Part III of this Annual Report on Form 10-K incorporates certain information by reference from the definitive proxy statement to be filed by the registrant in connection with the 2025 Annual General Meeting of Shareholders (the \u201c2025 Proxy Statement\u201d). The 2025 Proxy Statement will be filed by the registrant with the Securities and Exchange Commission not later than 120 days after December 31, 2024, the end of the registrant\u2019s fiscal year.
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\u00a0
Cybersecurity Risk Management and Strategy
\u00a0
The Company has processes for assessing, identifying, and managing material risks from cybersecurity threats. These processes are integrated into the Company\u2019s overall risk management systems. These processes also include overseeing and identifying risks from cybersecurity threats associated with the use of third-party service providers. The Company has established monitoring procedures in its effort to mitigate risks related to data breaches or other security incidents originating from third parties. The Company, from time-to-time, may engage third-party consultants, legal advisors, and audit firms to evaluate and test the Company\u2019s risk management systems and assess and remediate certain potential cybersecurity incidents, as appropriate.
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Governance
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As part of our enterprise risk management program, our Board and the Audit Committee of our Board (the \u201cAudit Committee\u201d) oversee cybersecurity risk management and meet with our senior management team, which includes our Chief Executive Officer, President, Chief Financial Officer, and General Counsel to address risks associated with cybersecurity threats on a regular basis. The Board and the Audit Committee receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been resolved.
\u00a0
Cybersecurity threats are one of the Company\u2019s most critical risks, with our Senior Vice President - Technology assigned as the executive risk owner. Our Senior Vice President - Technology, in coordination with our senior management team, works collaboratively across the Company to implement a program designed to protect the Company\u2019s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company\u2019s incident response and recovery plans. Multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the Senior Vice President - Technology and the senior management team monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and report such threats and incidents to the Board and Audit Committee, when appropriate.
\u00a0
Our Senior Vice President - Technology has served in various roles in information technology and information security for over 25 years. He holds undergraduate and graduate degrees in computer science and business.
\u00a0
During the year ended December 31, 2024, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite the capabilities, processes, and other security measures we employ that we believe are designed to detect, reduce, and mitigate the risk of cybersecurity incidents, we may not be aware of all vulnerabilities or might not accurately assess the risks of incidents, and such preventative measures cannot provide absolute security and may not be sufficient in all circumstances or mitigate all potential risks.
\u00a0
See \u201cItem 1 A. Risk Factors\u201d for more information on the Company\u2019s cybersecurity-related risks.
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Cybersecurity threats are one of the Company\u2019s most critical risks, with our Senior Vice President - Technology assigned as the executive risk owner. Our Senior Vice President - Technology, in coordination with our senior management team, works collaboratively across the Company to implement a program designed to protect the Company\u2019s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company\u2019s incident response and recovery plans. Multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the Senior Vice President - Technology and the senior management team monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and report such threats and incidents to the Board and Audit Committee, when appropriate.
\u00a0
Our Senior Vice President - Technology has served in various roles in information technology and information security for over 25 years. He holds undergraduate and graduate degrees in computer science and business.
Cybersecurity threats are one of the Company\u2019s most critical risks, with our Senior Vice President - Technology assigned as the executive risk owner. Our Senior Vice President - Technology, in coordination with our senior management team, works collaboratively across the Company to implement a program designed to protect the Company\u2019s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company\u2019s incident response and recovery plans. Multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the Senior Vice President - Technology and the senior management team monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and report such threats and incidents to the Board and Audit Committee, when appropriate.
\u00a0
Our Senior Vice President - Technology has served in various roles in information technology and information security for over 25 years. He holds undergraduate and graduate degrees in computer science and business.
Our Senior Vice President - Technology has served in various roles in information technology and information security for over 25 years. He holds undergraduate and graduate degrees in computer science and business.
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NATURE OF OPERATIONS
\u00a0
\u00a0
Green Thumb Industries Inc. (\u201cGreen Thumb\u201d or the \u201cCompany\u201d), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while being committed to community and sustainable profitable growth. Green Thumb owns, manufactures, and distributes a portfolio of cannabis consumer packaged goods brands including &Shine, Beboe, Dogwalkers, Doctor Solomon\u2019s, Good Green, incredibles, and RYTHM, to third-party retail stores across the United States as well as to Green Thumb owned retail stores. The Company also owns and operates retail cannabis stores that include a national chain named RISE, which sell our products and third-party products. As of December 31, 2024, Green Thumb has revenue in fourteen markets (California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia), employs approximately 4,800 people and serves millions of patients and customers annually.
\u00a0
The Company\u2019s registered office is located at 250 Howe Street, 20th Floor, Vancouver, British Columbia, V6C 3R8. The Company\u2019s U.S. headquarters is at 325 W. Huron St., Suite 700, Chicago, IL 60654.
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\u00a0
\u00a0
\u00a0
The consolidated financial statements as of December 31, 2024, 2023 and 2022 (the \u201cConsolidated Financial Statements\u201d), have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d).
\u00a0
\u00a0
These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein.
\u00a0
The Company\u2019s functional currency, as determined by management, is the United States (\u201cU.S.\u201d) dollar. These consolidated financial statements are presented in U.S. dollars.
\u00a0
The consolidated financial statements for the years ended December 31, 2024, 2023 and 2022 include the accounts of the Company, its wholly-owned subsidiaries, its partially-owned subsidiaries, and those controlled by the Company by virtue of agreements, on a consolidated basis after elimination of intercompany transactions and balances.
\u00a0
Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee, and when the Company has the ability to affect those returns through its power over the investee. The financial statements of entities controlled by the Company by virtue of agreements are fully consolidated from the date that control commences and deconsolidated from the date control ceases.
\u00a0
The following are the Company\u2019s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
Subsidiaries | \n Jurisdiction | \n \u00a0 | \n \u00a0 | \n Interest | \n |
GTI23, Inc. | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
VCP23, LLC | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
GTI Core, LLC | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
The following are VCP23, LLC\u2019s and GTI Core, LLC\u2019s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
Subsidiaries | \n Ownership | \n \u00a0 | \n \u00a0 | \n Jurisdiction | \n \u00a0 | \n Purpose | \n
JB17, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n Management company | \n
GTI-Clinic Illinois Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Illinois | \n \u00a0 | \n License holder | \n
ILDISP, LLC | \n 100 | \n % | \n \u00a0 | \n Illinois | \n \u00a0 | \n License holder | \n
RISE Holdings, Inc. | \n 100 | \n % | \n \u00a0 | \n Massachusetts | \n \u00a0 | \n License holder | \n
Liberty Compassion Inc. | \n 100 | \n % | \n \u00a0 | \n Massachusetts | \n \u00a0 | \n License holder | \n
GTI Maryland, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Ohio Investors 2017, LLC | \n 100 | \n % | \n \u00a0 | \n Ohio | \n \u00a0 | \n Holding Company | \n
GTI Ohio, LLC | \n 100 | \n % | \n \u00a0 | \n Ohio | \n \u00a0 | \n License holder | \n
GTI Nevada, LLC | \n 100 | \n % | \n \u00a0 | \n Nevada | \n \u00a0 | \n License holder | \n
GTI Pennsylvania, LLC | \n 100 | \n % | \n \u00a0 | \n Pennsylvania | \n \u00a0 | \n License holder | \n
GTI Florida, LLC | \n 100 | \n % | \n \u00a0 | \n Florida | \n \u00a0 | \n Holding company | \n
KSGNF, LLC | \n 100 | \n % | \n \u00a0 | \n Florida | \n \u00a0 | \n License holder | \n
GTI New Jersey, LLC | \n 100 | \n % | \n \u00a0 | \n New Jersey | \n \u00a0 | \n License holder | \n
KW Ventures Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Pennsylvania | \n \u00a0 | \n License holder | \n
Chesapeake Alternatives, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Meshow, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Maryland Health and Wellness Center, Inc. | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Advanced Grow Labs, LLC | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Bluepoint Wellness of Westport, LLC | \n 46 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Bluepoint Apothecary, LLC | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Southern CT Wellness and Healing | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License Holder | \n
Integral Associates, LLC | \n 100 | \n % | \n \u00a0 | \n Nevada | \n \u00a0 | \n License holder | \n
Integral Associates CA, LLC | \n 100 | \n % | \n \u00a0 | \n California | \n \u00a0 | \n License holder | \n
Fiorello Pharmaceuticals, Inc. | \n 100 | \n % | \n \u00a0 | \n New York | \n \u00a0 | \n License holder | \n
Dharma Pharmaceuticals, LLC | \n 100 | \n % | \n \u00a0 | \n Virginia | \n \u00a0 | \n License holder | \n
Summit Medical Compassion Center, Inc. | \n 0 | \n % | \n \u00a0 | \n Rhode Island | \n \u00a0 | \n License holder | \n
LeafLine Industries, LLC | \n 100 | \n % | \n \u00a0 | \n Minnesota | \n \u00a0 | \n License holder | \n
MC Brands, LLC | \n 100 | \n % | \n \u00a0 | \n Colorado | \n \u00a0 | \n Intellectual property | \n
For Success Holding Company | \n 100 | \n % | \n \u00a0 | \n California | \n \u00a0 | \n Intellectual property | \n
VCP IP Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Intellectual property | \n
Vision Management Services, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Management company | \n
RSLGH, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Management company | \n
TWD18, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Investment company | \n
VCP Real Estate Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Real Estate holding company | \n
Associates are all entities over which the Company has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Company.
\u00a0
The Company assesses annually whether there is any objective evidence that its interest in associates is impaired. If impaired, the carrying value of the Company\u2019s share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal or value in use) and charged to the consolidated statement of operations. If the financial statements of an associate are prepared on a date different from that used by the Company, adjustments are made for the effects of significant transactions or events that occur between that date and the date of these consolidated financial statements.
\u00a0
On November 5, 2024 (the \u201cTransaction Date\u201d), the Company acquired a noncontrolling financial interest in Agrify Corporation (\u201cAgrify\u201d), a related-party, in exchange for $18,280 thousand in cash and Subordinate Voting Shares of Green Thumb. As part of the Transaction, the Company also acquired warrants that would allow the Company to extend its ownership stake if exercised. Separately, Agrify's Board of Directors appointed Benjamin Kovler as its Chairman and Interim CEO and Armon Vakali, Vice President, Strategic Initiatives and Partnerships of Green Thumb, as a member of its Board.
\u00a0
As of the Transaction Date, the carrying value of the Company\u2019s investment in Agrify exceeded its proportionate share of the net assets of Agrify by approximately $12,700 thousand. The premium was recognized as part of the carrying value in the Company\u2019s equity investment in Agrify. The difference was attributed to goodwill in Agrify. The equity method goodwill will not be amortized, but tested for impairment to the extent impairment indicators exist. As of December 31, 2024, no such impairment indicators were identified.
\u00a0
\u00a0
Non-controlling interests (\u201cNCI\u201d) represent equity interests owned by outside parties. NCI may be initially measured at fair value or at the NCI\u2019s proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. The choice of measurement is made on a transaction by transaction basis. Green Thumb elected to measure each NCI at its proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. The share of net assets attributable to NCI are presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Total comprehensive income or loss of subsidiaries is attributed to the shareholders of the Company and to the NCI, even if this results in the NCI having a deficit balance.
\u00a0
\u00a0
Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash, with original maturities of three months or less, and cash held at retail locations.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based on existing contractual payment terms, actual payment patterns of its customers and individual customer circumstances. For the years ended December 31, 2024 and 2023 the Company recorded approximately $4,484 thousand and $1,658 thousand, respectively, in allowance for doubtful accounts. During the years ended December 31, 2024, 2023 and 2022, the Company recorded bad debt expense of $3,088 thousand, $729 thousand and $423 thousand, respectively.
\u00a0
Notes receivable are initially recorded at their fair value, which generally reflects the face value of the instrument. Notes receivable are subsequently carried at amortized cost minus impairment. Allowance for the uncollectibility of notes receivable is evaluated individually based on specific credit risk characteristics, including the borrower\u2019s financial condition, collateral and payment history. During the year ended December 31, 2024, the Company extended a convertible secured note to Agrify, a related-party, the carrying value of which was $10,000 thousand as of the period then ended. The convertible note receivable matures on November 5, 2025, bears interest of 10% per annum and was recorded within other current assets on the Company's consolidated balance sheets.
\u00a0
Inventories of purchased finished goods and packing materials are initially valued at cost and subsequently at the lower of cost and net realizable value.
\u00a0
Costs incurred during the growing and production process are capitalized as incurred to the extent that cost is less than net realizable value. These costs include materials, labor and manufacturing overhead used in the growing and production processes.
\u00a0
Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the weighted average cost basis. Products for resale and supplies and consumables are valued at lower of cost and net realizable value. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such inventories are written down to net realizable value.
\u00a0
\u00a0
Property and equipment are stated at cost, including capitalized borrowing costs, net of accumulated depreciation and impairment losses, if any. Expenditures that materially increase the life of the assets are capitalized. Ordinary repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:
\u00a0
\n| \n | \n | \n |
Land | \n \u00a0 | \n Not Depreciated | \n
Land Improvements | \n \u00a0 | \n 10 \u2013 30\u00a0Years | \n
Buildings and Improvements | \n \u00a0 | \n 39\u00a0Years | \n
Furniture and Fixtures | \n \u00a0 | \n 5\u00a0\u2013 7\u00a0Years | \n
Computer Equipment and Software | \n \u00a0 | \n 5\u00a0Years | \n
Leasehold Improvements | \n \u00a0 | \n Remaining Life of Lease | \n
Production and Processing Equipment | \n \u00a0 | \n 5\u00a0\u2013 7\u00a0Years | \n
Assets Under Construction | \n \u00a0 | \n Not Depreciated | \n
\u00a0
The assets\u2019 residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. An item of equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in operations in the year the asset is derecognized.
\u00a0
\u00a0
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the asset group is assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset group and its eventual disposition. If the carrying value of an asset group exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset group\u2019s carrying value over its fair value. During the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges of $450 thousand, $5,467 thousand and $1,419 thousand respectively, within selling, general, and administrative expenses on the consolidated statement of operations.
\u00a0
Notes receivable instruments and investments in equity of private companies represent financial assets without readily determinable fair values. The Company measures such investments at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Subsequent changes in fair value are recognized in profit or loss. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist.
\u00a0
\u00a0
Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization periods of assets with finite lives are based on management\u2019s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2024:
\u00a0
\n| \n | \n | \n |
Licenses and Permits | \n \u00a0 | \n 15\u00a0years | \n
Tradenames | \n \u00a0 | \n 5-15 years | \n
Customer Relationships | \n \u00a0 | \n 7 years | \n
Non-competition Agreement | \n \u00a0 | \n 5 years | \n
\u00a0
Intangible assets with finite lives are amortized over their estimated useful lives. The estimated useful lives, residual values and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.
\u00a0
During the 2022 annual review, management determined that certain trade names associated with the 2019 acquisition of Integral Associates, LLC (\u201cIntegral\u201d) were impaired. The Company\u2019s decisions to re-brand Essence retail stores into RISE retail locations and, discontinue production of the Desert Grown Farms brand, both acquired as part of the Integral acquisition, resulted in an impairment charge of $31,131 thousand as of the year ended December 31, 2022.
\u00a0
No such impairment charges were recorded during the years ended December 31, 2024 or 2023.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit.
\u00a0
Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. The Company reviews indefinite-lived intangible assets, which includes goodwill, annually, as of October 1, for impairment or more frequently if events or circumstances indicate that the carrying value may not be recoverable. An impaired asset is written down to its estimated fair value based on the most recent information available.
\u00a0
The Company applies the guidance in Accounting Standards Update (\u201cASU\u201d) 2011-08, Intangibles-Goodwill and Other-Testing Goodwill for Impairment, which provides entities with an option to perform a qualitative assessment (commonly referred to as \u201cStep Zero\u201d) to determine whether further quantitative analysis for impairment of goodwill is necessary. In performing Step Zero for the Company\u2019s goodwill impairment test, the Company is required to make assumptions and judgments including but not limited to the following: the evaluation of macroeconomic conditions as related to the Company\u2019s business, industry and market trends, and the overall future financial performance of its reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing Step Zero, the Company would perform a quantitative impairment analysis to estimate the fair value of goodwill.
\u00a0
During the years ended December 31, 2024 and 2023, the Company performed the Step Zero analysis for its goodwill impairment test. As a result of the Company\u2019s Step Zero analysis, no further quantitative impairment test was deemed necessary.
During 2022, the Company reevaluated its existing reporting units under the accounting guidance provided in Accounting Standards Codification (\u201cASC\u201d) 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Subsequent to October 1, 2022, the Company aggregated each of the components into two reporting units (Retail and Consumer Packaged Goods).
\u00a0
As part of the Company\u2019s reevaluation of its reporting units, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis.
\u00a0
The analysis performed included estimating the fair value of each reporting unit using either an income or market approach. The income approach required management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, the allocation of shared or corporate costs and the eventual repeal of 280E. The market approach estimated fair value using comparable marketplace fair value data from within a comparable industry grouping.
\u00a0
As a result of the Company\u2019s analysis, an impairment charge of $44,392 thousand associated with its Nevada Consumer Packaged Goods operations and $12,980 thousand associated with its Nevada Retail operations, was recorded during the year ended December 31, 2022, as the carrying value of the reporting units exceeded their estimated fair value by such amounts. No such impairment charges were recorded for the years ended December 31, 2024 or 2023.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
\u00a0
Deferred tax assets and liabilities are measured using the enacted taxes rates. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs. As discussed further in Note 11\u2014Income Taxes, the Company is subject to the limitations of Internal Revenue Code of 1986, as amended (\u201cIRC\u201d) Section 280E.
\u00a0
\u00a0
Revenue is recognized by the Company in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (\u201cASU 2014-09\u201d). Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
\u00a0
In order to recognize revenue under ASU 2014-09, the Company applies the following five (5) steps:
\n
| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Identify a customer along with a corresponding contract; | \n
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer; | \n
| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer; | \n
\n
| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Allocate the transaction price to the performance obligation(s) in the contract; and | \n
\n
| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Recognize revenue when or as the Company satisfies the performance obligation(s). | \n
\u00a0
Revenues consist of Consumer Packaged Goods and Retail sales of cannabis, which are generally recognized at a point in time when control over the goods have been transferred to the customer and is recorded net of sales discounts. Payment is typically due upon transferring the goods to the customer or within a specified time period permitted under the Company\u2019s credit policy. During the years ended December 31, 2024, 2023 and 2022, sales discounts totaled $267,298 thousand, $232,031 thousand and $167,288 thousand, respectively.
\u00a0
Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer.
\u00a0
At some locations, the Company offers a loyalty reward program to its retail customers. A portion of the revenue generated in a sale must be allocated to the loyalty points earned. The amount allocated to the points earned is deferred until the loyalty points are redeemed or expire. As of December 31, 2024 and 2023, the loyalty liability totaled $5,149 thousand and $4,839 thousand, respectively, and is included in accrued liabilities on the consolidated balance sheets.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted.
\u00a0
Equity settled stock-based payments under stock-based payments plans are ultimately recognized as an expense in profit or loss with a corresponding credit to contributed surplus, in equity.
\u00a0
The Company recognizes compensation expense for Restricted Stock Units (\u201cRSUs\u201d) and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in a prior period if share options ultimately exercised are different to that estimated on vesting.
\u00a0
\u00a0
The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
\u00a0
Level 1\u2014Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2\u2014Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and
Level 3\u2014Inputs for the asset or liability that are not based on observable market data.
\u00a0
For further details, see Note 14\u2014Fair Value Measurements.
\u00a0
\u00a0
The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities.
\u00a0
Contingent liabilities are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify onerous contracts and, where applicable, records contingent liabilities for such contracts.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
Common Shares are classified as equity (the Company\u2019s Super Voting Shares, Multiple Voting Shares and Subordinate Voting Shares are all considered Common Shares). Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.
\u00a0
\u00a0
Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of Common Shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding Common Shares and consequently are not included in the basic earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of Common Shares outstanding to assume conversion of all dilutive potential Common Shares. The Company has three categories of potentially dilutive Common Share equivalents: RSUs, options and warrants. As of December 31, 2024, the Company had 8,238,472 options, 7,678,310 RSUs and 1,811,075 warrants outstanding. As of December 31, 2023, the Company had 10,071,467 options, 3,620,638 RSUs and 3,734,555 warrants outstanding. As of December 31, 2022, the Company had 9,577,947 options, 947,502 RSUs and 3,734,555 warrants outstanding.
\u00a0
In order to determine diluted earnings per share, it is assumed that any proceeds from the exercise of dilutive unvested RSUs, options, and warrants would be used to repurchase Common Shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of options and convertible debt that would increase earnings per share or decrease loss per share. For the year ended December 31, 2024, the computation of diluted earnings per share included 895,518 options, 4,189,705 RSUs and 12,960 warrants. For the year ended December 31, 2023, the computation of diluted earnings per share included 220,325 options, 1,679,198 RSUs and 0 warrants. For the year ended December 31, 2022, the computation of diluted earnings per share included 1,001,835 options, 243,194 RSUs and 121,945 warrants.
For the years ended December 31, 2024, 2023, and 2022 the weighted average number of anti-dilutive options excluded from the computation of diluted earnings per share were 970,606; 2,477,120; and 1,895,273, respectively.
\u00a0
\u00a0
Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition related transaction costs are expensed as incurred. Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair value at the date of acquisition. When the Company acquires control of a business, any previously held equity interest also is remeasured to fair value. The excess of the purchase consideration and any previously held equity interest over the fair value of identifiable net assets acquired is goodwill. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously held equity interest, the difference is recognized in the Consolidated Statements of Operations immediately as a gain or loss on acquisition.
\u00a0
Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Contingent consideration classified as a liability requires remeasurement at each period-end, with adjustments to the fair value of the liability recorded within selling, general, and administrative expenses. Equity classified contingent consideration is measured as of the date of acquisition and assessed at each period-end to determine whether equity classification remains appropriate.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends.
\u00a0
When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the asset group is assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset group and its eventual disposition. If the carrying value of an asset group exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset group\u2019s carrying value over its fair value.
\u00a0
During the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges associated with long-lived fixed assets of $450 thousand, $5,467 thousand and $1,419 thousand respectively, within selling, general, and administrative expenses on the consolidated statement of operations.
\u00a0
\u00a0
The preparation of the Company\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and revenue and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
\u00a0
Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below.
\n
| \n | \n | \n |
\u00a0 | \n (i) | \n Estimated Useful Lives and Amortization of Intangible Assets (Also see Note 5\u2014Intangible Asset and Goodwill) | \n
\u00a0
Amortization of intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (ii) | \n Business Combinations | \n
\u00a0
Classification of an acquisition as a business combination or an asset acquisition depends on whether the assets acquired constitute a business, which can be a complex judgment. Whether an acquisition is classified as a business combination or asset acquisition can have a significant impact on the entries made on and after acquisition.
