1. Overview and Basis of Presentation
\u00a0
\u00a0
(a) Description of Business
Green Thumb Industries Inc. (\u201cGreen Thumb,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while being committed to community and sustainable, profitable growth. Green Thumb manufactures, and distributes a portfolio of cannabis consumer packaged goods brands including &Shine, Beboe, Dogwalkers, Doctor Solomon\u2019s, Good Green, incredibles and RYTHM. The Company distributes and markets these products to third-party licensed retail cannabis stores across the United States as well as to Green Thumb's own Retail stores (which we refer to as our Retail business). 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 September 30, 2025, 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.
The Company\u2019s registered office is located at 250 Howe Street, 20th Floor, Vancouver, British Columbia, V6C 3R8. The Company\u2019s U.S. headquarters are at 325 W. Huron St., Suite 700, Chicago, IL 60654.
\u00a0
(b) Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (\u201cSEC\u201d). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the \u201c2024 Form 10-K\u201d). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Previously reported amounts have been reclassified between line items where necessary to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
\u00a0
(c) Significant Accounting Policies
There have been no changes to the Company\u2019s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2024 Form 10-K.
\u00a0
(d) Earnings per Share
Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of September 30, 2025, the Company had 7,911,149 options, 10,733,094 restricted stock units and 1,702,347 warrants outstanding. As of September 30, 2024, the Company had 8,491,983 options, 4,561,819 restricted stock units and 2,128,022 warrants outstanding.
1. Overview and Basis of Presentation (Continued)
\u00a0
In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted loss per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended September 30, 2025, the computation of diluted earnings per share included 2,389 options and 1,880,822 restricted stock units. There were no dilutive warrants during the three months ended September 30, 2025, as the relevant strike price was greater than the average stock price for the period. For the nine months ended September 30, 2025, the computation of diluted earnings per share included 2,694,632 restricted stock units. There were no dilutive options and warrants during the nine months ended September 30, 2025, as the relevant strike price was greater than the average stock price for the period. For the three months ended September 30, 2024, the computation of diluted earnings per share included 1,001,228 options, 923,686 restricted stock units and 67,625 warrants. For the nine months ended September 30, 2024, the computation of diluted earnings per share included 1,339,591 options, 1,669,708 restricted stock units and 104,041 warrants. For the three and nine months ended September 30, 2025, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 874,088 and 1,390,862, respectively. For the three and nine months ended September 30, 2024, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 869,491 and 918,464, respectively.
\u00a0
(e) Recently Issued Accounting Standards
\u00a0
The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the business for disclosure.
Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of September 30, 2025, the Company had 7,911,149 options, 10,733,094 restricted stock units and 1,702,347 warrants outstanding. As of September 30, 2024, the Company had 8,491,983 options, 4,561,819 restricted stock units and 2,128,022 warrants outstanding.
In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted loss per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended September 30, 2025, the computation of diluted earnings per share included 2,389 options and 1,880,822 restricted stock units. There were no dilutive warrants during the three months ended September 30, 2025, as the relevant strike price was greater than the average stock price for the period. For the nine months ended September 30, 2025, the computation of diluted earnings per share included 2,694,632 restricted stock units. There were no dilutive options and warrants during the nine months ended September 30, 2025, as the relevant strike price was greater than the average stock price for the period. For the three months ended September 30, 2024, the computation of diluted earnings per share included 1,001,228 options, 923,686 restricted stock units and 67,625 warrants. For the nine months ended September 30, 2024, the computation of diluted earnings per share included 1,339,591 options, 1,669,708 restricted stock units and 104,041 warrants. For the three and nine months ended September 30, 2025, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 874,088 and 1,390,862, respectively. For the three and nine months ended September 30, 2024, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 869,491 and 918,464, respectively.
"}]},{"name":"rpt:f-459","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"7911149"}]},{"name":"rpt:f-460","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"10733094"}]},{"name":"rpt:f-461","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"1702347"}]},{"name":"rpt:f-462","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"8491983"}]},{"name":"rpt:f-463","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"4561819"}]},{"name":"rpt:f-464","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"2128022"}]},{"name":"rpt:f-465","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"2389","decimals":0}]},{"name":"rpt:f-466","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1880822","decimals":0}]},{"name":"rpt:f-467","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-468","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"2694632","decimals":0}]},{"name":"rpt:f-469","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-470","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"1001228","decimals":0}]},{"name":"rpt:f-471","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"923686","decimals":0}]},{"name":"rpt:f-472","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"67625","decimals":0}]},{"name":"rpt:f-473","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"1339591","decimals":0}]},{"name":"rpt:f-474","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1669708","decimals":0}]},{"name":"rpt:f-475","factDimensions":{"xbrl:concept":"us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","gtbif:DilutiveSecuritiesIncludedForComputationOfEarningsPerShareByDilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"104041","decimals":0}]},{"name":"rpt:f-476","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"874088","decimals":0}]},{"name":"rpt:f-477","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1390862","decimals":0}]},{"name":"rpt:f-478","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"869491","decimals":0}]},{"name":"rpt:f-479","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"918464","decimals":0}]},{"name":"rpt:f-480","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":" Recently Issued Accounting Standards\u00a0
The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the business for disclosure.
