1. Nature of operations
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TerrAscend Corp. (the \"Issuer\") was incorporated under the Business Corporations Act (Ontario) on March 7, 2017. The Issuer, through its subsidiaries, TerrAscend Growth Corp. (\u201cTerrAscend\u201d) and its subsidiaries (collectively, \"the Company\u201d), is a leading North American cannabis company. TerrAscend has vertically integrated licensed operations in Pennsylvania, New Jersey, Michigan, Maryland and California and a retail operation in Ohio. In addition, the Company has retail operations in Ontario, Canada with a majority-owned dispensary in Toronto, Ontario, Canada. In the United States, TerrAscend\u2019s cultivation and manufacturing provide product selection to both the medical and legal adult-use markets. Notwithstanding the fact that various states in the United States have implemented medical marijuana laws or have otherwise legalized the use of cannabis, the use of cannabis remains illegal under U.S. federal law for any purpose, by way of the Controlled Substances Act of 1970.
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The Company operates under one reportable segment, which is the cultivation, production and sale of cannabis products.
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The Company owns a portfolio of operating businesses, including:
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The common shares in the capital of the Company (\"Common Shares\") commenced trading on the Canadian Securities Exchange (\"CSE\") on May 3, 2017 under the ticker symbol \"TER\" and continued trading on the CSE until the listing of the Common Shares on the Toronto Stock Exchange (the \"TSX\"). Effective July 4, 2023, the Common Shares commenced trading on the TSX under the ticker symbol \"TSND\". The Common Shares commenced trading on OTCQX on October 22, 2018 under the ticker symbol \"TRSSF\", which was subsequently changed to \"TSNDF\", effective July 6, 2023. The Company\u2019s registered office is located at 77 City Centre Drive, Suite 501, Mississauga, Ontario, L5B 1M5, Canada.
"}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"dei:EntityIncorporationDateOfIncorporation","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"2017-03-07"}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"tsndf:NumberOfMajorityOwnedOperationInDispensaries","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Dispensary","srt:StatementGeographicalAxis":"stpr:NJ"},"factValues":[{"value":"3"}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"tsndf:NumberOfMajorityOwnedOperationInDispensaries","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Dispensary","srt:StatementGeographicalAxis":"stpr:MD"},"factValues":[{"value":"4"}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"tsndf:NumberOfMajorityOwnedOperationInDispensaries","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Dispensary","srt:StatementGeographicalAxis":"stpr:PA"},"factValues":[{"value":"6"}]},{"name":"rpt:f-503","factDimensions":{"xbrl:concept":"tsndf:NumberOfMajorityOwnedOperationInDispensaries","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Dispensary","srt:StatementGeographicalAxis":"stpr:CA"},"factValues":[{"value":"4"}]},{"name":"rpt:f-504","factDimensions":{"xbrl:concept":"tsndf:NumberOfMajorityOwnedOperationInDispensaries","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Dispensary","srt:StatementGeographicalAxis":"stpr:OH"},"factValues":[{"value":"1"}]},{"name":"rpt:f-505","factDimensions":{"xbrl:concept":"tsndf:NumberOfMajorityOwnedOperationInDispensaries","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Dispensary","srt:StatementGeographicalAxis":"stpr:MI"},"factValues":[{"value":"20"}]},{"name":"rpt:f-506","factDimensions":{"xbrl:concept":"tsndf:NumberOfCultivationOrProcessingFacilityOwned","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Facility","srt:StatementGeographicalAxis":"stpr:MI"},"factValues":[{"value":"1"}]},{"name":"rpt:f-507","factDimensions":{"xbrl:concept":"tsndf:NumberOfProcessingFacilityOwned","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Facility","srt:StatementGeographicalAxis":"stpr:MI"},"factValues":[{"value":"1"}]},{"name":"rpt:f-508","factDimensions":{"xbrl:concept":"tsndf:NumberOfCultivationOrProcessingFacilityOwnedClassifiedAsDiscontinuedOperations","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"tsndf:Facility","srt:StatementGeographicalAxis":"stpr:MI"},"factValues":[{"value":"2"}]},{"name":"rpt:f-509","factDimensions":{"xbrl:concept":"us-gaap:SignificantAccountingPoliciesTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"These unaudited interim condensed consolidated financial statements included herein (the \u201cConsolidated Financial Statements\u201d) of the Company and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America (\"GAAP\").
The accompanying Consolidated Financial Statements contained in this report are unaudited. In the opinion of management, these Consolidated Financial Statements have been prepared on the same basis as the annual consolidated financial statements and notes thereto of the Company and include all adjustments, consisting only of normal recurring adjustments, considered necessary for the fair presentation of the Company\u2019s financial position and operating results. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results for the year ended December 31, 2025, or any other interim or future periods.
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The accompanying Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company for the year ended December 31, 2024 contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (the \"SEC\") on March 6, 2025
(the \"Annual Report\"). There were no significant changes to the policies disclosed in Note 2 of the summary of significant accounting policies of the Company\u2019s audited consolidated financial statements for the year ended December 31, 2024 in the Company's Annual Report.
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(b) Discontinued operations and assets held for sale
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During the three months ended June 30, 2025, the Company committed to a plan to exit the Michigan market. The Company is currently engaged in an active program to sell the assets of the Michigan business which is expected to be substantially completed in the second half of 2025.
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The Company evaluated whether its plan to exit the Michigan market qualifies as discontinued operations in accordance with Accounting Standards Codification (\"ASC\") 205-20, Discontinued Operations. A disposal of a component or a group of components is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company\u2019s operations and financial results when the following occurs: (i) a component (or group of components) meets the criteria to be classified as held for sale; (ii) the component or group of components is disposed of by sale; or (iii) the component or group of components is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spin-off).
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The Company determined that its plan to exit the Michigan market is considered a strategic shift that will have a major effect on the Company\u2019s operations and financial results and met the criteria for classification as discontinued operations. As a result, the assets and liabilities of TerrAscend MI are presented as held for sale in accordance with ASC 360-10, Impairment or Disposal of Long Lived Assets (\"ASC 360-10\") in the unaudited interim condensed consolidated balance sheets (\"Consolidated Balance Sheets\"), the operating results are presented as discontinued operations in the unaudited interim condensed consolidated statements of operations (\"Consolidated Statements of Operations and Comprehensive Loss\"), and net cash used is presented as discontinued operations in the statements of cash flows. The Company's assets to be disposed of and for which there is a committed plan of disposal are classified as assets held for sale and at the lower of carrying value or fair value, less costs to sell.
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Prior period amounts have been retrospectively adjusted to conform to the current period presentation. Certain prior period amounts, primarily related to discontinued operations, have been reclassified in the Consolidated Financial Statements and accompanying notes to conform to the current period presentation. Unless otherwise noted, amounts and disclosures throughout these notes to the Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. See Note 7 for additional information.
These unaudited interim condensed consolidated financial statements included herein (the \u201cConsolidated Financial Statements\u201d) of the Company and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America (\"GAAP\").
The accompanying Consolidated Financial Statements contained in this report are unaudited. In the opinion of management, these Consolidated Financial Statements have been prepared on the same basis as the annual consolidated financial statements and notes thereto of the Company and include all adjustments, consisting only of normal recurring adjustments, considered necessary for the fair presentation of the Company\u2019s financial position and operating results. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results for the year ended December 31, 2025, or any other interim or future periods.
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The accompanying Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company for the year ended December 31, 2024 contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (the \"SEC\") on March 6, 2025
(the \"Annual Report\"). There were no significant changes to the policies disclosed in Note 2 of the summary of significant accounting policies of the Company\u2019s audited consolidated financial statements for the year ended December 31, 2024 in the Company's Annual Report.
"}]},{"name":"rpt:f-511","factDimensions":{"xbrl:concept":"tsndf:DiscontinuedOperationsAndAssetsHeldForSalePolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"(b) Discontinued operations and assets held for sale
\u00a0
During the three months ended June 30, 2025, the Company committed to a plan to exit the Michigan market. The Company is currently engaged in an active program to sell the assets of the Michigan business which is expected to be substantially completed in the second half of 2025.
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The Company evaluated whether its plan to exit the Michigan market qualifies as discontinued operations in accordance with Accounting Standards Codification (\"ASC\") 205-20, Discontinued Operations. A disposal of a component or a group of components is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company\u2019s operations and financial results when the following occurs: (i) a component (or group of components) meets the criteria to be classified as held for sale; (ii) the component or group of components is disposed of by sale; or (iii) the component or group of components is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spin-off).
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The Company determined that its plan to exit the Michigan market is considered a strategic shift that will have a major effect on the Company\u2019s operations and financial results and met the criteria for classification as discontinued operations. As a result, the assets and liabilities of TerrAscend MI are presented as held for sale in accordance with ASC 360-10, Impairment or Disposal of Long Lived Assets (\"ASC 360-10\") in the unaudited interim condensed consolidated balance sheets (\"Consolidated Balance Sheets\"), the operating results are presented as discontinued operations in the unaudited interim condensed consolidated statements of operations (\"Consolidated Statements of Operations and Comprehensive Loss\"), and net cash used is presented as discontinued operations in the statements of cash flows. The Company's assets to be disposed of and for which there is a committed plan of disposal are classified as assets held for sale and at the lower of carrying value or fair value, less costs to sell.
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Prior period amounts have been retrospectively adjusted to conform to the current period presentation. Certain prior period amounts, primarily related to discontinued operations, have been reclassified in the Consolidated Financial Statements and accompanying notes to conform to the current period presentation. Unless otherwise noted, amounts and disclosures throughout these notes to the Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. See Note 7 for additional information.
"}]},{"name":"rpt:f-512","factDimensions":{"xbrl:concept":"us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The Company consolidates entities in which it has a controlling financial interest by evaluating whether the entity is a voting interest entity (\u201cVOE\u201d) or a variable interest entity (\u201cVIE\u201d).
In connection with the listing of its Common Shares on the TSX, the Company undertook a strategic reorganization of its ownership structure (the \u201c2023 Reorganization\u201d) to align with TSX regulatory requirements regarding U.S. based operations, in accordance with the TSX's Staff Notice 2017-0009. Specifically, the 2023 Reorganization was designed to separate the Company\u2019s Canadian retail operations from its U.S. cultivation and manufacturing businesses in a manner that supports compliance with applicable listing standards while preserving the Company\u2019s ability to consolidate the financial results of its U.S. operations under U.S. GAAP. Following the completion of the 2023 Reorganization, the Company holds a 95% equity interest in its Canadian retail business and maintains a variable interest in its U.S. operations, which are consolidated through a VIE model. The Company continues to consolidate both operations under two distinct consolidation models in accordance with ASC 810, Consolidation (\"ASC 810\").
Subsequent to the 2023 Reorganization, all operations in the United States have a functional currency of the U.S. dollar (\"USD\"). Canadian operations continue to have a functional currency of the Canadian dollar (\"CAD\").
Voting Interest Entities
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A VOE is an entity in which (1) the total equity investment at risk is deemed sufficient to absorb the expected losses of the entity, (2) the at-risk equity holders, as a group, have all of the characteristics of a controlling financial interest and (3) the entity is structured with substantive voting rights. The Company consolidates the Canadian operations under a VOE model based on the controlling financial interest obtained through Common Shares with substantive voting rights.
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The Company\u2019s Canadian retail operations are conducted through a subsidiary that is 95% owned by TerrAscend Canada, a wholly owned subsidiary of the Issuer. These operations are consolidated under the VOE model based on the controlling financial interest obtained through Common Shares with substantive voting rights. The remaining Canadian subsidiaries are either wholly owned or majority owned, and are not currently engaged in active operations.
Variable Interest Entities
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A VIE is an entity that lacks one or more characteristics of a controlling financial interest defined under the voting interest model. The Company consolidates VIE when it has a variable interest that provide it with (1) the power to direct the activities of a VIE that most significantly impact the VIE\u2019s economic performance (power) and (2) the obligation to absorb losses of the VIE that potentially could be significant to the VIE or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits).
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In connection with the 2023 Reorganization, TerrAscend issued and sold, on a private placement basis, Class A shares in the capital of TerrAscend (\"Class A Shares\") for aggregate gross proceeds of $1,000 to an investor (\"Investment\"). See Note 10 for accounting treatment of the Class A Shares. Following the closing of the Investment, the Class B shares (\"Class B Shares\") in the capital of TerrAscend held by the Company, representing all of the issued and outstanding Class B shares, were automatically exchanged for non-voting, non-participating exchangeable shares in the capital of TerrAscend (\"Non-Voting Shares\"), representing approximately 99.8% of the issued and outstanding shares of TerrAscend on an as-converted basis. As a result of the limited rights associated with Non-Voting Shares that the Company holds following the closing of the Investment, the Company and TerrAscend entered into a protection agreement dated April 18, 2023 (\"Protection Agreement\"). The Protection Agreement provides for certain negative covenants in order to preserve the value of the Non-Voting Shares until such time as the Non-Voting Shares are converted into Class A Shares.
