk-free rate, volatility rate, annual dividend yield and the expected term. The volatility rate is based on historical volatilities of public companies operating in a similar industry to the Company, as well as the Company\u2019s historical volatility. The Company estimates the fair value of RSUs to be the closing market price of the Company\u2019s stock on the business day immediately preceding the grant date.
For stock options granted, the exercise price at the date of grant was determined by the Board of Directors with assistance from management. The Company does not estimate forfeiture rates when calculating compensation expense for stock options or RSUs. The Company records forfeitures as they occur.
Fully vested, non-forfeitable equity instruments issued to parties other than employees are measured on the date they are issued where there is no specific performance required by the grantee to retain those equity instruments. Stock-based payment transactions with non-employees are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
"}]},{"name":"rpt:f-380","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Income taxes
The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management assesses the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.
The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a
50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs.
"}]},{"name":"rpt:f-381","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"3. Acquisitions, Assets Held for Sale, and Dispositions
Acquisitions
On December 18, 2024, Vireo Growth Inc. (the \u201cCompany\u201d), entered into Merger Agreements (as defined herein) with respect to a business combination with each of (i) Deep Roots Holdings, Inc., a Nevada corporation (\u201cDeep Roots\u201d) (the \u201cDeep Roots Merger\u201d); (ii) Proper Holdings Management, Inc. and NGH Investments, Inc., both Missouri corporations (together, \u201cProper\u201d) (the \u201cProper Mergers\u201d); and (iii) WholesomeCo, Inc., a Delaware corporation (\u201cWholesome\u201d) (the \u201cWholesome Merger\u201d and, collectively with the Deep Roots Merger and the Proper Mergers, the \u201cMergers\u201d). Each Merger is an all-share\u00a0transaction whereby, at the closing of each applicable transaction, (i) a new wholly-owned subsidiary of the Company would merge with and into Deep Roots, (ii) a new wholly-owned subsidiary of the Company would merge with and into Wholesome, and (ii) the Proper entities would each merge with and into new wholly-owned subsidiaries of the Company. None of the Deep Roots Merger, the Proper Mergers or the Wholesome Merger is contingent on the completion of any of the other Mergers. As of December 31, 2024, none of the Merger Transactions have closed, and as such, no financial results of the single-state operators have been presented or consolidated herein.
The consideration to be paid to acquire each of Deep Roots, Proper and Wholesome is based, in each case, in part on an estimated multiple of a 2024 \u201cReference EBITDA\u201d, which is pro-forma for pending acquisitions as well as planned new retail openings and expansion projects, and a US$0.52 share reference price for the Company\u2019s subordinate voting shares.
\u00a0
Pursuant to the Merger Agreements, former stockholders of each of Deep Roots, Proper and Wholesome may qualify for earnout payments made with the Company\u2019s subordinate voting shares following December 31, 2026, based on each target\u2019s Adjusted EBITDA (as defined in the applicable Merger Agreement) growth compared to such target\u2019s Reference EBITDA (at a 4x multiple), adjusted for incremental debt and certain other matters, respectively, and paid out using a share price for the Company\u2019s subordinate voting shares of the higher of US$1.05 or the 20-day volume weighted average price of the Company\u2019s subordinate voting shares on the Canadian Securities Exchange, converted to United States Dollars based on the average exchange rate posted by the Bank of Canada as of the end of each trading day during such 20-day period, as reported by Bloomberg Finance L.P. (\u201cVWAP\u201d) as of December 31, 2026. Reference EBITDA for Deep Roots, Proper and Wholesome are US$31.0 million, US$31.0 million, and US$16.0 million, respectively. EBITDA growth is defined as the increase between Reference EBITDA and the higher of 2026 Adjusted EBITDA or trailing nine-month annualized Adjusted EBITDA as of December 31, 2026. In no event shall the number of earnout shares issued under each Merger Agreement exceed the number of shares issued as closing merger consideration in each Merger Agreement.
\u00a0
Each of the Merger Agreements provides for the clawback of up to 50% of the upfront merger consideration (excluding, in the case of Proper and Wholesome, the amounts attributable to Arches, as defined below) on December 31, 2026, if, in each case, (a) 2026 Adjusted EBITDA underperforms 96.5% of the Reference EBITDA, and (b) retail revenue market share or EBITDA margin for 2026 is less (or lower) than 2024 and (c) the 20-day VWAP as of December 31, 2026 is greater than US$1.05 per share. The amount of shares subject to a clawback would be equal to the Acquisition Multiple (as defined in each Merger Agreement) for each of Deep Roots, Proper and Wholesome, respectively, multiplied by the EBITDA shortfall, and subject to certain other adjustments set forth in the applicable Merger Agreement, divided by US$0.52 per share, not to exceed 50% of the upfront consideration.
\u00a0
In connection with the Wholesome Merger Agreement (as defined herein) and Proper Merger Agreement (as defined herein), the Company will include in the stock merger consideration calculation an amount equal to (i) US$11,860,800 for the stockholders of Wholesome and (ii) US$2,139,200 for the stockholders of Proper for all of the outstanding equity interests in Arches IP, Inc. (\u201cArches\u201d) owned by Wholesome and Proper, respectively. Subject to the terms and conditions of the Wholesome Merger Agreement and the Proper Merger Agreement, each of Wholesome, Proper and Arches option holders are collectively entitled to earnout payments based on performance of Arches, based on the greater of US$37.5 million or 5x certain revenue percentages of Arches, with such revenue percentage amounts measured at the higher of trailing-twelve-month or nine-month annualized amounts as of December 31, 2026, paid out using a share price for the Company\u2019s subordinate voting shares at the higher of US$1.05 or 20-day VWAP as of December 31, 2026.
In connection with each of the Merger Agreements, the Company will enter into an Investor Rights Agreement with the persons receiving the Company\u2019s subordinate voting shares in the Mergers. Each Investor Rights Agreement will require the Company in certain circumstances to prepare and file with the Securities and Exchange Commission (the \u201cSEC\u201d) a registration statement covering the resale of the Company\u2019s subordinate voting shares issued pursuant to the Merger Agreements, in each case following the expiration of the initial 12 month lock-up period following the closing of the transactions under each Merger Agreement. Each Investor Rights Agreement will also provide such persons with certain piggyback registration rights in certain circumstances.\u00a0
\u00a0
The closing of each of the Mergers is subject to closing conditions and contained in the Merger Agreements. Pursuant to rules adopted by the SEC under the\u00a0Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), a Schedule 14C\u00a0information statement will be prepared by the Company and filed\u00a0with the SEC and mailed to the stockholders of the Company relating to stockholder approval of the issuance of the Company\u2019s subordinate voting shares in the Mergers and any other approvals required under the rules of the Canadian Stock Exchange, which is expected to be obtained by written consent of the stockholders.
Dispositions
On June\u00a023, 2023, the Company divested all the assets and liabilities of Red Barn Growers, Inc., a New Mexico nonprofit organization effectively controlled by the Company\u2019s subsidiary company, Vireo Health of New Mexico, LLC, to 37 Management Group, Inc., a New Mexico corporation (\u201c37 Management\u201d). As part of this transaction, the Company is to be paid $1,000,000, less cash on hand of $60,814, of which $439,186\u00a0was paid at closing, and $500,000\u00a0is to be paid within one year of the close date. The Company received $250,000 in December of 2023. Consideration received was less than the net book value of the transferred assets and liabilities of $3,909,757, resulting in a loss of $2,909,757\u00a0which was recorded in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2023.
Assets Held for Sale
As of December 31, 2024, the Company has identified property and equipment, deposits, and lease assets and liabilities associated with the businesses in New York, Nevada and Massachusetts with carrying amounts that are expected to be recovered principally through sale or disposal rather than through continuing use. The sale of these assets and liabilities is highly probable, they can be sold in their immediate condition, and the sales are expected to occur within the next twelve months. As such, these assets and liabilities have been classified as \u201cheld for sale.\u201d Management does not believe these divestitures represent a strategic shift that has or will have a major effect on an entity\u2019s operations and financial results, and as such, none of these divestitures are considered a discontinued operation. The fair value less expected cost to sell of net assets exceededthe carrying value, and as such, the Company recorded no impairment loss. For the year ended December 31, 2023, the Company recorded an impairment loss of $399,999\u00a0and disposed of certain held for sale property, equipment, and leased assets for which proceeds received of $253,288 were less than carrying value resulting in a loss on of $1,567,981 in the statement of net loss and comprehensive loss.
Assets and liabilities held for sale are as follows:
Assets held for sale | \u00a0 | December 31, | \u00a0\u00a0\u00a0\u00a0 | December 31, | ||
2024 | 2023 | |||||
Property and equipment | $ | 90,177,872 | $ | 86,864,965 | ||
Intangible assets | 972,000 | 662,500 | ||||
Operating lease, right-of-use asset | 3,381,613 | 3,381,612 | ||||
Deposits | 2,028,567 | 304,194 | ||||
Total assets held for sale | $ | 96,560,052 | $ | 91,213,271 | ||
Liabilities held for sale | \u00a0 | \u00a0\u00a0 | \u00a0 | |||
Right of Use Liability | $ | 89,387,203 | $ | 88,326,323 | ||
Total liabilities held for sale | $ | 89,387,203 | $ | 88,326,323 |
Current assets and liabilities held by our New York business have not been classified as held for sale. Pre-tax operating losses attributable to the New York business were $16,358,796 and $13,670,439\u00a0for the years ended December 31, 2024 and 2023, respectively.
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held for sale | \u00a0 | December 31, | \u00a0\u00a0\u00a0\u00a0 | December 31, | ||
2024 | 2023 | |||||
Property and equipment | $ | 90,177,872 | $ | 86,864,965 | ||
Intangible assets | 972,000 | 662,500 | ||||
Operating lease, right-of-use asset | 3,381,613 | 3,381,612 | ||||
Deposits | 2,028,567 | 304,194 | ||||
Total assets held for sale | $ | 96,560,052 | $ | 91,213,271 | ||
Liabilities held for sale | \u00a0 | \u00a0\u00a0 | \u00a0 | |||
Right of Use Liability | $ | 89,387,203 | $ | 88,326,323 | ||
Total liabilities held for sale | $ | 89,387,203 | $ | 88,326,323 |
4. Fair Value Measurements
The Company complies with ASC 820, Fair Value Measurements, for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability.
Items measured at fair value on a non-recurring basis
The Company\u2019s non-financial assets, such as prepayments and other current assets, long lived assets, including property and equipment, and intangible assets, are measured at fair value when there is an indicator of impairment and are recorded at fair value only when an impairment charge is recognized. In connection with an evaluation of such non-financial assets during the\u00a0year ended December\u00a031, 2024, the carrying values of property and equipment included in assets held for sale and an intangible license no longer in use were concluded to exceed their fair values. As a result, the Company recorded impairment charges that incorporates fair value measurements. The Company used Level 2 fair value inputs when a buyer quote was received, or similar assets had been sold recently in the market.
The carrying value of the Company\u2019s accounts receivable, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature, and the carrying value of convertible debt, and long-term debt approximates fair value as they bear a market rate of interest.