\u00a0
In determining the fair value of all identifiable assets, liabilities and contingent liabilities acquired, the most significant estimates relate to contingent consideration and intangible assets. Management exercises judgment in estimating the probability and timing of when earn-outs are expected to be achieved, which is used as the basis for estimating fair value. For any intangible asset identified, depending on the type of intangible asset and the complexity of determining its fair value, an independent valuation expert or management may develop the fair value, using appropriate valuation techniques, which are generally based on a forecast of the total expected future net cash flows.
\u00a0
Cannabis licenses are the primary intangible asset acquired in business combinations as they provide the Company the ability to operate in each market. However, some cannabis licenses are subject to renewal and therefore there is some risk of non-renewal for several reasons, including operational, regulatory, legal or economic. To appropriately consider the risk of non-renewal, the
\u00a0
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
Company applies probability weighting to the expected future net cash flows in calculating the fair value of these intangible assets. The key assumptions used in these cash flow projections include discount rates and terminal growth rates.
Of the key assumptions used, the impact of the estimated fair value of the intangible assets have the greatest sensitivity to the estimated discount rate used in the valuation. Other significant assumptions include revenue, gross profit, operating expenses and anticipated capital expenditures which are based upon the Corporation\u2019s historical operations along with management projections.
\u00a0
The evaluations are linked closely to the assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (iii) | \n Inventories | \n
\u00a0
The net realizable value of inventories represents the estimated selling price for inventories in the ordinary course of business, less all estimated costs of completion and costs necessary to make the sale. The determination of net realizable value requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expected future selling price the Company expects to realize by selling the inventory, and the contractual arrangements with customers. Reserves for excess and obsolete inventory are based upon quantities on hand, projected volumes from demand forecasts and net realizable value. The estimates are judgmental in nature and are made at a point in time, using available information, expected business plans, and expected market conditions. As a result, the actual amount received on sale could differ from the estimated value of inventory. Periodic reviews are performed on the inventory balance. The impact of changes in inventory reserves is reflected in cost of goods sold.
\u00a0
| \n | \n | \n |
\u00a0 | \n (iv) | \n Investments in Private Holdings | \n
\u00a0
Investments include private company investments which are carried at fair value based on the value of the Company\u2019s interests in the private companies determined from financial information provided by management of the companies, which may include operating results, subsequent rounds of financing and other appropriate information. Any change in fair value is recognized on the consolidated statement of operations.
\n
| \n | \n | \n |
\u00a0 | \n (v) | \n Goodwill Impairment | \n
\u00a0
Goodwill is tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of goodwill has been impaired. As described in Notes 2(l) and 2(m), the Company applies the guidance in ASU 2011-08 Intangibles-Goodwill and Other-Testing Goodwill for Impairment, which provides entities with an option to perform a qualitative assessment (commonly referred to as \u201cStep Zero\u201d) to determine whether further quantitative analysis for impairment of goodwill is necessary. In performing Step Zero for the Company\u2019s goodwill impairment test, the Company is required to make assumptions and judgments including but not limited to the following: the evaluation of macroeconomic conditions as related to the Company\u2019s business, industry and market trends, and the overall future financial performance of its reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing Step Zero, the Company would perform a quantitative impairment analysis to estimate the fair value of goodwill.
\u00a0
During the years ended December 31, 2024 and 2023, the Company performed the Step Zero analysis for its goodwill impairment test. As a result of the Company\u2019s Step Zero analysis, no further quantitative impairment test was deemed necessary.
\u00a0
During the year ended December 31, 2022, the Company reevaluated its existing reporting units under ASC 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Subsequent to October 1, 2022, the Company aggregated each of the components into two reporting units (Retail and Consumer Packaged Goods).
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
As part of the Company\u2019s reevaluation of its reporting units, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis.
\u00a0
The analysis performed included estimating the fair value of each reporting unit using either an income or market approach. The income approach required management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, the allocation of shared or corporate costs and the eventual repeal of 280E. The market approach estimated fair value using comparable marketplace fair value data from within a comparable industry grouping.
\u00a0
As a result of the Company\u2019s analysis, an impairment charge of $44,392 thousand associated with its Nevada Consumer Packaged Goods operations and $12,980 thousand associated with its Nevada Retail operations, was recorded during the year ended December 31, 2022, as the carrying value of the reporting units exceeded their estimated fair value by such amounts.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (vi) | \n Determination of Reporting Units | \n
\u00a0
The Company\u2019s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). Management evaluated its reporting units under the accounting guidance provided in ASC 280 Segment Reporting, and determined that the individual components within each respective reportable segment were economically similar and thus, aggregation of those components into two reporting units that align with our reportable segments, was applied.
\n
| \n | \n | \n |
\u00a0 | \n (vii) | \n Consolidation | \n
\u00a0
Judgment is applied in assessing whether the Company exercises control and has significant influence over entities in which the Company directly or indirectly owns an interest. The Company has control when it has the power over the subsidiary, has exposure or rights to variable returns, and has the ability to use its power to affect the returns. Significant influence is defined as the power to participate in the financial and operating decisions of the subsidiaries. Where the Company is determined to have control, these entities are consolidated. Additionally, judgment is applied in determining the effective date on which control was obtained.
\n
| \n | \n | \n |
\u00a0 | \n (viii) | \n Allowance for Uncollectible Accounts | \n
\u00a0
Management determines the allowance for uncollectible accounts by evaluating individual receivable balances and considering accounts and other receivable financial condition and current economic conditions. Accounts receivable and financial assets recorded in other receivables are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. All receivables are expected to be collected within one year of the balance sheet date.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (ix) | \n Stock-Based Payments | \n
\u00a0
Valuation of stock-based compensation and warrants requires management to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of the Company\u2019s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates are considered for each new grant of stock options or warrants.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (x) | \n Fair Value of Financial Instruments | \n
\u00a0
The individual fair values attributed to the different components of a financing transaction or derivative financial instruments, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and in performing the fair value calculations in order to determine (a) the values attributed to each component of a transaction at the time of their issuance; (b) the fair value measurements for certain instruments that require subsequent measurement at fair value on a recurring basis; and (c) for disclosing the fair value of financial instruments. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
\u00a0
The consolidated financial statements as of December 31, 2024, 2023 and 2022 (the \u201cConsolidated Financial Statements\u201d), have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d).
"}]},{"name":"rpt:f-543","factDimensions":{"xbrl:concept":"gtbif:BasisOfMeasurementPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein.
"}]},{"name":"rpt:f-544","factDimensions":{"xbrl:concept":"gtbif:Functionalandpresentationcurrencypolicytextblock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
The Company\u2019s functional currency, as determined by management, is the United States (\u201cU.S.\u201d) dollar. These consolidated financial statements are presented in U.S. dollars.
"}]},{"name":"rpt:f-545","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
The consolidated financial statements for the years ended December 31, 2024, 2023 and 2022 include the accounts of the Company, its wholly-owned subsidiaries, its partially-owned subsidiaries, and those controlled by the Company by virtue of agreements, on a consolidated basis after elimination of intercompany transactions and balances.
\u00a0
Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee, and when the Company has the ability to affect those returns through its power over the investee. The financial statements of entities controlled by the Company by virtue of agreements are fully consolidated from the date that control commences and deconsolidated from the date control ceases.
\u00a0
The following are the Company\u2019s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
Subsidiaries | \n Jurisdiction | \n \u00a0 | \n \u00a0 | \n Interest | \n |
GTI23, Inc. | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
VCP23, LLC | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
GTI Core, LLC | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
\u00a0
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
(d) Basis of Consolidation (Continued)
\u00a0
The following are VCP23, LLC\u2019s and GTI Core, LLC\u2019s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
Subsidiaries | \n Ownership | \n \u00a0 | \n \u00a0 | \n Jurisdiction | \n \u00a0 | \n Purpose | \n
JB17, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n Management company | \n
GTI-Clinic Illinois Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Illinois | \n \u00a0 | \n License holder | \n
ILDISP, LLC | \n 100 | \n % | \n \u00a0 | \n Illinois | \n \u00a0 | \n License holder | \n
RISE Holdings, Inc. | \n 100 | \n % | \n \u00a0 | \n Massachusetts | \n \u00a0 | \n License holder | \n
Liberty Compassion Inc. | \n 100 | \n % | \n \u00a0 | \n Massachusetts | \n \u00a0 | \n License holder | \n
GTI Maryland, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Ohio Investors 2017, LLC | \n 100 | \n % | \n \u00a0 | \n Ohio | \n \u00a0 | \n Holding Company | \n
GTI Ohio, LLC | \n 100 | \n % | \n \u00a0 | \n Ohio | \n \u00a0 | \n License holder | \n
GTI Nevada, LLC | \n 100 | \n % | \n \u00a0 | \n Nevada | \n \u00a0 | \n License holder | \n
GTI Pennsylvania, LLC | \n 100 | \n % | \n \u00a0 | \n Pennsylvania | \n \u00a0 | \n License holder | \n
GTI Florida, LLC | \n 100 | \n % | \n \u00a0 | \n Florida | \n \u00a0 | \n Holding company | \n
KSGNF, LLC | \n 100 | \n % | \n \u00a0 | \n Florida | \n \u00a0 | \n License holder | \n
GTI New Jersey, LLC | \n 100 | \n % | \n \u00a0 | \n New Jersey | \n \u00a0 | \n License holder | \n
KW Ventures Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Pennsylvania | \n \u00a0 | \n License holder | \n
Chesapeake Alternatives, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Meshow, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Maryland Health and Wellness Center, Inc. | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Advanced Grow Labs, LLC | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Bluepoint Wellness of Westport, LLC | \n 46 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Bluepoint Apothecary, LLC | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Southern CT Wellness and Healing | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License Holder | \n
Integral Associates, LLC | \n 100 | \n % | \n \u00a0 | \n Nevada | \n \u00a0 | \n License holder | \n
Integral Associates CA, LLC | \n 100 | \n % | \n \u00a0 | \n California | \n \u00a0 | \n License holder | \n
Fiorello Pharmaceuticals, Inc. | \n 100 | \n % | \n \u00a0 | \n New York | \n \u00a0 | \n License holder | \n
Dharma Pharmaceuticals, LLC | \n 100 | \n % | \n \u00a0 | \n Virginia | \n \u00a0 | \n License holder | \n
Summit Medical Compassion Center, Inc. | \n 0 | \n % | \n \u00a0 | \n Rhode Island | \n \u00a0 | \n License holder | \n
LeafLine Industries, LLC | \n 100 | \n % | \n \u00a0 | \n Minnesota | \n \u00a0 | \n License holder | \n
MC Brands, LLC | \n 100 | \n % | \n \u00a0 | \n Colorado | \n \u00a0 | \n Intellectual property | \n
For Success Holding Company | \n 100 | \n % | \n \u00a0 | \n California | \n \u00a0 | \n Intellectual property | \n
VCP IP Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Intellectual property | \n
Vision Management Services, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Management company | \n
RSLGH, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Management company | \n
TWD18, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Investment company | \n
VCP Real Estate Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Real Estate holding company | \n
The following are the Company\u2019s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
Subsidiaries | \n Jurisdiction | \n \u00a0 | \n \u00a0 | \n Interest | \n |
GTI23, Inc. | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
VCP23, LLC | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
GTI Core, LLC | \n Delaware | \n \u00a0 | \n \u00a0 | \n 100 | \n % | \n
The following are VCP23, LLC\u2019s and GTI Core, LLC\u2019s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
Subsidiaries | \n Ownership | \n \u00a0 | \n \u00a0 | \n Jurisdiction | \n \u00a0 | \n Purpose | \n
JB17, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n Management company | \n
GTI-Clinic Illinois Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Illinois | \n \u00a0 | \n License holder | \n
ILDISP, LLC | \n 100 | \n % | \n \u00a0 | \n Illinois | \n \u00a0 | \n License holder | \n
RISE Holdings, Inc. | \n 100 | \n % | \n \u00a0 | \n Massachusetts | \n \u00a0 | \n License holder | \n
Liberty Compassion Inc. | \n 100 | \n % | \n \u00a0 | \n Massachusetts | \n \u00a0 | \n License holder | \n
GTI Maryland, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Ohio Investors 2017, LLC | \n 100 | \n % | \n \u00a0 | \n Ohio | \n \u00a0 | \n Holding Company | \n
GTI Ohio, LLC | \n 100 | \n % | \n \u00a0 | \n Ohio | \n \u00a0 | \n License holder | \n
GTI Nevada, LLC | \n 100 | \n % | \n \u00a0 | \n Nevada | \n \u00a0 | \n License holder | \n
GTI Pennsylvania, LLC | \n 100 | \n % | \n \u00a0 | \n Pennsylvania | \n \u00a0 | \n License holder | \n
GTI Florida, LLC | \n 100 | \n % | \n \u00a0 | \n Florida | \n \u00a0 | \n Holding company | \n
KSGNF, LLC | \n 100 | \n % | \n \u00a0 | \n Florida | \n \u00a0 | \n License holder | \n
GTI New Jersey, LLC | \n 100 | \n % | \n \u00a0 | \n New Jersey | \n \u00a0 | \n License holder | \n
KW Ventures Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Pennsylvania | \n \u00a0 | \n License holder | \n
Chesapeake Alternatives, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Meshow, LLC | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Maryland Health and Wellness Center, Inc. | \n 100 | \n % | \n \u00a0 | \n Maryland | \n \u00a0 | \n License holder | \n
Advanced Grow Labs, LLC | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Bluepoint Wellness of Westport, LLC | \n 46 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Bluepoint Apothecary, LLC | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License holder | \n
Southern CT Wellness and Healing | \n 100 | \n % | \n \u00a0 | \n Connecticut | \n \u00a0 | \n License Holder | \n
Integral Associates, LLC | \n 100 | \n % | \n \u00a0 | \n Nevada | \n \u00a0 | \n License holder | \n
Integral Associates CA, LLC | \n 100 | \n % | \n \u00a0 | \n California | \n \u00a0 | \n License holder | \n
Fiorello Pharmaceuticals, Inc. | \n 100 | \n % | \n \u00a0 | \n New York | \n \u00a0 | \n License holder | \n
Dharma Pharmaceuticals, LLC | \n 100 | \n % | \n \u00a0 | \n Virginia | \n \u00a0 | \n License holder | \n
Summit Medical Compassion Center, Inc. | \n 0 | \n % | \n \u00a0 | \n Rhode Island | \n \u00a0 | \n License holder | \n
LeafLine Industries, LLC | \n 100 | \n % | \n \u00a0 | \n Minnesota | \n \u00a0 | \n License holder | \n
MC Brands, LLC | \n 100 | \n % | \n \u00a0 | \n Colorado | \n \u00a0 | \n Intellectual property | \n
For Success Holding Company | \n 100 | \n % | \n \u00a0 | \n California | \n \u00a0 | \n Intellectual property | \n
VCP IP Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Intellectual property | \n
Vision Management Services, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Management company | \n
RSLGH, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Management company | \n
TWD18, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Investment company | \n
VCP Real Estate Holdings, LLC | \n 100 | \n % | \n \u00a0 | \n Delaware | \n \u00a0 | \n Real Estate holding company | \n
\u00a0
Associates are all entities over which the Company has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Company.
\u00a0
The Company assesses annually whether there is any objective evidence that its interest in associates is impaired. If impaired, the carrying value of the Company\u2019s share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal or value in use) and charged to the consolidated statement of operations. If the financial statements of an associate are prepared on a date different from that used by the Company, adjustments are made for the effects of significant transactions or events that occur between that date and the date of these consolidated financial statements.
\u00a0
On November 5, 2024 (the \u201cTransaction Date\u201d), the Company acquired a noncontrolling financial interest in Agrify Corporation (\u201cAgrify\u201d), a related-party, in exchange for $18,280 thousand in cash and Subordinate Voting Shares of Green Thumb. As part of the Transaction, the Company also acquired warrants that would allow the Company to extend its ownership stake if exercised. Separately, Agrify's Board of Directors appointed Benjamin Kovler as its Chairman and Interim CEO and Armon Vakali, Vice President, Strategic Initiatives and Partnerships of Green Thumb, as a member of its Board.
\u00a0
As of the Transaction Date, the carrying value of the Company\u2019s investment in Agrify exceeded its proportionate share of the net assets of Agrify by approximately $12,700 thousand. The premium was recognized as part of the carrying value in the Company\u2019s equity investment in Agrify. The difference was attributed to goodwill in Agrify. The equity method goodwill will not be amortized, but tested for impairment to the extent impairment indicators exist. As of December 31, 2024, no such impairment indicators were identified.
\u00a0
Non-controlling interests (\u201cNCI\u201d) represent equity interests owned by outside parties. NCI may be initially measured at fair value or at the NCI\u2019s proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. The choice of measurement is made on a transaction by transaction basis. Green Thumb elected to measure each NCI at its proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. The share of net assets attributable to NCI are presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Total comprehensive income or loss of subsidiaries is attributed to the shareholders of the Company and to the NCI, even if this results in the NCI having a deficit balance.
"}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash, with original maturities of three months or less, and cash held at retail locations.
"}]},{"name":"rpt:f-626","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based on existing contractual payment terms, actual payment patterns of its customers and individual customer circumstances. For the years ended December 31, 2024 and 2023 the Company recorded approximately $4,484 thousand and $1,658 thousand, respectively, in allowance for doubtful accounts. During the years ended December 31, 2024, 2023 and 2022, the Company recorded bad debt expense of $3,088 thousand, $729 thousand and $423 thousand, respectively.
\u00a0
Notes receivable are initially recorded at their fair value, which generally reflects the face value of the instrument. Notes receivable are subsequently carried at amortized cost minus impairment. Allowance for the uncollectibility of notes receivable is evaluated individually based on specific credit risk characteristics, including the borrower\u2019s financial condition, collateral and payment history. During the year ended December 31, 2024, the Company extended a convertible secured note to Agrify, a related-party, the carrying value of which was $10,000 thousand as of the period then ended. The convertible note receivable matures on November 5, 2025, bears interest of 10% per annum and was recorded within other current assets on the Company's consolidated balance sheets.
"}]},{"name":"rpt:f-627","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4484000","decimals":-3}]},{"name":"rpt:f-628","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1658000","decimals":-3}]},{"name":"rpt:f-629","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3088000","decimals":-3}]},{"name":"rpt:f-630","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"729000","decimals":-3}]},{"name":"rpt:f-631","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"423000","decimals":-3}]},{"name":"rpt:f-632","factDimensions":{"xbrl:concept":"gtbif:RelatedPartyCarryingValue","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10000000","decimals":-3}]},{"name":"rpt:f-633","factDimensions":{"xbrl:concept":"gtbif:InterestReceivedRate","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-634","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Inventories of purchased finished goods and packing materials are initially valued at cost and subsequently at the lower of cost and net realizable value.
\u00a0
Costs incurred during the growing and production process are capitalized as incurred to the extent that cost is less than net realizable value. These costs include materials, labor and manufacturing overhead used in the growing and production processes.
\u00a0
Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the weighted average cost basis. Products for resale and supplies and consumables are valued at lower of cost and net realizable value. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such inventories are written down to net realizable value.
"}]},{"name":"rpt:f-635","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Property and equipment are stated at cost, including capitalized borrowing costs, net of accumulated depreciation and impairment losses, if any. Expenditures that materially increase the life of the assets are capitalized. Ordinary repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:
\u00a0
\n| \n | \n | \n |
Land | \n \u00a0 | \n Not Depreciated | \n
Land Improvements | \n \u00a0 | \n 10 \u2013 30\u00a0Years | \n
Buildings and Improvements | \n \u00a0 | \n 39\u00a0Years | \n
Furniture and Fixtures | \n \u00a0 | \n 5\u00a0\u2013 7\u00a0Years | \n
Computer Equipment and Software | \n \u00a0 | \n 5\u00a0Years | \n
Leasehold Improvements | \n \u00a0 | \n Remaining Life of Lease | \n
Production and Processing Equipment | \n \u00a0 | \n 5\u00a0\u2013 7\u00a0Years | \n
Assets Under Construction | \n \u00a0 | \n Not Depreciated | \n
\u00a0
The assets\u2019 residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. An item of equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in operations in the year the asset is derecognized.
\u00a0
\u00a0
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the asset group is assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset group and its eventual disposition. If the carrying value of an asset group exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset group\u2019s carrying value over its fair value. During the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges of $450 thousand, $5,467 thousand and $1,419 thousand respectively, within selling, general, and administrative expenses on the consolidated statement of operations.
"}]},{"name":"rpt:f-636","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfEstimatedUsefulLifeOfThePropertyAndEquipmentTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:\u00a0
\n| \n | \n | \n |
Land | \n \u00a0 | \n Not Depreciated | \n
Land Improvements | \n \u00a0 | \n 10 \u2013 30\u00a0Years | \n
Buildings and Improvements | \n \u00a0 | \n 39\u00a0Years | \n
Furniture and Fixtures | \n \u00a0 | \n 5\u00a0\u2013 7\u00a0Years | \n
Computer Equipment and Software | \n \u00a0 | \n 5\u00a0Years | \n
Leasehold Improvements | \n \u00a0 | \n Remaining Life of Lease | \n
Production and Processing Equipment | \n \u00a0 | \n 5\u00a0\u2013 7\u00a0Years | \n
Assets Under Construction | \n \u00a0 | \n Not Depreciated | \n
\u00a0
"}]},{"name":"rpt:f-637","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-638","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:LandImprovementsMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P30Y"}]},{"name":"rpt:f-639","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingAndBuildingImprovementsMember"},"factValues":[{"value":"P39Y"}]},{"name":"rpt:f-640","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","srt:RangeAxis":"srt:MinimumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:FurnitureAndFixturesMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-641","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:FurnitureAndFixturesMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P7Y"}]},{"name":"rpt:f-642","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ComputerEquipmentMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-643","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","srt:RangeAxis":"srt:MinimumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"gtbif:ProductionAndProcessingEquipmentMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-644","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"gtbif:ProductionAndProcessingEquipmentMember"},"factValues":[{"value":"P7Y"}]},{"name":"rpt:f-645","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"450000","decimals":-3}]},{"name":"rpt:f-646","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5467000","decimals":-3}]},{"name":"rpt:f-647","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1419000","decimals":-3}]},{"name":"rpt:f-648","factDimensions":{"xbrl:concept":"gtbif:Notereceivableandinvestmentspolicytextblock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Notes receivable instruments and investments in equity of private companies represent financial assets without readily determinable fair values. The Company measures such investments at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Subsequent changes in fair value are recognized in profit or loss. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist.