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The Issuer determined that TerrAscend is a VIE, as all of the Company\u2019s U.S. activities continue to be conducted on behalf of the Company which has disproportionately few voting rights. After conducting an analysis of the following VIE factors; purpose and design of the VIE, the Protection Agreement in place, the structure of the Company's board of directors (the \"Board\"), and substantive kick-out rights of the holders of the Class A Shares, it was determined that the Company has the power to direct the activities of TerrAscend. In addition, given the structure of the Class A Shares where all of the losses and substantially all of the benefits of TerrAscend are absorbed by the Company, the Company consolidates as the primary beneficiary in accordance with ASC 810. Although the Company does not currently hold Class A Shares, the Non-Voting Shares are exchangeable at the Company\u2019s discretion and represent substantially all of the economic interest in the VIE. The investor\u2019s Class A Shares provide only a fixed annual return and do not participate in the residual economics of the VIE, in accordance with the Protection Agreement, which supports the Company\u2019s conclusion that it is the primary beneficiary of TerrAscend.
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The Company's U.S. operations are consolidated through the VIE model. Therefore, substantially all of the Company's current assets, non-current assets, current liabilities and non-current liabilities are consolidated through the VIE model.
"}]},{"name":"rpt:f-513","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","srt:OwnershipAxis":"tsndf:CanadianBusinessMember"},"factValues":[{"value":"0.95","decimals":2}]},{"name":"rpt:f-514","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByParent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","srt:OwnershipAxis":"tsndf:TerrAscendCanadaIncMember"},"factValues":[{"value":"0.95","decimals":2}]},{"name":"rpt:f-515","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromIssuanceOfPrivatePlacement","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","srt:OwnershipAxis":"tsndf:TerrAscendGrowthCorpMember","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonClassAMember"},"factValues":[{"value":"1000000","decimals":-3}]},{"name":"rpt:f-516","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByParent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","srt:OwnershipAxis":"tsndf:TerrAscendGrowthCorpMember","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonClassBMember"},"factValues":[{"value":"0.998","decimals":3}]},{"name":"rpt:f-517","factDimensions":{"xbrl:concept":"us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The Company's accounts receivable, net consisted of the following:
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Trade receivables | \n \u00a0 | \n $ | \n 19,383 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,002 | \n \u00a0 | \n
Sales tax receivable | \n \u00a0 | \n \u00a0 | \n 1,228 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 970 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 330 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 563 | \n \u00a0 | \n
Provision for current expected credit losses | \n \u00a0 | \n \u00a0 | \n (952 | \n ) | \n \u00a0 | \n \u00a0 | \n (311 | \n ) | \n
Total receivables, net | \n \u00a0 | \n $ | \n 19,989 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,224 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Trade receivables | \n \u00a0 | \n $ | \n 19,383 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,002 | \n \u00a0 | \n
Less: provision for current expected credit losses | \n \u00a0 | \n \u00a0 | \n (952 | \n ) | \n \u00a0 | \n \u00a0 | \n (311 | \n ) | \n
Total trade receivables, net | \n \u00a0 | \n $ | \n 18,431 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,691 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Of which | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Current | \n \u00a0 | \n \u00a0 | \n 13,046 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,211 | \n \u00a0 | \n
31-90 days | \n \u00a0 | \n \u00a0 | \n 3,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,998 | \n \u00a0 | \n
Over 90 days | \n \u00a0 | \n \u00a0 | \n 3,284 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,793 | \n \u00a0 | \n
Less: current expected credit losses | \n \u00a0 | \n \u00a0 | \n (952 | \n ) | \n \u00a0 | \n \u00a0 | \n (311 | \n ) | \n
Total trade receivables, net | \n \u00a0 | \n $ | \n 18,431 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,691 | \n \u00a0 | \n
The Company's accounts receivable, net consisted of the following:
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Trade receivables | \n \u00a0 | \n $ | \n 19,383 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,002 | \n \u00a0 | \n
Sales tax receivable | \n \u00a0 | \n \u00a0 | \n 1,228 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 970 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 330 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 563 | \n \u00a0 | \n
Provision for current expected credit losses | \n \u00a0 | \n \u00a0 | \n (952 | \n ) | \n \u00a0 | \n \u00a0 | \n (311 | \n ) | \n
Total receivables, net | \n \u00a0 | \n $ | \n 19,989 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,224 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Trade receivables | \n \u00a0 | \n $ | \n 19,383 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,002 | \n \u00a0 | \n
Less: provision for current expected credit losses | \n \u00a0 | \n \u00a0 | \n (952 | \n ) | \n \u00a0 | \n \u00a0 | \n (311 | \n ) | \n
Total trade receivables, net | \n \u00a0 | \n $ | \n 18,431 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,691 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Of which | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Current | \n \u00a0 | \n \u00a0 | \n 13,046 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,211 | \n \u00a0 | \n
31-90 days | \n \u00a0 | \n \u00a0 | \n 3,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,998 | \n \u00a0 | \n
Over 90 days | \n \u00a0 | \n \u00a0 | \n 3,284 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,793 | \n \u00a0 | \n
Less: current expected credit losses | \n \u00a0 | \n \u00a0 | \n (952 | \n ) | \n \u00a0 | \n \u00a0 | \n (311 | \n ) | \n
Total trade receivables, net | \n \u00a0 | \n $ | \n 18,431 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,691 | \n \u00a0 | \n
Ratio Cannabis
On May 6, 2025 (\"Ratio Acquisition Date\"), the Company completed the acquisition of certain assets of Ratio Cannabis, LLC, a licensed cannabis operator, to expand its operational footprint. The total fair value consideration transferred in connection with the acquisition was $10,103. The fair value consideration was comprised of: (i) $5,261 in cash, (ii) a $3,564 secured promissory note bearing interest at a rate of 6.00% and maturing on May 6, 2027, and (iii) 4,570,637 Common Shares (the Ratio Share Consideration\") valued at $1,278 using the trading price of the Common Shares on the acquisition date less an applicable share restriction discount of 30%.
\u00a0
The Ratio Share Consideration was subject to a statutory hold period restriction of six months, and therefore, a share restriction discount was considered in determining the fair value of the Ratio Share Consideration on the date of issuance, using an option pricing model.
The following table represents the fair value of assets acquired and liabilities assumed as of the May 6, 2025 acquisition date and allocation of the consideration to net assets acquired:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
Cash and cash equivalents | \n \u00a0 | \n $ | \n 133 | \n \u00a0 | \n
Accounts receivable | \n \u00a0 | \n \u00a0 | \n 58 | \n \u00a0 | \n
Inventory | \n \u00a0 | \n \u00a0 | \n 317 | \n \u00a0 | \n
Prepaid expenses and other current assets | \n \u00a0 | \n \u00a0 | \n 54 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 6,700 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n \u00a0 | \n 2,841 | \n \u00a0 | \n
Net assets acquired | \n \u00a0 | \n $ | \n 10,103 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration paid in cash | \n \u00a0 | \n $ | \n 5,261 | \n \u00a0 | \n
Promissory note payable | \n \u00a0 | \n \u00a0 | \n 3,564 | \n \u00a0 | \n
Common shares of TerrAscend | \n \u00a0 | \n \u00a0 | \n 1,278 | \n \u00a0 | \n
Total consideration | \n \u00a0 | \n $ | \n 10,103 | \n \u00a0 | \n
The acquired intangible assets include a license, which is treated as a definite lived intangible asset and amortized over a 15-year period.
\u00a0
The consideration paid reflected the synergies, economies of scale, and workforce. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. None of the goodwill recognized is expected to be deductible for income tax purposes.
\u00a0
The accounting for this acquisition has been provisionally determined at June 30, 2025. The fair value of net assets acquired, specifically with respect to intangible assets and goodwill have been determined provisionally and are subject to adjustment. Upon
completion of a comprehensive valuation and finalization of the purchase price allocation, the amounts above may be adjusted retrospectively to the acquisition date in future reporting periods.
Costs related to this transaction were $122, including legal, accounting, due diligence, and other transaction-related expenses and were recorded during the six months ended June 30, 2025.
On a standalone basis, had the Company acquired the business on January 1, 2025, sales estimates would have been $3,960 for the six months June 30, 2025 and net income estimates would have been $766. Actual sales and net income since the Ratio Acquisition Date are $1,242 and $253, respectively.
Contingent consideration
The balances of the Company's contingent considerations are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n State Flower | \n \u00a0 | \n \u00a0 | \n Apothecarium | \n \u00a0 | \n \u00a0 | \n Peninsula | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
Carrying amount, December 31, 2024 | \n \u00a0 | \n $ | \n 787 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,120 | \n \u00a0 | \n \u00a0 | \n $ | \n 386 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,293 | \n \u00a0 | \n
Settlement of contingent consideration | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (386 | \n ) | \n \u00a0 | \n \u00a0 | \n (386 | \n ) | \n
Payments of contingent consideration | \n \u00a0 | \n \u00a0 | \n (442 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,139 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,581 | \n ) | \n
Loss on revaluation of contingent consideration | \n \u00a0 | \n \u00a0 | \n 93 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 346 | \n \u00a0 | \n
Carrying amount, June 30, 2025 | \n \u00a0 | \n $ | \n 438 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,234 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,672 | \n \u00a0 | \n
Less: current portion | \n \u00a0 | \n \u00a0 | \n (438 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,234 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,672 | \n ) | \n
Non-current contingent consideration | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0
On June 2, 2025, the Company issued an additional 7,577,349 Common Shares related to the price protection clause from the previous acquisitions of State Flower and The Apothecarium businesses.
"}]},{"name":"rpt:f-547","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationConsiderationTransferred1","xbrl:period":"2025-05-06T00:00:00/2025-05-07T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"tsndf:RatioCannabisLLCMember"},"factValues":[{"value":"10103000","decimals":-3}]},{"name":"rpt:f-548","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireBusinessesGross","xbrl:period":"2025-05-06T00:00:00/2025-05-07T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"tsndf:RatioCannabisLLCMember"},"factValues":[{"value":"5261000","decimals":-3}]},{"name":"rpt:f-549","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationConsiderationTransferredLiabilitiesIncurred","xbrl:period":"2025-05-06T00:00:00/2025-05-07T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"tsndf:RatioCannabisLLCMember"},"factValues":[{"value":"3564000","decimals":-3}]},{"name":"rpt:f-550","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateStatedPercentage","xbrl:period":"2025-05-07T00:00:00","xbrl:entity":"cik:0001778129","us-gaap:BusinessAcquisitionAxis":"tsndf:RatioCannabisLLCMember"},"factValues":[{"value":"0.06","decimals":4}]},{"name":"rpt:f-551","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentMaturityDate","xbrl:period":"2025-05-06T00:00:00/2025-05-07T00:00:00","xbrl:entity":"cik:0001778129","us-gaap:BusinessAcquisitionAxis":"tsndf:RatioCannabisLLCMember"},"factValues":[{"value":"2027-05-06"}]},{"name":"rpt:f-552","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued","xbrl:period":"2025-05-06T00:00:00/2025-05-07T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares","us-gaap:BusinessAcquisitionAxis":"tsndf:RatioCannabisLLCMember"},"factValues":[{"value":"4570637"}]},{"name":"rpt:f-553","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned","xbrl:period":"2025-05-07T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"tsndf:RatioCannabisLLCMember"},"factValues":[{"value":"1278000","decimals":-3}]},{"name":"rpt:f-554","factDimensions":{"xbrl:concept":"tsndf:ApplicableShareRestrictionDiscountPercentage","xbrl:period":"2025-05-07T00:00:00","xbrl:entity":"cik:0001778129","us-gaap:BusinessAcquisitionAxis":"tsndf:RatioCannabisLLCMember"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-555","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The following table represents the fair value of assets acquired and liabilities assumed as of the May 6, 2025 acquisition date and allocation of the consideration to net assets acquired:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
Cash and cash equivalents | \n \u00a0 | \n $ | \n 133 | \n \u00a0 | \n
Accounts receivable | \n \u00a0 | \n \u00a0 | \n 58 | \n \u00a0 | \n
Inventory | \n \u00a0 | \n \u00a0 | \n 317 | \n \u00a0 | \n
Prepaid expenses and other current assets | \n \u00a0 | \n \u00a0 | \n 54 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 6,700 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n \u00a0 | \n 2,841 | \n \u00a0 | \n
Net assets acquired | \n \u00a0 | \n $ | \n 10,103 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration paid in cash | \n \u00a0 | \n $ | \n 5,261 | \n \u00a0 | \n
Promissory note payable | \n \u00a0 | \n \u00a0 | \n 3,564 | \n \u00a0 | \n
Common shares of TerrAscend | \n \u00a0 | \n \u00a0 | \n 1,278 | \n \u00a0 | \n
Total consideration | \n \u00a0 | \n $ | \n 10,103 | \n \u00a0 | \n
The balances of the Company's contingent considerations are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n State Flower | \n \u00a0 | \n \u00a0 | \n Apothecarium | \n \u00a0 | \n \u00a0 | \n Peninsula | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
Carrying amount, December 31, 2024 | \n \u00a0 | \n $ | \n 787 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,120 | \n \u00a0 | \n \u00a0 | \n $ | \n 386 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,293 | \n \u00a0 | \n
Settlement of contingent consideration | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (386 | \n ) | \n \u00a0 | \n \u00a0 | \n (386 | \n ) | \n
Payments of contingent consideration | \n \u00a0 | \n \u00a0 | \n (442 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,139 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,581 | \n ) | \n
Loss on revaluation of contingent consideration | \n \u00a0 | \n \u00a0 | \n 93 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 346 | \n \u00a0 | \n
Carrying amount, June 30, 2025 | \n \u00a0 | \n $ | \n 438 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,234 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,672 | \n \u00a0 | \n
Less: current portion | \n \u00a0 | \n \u00a0 | \n (438 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,234 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,672 | \n ) | \n
Non-current contingent consideration | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
The Company\u2019s inventory of dry cannabis and cannabis derived products includes both purchased and internally produced inventory. The Company\u2019s inventory is comprised of the following items:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Raw materials | \n \u00a0 | \n $ | \n 520 | \n \u00a0 | \n \u00a0 | \n $ | \n 400 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 15,997 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,182 | \n \u00a0 | \n
Work in process | \n \u00a0 | \n \u00a0 | \n 17,296 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,548 | \n \u00a0 | \n
Accessories, supplies and consumables | \n \u00a0 | \n \u00a0 | \n 1,596 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,542 | \n \u00a0 | \n
Total inventory | \n \u00a0 | \n $ | \n 35,409 | \n \u00a0 | \n \u00a0 | \n $ | \n 39,672 | \n \u00a0 | \n
The Company\u2019s inventory of dry cannabis and cannabis derived products includes both purchased and internally produced inventory. The Company\u2019s inventory is comprised of the following items:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Raw materials | \n \u00a0 | \n $ | \n 520 | \n \u00a0 | \n \u00a0 | \n $ | \n 400 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 15,997 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,182 | \n \u00a0 | \n
Work in process | \n \u00a0 | \n \u00a0 | \n 17,296 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,548 | \n \u00a0 | \n
Accessories, supplies and consumables | \n \u00a0 | \n \u00a0 | \n 1,596 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,542 | \n \u00a0 | \n
Total inventory | \n \u00a0 | \n $ | \n 35,409 | \n \u00a0 | \n \u00a0 | \n $ | \n 39,672 | \n \u00a0 | \n
During the six months ended June 30, 2025, the Company committed to a plan to exit the Michigan market. The Company received approval from the board of directors of TerrAscend Corp. (the \"Board\"), together with TerrAscend Corp.\u2019s consolidated entities, and is currently engaged in an active program to sell the assets of TerrAscend MI, which is expected to be substantially completed in the second half of 2025. The Company determined that its decision to exit the Michigan market is considered a strategic shift that will have a major effect on the Company\u2019s operations and financial results and met the criteria for classification as discontinued operations.