The carrying value of the Company\u2019s warrants held utilize Level 3 inputs given there is no market activity for the asset. The inputs used are further described in Note 19.
"}]},{"name":"rpt:f-431","factDimensions":{"xbrl:concept":"us-gaap:AccountsAndNontradeReceivableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"5. Accounts Receivable
Accounts receivables are comprised of the following items:
December 31, | December 31, | |||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Trade receivable | $ | 2,870,181 | $ | 2,256,763 | ||
Tax withholding receivable | 174,660 | 174,660 | ||||
Other | \u00a0 | 1,545,510 | \u00a0 | 655,217 | ||
Total | $ | 4,590,351 | $ | 3,086,640 |
Included in the trade receivables balance at December\u00a031, 2024, and 2023, are credit losses of $84,989 and $95,686, respectively. \u00a0Included in the tax withholding receivable, net balance at December 31, 2024 and 2023, are credit losses of $159,275.
"}]},{"name":"rpt:f-432","factDimensions":{"xbrl:concept":"vreof:ScheduleOfTradeReceivablesDisclosureTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"December 31, | December 31, | |||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Trade receivable | $ | 2,870,181 | $ | 2,256,763 | ||
Tax withholding receivable | 174,660 | 174,660 | ||||
Other | \u00a0 | 1,545,510 | \u00a0 | 655,217 | ||
Total | $ | 4,590,351 | $ | 3,086,640 |
6. Notes\u00a0Receivable
As of December\u00a031, 2024, and 2023, the Company had a total of $0 and $3,750,000 in notes receivable, respectively. During the year ended December 31, 2024,\u00a0the Company received\u00a0$3,600,000\u00a0in proceeds related to the repayment of the\u00a0$3,750,000\u00a0note receivable, which was consideration received in connection with the divestiture of the Company\u2019s Pennsylvania operations in 2020. The Company considers the note receivable to be fully paid. The\u00a0$150,000\u00a0difference between the face value of the note and proceeds received is included in other expense\u00a0on the consolidated statements of net loss and comprehensive loss as a result of the Company writing off interest receivable.
"}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLossCurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLossCurrent","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3750000","decimals":0}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromCollectionOfNotesReceivable","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3600000","decimals":0}]},{"name":"rpt:f-449","factDimensions":{"xbrl:concept":"us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLossCurrent","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3750000","decimals":0}]},{"name":"rpt:f-450","factDimensions":{"xbrl:concept":"us-gaap:GainsLossesOnExtinguishmentOfDebt","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-150000","decimals":0}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:InventoryDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"7. Inventory
Inventory is comprised of the following items:
\u00a0\u00a0\u00a0\u00a0 | December 31 | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Work-in-progress | $ | 13,859,238 | $ | 13,058,348 | ||
Finished goods | \u00a0 | 5,933,200 | \u00a0 | 5,278,331 | ||
Other | \u00a0 | 1,873,926 | \u00a0 | 949,191 | ||
Total | $ | 21,666,364 | $ | 19,285,870 |
Inventory is written down for any obsolescence, spoilage and excess inventory or when the net realizable value of inventory is less than the carrying value. Inventory valuation adjustments included in cost of sales on the statements of net loss and comprehensive loss is comprised of the following:
December 31, | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
Work-in-progress | $ | 368,444 | $ | 1,099,037 | ||
Finished goods | \u00a0 | (74,444) | \u00a0 | 190,308 | ||
Total | $ | 294,000 | $ | 1,289,345 |
During the\u00a0years ended December\u00a031, 2024 and 2023, the Company assessed inventory for write downs to net realizable value in its New York, Maryland, and Minnesota subsidiaries. Based on the market sales price relative to the cost to produce certain inventories it was determined that net realizable value exceeded the carrying value of inventory, and therefore no write downs were recorded for the years ended December 31, 2024 and 2023. However, the Company recorded inventory reserves related to expected future spoilage of inventory. \u00a0Accordingly, inventory valuation adjustments amounting to $294,000 and $1,289,345 were recorded in 2024 and 2023 respectively.
"}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | December 31 | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Work-in-progress | $ | 13,859,238 | $ | 13,058,348 | ||
Finished goods | \u00a0 | 5,933,200 | \u00a0 | 5,278,331 | ||
Other | \u00a0 | 1,873,926 | \u00a0 | 949,191 | ||
Total | $ | 21,666,364 | $ | 19,285,870 |
December 31, | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
Work-in-progress | $ | 368,444 | $ | 1,099,037 | ||
Finished goods | \u00a0 | (74,444) | \u00a0 | 190,308 | ||
Total | $ | 294,000 | $ | 1,289,345 |
8. Prepayments and Other Current Assets
Prepayments and other current assets are comprised of the following items:
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Prepaid Insurance | $ | 753,579 | $ | 806,610 | ||
Other Prepaid Expenses | \u00a0 | 897,398 | \u00a0 | 529,624 | ||
Total | $ | 1,650,977 | $ | 1,336,234 |
"}]},{"name":"rpt:f-471","factDimensions":{"xbrl:concept":"vreof:ScheduleOfPrepaidExpenseAndOtherAssetsCurrentTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Prepaid Insurance | $ | 753,579 | $ | 806,610 | ||
Other Prepaid Expenses | \u00a0 | 897,398 | \u00a0 | 529,624 | ||
Total | $ | 1,650,977 | $ | 1,336,234 |
"}]},{"name":"rpt:f-472","factDimensions":{"xbrl:concept":"us-gaap:PrepaidInsurance","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"753579","decimals":0}]},{"name":"rpt:f-473","factDimensions":{"xbrl:concept":"us-gaap:PrepaidInsurance","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"806610","decimals":0}]},{"name":"rpt:f-474","factDimensions":{"xbrl:concept":"us-gaap:OtherPrepaidExpenseCurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"897398","decimals":0}]},{"name":"rpt:f-475","factDimensions":{"xbrl:concept":"us-gaap:OtherPrepaidExpenseCurrent","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"529624","decimals":0}]},{"name":"rpt:f-476","factDimensions":{"xbrl:concept":"us-gaap:PrepaidExpenseAndOtherAssetsCurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1650977","decimals":0}]},{"name":"rpt:f-477","factDimensions":{"xbrl:concept":"us-gaap:PrepaidExpenseAndOtherAssetsCurrent","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1336234","decimals":0}]},{"name":"rpt:f-478","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
9. Property and Equipment, Net
Property and equipment, net consisted of the following:
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Land | $ | 863,105 | $ | 863,105 | ||
Buildings and leasehold improvements | \u00a0 | 16,355,616 | \u00a0 | 15,124,915 | ||
Furniture and equipment | \u00a0 | 7,451,920 | \u00a0 | 7,807,250 | ||
Software | \u00a0 | 39,388 | \u00a0 | 242,204 | ||
Vehicles | \u00a0 | 491,022 | \u00a0 | 284,000 | ||
Construction-in-progress | \u00a0 | 9,858,120 | \u00a0 | 128,220 | ||
Right of use asset under finance lease | \u00a0 | 7,572,566 | \u00a0 | 7,938,138 | ||
\u00a0 | 42,631,737 | \u00a0 | 32,387,832 | |||
Less: accumulated depreciation | \u00a0 | (10,319,975) | \u00a0 | (9,096,649) | ||
Total | $ | 32,311,762 | $ | 23,291,183 |
For the\u00a0years ended December\u00a031, 2024 and 2023, total depreciation on property and equipment was $2,536,781 and $2,874,043, respectively. For the\u00a0years ended December\u00a031, 2024 and 2023, accumulated amortization of the right of use asset amounted to $2,511,820 and $2,364,557, respectively. For the years ended December 31, 2024 and 2023, the right of use asset under finance lease of $7,572,566 and $7,938,138, respectively, consists of leased processing and cultivation premises, and leased equipment. During the years ended December 31, 2024 and 2023, total interest expense capitalized to property plant and equipment was $1,387,750 and $320,937, respectively. The Company capitalized into inventory $2,244,087 and $2,404,095 relating to depreciation associated with manufacturing equipment and production facilities as of December\u00a031, 2024 and 2023, respectively. The capitalized depreciation costs associated are added to inventory and expensed through Cost of Sales Product Cost on the consolidated statements of net loss and comprehensive loss.
As of December 31, 2024, the Company evaluated whether property and equipment showed any indicators of impairment, and it was determined that the recoverable amount of certain net assets was above book value. As a result, the Company recorded an impairment charge of $0 (2023 - $0) on property and equipment, net.
"}]},{"name":"rpt:f-479","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Land | $ | 863,105 | $ | 863,105 | ||
Buildings and leasehold improvements | \u00a0 | 16,355,616 | \u00a0 | 15,124,915 | ||
Furniture and equipment | \u00a0 | 7,451,920 | \u00a0 | 7,807,250 | ||
Software | \u00a0 | 39,388 | \u00a0 | 242,204 | ||
Vehicles | \u00a0 | 491,022 | \u00a0 | 284,000 | ||
Construction-in-progress | \u00a0 | 9,858,120 | \u00a0 | 128,220 | ||
Right of use asset under finance lease | \u00a0 | 7,572,566 | \u00a0 | 7,938,138 | ||
\u00a0 | 42,631,737 | \u00a0 | 32,387,832 | |||
Less: accumulated depreciation | \u00a0 | (10,319,975) | \u00a0 | (9,096,649) | ||
Total | $ | 32,311,762 | $ | 23,291,183 |
10. Leases
Components of lease expenses are listed below:
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | 2023 | ||||
Finance lease cost | \u00a0\u00a0 | |||||
Depreciation of ROU assets | $ | 512,834 | $ | 701,258 | ||
Interest on lease liabilities | \u00a0 | 14,222,167 | \u00a0 | 11,717,705 | ||
Operating lease costs | \u00a0 | 2,163,275 | \u00a0 | 1,879,433 | ||
Total lease costs | $ | 16,898,276 | $ | 14,298,396 |
Future minimum lease payments (principal and interest) on the leases are as follows:
\u00a0\u00a0\u00a0\u00a0 | Operating\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | Finance\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | December 31, 2024 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2024 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
2025 | $ | 3,047,603 | $ | 13,773,155 | $ | 16,820,758 | |||
2026 | \u00a0 | 2,727,346 | \u00a0 | 14,183,661 | \u00a0 | 16,911,007 | |||
2027 | \u00a0 | 2,474,144 | \u00a0 | 14,606,527 | \u00a0 | 17,080,671 | |||
2028 | \u00a0 | 2,254,049 | \u00a0 | 15,042,128 | \u00a0 | 17,296,177 | |||
2029 | \u00a0 | 1,300,615 | \u00a0 | 15,490,852 | \u00a0 | 16,791,467 | |||
Thereafter | \u00a0 | 6,523,900 | \u00a0 | 203,082,066 | \u00a0 | 209,605,966 | |||
Total minimum lease payments | $ | 18,327,657 | $ | 276,178,389 | $ | 294,506,046 | |||
Less discount to net present value | (6,289,019) | \u00a0 | (180,935,370) | \u00a0 | (187,224,389) | ||||
Less liabilities held for sale | (2,699,014) | (86,688,189) | (89,387,203) | ||||||
Present value of lease liability | $ | 9,339,624 | $ | 8,554,830 | $ | 17,894,454 |
The Company has entered into various lease agreements for the use of buildings used in production and retail and wholesale sales of cannabis products.