"}]},{"name":"rpt:f-649","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsPolicy","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization periods of assets with finite lives are based on management\u2019s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2024:
\u00a0
\n| \n | \n | \n |
Licenses and Permits | \n \u00a0 | \n 15\u00a0years | \n
Tradenames | \n \u00a0 | \n 5-15 years | \n
Customer Relationships | \n \u00a0 | \n 7 years | \n
Non-competition Agreement | \n \u00a0 | \n 5 years | \n
\u00a0
Intangible assets with finite lives are amortized over their estimated useful lives. The estimated useful lives, residual values and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.
\u00a0
During the 2022 annual review, management determined that certain trade names associated with the 2019 acquisition of Integral Associates, LLC (\u201cIntegral\u201d) were impaired. The Company\u2019s decisions to re-brand Essence retail stores into RISE retail locations and, discontinue production of the Desert Grown Farms brand, both acquired as part of the Integral acquisition, resulted in an impairment charge of $31,131 thousand as of the year ended December 31, 2022.
\u00a0
No such impairment charges were recorded during the years ended December 31, 2024 or 2023.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
"}]},{"name":"rpt:f-650","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfEstimatedUsefulLivesOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Amortization periods of assets with finite lives are based on management\u2019s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2024:\u00a0
\n| \n | \n | \n |
Licenses and Permits | \n \u00a0 | \n 15\u00a0years | \n
Tradenames | \n \u00a0 | \n 5-15 years | \n
Customer Relationships | \n \u00a0 | \n 7 years | \n
Non-competition Agreement | \n \u00a0 | \n 5 years | \n
\u00a0
Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit.
\u00a0
Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. The Company reviews indefinite-lived intangible assets, which includes goodwill, annually, as of October 1, for impairment or more frequently if events or circumstances indicate that the carrying value may not be recoverable. An impaired asset is written down to its estimated fair value based on the most recent information available.
\u00a0
The Company applies the guidance in Accounting Standards Update (\u201cASU\u201d) 2011-08, Intangibles-Goodwill and Other-Testing Goodwill for Impairment, which provides entities with an option to perform a qualitative assessment (commonly referred to as \u201cStep Zero\u201d) to determine whether further quantitative analysis for impairment of goodwill is necessary. In performing Step Zero for the Company\u2019s goodwill impairment test, the Company is required to make assumptions and judgments including but not limited to the following: the evaluation of macroeconomic conditions as related to the Company\u2019s business, industry and market trends, and the overall future financial performance of its reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing Step Zero, the Company would perform a quantitative impairment analysis to estimate the fair value of goodwill.
\u00a0
During the years ended December 31, 2024 and 2023, the Company performed the Step Zero analysis for its goodwill impairment test. As a result of the Company\u2019s Step Zero analysis, no further quantitative impairment test was deemed necessary.
During 2022, the Company reevaluated its existing reporting units under the accounting guidance provided in Accounting Standards Codification (\u201cASC\u201d) 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Subsequent to October 1, 2022, the Company aggregated each of the components into two reporting units (Retail and Consumer Packaged Goods).
\u00a0
As part of the Company\u2019s reevaluation of its reporting units, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis.
\u00a0
The analysis performed included estimating the fair value of each reporting unit using either an income or market approach. The income approach required management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, the allocation of shared or corporate costs and the eventual repeal of 280E. The market approach estimated fair value using comparable marketplace fair value data from within a comparable industry grouping.
\u00a0
As a result of the Company\u2019s analysis, an impairment charge of $44,392 thousand associated with its Nevada Consumer Packaged Goods operations and $12,980 thousand associated with its Nevada Retail operations, was recorded during the year ended December 31, 2022, as the carrying value of the reporting units exceeded their estimated fair value by such amounts. No such impairment charges were recorded for the years ended December 31, 2024 or 2023.
\u00a0
Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
\u00a0
Deferred tax assets and liabilities are measured using the enacted taxes rates. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs. As discussed further in Note 11\u2014Income Taxes, the Company is subject to the limitations of Internal Revenue Code of 1986, as amended (\u201cIRC\u201d) Section 280E.
"}]},{"name":"rpt:f-665","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Revenue is recognized by the Company in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (\u201cASU 2014-09\u201d). Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
\u00a0
In order to recognize revenue under ASU 2014-09, the Company applies the following five (5) steps:
\n
| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Identify a customer along with a corresponding contract; | \n
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer; | \n
| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer; | \n
\n
| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Allocate the transaction price to the performance obligation(s) in the contract; and | \n
\n
| \n | \n | \n | \n |
\u00a0 | \n \u0095 | \n \u00a0 | \n Recognize revenue when or as the Company satisfies the performance obligation(s). | \n
\u00a0
Revenues consist of Consumer Packaged Goods and Retail sales of cannabis, which are generally recognized at a point in time when control over the goods have been transferred to the customer and is recorded net of sales discounts. Payment is typically due upon transferring the goods to the customer or within a specified time period permitted under the Company\u2019s credit policy. During the years ended December 31, 2024, 2023 and 2022, sales discounts totaled $267,298 thousand, $232,031 thousand and $167,288 thousand, respectively.
\u00a0
Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer.
\u00a0
At some locations, the Company offers a loyalty reward program to its retail customers. A portion of the revenue generated in a sale must be allocated to the loyalty points earned. The amount allocated to the points earned is deferred until the loyalty points are redeemed or expire. As of December 31, 2024 and 2023, the loyalty liability totaled $5,149 thousand and $4,839 thousand, respectively, and is included in accrued liabilities on the consolidated balance sheets.
"}]},{"name":"rpt:f-666","factDimensions":{"xbrl:concept":"gtbif:SalesDiscounted","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"267298000","decimals":-3}]},{"name":"rpt:f-667","factDimensions":{"xbrl:concept":"gtbif:SalesDiscounted","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"232031000","decimals":-3}]},{"name":"rpt:f-668","factDimensions":{"xbrl:concept":"gtbif:SalesDiscounted","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"167288000","decimals":-3}]},{"name":"rpt:f-669","factDimensions":{"xbrl:concept":"gtbif:CustomerLoyaltyProgramLiability","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5149000","decimals":-3}]},{"name":"rpt:f-670","factDimensions":{"xbrl:concept":"gtbif:CustomerLoyaltyProgramLiability","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4839000","decimals":-3}]},{"name":"rpt:f-671","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted.
\u00a0
Equity settled stock-based payments under stock-based payments plans are ultimately recognized as an expense in profit or loss with a corresponding credit to contributed surplus, in equity.
\u00a0
The Company recognizes compensation expense for Restricted Stock Units (\u201cRSUs\u201d) and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in a prior period if share options ultimately exercised are different to that estimated on vesting.
"}]},{"name":"rpt:f-672","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
\u00a0
Level 1\u2014Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2\u2014Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and
Level 3\u2014Inputs for the asset or liability that are not based on observable market data.
\u00a0
For further details, see Note 14\u2014Fair Value Measurements.
\u00a0
The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities.
\u00a0
Contingent liabilities are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify onerous contracts and, where applicable, records contingent liabilities for such contracts.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
"}]},{"name":"rpt:f-674","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Common Shares are classified as equity (the Company\u2019s Super Voting Shares, Multiple Voting Shares and Subordinate Voting Shares are all considered Common Shares). Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.
"}]},{"name":"rpt:f-675","factDimensions":{"xbrl:concept":"gtbif:EarningslosspersharePolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of Common Shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding Common Shares and consequently are not included in the basic earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of Common Shares outstanding to assume conversion of all dilutive potential Common Shares. The Company has three categories of potentially dilutive Common Share equivalents: RSUs, options and warrants. As of December 31, 2024, the Company had 8,238,472 options, 7,678,310 RSUs and 1,811,075 warrants outstanding. As of December 31, 2023, the Company had 10,071,467 options, 3,620,638 RSUs and 3,734,555 warrants outstanding. As of December 31, 2022, the Company had 9,577,947 options, 947,502 RSUs and 3,734,555 warrants outstanding.
\u00a0
In order to determine diluted earnings per share, it is assumed that any proceeds from the exercise of dilutive unvested RSUs, options, and warrants would be used to repurchase Common Shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of options and convertible debt that would increase earnings per share or decrease loss per share. For the year ended December 31, 2024, the computation of diluted earnings per share included 895,518 options, 4,189,705 RSUs and 12,960 warrants. For the year ended December 31, 2023, the computation of diluted earnings per share included 220,325 options, 1,679,198 RSUs and 0 warrants. For the year ended December 31, 2022, the computation of diluted earnings per share included 1,001,835 options, 243,194 RSUs and 121,945 warrantsFor the years ended December 31, 2024, 2023, and 2022 the weighted average number of anti-dilutive options excluded from the computation of diluted earnings per share were 970,606; 2,477,120; and 1,895,273, respectively.
"}]},{"name":"rpt:f-676","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"8238472","decimals":0}]},{"name":"rpt:f-677","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"7678310","decimals":0}]},{"name":"rpt:f-678","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"1811075","decimals":0}]},{"name":"rpt:f-679","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"10071467","decimals":0}]},{"name":"rpt:f-680","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"3620638","decimals":0}]},{"name":"rpt:f-681","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"3734555","decimals":0}]},{"name":"rpt:f-682","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"9577947","decimals":0}]},{"name":"rpt:f-683","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"947502","decimals":0}]},{"name":"rpt:f-684","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"3734555","decimals":0}]},{"name":"rpt:f-685","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"895518","decimals":0}]},{"name":"rpt:f-686","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"4189705","decimals":0}]},{"name":"rpt:f-687","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"12960","decimals":0}]},{"name":"rpt:f-688","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"220325","decimals":0}]},{"name":"rpt:f-689","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1679198","decimals":0}]},{"name":"rpt:f-690","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-691","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"1001835","decimals":0}]},{"name":"rpt:f-692","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"243194","decimals":0}]},{"name":"rpt:f-693","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"121945","decimals":0}]},{"name":"rpt:f-694","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"970606","decimals":0}]},{"name":"rpt:f-695","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"2477120","decimals":0}]},{"name":"rpt:f-696","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1895273","decimals":0}]},{"name":"rpt:f-697","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationsPolicy","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition related transaction costs are expensed as incurred. Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair value at the date of acquisition. When the Company acquires control of a business, any previously held equity interest also is remeasured to fair value. The excess of the purchase consideration and any previously held equity interest over the fair value of identifiable net assets acquired is goodwill. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously held equity interest, the difference is recognized in the Consolidated Statements of Operations immediately as a gain or loss on acquisition.
\u00a0
Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Contingent consideration classified as a liability requires remeasurement at each period-end, with adjustments to the fair value of the liability recorded within selling, general, and administrative expenses. Equity classified contingent consideration is measured as of the date of acquisition and assessed at each period-end to determine whether equity classification remains appropriate.
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
"}]},{"name":"rpt:f-698","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends.
\u00a0
When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the asset group is assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset group and its eventual disposition. If the carrying value of an asset group exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset group\u2019s carrying value over its fair value.
\u00a0
During the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges associated with long-lived fixed assets of $450 thousand, $5,467 thousand and $1,419 thousand respectively, within selling, general, and administrative expenses on the consolidated statement of operations.
"}]},{"name":"rpt:f-699","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"450000","decimals":-3}]},{"name":"rpt:f-700","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5467000","decimals":-3}]},{"name":"rpt:f-701","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1419000","decimals":-3}]},{"name":"rpt:f-702","factDimensions":{"xbrl:concept":"gtbif:SignificantAccountingJudgmentsEstimatesAndAssumptionsPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
The preparation of the Company\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and revenue and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
\u00a0
Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below.
\n
| \n | \n | \n |
\u00a0 | \n (i) | \n Estimated Useful Lives and Amortization of Intangible Assets (Also see Note 5\u2014Intangible Asset and Goodwill) | \n
\u00a0
Amortization of intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (ii) | \n Business Combinations | \n
\u00a0
Classification of an acquisition as a business combination or an asset acquisition depends on whether the assets acquired constitute a business, which can be a complex judgment. Whether an acquisition is classified as a business combination or asset acquisition can have a significant impact on the entries made on and after acquisition.
\u00a0
In determining the fair value of all identifiable assets, liabilities and contingent liabilities acquired, the most significant estimates relate to contingent consideration and intangible assets. Management exercises judgment in estimating the probability and timing of when earn-outs are expected to be achieved, which is used as the basis for estimating fair value. For any intangible asset identified, depending on the type of intangible asset and the complexity of determining its fair value, an independent valuation expert or management may develop the fair value, using appropriate valuation techniques, which are generally based on a forecast of the total expected future net cash flows.
\u00a0
Cannabis licenses are the primary intangible asset acquired in business combinations as they provide the Company the ability to operate in each market. However, some cannabis licenses are subject to renewal and therefore there is some risk of non-renewal for several reasons, including operational, regulatory, legal or economic. To appropriately consider the risk of non-renewal, the
\u00a0
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
Company applies probability weighting to the expected future net cash flows in calculating the fair value of these intangible assets. The key assumptions used in these cash flow projections include discount rates and terminal growth rates.
Of the key assumptions used, the impact of the estimated fair value of the intangible assets have the greatest sensitivity to the estimated discount rate used in the valuation. Other significant assumptions include revenue, gross profit, operating expenses and anticipated capital expenditures which are based upon the Corporation\u2019s historical operations along with management projections.
\u00a0
The evaluations are linked closely to the assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (iii) | \n Inventories | \n
\u00a0
The net realizable value of inventories represents the estimated selling price for inventories in the ordinary course of business, less all estimated costs of completion and costs necessary to make the sale. The determination of net realizable value requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expected future selling price the Company expects to realize by selling the inventory, and the contractual arrangements with customers. Reserves for excess and obsolete inventory are based upon quantities on hand, projected volumes from demand forecasts and net realizable value. The estimates are judgmental in nature and are made at a point in time, using available information, expected business plans, and expected market conditions. As a result, the actual amount received on sale could differ from the estimated value of inventory. Periodic reviews are performed on the inventory balance. The impact of changes in inventory reserves is reflected in cost of goods sold.
\n| \n | \n | \n |
\u00a0 | \n (iv) | \n Investments in Private Holdings | \n
\u00a0
Investments include private company investments which are carried at fair value based on the value of the Company\u2019s interests in the private companies determined from financial information provided by management of the companies, which may include operating results, subsequent rounds of financing and other appropriate information. Any change in fair value is recognized on the consolidated statement of operations.
\n
| \n | \n | \n |
\u00a0 | \n (v) | \n Goodwill Impairment | \n
\u00a0
Goodwill is tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of goodwill has been impaired. As described in Notes 2(l) and 2(m), the Company applies the guidance in ASU 2011-08 Intangibles-Goodwill and Other-Testing Goodwill for Impairment, which provides entities with an option to perform a qualitative assessment (commonly referred to as \u201cStep Zero\u201d) to determine whether further quantitative analysis for impairment of goodwill is necessary. In performing Step Zero for the Company\u2019s goodwill impairment test, the Company is required to make assumptions and judgments including but not limited to the following: the evaluation of macroeconomic conditions as related to the Company\u2019s business, industry and market trends, and the overall future financial performance of its reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing Step Zero, the Company would perform a quantitative impairment analysis to estimate the fair value of goodwill.
\u00a0
During the years ended December 31, 2024 and 2023, the Company performed the Step Zero analysis for its goodwill impairment test. As a result of the Company\u2019s Step Zero analysis, no further quantitative impairment test was deemed necessary.
\u00a0
During the year ended December 31, 2022, the Company reevaluated its existing reporting units under ASC 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Subsequent to October 1, 2022, the Company aggregated each of the components into two reporting units (Retail and Consumer Packaged Goods).
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
\u00a0
\u00a0
\u00a0
As part of the Company\u2019s reevaluation of its reporting units, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis.
\u00a0
The analysis performed included estimating the fair value of each reporting unit using either an income or market approach. The income approach required management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, the allocation of shared or corporate costs and the eventual repeal of 280E. The market approach estimated fair value using comparable marketplace fair value data from within a comparable industry grouping.
\u00a0
As a result of the Company\u2019s analysis, an impairment charge of $44,392 thousand associated with its Nevada Consumer Packaged Goods operations and $12,980 thousand associated with its Nevada Retail operations, was recorded during the year ended December 31, 2022, as the carrying value of the reporting units exceeded their estimated fair value by such amounts.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (vi) | \n Determination of Reporting Units | \n
\u00a0
The Company\u2019s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). Management evaluated its reporting units under the accounting guidance provided in ASC 280 Segment Reporting, and determined that the individual components within each respective reportable segment were economically similar and thus, aggregation of those components into two reporting units that align with our reportable segments, was applied.
\n
| \n | \n | \n |
\u00a0 | \n (vii) | \n Consolidation | \n
\u00a0
Judgment is applied in assessing whether the Company exercises control and has significant influence over entities in which the Company directly or indirectly owns an interest. The Company has control when it has the power over the subsidiary, has exposure or rights to variable returns, and has the ability to use its power to affect the returns. Significant influence is defined as the power to participate in the financial and operating decisions of the subsidiaries. Where the Company is determined to have control, these entities are consolidated. Additionally, judgment is applied in determining the effective date on which control was obtained.
\n
| \n | \n | \n |
\u00a0 | \n (viii) | \n Allowance for Uncollectible Accounts | \n
\u00a0
Management determines the allowance for uncollectible accounts by evaluating individual receivable balances and considering accounts and other receivable financial condition and current economic conditions. Accounts receivable and financial assets recorded in other receivables are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. All receivables are expected to be collected within one year of the balance sheet date.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (ix) | \n Stock-Based Payments | \n
\u00a0
Valuation of stock-based compensation and warrants requires management to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of the Company\u2019s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates are considered for each new grant of stock options or warrants.
\u00a0
\n| \n | \n | \n |
\u00a0 | \n (x) | \n Fair Value of Financial Instruments | \n
\u00a0
The individual fair values attributed to the different components of a financing transaction or derivative financial instruments, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and in performing the fair value calculations in order to determine (a) the values attributed to each component of a transaction at the time of their issuance; (b) the fair value measurements for certain instruments that require subsequent measurement at fair value on a recurring basis; and (c) for disclosing the fair value of financial instruments. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market.
"}]},{"name":"rpt:f-703","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:NevadaConsumerPackagedGoodsOperationsMember"},"factValues":[{"value":"44392000","decimals":-3}]},{"name":"rpt:f-704","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:NevadaRetailOperationsMember"},"factValues":[{"value":"12980000","decimals":-3}]},{"name":"rpt:f-705","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2022-10-01T00:00:00/2022-10-02T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"gtbif:ReportingUnits"},"factValues":[{"value":"2","decimals":0}]},{"name":"rpt:f-706","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"\u00a0
3. INVENTORIES
\u00a0
\u00a0
The Company\u2019s inventories include the following at December 31, 2024 and 2023:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Raw Material | \n $ | \n 2,501 | \n $ | \n 1,547 | \n
Packaging and Miscellaneous | \n \u00a0 | \n 13,616 | \n \u00a0 | \n 10,661 | \n
Work in Process | \n \u00a0 | \n 57,893 | \n \u00a0 | \n 47,029 | \n
Finished Goods | \n \u00a0 | \n 76,626 | \n \u00a0 | \n 57,631 | \n
Reserve for Obsolete Inventory | \n \u00a0 | \n (3,474) | \n \u00a0 | \n (3,898) | \n
Total Inventories, Net | \n $ | \n 147,162 | \n $ | \n 112,970 | \n
The Company\u2019s inventories include the following at December 31, 2024 and 2023:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Raw Material | \n $ | \n 2,501 | \n $ | \n 1,547 | \n
Packaging and Miscellaneous | \n \u00a0 | \n 13,616 | \n \u00a0 | \n 10,661 | \n
Work in Process | \n \u00a0 | \n 57,893 | \n \u00a0 | \n 47,029 | \n
Finished Goods | \n \u00a0 | \n 76,626 | \n \u00a0 | \n 57,631 | \n
Reserve for Obsolete Inventory | \n \u00a0 | \n (3,474) | \n \u00a0 | \n (3,898) | \n
Total Inventories, Net | \n $ | \n 147,162 | \n $ | \n 112,970 | \n
4. PROPERTY AND EQUIPMENT
\u00a0
\u00a0
At December 31, 2024 and 2023, property and equipment consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Buildings and Improvements | \n $ | \n 356,612 | \n $ | \n 353,912 | \n
Equipment, Computers and Furniture | \n \u00a0 | \n 196,139 | \n \u00a0 | \n 171,522 | \n
Leasehold Improvements | \n \u00a0 | \n 241,544 | \n \u00a0 | \n 200,232 | \n
Land | \n \u00a0 | \n 34,690 | \n \u00a0 | \n 33,725 | \n
Land Improvements | \n \u00a0 | \n 1,566 | \n \u00a0 | \n 1,046 | \n
Assets Under Construction | \n \u00a0 | \n 40,325 | \n \u00a0 | \n 23,142 | \n
Capitalized Interest | \n \u00a0 | \n 32,499 | \n \u00a0 | \n 30,817 | \n
Total Property and Equipment | \n \u00a0 | \n 903,375 | \n \u00a0 | \n 814,396 | \n
Less: Accumulated Depreciation | \n \u00a0 | \n (187,361) | \n \u00a0 | \n (127,290) | \n
Property and Equipment, net | \n $ | \n 716,014 | \n $ | \n 687,106 | \n
\u00a0
Assets under construction represent costs associated with construction projects related to cultivation and production facilities and retail stores.
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 totaled $62,819 thousand, $49,949 thousand and $37,006 thousand, respectively, of which $40,563 thousand, $32,936 thousand and $24,117 thousand, respectively, is included in cost of goods sold.
"}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At December 31, 2024 and 2023, property and equipment consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Buildings and Improvements | \n $ | \n 356,612 | \n $ | \n 353,912 | \n
Equipment, Computers and Furniture | \n \u00a0 | \n 196,139 | \n \u00a0 | \n 171,522 | \n
Leasehold Improvements | \n \u00a0 | \n 241,544 | \n \u00a0 | \n 200,232 | \n
Land | \n \u00a0 | \n 34,690 | \n \u00a0 | \n 33,725 | \n
Land Improvements | \n \u00a0 | \n 1,566 | \n \u00a0 | \n 1,046 | \n
Assets Under Construction | \n \u00a0 | \n 40,325 | \n \u00a0 | \n 23,142 | \n
Capitalized Interest | \n \u00a0 | \n 32,499 | \n \u00a0 | \n 30,817 | \n
Total Property and Equipment | \n \u00a0 | \n 903,375 | \n \u00a0 | \n 814,396 | \n
Less: Accumulated Depreciation | \n \u00a0 | \n (187,361) | \n \u00a0 | \n (127,290) | \n
Property and Equipment, net | \n $ | \n 716,014 | \n $ | \n 687,106 | \n
5. INTANGIBLE ASSETS AND GOODWILL
\u00a0
\u00a0
(a) Intangible Assets
Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.