\u00a0
The following table summarizes the major classes of assets and liabilities of TerrAscend MI as of June 30, 2025 and December 31, 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Current assets from discontinued operations | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n 324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 656 | \n \u00a0 | \n
Inventory | \n \u00a0 | \n 8,386 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,128 | \n \u00a0 | \n
Prepaid expenses and other current assets | \n \u00a0 | \n 992 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 917 | \n \u00a0 | \n
Property and equipment, net | \n $ | \n 23,290 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,854 | \n \u00a0 | \n
Operating lease right of use assets | \n \u00a0 | \n 11,947 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,600 | \n \u00a0 | \n
Total current assets from discontinued operations | \n $ | \n 44,939 | \n \u00a0 | \n \u00a0 | \n $ | \n 83,155 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Current liabilities from discontinued operations | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts payable and accrued liabilities | \n $ | \n 6,816 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,376 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n 1,683 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,554 | \n \u00a0 | \n
Operating lease liability | \n \u00a0 | \n 12,447 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,994 | \n \u00a0 | \n
Finance lease liability | \n \u00a0 | \n 1,923 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,864 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n 1,122 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,510 | \n \u00a0 | \n
Total current liabilities from discontinued operations | \n $ | \n 23,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,298 | \n \u00a0 | \n
\u00a0
The following table presents the results of operations of TerrAscend MI for the three and six months ended June 30, 2025 and 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
Revenue, net | \n $ | \n 6,190 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,327 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,883 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,685 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cost of Sales | \n \u00a0 | \n 4,307 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,003 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,878 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,800 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Gross profit | \n \u00a0 | \n 1,883 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,005 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,885 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
General and administrative | \n \u00a0 | \n 7,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,428 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,320 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,359 | \n \u00a0 | \n
Amortization and depreciation | \n \u00a0 | \n 566 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 932 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,040 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,852 | \n \u00a0 | \n
Impairment of property and equipment | \n \u00a0 | \n 34,959 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,959 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other operating expense (income) | \n \u00a0 | \n 57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (17 | \n ) | \n \u00a0 | \n \u00a0 | \n 57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (17 | \n ) | \n
Total operating expenses | \n \u00a0 | \n 42,671 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,343 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 48,376 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,194 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Other expense (income) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Finance and other expenses | \n \u00a0 | \n 46 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 329 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 127 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 677 | \n \u00a0 | \n
(Loss) income from discontinued operations before provision for income taxes | \n \u00a0 | \n (40,834 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,652 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (44,498 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,986 | \n ) | \n
Provision for income taxes | \n \u00a0 | \n 867 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,604 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,807 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,621 | \n \u00a0 | \n
Net (loss) income from discontinued operations, net of tax | \n $ | \n (41,701 | \n ) | \n \u00a0 | \n $ | \n 48 | \n \u00a0 | \n \u00a0 | \n $ | \n (46,305 | \n ) | \n \u00a0 | \n $ | \n (5,607 | \n ) | \n
\u00a0
ASC 360-10 requires a held-for-sale disposal group to be measured at the lower of its carrying amount and fair value less cost to sell. The Company adjusted the carrying amount of the assets in the disposal group within the scope of ASC 360-10 and recognized a total impairment loss of $34,959 on certain buildings, equipment, and leasehold improvements. The fair value of the disposal groups was primarily determined based on purchase offers from market participants subsequent to period end. An estimated cost to sell of 4% was
used in the valuations. The impairments were primarily attributable to the Company\u2019s expedited sales strategy, constructions in process that will no longer be complete, and the continued increase of competition in the Michigan market.
"}]},{"name":"rpt:f-616","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The following table summarizes the major classes of assets and liabilities of TerrAscend MI as of June 30, 2025 and December 31, 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Current assets from discontinued operations | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n 324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 656 | \n \u00a0 | \n
Inventory | \n \u00a0 | \n 8,386 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,128 | \n \u00a0 | \n
Prepaid expenses and other current assets | \n \u00a0 | \n 992 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 917 | \n \u00a0 | \n
Property and equipment, net | \n $ | \n 23,290 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,854 | \n \u00a0 | \n
Operating lease right of use assets | \n \u00a0 | \n 11,947 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,600 | \n \u00a0 | \n
Total current assets from discontinued operations | \n $ | \n 44,939 | \n \u00a0 | \n \u00a0 | \n $ | \n 83,155 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Current liabilities from discontinued operations | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts payable and accrued liabilities | \n $ | \n 6,816 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,376 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n 1,683 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,554 | \n \u00a0 | \n
Operating lease liability | \n \u00a0 | \n 12,447 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,994 | \n \u00a0 | \n
Finance lease liability | \n \u00a0 | \n 1,923 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,864 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n 1,122 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,510 | \n \u00a0 | \n
Total current liabilities from discontinued operations | \n $ | \n 23,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,298 | \n \u00a0 | \n
\u00a0
The following table presents the results of operations of TerrAscend MI for the three and six months ended June 30, 2025 and 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
Revenue, net | \n $ | \n 6,190 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,327 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,883 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,685 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cost of Sales | \n \u00a0 | \n 4,307 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,003 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,878 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,800 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Gross profit | \n \u00a0 | \n 1,883 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,005 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,885 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
General and administrative | \n \u00a0 | \n 7,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,428 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,320 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,359 | \n \u00a0 | \n
Amortization and depreciation | \n \u00a0 | \n 566 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 932 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,040 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,852 | \n \u00a0 | \n
Impairment of property and equipment | \n \u00a0 | \n 34,959 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,959 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other operating expense (income) | \n \u00a0 | \n 57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (17 | \n ) | \n \u00a0 | \n \u00a0 | \n 57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (17 | \n ) | \n
Total operating expenses | \n \u00a0 | \n 42,671 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,343 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 48,376 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,194 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Other expense (income) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Finance and other expenses | \n \u00a0 | \n 46 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 329 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 127 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 677 | \n \u00a0 | \n
(Loss) income from discontinued operations before provision for income taxes | \n \u00a0 | \n (40,834 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,652 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (44,498 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,986 | \n ) | \n
Provision for income taxes | \n \u00a0 | \n 867 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,604 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,807 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,621 | \n \u00a0 | \n
Net (loss) income from discontinued operations, net of tax | \n $ | \n (41,701 | \n ) | \n \u00a0 | \n $ | \n 48 | \n \u00a0 | \n \u00a0 | \n $ | \n (46,305 | \n ) | \n \u00a0 | \n $ | \n (5,607 | \n ) | \n
Property and equipment consisted of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Land | \n \u00a0 | \n $ | \n 3,235 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,235 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 2,989 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,956 | \n \u00a0 | \n
Buildings & improvements | \n \u00a0 | \n \u00a0 | \n 128,956 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 123,568 | \n \u00a0 | \n
Machinery & equipment | \n \u00a0 | \n \u00a0 | \n 24,931 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,662 | \n \u00a0 | \n
Office furniture & equipment | \n \u00a0 | \n \u00a0 | \n 4,287 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,282 | \n \u00a0 | \n
Total cost | \n \u00a0 | \n \u00a0 | \n 164,398 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 157,703 | \n \u00a0 | \n
Less: accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (38,100 | \n ) | \n \u00a0 | \n \u00a0 | \n (33,538 | \n ) | \n
Property and equipment, net | \n \u00a0 | \n $ | \n 126,298 | \n \u00a0 | \n \u00a0 | \n $ | \n 124,165 | \n \u00a0 | \n
\u00a0
Assets in process primarily represent construction in progress related to both cultivation and dispensary facilities not yet completed, or otherwise not placed in service.
\u00a0
Depreciation expense was $2,239 and $4,638 for the three and six months ended June 30, 2025, respectively, ($1,840 and $3,837 included in cost of sales) and $2,214 and $4,425 for the three and six months ended June 30, 2024, respectively, ($1,797 and $3,575 included in cost of sales).
"}]},{"name":"rpt:f-692","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"Property and equipment consisted of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Land | \n \u00a0 | \n $ | \n 3,235 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,235 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 2,989 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,956 | \n \u00a0 | \n
Buildings & improvements | \n \u00a0 | \n \u00a0 | \n 128,956 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 123,568 | \n \u00a0 | \n
Machinery & equipment | \n \u00a0 | \n \u00a0 | \n 24,931 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,662 | \n \u00a0 | \n
Office furniture & equipment | \n \u00a0 | \n \u00a0 | \n 4,287 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,282 | \n \u00a0 | \n
Total cost | \n \u00a0 | \n \u00a0 | \n 164,398 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 157,703 | \n \u00a0 | \n
Less: accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (38,100 | \n ) | \n \u00a0 | \n \u00a0 | \n (33,538 | \n ) | \n
Property and equipment, net | \n \u00a0 | \n $ | \n 126,298 | \n \u00a0 | \n \u00a0 | \n $ | \n 124,165 | \n \u00a0 | \n
\u00a0
Intangible assets consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
At June 30, 2025 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Carrying Amount | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||
Finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0Software | \n \u00a0 | \n $ | \n 2,788 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,202 | \n ) | \n \u00a0 | \n $ | \n 1,586 | \n \u00a0 | \n
\u00a0Licenses | \n \u00a0 | \n \u00a0 | \n 174,164 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27,231 | \n ) | \n \u00a0 | \n \u00a0 | \n 146,933 | \n \u00a0 | \n
\u00a0Non-compete agreements | \n \u00a0 | \n \u00a0 | \n 280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (280 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0Total finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n 177,232 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (28,713 | \n ) | \n \u00a0 | \n \u00a0 | \n 148,519 | \n \u00a0 | \n
Indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0Brand intangibles | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n
\u00a0Total indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n
\u00a0Intangible assets, net | \n \u00a0 | \n $ | \n 202,004 | \n \u00a0 | \n \u00a0 | \n $ | \n (28,713 | \n ) | \n \u00a0 | \n $ | \n 173,291 | \n \u00a0 | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
At December 31, 2024 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Carrying Amount | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||
Finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0Software | \n \u00a0 | \n $ | \n 2,708 | \n \u00a0 | \n \u00a0 | \n $ | \n (964 | \n ) | \n \u00a0 | \n $ | \n 1,744 | \n \u00a0 | \n
\u00a0Licenses | \n \u00a0 | \n \u00a0 | \n 167,459 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (24,371 | \n ) | \n \u00a0 | \n \u00a0 | \n 143,088 | \n \u00a0 | \n
\u00a0Non-compete agreements | \n \u00a0 | \n \u00a0 | \n 280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (280 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0Total finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n 170,447 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (25,615 | \n ) | \n \u00a0 | \n \u00a0 | \n 144,832 | \n \u00a0 | \n
Indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0Brand intangibles | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n
\u00a0Total indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n
\u00a0Intangible assets, net | \n \u00a0 | \n $ | \n 195,219 | \n \u00a0 | \n \u00a0 | \n $ | \n (25,615 | \n ) | \n \u00a0 | \n $ | \n 169,604 | \n \u00a0 | \n
\u00a0
Amortization expense was $1,545 and $3,085 for the three and six months ended June 30, 2025, respectively, ($660 and $1,319 included in cost of sales) and $1,566 and $3,144 for the three and six months ended June 30, 2024, respectively, ($724 and $1,448 included in cost of sales).