On February 22, 2024, the Company executed a lease for cannabis cultivation and manufacturing facilities. Rent commences on January 1, 2025, at which time monthly base rent will be\u00a0$82,500. Base rent escalates at a rate of 4% per annum. Per the terms of the lease the Company has the option to draw\u00a0up to $2,000,000\u00a0of tenant improvement allowances. As of December 31, 2024, no draws have been taken. Starting January 1, 2025, the Company has the option to purchase the property. The initial purchase price is\u00a0$13,000,000\u00a0increasing by\u00a03%\u00a0at the start of each calendar year until the option expires on December 31, 2028. The lease expires on December 31, 2034, with an option to renew for two additional five-year terms.
On November 1, 2023, the Company notified its landlord in Puerto Rico that it was surrendering the premises. As such, the Company disposed of the held for sale assets affiliated with the Puerto Rico lease and recorded a loss on disposal of assets of $1,632,372 in the statement of net loss and comprehensive loss for the year ended December 31, 2023.
On October 27, 2023, the Company executed a fifth amendment to its lease with its landlord on its cannabis cultivation and manufacturing facilities located in Johnstown, New York. As part of the fifth amendment to the lease in Johnstown, the Company and its landlord have agreed to increase the tenant improvement allowance on the lease by an additional $14.0\u00a0million. The increase in tenant improvement funds will be utilized to support the completion of the construction of the indoor expansion project that was announced in September 2021. The parties have also agreed to a monthly base rental increase of $210,000\u00a0beginning November 2023.
On February 24, 2023, the Company signed the fourth amendment to the existing lease agreements for the cultivation and processing facilities in New York. The amendment provides for additional tenant improvements of\u00a0$4,000,000\u00a0and increases base rent by\u00a0$50,000\u00a0a month.\u00a0
Supplemental cash flow information related to leases
\u00a0\u00a0\u00a0\u00a0 | Year ended | |||||
\u00a0\u00a0\u00a0\u00a0 | December 31, | |||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Cash paid for amounts included in the measurement of lease liabilities: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Lease principal payments - finance | $ | 196,442 | $ | 917,565 | ||
Lease principal payments - operating | 781,567 | 1,151,011 | ||||
Non-cash additions to ROU assets | \u00a0 | 6,563,610 | \u00a0 | 18,867,764 | ||
Amortization of operating leases | \u00a0 | 722,618 | \u00a0 | 834,793 |
Other information about lease amounts recognized in the financial statements
\u00a0\u00a0\u00a0\u00a0 | Year Ended | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | December 31, | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0 | ||
Weighted-average remaining lease term (years) \u2013 operating leases | 7.18 | \u00a0 | 4.22 | |||
Weighted-average remaining lease term (years) \u2013 finance leases | 16.09 | \u00a0 | 17.19 | |||
Weighted-average discount rate \u2013 operating leases | 12.09 | %\u00a0\u00a0 | 15.00 | % | ||
Weighted-average discount rate \u2013 finance leases | 16.19 | %\u00a0\u00a0 | 16.21 | % |
"}]},{"name":"rpt:f-513","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | 2023 | ||||
Finance lease cost | \u00a0\u00a0 | |||||
Depreciation of ROU assets | $ | 512,834 | $ | 701,258 | ||
Interest on lease liabilities | \u00a0 | 14,222,167 | \u00a0 | 11,717,705 | ||
Operating lease costs | \u00a0 | 2,163,275 | \u00a0 | 1,879,433 | ||
Total lease costs | $ | 16,898,276 | $ | 14,298,396 |
Future minimum lease payments (principal and interest) on the leases are as follows:
\u00a0\u00a0\u00a0\u00a0 | Operating\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | Finance\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | December 31, 2024 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2024 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
2025 | $ | 3,047,603 | $ | 13,773,155 | $ | 16,820,758 | |||
2026 | \u00a0 | 2,727,346 | \u00a0 | 14,183,661 | \u00a0 | 16,911,007 | |||
2027 | \u00a0 | 2,474,144 | \u00a0 | 14,606,527 | \u00a0 | 17,080,671 | |||
2028 | \u00a0 | 2,254,049 | \u00a0 | 15,042,128 | \u00a0 | 17,296,177 | |||
2029 | \u00a0 | 1,300,615 | \u00a0 | 15,490,852 | \u00a0 | 16,791,467 | |||
Thereafter | \u00a0 | 6,523,900 | \u00a0 | 203,082,066 | \u00a0 | 209,605,966 | |||
Total minimum lease payments | $ | 18,327,657 | $ | 276,178,389 | $ | 294,506,046 | |||
Less discount to net present value | (6,289,019) | \u00a0 | (180,935,370) | \u00a0 | (187,224,389) | ||||
Less liabilities held for sale | (2,699,014) | (86,688,189) | (89,387,203) | ||||||
Present value of lease liability | $ | 9,339,624 | $ | 8,554,830 | $ | 17,894,454 |
\u00a0\u00a0\u00a0\u00a0 | Operating\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | Finance\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | December 31, 2024 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2024 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
2025 | $ | 3,047,603 | $ | 13,773,155 | $ | 16,820,758 | |||
2026 | \u00a0 | 2,727,346 | \u00a0 | 14,183,661 | \u00a0 | 16,911,007 | |||
2027 | \u00a0 | 2,474,144 | \u00a0 | 14,606,527 | \u00a0 | 17,080,671 | |||
2028 | \u00a0 | 2,254,049 | \u00a0 | 15,042,128 | \u00a0 | 17,296,177 | |||
2029 | \u00a0 | 1,300,615 | \u00a0 | 15,490,852 | \u00a0 | 16,791,467 | |||
Thereafter | \u00a0 | 6,523,900 | \u00a0 | 203,082,066 | \u00a0 | 209,605,966 | |||
Total minimum lease payments | $ | 18,327,657 | $ | 276,178,389 | $ | 294,506,046 | |||
Less discount to net present value | (6,289,019) | \u00a0 | (180,935,370) | \u00a0 | (187,224,389) | ||||
Less liabilities held for sale | (2,699,014) | (86,688,189) | (89,387,203) | ||||||
Present value of lease liability | $ | 9,339,624 | $ | 8,554,830 | $ | 17,894,454 |
\u00a0\u00a0\u00a0\u00a0 | Year ended | |||||
\u00a0\u00a0\u00a0\u00a0 | December 31, | |||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Cash paid for amounts included in the measurement of lease liabilities: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Lease principal payments - finance | $ | 196,442 | $ | 917,565 | ||
Lease principal payments - operating | 781,567 | 1,151,011 | ||||
Non-cash additions to ROU assets | \u00a0 | 6,563,610 | \u00a0 | 18,867,764 | ||
Amortization of operating leases | \u00a0 | 722,618 | \u00a0 | 834,793 |
\u00a0\u00a0\u00a0\u00a0 | Year Ended | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | December 31, | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0 | ||
Weighted-average remaining lease term (years) \u2013 operating leases | 7.18 | \u00a0 | 4.22 | |||
Weighted-average remaining lease term (years) \u2013 finance leases | 16.09 | \u00a0 | 17.19 | |||
Weighted-average discount rate \u2013 operating leases | 12.09 | %\u00a0\u00a0 | 15.00 | % | ||
Weighted-average discount rate \u2013 finance leases | 16.19 | %\u00a0\u00a0 | 16.21 | % |
"}]},{"name":"rpt:f-576","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P7Y2M4D"}]},{"name":"rpt:f-577","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P4Y2M19D"}]},{"name":"rpt:f-578","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P16Y1M2D"}]},{"name":"rpt:f-579","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P17Y2M8D"}]},{"name":"rpt:f-580","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.1209","decimals":4}]},{"name":"rpt:f-581","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.15","decimals":4}]},{"name":"rpt:f-582","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.1619","decimals":4}]},{"name":"rpt:f-583","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.1621","decimals":4}]},{"name":"rpt:f-584","factDimensions":{"xbrl:concept":"us-gaap:GoodwillDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
11. Goodwill
The following table shows the change in carrying amount of goodwill:
Goodwill - December 31, 2022 | \u00a0\u00a0\u00a0\u00a0 | $ | 183,836 |
Divestitures (Note 3) | \u00a0 | (183,836) | |
Goodwill - December 31, 2023 and December 31, 2024 | $ | \u2014 |
Goodwill is tested for impairment annually or more frequently if indicators of impairment exist or if a decision is made to dispose of the business. The valuation date for the Company\u2019s annual impairment testing is December\u00a031. On this date, the Company performed a qualitative test to determine whether it is necessary to perform a two-step goodwill impairment test.
The Company divested Vireo Health of New Mexico, LLC, and the associated goodwill on June 23, 2023 (Note 3). The Company has no goodwill as of December 31, 2024. As such, no further impairment testing procedures were performed.
"}]},{"name":"rpt:f-585","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Goodwill - December 31, 2022 | \u00a0\u00a0\u00a0\u00a0 | $ | 183,836 |
Divestitures (Note 3) | \u00a0 | (183,836) | |
Goodwill - December 31, 2023 and December 31, 2024 | $ | \u2014 |
12. Intangibles
Intangible assets are comprised of the following items:
\u00a0\u00a0\u00a0\u00a0 | Licenses & Trademarks | \u00a0\u00a0\u00a0\u00a0 | Total | |||
Balance, December\u00a031,\u00a02022 | $ | 8,776,947 | $ | 8,776,947 | ||
Divestitures | \u00a0 | (409,239) | \u00a0 | (409,239) | ||
Additions | 1,090,919 | 1,090,919 | ||||
Amortization | (728,419) | (728,419) | ||||
(11,630) | \u00a0 | (11,630) | ||||
Balance, December\u00a031,\u00a02023 | $ | 8,718,578 | $ | 8,718,578 | ||
Amortization | \u00a0 | (819,250) | \u00a0 | (819,250) | ||
Balance, December 31, 2024 | $ | 7,899,328 | $ | 7,899,328 |
Amortization expense for intangibles was $819,250 and $728,419 during the\u00a0years ending December\u00a031, 2024 and 2023, respectively and is recorded in operating expenses on the consolidated statements of net loss and comprehensive loss. During the year ended December 31, 2023, the Company wrote off $11,630 relating to a trademark no longer in use. \u00a0No
further indicators of impairment existed, and no additional impairment of intangible assets was recorded for the year ended December 31, 2024.
The Company estimates that amortization expense will be $819,655 \u00a0, next five\u00a0years.