At December 31, 2024 and 2023, intangible assets consisted of the following:
\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 \u00a0 | \n December 31, 2024 | \n \u00a0 | \n \u00a0 | \n December 31, 2023 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||||||||||||||||
Licenses and Permits | \n $ | \n \u00a0 | \n 660,716 | \n \u00a0 | \n $ | \n \u00a0 | \n 201,862 | \n \u00a0 | \n $ | \n \u00a0 | \n 458,854 | \n \u00a0 | \n $ | \n \u00a0 | \n 660,716 | \n \u00a0 | \n $ | \n \u00a0 | \n 157,764 | \n \u00a0 | \n $ | \n \u00a0 | \n 502,952 | \n \u00a0 | \n
Trademarks | \n \u00a0 | \n \u00a0 | \n 41,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,098 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,413 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,378 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,133 | \n \u00a0 | \n
Customer Relationships | \n \u00a0 | \n \u00a0 | \n 24,438 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,418 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,020 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,438 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,927 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,511 | \n \u00a0 | \n
Non-Competition Agreements | \n \u00a0 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,483 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 82 | \n \u00a0 | \n
Total Intangible Assets | \n $ | \n \u00a0 | \n 729,230 | \n \u00a0 | \n $ | \n \u00a0 | \n 240,943 | \n \u00a0 | \n $ | \n \u00a0 | \n 488,287 | \n \u00a0 | \n $ | \n \u00a0 | \n 729,230 | \n \u00a0 | \n $ | \n \u00a0 | \n 190,552 | \n \u00a0 | \n $ | \n \u00a0 | \n 538,678 | \n \u00a0 | \n
The Company recorded amortization expense for the years ended December 31, 2024, 2023 and 2022 of $50,391 thousand, $50,841 thousand and $59,658 thousand, respectively.
\u00a0
On an annual basis, the Company reviews the estimated useful lives, residual values and amortization methods used for each identifiable intangible asset acquired. During the 2022 annual review, management determined that certain trade names associated with the 2019 acquisition of Integral Associates, LLC (\u201cIntegral\u201d) should be written-off. The Company\u2019s decisions to re-brand Essence retail stores into RISE retail locations and, discontinue production of the Desert Grown Farms brand, both acquired as part of the Integral acquisition, resulted in an impairment charge of $31,131 thousand as of the year ended December 31, 2022.
\u00a0
No such impairment charges were recorded during the years ended December 31, 2024 or 2023.
The following table outlines the estimated annual amortization expense related to intangible assets as of December 31, 2024:
\n
| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Estimated | \n
Year Ending December 31, | \n \u00a0 | \n (in thousands) | \n
2025 | \n $ | \n 50,294 | \n
2026 | \n \u00a0 | \n 47,332 | \n
2027 | \n \u00a0 | \n 46,803 | \n
2028 | \n \u00a0 | \n 46,803 | \n
2029 | \n \u00a0 | \n 46,803 | \n
2030 and Thereafter | \n \u00a0 | \n 250,252 | \n
\u00a0 | \n $ | \n 488,287 | \n
\u00a0
As of December 31, 2024, the weighted average amortization period remaining for intangible assets was 10.44 years.
(b) Goodwill
At December 31, 2024 the balances of goodwill, by segment, consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Retail | \n $ | \n 273,802 | \n $ | \n 273,802 | \n
Consumer Packaged Goods | \n \u00a0 | \n 315,889 | \n \u00a0 | \n 315,889 | \n
Total | \n $ | \n 589,691 | \n $ | \n 589,691 | \n
\u00a0
Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of December 31, 2024 and 2023 respectively. No goodwill impairment charges were recognized by the Company during the years ended December 31, 2024 and 2023, respectively.
"}]},{"name":"rpt:f-750","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At December 31, 2024 and 2023, intangible assets consisted of the following:
\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 \u00a0 | \n December 31, 2024 | \n \u00a0 | \n \u00a0 | \n December 31, 2023 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||||||||||||||||
Licenses and Permits | \n $ | \n \u00a0 | \n 660,716 | \n \u00a0 | \n $ | \n \u00a0 | \n 201,862 | \n \u00a0 | \n $ | \n \u00a0 | \n 458,854 | \n \u00a0 | \n $ | \n \u00a0 | \n 660,716 | \n \u00a0 | \n $ | \n \u00a0 | \n 157,764 | \n \u00a0 | \n $ | \n \u00a0 | \n 502,952 | \n \u00a0 | \n
Trademarks | \n \u00a0 | \n \u00a0 | \n 41,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,098 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,413 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,378 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,133 | \n \u00a0 | \n
Customer Relationships | \n \u00a0 | \n \u00a0 | \n 24,438 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,418 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,020 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,438 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,927 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,511 | \n \u00a0 | \n
Non-Competition Agreements | \n \u00a0 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,483 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 82 | \n \u00a0 | \n
Total Intangible Assets | \n $ | \n \u00a0 | \n 729,230 | \n \u00a0 | \n $ | \n \u00a0 | \n 240,943 | \n \u00a0 | \n $ | \n \u00a0 | \n 488,287 | \n \u00a0 | \n $ | \n \u00a0 | \n 729,230 | \n \u00a0 | \n $ | \n \u00a0 | \n 190,552 | \n \u00a0 | \n $ | \n \u00a0 | \n 538,678 | \n \u00a0 | \n
The following table outlines the estimated annual amortization expense related to intangible assets as of December 31, 2024:
\n
| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Estimated | \n
Year Ending December 31, | \n \u00a0 | \n (in thousands) | \n
2025 | \n $ | \n 50,294 | \n
2026 | \n \u00a0 | \n 47,332 | \n
2027 | \n \u00a0 | \n 46,803 | \n
2028 | \n \u00a0 | \n 46,803 | \n
2029 | \n \u00a0 | \n 46,803 | \n
2030 and Thereafter | \n \u00a0 | \n 250,252 | \n
\u00a0 | \n $ | \n 488,287 | \n
\u00a0
"}]},{"name":"rpt:f-788","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"50294000","decimals":-3}]},{"name":"rpt:f-789","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"47332000","decimals":-3}]},{"name":"rpt:f-790","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"46803000","decimals":-3}]},{"name":"rpt:f-791","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"46803000","decimals":-3}]},{"name":"rpt:f-792","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"46803000","decimals":-3}]},{"name":"rpt:f-793","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"250252000","decimals":-3}]},{"name":"rpt:f-794","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsNet","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"488287000","decimals":-3}]},{"name":"rpt:f-795","factDimensions":{"xbrl:concept":"us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P10Y5M8D"}]},{"name":"rpt:f-796","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At December 31, 2024 the balances of goodwill, by segment, consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Retail | \n $ | \n 273,802 | \n $ | \n 273,802 | \n
Consumer Packaged Goods | \n \u00a0 | \n 315,889 | \n \u00a0 | \n 315,889 | \n
Total | \n $ | \n 589,691 | \n $ | \n 589,691 | \n
\u00a0
"}]},{"name":"rpt:f-797","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:RetailSegmentMember"},"factValues":[{"value":"273802000","decimals":-3}]},{"name":"rpt:f-798","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:RetailSegmentMember"},"factValues":[{"value":"273802000","decimals":-3}]},{"name":"rpt:f-799","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:ConsumerPackagedGoodsSegmentMember"},"factValues":[{"value":"315889000","decimals":-3}]},{"name":"rpt:f-800","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:ConsumerPackagedGoodsSegmentMember"},"factValues":[{"value":"315889000","decimals":-3}]},{"name":"rpt:f-801","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"589691000","decimals":-3}]},{"name":"rpt:f-802","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"589691000","decimals":-3}]},{"name":"rpt:f-803","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairedAccumulatedImpairmentLoss","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"57372000","decimals":-3}]},{"name":"rpt:f-804","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairedAccumulatedImpairmentLoss","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"57372000","decimals":-3}]},{"name":"rpt:f-805","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-806","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-807","factDimensions":{"xbrl:concept":"gtbif:InvestmentsDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"6. INVESTMENTS
\u00a0
\u00a0
As of December 31, 2024 and 2023, the Company held various equity interests in cannabis-related companies as well as investments in note(s) receivable instruments that had a combined fair value of $43,578 thousand and $64,361 thousand, respectively. The Company measures its investments that do not have readily determinable fair value at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.
The following table summarizes the change in the Company\u2019s investments during the years ended December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Beginning | \n $ | \n 64,361 | \n $ | \n 74,169 | \n
Additions | \n \u00a0 | \n 12,029 | \n \u00a0 | \n 8,200 | \n
Proceeds | \n \u00a0 | \n (29,824) | \n \u00a0 | \n (498) | \n
Fair value adjustment | \n \u00a0 | \n (2,988) | \n \u00a0 | \n (17,460) | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (50) | \n
Ending | \n $ | \n 43,578 | \n $ | \n 64,361 | \n
\u00a0
The following table summarizes the fair value change in the Company\u2019s investments recorded during the years ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Equity Investments | \n $ | \n (1,727) | \n $ | \n (20,713) | \n $ | \n (17,078) | \n
Notes Receivable Instruments | \n \u00a0 | \n (1,467) | \n \u00a0 | \n 2,845 | \n \u00a0 | \n (6,192) | \n
Accrued Interest on Notes Receivable Instruments | \n \u00a0 | \n 206 | \n \u00a0 | \n 408 | \n \u00a0 | \n 664 | \n
Net fair value gains (losses) | \n $ | \n (2,988) | \n $ | \n (17,460) | \n $ | \n (22,606) | \n
\u00a0
The Company recorded fair value gains (losses) related to equity and note receivable investments within other income (expense) and accrued interest to interest income on the consolidated statements of operations.
\u00a0
(a) Equity Investments
\u00a0
The Company held equity investments in both publicly and privately traded entities during the twelve months ended December 31, 2024, 2023 and 2022. Publicly traded entities generally have readily determinable fair values and are classified as Level 1 investments. Meanwhile, non-publicly traded entities generally do no have readily determinable fair values and are classified as Level 3 investments. The Company has classified all of its holdings as trading securities and recorded such amounts within investments on the Company\u2019s consolidated balance sheets.
\u00a0
The following table summarizes the change in the Company\u2019s Level 1 equity investments during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Beginning | \n $ | \n 2,001 | \n $ | \n 2,535 | \n $ | \n 20,583 | \n
Proceeds | \n \u00a0 | \n (2,092) | \n \u00a0 | \n (198) | \n \u00a0 | \n (2,488) | \n
Fair value adjustment | \n \u00a0 | \n 91 | \n \u00a0 | \n (336) | \n \u00a0 | \n (15,560) | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Ending | \n $ | \n \u2014 | \n $ | \n 2,001 | \n $ | \n 2,535 | \n
\u00a0
6. INVESTMENTS (Continued)
\u00a0
\u00a0
\u00a0
(a) Equity Investments (Continued)
\u00a0
The following table summarizes the change in the Company\u2019s Level 3 equity investments during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Beginning | \n $ | \n 25,953 | \n $ | \n 40,330 | \n $ | \n 38,208 | \n
Additions | \n \u00a0 | \n 7,352 | \n \u00a0 | \n 6,000 | \n \u00a0 | \n 3,640 | \n
Fair value adjustment | \n \u00a0 | \n (1,818) | \n \u00a0 | \n (20,377) | \n \u00a0 | \n (1,518) | \n
Transfers and other | \n \u00a0 | \n 5,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Ending | \n $ | \n 36,487 | \n $ | \n 25,953 | \n $ | \n 40,330 | \n
\u00a0
The following table summarized unrealized (losses) gains recognized on the Company\u2019s equity investments held during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Unrealized loss recognized on equity investments | \n $ | \n (1,727) | \n \u00a0$ | \n (20,713) | \n $ | \n (17,078) | \n
Realized (loss) gain recognized on equity investments | \n \u00a0 | \n (91) | \n \u00a0 | \n 53 | \n \u00a0 | \n 168 | \n
Net unrealized gain (loss) on equity investments | \n $ | \n (1,636) | \n \u00a0$ | \n (20,660) | \n $ | \n (16,910) | \n
\u00a0
See Note 14\u2014Fair Value Measurements for additional details.
\u00a0
(b) Note Receivable Instruments
\u00a0
The Company held note(s) receivable instrument(s) in publicly and privately traded entities during the twelve months ended December 31, 2024, 2023 and 2022. The fair value of these notes receivable instruments include the initial investment and contractual accrued interest recorded within interest income on the consolidated statements of operations.
\u00a0
All of the Company\u2019s notes receivable instruments are classified as trading securities and are included within investments on the Company\u2019s consolidated balance sheet.
\u00a0
The following table summarizes the change in the Company\u2019s Level 1 note receivable instrument during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Beginning | \n $ | \n 22,214 | \n $ | \n 22,214 | \n $ | \n 23,534 | \n
Additions | \n \u00a0 | \n 1,965 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Proceeds | \n \u00a0 | \n (22,712) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (1,083) | \n
Fair value adjustment | \n \u00a0 | \n (1,467) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (237) | \n
Ending | \n $ | \n \u2014 | \n $ | \n 22,214 | \n $ | \n 22,214 | \n
\u00a0
On November 27, 2024, the Company collected the outstanding principal balance of the note receivable instrument along with accrued interest in cash, resulting in no remaining balance of Level 1 note receivable instruments as of December 31, 2024.
\u00a0
6. INVESTMENTS (Continued)
\u00a0
\u00a0
\u00a0
(b) Note Receivable Instruments (Continued)
\u00a0
The following table summarized the change in the Company\u2019s Level 3 notes receivable instruments during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Beginning | \n $ | \n 14,193 | \n $ | \n 9,090 | \n $ | \n 12,577 | \n
Additions | \n \u00a0 | \n 2,712 | \n \u00a0 | \n 2,200 | \n \u00a0 | \n 1,804 | \n
Proceeds | \n \u00a0 | \n (5,020) | \n \u00a0 | \n (300) | \n \u00a0 | \n \u2014 | \n
Fair value adjustment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 2,845 | \n \u00a0 | \n (5,955) | \n
Accrued Interest | \n \u00a0 | \n 206 | \n \u00a0 | \n 408 | \n \u00a0 | \n 664 | \n
Transfers and other | \n \u00a0 | \n (5,000) | \n \u00a0 | \n (50) | \n \u00a0 | \n \u2014 | \n
Ending | \n $ | \n 7,091 | \n $ | \n 14,193 | \n $ | \n 9,090 | \n
\u00a0
The Company\u2019s Level 3 notes receivable instruments had stated interest rates ranging between 2.7% and 10.0% and terms between twelve months to five years.
\u00a0
On January 9, 2024, one of the Company\u2019s privately held note receivable instruments matured and the Company collected the principal amount of $4,000 thousand along with accrued interest of $605 thousand on such date.
\u00a0
On August 16, 2024, a separate privately held convertible note receivable instrument in the amount of $5,000 thousand was exchanged for shares of preferred stock of the investee. As a result, the investment was transferred from Level 3 note receivable instruments to the Level 3 equity investments.
\u00a0
See Note 14\u2014Fair Value Measurements for additional details.
"}]},{"name":"rpt:f-808","factDimensions":{"xbrl:concept":"us-gaap:EquityFairValueDisclosure","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"gtbif:CannabisCompaniesMember"},"factValues":[{"value":"43578000","decimals":-3}]},{"name":"rpt:f-809","factDimensions":{"xbrl:concept":"us-gaap:EquityFairValueDisclosure","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"gtbif:CannabisCompaniesMember"},"factValues":[{"value":"64361000","decimals":-3}]},{"name":"rpt:f-810","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfLongTermInvestmentsTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes the change in the Company\u2019s investments during the years ended December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Beginning | \n $ | \n 64,361 | \n $ | \n 74,169 | \n
Additions | \n \u00a0 | \n 12,029 | \n \u00a0 | \n 8,200 | \n
Proceeds | \n \u00a0 | \n (29,824) | \n \u00a0 | \n (498) | \n
Fair value adjustment | \n \u00a0 | \n (2,988) | \n \u00a0 | \n (17,460) | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (50) | \n
Ending | \n $ | \n 43,578 | \n $ | \n 64,361 | \n
The following table summarizes the fair value change in the Company\u2019s investments recorded during the years ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Equity Investments | \n $ | \n (1,727) | \n $ | \n (20,713) | \n $ | \n (17,078) | \n
Notes Receivable Instruments | \n \u00a0 | \n (1,467) | \n \u00a0 | \n 2,845 | \n \u00a0 | \n (6,192) | \n
Accrued Interest on Notes Receivable Instruments | \n \u00a0 | \n 206 | \n \u00a0 | \n 408 | \n \u00a0 | \n 664 | \n
Net fair value gains (losses) | \n $ | \n (2,988) | \n $ | \n (17,460) | \n $ | \n (22,606) | \n
The following table summarizes the change in the Company\u2019s Level 1 equity investments during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Beginning | \n $ | \n 2,001 | \n $ | \n 2,535 | \n $ | \n 20,583 | \n
Proceeds | \n \u00a0 | \n (2,092) | \n \u00a0 | \n (198) | \n \u00a0 | \n (2,488) | \n
Fair value adjustment | \n \u00a0 | \n 91 | \n \u00a0 | \n (336) | \n \u00a0 | \n (15,560) | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Ending | \n $ | \n \u2014 | \n $ | \n 2,001 | \n $ | \n 2,535 | \n
The following table summarizes the change in the Company\u2019s Level 3 equity investments during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Beginning | \n $ | \n 25,953 | \n $ | \n 40,330 | \n $ | \n 38,208 | \n
Additions | \n \u00a0 | \n 7,352 | \n \u00a0 | \n 6,000 | \n \u00a0 | \n 3,640 | \n
Fair value adjustment | \n \u00a0 | \n (1,818) | \n \u00a0 | \n (20,377) | \n \u00a0 | \n (1,518) | \n
Transfers and other | \n \u00a0 | \n 5,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Ending | \n $ | \n 36,487 | \n $ | \n 25,953 | \n $ | \n 40,330 | \n
The following table summarized unrealized (losses) gains recognized on the Company\u2019s equity investments held during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Unrealized loss recognized on equity investments | \n $ | \n (1,727) | \n \u00a0$ | \n (20,713) | \n $ | \n (17,078) | \n
Realized (loss) gain recognized on equity investments | \n \u00a0 | \n (91) | \n \u00a0 | \n 53 | \n \u00a0 | \n 168 | \n
Net unrealized gain (loss) on equity investments | \n $ | \n (1,636) | \n \u00a0$ | \n (20,660) | \n $ | \n (16,910) | \n
The following table summarizes the change in the Company\u2019s Level 1 note receivable instrument during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Beginning | \n $ | \n 22,214 | \n $ | \n 22,214 | \n $ | \n 23,534 | \n
Additions | \n \u00a0 | \n 1,965 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Proceeds | \n \u00a0 | \n (22,712) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (1,083) | \n
Fair value adjustment | \n \u00a0 | \n (1,467) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (237) | \n
Ending | \n $ | \n \u2014 | \n $ | \n 22,214 | \n $ | \n 22,214 | \n
The following table summarized the change in the Company\u2019s Level 3 notes receivable instruments during the twelve months ended December 31, 2024, 2023 and 2022.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n |||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Beginning | \n $ | \n 14,193 | \n $ | \n 9,090 | \n $ | \n 12,577 | \n
Additions | \n \u00a0 | \n 2,712 | \n \u00a0 | \n 2,200 | \n \u00a0 | \n 1,804 | \n
Proceeds | \n \u00a0 | \n (5,020) | \n \u00a0 | \n (300) | \n \u00a0 | \n \u2014 | \n
Fair value adjustment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 2,845 | \n \u00a0 | \n (5,955) | \n
Accrued Interest | \n \u00a0 | \n 206 | \n \u00a0 | \n 408 | \n \u00a0 | \n 664 | \n
Transfers and other | \n \u00a0 | \n (5,000) | \n \u00a0 | \n (50) | \n \u00a0 | \n \u2014 | \n
Ending | \n $ | \n 7,091 | \n $ | \n 14,193 | \n $ | \n 9,090 | \n
7. LEASES
\u00a0
\u00a0
\u00a0
\u00a0
(a) Operating Leases
\u00a0
The Company has operating leases for its retail stores, processing and cultivation facilities and corporate office space. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.
\u00a0
All real estate leases are recorded on the balance sheet. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease agreements for some locations provide for rent escalations and renewal options. Certain real estate leases require payment for fixed and variable non-lease components, such as taxes, insurance and maintenance. The Company accounts for real estate leases and the related fixed non-lease components together as a single component.
\u00a0
The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. For the years ended December 31, 2024, 2023 and 2022 the Company recorded operating lease expense of $54,385 thousand, $48,231 thousand and $43,985 thousand, respectively.
\u00a0
\u00a0
Other information related to operating leases as of December 31, 2024 and 2023 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
Weighted average remaining lease term (years) | \n \u00a0 | \n 10.74 | \n \u00a0 | \n 11.75 | \n
Weighted average discount rate | \n \u00a0 | \n 12.23% | \n \u00a0 | \n 12.40% | \n
\u00a0
Maturities of lease liabilities for operating leases as of December 31, 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Lease Liability | \n ||||
Year Ending December 31, | \n \u00a0 | \n Third-Party | \n \u00a0 | \n Related Party | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
2025 | \n $ | \n 46,770 | \n $ | \n 514 | \n $ | \n 47,284 | \n
2026 | \n \u00a0 | \n 46,728 | \n \u00a0 | \n 524 | \n \u00a0 | \n 47,252 | \n
2027 | \n \u00a0 | \n 47,248 | \n \u00a0 | \n 491 | \n \u00a0 | \n 47,739 | \n
2028 | \n \u00a0 | \n 46,329 | \n \u00a0 | \n 282 | \n \u00a0 | \n 46,611 | \n
2029 | \n \u00a0 | \n 43,211 | \n \u00a0 | \n 287 | \n \u00a0 | \n 43,498 | \n
2030 and Thereafter | \n \u00a0 | \n 292,942 | \n \u00a0 | \n 768 | \n \u00a0 | \n 293,710 | \n
Total Lease Payments | \n \u00a0 | \n 523,228 | \n \u00a0 | \n 2,866 | \n \u00a0 | \n 526,094 | \n
Less: Interest | \n \u00a0 | \n (249,490) | \n \u00a0 | \n (862) | \n \u00a0 | \n (250,352) | \n
Present Value of Lease Liability | \n $ | \n 273,738 | \n $ | \n 2,004 | \n $ | \n 275,742 | \n
\u00a0
(b) Related Party Operating Leases
\u00a0
Wendy Berger, a former director of the Company, is a principal of WBS Equities, LLC, which is the Manager of Mosaic Real Estate, LLC, which owned the facilities leased by the Company. Additionally, Mosaic Real Estate, LLC is owned in part by Ms. Berger (through the Wendy Berger 1998 Revocable Trust), Benjamin Kovler, the Chairman and Chief Executive Officer of the Company (through KP Capital, LLC), and Anthony Georgiadis, the President and a director of the Company (through Three One Four Holdings, LLC). On December 16, 2022, the Company purchased land located at 5401 NW 44th Ave. Ocala, Florida for $5,584 thousand, excluding transaction costs, from Mosaic Real Estate Ocala, LLC. This transaction resulted in the termination of the Florida related party leasing agreement. On December 17, 2024, the Company purchased the land and building located at 169 Meadow St. Amherst, Massachusetts for $654 thousand, excluding transaction costs, from Mosaic Real Estate Amherst, LLC. This transaction resulted in the termination of the Massachusetts related party leasing agreement. For the years ended December 31, 2024, 2023 and 2022, the Company recorded lease expense of $595 thousand, $553 thousand and $1,129 thousand, respectively, associated with these leasing arrangements.