"}]},{"name":"rpt:f-481","factDimensions":{"xbrl:concept":"us-gaap:InventoryDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"2. INVENTORIES
\u00a0
\u00a0
The Company\u2019s inventories include the following at September 30, 2025 and December 31, 2024:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Raw Material | \n $ | \n 1,569 | \n $ | \n 2,501 | \n
Packaging and Miscellaneous | \n \u00a0 | \n 13,602 | \n \u00a0 | \n 13,616 | \n
Work in Process | \n \u00a0 | \n 72,242 | \n \u00a0 | \n 57,893 | \n
Finished Goods | \n \u00a0 | \n 74,395 | \n \u00a0 | \n 76,626 | \n
Reserve for Obsolete Inventory | \n \u00a0 | \n (5,279) | \n \u00a0 | \n (3,474) | \n
Total Inventories, Net | \n $ | \n 156,529 | \n $ | \n 147,162 | \n
The Company\u2019s inventories include the following at September 30, 2025 and December 31, 2024:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Raw Material | \n $ | \n 1,569 | \n $ | \n 2,501 | \n
Packaging and Miscellaneous | \n \u00a0 | \n 13,602 | \n \u00a0 | \n 13,616 | \n
Work in Process | \n \u00a0 | \n 72,242 | \n \u00a0 | \n 57,893 | \n
Finished Goods | \n \u00a0 | \n 74,395 | \n \u00a0 | \n 76,626 | \n
Reserve for Obsolete Inventory | \n \u00a0 | \n (5,279) | \n \u00a0 | \n (3,474) | \n
Total Inventories, Net | \n $ | \n 156,529 | \n $ | \n 147,162 | \n
3. PROPERTY AND EQUIPMENT
\u00a0
\u00a0
At September 30, 2025 and December 31, 2024, property and equipment consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Buildings and Improvements | \n $ | \n 361,498 | \n $ | \n 356,612 | \n
Equipment, Computers and Furniture | \n \u00a0 | \n 221,486 | \n \u00a0 | \n 196,139 | \n
Leasehold Improvements | \n \u00a0 | \n 268,360 | \n \u00a0 | \n 241,544 | \n
Land | \n \u00a0 | \n 35,551 | \n \u00a0 | \n 34,690 | \n
Land Improvements | \n \u00a0 | \n 5,588 | \n \u00a0 | \n 1,566 | \n
Assets Under Construction | \n \u00a0 | \n 30,997 | \n \u00a0 | \n 40,325 | \n
Capitalized Interest | \n \u00a0 | \n 34,219 | \n \u00a0 | \n 32,499 | \n
Total Property and Equipment | \n \u00a0 | \n 957,699 | \n \u00a0 | \n 903,375 | \n
Less: Accumulated Depreciation | \n \u00a0 | \n (236,788) | \n \u00a0 | \n (187,361) | \n
Property and Equipment, net | \n $ | \n 720,911 | \n $ | \n 716,014 | \n
\u00a0
Assets under construction represent costs associated with construction projects related to cultivation and production facilities and retail stores as well as costs associated with internal-use software not yet placed in service.
Depreciation expense for the three and nine months ended September 30, 2025 totaled $17,775 thousand and $51,846 thousand, respectively, of which $11,215 thousand and $32,810 thousand, respectively, is included in cost of goods sold. Depreciation expense for the three and nine months ended September 30, 2024 totaled $15,918 thousand and $46,434 thousand, respectively, of which $10,240 thousand and $29,963 thousand, respectively, is included in cost of goods sold.