Estimated future amortization expense for finite lived intangible assets for the next five years is as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
2025 | \n \u00a0 | \n $ | \n 3,377 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 6,594 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 6,515 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 6,464 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 6,350 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 119,219 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 148,519 | \n \u00a0 | \n
\u00a0
As of June 30, 2025, the weighted average amortization period remaining on intangible assets was 24.9 years.
\u00a0
The following table summarizes the activity in the Company\u2019s goodwill balance:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
Balance at December 31, 2024 | \n \u00a0 | \n $ | \n 106,929 | \n \u00a0 | \n
Additions at acquisition date | \n \u00a0 | \n \u00a0 | \n 2,841 | \n \u00a0 | \n
Balance at June 30, 2025 | \n \u00a0 | \n $ | \n 109,770 | \n \u00a0 | \n
Intangible assets consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
At June 30, 2025 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Carrying Amount | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||
Finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0Software | \n \u00a0 | \n $ | \n 2,788 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,202 | \n ) | \n \u00a0 | \n $ | \n 1,586 | \n \u00a0 | \n
\u00a0Licenses | \n \u00a0 | \n \u00a0 | \n 174,164 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27,231 | \n ) | \n \u00a0 | \n \u00a0 | \n 146,933 | \n \u00a0 | \n
\u00a0Non-compete agreements | \n \u00a0 | \n \u00a0 | \n 280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (280 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0Total finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n 177,232 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (28,713 | \n ) | \n \u00a0 | \n \u00a0 | \n 148,519 | \n \u00a0 | \n
Indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0Brand intangibles | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n
\u00a0Total indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n
\u00a0Intangible assets, net | \n \u00a0 | \n $ | \n 202,004 | \n \u00a0 | \n \u00a0 | \n $ | \n (28,713 | \n ) | \n \u00a0 | \n $ | \n 173,291 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
At December 31, 2024 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Carrying Amount | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||
Finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0Software | \n \u00a0 | \n $ | \n 2,708 | \n \u00a0 | \n \u00a0 | \n $ | \n (964 | \n ) | \n \u00a0 | \n $ | \n 1,744 | \n \u00a0 | \n
\u00a0Licenses | \n \u00a0 | \n \u00a0 | \n 167,459 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (24,371 | \n ) | \n \u00a0 | \n \u00a0 | \n 143,088 | \n \u00a0 | \n
\u00a0Non-compete agreements | \n \u00a0 | \n \u00a0 | \n 280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (280 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0Total finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n 170,447 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (25,615 | \n ) | \n \u00a0 | \n \u00a0 | \n 144,832 | \n \u00a0 | \n
Indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0Brand intangibles | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n
\u00a0Total indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,772 | \n \u00a0 | \n
\u00a0Intangible assets, net | \n \u00a0 | \n $ | \n 195,219 | \n \u00a0 | \n \u00a0 | \n $ | \n (25,615 | \n ) | \n \u00a0 | \n $ | \n 169,604 | \n \u00a0 | \n
Estimated future amortization expense for finite lived intangible assets for the next five years is as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
2025 | \n \u00a0 | \n $ | \n 3,377 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 6,594 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 6,515 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 6,464 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 6,350 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 119,219 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 148,519 | \n \u00a0 | \n
The following table summarizes the activity in the Company\u2019s goodwill balance:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
Balance at December 31, 2024 | \n \u00a0 | \n $ | \n 106,929 | \n \u00a0 | \n
Additions at acquisition date | \n \u00a0 | \n \u00a0 | \n 2,841 | \n \u00a0 | \n
Balance at June 30, 2025 | \n \u00a0 | \n $ | \n 109,770 | \n \u00a0 | \n
The Company's loans payable consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Pelorus term loan due October 2027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n $ | \n 45,478 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,478 | \n \u00a0 | \n
Deferred financing cost | \n \u00a0 | \n \u00a0 | \n (933 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,168 | \n ) | \n
Net carrying amount | \n \u00a0 | \n $ | \n 44,545 | \n \u00a0 | \n \u00a0 | \n $ | \n 44,310 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Maryland Acquisition loans (1) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n $ | \n 16,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,029 | \n \u00a0 | \n
Unamortized discount | \n \u00a0 | \n \u00a0 | \n (492 | \n ) | \n \u00a0 | \n \u00a0 | \n (746 | \n ) | \n
Net carrying amount | \n \u00a0 | \n $ | \n 15,881 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,283 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Ratio promissory note due May 2027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n $ | \n 3,980 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Deferred financing cost | \n \u00a0 | \n \u00a0 | \n (384 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Net carrying amount | \n \u00a0 | \n $ | \n 3,596 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
FocusGrowth loan due August 2028 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n $ | \n 140,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 140,000 | \n \u00a0 | \n
Unamortized discount and deferred financing cost | \n \u00a0 | \n \u00a0 | \n (11,510 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,799 | \n ) | \n
Exit fee accretion | \n \u00a0 | \n \u00a0 | \n 933 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 390 | \n \u00a0 | \n
Net carrying amount | \n \u00a0 | \n $ | \n 129,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 127,591 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Other loans (2) | \n \u00a0 | \n $ | \n 6,228 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,038 | \n \u00a0 | \n
Total debt, net | \n \u00a0 | \n $ | \n 199,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 190,222 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Loans payable, current (2) | \n \u00a0 | \n \u00a0 | \n 554 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,761 | \n \u00a0 | \n
Loans payable, non-current (2) | \n \u00a0 | \n \u00a0 | \n 199,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 183,461 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total principal | \n \u00a0 | \n $ | \n 212,059 | \n \u00a0 | \n \u00a0 | \n $ | \n 204,545 | \n \u00a0 | \n
\u00a0
(1) For maturity breakout, refer to Maryland Acquisition Loans section below.
\u00a0
(2) Subsequent to June 30, 2025, the Company retired four of its debt facilities and modified an existing loan agreement. The modification of debt resulted in a reclassification of $19,440, net of deferred financing costs, between Loans payable, current and Loans payable, non-current. See Note 24 for further details of the refinancing.
Total interest paid on all loan payables was $6,846 and $13,266 for the three and six months ended June 30, 2025, respectively, and $6,335 and $12,599 for the three and six months ended June 30, 2024, respectively. The Company had accrued interest on loans payable of $2,330 and $2,537 as of June 30, 2025 and December 31, 2024, respectively, included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets.
FocusGrowth Term Loan
On August 1, 2024, the Company and TerrAscend USA, Inc., as guarantors, and each of WDB Holding CA, Inc., WDB Holding PA, Inc., Moose Curve Holdings, LLC, Hempaid, LLC and pursuant to a joinder agreement dated September 30, 2024, WDB Holding MI, Inc., including certain of each of their respective subsidiaries, as borrowers (collectively, the \u201cBorrowers\u201d), and FG Agency Lending LLC, as the Administrative Agent entered into a Loan Agreement (the \u201cFG Loan\u201d) for a four-year, $140,000 senior-secured term loan. Net proceeds of the FG Loan were received in an amount equal to 95% of the $140,000.
The FG Loan bears interest at 12.75% per annum and matures on August 1, 2028 (the \"FG Loan Maturity Date\"). The FG Loan is guaranteed by the Company and TerrAscend USA, Inc. and is secured by substantially all of the assets of the Borrowers. Depending on the timing of repayment, an exit fee of between 2.0% and 4.0% of the FG Loan (the \"Exit Fee\") will be due upon either the prepayment or the FG Loan Maturity Date.
\u00a0
As of June 30, 2025, there was an outstanding principal amount of $140,000 under the FG Loan.
\u00a0
Subsequent to June 30, 2025, on July 8, 2025, the Incremental Amendment Borrowers (as defined below), became parties to the FG Loan as borrowers pursuant to a joinder agreement, by and among the Incremental Amendment Borrowers and the Agent, which provided for an additional $79,000 upsize to the existing FG Loan (the \"FG Loan Amendment\"). Additionally, the Amendment provides for an uncommitted term loan facility of up to $35,000 (the \"Uncommitted Term Loan Facility\"). The full amount of the FG Loan Amendment of $79,000 was drawn on July 8, 2025, $68,000 of which was used to retire the Pelorus Term Loan, and certain other indebtedness of the Company, in addition to being used for future growth initiatives (see Note 24).
Pelorus Term Loan
On October 11, 2022, subsidiaries of, TerrAscend, among others, entered into a loan agreement with Pelorus Fund REIT, LLC (\"Pelorus\") for a single-draw senior secured term loan (the \u201cPelorus Term Loan\") in an aggregate principal amount of $45,478. The Pelorus Term Loan is based on a variable rate tied to the one month Secured Overnight Financing Rate (\"SOFR\"), subject to a base rate, plus 9.5%, with interest-only payments for the first 36 months and matures on October 11, 2027. The base rate is defined as, on any day, the greatest of: (a) 2.5%, (b) the effective federal funds rate in effect on such day plus 0.5%, and (c) one month Secured Overnight Financing Rate (\"SOFR\") in effect on such day. The obligations of the borrowers under the Pelorus Term Loan are guaranteed by the Company, TerrAscend USA and certain other subsidiaries of TerrAscend and are secured by all of the assets of TerrAscend's New Jersey businesses and certain assets of TerrAscend's Maryland business, including certain real estate in Maryland. The Pelorus Term Loan is not secured by any of the MD dispensaries.
As of June 30, 2025, there was an outstanding principal amount of $45,478 under the Pelorus Term Loan.
Subsequent to June 30, 2025, on July 8, 2025, the Company retired the Pelorus Term Loan and paid the outstanding principal amount of $45,478 (see Note 24).
Maryland Acquisition Loans
In connection with the acquisition of Derby 1, LLC on June 28, 2023 (\"Peninsula\"), Hempaid, LLC on June 30, 2023 (\"Blue Ridge\"), and Herbiculture Inc. on July 10, 2023 (\"Herbiculture\"), (collectively, the \"Maryland Acquisitions\"), the Company entered into promissory notes with an aggregate principal amount of $20,625 that bear interest at rates ranging from 7.0% to 10.75% with maturities ranging from June 28, 2025 to June 30, 2027.
As of June 30, 2025, there was an outstanding principal amount of $16,373 under the Maryland Acquisition Loans.
Subsequent to June 30, 2025, the Company retired a series of promissory notes and paid an outstanding principal amount of $13,077 (see Note 24).
Ratio Acquisition Loans
FG Bridge Loan
On May 6, 2025, the Company and Ohio Dispensing 1, LLC, a consolidated entity of the Company, completed the acquisition of certain assets of Ratio Cannabis LLC, a dispensary in Ohio (the \"Ratio Acquisition\"). In connection with the Ratio Acquisition, Ohio Dispensing 1, LLC, and FG Agency Lending LLC, as the Administrative Agent, entered into a Loan Agreement for a $5,208 term loan (the \u201cFG Bridge Loan\u201d). The FG Bridge Loan bears interest at 12.75% per annum and matures on November 2, 2025.
As of June 30, 2025, there was an outstanding principal amount of $5,193 under the FG Bridge Loan
Subsequent to June 30, 2025, on July 8, 2025, the Company retired the FG Bridge Loan and paid the outstanding principal amount of $5,208 (see Note 24).
Ratio Promissory Note
Additionally, as a part of the Ratio Acquisition, the Company entered into a promissory note for $3,980 bearing 6% interest with a two-year maturity (the \"Ratio Promissory Note\").
As of June 30, 2025, there was an outstanding principal amount of $3,980 under the Ratio Promissory Note.
Other Loans
Class A Shares of TerrAscend Growth
In connection with the 2023 Reorganization (see Note 3), TerrAscend issued $1,000 of Class A shares with a 20% guaranteed annual dividend (\"Class A Shares\") to an investor (the \u201cInvestor\u201d) pursuant to the terms of a subscription agreement between TerrAscend and the Investor dated April 20, 2023 (the \u201cSubscription Agreement\u201d). Pursuant to the terms of the Subscription Agreement, TerrAscend holds a call right to repurchase all of the Class A Shares issued to the Investor for an amount equal to the sum of: (a) the Repurchase/Put Price (as defined in the Subscription Agreement); plus (b) the amount equal to 40% of the subscription amount less the aggregate dividends paid to the Investor as of the date of the exercise of the option. In addition, the Investor holds a put right that is exercisable at any time after four months\u2019 advanced written notice following the five-year anniversary of the closing of the investment to put all (and only all) of the Class A Shares owned by the Investor to TerrAscend at the Repurchase/Put Price, payable in cash or shares. The instrument is considered as a debt for accounting purposes due to the economic characteristics and risks.
\u00a0
Maturities of loans payable
\u00a0
Stated maturities of loans payable over the next five years are as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
2025 | \n \u00a0 | \n $ | \n 346 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 728 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 6,024 | \n \u00a0 | \n
2028 (1) | \n \u00a0 | \n \u00a0 | \n 204,951 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 7 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n
Total principal payments | \n \u00a0 | \n $ | \n 212,059 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
(1) Balance excludes the Exit Fee, as described above within this note. | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
The Company is subject to financial covenants as a result of its loans payable with various lenders. The Company was in compliance with its debt covenants as of June 30, 2025. In the event that, in future periods, the Company\u2019s financial results are below levels required to maintain compliance with any of its covenants, the Company will assess and undertake appropriate corrective initiatives with a view to allowing it to continue to comply with its covenants.