"}]},{"name":"rpt:f-591","factDimensions":{"xbrl:concept":"vreof:ScheduleOfFiniteLivedAndIndefiniteLivedIntangibleAssetsByMajorClassTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | Licenses & Trademarks | \u00a0\u00a0\u00a0\u00a0 | Total | |||
Balance, December\u00a031,\u00a02022 | $ | 8,776,947 | $ | 8,776,947 | ||
Divestitures | \u00a0 | (409,239) | \u00a0 | (409,239) | ||
Additions | 1,090,919 | 1,090,919 | ||||
Amortization | (728,419) | (728,419) | ||||
(11,630) | \u00a0 | (11,630) | ||||
Balance, December\u00a031,\u00a02023 | $ | 8,718,578 | $ | 8,718,578 | ||
Amortization | \u00a0 | (819,250) | \u00a0 | (819,250) | ||
Balance, December 31, 2024 | $ | 7,899,328 | $ | 7,899,328 |
13. Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities are comprised of the following items:
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Accounts payable \u2013 trade | $ | 2,298,060 | $ | 1,769,346 | ||
Accrued Expenses | \u00a0 | 6,839,822 | \u00a0 | 4,852,648 | ||
Taxes payable | \u00a0 | 264,518 | \u00a0 | 218,563 | ||
Contract liability | \u00a0 | 1,053,636 | \u00a0 | 833,832 | ||
Total accounts payable and accrued liabilities | $ | 10,456,036 | $ | 7,674,389 |
"}]},{"name":"rpt:f-613","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Accounts payable \u2013 trade | $ | 2,298,060 | $ | 1,769,346 | ||
Accrued Expenses | \u00a0 | 6,839,822 | \u00a0 | 4,852,648 | ||
Taxes payable | \u00a0 | 264,518 | \u00a0 | 218,563 | ||
Contract liability | \u00a0 | 1,053,636 | \u00a0 | 833,832 | ||
Total accounts payable and accrued liabilities | $ | 10,456,036 | $ | 7,674,389 |
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14. Long-Term Debt
During 2017 the Company signed a promissory note payable in the amount of\u00a0$1,010,000. The note bears interest at a rate of\u00a015%\u00a0per annum with interest payments required on a\u00a0monthly\u00a0basis. In 2019 the Company\u2019s promissory note payable in the amount of\u00a0$1,010,000\u00a0was modified to increase the amount payable to\u00a0$1,110,000. The Company paid the note off in full during the year ended December 31, 2024.
On November 19, 2021, the Company signed a promissory note payable in the amount of $2,000,000\u00a0in connection with the acquisition of Charm City Medicus, LLC. The note bears an interest rate of\u00a08% per annum with interest payments due on the last day of each calendar\u00a0quarter. On November 19, 2023, the Company and lender amended the note. Per the terms of the amendment, the interest rate was modified to 15%, and the Company paid off $1,000,000 of principal. On November 27, 2024, the Company and lender executed the second amendment to the note. Per the terms of the amendment, the maturity date was extended, the interest rate was increased to 18%, and the Company repaid $100,000 in principal. The remaining principal balance of $900,000 is due on , and the note is secured by\u00a025% of the membership interests in Vireo Health of Charm City, LLC. On February 28, 2025 the note was repaid in full.
On March 25, 2021, the Company entered into a credit agreement for a senior secured delayed draw term loan with an aggregate principal amount of up to $46,000,000\u00a0(the \u201cCredit Facility\u201d), and executed a draw of $26,000,000\u00a0in principal. The unpaid principal amounts outstanding under the Credit Facility bear interest at a rate of (a)\u00a0the U.S. prime rate plus\u00a010.375%, payable monthly in cash, and (b)\u00a02.75% per annum paid in kind interest payable monthly. In connection with the Credit Facility, the Company also pays a monthly credit monitoring fee in the amount of $130,400 which is included in interest expense in the consolidated statements of net loss and comprehensive loss for the years ended December 31, 2024 and 2023.
On November 18, 2021, the Company and lenders amended the Credit Facility to provide for an additional loan of $4,200,000\u00a0with a cash interest rate of\u00a015% per annum and PIK interest of\u00a02% per annum. Obligations under the Credit Facility are secured by substantially all the assets of the Company.
On January 31, 2022, Vireo and certain of its subsidiaries, as borrowers (collectively, \u201cBorrowers\u201d), entered into a Third Amendment to the Credit Facility (the \u201cThird Amendment\u201d) providing for additional delayed draw term loans of up to\u00a0$55\u00a0million (the \u201cDelayed Draw Loans\u201d). The cash interest rate on the Delayed Draw Loans under the Third Amendment is equal to the U.S. prime rate plus\u00a010.375%, with a minimum required rate of\u00a013.375%\u00a0per annum, in addition to paid-in-kind interest of\u00a02.75%\u00a0per annum.
On March 31, 2023, the Company executed a fifth amendment to its Credit Facility with its senior secured lender, Chicago Atlantic Admin, LLC (the \"Agent\"), an affiliate of Green Ivy Capital, and a group of lenders. The amended credit facility extends the maturity date on its Delayed Draw Loans to April 30, 2024, through the issuance of\u00a015,000,000\u00a0Subordinate
Voting Shares in lieu of a cash extension fee. These\u00a015,000,000\u00a0shares were valued at $1,407,903 using a fair value per share of $0.094\u00a0and considered a deferred financing cost. The fair value per share reflects a 22% discount to the market price at the time of issuance to account for the four-month trading lock-up imposed on the shares. The amendment also provides the Company with reduced cash outlays by eliminating required amortization of the loan, and requires the Company to divest certain assets to improve its liquidity position and financial performance. The Company has the potential to extend the maturity date on its Delayed Draw Loans up to January 31, 2026 with the satisfaction of certain financial performance-related conditions.
On April 30, 2024, the Company executed a short-term extension of the maturity date on the Credit Facility with the Agent. The Credit Facility was extended until June 14, 2024, matching all other terms of the existing agreement. On June 14, 2024, another short-term extension was executed which extended the maturity date on the Credit Facility to July 31, 2024, matching all other terms of the existing agreement.
On May 20, 2024 the Company executed a $1,200,000\u00a0term loan with the Agent to assist with the purchase of a site for a new dispensary location. The loan bears an interest rate of\u00a012.0% and is due on May 28, 2027. Financing costs of $68,600\u00a0were incurred in connection with the closing of the loan.
On July 31, 2024, the Company executed a ninth amendment to the Company\u2019s Credit Facility. The ninth amendment to the Company\u2019s Credit Facility extends the maturity date on the Credit Facility loans to January 29, 2027, and amends certain financial measure definitions and covenants within the agreement. The Company issued\u00a012,500,000\u00a0Subordinate Voting Shares to the lenders in consideration for the credit facility amendment.\u00a0These\u00a012,500,000\u00a0shares were valued at $5,387,500\u00a0using a fair value per share of $0.431\u00a0and considered a deferred financing cost.
On December 27, 2024, Vireo Health of Minnesota, LLC (\u201cVireo Minnesota\u201d), a wholly-owned subsidiary of the Company entered into a secured credit agreement among Vireo Minnesota as Borrower, the Company and various affiliated entities as Guarantors (as defined therein), Chicago Atlantic Lincoln, LLC, the lender party thereto and Chicago Atlantic Admin, LLC, as Administrative Agent and Collateral Agent. The executed secured credit agreement with the Agent allows for the issuance of certain loans of up to an aggregate principal amount of $11,500,000. These loans are intended to assist with the financing of a new indoor cultivation facility. These loans bears an interest rate of\u00a010.5% and are due on June 26, 2026. As of December 31, 2024, the Company has drawn $5,500,000 in aggregate principal, and incurred financing costs of $1,549,773.
On December 31, 2024, Vireo Minnesota closed on a $15,000,000 principal amount loan with Stearns Bank National Association (the \u201cCommercial Loan\u201d), with the Company and Vireo Health, Inc., a wholly-owned subsidiary of the Company, as guarantors. The Commercial Loan has a term of 24 months and carries a fixed annual interest rate of 9.25%, payable monthly with interest-only payments through the initial 12 months, followed by monthly principal and interest payments based on a 240-month amortization schedule for the remaining term of the Commercial Loan. The Commercial Loan has no prepayment penalty and is collateralized by a leasehold construction mortgage associated with the buildout of a new cultivation facility for Vireo Minnesota in an existing industrial building in Elk River, Minnesota. As of December 31, 2024, there was no principal amount outstanding as funding has not yet commenced. However, the Company incurred financing costs of $412,897.
Unless otherwise specified, all deferred financing costs are treated as a contra-liability, to be netted against the outstanding loan balance and amortized over the remaining life of the loan. As of December 31, 2024, $6,576,985 (2023 - $1,524,531) of deferred financing costs remain unamortized.
The following table shows a summary of the Company\u2019s long-term debt:
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Beginning of year | $ | 60,220,535 | $ | 58,028,604 | ||
Proceeds | \u00a0 | 6,700,000 | \u00a0 | \u2014 | ||
Principal repayments | (1,234,000) | (2,976,362) | ||||
Deferred financing costs | (7,418,770) | (1,407,903) | ||||
PIK interest | 1,634,494 | 1,607,032 | ||||
Amortization of deferred financing costs | 2,435,787 | 4,969,164 | ||||
End of year | \u00a0 | 62,338,046 | \u00a0 | 60,220,535 | ||
Less: current portion | \u00a0 | 900,000 | \u00a0 | 60,220,535 | ||
Total long-term debt | $ | 61,438,046 | $ | \u2014 |
As of December 31, 2024, stated maturities of long-term debt were as follows:
2025 | $ | 900,000 | |
2026 | 3,537,300 | ||
2027 | 57,900,746 | ||
Total | $ | 62,338,046 |
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\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Beginning of year | $ | 60,220,535 | $ | 58,028,604 | ||
Proceeds | \u00a0 | 6,700,000 | \u00a0 | \u2014 | ||
Principal repayments | (1,234,000) | (2,976,362) | ||||
Deferred financing costs | (7,418,770) | (1,407,903) | ||||
PIK interest | 1,634,494 | 1,607,032 | ||||
Amortization of deferred financing costs | 2,435,787 | 4,969,164 | ||||
End of year | \u00a0 | 62,338,046 | \u00a0 | 60,220,535 | ||
Less: current portion | \u00a0 | 900,000 | \u00a0 | 60,220,535 | ||
Total long-term debt | $ | 61,438,046 | $ | \u2014 |
2025 | $ | 900,000 | |
2026 | 3,537,300 | ||
2027 | 57,900,746 | ||
Total | $ | 62,338,046 |
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15. Convertible Debt
On April 28, 2023, the Company closed on a new convertible debt facility which enables the Company to access up to\u00a0$10,000,000\u00a0in aggregate principal amount of convertible notes (the \u201cConvertible Notes\u201d). The convertible facility has a term of\u00a0three years, with an annual interest rate of\u00a012.0%, comprised of 6.0%\u00a0cash and\u00a06.0%\u00a0paid-in-kind. The initial tranche's principal amount of Convertible Notes outstanding in the amount of\u00a0$2,000,000, plus all paid-in-kind interest and all other accrued but unpaid interest thereunder, is convertible into Subordinate Voting Shares of the Company at the option of the holders at any time by written notice to the Company, at a conversion price equal to\u00a0$0.145. For each future tranche advanced, the principal amount of Convertible Notes outstanding, plus all paid-in-kind interest and all other accrued but unpaid interest thereunder, is convertible into Subordinate Voting Shares of the Company at the option of the holders at any time by written notice to the Company, at a conversion price equal to the lesser of\u00a0$0.145\u00a0or a\u00a020.0%\u00a0premium over the 30-day volume weighted average price of the Company\u2019s Subordinate Voting Shares calculated on the day prior to the date on which each tranche is advanced, if permitted by the Canadian Securities Exchange. The lenders also have the right to advance any remaining undrawn funds on the convertible loan facility to the Company at any time. If the notes are not converted, the outstanding principal amount and unpaid paid-in-kind interest is due on April 30, 2026.