"}]},{"name":"rpt:f-922","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"54385000","decimals":-3}]},{"name":"rpt:f-923","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"48231000","decimals":-3}]},{"name":"rpt:f-924","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"43985000","decimals":-3}]},{"name":"rpt:f-925","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfOtherInformationRelatedToOperatingLeasesTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Other information related to operating leases as of December 31, 2024 and 2023 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
Weighted average remaining lease term (years) | \n \u00a0 | \n 10.74 | \n \u00a0 | \n 11.75 | \n
Weighted average discount rate | \n \u00a0 | \n 12.23% | \n \u00a0 | \n 12.40% | \n
Maturities of lease liabilities for operating leases as of December 31, 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Lease Liability | \n ||||
Year Ending December 31, | \n \u00a0 | \n Third-Party | \n \u00a0 | \n Related Party | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
2025 | \n $ | \n 46,770 | \n $ | \n 514 | \n $ | \n 47,284 | \n
2026 | \n \u00a0 | \n 46,728 | \n \u00a0 | \n 524 | \n \u00a0 | \n 47,252 | \n
2027 | \n \u00a0 | \n 47,248 | \n \u00a0 | \n 491 | \n \u00a0 | \n 47,739 | \n
2028 | \n \u00a0 | \n 46,329 | \n \u00a0 | \n 282 | \n \u00a0 | \n 46,611 | \n
2029 | \n \u00a0 | \n 43,211 | \n \u00a0 | \n 287 | \n \u00a0 | \n 43,498 | \n
2030 and Thereafter | \n \u00a0 | \n 292,942 | \n \u00a0 | \n 768 | \n \u00a0 | \n 293,710 | \n
Total Lease Payments | \n \u00a0 | \n 523,228 | \n \u00a0 | \n 2,866 | \n \u00a0 | \n 526,094 | \n
Less: Interest | \n \u00a0 | \n (249,490) | \n \u00a0 | \n (862) | \n \u00a0 | \n (250,352) | \n
Present Value of Lease Liability | \n $ | \n 273,738 | \n $ | \n 2,004 | \n $ | \n 275,742 | \n
\u00a0
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NOTES PAYABLE
\u00a0
At December 31, 2024 and 2023, notes payable consisted of the following:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Charitable contributions1 | \n $ | \n \u2014 | \n $ | \n 351 | \n
Private placement debt dated April 30, 20212 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 221,680 | \n
Syndicated credit facility dated September 11, 20243 | \n \u00a0 | \n 147,979 | \n \u00a0 | \n \u2014 | \n
Mortgage notes4 | \n \u00a0 | \n 106,979 | \n \u00a0 | \n 86,492 | \n
Total notes payable | \n \u00a0 | \n 254,958 | \n \u00a0 | \n 308,523 | \n
Less: current portion of notes payable | \n \u00a0 | \n (12,062) | \n \u00a0 | \n (2,996) | \n
Notes payable, net of current portion | \n $ | \n 242,896 | \n $ | \n 305,527 | \n
____________________
1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide quarterly charitable contributions of $50 thousand through October 2024 and $250 thousand per year through May 2024, respectively. As of December 31, 2023, the net present value of these payments was recorded as a liability with interest rates ranging between 2.17% - 7.00%. As of December 31, 2024, the Company fully satisfied these commitments.
\u00a0
2 The April 30, 2021 private placement debt, as amended on October 21, 2021, (the \u201cApril 30, 2021 Notes\u201d), was retired as of September 11, 2024. As of December 31, 2023, the outstanding principal balance of the April 30, 2021 Notes was $224,435 thousand and was recorded net of debt discount, the carrying value of which was $2,755 thousand.
\u00a0
3 The Credit Facility (as defined below in Section (b) of this Note 8) was issued in an aggregate amount of $150,000 thousand, and will bears interest at the Secured Overnight Financing Rate (\u201cSOFR\u201d) plus 500 basis points, payable quarterly. As of December 31, 2024, the Credit Facility\u2019s outstanding principal balance was $150,000 thousand, which is recorded net of debt discount of $2,021 thousand. The Credit Facility matures on September 11, 2029.
\u00a0
4 The Company has issued mortgage notes in connection with various operating properties at an aggregate value of $112,285 thousand and $88,785 thousand as of December 31, 2024 and 2023, respectively. The mortgage notes were issued at a discount, the aggregate carrying value of which was $1,007 thousand and $725 thousand, and are presented net of principal payments of $4,299 thousand and $1,568 thousand as of December 31, 2024 and 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.
\u00a0
\u00a0
Maturities of notes payable as of December 31, 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Notes Payable | \n ||||
Year Ending December 31, | \n \u00a0 | \n Credit Facility | \n \u00a0 | \n Mortgage Notes | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
2025 | \n $ | \n 7,500 | \n $ | \n 4,562 | \n $ | \n 12,062 | \n
2026 | \n \u00a0 | \n 15,000 | \n \u00a0 | \n 3,327 | \n \u00a0 | \n 18,327 | \n
2027 | \n \u00a0 | \n 15,000 | \n \u00a0 | \n 3,582 | \n \u00a0 | \n 18,582 | \n
2028 | \n \u00a0 | \n 15,000 | \n \u00a0 | \n 15,562 | \n \u00a0 | \n 30,562 | \n
2029 | \n \u00a0 | \n 97,500 | \n \u00a0 | \n 39,383 | \n \u00a0 | \n 136,883 | \n
2030 and Thereafter | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 41,570 | \n \u00a0 | \n 41,570 | \n
Total maturities of notes payable 1 | \n $ | \n 150,000 | \n $ | \n 107,986 | \n $ | \n 257,986 | \n
____________________
1 Total maturities of notes payable excludes unamortized debt discount of $2,021 thousand associated with the Credit Facility and $1,007 thousand associated with the mortgage notes.
\u00a0
8. NOTES PAYABLE (Continued)
\u00a0
\u00a0
\u00a0
On April 30, 2021, the Company closed on $249,934 thousand private placement debt, as amended on October 21, 2021, (the \u201cApril 30, 2021 Notes\u201d), bearing an interest rate of 7.00% per annum. As part of the transaction, the purchasers of the April 30, 2021 Notes received warrants, which are classified as equity. See Note 9\u2014Warrants for additional details.
\u00a0
From October 19, 2023 through November 30, 2023, the Company repurchased $25,500 thousand of the April 30, 2021 Notes held by unrelated third-party lenders at 95% of their original value. In connection with the repurchase, the Company also wrote-off $350 thousand of the associated unamortized debt discount.
\u00a0
The remaining balance of the April 30, 2021 Notes was retired on September 11, 2024, in part by use of the proceeds from the Syndicated Credit Facility.
\u00a0
As of December 31, 2023, a portion of the April 30, 2021 Notes were held by related parties as well as unrelated third-party lenders at a percentage of approximately 1% and 99%, respectively. The related parties consist of Benjamin Kovler, the Chairman and Chief Executive Officer of the Company (held through KP Capital, LLC and Outsiders Capital, LLC); Andrew Grossman, the Executive Vice President of Capital Markets of the Company (held through AG Funding Group, LLC); and Anthony Georgiadis, the President and a Director of the Company (held through Three One Four Holdings, LLC and ABG, LLC).
\u00a0
\u00a0
On September 11, 2024, the Company entered into a $150,000 thousand syndicated credit facility (the \u201cCredit Facility\u201d) led by Valley National Bank. The Credit Facility has a maturity date of September 11, 2029 and bears interest from the date of issuance at the SOFR plus 500 basis points, payable monthly. The interest rate on the closing date was 10.10% per annum. The floating interest rate as of December 31, 2024 was 9.45% per annum. The April 30, 2021 Notes were retired on September 11, 2024, with the proceeds from the Credit Facility and cash generated from operations.
\u00a0
The Credit Facility includes certain covenants which require the Company to maintain (on the last day of each test period) a debt service coverage ratio of 1.5 to 1.0, a funded debt to Adjusted EBITDA ratio no greater than 3.5 to 1.0 and a tangible net worth of at least $500 thousand. As of December 31, 2024, the Company was in compliance with all covenants associated with the Credit Facility.
\u00a0
\u00a0
On October 12, 2022, the Company entered into a construction-to-permanent financing arrangement (the \u201cConstruction Loan\u201d) which provided funding for the construction of a CPG facility at Low Moor, Virginia in an amount up to $31,000 thousand.
On October 23, 2023, the Construction Loan converted into a $30,998 thousand mortgage note bearing interest of 7.75% per annum, with a maturity date of October 1, 2034. The mortgage includes certain covenants requiring the Company to maintain certain financial ratios related to its ability to service the debt. As of December 31, 2024, the Company was in compliance with all covenants associated with the mortgage.
\u00a0
\u00a0
On December 7, 2023, the Company closed on a $15,000 thousand mortgage note associated with its Ocala, Florida CPG facility bearing an interest rate of 7.45% per annum, with a maturity date of December 31, 2028. The interest rate on the mortgage is subject to a compensating balance threshold, which, if the Company falls below such threshold, the lender may increase the interest rate of the mortgage to 9.45% per annum. In addition, the mortgage includes various covenants requiring the Company to maintain certain financial ratios related to its ability to service the debt. As of December 31, 2024, the Company was in compliance with all covenants associated with the mortgage.
\u00a0
8. NOTES PAYABLE (Continued)
\u00a0
\u00a0
\u00a0
On December 14, 2023, the Company closed a $17,000 thousand mortgage note associated with its Cottage Grove CPG facility bearing an interest rate of 7.75% per annum, with a maturity date of January 1, 2029. The mortgage includes a covenant requiring the Company to maintain certain financial ratios related to its ability to service the debt. As of December 31, 2024, the Company was in compliance with all covenants associated with the mortgage.
\u00a0
On September 4, 2024, the Company closed a $23,500 thousand mortgage note associated with its Warwick, New York CPG facility bearing an interest rate of 7.75% per annum, with a maturity date of September 4, 2029. The mortgage includes various covenants requiring the Company to maintain certain financial ratios related to its ability to service the debt. As of December 31, 2024, the Company was in compliance with all covenants associated with the mortgage.
"}]},{"name":"rpt:f-964","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At December 31, 2024 and 2023, notes payable consisted of the following:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n December 31, 2023 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Charitable contributions1 | \n $ | \n \u2014 | \n $ | \n 351 | \n
Private placement debt dated April 30, 20212 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 221,680 | \n
Syndicated credit facility dated September 11, 20243 | \n \u00a0 | \n 147,979 | \n \u00a0 | \n \u2014 | \n
Mortgage notes4 | \n \u00a0 | \n 106,979 | \n \u00a0 | \n 86,492 | \n
Total notes payable | \n \u00a0 | \n 254,958 | \n \u00a0 | \n 308,523 | \n
Less: current portion of notes payable | \n \u00a0 | \n (12,062) | \n \u00a0 | \n (2,996) | \n
Notes payable, net of current portion | \n $ | \n 242,896 | \n $ | \n 305,527 | \n
____________________
1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide quarterly charitable contributions of $50 thousand through October 2024 and $250 thousand per year through May 2024, respectively. As of December 31, 2023, the net present value of these payments was recorded as a liability with interest rates ranging between 2.17% - 7.00%. As of December 31, 2024, the Company fully satisfied these commitments.
\u00a0
2 The April 30, 2021 private placement debt, as amended on October 21, 2021, (the \u201cApril 30, 2021 Notes\u201d), was retired as of September 11, 2024. As of December 31, 2023, the outstanding principal balance of the April 30, 2021 Notes was $224,435 thousand and was recorded net of debt discount, the carrying value of which was $2,755 thousand.
\u00a0
3 The Credit Facility (as defined below in Section (b) of this Note 8) was issued in an aggregate amount of $150,000 thousand, and will bears interest at the Secured Overnight Financing Rate (\u201cSOFR\u201d) plus 500 basis points, payable quarterly. As of December 31, 2024, the Credit Facility\u2019s outstanding principal balance was $150,000 thousand, which is recorded net of debt discount of $2,021 thousand. The Credit Facility matures on September 11, 2029.
\u00a0
4 The Company has issued mortgage notes in connection with various operating properties at an aggregate value of $112,285 thousand and $88,785 thousand as of December 31, 2024 and 2023, respectively. The mortgage notes were issued at a discount, the aggregate carrying value of which was $1,007 thousand and $725 thousand, and are presented net of principal payments of $4,299 thousand and $1,568 thousand as of December 31, 2024 and 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.
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\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Notes Payable | \n ||||
Year Ending December 31, | \n \u00a0 | \n Credit Facility | \n \u00a0 | \n Mortgage Notes | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
2025 | \n $ | \n 7,500 | \n $ | \n 4,562 | \n $ | \n 12,062 | \n
2026 | \n \u00a0 | \n 15,000 | \n \u00a0 | \n 3,327 | \n \u00a0 | \n 18,327 | \n
2027 | \n \u00a0 | \n 15,000 | \n \u00a0 | \n 3,582 | \n \u00a0 | \n 18,582 | \n
2028 | \n \u00a0 | \n 15,000 | \n \u00a0 | \n 15,562 | \n \u00a0 | \n 30,562 | \n
2029 | \n \u00a0 | \n 97,500 | \n \u00a0 | \n 39,383 | \n \u00a0 | \n 136,883 | \n
2030 and Thereafter | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 41,570 | \n \u00a0 | \n 41,570 | \n
Total maturities of notes payable 1 | \n $ | \n 150,000 | \n $ | \n 107,986 | \n $ | \n 257,986 | \n
____________________
1 Total maturities of notes payable excludes unamortized debt discount of $2,021 thousand associated with the Credit Facility and $1,007 thousand associated with the mortgage notes.
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WARRANTS
\u00a0
As part of the Company\u2019s issuance of the April 30, 2021 Notes, as well as other financing arrangements, the Company issued warrants, which allow the holders to purchase Subordinate Voting Shares at an exercise price determined at the time of issuance.
The following table summarizes the number of warrants outstanding as of December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Liability Classified | \n \u00a0 | \n \u00a0 | \n Equity Classified | \n \u00a0 | \n |||||||||||||||||
\u00a0 | \n Number of Shares | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price (C$) | \n \u00a0 | \n \u00a0 | \n Weighted Average Remaining Contractual Life | \n \u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price (USD) | \n \u00a0 | \n Weighted Average | \n \u00a0 | \n ||||||
Balance as of December 31, 2023 | \n \u00a0 | \n 1,997,208 | \n \u00a0 | \n C$ | \n \u00a0 | \n 18.03 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.50 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,737,347 | \n \u00a0 | \n $ | \n \u00a0 | \n 31.83 | \n \u00a0 | \n \u00a0 | \n 2.38 | \n \u00a0 | \n
Warrants Exercised | \n \u00a0 | \n (285,296 | \n ) | \n \u00a0 | \n \u00a0 | \n 12.04 | \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 \u00a0 | \n \u2014 | \n \u00a0 | \n
Warrants Expired | \n \u00a0 | \n (1,638,184 | \n ) | \n \u00a0 | \n \u00a0 | \n 19.25 | \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 \u00a0 | \n \u2014 | \n \u00a0 | \n
Balance as of December 31, 2024 | \n \u00a0 | \n 73,728 | \n \u00a0 | \n C$ | \n \u00a0 | \n 14.03 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,737,347 | \n \u00a0 | \n $ | \n \u00a0 | \n 31.83 | \n \u00a0 | \n \u00a0 | \n 1.38 | \n \u00a0 | \n
\u00a0
In certain instances, the Company issued warrants with an exercise price denominated in Canadian dollars whereas the Company\u2019s functional currency is USD. As a result, upon issuance and at each reporting date, the Company is required to remeasure the fair value of the warrants using a Monte Carlo Simulation model.
The following table summarizes the fair value of the liability classified warrants at December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n ||||||||||
Warrant Liability | \n Strike Price | \n \u00a0 | \n Warrants Outstanding | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n \u00a0 | \n December 31, 2023 | \n \u00a0 | \n \u00a0 | \n Change | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||||||||
Private Placement Financing Warrants Issued May 2019 | \n \u00a0C$19.39 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n 1,673 | \n \u00a0 | \n $ | \n \u00a0 | \n (1,673 | \n ) | \n
Modification Warrants Issued November 2019 | \n \u00a0C$12.04 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,151 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,151 | \n ) | \n
Additional Modification Warrants Issued May 2020 | \n \u00a0C$14.03 | \n \u00a0 | \n \u00a0 | \n 73,728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 68 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (225 | \n ) | \n
Totals | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 73,728 | \n \u00a0 | \n $ | \n \u00a0 | \n 68 | \n \u00a0 | \n $ | \n \u00a0 | \n 3,117 | \n \u00a0 | \n $ | \n \u00a0 | \n (3,049 | \n ) | \n
\u00a0
During the years ended December 31, 2024, 2023 and 2022, the Company recorded gains of $2,691 thousand, $1,403 thousand, and $20,357 thousand, respectively, on the change in the fair value of the warrant liability within other income (expense) on the consolidated statements of operations. As of December 31, 2024 and 2023, the warrant liability was classified as a current liability and recorded within accrued liabilities within the consolidated balance sheets.
\u00a0
The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 14\u2014Fair Value Measurements for additional details):
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n December 31, | \n \u00a0 | \n December 31, | \n
Significant Assumptions | \n 2024 | \n \u00a0 | \n 2023 | \n
Volatility | \n 70.07% | \n \u00a0 | \n 61.76% - 74.31% | \n
Remaining Term | \n 0.39\u00a0years | \n \u00a0 | \n 0.39-1.39\u00a0years | \n
Risk Free Rate | \n 2.92% | \n \u00a0 | \n 3.91% | \n
\u00a0
9. WARRANTS (Continued)
\u00a0
\u00a0
The Company\u2019s equity classified warrants were recorded at fair value at each respective date of issuance. Equity classified warrants are not remeasured on a recurring basis and are carried at their issuance date fair value.
The following table summarizes the carrying amounts of the Company\u2019s equity classified warrants at December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Issuance Date Fair Value | \n \u00a0 | \n |||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
Warrants Included in Contributed Surplus | \n Strike Price | \n \u00a0 | \n \u00a0 | \n Outstanding | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||
Mortgage Warrants Issued June 2020 | \n $ | \n 9.10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,000 | \n \u00a0 | \n $ | \n \u00a0 | \n 181 | \n \u00a0 | \n $ | \n \u00a0 | \n 181 | \n \u00a0 | \n
Private Placement Refinance Warrants Issued April 2021 | \n $ | \n 32.68 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,459,044 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,259 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,259 | \n \u00a0 | \n
Private Placement Refinance Warrants Issued October 2021 | \n $ | \n 30.02 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 243,303 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,616 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,616 | \n \u00a0 | \n
Totals | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,737,347 | \n \u00a0 | \n $ | \n \u00a0 | \n 25,056 | \n \u00a0 | \n $ | \n \u00a0 | \n 25,056 | \n \u00a0 | \n
\u00a0
The equity classified warrants were valued as of the date of issuance using a Black Scholes Option Pricing model. The following table summarizes the significant assumptions used in determining the fair value of the equity classified warrants as of each respective issuance date:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
Significant Assumptions | \n Private Placement Refinancing Warrants | \n \u00a0 | \n Private Placement Refinancing Warrants | \n \u00a0 | \n Mortgage Warrants | \n
Date of Issuance | \n October 15, 2021 | \n \u00a0 | \n April 30, 2021 | \n \u00a0 | \n June 5, 2020 | \n
Volatility | \n 73% | \n \u00a0 | \n 73% | \n \u00a0 | \n 80% | \n
Estimated Term | \n 4 years | \n \u00a0 | \n 4\u00a0years | \n \u00a0 | \n 5\u00a0years | \n
Risk Free Rate | \n 1.12% | \n \u00a0 | \n 0.74% | \n \u00a0 | \n 0.37% | \n
The following table summarizes the number of warrants outstanding as of December 31, 2024 and 2023:
\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 |
\u00a0 | \n Liability Classified | \n \u00a0 | \n \u00a0 | \n Equity Classified | \n \u00a0 | \n |||||||||||||||||
\u00a0 | \n Number of Shares | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price (C$) | \n \u00a0 | \n \u00a0 | \n Weighted Average Remaining Contractual Life | \n \u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price (USD) | \n \u00a0 | \n Weighted Average | \n \u00a0 | \n ||||||
Balance as of December 31, 2023 | \n \u00a0 | \n 1,997,208 | \n \u00a0 | \n C$ | \n \u00a0 | \n 18.03 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.50 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,737,347 | \n \u00a0 | \n $ | \n \u00a0 | \n 31.83 | \n \u00a0 | \n \u00a0 | \n 2.38 | \n \u00a0 | \n
Warrants Exercised | \n \u00a0 | \n (285,296 | \n ) | \n \u00a0 | \n \u00a0 | \n 12.04 | \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 \u00a0 | \n \u2014 | \n \u00a0 | \n
Warrants Expired | \n \u00a0 | \n (1,638,184 | \n ) | \n \u00a0 | \n \u00a0 | \n 19.25 | \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 \u00a0 | \n \u2014 | \n \u00a0 | \n
Balance as of December 31, 2024 | \n \u00a0 | \n 73,728 | \n \u00a0 | \n C$ | \n \u00a0 | \n 14.03 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,737,347 | \n \u00a0 | \n $ | \n \u00a0 | \n 31.83 | \n \u00a0 | \n \u00a0 | \n 1.38 | \n \u00a0 | \n
The following table summarizes the fair value of the liability classified warrants at December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n ||||||||||
Warrant Liability | \n Strike Price | \n \u00a0 | \n Warrants Outstanding | \n \u00a0 | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n \u00a0 | \n December 31, 2023 | \n \u00a0 | \n \u00a0 | \n Change | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||||||||
Private Placement Financing Warrants Issued May 2019 | \n \u00a0C$19.39 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n 1,673 | \n \u00a0 | \n $ | \n \u00a0 | \n (1,673 | \n ) | \n
Modification Warrants Issued November 2019 | \n \u00a0C$12.04 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,151 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,151 | \n ) | \n
Additional Modification Warrants Issued May 2020 | \n \u00a0C$14.03 | \n \u00a0 | \n \u00a0 | \n 73,728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 68 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (225 | \n ) | \n
Totals | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 73,728 | \n \u00a0 | \n $ | \n \u00a0 | \n 68 | \n \u00a0 | \n $ | \n \u00a0 | \n 3,117 | \n \u00a0 | \n $ | \n \u00a0 | \n (3,049 | \n ) | \n
The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 14\u2014Fair Value Measurements for additional details):
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n December 31, | \n \u00a0 | \n December 31, | \n
Significant Assumptions | \n 2024 | \n \u00a0 | \n 2023 | \n
Volatility | \n 70.07% | \n \u00a0 | \n 61.76% - 74.31% | \n
Remaining Term | \n 0.39\u00a0years | \n \u00a0 | \n 0.39-1.39\u00a0years | \n
Risk Free Rate | \n 2.92% | \n \u00a0 | \n 3.91% | \n
The following table summarizes the carrying amounts of the Company\u2019s equity classified warrants at December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Issuance Date Fair Value | \n \u00a0 | \n |||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
Warrants Included in Contributed Surplus | \n Strike Price | \n \u00a0 | \n \u00a0 | \n Outstanding | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||
Mortgage Warrants Issued June 2020 | \n $ | \n 9.10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,000 | \n \u00a0 | \n $ | \n \u00a0 | \n 181 | \n \u00a0 | \n $ | \n \u00a0 | \n 181 | \n \u00a0 | \n
Private Placement Refinance Warrants Issued April 2021 | \n $ | \n 32.68 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,459,044 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,259 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,259 | \n \u00a0 | \n
Private Placement Refinance Warrants Issued October 2021 | \n $ | \n 30.02 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 243,303 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,616 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,616 | \n \u00a0 | \n
Totals | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,737,347 | \n \u00a0 | \n $ | \n \u00a0 | \n 25,056 | \n \u00a0 | \n $ | \n \u00a0 | \n 25,056 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n |
Significant Assumptions | \n Private Placement Refinancing Warrants | \n \u00a0 | \n Private Placement Refinancing Warrants | \n \u00a0 | \n Mortgage Warrants | \n
Date of Issuance | \n October 15, 2021 | \n \u00a0 | \n April 30, 2021 | \n \u00a0 | \n June 5, 2020 | \n
Volatility | \n 73% | \n \u00a0 | \n 73% | \n \u00a0 | \n 80% | \n
Estimated Term | \n 4 years | \n \u00a0 | \n 4\u00a0years | \n \u00a0 | \n 5\u00a0years | \n
Risk Free Rate | \n 1.12% | \n \u00a0 | \n 0.74% | \n \u00a0 | \n 0.37% | \n
10. SHARE CAPITAL
\u00a0
Common shares, which include the Company\u2019s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares, are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the applicable vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.