"}]},{"name":"rpt:f-777","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The Company's loans payable consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Pelorus term loan due October 2027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n $ | \n 45,478 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,478 | \n \u00a0 | \n
Deferred financing cost | \n \u00a0 | \n \u00a0 | \n (933 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,168 | \n ) | \n
Net carrying amount | \n \u00a0 | \n $ | \n 44,545 | \n \u00a0 | \n \u00a0 | \n $ | \n 44,310 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Maryland Acquisition loans (1) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n $ | \n 16,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,029 | \n \u00a0 | \n
Unamortized discount | \n \u00a0 | \n \u00a0 | \n (492 | \n ) | \n \u00a0 | \n \u00a0 | \n (746 | \n ) | \n
Net carrying amount | \n \u00a0 | \n $ | \n 15,881 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,283 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Ratio promissory note due May 2027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n $ | \n 3,980 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Deferred financing cost | \n \u00a0 | \n \u00a0 | \n (384 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Net carrying amount | \n \u00a0 | \n $ | \n 3,596 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
FocusGrowth loan due August 2028 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n $ | \n 140,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 140,000 | \n \u00a0 | \n
Unamortized discount and deferred financing cost | \n \u00a0 | \n \u00a0 | \n (11,510 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,799 | \n ) | \n
Exit fee accretion | \n \u00a0 | \n \u00a0 | \n 933 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 390 | \n \u00a0 | \n
Net carrying amount | \n \u00a0 | \n $ | \n 129,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 127,591 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Other loans (2) | \n \u00a0 | \n $ | \n 6,228 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,038 | \n \u00a0 | \n
Total debt, net | \n \u00a0 | \n $ | \n 199,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 190,222 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Loans payable, current (2) | \n \u00a0 | \n \u00a0 | \n 554 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,761 | \n \u00a0 | \n
Loans payable, non-current (2) | \n \u00a0 | \n \u00a0 | \n 199,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 183,461 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total principal | \n \u00a0 | \n $ | \n 212,059 | \n \u00a0 | \n \u00a0 | \n $ | \n 204,545 | \n \u00a0 | \n
\u00a0
(1) For maturity breakout, refer to Maryland Acquisition Loans section below.
\u00a0
(2) Subsequent to June 30, 2025, the Company retired four of its debt facilities and modified an existing loan agreement. The modification of debt resulted in a reclassification of $19,440, net of deferred financing costs, between Loans payable, current and Loans payable, non-current. See Note 24 for further details of the refinancing.
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maturities of loans payable over the next five years are as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
2025 | \n \u00a0 | \n $ | \n 346 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 728 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 6,024 | \n \u00a0 | \n
2028 (1) | \n \u00a0 | \n \u00a0 | \n 204,951 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 7 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n
Total principal payments | \n \u00a0 | \n $ | \n 212,059 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
(1) Balance excludes the Exit Fee, as described above within this note. | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The majority of the Company\u2019s leases are operating leases used primarily for corporate offices and retail. The operating lease periods generally range from 1 to 24 years. The Company had no finance leases at June 30, 2025 and December 31, 2024.
Amounts recognized in the Consolidated Balance Sheets were as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Operating leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease right-of-use assets | \n \u00a0 | \n $ | \n 28,890 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,755 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease liability classified as current | \n \u00a0 | \n \u00a0 | \n 1,265 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,322 | \n \u00a0 | \n
Operating lease liability classified as non-current | \n \u00a0 | \n \u00a0 | \n 31,036 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,664 | \n \u00a0 | \n
Total operating lease liabilities | \n \u00a0 | \n $ | \n 32,301 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,986 | \n \u00a0 | \n
\u00a0
The Company recognized operating lease expense of $1,254 and $2,478 for the three and six months ended June 30, 2025, respectively, and $1,404 and $2,708 for the three and six months ended June 30, 2024, respectively.
\u00a0
Other information related to operating leases at June 30, 2025 and December 31, 2024 consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
Weighted-average remaining lease term (years) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 13.3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 11.27 | \n % | \n \u00a0 | \n \u00a0 | \n 11.19 | \n % | \n
\u00a0
Supplemental cash flow information related to leases are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Cash paid for amounts included in measurement of operating lease liabilities | \n \u00a0 | \n $ | \n 2,338 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,672 | \n \u00a0 | \n
Right-of-use assets obtained in exchange for operating lease obligations | \n \u00a0 | \n \u00a0 | \n 2,457 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 655 | \n \u00a0 | \n
\u00a0
Undiscounted lease obligations are as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Operating | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
2025 | \n \u00a0 | \n $ | \n 2,389 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 4,594 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 4,670 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 4,750 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 4,857 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 44,051 | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n \u00a0 | \n 65,311 | \n \u00a0 | \n
Less: interest | \n \u00a0 | \n \u00a0 | \n (33,010 | \n ) | \n
Total lease liabilities | \n \u00a0 | \n $ | \n 32,301 | \n \u00a0 | \n
Amounts recognized in the Consolidated Balance Sheets were as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Operating leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease right-of-use assets | \n \u00a0 | \n $ | \n 28,890 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,755 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease liability classified as current | \n \u00a0 | \n \u00a0 | \n 1,265 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,322 | \n \u00a0 | \n
Operating lease liability classified as non-current | \n \u00a0 | \n \u00a0 | \n 31,036 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,664 | \n \u00a0 | \n
Total operating lease liabilities | \n \u00a0 | \n $ | \n 32,301 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,986 | \n \u00a0 | \n
Other information related to operating leases at June 30, 2025 and December 31, 2024 consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
Weighted-average remaining lease term (years) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 13.3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 11.27 | \n % | \n \u00a0 | \n \u00a0 | \n 11.19 | \n % | \n
Supplemental cash flow information related to leases are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Cash paid for amounts included in measurement of operating lease liabilities | \n \u00a0 | \n $ | \n 2,338 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,672 | \n \u00a0 | \n
Right-of-use assets obtained in exchange for operating lease obligations | \n \u00a0 | \n \u00a0 | \n 2,457 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 655 | \n \u00a0 | \n
Undiscounted lease obligations are as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Operating | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |
2025 | \n \u00a0 | \n $ | \n 2,389 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 4,594 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 4,670 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 4,750 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 4,857 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 44,051 | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n \u00a0 | \n 65,311 | \n \u00a0 | \n
Less: interest | \n \u00a0 | \n \u00a0 | \n (33,010 | \n ) | \n
Total lease liabilities | \n \u00a0 | \n $ | \n 32,301 | \n \u00a0 | \n
The Company's convertible debt consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Convertible debt proceeds, net of transaction costs - Maturing June 2026 | \n \u00a0 | \n $ | \n 10,098 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,098 | \n \u00a0 | \n
Allocation to conversion option | \n \u00a0 | \n \u00a0 | \n 3,600 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,600 | \n \u00a0 | \n
Allocation to debt | \n \u00a0 | \n \u00a0 | \n 6,498 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,498 | \n \u00a0 | \n
Interest and accretion | \n \u00a0 | \n \u00a0 | \n 3,723 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,616 | \n \u00a0 | \n
Net carrying amount | \n \u00a0 | \n $ | \n 10,221 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,114 | \n \u00a0 | \n
The Company had accrued interest on convertible debt of $1,795 and $1,200 as of June 30, 2025 and December 31, 2024, respectively, included in accounts payable and accrued liabilities on the Consolidated Balance Sheets.
"}]},{"name":"rpt:f-908","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebtTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The Company's convertible debt consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Convertible debt proceeds, net of transaction costs - Maturing June 2026 | \n \u00a0 | \n $ | \n 10,098 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,098 | \n \u00a0 | \n
Allocation to conversion option | \n \u00a0 | \n \u00a0 | \n 3,600 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,600 | \n \u00a0 | \n
Allocation to debt | \n \u00a0 | \n \u00a0 | \n 6,498 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,498 | \n \u00a0 | \n
Interest and accretion | \n \u00a0 | \n \u00a0 | \n 3,723 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,616 | \n \u00a0 | \n
Net carrying amount | \n \u00a0 | \n $ | \n 10,221 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,114 | \n \u00a0 | \n
\u00a0
Share Repurchase Authorization
\u00a0
On August 20, 2024, the Board approved a share repurchase program to repurchase up to $10,000 of Common Shares. The share repurchase program authorizes the Company to repurchase up to 10,000,000 Common Shares of the Company at any time, or from
time to time, from August 22, 2024 until August 21, 2025. The share repurchase program authorizes the Company to repurchase up to 65,361 Common Shares daily, which represents 25% of the Company\u2019s average daily trading volume on the TSX of 261,445 Common Shares. Any repurchases under the program may be made by means of open market transactions, negotiated block transactions, or otherwise, including pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. The size and timing of any repurchases will depend on price, market and business conditions, and other factors.
\u00a0
As of June 30, 2025, the Company had a total of 8,720,600 Common Shares remaining that can be authorized for repurchase. The following is a summary of the Common Shares that were repurchased for the three and six months ended June 30, 2025 and 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n For the Three Months Ended | \n \u00a0 | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands, except per share data) | \n \u00a0 | \n |||||||||||||
Total Common Shares repurchased | \n \u00a0 | \n \u00a0 | \n 535,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,042,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Common Shares canceled | \n \u00a0 | \n \u00a0 | \n 535,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,172,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Weighted average price per share | \n \u00a0 | \n $ | \n 0.29 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.37 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Total cost | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 360 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Excise tax (1) | \n \u00a0 | \n $ | \n 7 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 17 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0
(1) The excise tax accrued in connection with the share repurchases was recorded as an adjustment to the cost basis of repurchased shares in treasury stock and within accrued expenses on the Consolidated Balance Sheets as of June 30, 2025.
\u00a0
Warrants
The following is a summary of the outstanding warrants for Common Shares:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Common Share Warrants Outstanding | \n \u00a0 | \n \u00a0 | \n Number of Common Share Warrants Exercisable | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price $ | \n \u00a0 | \n \u00a0 | \n Weighted Average Remaining Life (years) | \n \u00a0 | \n ||||
Outstanding, December 31, 2024 | \n \u00a0 | \n \u00a0 | \n 23,370,627 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 859,012 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.77 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Outstanding, June 30, 2025 | \n \u00a0 | \n \u00a0 | \n 23,370,627 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 859,012 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.27 | \n \u00a0 | \n
\u00a0
The following is a summary of the outstanding warrant liabilities that are exchangeable into Common Shares:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Common Share Warrants Outstanding | \n \u00a0 | \n \u00a0 | \n Number of Common Share Warrants Exercisable | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price $ | \n \u00a0 | \n \u00a0 | \n Weighted Average Remaining Life (years) | \n \u00a0 | \n ||||
Outstanding, December 31, 2024 | \n \u00a0 | \n \u00a0 | \n 3,590,334 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.95 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.48 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n \u00a0 | \n (3,590,334 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Outstanding, June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n For the Three Months Ended | \n \u00a0 | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands, except per share data) | \n \u00a0 | \n |||||||||||||
Total Common Shares repurchased | \n \u00a0 | \n \u00a0 | \n 535,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,042,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Common Shares canceled | \n \u00a0 | \n \u00a0 | \n 535,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,172,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Weighted average price per share | \n \u00a0 | \n $ | \n 0.29 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.37 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Total cost | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 360 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Excise tax (1) | \n \u00a0 | \n $ | \n 7 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 17 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0
(1) The excise tax accrued in connection with the share repurchases was recorded as an adjustment to the cost basis of repurchased shares in treasury stock and within accrued expenses on the Consolidated Balance Sheets as of June 30, 2025.