"}]},{"name":"rpt:f-496","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At September 30, 2025 and December 31, 2024, property and equipment consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Buildings and Improvements | \n $ | \n 361,498 | \n $ | \n 356,612 | \n
Equipment, Computers and Furniture | \n \u00a0 | \n 221,486 | \n \u00a0 | \n 196,139 | \n
Leasehold Improvements | \n \u00a0 | \n 268,360 | \n \u00a0 | \n 241,544 | \n
Land | \n \u00a0 | \n 35,551 | \n \u00a0 | \n 34,690 | \n
Land Improvements | \n \u00a0 | \n 5,588 | \n \u00a0 | \n 1,566 | \n
Assets Under Construction | \n \u00a0 | \n 30,997 | \n \u00a0 | \n 40,325 | \n
Capitalized Interest | \n \u00a0 | \n 34,219 | \n \u00a0 | \n 32,499 | \n
Total Property and Equipment | \n \u00a0 | \n 957,699 | \n \u00a0 | \n 903,375 | \n
Less: Accumulated Depreciation | \n \u00a0 | \n (236,788) | \n \u00a0 | \n (187,361) | \n
Property and Equipment, net | \n $ | \n 720,911 | \n $ | \n 716,014 | \n
4. INTANGIBLE ASSETS AND GOODWILL
\u00a0
\u00a0
(a) Intangible Assets
Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.
At September 30, 2025 and December 31, 2024, intangible assets consisted of the following:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n ||||||||
\u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n Net Book Value | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n (in thousands) | \n ||||||||
Licenses and Permits | \n $ | \n 676,600 | \n $ | \n 235,268 | \n $ | \n 441,332 | \n $ | \n 660,716 | \n $ | \n 201,862 | \n $ | \n 458,854 | \n
Trademarks | \n \u00a0 | \n 930 | \n \u00a0 | \n 930 | \n \u00a0 | \n - | \n \u00a0 | \n 41,511 | \n \u00a0 | \n 16,098 | \n \u00a0 | \n 25,413 | \n
Customer Relationships | \n \u00a0 | \n 24,438 | \n \u00a0 | \n 23,036 | \n \u00a0 | \n 1,402 | \n \u00a0 | \n 24,438 | \n \u00a0 | \n 20,418 | \n \u00a0 | \n 4,020 | \n
Total Intangible Assets | \n $ | \n 701,968 | \n $ | \n 259,234 | \n $ | \n 442,734 | \n $ | \n 726,665 | \n $ | \n 238,378 | \n $ | \n 488,287 | \n
\u00a0
The Company recorded amortization expense for the three and nine months ended September 30, 2025 of $12,306 thousand and $37,317 thousand, respectively. The Company recorded amortization expense for the three and nine months ended September 30, 2024 of $12,574 thousand and $37,818 thousand, respectively. As of September 30, 2025 and December 31, 2024, intangible assets are carried net of accumulated impairment losses of $31,131 thousand as of each period then ended.
\u00a0
On June 11, 2025, the Company acquired a permit intangible, allowing the Company to operate three retail dispensaries. The consideration paid was $10,500 thousand in cash. As substantially all of the assets acquired were concentrated in the permit intangible, the Company accounted for the transaction as an asset acquisition. The weighted average amortization period for the permit intangible was 15 years. Acquisition-related costs associated with the transaction were not material.
The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2025:
\u00a0
\n| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Estimated | \n
Year Ending December 31, | \n \u00a0 | \n (in thousands) | \n
Remainder of 2025 | \n $ | \n 12,162 | \n
2026 | \n \u00a0 | \n 45,686 | \n
2027 | \n \u00a0 | \n 45,157 | \n
2028 | \n \u00a0 | \n 45,157 | \n
2029 | \n \u00a0 | \n 45,157 | \n
2030 and Thereafter | \n \u00a0 | \n 249,415 | \n
\u00a0 | \n $ | \n 442,734 | \n
As of September 30, 2025, the weighted average amortization period remaining for intangible assets was 9.99 years.
4. INTANGIBLE ASSETS AND GOODWILL (Continued)
\u00a0
\u00a0
(b) Goodwill
At September 30, 2025 and December 31, 2024 the balances of goodwill, by segment, consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Retail | \n $ | \n 279,630 | \n $ | \n 273,802 | \n
Consumer Packaged Goods | \n \u00a0 | \n 314,809 | \n \u00a0 | \n 315,889 | \n
Total | \n $ | \n 594,439 | \n $ | \n 589,691 | \n
Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of September 30, 2025 and December 31, 2024. During the three and nine months ended September 30, 2025 and 2024, there were no conditions present that would require consideration as to whether an impairment test was necessary.