During the year ended December 31, 2023, the Company closed\u00a0eight\u00a0additional tranches of Convertible Notes, which are convertible into Subordinate Voting Shares at a conversion price of\u00a0$0.145. Total proceeds received from these tranches amounted to\u00a0$8,000,000.
In connection with this financing, the Company issued\u00a06,250,000\u00a0warrants to purchase Subordinate Voting Shares of the Company to the lenders. These warrants have a\u00a0five year\u00a0term, a strike price of\u00a0$0.145, and were valued at\u00a0$497,055\u00a0(Note 16). The value of these warrants and other legal and administrative expenses amounting to\u00a0$1,346,793\u00a0are treated as deferred financing costs.\u00a0
On July 31, 2024, the holders voluntarily converted all outstanding convertible notes into\u00a073,016,061\u00a0Subordinate Voting Shares of the Company.
On November 1, 2024, the Company entered into a Joinder and Tenth Amendment to Credit Agreement. The Tenth Amendment provides a convertible note facility (the \u201cNew Convertible Notes\u201d) with a maximum principal amount of $10,000,000. The New Convertible Notes mature November 1, 2027, have a cash interest rate of 12.0 percent per year, are convertible into that number of the Company\u2019s subordinate voting shares determined by dividing the outstanding principal
amount plus all accrued but unpaid interest on the Convertible Notes on the date of such conversion by a conversion price of $0.625. The Company incurred $145,717 in financing costs in connection with the signing of the Tenth Amendment.
All deferred financing costs are treated as a contra-liability, to be netted against the outstanding loan balance and amortized over the remaining life of the loan. As of December 31, 2024, $137,622 (2023 - $1,083,697) of deferred financing costs remain unamortized.
The following table shows a summary of the Company\u2019s convertible debt:
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Beginning of year | $ | 9,140,257 | $ | \u2014 | ||
Proceeds | \u00a0 | 10,000,000 | \u00a0 | 10,000,000 | ||
Deferred financing costs | (145,717) | (1,346,793) | ||||
PIK interest | 363,376 | 223,954 | ||||
Amortization of deferred financing costs | 279,019 | 263,096 | ||||
Conversion | (9,774,557) | \u2014 | ||||
End of year | $ | 9,862,378 | \u00a0 | 9,140,257 | ||
Less: current portion | \u00a0 | \u2014 | \u00a0 | \u2014 | ||
Total convertible debt | $ | 9,862,378 | $ | 9,140,257 |
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\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Beginning of year | $ | 9,140,257 | $ | \u2014 | ||
Proceeds | \u00a0 | 10,000,000 | \u00a0 | 10,000,000 | ||
Deferred financing costs | (145,717) | (1,346,793) | ||||
PIK interest | 363,376 | 223,954 | ||||
Amortization of deferred financing costs | 279,019 | 263,096 | ||||
Conversion | (9,774,557) | \u2014 | ||||
End of year | $ | 9,862,378 | \u00a0 | 9,140,257 | ||
Less: current portion | \u00a0 | \u2014 | \u00a0 | \u2014 | ||
Total convertible debt | $ | 9,862,378 | $ | 9,140,257 |
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16. Stockholders\u2019 Equity
Shares
The Company\u2019s certificate of incorporation authorized the Company to issue the following classes of shares with the following par value and voting rights as of December\u00a031, 2024. The liquidation and dividend rights are identical among Shares equally in our earnings and losses on an as converted basis.
\u00a0\u00a0\u00a0\u00a0 | Par\u00a0Value | \u00a0\u00a0\u00a0\u00a0 | Authorized | \u00a0\u00a0\u00a0\u00a0 | Voting\u00a0Rights | |
Subordinate Voting Share (\u201cSVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 1 vote for each share |
Multiple Voting Share (\u201cMVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 100 votes for each share |
Subordinate Voting Shares
Holders of Subordinate Voting Shares are entitled to one vote in respect of each Subordinate Voting Share held.
Multiple Voting Shares
Holders of Multiple Voting Shares will be entitled to votes for each Multiple Voting Share held.
Multiple Voting Shares each have the restricted right to convert to Subordinate Voting Shares subject to adjustments for certain customary corporate changes.
Shares Issued
During the year ended December 31, 2024,\u00a045,822\u00a0Multiple Voting Shares were converted into\u00a04,582,200\u00a0Subordinate Voting Shares for no additional consideration.
During the year ended December 31, 2024, 129,536,875 Subordinate Voting Shares were issued in connection with the execution of definitive subscription agreements with certain investors. Net of financing costs the Company received proceeds of $80,128,687.
During the year ended December 31, 2024,\u00a012,500,000\u00a0Subordinate Voting Shares with a fair value of $5,387,500\u00a0were issued to the Company\u2019s senior secured lender in connection with\u00a0the ninth amendment to the Company\u2019s credit agreement (Note 14).
During the year ended December 31, 2024, 6,400,000 shares were issued to executives as compensation. The fair value of these awards, $1,600,000, calculated using the closing price from December 17, 2024 of $0.25, is included in stock-based compensation expense in the statement of net loss and comprehensive loss for the year ended December 31, 2024. Of these 6,400,000 shares, 360,000 shares were net settled to pay payroll taxes associated with the issuance, resulting in the final issuance of 6,040,000 shares.
During the year ended December 31, 2024,\u00a01,300,078\u00a0Subordinate Voting Shares were issued to the Company\u2019s senior secured lender, Chicago Atlantic Opportunity Portfolio, LP, for $700,000\u00a0of proceeds.
During the year ended December 31, 2024, the holders of the Company\u2019s Convertible Notes voluntarily converted all outstanding Convertible Notes into\u00a073,016,061\u00a0Subordinate Voting Shares of the Company.
During the year ended December 31, 2024, employee stock options were exercised for\u00a050,000\u00a0Subordinate Voting Shares. Proceeds from this transaction were $16,500.
During the year ended December 31, 2024, stock warrants were exercised for\u00a0480,437\u00a0Subordinate Voting Shares. Proceeds from these transactions were $69,663.
During the year ended December 31, 2023, the Company issued the\u00a015,000,000\u00a0Subordinate Voting Shares to its senior secured lender, Chicago Atlantic Admin, LLC, an affiliate of Green Ivy Capital, and a group of lenders in connection with the fifth amendment to its Credit Facility signed on March 31, 2023 (Note 14).
During the year ended December 31, 2023,\u00a065,411\u00a0Super Voting Shares were redeemed for\u00a06,541,100\u00a0Subordinate Voting Shares.
During the year ended December 31, 2023,\u00a017,449\u00a0Multiple Voting Shares were redeemed for\u00a01,744,900\u00a0Subordinate Voting Shares.
"}]},{"name":"rpt:f-742","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfStockByClassTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | Par\u00a0Value | \u00a0\u00a0\u00a0\u00a0 | Authorized | \u00a0\u00a0\u00a0\u00a0 | Voting\u00a0Rights | |
Subordinate Voting Share (\u201cSVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 1 vote for each share |
Multiple Voting Share (\u201cMVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 100 votes for each share |
17. Stock-Based Compensation
Stock Options
In January\u00a02019, the Company adopted the 2019 Equity Incentive Plan under which the Company may grant incentive stock option, restricted shares, restricted share units (\u201cRSUs\u201d), or other awards. Under the terms of the plan, a total of ten\u00a0percent of the number of shares outstanding assuming conversion of all super voting and multiple voting shares to subordinate voting shares are permitted to be issued. The exercise price for incentive stock options issued under the plan will be set by the committee but will not be less than 100% of the fair market value of the Company\u2019s shares on the date of grant. Incentive stock options have a maximum term of 10 years from the date of grant. The incentive stock options vest at the discretion of the Board.
Options granted under the equity incentive plan were valued using the Black-Scholes option pricing model with the following weighted average assumptions:
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | \u00a0 | ||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0 | |
Risk-Free Interest Rate | 3.89 | % | 3.82 | % | |
Weighted Average Exercise Price | $ | 0.48 | $ | 0.25 | |
Weighted Average Stock Price | $ | 0.48 | $ | 0.25 | |
Expected Life of Options (years) | 7.00 | 6.19 | |||
Expected Annualized Volatility | 100.00 | % | 100.00 | % | |
Grant Fair Value | $ | 0.39 | $ | 0.14 | |
Expected Forfeiture Rate | N/A | \u00a0 | N/A | ||
Expected Dividend Yield | N/A | \u00a0 | N/A |
Stock option activity for the Company for the\u00a0years ended December\u00a031, 2024 and 2023 is presented below:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Avg.\u00a0 | |||
Number\u00a0of\u00a0Options | Exercise\u00a0Price | Remaining\u00a0Life | |||||
Balance, December 31, 2022 | \u00a0 | 23,547,558 | $ | 0.66 | \u00a0 | 7.30 | |
Forfeitures | \u00a0 | (4,137,079) | \u00a0 | 0.82 | \u00a0 | \u2014 | |
Granted | \u00a0 | 10,558,845 | \u00a0 | 0.25 | \u00a0 | 6.42 | |
Balance, December 31, 2023 | \u00a0 | 29,969,324 | $ | 0.50 | \u00a0 | 6.18 | |
Forfeitures | \u00a0 | (2,760,530) | \u00a0 | 1.29 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (50,000) | \u00a0 | 0.33 | \u00a0 | \u2014 | |
Granted | \u00a0 | 4,073,839 | \u00a0 | 0.48 | \u00a0 | \u2014 | |
Options Outstanding at December 31, 2024 | \u00a0 | 31,232,633 | $ | 0.43 | \u00a0 | 5.45 | |
Options Exercisable at December 31, 2024 | \u00a0 | 27,323,396 | $ | 0.42 | \u00a0 | 5.05 |
During the\u00a0years ended December\u00a031, 2024 and 2023, the Company recognized $996,844 and $2,365,775 in stock-based compensation relating to stock options, respectively. As of December\u00a031, 2024, the total unrecognized compensation costs related to unvested stock options awards granted was $790,130. In addition, the weighted average period over which the unrecognized compensation expense is expected to be recognized is approximately years. The total intrinsic value of stock options outstanding and exercisable as of December\u00a031, 2024, was $7,240,087 and $6,572,692, respectively.
The Company does not estimate forfeiture rates when calculating compensation expense. The Company records forfeitures as they occur.
Warrants
Subordinate Voting Share (SVS) warrants entitle the holder to purchase one subordinate voting share of the Company. Multiple Voting Share (MVS) warrants entitle the holder to purchase one multiple voting share of the Company.