The Company has the following classes of share capital, with each class having no par value:
The holders of the Subordinate Voting Shares are entitled to receive dividends which may be declared from time to time and are entitled to one vote per share at meetings of the Company\u2019s shareholders. All Subordinate Voting Shares are ranked equally with regard to the Company\u2019s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting Shares.
Each Multiple Voting Share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares. At December 31, 2024, the Company had 37,623 issued and outstanding Multiple Voting Shares, which convert into 3,762,300 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares.
Each Super Voting Share is entitled to 1,000 votes per share at shareholder meetings of the Company and is exchangeable for one Multiple Voting Share, which is then convertible into 100 Subordinate Voting Shares. At December 31, 2024, the Company had 206,690 issued and outstanding Super Voting Shares which convert into 20,669,000 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Super Voting Shares.
\u00a0
10. SHARE CAPITAL (Continued)
\u00a0
\u00a0
(b) Issued and Outstanding
A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Issued and Outstanding | \n ||||
\u00a0 | \n \u00a0 | \n Subordinate | \n \u00a0 | \n Multiple | \n \u00a0 | \n Super | \n
As at January 1, 2022 | \n \u00a0 | \n 201,768,312 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 285,031 | \n
Issuance of shares under business combinations and investments | \n \u00a0 | \n 204,036 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Distribution of contingent consideration | \n \u00a0 | \n 667,080 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 441,454 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 433,341 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Shares issued for settlement of business obligation | \n \u00a0 | \n 142,952 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Exchange of shares | \n \u00a0 | \n 3,334,100 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (33,341) | \n
As at December 31, 2022 | \n \u00a0 | \n 206,991,275 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 251,690 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2023 | \n \u00a0 | \n 206,991,275 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 251,690 | \n
Distribution of contingent consideration | \n \u00a0 | \n 1,614,871 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Distribution of deferred shares | \n \u00a0 | \n 680,089 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 477,545 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 451,138 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Subordinate Voting Shares | \n \u00a0 | \n (3,843,126) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Exchange of shares | \n \u00a0 | \n 3,500,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (35,000) | \n
As at December 31, 2023 | \n \u00a0 | \n 209,871,792 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 216,690 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2024 | \n \u00a0 | \n 209,871,792 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 216,690 | \n
Distribution of contingent consideration | \n \u00a0 | \n 1,250,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Distribution of deferred shares | \n \u00a0 | \n 309,337 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of warrants | \n \u00a0 | \n 35,540 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 1,504,764 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 1,037,812 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Subordinate Voting Shares | \n \u00a0 | \n (3,972,000) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Exchange of shares | \n \u00a0 | \n 1,090,800 | \n \u00a0 | \n (908) | \n \u00a0 | \n (10,000) | \n
As at December 31, 2024 | \n \u00a0 | \n 211,128,045 | \n \u00a0 | \n 37,623 | \n \u00a0 | \n 206,690 | \n
\u00a0
ILDISP, LLC
On March 1, 2022, the Company issued 204,036 Subordinate Voting Shares with a value of approximately $3,785 thousand, based on a 20 consecutive day volume weighted average price (\u201cVWAP\u201d), in connection with the Company\u2019s acquisition of the remaining ownership interests in two Illinois-based retail stores. The shares issued resulted in an increase in the Company\u2019s share capital and a corresponding increase in the net assets acquired.
\u00a0
10. SHARE CAPITAL (Continued)
\u00a0
(b) Issued and Outstanding (Continued)
\u00a0
Dharma Pharmaceuticals, LLC
\u00a0
In connection with the Company\u2019s 2021 acquisition of Dharma Pharmaceuticals, LLC (\u201cDharma\u201d), the purchase agreement included contingent consideration of up to $65,000 thousand in Subordinate Voting Shares of Green Thumb, which was dependent upon 1) the successful opening of five retail stores in the Virginia area within the first three years of following the signing of the agreement and 2) the legal sale of adult-use cannabis in a retail store on or before January 1, 2025 (the \u201cRecreational Sales Milestone\u201d).
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The following table provides an overview of store count, share quantities, and the fair value of shares at the issuance date:
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\n| \n | \n | \n | \n |
Dharma Pharmaceuticals, LLC | \n |||
Date of issuance | \n # of stores opened | \n Number of Subordinate Voting Shares issued | \n Fair Value in thousands | \n
August 16, 2021 | \n 1 | \n 199,993 | \n $5,949 | \n
February 25, 2022 | \n 2 | \n 667,080 | \n 13,111 | \n
June 1, 2023 | \n 1 | \n 822,447 | \n 6,070 | \n
July 10, 2023 | \n 1 | \n 792,424 | \n 6,454 | \n
Total | \n 5 | \n 2,481,944 | \n $31,584 | \n
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As of December 31, 2023, the estimated fair value of the remaining contingent consideration associated with the Recreational Sales Milestone, which was valued based on a probability weighting of the potential payments, was $33,250 thousand and was included as a non-current liability on the Company\u2019s consolidated balance sheets.
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On February 9, 2024, the Company and the former owners of Dharma agreed to amend the conditions as set forth in the original purchase agreement in relation to the Recreational Sales Milestone (the \u201cAmended Agreement\u201d). Under the Amended Agreement, the former owners waived their right to the Recreational Sales Milestone in exchange for the delivery of 1,250,000 Subordinate Voting Shares of Green Thumb. As a result, the Company recorded a gain of $15,991 thousand within selling, general, and administrative expenses on the consolidated statement of operations. On February 15, 2024, the Company distributed the shares to the former owners of Dharma, which had a fair market value of $17,259 thousand, which was based on the value of the shares as traded on the Canadian Securities Exchange on the date of distribution. As of such date, the balance of contingent consideration was fully extinguished.
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10. SHARE CAPITAL (Continued)
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(b) Issued and Outstanding (Continued)
As part of the consideration exchanged for acquisitions completed in previous periods, the Company deferred the distribution of Subordinate Voting Shares to secure the Company\u2019s indemnification rights associated with post-acquisition costs.
The following table summarizes the activity during the years ended December 31, 2024, 2023 and 2022:
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\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Related Acquisition | \n ||||||
\u00a0 | \n Liberty Compassion, Inc. | \n Dharma Pharmaceuticals, LLC | \n Mobley Pain Management and Wellness Center, LLC and Canwell Processing, LLC | \n GreenStar Herbals, Inc. | \n Maryland Health and Wellness Center, Inc. | \n LeafLine Industries, LLC | \n Total | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2022 | \n 216,471 | \n 229,878 | \n 264,760 | \n 161,306 | \n 61,832 | \n 386,002 | \n 1,320,249 | \n
Other | \n (1,703) | \n \u2014 | \n \u2014 | \n \u2014 | \n \u2014 | \n \u2014 | \n (1,703) | \n
As at December 31, 2022 | \n 214,768 | \n 229,878 | \n 264,760 | \n 161,306 | \n 61,832 | \n 386,002 | \n 1,318,546 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2023 | \n 214,768 | \n 229,878 | \n 264,760 | \n 161,306 | \n 61,832 | \n 386,002 | \n 1,318,546 | \n
Distributed Shares | \n (214,768) | \n (229,878) | \n (12,305) | \n (161,306) | \n (61,832) | \n \u2014 | \n (680,089) | \n
Cancelled Shares | \n \u2014 | \n \u2014 | \n (84,122) | \n \u2014 | \n \u2014 | \n \u2014 | \n (84,122) | \n
As at December 31, 2023 | \n \u2014 | \n \u2014 | \n 168,333 | \n \u2014 | \n \u2014 | \n 386,002 | \n 554,335 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2024 | \n \u2014 | \n \u2014 | \n 168,333 | \n \u2014 | \n \u2014 | \n 386,002 | \n 554,335 | \n
Distributed Shares | \n \u2014 | \n \u2014 | \n \u2014 | \n \u2014 | \n \u2014 | \n (309,337) | \n (309,337) | \n
As at December 31, 2024 | \n \u2014 | \n \u2014 | \n 168,333 | \n \u2014 | \n \u2014 | \n 76,665 | \n 244,998 | \n
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As of December 31, 2024 and 2023, the Company held deferred shares in the amount of $6,362 thousand and $12,973 thousand, respectively.
As of December 31, 2023, in accordance with the relevant acquisition agreement, a portion of the outstanding deferred shares were cancelled in order to indemnify the Company for post-acquisition costs. As the cancellation of the deferred shares occurred outside of the purchase price allocation measurement period (generally one year from the acquisition date), the Company recorded a gain of $2,784 thousand within selling general and administrative expenses on the Company\u2019s consolidated statements of operations during the year ended December 31, 2023.
\u00a0
10. SHARE CAPITAL (Continued)
\u00a0
(b) Issued and Outstanding (Continued)
(v) Repurchase of Subordinate Voting Shares
\u00a0
On September 5, 2023, the Company announced that its Board of Directors authorized the repurchase of 10,486,951 of its Subordinate Voting Shares over a 12-month period at a cost of up to $50,000 thousand, which was subsequently increased to up to $100,000 thousand on February 28, 2024. By the time the program expired on September 10, 2024, the Company had repurchased a total of 6,568,125 Subordinate Voting Shares for $73,304 thousand including 2,725,000 Subordinate Voting Shares for $33,448 thousand during nine months ended September 30, 2024.
Following the expiration of the Company\u2019s previous share program on September 10, 2024, the Company\u2019s Board of Directors authorized a new share repurchase program on September 13, 2024, allowing the repurchase of up to 10,573,860 of its Subordinate Voting Shares over a 12-month period at an aggregate cost of up to $50,000 thousand. From September 13, 2024 through December 31, 2024, the Company purchased a total of 1,247,000 Subordinate Voting Shares at an average price of $7.72 per share, bringing the total remaining repurchase ability to approximately $40,400 thousand.
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(c) Stock-Based Compensation
The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company measures their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled stock-based payments under stock-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to equity.
In June 2018, the Company established the Green Thumb Industries Inc. 2018 Stock and Incentive Plan, which was amended by Amendment No. 1 and Amendment No. 2 thereto (as amended, the \u201cPlan\u201d). The maximum number of RSUs and options issued under the Plan shall not exceed 10% of the Company\u2019s issued and outstanding shares on an as-converted basis.
The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized.
Option and RSU grants generally vest over three years, and options typically have a life of seven to ten years. Option grants are determined by the Compensation Committee of the Company\u2019s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant.
Stock option activity is summarized as follows:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n Number of Shares | \n Weighted Average Exercise Price | \n Weighted Average Remaining Contractual Life | \n Aggregate Intrinsic Value | \n
Balance as of December 31, 2023 | \n 10,071,467 | \n $11.75 | \n 4.31 | \n $22,442 | \n
Granted | \n 836,353 | \n 14.73 | \n \u00a0 | \n \u00a0 | \n
Exercised | \n (1,504,764) | \n 8.59 | \n \u00a0 | \n \u00a0 | \n
Forfeited | \n (1,164,584) | \n 14.21 | \n \u00a0 | \n \u00a0 | \n
Balance as of December 31, 2024 | \n 8,238,472 | \n $10.10 | \n 4.07 | \n $2,664 | \n
Exercisable as of December 31, 2024 | \n 5,592,683 | \n $4.15 | \n 2.09 | \n $1,985 | \n
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The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company\u2019s closing stock price on December 31, 2024 and 2023, respectively, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on December 31, 2024 and 2023, respectively. This amount will change in future periods based on the fair market value of the Company\u2019s Subordinate Voting Shares and the number of options outstanding.
10. SHARE CAPITAL (Continued)
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(c) Stock-Based Compensation (Continued)
The following table summarizes the weighted average grant date fair value and intrinsic value of options exercised for the year ended December 31, 2024, 2023 and 2022:
\n
| \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n ||
\u00a0 | \n 2024 | \n 2023 | \n 2022 | \n
Weighted average grant date fair value (per share) of stock option units granted | \n $7.79 | \n $4.24 | \n $5.37 | \n
Intrinsic value of stock option units exercised, using market price at exercise date (in thousands) | \n $7,505 | \n $996 | \n $2,390 | \n
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The Company used the Black-Scholes Option Pricing model to estimate the fair value of the options granted during the years ended December 31, 2024 and 2023, using the following ranges of assumptions:
\n
| \n | \n | \n |
\u00a0 | \n December 31, | \n December 31, | \n
\u00a0 | \n 2024 | \n 2023 | \n
Risk-free interest rate | \n 2.72% - 3.92% | \n 3.06% - 4.32% | \n
Expected dividend yield | \n 0% | \n 0% | \n
Expected volatility | \n 62% - 64% | \n 64% | \n
Expected option life | \n 4.46\u00a0- 4.5\u00a0years | \n 3.5\u00a0\u2013 4.5\u00a0years | \n
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As permitted under ASC 718, Stock Compensation, the Company has made an accounting policy choice to account for forfeitures when they occur.
The following table summarizes the number of non-vested RSU awards as of December 31, 2024 and 2023 and the changes during the year ended December 31, 2024:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Grant Date Fair Value | \n
Unvested Shares at December 31, 2023 | \n \u00a0 | \n 3,620,638 | \n $ | \n 9.25 | \n
Granted | \n \u00a0 | \n 6,076,176 | \n \u00a0 | \n 12.07 | \n
Forfeited | \n \u00a0 | \n (980,692) | \n \u00a0 | \n 11.81 | \n
Vested | \n \u00a0 | \n (1,037,812) | \n \u00a0 | \n 9.95 | \n
Unvested Shares at December 31, 2024 | \n \u00a0 | \n 7,678,310 | \n $ | \n 11.14 | \n
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The following table summarizes the weighted average grant date fair value of RSUs granted for the years ended December 31, 2024, 2023 and 2022:
\n
| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
Weighted average grant date fair value (per share) | \n $ | \n 12.07 | \n $ | \n 7.87 | \n $ | \n 17.84 | \n
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The stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022 was as follows:
\n
| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Stock options expense | \n $ | \n 10,270 | \n $ | \n 16,826 | \n $ | \n 19,062 | \n
Restricted Stock Units | \n \u00a0 | \n 23,042 | \n \u00a0 | \n 11,363 | \n \u00a0 | \n 8,078 | \n
Total Stock Based Compensation Expense | \n $ | \n 33,312 | \n $ | \n 28,189 | \n $ | \n 27,140 | \n
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As of December 31, 2024, $77,500 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 2.26 years.
"}]},{"name":"rpt:f-1142","factDimensions":{"xbrl:concept":"us-gaap:CommonStockVotingRights","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:ConversionOfStockByUniqueDescriptionAxis":"gtbif:ConversionOfMultipleVotingSharesMember","us-gaap:StatementClassOfStockAxis":"gtbif:MultipleVotingSharesMember"},"factValues":[{"value":"100"}]},{"name":"rpt:f-1143","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesOutstanding","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:MultipleVotingSharesMember"},"factValues":[{"value":"37623"}]},{"name":"rpt:f-1144","factDimensions":{"xbrl:concept":"gtbif:ConversionOfStockSharesAvailableForConversion","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:ConversionOfStockByUniqueDescriptionAxis":"gtbif:ConversionOfMultipleVotingSharesMember","us-gaap:StatementClassOfStockAxis":"gtbif:SubordinateVotingSharesMember"},"factValues":[{"value":"3762300"}]},{"name":"rpt:f-1145","factDimensions":{"xbrl:concept":"us-gaap:CommonStockVotingRights","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:StatementClassOfStockAxis":"gtbif:SuperVotingSharesMember","us-gaap:ConversionOfStockByUniqueDescriptionAxis":"gtbif:ConversionOfSuperVotingSharesMember"},"factValues":[{"value":"1,000"}]},{"name":"rpt:f-1146","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesOutstanding","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SuperVotingSharesMember"},"factValues":[{"value":"206690","decimals":0}]},{"name":"rpt:f-1147","factDimensions":{"xbrl:concept":"gtbif:ConversionOfStockSharesAvailableForConversion","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SuperVotingSharesMember","us-gaap:ConversionOfStockByUniqueDescriptionAxis":"gtbif:ConversionOfSuperVotingSharesMember"},"factValues":[{"value":"20669000","decimals":0}]},{"name":"rpt:f-1148","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCommonStockOutstandingRollForwardTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Issued and Outstanding | \n ||||
\u00a0 | \n \u00a0 | \n Subordinate | \n \u00a0 | \n Multiple | \n \u00a0 | \n Super | \n
As at January 1, 2022 | \n \u00a0 | \n 201,768,312 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 285,031 | \n
Issuance of shares under business combinations and investments | \n \u00a0 | \n 204,036 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Distribution of contingent consideration | \n \u00a0 | \n 667,080 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 441,454 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 433,341 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Shares issued for settlement of business obligation | \n \u00a0 | \n 142,952 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Exchange of shares | \n \u00a0 | \n 3,334,100 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (33,341) | \n
As at December 31, 2022 | \n \u00a0 | \n 206,991,275 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 251,690 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2023 | \n \u00a0 | \n 206,991,275 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 251,690 | \n
Distribution of contingent consideration | \n \u00a0 | \n 1,614,871 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Distribution of deferred shares | \n \u00a0 | \n 680,089 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 477,545 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 451,138 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Subordinate Voting Shares | \n \u00a0 | \n (3,843,126) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Exchange of shares | \n \u00a0 | \n 3,500,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (35,000) | \n
As at December 31, 2023 | \n \u00a0 | \n 209,871,792 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 216,690 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2024 | \n \u00a0 | \n 209,871,792 | \n \u00a0 | \n 38,531 | \n \u00a0 | \n 216,690 | \n
Distribution of contingent consideration | \n \u00a0 | \n 1,250,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Distribution of deferred shares | \n \u00a0 | \n 309,337 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of warrants | \n \u00a0 | \n 35,540 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 1,504,764 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 1,037,812 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Subordinate Voting Shares | \n \u00a0 | \n (3,972,000) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Exchange of shares | \n \u00a0 | \n 1,090,800 | \n \u00a0 | \n (908) | \n \u00a0 | \n (10,000) | \n
As at December 31, 2024 | \n \u00a0 | \n 211,128,045 | \n \u00a0 | \n 37,623 | \n \u00a0 | \n 206,690 | \n
\u00a0
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following table provides an overview of store count, share quantities, and the fair value of shares at the issuance date:
\u00a0
\n| \n | \n | \n | \n |
Dharma Pharmaceuticals, LLC | \n |||
Date of issuance | \n # of stores opened | \n Number of Subordinate Voting Shares issued | \n Fair Value in thousands | \n
August 16, 2021 | \n 1 | \n 199,993 | \n $5,949 | \n
February 25, 2022 | \n 2 | \n 667,080 | \n 13,111 | \n
June 1, 2023 | \n 1 | \n 822,447 | \n 6,070 | \n
July 10, 2023 | \n 1 | \n 792,424 | \n 6,454 | \n
Total | \n 5 | \n 2,481,944 | \n $31,584 | \n
The following table summarizes the activity during the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Related Acquisition | \n ||||||
\u00a0 | \n Liberty Compassion, Inc. | \n Dharma Pharmaceuticals, LLC | \n Mobley Pain Management and Wellness Center, LLC and Canwell Processing, LLC | \n GreenStar Herbals, Inc. | \n Maryland Health and Wellness Center, Inc. | \n LeafLine Industries, LLC | \n Total | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2022 | \n 216,471 | \n 229,878 | \n 264,760 | \n 161,306 | \n 61,832 | \n 386,002 | \n 1,320,249 | \n
Other | \n (1,703) | \n \u2014 | \n \u2014 | \n \u2014 | \n \u2014 | \n \u2014 | \n (1,703) | \n
As at December 31, 2022 | \n 214,768 | \n 229,878 | \n 264,760 | \n 161,306 | \n 61,832 | \n 386,002 | \n 1,318,546 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2023 | \n 214,768 | \n 229,878 | \n 264,760 | \n 161,306 | \n 61,832 | \n 386,002 | \n 1,318,546 | \n
Distributed Shares | \n (214,768) | \n (229,878) | \n (12,305) | \n (161,306) | \n (61,832) | \n \u2014 | \n (680,089) | \n
Cancelled Shares | \n \u2014 | \n \u2014 | \n (84,122) | \n \u2014 | \n \u2014 | \n \u2014 | \n (84,122) | \n
As at December 31, 2023 | \n \u2014 | \n \u2014 | \n 168,333 | \n \u2014 | \n \u2014 | \n 386,002 | \n 554,335 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2024 | \n \u2014 | \n \u2014 | \n 168,333 | \n \u2014 | \n \u2014 | \n 386,002 | \n 554,335 | \n
Distributed Shares | \n \u2014 | \n \u2014 | \n \u2014 | \n \u2014 | \n \u2014 | \n (309,337) | \n (309,337) | \n
As at December 31, 2024 | \n \u2014 | \n \u2014 | \n 168,333 | \n \u2014 | \n \u2014 | \n 76,665 | \n 244,998 | \n
Stock option activity is summarized as follows:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n Number of Shares | \n Weighted Average Exercise Price | \n Weighted Average Remaining Contractual Life | \n Aggregate Intrinsic Value | \n
Balance as of December 31, 2023 | \n 10,071,467 | \n $11.75 | \n 4.31 | \n $22,442 | \n
Granted | \n 836,353 | \n 14.73 | \n \u00a0 | \n \u00a0 | \n
Exercised | \n (1,504,764) | \n 8.59 | \n \u00a0 | \n \u00a0 | \n
Forfeited | \n (1,164,584) | \n 14.21 | \n \u00a0 | \n \u00a0 | \n
Balance as of December 31, 2024 | \n 8,238,472 | \n $10.10 | \n 4.07 | \n $2,664 | \n
Exercisable as of December 31, 2024 | \n 5,592,683 | \n $4.15 | \n 2.09 | \n $1,985 | \n
The following table summarizes the weighted average grant date fair value and intrinsic value of options exercised for the year ended December 31, 2024, 2023 and 2022:
\n
| \n | \n | \n | \n |
\u00a0 | \n Years Ended December 31, | \n ||
\u00a0 | \n 2024 | \n 2023 | \n 2022 | \n
Weighted average grant date fair value (per share) of stock option units granted | \n $7.79 | \n $4.24 | \n $5.37 | \n
Intrinsic value of stock option units exercised, using market price at exercise date (in thousands) | \n $7,505 | \n $996 | \n $2,390 | \n
The Company used the Black-Scholes Option Pricing model to estimate the fair value of the options granted during the years ended December 31, 2024 and 2023, using the following ranges of assumptions:
\n
| \n | \n | \n |
\u00a0 | \n December 31, | \n December 31, | \n
\u00a0 | \n 2024 | \n 2023 | \n
Risk-free interest rate | \n 2.72% - 3.92% | \n 3.06% - 4.32% | \n
Expected dividend yield | \n 0% | \n 0% | \n
Expected volatility | \n 62% - 64% | \n 64% | \n
Expected option life | \n 4.46\u00a0- 4.5\u00a0years | \n 3.5\u00a0\u2013 4.5\u00a0years | \n
The following table summarizes the number of non-vested RSU awards as of December 31, 2024 and 2023 and the changes during the year ended December 31, 2024:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Grant Date Fair Value | \n
Unvested Shares at December 31, 2023 | \n \u00a0 | \n 3,620,638 | \n $ | \n 9.25 | \n
Granted | \n \u00a0 | \n 6,076,176 | \n \u00a0 | \n 12.07 | \n
Forfeited | \n \u00a0 | \n (980,692) | \n \u00a0 | \n 11.81 | \n
Vested | \n \u00a0 | \n (1,037,812) | \n \u00a0 | \n 9.95 | \n
Unvested Shares at December 31, 2024 | \n \u00a0 | \n 7,678,310 | \n $ | \n 11.14 | \n
The following table summarizes the weighted average grant date fair value of RSUs granted for the years ended December 31, 2024, 2023 and 2022:
\n
| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
Weighted average grant date fair value (per share) | \n $ | \n 12.07 | \n $ | \n 7.87 | \n $ | \n 17.84 | \n
The stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022 was as follows:
\n
| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Stock options expense | \n $ | \n 10,270 | \n $ | \n 16,826 | \n $ | \n 19,062 | \n
Restricted Stock Units | \n \u00a0 | \n 23,042 | \n \u00a0 | \n 11,363 | \n \u00a0 | \n 8,078 | \n
Total Stock Based Compensation Expense | \n $ | \n 33,312 | \n $ | \n 28,189 | \n $ | \n 27,140 | \n
11. INCOME TAX EXPENSE
\u00a0
\u00a0
\u00a0
The Company accounts for income taxes in accordance with ASC 740 - Income Taxes, under which deferred tax assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and the respective tax basis.