"}]},{"name":"rpt:f-526","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At September 30, 2025 and December 31, 2024, intangible assets consisted of the following:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n ||||||||
\u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n Net Book Value | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n (in thousands) | \n ||||||||
Licenses and Permits | \n $ | \n 676,600 | \n $ | \n 235,268 | \n $ | \n 441,332 | \n $ | \n 660,716 | \n $ | \n 201,862 | \n $ | \n 458,854 | \n
Trademarks | \n \u00a0 | \n 930 | \n \u00a0 | \n 930 | \n \u00a0 | \n - | \n \u00a0 | \n 41,511 | \n \u00a0 | \n 16,098 | \n \u00a0 | \n 25,413 | \n
Customer Relationships | \n \u00a0 | \n 24,438 | \n \u00a0 | \n 23,036 | \n \u00a0 | \n 1,402 | \n \u00a0 | \n 24,438 | \n \u00a0 | \n 20,418 | \n \u00a0 | \n 4,020 | \n
Total Intangible Assets | \n $ | \n 701,968 | \n $ | \n 259,234 | \n $ | \n 442,734 | \n $ | \n 726,665 | \n $ | \n 238,378 | \n $ | \n 488,287 | \n
The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2025:
\u00a0
\n| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Estimated | \n
Year Ending December 31, | \n \u00a0 | \n (in thousands) | \n
Remainder of 2025 | \n $ | \n 12,162 | \n
2026 | \n \u00a0 | \n 45,686 | \n
2027 | \n \u00a0 | \n 45,157 | \n
2028 | \n \u00a0 | \n 45,157 | \n
2029 | \n \u00a0 | \n 45,157 | \n
2030 and Thereafter | \n \u00a0 | \n 249,415 | \n
\u00a0 | \n $ | \n 442,734 | \n
"}]},{"name":"rpt:f-561","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12162000","decimals":-3}]},{"name":"rpt:f-562","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45686000","decimals":-3}]},{"name":"rpt:f-563","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45157000","decimals":-3}]},{"name":"rpt:f-564","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45157000","decimals":-3}]},{"name":"rpt:f-565","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45157000","decimals":-3}]},{"name":"rpt:f-566","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"249415000","decimals":-3}]},{"name":"rpt:f-567","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsNet","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"442734000","decimals":-3}]},{"name":"rpt:f-568","factDimensions":{"xbrl:concept":"us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P9Y11M26D"}]},{"name":"rpt:f-569","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"
At September 30, 2025 and December 31, 2024 the balances of goodwill, by segment, consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Retail | \n $ | \n 279,630 | \n $ | \n 273,802 | \n
Consumer Packaged Goods | \n \u00a0 | \n 314,809 | \n \u00a0 | \n 315,889 | \n
Total | \n $ | \n 594,439 | \n $ | \n 589,691 | \n
5. INVESTMENTS
\u00a0
\u00a0
As of September 30, 2025 and December 31, 2024, 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 $43,736 thousand and $43,578 thousand, respectively. The Company measures its investments that do not have readily determinable fair value at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.
The following table summarizes the changes in the Company\u2019s investments during the nine months ended September 30, 2025 and year ended December 31, 2024:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Beginning | \n $ | \n 43,578 | \n $ | \n 64,361 | \n
Additions | \n \u00a0 | \n 400 | \n \u00a0 | \n 12,029 | \n
Proceeds | \n \u00a0 | \n (100) | \n \u00a0 | \n (29,824) | \n
Fair value adjustment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (2,988) | \n
Transfers and other | \n \u00a0 | \n (142) | \n \u00a0 | \n \u2014 | \n
Ending | \n $ | \n 43,736 | \n $ | \n 43,578 | \n
\u00a0
The following table summarizes the change in fair value associated with the Company's equity investments and notes receivable instruments recorded during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Equity Investments | \n $ | \n (74) | \n $ | \n (67) | \n \u00a0 | \n $ | \n (74) | \n $ | \n 91 | \n
Notes Receivable Instruments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 9 | \n
Accrued Interest on Notes Receivable Instruments | \n \u00a0 | \n 24 | \n \u00a0 | \n (10) | \n \u00a0 | \n \u00a0 | \n 74 | \n \u00a0 | \n 156 | \n
Net fair value gains (losses) | \n $ | \n (50) | \n $ | \n (77) | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n 256 | \n
\u00a0
(a) Equity Investments
\u00a0
The Company held equity investments in both publicly and privately traded entities. Generally, publicly traded entities have readily determinable fair values and are classified as Level 1 investments. Meanwhile, non-publicly traded entities generally do not have readily determinable fair values and are 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's unaudited interim condensed consolidated balance sheets.
\u00a0
\u00a0
The following table summarizes the change in the Company's Level 1 equity investments during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Beginning | \n $ | \n \u2014 | \n $ | \n 507 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n 2,001 | \n
Proceeds | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (440) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (2,092) | \n
Fair value adjustment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (67) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 91 | \n
Ending | \n $ | \n \u2014 | \n $ | \n \u2014 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n
\u00a0
On July 17, 2024, the Company sold all remaining Level 1 equity investments. As of September 30, 2025, the Company held no Level 1 equity investments.