Warrants issued were valued using the Black-Scholes option pricing model with the following assumptions:
\u00a0\u00a0\u00a0\u00a0 | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | December 31, | \u00a0 | |||
SVS Warrants | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0 |
Risk-Free Interest Rate | N/A | 4.23 | % | ||
Expected Life (years) | N/A | 5.00 | |||
Expected Annualized Volatility | N/A | 100 | % | ||
Stock Price | N/A | $ | 0.15 | ||
Exercise Price | N/A | $ | 0.200 | ||
Grant Date Fair Value | N/A | $ | 0.106 | ||
Expected Forfeiture Rate | N/A | N/A | |||
Expected Dividend Yield | N/A | N/A |
A summary of the warrants outstanding is as follows:
\u00a0\u00a0\u00a0\u00a0 | Number\u00a0of\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | ||
SVS Warrants | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2022 | \u00a0 | 150,000 | $ | 1.49 | 2.00 | ||
Granted | \u00a0 | 16,250,000 | 0.20 | 5.00 | |||
Warrants outstanding at December 31, 2023 | 16,400,000 | $ | 0.21 | \u00a0 | 4.57 | ||
Granted | \u2014 | \u2014 | \u2014 | ||||
Exercised | (480,437) | 0.145 | \u2014 | ||||
Warrants outstanding at December 31, 2024 | \u00a0 | 15,919,563 | $ | 0.22 | \u00a0 | 3.56 | |
Warrants exercisable at December 31, 2024 | \u00a0 | 15,919,563 | $ | 0.22 | \u00a0 | 3.56 |
\u00a0\u00a0\u00a0\u00a0 | Number\u00a0of\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | ||
SVS Warrants Denominated in C$ | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2022 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 3.23 | |
Granted | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | |
Warrants outstanding at December 31, 2023 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 2.23 | |
Granted | \u2014 | \u2014 | \u2014 | ||||
Warrants outstanding at December 31, 2024 | 3,037,649 | $ | 3.50 | 1.48 | |||
Warrants exercisable at December 31, 2024 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 1.23 |
During the year ended December 31, 2023, in connection with the closing of the convertible debt facility (Note 15), the Company issued\u00a06,250,000\u00a0warrants to purchase Subordinate Voting Shares of the Company to the lenders. These warrants have a\u00a0five-year\u00a0term, a strike price of\u00a0$0.145, and were valued at\u00a0$497,055. The value of these warrants\u00a0were treated as deferred financing costs.\u00a0All deferred financing costs are treated as a contra-liability, to be netted against the outstanding loan balance and amortized over the remaining life of the loan.
On May 25, 2023, the Company and Grown Rogue International, Inc. (\u201cGrown Rogue\u201d) entered into a strategic agreement whereby Grown Rogue will support Vireo in the optimization of its cannabis flower products, with a particular focus on improving the quality and yield of top-grade \u201cA\u201d cannabis flower across its various operating markets, starting with Maryland and Minnesota. As part of this strategic agreement the Company issued\u00a010,000,000\u00a0warrants to purchase subordinate voting shares of Vireo to Grown Rogue, with a strike price equal to $0.233. During the\u00a0year ended December\u00a031, 2024, $0 (2023 - $1,233,560) in stock-based compensation was recorded in connection with the issuance of these SVS warrants.
RSUs
The expense associated with RSUs is based on the closing price of the Company\u2019s Subordinate Voting Shares on the business day immediately preceding the grant date, adjusted for the absence of future dividends and is amortized on a straight-line basis over the periods during which the restrictions lapse. The Company currently has RSUs that vest over a\u00a0three year\u00a0period. The awards are generally subject to forfeiture in the event of termination of employment. During the years ended December 31, 2024 and 2023, the Company recognized $1,030,930 and $558,263, respectively,\u00a0in stock-based compensation expense related to RSUs.
A summary of RSUs is as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted Avg. | |||
Number\u00a0of\u00a0Shares | Fair Value | ||||
Balance, December 31, 2022 | \u00a0 | 3,221,677 | $ | 0.81 | |
Forfeitures | (678,666) | 0.54 | |||
Balance, December 31, 2023 | 2,543,011 | 0.88 | |||
Granted | 9,228,462 | 0.31 | |||
Forfeitures | (443,943) | 1.34 | |||
Balance, December 31, 2024 | 11,327,530 | 0.40 | |||
Vested at December 31, 2024 | 2,705,236 | $ | 0.64 |
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\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | \u00a0 | ||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0 | |
Risk-Free Interest Rate | 3.89 | % | 3.82 | % | |
Weighted Average Exercise Price | $ | 0.48 | $ | 0.25 | |
Weighted Average Stock Price | $ | 0.48 | $ | 0.25 | |
Expected Life of Options (years) | 7.00 | 6.19 | |||
Expected Annualized Volatility | 100.00 | % | 100.00 | % | |
Grant Fair Value | $ | 0.39 | $ | 0.14 | |
Expected Forfeiture Rate | N/A | \u00a0 | N/A | ||
Expected Dividend Yield | N/A | \u00a0 | N/A |
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Avg.\u00a0 | |||
Number\u00a0of\u00a0Options | Exercise\u00a0Price | Remaining\u00a0Life | |||||
Balance, December 31, 2022 | \u00a0 | 23,547,558 | $ | 0.66 | \u00a0 | 7.30 | |
Forfeitures | \u00a0 | (4,137,079) | \u00a0 | 0.82 | \u00a0 | \u2014 | |
Granted | \u00a0 | 10,558,845 | \u00a0 | 0.25 | \u00a0 | 6.42 | |
Balance, December 31, 2023 | \u00a0 | 29,969,324 | $ | 0.50 | \u00a0 | 6.18 | |
Forfeitures | \u00a0 | (2,760,530) | \u00a0 | 1.29 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (50,000) | \u00a0 | 0.33 | \u00a0 | \u2014 | |
Granted | \u00a0 | 4,073,839 | \u00a0 | 0.48 | \u00a0 | \u2014 | |
Options Outstanding at December 31, 2024 | \u00a0 | 31,232,633 | $ | 0.43 | \u00a0 | 5.45 | |
Options Exercisable at December 31, 2024 | \u00a0 | 27,323,396 | $ | 0.42 | \u00a0 | 5.05 |
\u00a0\u00a0\u00a0\u00a0 | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | December 31, | \u00a0 | |||
SVS Warrants | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0 |
Risk-Free Interest Rate | N/A | 4.23 | % | ||
Expected Life (years) | N/A | 5.00 | |||
Expected Annualized Volatility | N/A | 100 | % | ||
Stock Price | N/A | $ | 0.15 | ||
Exercise Price | N/A | $ | 0.200 | ||
Grant Date Fair Value | N/A | $ | 0.106 | ||
Expected Forfeiture Rate | N/A | N/A | |||
Expected Dividend Yield | N/A | N/A |
\u00a0\u00a0\u00a0\u00a0 | Number\u00a0of\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | ||
SVS Warrants | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2022 | \u00a0 | 150,000 | $ | 1.49 | 2.00 | ||
Granted | \u00a0 | 16,250,000 | 0.20 | 5.00 | |||
Warrants outstanding at December 31, 2023 | 16,400,000 | $ | 0.21 | \u00a0 | 4.57 | ||
Granted | \u2014 | \u2014 | \u2014 | ||||
Exercised | (480,437) | 0.145 | \u2014 | ||||
Warrants outstanding at December 31, 2024 | \u00a0 | 15,919,563 | $ | 0.22 | \u00a0 | 3.56 | |
Warrants exercisable at December 31, 2024 | \u00a0 | 15,919,563 | $ | 0.22 | \u00a0 | 3.56 |
\u00a0\u00a0\u00a0\u00a0 | Number\u00a0of\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | ||
SVS Warrants Denominated in C$ | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2022 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 3.23 | |
Granted | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | |
Warrants outstanding at December 31, 2023 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 2.23 | |
Granted | \u2014 | \u2014 | \u2014 | ||||
Warrants outstanding at December 31, 2024 | 3,037,649 | $ | 3.50 | 1.48 | |||
Warrants exercisable at December 31, 2024 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 1.23 |
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted Avg. | |||
Number\u00a0of\u00a0Shares | Fair Value | ||||
Balance, December 31, 2022 | \u00a0 | 3,221,677 | $ | 0.81 | |
Forfeitures | (678,666) | 0.54 | |||
Balance, December 31, 2023 | 2,543,011 | 0.88 | |||
Granted | 9,228,462 | 0.31 | |||
Forfeitures | (443,943) | 1.34 | |||
Balance, December 31, 2024 | 11,327,530 | 0.40 | |||
Vested at December 31, 2024 | 2,705,236 | $ | 0.64 |
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18. Commitments and Contingencies
Legal proceedings
Verano
On January 31, 2022, the Company entered into the Arrangement Agreement with Verano, pursuant to which Verano was to acquire all of the issued and outstanding shares of Vireo Growth pursuant to a Plan of Arrangement. Subject to the terms and conditions set forth in the Arrangement Agreement and the Plan of Arrangement, holders of Vireo Growth Shares would receive\u00a00.22652\u00a0of a Verano Subordinate Voting Share, subject to adjustment as described below, for each Subordinate Voting Share held, and\u00a022.652\u00a0Verano Subordinate Voting Shares for each Multiple Voting Share and Super Voting Share held, immediately prior to the effective time of the Arrangement.
\u00a0
On October 13, 2022, Vireo Growth received a notice of purported termination of the Arrangement Agreement (the \u201cNotice\u201d) from Verano. The Notice asserted certain breaches of the Arrangement Agreement, including claims the Company\u2019s public filings and communications with respect to its business and ongoing operations were misleading and that the Company breached its representations to Verano under the Arrangement Agreement. Verano also claimed, as a result of such breaches, it is entitled to payment of a $14,875,000\u00a0termination fee and its transaction expenses. Vireo Growth denies all of Verano\u2019s allegations and affirmatively asserts that it has complied with its obligations under the Arrangement Agreement, and with its disclosure obligations under US and Canadian law, in all material respects at all times. The Company believes that Verano has no factual or legal basis to justify or support its purported termination of the Arrangement Agreement, which the Company determined to treat as a repudiation of the Arrangement Agreement.
\u00a0
On October 21, 2022, Vireo Growth commenced an action in the Supreme Court of British Columbia against Verano after Verano wrongfully repudiated the Arrangement Agreement. The Company is seeking damages, costs and interest, based on Verano's breach of contract and of its duty of good faith and honest performance.
\u00a0
On November 14, 2022, Verano filed counterclaims against the Company for the termination fee and transaction expenses described above.
\u00a0
On July 31, 2023, the Company filed a requisition for adjournment of its application filed July 14, 2023, and set for hearing on July 31, 2023 to compel Verano\u2019s compliance with document production based upon the Company\u2019s belief that Verano was engaging in tactics to delay the litigation.\u00a0
\u00a0
Throughout 2023, the Company served\u00a04\u00a0lists of documents, reviewed document production from Verano, and prepared for examinations for discovery.\u00a0
On May 2, 2024, the Company filed an application with the Supreme Court of British Columbia for summary determination. The Company is seeking substantial damages, specifically US $860.9\u00a0million, as well as other costs and legal fees, based on Verano\u2019s breach of contract and of its duty of good faith and honest performance.