Green Thumb Industries Inc. is organized in Canada but maintains all of its operations in the United States. Due to this inverted entity structure, the Company is subject to both US and Canadian taxation.
\u00a0
For the years ended December 31, 2024, 2023 and 2022, income taxes expense consisted of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Current: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Federal | \n $ | \n 109,826 | \n $ | \n 108,399 | \n $ | \n 106,425 | \n
State | \n \u00a0 | \n 22,512 | \n \u00a0 | \n 24,674 | \n \u00a0 | \n 36,436 | \n
Foreign | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Current | \n \u00a0 | \n 132,338 | \n \u00a0 | \n 133,073 | \n \u00a0 | \n 142,861 | \n
Deferred: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Federal | \n \u00a0 | \n (4,604) | \n \u00a0 | \n (10,694) | \n \u00a0 | \n (37,362) | \n
State | \n \u00a0 | \n (1,446) | \n \u00a0 | \n (3,749) | \n \u00a0 | \n (10,722) | \n
Foreign | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Deferred | \n \u00a0 | \n (6,050) | \n \u00a0 | \n (14,443) | \n \u00a0 | \n (48,084) | \n
Total | \n $ | \n 126,288 | \n $ | \n 118,630 | \n $ | \n 94,777 | \n
\u00a0
The difference between the income tax expense for the years ended December 31, 2024, 2023 and 2022 and the expected income taxes based on the statutory tax rate applied to earnings (loss) arises as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Income before Income Taxes | \n $ | \n 200,139 | \n $ | \n 156,049 | \n $ | \n 108,432 | \n
Statutory Tax Rates | \n \u00a0 | \n 21% | \n \u00a0 | \n 21% | \n \u00a0 | \n 21% | \n
Expense/(Recovery) based on Statutory Rates | \n \u00a0 | \n 42,029 | \n \u00a0 | \n 32,770 | \n \u00a0 | \n 22,771 | \n
State Taxes | \n \u00a0 | \n 22,646 | \n \u00a0 | \n 21,514 | \n \u00a0 | \n 24,077 | \n
Provision to Return Adjustment | \n \u00a0 | \n (5,810) | \n \u00a0 | \n (9,188) | \n \u00a0 | \n 499 | \n
Adjustments for Stock Compensation | \n \u00a0 | \n 5,291 | \n \u00a0 | \n 2,082 | \n \u00a0 | \n 497 | \n
Non-deductible Expenses | \n \u00a0 | \n 52,578 | \n \u00a0 | \n 49,635 | \n \u00a0 | \n 40,870 | \n
Change in State Rate Reconciliation | \n \u00a0 | \n 1,238 | \n \u00a0 | \n (27) | \n \u00a0 | \n (127) | \n
Change in Valuation Allowance | \n \u00a0 | \n 393 | \n \u00a0 | \n 32 | \n \u00a0 | \n (25,970) | \n
Change in Uncertain Tax Position | \n \u00a0 | \n 10,290 | \n \u00a0 | \n 23,362 | \n \u00a0 | \n 30,607 | \n
Other Differences | \n \u00a0 | \n (2,367) | \n \u00a0 | \n (1,550) | \n \u00a0 | \n 1,553 | \n
Income Tax Expense | \n $ | \n 126,288 | \n $ | \n 118,630 | \n $ | \n 94,777 | \n
\u00a0
Income taxes paid for the years ended December 31, 2024, 2023 and 2022 were $130,583 thousand, $99,535 thousand and $118,176 thousand, respectively.
\u00a0
As the Company operates in the cannabis industry, it is subject to the limitations of IRC Section 280E under which the Company is only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income or loss.
11. INCOME TAX EXPENSE (Continued)
\u00a0
\u00a0
\u00a0
Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized based on the rates at which they are expected to reverse in the future. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs.
\u00a0
At December 31, 2024 and 2023, the components of deferred tax assets and liabilities were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n (in thousands) | \n |||
Deferred Tax Assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Operating Lease Liabilities | \n $ | \n 62,753 | \n $ | \n 58,591 | \n
Net Operating Losses | \n \u00a0 | \n 182 | \n \u00a0 | \n 734 | \n
163(j) Interest Limitation | \n \u00a0 | \n 8,395 | \n \u00a0 | \n 7,313 | \n
Stock-based Compensation | \n \u00a0 | \n 12,076 | \n \u00a0 | \n 14,166 | \n
Capitalized Inventory | \n \u00a0 | \n 8,509 | \n \u00a0 | \n 7,725 | \n
Fair Value Investments | \n \u00a0 | \n 11,190 | \n \u00a0 | \n 8,875 | \n
Accrued Bonus | \n \u00a0 | \n 6,541 | \n \u00a0 | \n \u2014 | \n
Other | \n \u00a0 | \n 2,682 | \n \u00a0 | \n 7,084 | \n
Valuation Allowance | \n \u00a0 | \n (1,126) | \n \u00a0 | \n (734) | \n
\u00a0Total Deferred Tax Assets | \n \u00a0 | \n 111,202 | \n \u00a0 | \n 103,754 | \n
\u00a0Deferred Tax Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Operating Right of Use Assets | \n $ | \n (55,645) | \n $ | \n (53,040) | \n
Warrant Fair Value Derivative | \n \u00a0 | \n (5,735) | \n \u00a0 | \n (5,097) | \n
Intangibles | \n \u00a0 | \n (49,142) | \n \u00a0 | \n (50,594) | \n
\u00a0Total Deferred Tax Liabilities | \n \u00a0 | \n (110,522) | \n \u00a0 | \n (108,731) | \n
Net Deferred Tax Liabilities | \n $ | \n 680 | \n $ | \n (4,977) | \n
\u00a0
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company assessed the positive and negative evidence to determine if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance is maintained as of December 31, 2024 and 2023 in the amount of $1,126 thousand and $734 thousand, respectively.
\u00a0
As of December 31, 2024, the Company had no federal net operating loss carryforwards. Additionally, the Company had $2,108 thousand of gross state net operating loss carryforwards, if not claimed, begin to expire in 2031. The Company\u2019s evaluation concluded that the majority of the net operating losses will be realized.
\u00a0
Pursuant to IRC Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, utilization of net operating losses and credits may be subject to annual limitations in the event of any significant future changes in its ownership structure. These annual limitations may result in the expiration of net operating losses and credits prior to utilization.
The Company operates in a number of tax jurisdictions and is subject to examination of its income tax returns by tax authorities in those jurisdictions who may challenge any item on these returns. Because the tax matters challenged by tax authorities are typically complex, the ultimate outcome of these challenges is uncertain. In accordance with ASC 740, Income Taxes, the Company recognizes the benefits of uncertain tax positions in our consolidated financial statements only after determining that it is more likely than not that the uncertain tax positions will be sustained.
11. INCOME TAX EXPENSE (Continued)
\u00a0
\u00a0
\u00a0
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Balance at Beginning of Year | \n $ | \n 66,492 | \n $ | \n 43,130 | \n $ | \n 13,117 | \n
Gross increases related to tax positions in a prior period | \n \u00a0 | \n 3,304 | \n \u00a0 | \n 8,919 | \n \u00a0 | \n 9,531 | \n
Gross decreases related to tax positions in a prior period | \n \u00a0 | \n (6,795) | \n \u00a0 | \n (3,193) | \n \u00a0 | \n (1,100) | \n
Gross increases related to tax positions in the current period | \n \u00a0 | \n 14,218 | \n \u00a0 | \n 17,676 | \n \u00a0 | \n 21,582 | \n
Gross decreases related to tax positions in a current period | \n \u00a0 | \n (437) | \n \u00a0 | \n (40) | \n \u00a0 | \n \u2014 | \n
Balance at End of Year | \n $ | \n 76,782 | \n $ | \n 66,492 | \n $ | \n 43,130 | \n
\u00a0
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of December 31, 2024, 2023 and 2022, we recognized $4,726 thousand, $10,042 thousand and $3,555 thousand of interest and penalties, respectively. As of December 31, 2024 and 2023 we have accrued for interest and penalties of $19,344 thousand and $14,617 thousand of interest and penalties, respectively. As of December 31, 2024, $15,874 thousand of unrecognized tax benefits are expected to be recovered over the next 12 months. We file income tax returns in the US, various state jurisdictions, and Canada, which jurisdictions have varying statutes of limitations. The US federal statute of limitation remains open for the 2021 tax year to the present. The state income tax returns generally remain open for the 2021 tax year through the present. Net operating loss arising prior to these years are also open to examination if and when utilized.
"}]},{"name":"rpt:f-1347","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"For the years ended December 31, 2024, 2023 and 2022, income taxes expense consisted of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Current: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Federal | \n $ | \n 109,826 | \n $ | \n 108,399 | \n $ | \n 106,425 | \n
State | \n \u00a0 | \n 22,512 | \n \u00a0 | \n 24,674 | \n \u00a0 | \n 36,436 | \n
Foreign | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Current | \n \u00a0 | \n 132,338 | \n \u00a0 | \n 133,073 | \n \u00a0 | \n 142,861 | \n
Deferred: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Federal | \n \u00a0 | \n (4,604) | \n \u00a0 | \n (10,694) | \n \u00a0 | \n (37,362) | \n
State | \n \u00a0 | \n (1,446) | \n \u00a0 | \n (3,749) | \n \u00a0 | \n (10,722) | \n
Foreign | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Deferred | \n \u00a0 | \n (6,050) | \n \u00a0 | \n (14,443) | \n \u00a0 | \n (48,084) | \n
Total | \n $ | \n 126,288 | \n $ | \n 118,630 | \n $ | \n 94,777 | \n
The difference between the income tax expense for the years ended December 31, 2024, 2023 and 2022 and the expected income taxes based on the statutory tax rate applied to earnings (loss) arises as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Income before Income Taxes | \n $ | \n 200,139 | \n $ | \n 156,049 | \n $ | \n 108,432 | \n
Statutory Tax Rates | \n \u00a0 | \n 21% | \n \u00a0 | \n 21% | \n \u00a0 | \n 21% | \n
Expense/(Recovery) based on Statutory Rates | \n \u00a0 | \n 42,029 | \n \u00a0 | \n 32,770 | \n \u00a0 | \n 22,771 | \n
State Taxes | \n \u00a0 | \n 22,646 | \n \u00a0 | \n 21,514 | \n \u00a0 | \n 24,077 | \n
Provision to Return Adjustment | \n \u00a0 | \n (5,810) | \n \u00a0 | \n (9,188) | \n \u00a0 | \n 499 | \n
Adjustments for Stock Compensation | \n \u00a0 | \n 5,291 | \n \u00a0 | \n 2,082 | \n \u00a0 | \n 497 | \n
Non-deductible Expenses | \n \u00a0 | \n 52,578 | \n \u00a0 | \n 49,635 | \n \u00a0 | \n 40,870 | \n
Change in State Rate Reconciliation | \n \u00a0 | \n 1,238 | \n \u00a0 | \n (27) | \n \u00a0 | \n (127) | \n
Change in Valuation Allowance | \n \u00a0 | \n 393 | \n \u00a0 | \n 32 | \n \u00a0 | \n (25,970) | \n
Change in Uncertain Tax Position | \n \u00a0 | \n 10,290 | \n \u00a0 | \n 23,362 | \n \u00a0 | \n 30,607 | \n
Other Differences | \n \u00a0 | \n (2,367) | \n \u00a0 | \n (1,550) | \n \u00a0 | \n 1,553 | \n
Income Tax Expense | \n $ | \n 126,288 | \n $ | \n 118,630 | \n $ | \n 94,777 | \n
At December 31, 2024 and 2023, the components of deferred tax assets and liabilities were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
\u00a0 | \n (in thousands) | \n |||
Deferred Tax Assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Operating Lease Liabilities | \n $ | \n 62,753 | \n $ | \n 58,591 | \n
Net Operating Losses | \n \u00a0 | \n 182 | \n \u00a0 | \n 734 | \n
163(j) Interest Limitation | \n \u00a0 | \n 8,395 | \n \u00a0 | \n 7,313 | \n
Stock-based Compensation | \n \u00a0 | \n 12,076 | \n \u00a0 | \n 14,166 | \n
Capitalized Inventory | \n \u00a0 | \n 8,509 | \n \u00a0 | \n 7,725 | \n
Fair Value Investments | \n \u00a0 | \n 11,190 | \n \u00a0 | \n 8,875 | \n
Accrued Bonus | \n \u00a0 | \n 6,541 | \n \u00a0 | \n \u2014 | \n
Other | \n \u00a0 | \n 2,682 | \n \u00a0 | \n 7,084 | \n
Valuation Allowance | \n \u00a0 | \n (1,126) | \n \u00a0 | \n (734) | \n
\u00a0Total Deferred Tax Assets | \n \u00a0 | \n 111,202 | \n \u00a0 | \n 103,754 | \n
\u00a0Deferred Tax Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Operating Right of Use Assets | \n $ | \n (55,645) | \n $ | \n (53,040) | \n
Warrant Fair Value Derivative | \n \u00a0 | \n (5,735) | \n \u00a0 | \n (5,097) | \n
Intangibles | \n \u00a0 | \n (49,142) | \n \u00a0 | \n (50,594) | \n
\u00a0Total Deferred Tax Liabilities | \n \u00a0 | \n (110,522) | \n \u00a0 | \n (108,731) | \n
Net Deferred Tax Liabilities | \n $ | \n 680 | \n $ | \n (4,977) | \n
\u00a0
"}]},{"name":"rpt:f-1416","factDimensions":{"xbrl:concept":"gtbif:DeferredTaxAssetsOperatingLeaseLiabilities","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"62753000","decimals":-3}]},{"name":"rpt:f-1417","factDimensions":{"xbrl:concept":"gtbif:DeferredTaxAssetsOperatingLeaseLiabilities","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"58591000","decimals":-3}]},{"name":"rpt:f-1418","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsOperatingLossCarryforwards","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"182000","decimals":-3}]},{"name":"rpt:f-1419","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsOperatingLossCarryforwards","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"734000","decimals":-3}]},{"name":"rpt:f-1420","factDimensions":{"xbrl:concept":"gtbif:DeferredTaxAssetsInterestLimitation","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8395000","decimals":-3}]},{"name":"rpt:f-1421","factDimensions":{"xbrl:concept":"gtbif:DeferredTaxAssetsInterestLimitation","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7313000","decimals":-3}]},{"name":"rpt:f-1422","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12076000","decimals":-3}]},{"name":"rpt:f-1423","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"14166000","decimals":-3}]},{"name":"rpt:f-1424","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsInventory","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8509000","decimals":-3}]},{"name":"rpt:f-1425","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsInventory","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7725000","decimals":-3}]},{"name":"rpt:f-1426","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsInvestments","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11190000","decimals":-3}]},{"name":"rpt:f-1427","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsInvestments","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8875000","decimals":-3}]},{"name":"rpt:f-1428","factDimensions":{"xbrl:concept":"gtbif:DeferredTaxAssetsAccruedBonus","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6541000","decimals":-3}]},{"name":"rpt:f-1429","factDimensions":{"xbrl:concept":"gtbif:DeferredTaxAssetsAccruedBonus","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1430","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsOther","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2682000","decimals":-3}]},{"name":"rpt:f-1431","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsOther","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7084000","decimals":-3}]},{"name":"rpt:f-1432","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsValuationAllowance","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1126000","decimals":-3}]},{"name":"rpt:f-1433","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsValuationAllowance","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"734000","decimals":-3}]},{"name":"rpt:f-1434","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsNet","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"111202000","decimals":-3}]},{"name":"rpt:f-1435","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsNet","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"103754000","decimals":-3}]},{"name":"rpt:f-1436","factDimensions":{"xbrl:concept":"gtbif:DeferredTaxLiabilitiesOperatingRightOfUseAssets","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"55645000","decimals":-3}]},{"name":"rpt:f-1437","factDimensions":{"xbrl:concept":"gtbif:DeferredTaxLiabilitiesOperatingRightOfUseAssets","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"53040000","decimals":-3}]},{"name":"rpt:f-1438","factDimensions":{"xbrl:concept":"us-gaap:DerivativeAssetsLiabilitiesAtFairValueNet","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-5735000","decimals":-3}]},{"name":"rpt:f-1439","factDimensions":{"xbrl:concept":"us-gaap:DerivativeAssetsLiabilitiesAtFairValueNet","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-5097000","decimals":-3}]},{"name":"rpt:f-1440","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"49142000","decimals":-3}]},{"name":"rpt:f-1441","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"50594000","decimals":-3}]},{"name":"rpt:f-1442","factDimensions":{"xbrl:concept":"us-gaap:DeferredIncomeTaxLiabilities","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"110522000","decimals":-3}]},{"name":"rpt:f-1443","factDimensions":{"xbrl:concept":"us-gaap:DeferredIncomeTaxLiabilities","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"108731000","decimals":-3}]},{"name":"rpt:f-1444","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilities","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"680000","decimals":-3}]},{"name":"rpt:f-1445","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilities","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4977000","decimals":-3}]},{"name":"rpt:f-1446","factDimensions":{"xbrl:concept":"us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1126000","decimals":-3}]},{"name":"rpt:f-1447","factDimensions":{"xbrl:concept":"us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"734000","decimals":-3}]},{"name":"rpt:f-1448","factDimensions":{"xbrl:concept":"us-gaap:OperatingLossCarryforwards","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:IncomeTaxAuthorityAxis":"us-gaap:StateAndLocalJurisdictionMember"},"factValues":[{"value":"2108000","decimals":-3}]},{"name":"rpt:f-1449","factDimensions":{"xbrl:concept":"gtbif:OperatingLossCarryforwardExpirationDate","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"2031"}]},{"name":"rpt:f-1450","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
\u00a0 | \n (in thousands) | \n |||||
Balance at Beginning of Year | \n $ | \n 66,492 | \n $ | \n 43,130 | \n $ | \n 13,117 | \n
Gross increases related to tax positions in a prior period | \n \u00a0 | \n 3,304 | \n \u00a0 | \n 8,919 | \n \u00a0 | \n 9,531 | \n
Gross decreases related to tax positions in a prior period | \n \u00a0 | \n (6,795) | \n \u00a0 | \n (3,193) | \n \u00a0 | \n (1,100) | \n
Gross increases related to tax positions in the current period | \n \u00a0 | \n 14,218 | \n \u00a0 | \n 17,676 | \n \u00a0 | \n 21,582 | \n
Gross decreases related to tax positions in a current period | \n \u00a0 | \n (437) | \n \u00a0 | \n (40) | \n \u00a0 | \n \u2014 | \n
Balance at End of Year | \n $ | \n 76,782 | \n $ | \n 66,492 | \n $ | \n 43,130 | \n
12. OTHER INCOME (EXPENSE)
\u00a0
\u00a0
For the years ended December 31, 2024, 2023 and 2022 other income (expense) was comprised of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||
Fair value adjustments on equity investments | \n $ | \n (3,194) | \n $ | \n (17,868) | \n $ | \n (23,270) | \n \u00a0 | \n
Fair value adjustments on equity method investment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 10,955 | \n \u00a0 | \n
Gain on extinguishment of debt | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 1,283 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Fair value adjustments on warrants liability | \n \u00a0 | \n 2,691 | \n \u00a0 | \n 1,403 | \n \u00a0 | \n 20,357 | \n \u00a0 | \n
Loss from equity method investments | \n \u00a0 | \n (8,686) | \n \u00a0 | \n (1,166) | \n \u00a0 | \n (4,259) | \n \u00a0 | \n
Other | \n \u00a0 | \n 95 | \n \u00a0 | \n 141 | \n \u00a0 | \n 716 | \n \u00a0 | \n
Total Other Income (Expense) | \n $ | \n (9,094) | \n $ | \n (16,207) | \n $ | \n 4,499 | \n \u00a0 | \n
For the years ended December 31, 2024, 2023 and 2022 other income (expense) was comprised of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||
Fair value adjustments on equity investments | \n $ | \n (3,194) | \n $ | \n (17,868) | \n $ | \n (23,270) | \n \u00a0 | \n
Fair value adjustments on equity method investment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 10,955 | \n \u00a0 | \n
Gain on extinguishment of debt | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 1,283 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Fair value adjustments on warrants liability | \n \u00a0 | \n 2,691 | \n \u00a0 | \n 1,403 | \n \u00a0 | \n 20,357 | \n \u00a0 | \n
Loss from equity method investments | \n \u00a0 | \n (8,686) | \n \u00a0 | \n (1,166) | \n \u00a0 | \n (4,259) | \n \u00a0 | \n
Other | \n \u00a0 | \n 95 | \n \u00a0 | \n 141 | \n \u00a0 | \n 716 | \n \u00a0 | \n
Total Other Income (Expense) | \n $ | \n (9,094) | \n $ | \n (16,207) | \n $ | \n 4,499 | \n \u00a0 | \n
13. COMMITMENTS AND CONTINGENCIES
\u00a0
\u00a0
The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reasonably estimated, such amount is recognized in other liabilities.