"}]},{"name":"rpt:f-930","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodShares","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"535000","decimals":0}]},{"name":"rpt:f-931","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodShares","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1042500","decimals":0}]},{"name":"rpt:f-932","factDimensions":{"xbrl:concept":"tsndf:StockRepurchasedCanceledShares","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"535000"}]},{"name":"rpt:f-933","factDimensions":{"xbrl:concept":"tsndf:StockRepurchasedCanceledShares","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1172000"}]},{"name":"rpt:f-934","factDimensions":{"xbrl:concept":"tsndf:ShareRepurchaseProgramAveragePricePerShare","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.29","decimals":2}]},{"name":"rpt:f-935","factDimensions":{"xbrl:concept":"tsndf:ShareRepurchaseProgramAveragePricePerShare","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.37","decimals":2}]},{"name":"rpt:f-936","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodValue","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"139000","decimals":-3}]},{"name":"rpt:f-937","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodValue","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"360000","decimals":-3}]},{"name":"rpt:f-938","factDimensions":{"xbrl:concept":"us-gaap:ShareRepurchaseProgramExciseTax","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7000","decimals":-3}]},{"name":"rpt:f-939","factDimensions":{"xbrl:concept":"us-gaap:ShareRepurchaseProgramExciseTax","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17000","decimals":-3}]},{"name":"rpt:f-940","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"The following is a summary of the outstanding warrants for Common Shares:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Common Share Warrants Outstanding | \n \u00a0 | \n \u00a0 | \n Number of Common Share Warrants Exercisable | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price $ | \n \u00a0 | \n \u00a0 | \n Weighted Average Remaining Life (years) | \n \u00a0 | \n ||||
Outstanding, December 31, 2024 | \n \u00a0 | \n \u00a0 | \n 23,370,627 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 859,012 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.77 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Outstanding, June 30, 2025 | \n \u00a0 | \n \u00a0 | \n 23,370,627 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 859,012 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.27 | \n \u00a0 | \n
The following is a summary of the outstanding warrant liabilities that are exchangeable into Common Shares:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Common Share Warrants Outstanding | \n \u00a0 | \n \u00a0 | \n Number of Common Share Warrants Exercisable | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price $ | \n \u00a0 | \n \u00a0 | \n Weighted Average Remaining Life (years) | \n \u00a0 | \n ||||
Outstanding, December 31, 2024 | \n \u00a0 | \n \u00a0 | \n 3,590,334 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.95 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.48 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n \u00a0 | \n (3,590,334 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Outstanding, June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-956","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"3590334"}]},{"name":"rpt:f-957","factDimensions":{"xbrl:concept":"tsndf:ClassOfWarrantOrRightWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"1.95","decimals":2}]},{"name":"rpt:f-958","factDimensions":{"xbrl:concept":"tsndf:WarrantsAndRightsOutstandingWeightedAverageRemainingLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"P0Y5M23D"}]},{"name":"rpt:f-959","factDimensions":{"xbrl:concept":"tsndf:ClassOfWarrantOrRightGranted","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-960","factDimensions":{"xbrl:concept":"tsndf:ClassOfWarrantOrRightsGrantedInPeriodWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-961","factDimensions":{"xbrl:concept":"tsndf:ClassOfWarrantOrRightsExpired","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"3590334"}]},{"name":"rpt:f-962","factDimensions":{"xbrl:concept":"tsndf:ClassOfWarrantsOrRightWeightedAverageExpiredPrice","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-963","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-964","factDimensions":{"xbrl:concept":"tsndf:ClassOfWarrantOrRightWeightedAverageExercisePrice","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:BusinessAcquisitionAxis":"tsndf:GageGrowthCorpMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-965","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"Share-based payments expense
\u00a0
Total share-based payments expense was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
Stock options | \n \u00a0 | \n $ | \n 746 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,183 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,586 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,087 | \n \u00a0 | \n
Restricted share units | \n \u00a0 | \n \u00a0 | \n 33 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 777 | \n \u00a0 | \n \u00a0 | \n $ | \n 707 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,358 | \n \u00a0 | \n
Total share-based payments | \n \u00a0 | \n $ | \n 779 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,960 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,293 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,445 | \n \u00a0 | \n
Stock Options
\u00a0
The following table summarizes the stock option activity for the six months ended June 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Number of Stock Options | \n \u00a0 | \n \u00a0 | \n Weighted average remaining contractual life (in years) | \n \u00a0 | \n Weighted Average Exercise Price (per share) $ | \n \u00a0 | \n Aggregate intrinsic value | \n \u00a0 | \n ||||
Outstanding, December 31, 2024 | \n \u00a0 | \n 16,120,919 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.90 | \n \u00a0 | \n $ | \n 3.13 | \n \u00a0 | \n $ | \n 32 | \n \u00a0 | \n
Granted | \n \u00a0 | \n 762,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 0.42 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Exercised | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Forfeited | \n \u00a0 | \n (465,696 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 4.76 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n (1,470,471 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 4.20 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Outstanding, June 30, 2025 | \n \u00a0 | \n 14,947,252 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.94 | \n \u00a0 | \n $ | \n 2.84 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Exercisable, June 30, 2025 | \n \u00a0 | \n 10,529,493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.84 | \n \u00a0 | \n $ | \n 3.43 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between Company\u2019s closing stock price on June 30, 2025 and December 31, 2024, respectively, and the exercise price, multiplied by the number of the in-the-money options) that would have been received by the option holders had they exercised their in-the-money options on June 30, 2025 and December 31, 2024, respectively.
\u00a0
The fair value of the various stock options granted were estimated using the Black-Scholes Option Pricing Model (the \"Black-Scholes Model\") with the following assumptions:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||
Volatility | \n \u00a0 | \n 75.76% - 79.89% | \n \u00a0 | \n \u00a0 | \n 77.70% - 78.31% | \n \u00a0 | \n ||
Risk-free interest rate | \n \u00a0 | \n 3.86% - 4.12% | \n \u00a0 | \n \u00a0 | \n 3.18% - 3.76% | \n \u00a0 | \n ||
Expected life (years) | \n \u00a0 | \n 4.87\u00a0- 6.25 | \n \u00a0 | \n \u00a0 | \n 4.01\u00a0- 10.01 | \n \u00a0 | \n ||
Dividend yield | \n \u00a0 | \n \u00a0 | \n 0.00 | \n % | \n \u00a0 | \n \u00a0 | \n 0.00 | \n % | \n
\u00a0
Volatility was estimated by using the historical volatility of the Company's stock price. The expected life in years represents the period of time that the options issued are expected to be outstanding. The risk-free rate is based on U.S. treasury bond issues with a remaining term approximately equal to the expected life of the options. Dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future.
\u00a0
The total estimated fair value of stock options that vested during the six months ended June 30, 2025 and 2024 was $2,837 and $4,594, respectively. As of June 30, 2025, total unrecognized compensation cost related to unvested options was $3,829, which is expected to be recognized over a weighted-average period of 2.10 years.
\u00a0
Repricing of Stock Options
\u00a0
On June 24, 2025 (the \"Option Modification Date\"), the Board approved a stock option repricing for employees and insiders of the Company (the \"Option Repricing\") in which the exercise price of certain outstanding options to purchase Common Shares under the Company's stock option plan will be reduced to $0.26 per share, which represented the five-day volume weighted average price of the Common Shares based on the Option Modification Date, subject to meeting a service period requirement of twelve months following the Option Modification Date (\"Service Period Requirement\"). The Option Repricing with respect to insiders of the Company was also approved by the Company's shareholders at its Annual General Meeting held on June 24, 2025. As a result of the Option Repricing, 8,279,003 shares of vested and unvested stock options outstanding were modified, in accordance with ASC 718, Stock-Based Compensation, as of the Option Modification Date resulting in an incremental expense of $868. The vested portion will be recognized on a straight-lined basis over the Service Period Requirement and the unvested portion will be recognized over the remaining vesting periods of each respective award.
Restricted Share Units
\u00a0
The following table summarizes the activities for the RSUs for the six months ended June 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Outstanding, December 31, 2024 | \n \u00a0 | \n \u00a0 | \n 1,600,305 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n 5,907,257 | \n \u00a0 | \n
Vested | \n \u00a0 | \n \u00a0 | \n (542,087 | \n ) | \n
Forfeited | \n \u00a0 | \n \u00a0 | \n (5,654 | \n ) | \n
Outstanding, June 30, 2025 | \n \u00a0 | \n \u00a0 | \n 6,959,821 | \n \u00a0 | \n
\u00a0
As of June 30, 2025, total unrecognized compensation cost related to unvested RSUs was $3,776, which is expected to be recognized over a weighted-average period of 3.07 years.
"}]},{"name":"rpt:f-966","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"Total share-based payments expense was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
Stock options | \n \u00a0 | \n $ | \n 746 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,183 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,586 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,087 | \n \u00a0 | \n
Restricted share units | \n \u00a0 | \n \u00a0 | \n 33 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 777 | \n \u00a0 | \n \u00a0 | \n $ | \n 707 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,358 | \n \u00a0 | \n
Total share-based payments | \n \u00a0 | \n $ | \n 779 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,960 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,293 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,445 | \n \u00a0 | \n
The following table summarizes the stock option activity for the six months ended June 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Number of Stock Options | \n \u00a0 | \n \u00a0 | \n Weighted average remaining contractual life (in years) | \n \u00a0 | \n Weighted Average Exercise Price (per share) $ | \n \u00a0 | \n Aggregate intrinsic value | \n \u00a0 | \n ||||
Outstanding, December 31, 2024 | \n \u00a0 | \n 16,120,919 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.90 | \n \u00a0 | \n $ | \n 3.13 | \n \u00a0 | \n $ | \n 32 | \n \u00a0 | \n
Granted | \n \u00a0 | \n 762,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 0.42 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Exercised | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Forfeited | \n \u00a0 | \n (465,696 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 4.76 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n (1,470,471 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 4.20 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Outstanding, June 30, 2025 | \n \u00a0 | \n 14,947,252 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.94 | \n \u00a0 | \n $ | \n 2.84 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Exercisable, June 30, 2025 | \n \u00a0 | \n 10,529,493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.84 | \n \u00a0 | \n $ | \n 3.43 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-980","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"16120919"}]},{"name":"rpt:f-981","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"P5Y10M24D"}]},{"name":"rpt:f-982","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"3.13","decimals":2}]},{"name":"rpt:f-983","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"32000","decimals":-3}]},{"name":"rpt:f-984","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"762500"}]},{"name":"rpt:f-985","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.42","decimals":2}]},{"name":"rpt:f-986","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"465696"}]},{"name":"rpt:f-987","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"4.76","decimals":2}]},{"name":"rpt:f-988","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1470471"}]},{"name":"rpt:f-989","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"4.2","decimals":2}]},{"name":"rpt:f-990","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"14947252"}]},{"name":"rpt:f-991","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"P5Y11M8D"}]},{"name":"rpt:f-992","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"2.84","decimals":2}]},{"name":"rpt:f-993","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-994","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"10529493"}]},{"name":"rpt:f-995","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"P4Y10M2D"}]},{"name":"rpt:f-996","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"3.43","decimals":2}]},{"name":"rpt:f-997","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-998","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The fair value of the various stock options granted were estimated using the Black-Scholes Option Pricing Model (the \"Black-Scholes Model\") with the following assumptions:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||
Volatility | \n \u00a0 | \n 75.76% - 79.89% | \n \u00a0 | \n \u00a0 | \n 77.70% - 78.31% | \n \u00a0 | \n ||
Risk-free interest rate | \n \u00a0 | \n 3.86% - 4.12% | \n \u00a0 | \n \u00a0 | \n 3.18% - 3.76% | \n \u00a0 | \n ||
Expected life (years) | \n \u00a0 | \n 4.87\u00a0- 6.25 | \n \u00a0 | \n \u00a0 | \n 4.01\u00a0- 10.01 | \n \u00a0 | \n ||
Dividend yield | \n \u00a0 | \n \u00a0 | \n 0.00 | \n % | \n \u00a0 | \n \u00a0 | \n 0.00 | \n % | \n
The following table summarizes the activities for the RSUs for the six months ended June 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Outstanding, December 31, 2024 | \n \u00a0 | \n \u00a0 | \n 1,600,305 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n 5,907,257 | \n \u00a0 | \n
Vested | \n \u00a0 | \n \u00a0 | \n (542,087 | \n ) | \n
Forfeited | \n \u00a0 | \n \u00a0 | \n (5,654 | \n ) | \n
Outstanding, June 30, 2025 | \n \u00a0 | \n \u00a0 | \n 6,959,821 | \n \u00a0 | \n
Non-controlling interest consists mainly of a 12.5% minority ownership interest in TerrAscend's New Jersey operations.
\u00a0
The following table summarizes the non-controlling interest activity for the six months ended June 30, 2025:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Opening carrying amount | \n \u00a0 | \n $ | \n (144 | \n ) | \n \u00a0 | \n $ | \n (1,756 | \n ) | \n
Capital distributions | \n \u00a0 | \n \u00a0 | \n (1,988 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,324 | \n ) | \n
Acquisition of non-controlling interest | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,374 | \n \u00a0 | \n
Net income attributable to non-controlling interest | \n \u00a0 | \n \u00a0 | \n 2,580 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,562 | \n \u00a0 | \n
Ending carrying amount | \n \u00a0 | \n $ | \n 448 | \n \u00a0 | \n \u00a0 | \n $ | \n (144 | \n ) | \n
The following table summarizes the non-controlling interest activity for the six months ended June 30, 2025:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Opening carrying amount | \n \u00a0 | \n $ | \n (144 | \n ) | \n \u00a0 | \n $ | \n (1,756 | \n ) | \n
Capital distributions | \n \u00a0 | \n \u00a0 | \n (1,988 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,324 | \n ) | \n
Acquisition of non-controlling interest | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,374 | \n \u00a0 | \n
Net income attributable to non-controlling interest | \n \u00a0 | \n \u00a0 | \n 2,580 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,562 | \n \u00a0 | \n
Ending carrying amount | \n \u00a0 | \n $ | \n 448 | \n \u00a0 | \n \u00a0 | \n $ | \n (144 | \n ) | \n
Parties are related if one party has the ability to control or exercise significant influence over the other party in making financing and operating decisions. At June 30, 2025, amounts due to/from related parties consisted of:
\u00a0
The Company's effective tax rate was 301% and 333% for the three and six months ended June 30, 2025, respectively, and 321% and 1,293% for the three and six months ended June 30, 2024, respectively.
The Company has computed its provision for income taxes based on the actual effective tax rate for the quarter as the Company believes this is the best estimate for the annual effective tax rate. The Company is subject to income taxes in the United States and Canada.
Significant judgment is required in evaluating the Company\u2019s uncertain tax positions and determining the provision for income taxes. The Company recognizes benefits from uncertain tax positions based on the cumulative probability method whereby the largest benefit with a cumulative probability of greater than 50% is recorded. An uncertain tax position is not recognized if it has less than a 50% likelihood of being sustained.