On June 19, 2024, Verano filed a Notice of Application (the \u201cPreliminary Suitability Application\u201d) seeking orders dismissing the Summary Trial Application on the basis that certain issues in the action are not suitable for summary determination. The Preliminary Suitability Application is currently set for hearing on June 15 and 16, 2025.
Due to uncertainties inherent in litigation, it is not possible for Vireo Growth to predict the timing or final outcome of the legal proceedings against Verano or to determine the amount of damages, if any, that may be awarded.\u00a0 The damages sought will be significant and material given that Verano\u2019s breach left the Company in a vulnerable position resulting in the Company being constrained in its ability to fund growth initiatives that were desirable and that its competitors were able to undertake, most notably in Minnesota and New York markets.
Lease commitments
The Company leases various facilities, under non-cancelable finance and operating leases, which expire at various dates through September\u00a02041.
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The Coronavirus Aid, Relief and Economic Security Act (the \u201cCARES Act\u201d) provides an employee retention credit (\u201cCARES Employee Retention credit\u201d), which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers. The tax credit is equal to 50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee through December 31, 2020. Additional relief provisions were passed by the United States government, which extend and slightly expand the qualified wage caps on these credits through December 31, 2021. Based on these additional provisions, the tax credit is now equal to 70% of qualified wages paid to employees during a quarter, and the limit on qualified wages per employee has been increased to $10,000 of qualified wages per quarter. The Company qualifies for the tax credit under the CARES Act. During the year ended December 31, 2024, the Company recorded $815,422\u00a0(2023 - $5,855,076) related to the CARES Employee Retention credit in other income on the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2024.
On May 25, 2023, the Company and Grown Rogue entered into a strategic agreement whereby Grown Rogue will support the Company in the optimization of its cannabis flower products. As part of this strategic agreement Grown Rogue granted the Company\u00a08,500,000\u00a0warrants to purchase subordinate voting shares of Grown Rogue on October 5, 2023. Subsequently, on October 9, 2024, the Company and Grown Rogue mutually agreed to terminate the advisory agreement. As part of the termination agreement, the Company forfeited 4,500,000 of the previously granted 8,500,000 warrants. On December 31, 2024, these 4,000,000 warrants were revalued at a fair value of $2,270,964 (2023 $1,937,532). The fair value was derived from a black-scholes valuation using a stock price of $0.65, an exercise price of $0.156, an expected life of 3.76 years, an annual risk free rate of 4.38%, and volatility of 100%. The change in valuation from December 31, 2023, to December 31, 2024, of $333,612 was recorded as other income in the statement of net loss and comprehensive loss for the year ended December 31, 2024.
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General and administrative expenses are comprised of the following items:
Year Ended | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
Salaries and benefits | $ | 14,370,584 | $ | 15,198,589 | ||
Professional fees | \u00a0 | 4,872,397 | \u00a0 | 4,098,050 | ||
Insurance expenses | \u00a0 | 1,816,616 | \u00a0 | 2,626,922 | ||
Advertising | 859,535 | 791,980 | ||||
Other expenses | \u00a0 | 6,143,918 | \u00a0 | 5,502,439 | ||
Total | $ | 28,063,050 | $ | 28,217,980 |
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Year Ended | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
Salaries and benefits | $ | 14,370,584 | $ | 15,198,589 | ||
Professional fees | \u00a0 | 4,872,397 | \u00a0 | 4,098,050 | ||
Insurance expenses | \u00a0 | 1,816,616 | \u00a0 | 2,626,922 | ||
Advertising | 859,535 | 791,980 | ||||
Other expenses | \u00a0 | 6,143,918 | \u00a0 | 5,502,439 | ||
Total | $ | 28,063,050 | $ | 28,217,980 |
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21. Segment Reporting
The Company utilized the guidance in ASC 280 to determine how many reportable segments the Company has. We considered various attributes of the overall Company including but not limited to the nature of products and services, the nature of production processes, the types of customers, the regulatory environment, business geography, and the level at which the Chief Operating Decision Maker evaluates the performance and allocates resources. Given the similarities in the types of products, cannabis products in various form factors, the types of customers, retail and wholesale customers, the geography and regulatory environment in which sales are made, the United States, and the Chief Operating Decision Maker, the Chief Executive Officer, assesses performance and allocates resources at the consolidated level, the Company has determined that it only has one reportable segment, cannabis.
The Company\u2019s Chief Executive Officer is the Company\u2019s chief operating decision maker. The chief operating decision maker assesses performance for the cannabis segment and decides how to allocate resources based on operating profit and net income that also is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet total as consolidated assets. The chief operating decision maker uses net income to evaluate income generated from segment assets in deciding the appropriate capital allocation strategy. A comparison of budgeted results to actual results is also used by the chief operating decision maker to assess business performance.
The Company\u2019s cannabis segment cultivates, processes and distributes medical and adult-use cannabis products in a variety of formats, as well as related accessories in the United States. Revenue is derived from the sale of these products in the United States, and the assets used to produce these products are also held in the United States. The accounting policy for recording revenue, and all other accounting policies, are the same as those described in the summary of significant accounting policies footnote (Note 2). The financial statements of the cannabis segment are presented in Item 8 of this form 10-K.
"}]},{"name":"rpt:f-925","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"vreof:segment"},"factValues":[{"value":"1"}]},{"name":"rpt:f-926","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"22. Income Taxes
For financial reporting purposes, loss before income taxes includes the following components:
Years ended December 31, | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
United States | $ | (16,894,509) | $ | (17,824,089) | ||
Total | $ | (16,894,509) | $ | (17,824,089) |
The (recoveries) expenses for income taxes consists of:
Years ended December 31, | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
Current: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Federal | $ | 11,058,000 | $ | 6,111,000 | ||
State | \u00a0 | 55,000 | \u00a0 | (75,000) | ||
Total | \u00a0 | 11,113,000 | \u00a0 | 6,036,000 | ||
Deferred: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Federal | \u00a0 | \u2014 | \u00a0 | 1,663,000 | ||
State | \u00a0 | \u2014 | \u00a0 | 24,000 | ||
Total | \u00a0 | \u2014 | \u00a0 | 1,687,000 | ||
Total | $ | 11,113,000 | $ | 7,723,000 |
Years ended December 31, | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
Loss before income taxes: | $ | (16,894,509) | $ | (17,824,089) | ||
Income tax benefits at statutory rate | \u00a0 | (3,547,846) | \u00a0 | (3,743,059) | ||
State Taxes | \u00a0 | (1,510,248) | \u00a0 | (1,061,542) | ||
Non-deductible expenses | \u00a0 | 34,369 | 26,928 | |||
Stock based and other compensation | \u00a0 | 761,833 | 873,096 | |||
Warrant income | \u2014 | \u00a0 | (406,844) | |||
Change in valuation allowance | 6,851,000 | 6,676,000 | ||||
Uncertain Tax Position | 10,968,000 | 22,356,000 | ||||
Federal true up | (2,450,194) | (14,388,074) | ||||
State true up | \u2014 | (2,123,580) | ||||
Rate true up and other | 6,086 | \u00a0 | (485,925) | |||
Income tax expense, net | $ | 11,113,000 | $ | 7,723,000 |
The following table summarizes the components of deferred tax:
\u00a0\u00a0\u00a0\u00a0 | December 31, | \u00a0\u00a0\u00a0\u00a0 | December 31, | |||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Deferred tax assets | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Operating loss carryforwards - United States | $ | 8,018,000 | $ | 7,478,000 | ||
Credit losses | \u00a0 | 68,000 | \u00a0 | 71,000 | ||
Inventory reserve | \u00a0 | 268,000 | \u00a0 | 186,000 | ||
Inventory | \u00a0 | 1,217,000 | 1,438,000 | |||
Financing lease liability | \u00a0 | 30,081,000 | \u00a0 | 28,318,000 | ||
Intangible assets | 1,916,000 | \u00a0 | 564,000 | |||
Property and equipment | 1,515,000 | 1,695,000 | ||||
Capital loss carryforward | 1,060,000 | 888,000 | ||||
Excess business interest expense | 14,484,000 | 10,382,000 | ||||
Accrued Vacation | 84,000 | \u2014 | ||||
Employee Retention Tax Credit | 397,000 | \u2014 | ||||
Share based compensation | \u00a0 | \u2014 | \u00a0 | 188,000 | ||
Total Deferred tax assets | \u00a0 | 59,108,000 | \u00a0 | 51,208,000 | ||
Less valuation allowance | \u00a0 | (31,928,000) | \u00a0 | (25,077,000) | ||
Net deferred tax assets | \u00a0 | 27,180,000 | \u00a0 | 26,131,000 | ||
Deferred tax liabilities | \u00a0 | \u00a0 | ||||
Finance lease asset | \u00a0 | 26,544,000 | \u00a0 | 25,080,000 | ||
Installment sale | \u00a0 | \u2014 | \u00a0 | 1,051,000 | ||
Warrants receivable | \u00a0 | 636,000 | \u00a0 | \u2014 | ||
Total deferred tax liabilities | \u00a0 | 27,180,000 | \u00a0 | 26,131,000 | ||
Net deferred tax asset/(tax liabilities) | $ | \u2014 | $ | \u2014 |
At December\u00a031, 2024, the Company had United States federal net operating loss carryforwards of approximately $28,100,000 that can be carried forward indefinitely and are limited in annual use to 80% of current year taxable income, and state net operating loss carryforwards of approximately $39,000,000 that can be carried forward fifteen\u00a0years. State net operating loss carryforwards begin to expire on December 31, 2034.
The Company recognizes the financial statement impact of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest impact that has a greater than fifty\u00a0percent likelihood of being realized upon ultimate settlement with the relevant tax authority.
The Company recognizes interest and, if applicable, penalties (not included in the \u201cunrecognized tax benefits\u201d table above) for any uncertain tax positions. Interest and penalties are recorded as a component of income tax expenses. As of both December\u00a031, 2024 and 2023, the Company had a cumulative balance of accrued interest and penalties on unrecognized tax positions of $2,178,000 and $635,000, respectively on the consolidated balance sheet.
The Company\u2019s federal and state income tax returns are subject to examination by income taxing authorities, generally for three\u00a0years after the returns are filed and six years where a taxpayer has omitted reporting 25% or more of their gross income on their tax return. The Company is not currently under examination in any jurisdiction for any period. The Company believes it is no longer subject to income tax examinations for fiscal periods ended prior to 2020.