Contingent liabilities are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify contingent liabilities for contracts. Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation are recognized in the Company\u2019s consolidated statements of operations.
The Company\u2019s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, sanctions, restrictions on its operations, or losses of licenses and permits that could result in the Company ceasing operations in that specific state or local jurisdiction. While management believes that the Company is in compliance with applicable local and state regulations at December 31, 2024 and 2023, cannabis and other regulations continue to evolve and are subject to differing interpretations. As a result, the Company may be subject to regulatory fines, penalties, or restrictions in the future.
From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. The following is an update to the status of previously disclosed matters as of December 31, 2024:
In July 2024, the Company received Findings of Fact and Conclusions of Law regarding an October 30, 2019 complaint filed against the Company alleging the Company breached a commercial property lease with ineffective termination. The court ruled in favor of plaintiff landlord in the amount of $7,307 thousand, representing unpaid rent. In addition, the court found the Company liable for interest and attorney fees. As a result, the Company accrued the amount of probable loss that can reasonably be estimated within accrued liabilities on the consolidated balance sheets. No final Order of Judgment has been entered in the case and the Company has reserved all rights and intends to contest the findings, including an appeal if necessary.
At December 31, 2024 and 2023, other than as discussed above, there were no pending or threatened lawsuits considered probable or reasonably possible to result in an unfavorable outcome with an exposure expected to have a material effect on the results of the Company\u2019s consolidated operations. There are also no proceedings in which any of the Company\u2019s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company\u2019s interest.
As of December 31, 2024, the Company held approximately $5,900 thousand of open construction commitments to contractors on work being performed which are generally expected to be completed within 12 months.
"}]},{"name":"rpt:f-1500","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesSoughtValue","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7307000","decimals":-3}]},{"name":"rpt:f-1501","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyNumberOfPlaintiffs","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"gtbif:Lawsuit","us-gaap:LitigationStatusAxis":"us-gaap:PendingLitigationMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-1502","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyNumberOfPlaintiffs","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"gtbif:Lawsuit","us-gaap:LitigationStatusAxis":"us-gaap:PendingLitigationMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-1503","factDimensions":{"xbrl:concept":"us-gaap:ContractualObligation","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"gtbif:ConstructionCommitmentsMember"},"factValues":[{"value":"5900000","decimals":-3}]},{"name":"rpt:f-1504","factDimensions":{"xbrl:concept":"us-gaap:FairValueDisclosuresTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"14. FAIR VALUE MEASUREMENTS
\u00a0
\u00a0
The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.
The Company\u2019s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable and accrued liabilities, notes payable, warrant liability, and contingent consideration payable.
For the Company\u2019s long-term notes payable (which consist of charitable contributions, April 30, 2021 Notes, the Credit Facility and mortgage notes), for which there were no quoted market prices or active trading markets, it was not practicable to estimate the fair value of these financial instruments. The carrying amount of notes payable at December 31, 2024 and 2023 was $254,958 thousand and $308,523 thousand, which includes $12,062 thousand and $2,996 thousand, respectively, of short-term debt due within one year.
Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements.
The following tables summarize the Company\u2019s financial instruments which are measured at fair value as of December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n \u00a0 | \n |||||||||||
\u00a0 | \n (in thousands) | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Cash and Cash Equivalents | \n $ | \n \u00a0 | \n 171,687 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n 171,687 | \n \u00a0 | \n |
Investments | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 43,578 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,578 | \n \u00a0 | \n
Warrant Liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n (68 | \n ) | \n \u00a0 | \n \u00a0 | \n (68 | \n ) | \n |
\u00a0 | \n $ | \n \u00a0 | \n 171,687 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n \u00a0 | \n 43,510 | \n \u00a0 | \n $ | \n \u00a0 | \n 215,197 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n |||||||||||||
\u00a0 | \n (in thousands) | \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 Total | \n \u00a0 | \n ||||
Cash and Cash Equivalents | \n $ | \n \u00a0 | \n 161,634 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n 161,634 | \n \u00a0 | \n
Investments | \n \u00a0 | \n \u00a0 | \n 24,215 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,146 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64,361 | \n \u00a0 | \n
Contingent Consideration Payable | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (33,250 | \n ) | \n \u00a0 | \n \u00a0 | \n (33,250 | \n ) | \n
Warrant Liability | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,117 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,117 | \n ) | \n
\u00a0 | \n $ | \n \u00a0 | \n 185,849 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n 3,779 | \n \u00a0 | \n $ | \n \u00a0 | \n 189,628 | \n \u00a0 | \n
The following tables summarize the Company\u2019s financial instruments which are measured at fair value as of December 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n \u00a0 | \n |||||||||||
\u00a0 | \n (in thousands) | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Cash and Cash Equivalents | \n $ | \n \u00a0 | \n 171,687 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n 171,687 | \n \u00a0 | \n |
Investments | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 43,578 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,578 | \n \u00a0 | \n
Warrant Liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n (68 | \n ) | \n \u00a0 | \n \u00a0 | \n (68 | \n ) | \n |
\u00a0 | \n $ | \n \u00a0 | \n 171,687 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n \u00a0 | \n 43,510 | \n \u00a0 | \n $ | \n \u00a0 | \n 215,197 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n |||||||||||||
\u00a0 | \n (in thousands) | \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 Total | \n \u00a0 | \n ||||
Cash and Cash Equivalents | \n $ | \n \u00a0 | \n 161,634 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n 161,634 | \n \u00a0 | \n
Investments | \n \u00a0 | \n \u00a0 | \n 24,215 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,146 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64,361 | \n \u00a0 | \n
Contingent Consideration Payable | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (33,250 | \n ) | \n \u00a0 | \n \u00a0 | \n (33,250 | \n ) | \n
Warrant Liability | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,117 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,117 | \n ) | \n
\u00a0 | \n $ | \n \u00a0 | \n 185,849 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n $ | \n \u00a0 | \n 3,779 | \n \u00a0 | \n $ | \n \u00a0 | \n 189,628 | \n \u00a0 | \n
15. SEGMENT REPORTING
The Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (\u201cConsumer Packaged Goods\u201d) and retailing of cannabis to patients and consumers (\u201cRetail\u201d). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the Chief Operating Decision Maker, Benjamin Kovler, Chairman and Chief Executive Officer of the Company does not review total assets or net income (loss) by segments; therefore, such information is not presented below.
The below table presents net revenue, significant expenses, and gross profit by segment for the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||
Revenues, Net of Discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 824,726 | \n $ | \n 791,480 | \n $ | \n 763,166 | \n \u00a0 | \n
Consumer Packaged Goods | \n \u00a0 | \n 648,388 | \n \u00a0 | \n 559,480 | \n \u00a0 | \n 495,101 | \n \u00a0 | \n
Intersegment Eliminations | \n \u00a0 | \n (335,973) | \n \u00a0 | \n (296,407) | \n \u00a0 | \n (240,892) | \n \u00a0 | \n
Total Revenues, Net of Discounts | \n $ | \n 1,137,141 | \n $ | \n 1,054,553 | \n $ | \n 1,017,375 | \n \u00a0 | \n
Cost of Goods Sold | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n \u00a0 | \n 541,135 | \n \u00a0 | \n 517,845 | \n \u00a0 | \n 480,814 | \n \u00a0 | \n
Consumer Packaged Goods | \n \u00a0 | \n 367,573 | \n \u00a0 | \n 326,384 | \n \u00a0 | \n 281,758 | \n \u00a0 | \n
Intersegment Eliminations | \n \u00a0 | \n (372,676) | \n \u00a0 | \n (316,171) | \n \u00a0 | \n (249,160) | \n \u00a0 | \n
Total Cost of Goods Sold | \n \u00a0 | \n 536,032 | \n \u00a0 | \n 528,058 | \n \u00a0 | \n 513,412 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n \u00a0 | \n 283,591 | \n \u00a0 | \n 273,635 | \n \u00a0 | \n 282,352 | \n \u00a0 | \n
Consumer Packaged Goods | \n \u00a0 | \n 280,815 | \n \u00a0 | \n 233,096 | \n \u00a0 | \n 213,343 | \n \u00a0 | \n
Intersegment Eliminations | \n \u00a0 | \n 36,703 | \n \u00a0 | \n 19,764 | \n \u00a0 | \n 8,268 | \n \u00a0 | \n
Total Gross Profit | \n \u00a0 | \n 601,109 | \n \u00a0 | \n 526,495 | \n \u00a0 | \n 503,963 | \n \u00a0 | \n
Depreciation and Amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 42,134 | \n $ | \n 37,568 | \n $ | \n 43,498 | \n \u00a0 | \n
Consumer Packaged Goods | \n \u00a0 | \n 71,076 | \n \u00a0 | \n 63,222 | \n \u00a0 | \n 53,166 | \n \u00a0 | \n
Intersegment Eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total Depreciation and Amortization | \n $ | \n 113,210 | \n $ | \n 100,790 | \n $ | \n 96,664 | \n \u00a0 | \n
\u00a0
Goodwill assigned to the Retail segment as of December 31, 2024 and 2023 was $273,802 thousand at each period then ended. Intangible assets, net assigned to the Retail segment as of December 31, 2024 and 2023 was $254,358 thousand and $278,492 thousand, respectively.
Goodwill assigned to the Consumer Packaged Goods segment as of December 31, 2024 and 2023 was $315,889 thousand at each period then ended. Intangible assets, net assigned to the Consumer Packaged Goods segment as of December 31, 2024 and 2023 was $233,929 thousand and $260,186 thousand, respectively.
The Company\u2019s assets are aggregated into two reporting units (Retail and Consumer Packaged Goods) which align with our reportable segments. All revenues are derived from customers domiciled in the United States and all assets are located in the United States.
"}]},{"name":"rpt:f-1547","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The below table presents net revenue, significant expenses, and gross profit by segment for the years ended December 31, 2024, 2023 and 2022:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years Ended December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||
Revenues, Net of Discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 824,726 | \n $ | \n 791,480 | \n $ | \n 763,166 | \n \u00a0 | \n
Consumer Packaged Goods | \n \u00a0 | \n 648,388 | \n \u00a0 | \n 559,480 | \n \u00a0 | \n 495,101 | \n \u00a0 | \n
Intersegment Eliminations | \n \u00a0 | \n (335,973) | \n \u00a0 | \n (296,407) | \n \u00a0 | \n (240,892) | \n \u00a0 | \n
Total Revenues, Net of Discounts | \n $ | \n 1,137,141 | \n $ | \n 1,054,553 | \n $ | \n 1,017,375 | \n \u00a0 | \n
Cost of Goods Sold | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n \u00a0 | \n 541,135 | \n \u00a0 | \n 517,845 | \n \u00a0 | \n 480,814 | \n \u00a0 | \n
Consumer Packaged Goods | \n \u00a0 | \n 367,573 | \n \u00a0 | \n 326,384 | \n \u00a0 | \n 281,758 | \n \u00a0 | \n
Intersegment Eliminations | \n \u00a0 | \n (372,676) | \n \u00a0 | \n (316,171) | \n \u00a0 | \n (249,160) | \n \u00a0 | \n
Total Cost of Goods Sold | \n \u00a0 | \n 536,032 | \n \u00a0 | \n 528,058 | \n \u00a0 | \n 513,412 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n \u00a0 | \n 283,591 | \n \u00a0 | \n 273,635 | \n \u00a0 | \n 282,352 | \n \u00a0 | \n
Consumer Packaged Goods | \n \u00a0 | \n 280,815 | \n \u00a0 | \n 233,096 | \n \u00a0 | \n 213,343 | \n \u00a0 | \n
Intersegment Eliminations | \n \u00a0 | \n 36,703 | \n \u00a0 | \n 19,764 | \n \u00a0 | \n 8,268 | \n \u00a0 | \n
Total Gross Profit | \n \u00a0 | \n 601,109 | \n \u00a0 | \n 526,495 | \n \u00a0 | \n 503,963 | \n \u00a0 | \n
Depreciation and Amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 42,134 | \n $ | \n 37,568 | \n $ | \n 43,498 | \n \u00a0 | \n
Consumer Packaged Goods | \n \u00a0 | \n 71,076 | \n \u00a0 | \n 63,222 | \n \u00a0 | \n 53,166 | \n \u00a0 | \n
Intersegment Eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total Depreciation and Amortization | \n $ | \n 113,210 | \n $ | \n 100,790 | \n $ | \n 96,664 | \n \u00a0 | \n
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The following table contains selected quarterly data for 2024 and 2023. The information should be read in conjunction with the Company\u2019s financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n First | \n \u00a0 | \n \u00a0 | \n Second | \n \u00a0 | \n \u00a0 | \n Third | \n \u00a0 | \n \u00a0 | \n Fourth | \n \u00a0 | \n \u00a0 | \n Full | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||||||||||
2024 | \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 |||||
Revenue, net of discounts | \n $ | \n \u00a0 | \n 275,806 | \n \u00a0 | \n $ | \n \u00a0 | \n 280,147 | \n \u00a0 | \n $ | \n \u00a0 | \n 286,865 | \n \u00a0 | \n $ | \n \u00a0 | \n 294,323 | \n \u00a0 | \n $ | \n \u00a0 | \n 1,137,141 | \n \u00a0 | \n
Income from operations | \n \u00a0 | \n \u00a0 | \n 70,671 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,020 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,624 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 57,110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 224,425 | \n \u00a0 | \n
Net income attributable to Green Thumb Industries, Inc. | \n \u00a0 | \n \u00a0 | \n 31,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,712 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,616 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,679 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 73,083 | \n \u00a0 | \n
Net income per share - basic | \n \u00a0 | \n \u00a0 | \n 0.13 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.09 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.31 | \n \u00a0 | \n
Net income per share - diluted | \n \u00a0 | \n \u00a0 | \n 0.13 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.09 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.30 | \n \u00a0 | \n
Weighted average number of common shares outstanding - basic | \n \u00a0 | \n \u00a0 | \n 236,759,731 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 237,416,373 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,303,348 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,848,914 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,827,774 | \n \u00a0 | \n
Weighted average number of common shares outstanding - diluted | \n \u00a0 | \n \u00a0 | \n 240,561,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 240,137,922 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,295,887 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,061,803 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 241,925,957 | \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 \u00a0 | \n First | \n \u00a0 | \n \u00a0 | \n Second | \n \u00a0 | \n \u00a0 | \n Third | \n \u00a0 | \n \u00a0 | \n Fourth | \n \u00a0 | \n \u00a0 | \n Full | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||||||||||
2023 | \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 |||||
Revenue, net of discounts | \n $ | \n \u00a0 | \n 248,536 | \n \u00a0 | \n $ | \n \u00a0 | \n 252,388 | \n \u00a0 | \n $ | \n \u00a0 | \n 275,398 | \n \u00a0 | \n $ | \n \u00a0 | \n 278,231 | \n \u00a0 | \n $ | \n \u00a0 | \n 1,054,553 | \n \u00a0 | \n
Income from operations | \n \u00a0 | \n \u00a0 | \n 44,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,063 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,340 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 184,632 | \n \u00a0 | \n
Net income attributable to Green Thumb Industries, Inc. | \n \u00a0 | \n \u00a0 | \n 9,139 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,512 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,216 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,267 | \n \u00a0 | \n
Net income per share - basic | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.01 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.15 | \n \u00a0 | \n
Net income per share - diluted | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.01 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.15 | \n \u00a0 | \n
Weighted average number of common shares outstanding - basic | \n \u00a0 | \n \u00a0 | \n 237,398,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,000,135 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,459,783 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,934,348 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 237,927,867 | \n \u00a0 | \n
Weighted average number of common shares outstanding - diluted | \n \u00a0 | \n \u00a0 | \n 237,686,092 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,423,288 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 240,289,959 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,162,831 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,827,390 | \n \u00a0 | \n
The following table contains selected quarterly data for 2024 and 2023. The information should be read in conjunction with the Company\u2019s financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n First | \n \u00a0 | \n \u00a0 | \n Second | \n \u00a0 | \n \u00a0 | \n Third | \n \u00a0 | \n \u00a0 | \n Fourth | \n \u00a0 | \n \u00a0 | \n Full | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||||||||||
2024 | \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 |||||
Revenue, net of discounts | \n $ | \n \u00a0 | \n 275,806 | \n \u00a0 | \n $ | \n \u00a0 | \n 280,147 | \n \u00a0 | \n $ | \n \u00a0 | \n 286,865 | \n \u00a0 | \n $ | \n \u00a0 | \n 294,323 | \n \u00a0 | \n $ | \n \u00a0 | \n 1,137,141 | \n \u00a0 | \n
Income from operations | \n \u00a0 | \n \u00a0 | \n 70,671 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,020 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,624 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 57,110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 224,425 | \n \u00a0 | \n
Net income attributable to Green Thumb Industries, Inc. | \n \u00a0 | \n \u00a0 | \n 31,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,712 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,616 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,679 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 73,083 | \n \u00a0 | \n
Net income per share - basic | \n \u00a0 | \n \u00a0 | \n 0.13 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.09 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.31 | \n \u00a0 | \n
Net income per share - diluted | \n \u00a0 | \n \u00a0 | \n 0.13 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.09 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.30 | \n \u00a0 | \n
Weighted average number of common shares outstanding - basic | \n \u00a0 | \n \u00a0 | \n 236,759,731 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 237,416,373 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,303,348 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,848,914 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,827,774 | \n \u00a0 | \n
Weighted average number of common shares outstanding - diluted | \n \u00a0 | \n \u00a0 | \n 240,561,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 240,137,922 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,295,887 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,061,803 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 241,925,957 | \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 \u00a0 | \n First | \n \u00a0 | \n \u00a0 | \n Second | \n \u00a0 | \n \u00a0 | \n Third | \n \u00a0 | \n \u00a0 | \n Fourth | \n \u00a0 | \n \u00a0 | \n Full | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||||||||||
2023 | \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 |||||
Revenue, net of discounts | \n $ | \n \u00a0 | \n 248,536 | \n \u00a0 | \n $ | \n \u00a0 | \n 252,388 | \n \u00a0 | \n $ | \n \u00a0 | \n 275,398 | \n \u00a0 | \n $ | \n \u00a0 | \n 278,231 | \n \u00a0 | \n $ | \n \u00a0 | \n 1,054,553 | \n \u00a0 | \n
Income from operations | \n \u00a0 | \n \u00a0 | \n 44,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,063 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,340 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 184,632 | \n \u00a0 | \n
Net income attributable to Green Thumb Industries, Inc. | \n \u00a0 | \n \u00a0 | \n 9,139 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,512 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,216 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,267 | \n \u00a0 | \n
Net income per share - basic | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.01 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.15 | \n \u00a0 | \n
Net income per share - diluted | \n \u00a0 | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.01 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.15 | \n \u00a0 | \n
Weighted average number of common shares outstanding - basic | \n \u00a0 | \n \u00a0 | \n 237,398,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,000,135 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,459,783 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,934,348 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 237,927,867 | \n \u00a0 | \n
Weighted average number of common shares outstanding - diluted | \n \u00a0 | \n \u00a0 | \n 237,686,092 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,423,288 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 240,289,959 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,162,831 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,827,390 | \n \u00a0 | \n
Opinions on the Consolidated Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Green Thumb Industries Inc. (the \u201cCompany\u201d) as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in shareholders' equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the \u201cconsolidated financial statements\u201d). We also have audited the Company\u2019s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control \u2013 Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (\u201cCOSO\u201d).
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In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control \u2013 Integrated Framework: (2013) issued by COSO.
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