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the period presented:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Balance at beginning of year | \n \u00a0 | \n $ | \n 148,979 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,485 | \n \u00a0 | \n
Increase based on tax positions related to current periods | \n \u00a0 | \n \u00a0 | \n 17,728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,278 | \n \u00a0 | \n
Increase based on tax positions related to prior periods | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,986 | \n \u00a0 | \n
Settlements with tax authorities | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13,770 | \n ) | \n
Balance at end of year | \n \u00a0 | \n $ | \n 166,707 | \n \u00a0 | \n \u00a0 | \n $ | \n 148,979 | \n \u00a0 | \n
A reconciliation of the beginning and ending amount of uncertain tax liabilities, inclusive of accruals for related penalties and interest, for the period presented:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Balance, beginning of year | \n \u00a0 | \n $ | \n 106,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 79,627 | \n \u00a0 | \n
Increases based on tax positions related to prior years | \n \u00a0 | \n \u00a0 | \n 4,332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,536 | \n \u00a0 | \n
Additions based on tax positions related to current year | \n \u00a0 | \n \u00a0 | \n 12,514 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,825 | \n \u00a0 | \n
Additions based on refunds received related to prior years | \n \u00a0 | \n \u00a0 | \n 16 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n
Release of tax payments on deposit and other | \n \u00a0 | \n \u00a0 | \n (1,161 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,007 | \n ) | \n
Ending carrying amount (1) | \n \u00a0 | \n $ | \n 122,692 | \n \u00a0 | \n \u00a0 | \n $ | \n 106,991 | \n \u00a0 | \n
\u00a0
(1) Related to uncertain tax liabilities, the Company accrued $10,232 in interest and $7,385 in penalties as of June 30, 2025, and $8,006 in interest and $4,803 in penalties as of December 31, 2024.
\u00a0
The increase in uncertain tax positions is primarily due to legal interpretations that challenge the application of Section 280E of the Code to the Company (\u201c280E Tax Position\u201d). The Company believes it is reasonably possible that the unrecognized tax benefits will increase over the next 12 months due to its 280E Tax Position.
During 2024, certain of the Company\u2019s amended federal income tax returns were selected for routine examinations by the Internal Revenue Service. As of June 30, 2025, there have been no material developments related to these examinations. The Company does not currently anticipate completion of the audits within the next twelve months.
"}]},{"name":"rpt:f-1044","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"3.01","decimals":2}]},{"name":"rpt:f-1045","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"3.33","decimals":2}]},{"name":"rpt:f-1046","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"3.21","decimals":2}]},{"name":"rpt:f-1047","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"12.93","decimals":2}]},{"name":"rpt:f-1048","factDimensions":{"xbrl:concept":"tsndf:UncertainTaxPositionsDescription","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The Company recognizes benefits from uncertain tax positions based on the cumulative probability method whereby the largest benefit with a cumulative probability of greater than 50% is recorded. An uncertain tax position is not recognized if it has less than a 50% likelihood of being sustained."}]},{"name":"rpt:f-1049","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"A reconciliation of the beginning and ending amount of unrecognized tax benefits for the period presented:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Balance at beginning of year | \n \u00a0 | \n $ | \n 148,979 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,485 | \n \u00a0 | \n
Increase based on tax positions related to current periods | \n \u00a0 | \n \u00a0 | \n 17,728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,278 | \n \u00a0 | \n
Increase based on tax positions related to prior periods | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,986 | \n \u00a0 | \n
Settlements with tax authorities | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13,770 | \n ) | \n
Balance at end of year | \n \u00a0 | \n $ | \n 166,707 | \n \u00a0 | \n \u00a0 | \n $ | \n 148,979 | \n \u00a0 | \n
A reconciliation of the beginning and ending amount of uncertain tax liabilities, inclusive of accruals for related penalties and interest, for the period presented:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
Balance, beginning of year | \n \u00a0 | \n $ | \n 106,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 79,627 | \n \u00a0 | \n
Increases based on tax positions related to prior years | \n \u00a0 | \n \u00a0 | \n 4,332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,536 | \n \u00a0 | \n
Additions based on tax positions related to current year | \n \u00a0 | \n \u00a0 | \n 12,514 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,825 | \n \u00a0 | \n
Additions based on refunds received related to prior years | \n \u00a0 | \n \u00a0 | \n 16 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n
Release of tax payments on deposit and other | \n \u00a0 | \n \u00a0 | \n (1,161 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,007 | \n ) | \n
Ending carrying amount (1) | \n \u00a0 | \n $ | \n 122,692 | \n \u00a0 | \n \u00a0 | \n $ | \n 106,991 | \n \u00a0 | \n
\u00a0
(1) Related to uncertain tax liabilities, the Company accrued $10,232 in interest and $7,385 in penalties as of June 30, 2025, and $8,006 in interest and $4,803 in penalties as of December 31, 2024.
"}]},{"name":"rpt:f-1059","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"106991000","decimals":-3}]},{"name":"rpt:f-1060","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"79627000","decimals":-3}]},{"name":"rpt:f-1061","factDimensions":{"xbrl:concept":"tsndf:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccruedIncreaseResultingFromPriorPeriodTaxPositions","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4332000","decimals":-3}]},{"name":"rpt:f-1062","factDimensions":{"xbrl:concept":"tsndf:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccruedIncreaseResultingFromPriorPeriodTaxPositions","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4536000","decimals":-3}]},{"name":"rpt:f-1063","factDimensions":{"xbrl:concept":"tsndf:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccruedIncreaseResultingFromCurrentPeriodTaxPositions","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12514000","decimals":-3}]},{"name":"rpt:f-1064","factDimensions":{"xbrl:concept":"tsndf:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccruedIncreaseResultingFromCurrentPeriodTaxPositions","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"26825000","decimals":-3}]},{"name":"rpt:f-1065","factDimensions":{"xbrl:concept":"tsndf:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccruedIncreaseResultingFromRefundsReceivedRelatedToPriorYearsTaxPositions","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"16000","decimals":-3}]},{"name":"rpt:f-1066","factDimensions":{"xbrl:concept":"tsndf:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccruedIncreaseResultingFromRefundsReceivedRelatedToPriorYearsTaxPositions","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10000","decimals":-3}]},{"name":"rpt:f-1067","factDimensions":{"xbrl:concept":"tsndf:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccruedIncreaseResultingFromReclassOfTaxPaymentsOnDeposit","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-1161000","decimals":-3}]},{"name":"rpt:f-1068","factDimensions":{"xbrl:concept":"tsndf:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccruedIncreaseResultingFromReclassOfTaxPaymentsOnDeposit","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-4007000","decimals":-3}]},{"name":"rpt:f-1069","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"122692000","decimals":-3}]},{"name":"rpt:f-1070","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"106991000","decimals":-3}]},{"name":"rpt:f-1071","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10232000","decimals":-3}]},{"name":"rpt:f-1072","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7385000","decimals":-3}]},{"name":"rpt:f-1073","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8006000","decimals":-3}]},{"name":"rpt:f-1074","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4803000","decimals":-3}]},{"name":"rpt:f-1075","factDimensions":{"xbrl:concept":"tsndf:GeneralAndAdministrativeExpensesTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The Company\u2019s general and administrative expenses were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n |||||||||||
\u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n (In thousands) | \n \u00a0 | \n ||||||||||||||
Salaries and wages | \n $ | \n 12,086 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,497 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,061 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,801 | \n \u00a0 | \n
Office and general | \n \u00a0 | \n 2,706 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,868 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,281 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,815 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n 2,244 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,458 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,395 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,040 | \n \u00a0 | \n
Lease expense | \n \u00a0 | \n 1,179 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,413 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,615 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n 779 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,960 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,445 | \n \u00a0 | \n
Board of directors cash compensation | \n \u00a0 | \n 398 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 398 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Facility and maintenance | \n \u00a0 | \n 507 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 429 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,016 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 981 | \n \u00a0 | \n
Sales and marketing | \n \u00a0 | \n 888 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,679 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,012 | \n \u00a0 | \n
Provision for expected credit losses | \n \u00a0 | \n 193 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (20 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 673 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n $ | \n 20,980 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,632 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 42,129 | \n \u00a0 | \n \u00a0 | \n $ | \n 43,709 | \n \u00a0 | \n
\u00a0
The Company\u2019s general and administrative expenses were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n |||||||||||
\u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n (In thousands) | \n \u00a0 | \n ||||||||||||||
Salaries and wages | \n $ | \n 12,086 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,497 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,061 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,801 | \n \u00a0 | \n
Office and general | \n \u00a0 | \n 2,706 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,868 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,281 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,815 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n 2,244 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,458 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,395 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,040 | \n \u00a0 | \n
Lease expense | \n \u00a0 | \n 1,179 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,413 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,615 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n 779 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,960 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,445 | \n \u00a0 | \n
Board of directors cash compensation | \n \u00a0 | \n 398 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 398 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Facility and maintenance | \n \u00a0 | \n 507 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 429 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,016 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 981 | \n \u00a0 | \n
Sales and marketing | \n \u00a0 | \n 888 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,679 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,012 | \n \u00a0 | \n
Provision for expected credit losses | \n \u00a0 | \n 193 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (20 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 673 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n $ | \n 20,980 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,632 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 42,129 | \n \u00a0 | \n \u00a0 | \n $ | \n 43,709 | \n \u00a0 | \n
\u00a0
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Company\u2019s disaggregated net revenue by source, primarily due to the Company\u2019s contracts with its external customers was as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
Retail | \n \u00a0 | \n $ | \n 43,665 | \n \u00a0 | \n \u00a0 | \n $ | \n 43,263 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,497 | \n \u00a0 | \n \u00a0 | \n $ | \n 86,120 | \n \u00a0 | \n
Wholesale | \n \u00a0 | \n \u00a0 | \n 21,341 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23,933 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,812 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,351 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 65,006 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,196 | \n \u00a0 | \n \u00a0 | \n $ | \n 129,309 | \n \u00a0 | \n \u00a0 | \n $ | \n 136,471 | \n \u00a0 | \n
For the three and six months ended June 30, 2025 and 2024, the Company did not have any single customer that accounted for 10% or more of the Company\u2019s revenue.
"}]},{"name":"rpt:f-1115","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The Company\u2019s disaggregated net revenue by source, primarily due to the Company\u2019s contracts with its external customers was as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
Retail | \n \u00a0 | \n $ | \n 43,665 | \n \u00a0 | \n \u00a0 | \n $ | \n 43,263 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,497 | \n \u00a0 | \n \u00a0 | \n $ | \n 86,120 | \n \u00a0 | \n
Wholesale | \n \u00a0 | \n \u00a0 | \n 21,341 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23,933 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,812 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,351 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 65,006 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,196 | \n \u00a0 | \n \u00a0 | \n $ | \n 129,309 | \n \u00a0 | \n \u00a0 | \n $ | \n 136,471 | \n \u00a0 | \n
The Company\u2019s finance and other expenses included the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
Interest | \n \u00a0 | \n $ | \n 6,960 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,002 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,643 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,594 | \n \u00a0 | \n
Accretion | \n \u00a0 | \n \u00a0 | \n 2,002 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,743 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,740 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,546 | \n \u00a0 | \n
Other income | \n \u00a0 | \n \u00a0 | \n (215 | \n ) | \n \u00a0 | \n \u00a0 | \n (184 | \n ) | \n \u00a0 | \n \u00a0 | \n (301 | \n ) | \n \u00a0 | \n \u00a0 | \n (337 | \n ) | \n
Total | \n \u00a0 | \n $ | \n 8,747 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,561 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,082 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,803 | \n \u00a0 | \n
The Company\u2019s finance and other expenses included the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
Interest | \n \u00a0 | \n $ | \n 6,960 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,002 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,643 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,594 | \n \u00a0 | \n
Accretion | \n \u00a0 | \n \u00a0 | \n 2,002 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,743 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,740 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,546 | \n \u00a0 | \n
Other income | \n \u00a0 | \n \u00a0 | \n (215 | \n ) | \n \u00a0 | \n \u00a0 | \n (184 | \n ) | \n \u00a0 | \n \u00a0 | \n (301 | \n ) | \n \u00a0 | \n \u00a0 | \n (337 | \n ) | \n
Total | \n \u00a0 | \n $ | \n 8,747 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,561 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,082 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,803 | \n \u00a0 | \n
\u00a0
Operating Segment
\u00a0
The Company has determined that it operates as one reportable segment focused on the production and sale of cannabis products. While the Company manages its operations through state-level operating segments, these segments have been aggregated into one reportable segment due to similar long-term economic characteristics and other required criteria of similarity outlined in ASC 280, Segment Reporting, and in accordance with ASU 2023-07. The Chief Operating Decision Maker (\u201cCODM\u201d) was determined to be the of the Company. The CODM regularly evaluates the performance of the single reportable segment using gross profit margin as its closest measure to GAAP. Gross margin is a measure that is calculated as total revenue minus cost of goods sold, divided by total revenue. The CODM monitors this metric to assess the efficiency of the Company\u2019s production and distribution processes, as well as the effectiveness of pricing strategies.
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n ||||||||||||||||
Revenue, net | \n \u00a0 | \n $ | \n 65,006 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,196 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 129,309 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 136,471 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cost of sales | \n \u00a0 | \n \u00a0 | \n 31,771 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,837 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 61,393 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 68,942 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Gross profit | \n \u00a0 | \n \u00a0 | \n 33,235 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,359 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67,916 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67,529 | \n \u00a0 | \n
Gross profit margin | \n \u00a0 | \n \u00a0 | \n 51.1 | \n % | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49.6 | \n % | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 52.5 | \n % | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49.5 | \n % | \n
\u00a0
Assets
The measure of reportable segment assets is consistent with the presentation of total consolidated assets as reported on the Consolidated Balance Sheets.