The Company operates in a number of domestic tax jurisdictions and is subject to examination of its income tax returns by tax authorities in these jurisdictions who may challenge any item of those returns. Because tax matters that may be challenged by tax authorities are typically complex, the ultimate outcome of these challenges is uncertain. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is more-likely-than-not that the position will be sustained upon examination. The Company evaluates uncertain tax positions on a quarterly basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. The measurement of the uncertain tax position is based on the largest
benefit amount to be realized upon settlement of the matter. If payment ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company\u2019s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to income tax expense may result. As of December 31, 2024 and 2023, the Company recorded an uncertain tax liability for uncertain tax positions primarily related to the treatment of certain transactions and deductions under IRC Section 280E based on legal interpretations that challenge the Company\u2019s tax liability under IRC Section 280E. The Company and its subsidiaries filed the 2023 tax return and amended tax returns for periods ending 2020 through 2022, to reflect this position.\u00a0 The Company does not expect any resolution to this uncertain tax position in the next 12 months. An estimate of the range of the possible change cannot be made until these tax matters are further developed or resolved.
The following table shows a summary of uncertain tax positions:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Beginning Balances | $ | 22,356,000 | $ | \u2014 | ||
Increase related to tax positions taken during a prior year | \u00a0 | 2,735,000 | \u00a0 | 16,711,000 | ||
Increases related to tax positions taken during the current year | \u00a0 | 8,233,000 | \u00a0 | 5,645,000 | ||
Ending Balances | $ | 33,324,000 | $ | 22,356,000 |
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Years ended December 31, | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
United States | $ | (16,894,509) | $ | (17,824,089) | ||
Total | $ | (16,894,509) | $ | (17,824,089) |
Years ended December 31, | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
Current: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Federal | $ | 11,058,000 | $ | 6,111,000 | ||
State | \u00a0 | 55,000 | \u00a0 | (75,000) | ||
Total | \u00a0 | 11,113,000 | \u00a0 | 6,036,000 | ||
Deferred: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Federal | \u00a0 | \u2014 | \u00a0 | 1,663,000 | ||
State | \u00a0 | \u2014 | \u00a0 | 24,000 | ||
Total | \u00a0 | \u2014 | \u00a0 | 1,687,000 | ||
Total | $ | 11,113,000 | $ | 7,723,000 |
Years ended December 31, | ||||||
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | ||||
Loss before income taxes: | $ | (16,894,509) | $ | (17,824,089) | ||
Income tax benefits at statutory rate | \u00a0 | (3,547,846) | \u00a0 | (3,743,059) | ||
State Taxes | \u00a0 | (1,510,248) | \u00a0 | (1,061,542) | ||
Non-deductible expenses | \u00a0 | 34,369 | 26,928 | |||
Stock based and other compensation | \u00a0 | 761,833 | 873,096 | |||
Warrant income | \u2014 | \u00a0 | (406,844) | |||
Change in valuation allowance | 6,851,000 | 6,676,000 | ||||
Uncertain Tax Position | 10,968,000 | 22,356,000 | ||||
Federal true up | (2,450,194) | (14,388,074) | ||||
State true up | \u2014 | (2,123,580) | ||||
Rate true up and other | 6,086 | \u00a0 | (485,925) | |||
Income tax expense, net | $ | 11,113,000 | $ | 7,723,000 |
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\u00a0\u00a0\u00a0\u00a0 | December 31, | \u00a0\u00a0\u00a0\u00a0 | December 31, | |||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Deferred tax assets | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Operating loss carryforwards - United States | $ | 8,018,000 | $ | 7,478,000 | ||
Credit losses | \u00a0 | 68,000 | \u00a0 | 71,000 | ||
Inventory reserve | \u00a0 | 268,000 | \u00a0 | 186,000 | ||
Inventory | \u00a0 | 1,217,000 | 1,438,000 | |||
Financing lease liability | \u00a0 | 30,081,000 | \u00a0 | 28,318,000 | ||
Intangible assets | 1,916,000 | \u00a0 | 564,000 | |||
Property and equipment | 1,515,000 | 1,695,000 | ||||
Capital loss carryforward | 1,060,000 | 888,000 | ||||
Excess business interest expense | 14,484,000 | 10,382,000 | ||||
Accrued Vacation | 84,000 | \u2014 | ||||
Employee Retention Tax Credit | 397,000 | \u2014 | ||||
Share based compensation | \u00a0 | \u2014 | \u00a0 | 188,000 | ||
Total Deferred tax assets | \u00a0 | 59,108,000 | \u00a0 | 51,208,000 | ||
Less valuation allowance | \u00a0 | (31,928,000) | \u00a0 | (25,077,000) | ||
Net deferred tax assets | \u00a0 | 27,180,000 | \u00a0 | 26,131,000 | ||
Deferred tax liabilities | \u00a0 | \u00a0 | ||||
Finance lease asset | \u00a0 | 26,544,000 | \u00a0 | 25,080,000 | ||
Installment sale | \u00a0 | \u2014 | \u00a0 | 1,051,000 | ||
Warrants receivable | \u00a0 | 636,000 | \u00a0 | \u2014 | ||
Total deferred tax liabilities | \u00a0 | 27,180,000 | \u00a0 | 26,131,000 | ||
Net deferred tax asset/(tax liabilities) | $ | \u2014 | $ | \u2014 |
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Beginning Balances | $ | 22,356,000 | $ | \u2014 | ||
Increase related to tax positions taken during a prior year | \u00a0 | 2,735,000 | \u00a0 | 16,711,000 | ||
Increases related to tax positions taken during the current year | \u00a0 | 8,233,000 | \u00a0 | 5,645,000 | ||
Ending Balances | $ | 33,324,000 | $ | 22,356,000 |
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23. Supplemental Cash Flow Information(1)
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Cash paid for interest | $ | 27,171,569 | $ | 24,965,769 | ||
Cash paid for income taxes | \u00a0 | \u2014 | \u00a0 | 2,043,094 | ||
Change in construction accrued expenses | \u00a0 | 367,553 | \u00a0 | 444,865 | ||
Stock issued in connection with financing activities | \u00a0 | 5,387,500 | \u00a0 | 497,055 | ||
Conversion of convertible debt | 9,774,558 | \u2014 |
| (1) | For supplemental cash flow information related to leases, refer to Note 10. |
\u00a0\u00a0\u00a0\u00a0 | December 31, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | |||
Cash paid for interest | $ | 27,171,569 | $ | 24,965,769 | ||
Cash paid for income taxes | \u00a0 | \u2014 | \u00a0 | 2,043,094 | ||
Change in construction accrued expenses | \u00a0 | 367,553 | \u00a0 | 444,865 | ||
Stock issued in connection with financing activities | \u00a0 | 5,387,500 | \u00a0 | 497,055 | ||
Conversion of convertible debt | 9,774,558 | \u2014 |
| (1) | For supplemental cash flow information related to leases, refer to Note 10. |
24. Financial Instruments
Credit risk
Credit risk is the risk of loss associated with counterparty\u2019s inability to fulfill its payment obligations. The Company\u2019s credit risk is primarily attributable to cash, accounts receivable, and deposits. A small portion of cash is held on hand, from which management believes the risk of loss is remote. Trade receivables relate primarily to wholesale sales. The Company does not have significant credit risk with respect to customers. The Company\u2019s maximum credit risk exposure is equivalent to the carrying value of these instruments. The Company has been granted licenses pursuant to the laws of the states of Maryland, Minnesota, and New York with respect to cultivating, processing, and/or distributing marijuana. Presently, this industry is illegal under United States federal law. The Company has, and intends, to adhere strictly to the state statutes in its operations.
Liquidity risk
The Company\u2019s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As of December\u00a031, 2024, the Company\u2019s financial liabilities consist of accounts payable and accrued liabilities, debt and convertible debt. The Company manages liquidity risk by reviewing its capital requirements on an ongoing basis. Historically, the Company\u2019s main source of funding has been additional funding from investors and debt issuances. The Company\u2019s access to financing is always uncertain. There can be no assurance of continued access to significant equity financing.
Legal Risk
Vireo U.S. operates in the United States. The United States federal government regulates drugs through the Controlled Substances Act (21 U.S.C. \u00a7 811), which places controlled substances, including cannabis, in a schedule. Cannabis is classified as a Schedule I drug. Under United States federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of accepted safety for the use of the drug under medical supervision. The United States Food and Drug Administration has not approved marijuana as a safe and effective drug for any indication. In the United States marijuana is largely regulated at the state level. State laws regulating cannabis are in direct conflict with the federal Controlled Substances Act, which makes cannabis use and possession federally illegal.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. The Company is not exposed to significant currency risk.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company currently carries variable interest-bearing debt subject to fluctuations in the United States Prime rate. A change of 100 basis points in interest rates during the year ended December 31, 2024, would have resulted in a corresponding change in the statement of net loss and comprehensive loss of $603,535.
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As of December\u00a031, 2024, and 2023, there was $0 and $121,846, respectively, due to related parties.
Details surrounding the lending relationships between the Company and Chicago Atlantic, are described in Notes 14 and 15. During the years ended December 31, 2024 and 2023, the Company paid Chicago Atlantic $712,720 and $0, respectively, for services rendered in connection with the Mergers (Note 3), which is included in transaction related expenses in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2024.
For the years ended December 31, 2024, and 2023, the Company paid a related party (Bengal Impact Partners, of which Joshua Rosen, who is the Company\u2019s Chief Executive Officer, Interim Chief Financial Officer, and a member of the Company\u2019s Board of Directors, is a managing partner) $0\u00a0and $1,613, respectively, for ongoing corporate advisory services.
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26. Subsequent Events
On January\u00a023, 2025, the Company entered into a letter agreement (the \u201cLetter Agreement\u201d) with Bill\u2019s Nursery,\u00a0Inc., whereby the parties agreed to extend the Exclusivity Period, as defined in that certain Memorandum of Understanding (\u201cMOU\u201d) effective as of December\u00a018, 2024 between the parties, from January\u00a024, 2025 to February\u00a023, 2025. Except as so modified, the parties\u2019 obligations under the MOU remain otherwise unchanged.
On February 21, 2025, the Company entered into a letter agreement (the \u201cSecond Letter Agreement\u201d) with Bill\u2019s Nursery, Inc., whereby the parties confirmed that they have paused negotiations concerning the Definitive Agreement, as defined in the MOU effective as of December 18, 2024 between the parties. \u00a0The parties also agreed in the Second Letter Agreement to amend the provision in Section 4 of the MOU providing that, in the case the parties do not execute and deliver a Definitive Agreement, that Bill\u2019s Nursery, Inc. shall pay to the Company US$1.25 million within business days. \u00a0The Second Letter Agreement amends Section 4 to provide that such payment shall be in the amount of US$1 million to be paid within 45 calendar days. \u00a0Except as so modified, the parties\u2019 obligations under the MOU remain otherwise unchanged.
In January of 2025, the Company granted 3,989,414 RSUs and 159,156 employee stock options under the 2019 Equity Incentive Plan.
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We do not have any formal policy that requires us to grant, or avoid granting, equity-based compensation to our executive officers at certain times. The timing of any equity grants to executive officers in connection with new hires, promotions or other non-routine grants is tied to the event giving rise to the award, such as the executive officer\u2019s commencement of employment or promotion effective date). As a result, the timing of grants of equity awards, including stock options, occurs independently of the release of any material nonpublic information. The Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of equity-based compensation.
No stock options were issued to executive officers in 2024 during any period beginning four business days after the filing of a periodic report or current report disclosing material non-public information and ending one business day after the filing or furnishing of such report with the SEC.
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