Geography
The Company has subsidiaries located in Canada and the United States. For the three and six months ended June 30, 2025, net revenue was primarily generated from sales in the United States. As a result of the 2023 Reorganization (see Note 3), the Company consolidated its retail location in Canada and generated net revenue of $219 and $397 for the three and six months ended June 30, 2025, respectively, and $274 and $538 for the three and six months ended June 30, 2024, respectively.
\u00a0
The Company had non-current assets by geography of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
United States | \n \u00a0 | \n $ | \n 438,829 | \n \u00a0 | \n \u00a0 | \n $ | \n 429,745 | \n \u00a0 | \n
Canada | \n \u00a0 | \n \u00a0 | \n 95 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 598 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 438,924 | \n \u00a0 | \n \u00a0 | \n $ | \n 430,343 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n For the Three Months Ended | \n \u00a0 | \n \u00a0 | \n For the Six Months Ended | \n \u00a0 | \n ||||||||||||||
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n ||||||||||||||||
Revenue, net | \n \u00a0 | \n $ | \n 65,006 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,196 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 129,309 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 136,471 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cost of sales | \n \u00a0 | \n \u00a0 | \n 31,771 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,837 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 61,393 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 68,942 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Gross profit | \n \u00a0 | \n \u00a0 | \n 33,235 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,359 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67,916 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67,529 | \n \u00a0 | \n
Gross profit margin | \n \u00a0 | \n \u00a0 | \n 51.1 | \n % | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49.6 | \n % | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 52.5 | \n % | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49.5 | \n % | \n
\u00a0
"}]},{"name":"rpt:f-1154","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"65006000","decimals":-3}]},{"name":"rpt:f-1155","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"67196000","decimals":-3}]},{"name":"rpt:f-1156","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"129309000","decimals":-3}]},{"name":"rpt:f-1157","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"136471000","decimals":-3}]},{"name":"rpt:f-1158","factDimensions":{"xbrl:concept":"us-gaap:CostOfRevenue","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"31771000","decimals":-3}]},{"name":"rpt:f-1159","factDimensions":{"xbrl:concept":"us-gaap:CostOfRevenue","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33837000","decimals":-3}]},{"name":"rpt:f-1160","factDimensions":{"xbrl:concept":"us-gaap:CostOfRevenue","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"61393000","decimals":-3}]},{"name":"rpt:f-1161","factDimensions":{"xbrl:concept":"us-gaap:CostOfRevenue","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"68942000","decimals":-3}]},{"name":"rpt:f-1162","factDimensions":{"xbrl:concept":"us-gaap:GrossProfit","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33235000","decimals":-3}]},{"name":"rpt:f-1163","factDimensions":{"xbrl:concept":"us-gaap:GrossProfit","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33359000","decimals":-3}]},{"name":"rpt:f-1164","factDimensions":{"xbrl:concept":"us-gaap:GrossProfit","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"67916000","decimals":-3}]},{"name":"rpt:f-1165","factDimensions":{"xbrl:concept":"us-gaap:GrossProfit","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"67529000","decimals":-3}]},{"name":"rpt:f-1166","factDimensions":{"xbrl:concept":"tsndf:GrossProfitMargin","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"0.511","decimals":3}]},{"name":"rpt:f-1167","factDimensions":{"xbrl:concept":"tsndf:GrossProfitMargin","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"0.496","decimals":3}]},{"name":"rpt:f-1168","factDimensions":{"xbrl:concept":"tsndf:GrossProfitMargin","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"0.525","decimals":3}]},{"name":"rpt:f-1169","factDimensions":{"xbrl:concept":"tsndf:GrossProfitMargin","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"0.495","decimals":3}]},{"name":"rpt:f-1170","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"219000","decimals":-3}]},{"name":"rpt:f-1171","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"397000","decimals":-3}]},{"name":"rpt:f-1172","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"274000","decimals":-3}]},{"name":"rpt:f-1173","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001778129","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"538000","decimals":-3}]},{"name":"rpt:f-1174","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001778129"},"factValues":[{"value":"The Company had non-current assets by geography of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||
United States | \n \u00a0 | \n $ | \n 438,829 | \n \u00a0 | \n \u00a0 | \n $ | \n 429,745 | \n \u00a0 | \n
Canada | \n \u00a0 | \n \u00a0 | \n 95 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 598 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 438,924 | \n \u00a0 | \n \u00a0 | \n $ | \n 430,343 | \n \u00a0 | \n
Assets and liabilities measured at fair value
Financial instruments recorded at fair value are estimated by applying a fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy is summarized as follows:
The following table represents the fair value amounts of financial assets and financial liabilities:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n At June 30, 2025 | \n \u00a0 | \n At December 31, 2024 | \n \u00a0 | \n ||||||||||||||||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||||||||||
Assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 26,672 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,381 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Restricted cash | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 606 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total Assets | \n \u00a0 | \n $ | \n 26,782 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,987 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Contingent consideration payable | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,672 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Detachable warrants | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 451 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Bifurcated conversion options | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 178 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 92 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total Liabilities | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,850 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,836 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
\u00a0
There were no transfers between the levels of fair value hierarchy during the three and six months ended June 30, 2025.
The valuation approaches and key inputs for each category of assets or liabilities that are classified within levels of the fair value hierarchy are presented below:
Level 1
\u00a0
Includes cash, cash equivalents, and restricted cash represent financial instruments for which the carrying amount approximates fair value due to their short-term maturities.
Level 2
Includes detachable warrants, bifurcated conversion options, and a contingent consideration, which are valued using the Black-Scholes Model with observable market inputs such as stock price, historical volatility, risk-free rate, and expected term. These inputs are derived from market data and do not require significant judgment.
\u00a0
Detachable Warrants
\u00a0
The detachable warrants expired during the second quarter of 2025.
\u00a0
Bifurcated conversion options
The conversion options have been measured at fair value as of June 30, 2025. Key inputs and assumptions used in the Black-Scholes Model were as follows:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
Common Stock Price of TerrAscend Corp. | \n \u00a0 | \n $ | \n 0.28 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.65 | \n \u00a0 | \n
Option exercise price | \n \u00a0 | \n $ | \n 2.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 2.01 | \n \u00a0 | \n
Annual volatility | \n \u00a0 | \n \u00a0 | \n 109.9 | \n % | \n \u00a0 | \n \u00a0 | \n 86.9 | \n % | \n
Annual risk-free rate | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n \u00a0 | \n \u00a0 | \n 4.25 | \n % | \n
Expected term (in years) | \n \u00a0 | \n 0.98\u00a0- 1.09 | \n \u00a0 | \n \u00a0 | \n 1.48\u00a0- 1.59 | \n \u00a0 | \n
\u00a0
The following table summarizes the changes in the detachable warrants and bifurcated conversion options:
\u00a0
\n| \n | \n | \n | \n | \n |
Balance at December 31, 2024 | \n \u00a0 | \n $ | \n 543 | \n \u00a0 | \n
Fair value gain on revaluation of warrants and conversion option | \n \u00a0 | \n \u00a0 | \n (376 | \n ) | \n
Effects of movements in foreign exchange | \n \u00a0 | \n \u00a0 | \n 11 | \n \u00a0 | \n
Balance at June 30, 2025 | \n \u00a0 | \n $ | \n 178 | \n \u00a0 | \n
\u00a0
Contingent Consideration Payable
\u00a0
The contingent consideration has been measured at fair value as of June 30, 2025. Key inputs and assumptions used in the Black-Scholes Model were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
Common Stock Price of TerrAscend Corp. | \n \u00a0 | \n $ | \n 0.28 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.65 | \n \u00a0 | \n
Option exercise price | \n \u00a0 | \n $ | \n 0.38 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.33 | \n \u00a0 | \n
Annual volatility | \n \u00a0 | \n \u00a0 | \n 113.6 | \n % | \n \u00a0 | \n \u00a0 | \n 106.6 | \n % | \n
Annual risk-free rate | \n \u00a0 | \n \u00a0 | \n 4.29 | \n % | \n \u00a0 | \n \u00a0 | \n 4.24 | \n % | \n
Expected term (in years) | \n \u00a0 | \n \u00a0 | \n 0.55 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.05 | \n \u00a0 | \n
The following table represents the fair value amounts of financial assets and financial liabilities:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n At June 30, 2025 | \n \u00a0 | \n At December 31, 2024 | \n \u00a0 | \n ||||||||||||||||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||||||||||
Assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 26,672 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,381 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Restricted cash | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 606 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total Assets | \n \u00a0 | \n $ | \n 26,782 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,987 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Contingent consideration payable | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,672 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Detachable warrants | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 451 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Bifurcated conversion options | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 178 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 92 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total Liabilities | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,850 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,836 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
The conversion options have been measured at fair value as of June 30, 2025. Key inputs and assumptions used in the Black-Scholes Model were as follows:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
Common Stock Price of TerrAscend Corp. | \n \u00a0 | \n $ | \n 0.28 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.65 | \n \u00a0 | \n
Option exercise price | \n \u00a0 | \n $ | \n 2.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 2.01 | \n \u00a0 | \n
Annual volatility | \n \u00a0 | \n \u00a0 | \n 109.9 | \n % | \n \u00a0 | \n \u00a0 | \n 86.9 | \n % | \n
Annual risk-free rate | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n \u00a0 | \n \u00a0 | \n 4.25 | \n % | \n
Expected term (in years) | \n \u00a0 | \n 0.98\u00a0- 1.09 | \n \u00a0 | \n \u00a0 | \n 1.48\u00a0- 1.59 | \n \u00a0 | \n
The following table summarizes the changes in the detachable warrants and bifurcated conversion options:
\u00a0
\n| \n | \n | \n | \n | \n |
Balance at December 31, 2024 | \n \u00a0 | \n $ | \n 543 | \n \u00a0 | \n
Fair value gain on revaluation of warrants and conversion option | \n \u00a0 | \n \u00a0 | \n (376 | \n ) | \n
Effects of movements in foreign exchange | \n \u00a0 | \n \u00a0 | \n 11 | \n \u00a0 | \n
Balance at June 30, 2025 | \n \u00a0 | \n $ | \n 178 | \n \u00a0 | \n
The contingent consideration has been measured at fair value as of June 30, 2025. Key inputs and assumptions used in the Black-Scholes Model were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n ||
Common Stock Price of TerrAscend Corp. | \n \u00a0 | \n $ | \n 0.28 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.65 | \n \u00a0 | \n
Option exercise price | \n \u00a0 | \n $ | \n 0.38 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.33 | \n \u00a0 | \n
Annual volatility | \n \u00a0 | \n \u00a0 | \n 113.6 | \n % | \n \u00a0 | \n \u00a0 | \n 106.6 | \n % | \n
Annual risk-free rate | \n \u00a0 | \n \u00a0 | \n 4.29 | \n % | \n \u00a0 | \n \u00a0 | \n 4.24 | \n % | \n
Expected term (in years) | \n \u00a0 | \n \u00a0 | \n 0.55 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.05 | \n \u00a0 | \n
\u00a0
Commitments
\u00a0
On May 5, 2025, the Company signed an agreement to acquire equity interests in, and fully operate, Union Chill Cannabis Company LLC, a dispensary in New Jersey for total consideration of $13,000, which will be comprised of $4,000 in cash and a convertible promissory note for $9,000. The transaction is subject to customary closing conditions and regulatory approvals.
\u00a0
Legal proceedings
\u00a0
In the ordinary course of business, the Company is involved in a number of lawsuits incidental to its business, including litigation related to intellectual property, product liability, employment, and commercial matters. Although it is difficult to predict the ultimate outcome of these matters, management believes that any ultimate liability would not have a material adverse effect on the Consolidated Balance Sheets or Consolidated Statements of Operations and Comprehensive Loss. At June 30, 2025, there were no pending lawsuits that could reasonably be expected to have a material effect on the results of the Company\u2019s Consolidated Financial Statements.
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On July 8, 2025, TerrAscend Growth Corp., TerrAscend USA, Inc., TerrAscend NJ LLC, TER Holding MD, Inc., and WDB Holding MD, Inc., including certain of each of their respective subsidiaries, and other borrowers, all of which are entities that are consolidated in the financial statements of the Company (collectively, the \u201cIncremental Amendment Borrowers\u201d), became parties to the FG Loan as borrowers pursuant to the FG Loan Amendment, which provided for an additional $79,000 upsize to the existing FG Loan which bears interest at 12.75% per annum and matures on August 1, 2028. The full amount of the FG Loan Amendment of $79,000 was drawn on July 8, 2025, and $68,000 of which was used to retire the Pelorus Term Loan, and certain other indebtedness of the Company, in addition to being used for future growth initiatives. As a result, the outstanding obligation under the Pelorus Term Loan and certain other indebtedness of the Company were repaid in full and subsequently terminated. In addition, the FG Loan Amendment provides for an Uncommitted Term Loan Facility of up to $35,000. Certain funds controlled by the Company\u2019s Executive Chairman, Jason Wild, a related party of the Company, have invested approximately $1,600 under the FG Loan.
\u00a0
On July 15, the Company drew $3,000 of the Uncommitted Term Loan Facility.
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