\u00a0
5. INVESTMENTS (Continued)
\u00a0
\u00a0
\u00a0
(a) Equity Investments (Continued)
\u00a0
The following table summarizes the change in the Company's Level 3 equity investments during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Beginning | \n $ | \n 36,887 | \n $ | \n 25,953 | \n \u00a0 | \n $ | \n 36,487 | \n $ | \n 25,953 | \n
Additions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 852 | \n \u00a0 | \n \u00a0 | \n 400 | \n \u00a0 | \n 852 | \n
Fair value adjustment | \n \u00a0 | \n (74) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n (74) | \n \u00a0 | \n \u2014 | \n
Transfers and other | \n \u00a0 | \n 1,712 | \n \u00a0 | \n 5,000 | \n \u00a0 | \n \u00a0 | \n 1,712 | \n \u00a0 | \n 5,000 | \n
Ending | \n $ | \n 38,525 | \n $ | \n 31,805 | \n \u00a0 | \n $ | \n 38,525 | \n $ | \n 31,805 | \n
\u00a0
The following table summarizes unrealized (losses) gains recognized on the Company's equity investments held during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Net unrealized losses on equity investments | \n $ | \n (74) | \n $ | \n \u2014 | \n \u00a0 | \n $ | \n (74) | \n $ | \n \u2014 | \n
\u00a0
See Note 13 - Fair Value Measurements for additional details.
\u00a0
(b) Notes Receivable Instruments
\u00a0
The Company invests in both publicly traded and privately held cannabis and cannabis-related companies by providing financing through notes receivable instruments. The fair value of these notes receivable instruments include the initial investment and contractual accrued interest recorded within interest income on the unaudited interim condensed consolidated statements of operations.
\u00a0
All of the Company's notes receivable instruments are classified as trading securities and are included within investments on the Company's unaudited interim condensed consolidated balance sheets.
\u00a0
The following table summarizes the change in the Company's Level 1 note receivable instruments during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Beginning | \n $ | \n \u2014 | \n $ | \n 24,188 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n 22,214 | \n
Additions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 1,965 | \n
Fair value adjustment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 9 | \n
Ending | \n $ | \n \u2014 | \n $ | \n 24,188 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n 24,188 | \n
\u00a0
On November 27, 2024, the Company collected the remaining principal balance of the notes receivable instruments along with accrued interest. Consequently, as of September 30, 2025, the Company held no Level 1 notes receivable instruments.
\u00a0
5. INVESTMENTS (Continued)
\u00a0
\u00a0
\u00a0
(b) Notes Receivable Instruments (Continued)
\u00a0
The following table summarizes the change in the Company's Level 3 notes receivable instruments during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Beginning | \n $ | \n 6,949 | \n $ | \n 10,764 | \n \u00a0 | \n $ | \n 7,091 | \n $ | \n 14,193 | \n
Additions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 1,000 | \n
Proceeds | \n \u00a0 | \n (50) | \n \u00a0 | \n (325) | \n \u00a0 | \n \u00a0 | \n (100) | \n \u00a0 | \n (4,920) | \n
Accrued Interest | \n \u00a0 | \n 24 | \n \u00a0 | \n (10) | \n \u00a0 | \n \u00a0 | \n 74 | \n \u00a0 | \n 156 | \n
Transfers and other | \n \u00a0 | \n (1,712) | \n \u00a0 | \n (5,000) | \n \u00a0 | \n \u00a0 | \n (1,854) | \n \u00a0 | \n (5,000) | \n
Ending | \n $ | \n 5,211 | \n $ | \n 5,429 | \n \u00a0 | \n $ | \n 5,211 | \n $ | \n 5,429 | \n
\u00a0
The Company's Level 3 notes receivable instruments had a stated interest rate of 10% and terms between twelve months and five years.
\u00a0
On January 9, 2024, one of the Company's privately held notes receivable instruments matured and the Company collected the principal balance of $4,000 thousand and accrued interest of $605 thousand. Proceeds associated with other Level 3 notes receivable instruments made up the balance of the activity.
\u00a0
On August 6, 2025, a separate privately held convertible note receivable instrument in the amount of $1,712 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 Level 3 equity investments.
\u00a0
See Note 13 - Fair Value Measurements for additional details.
"}]},{"name":"rpt:f-581","factDimensions":{"xbrl:concept":"us-gaap:EquityFairValueDisclosure","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"gtbif:CannabisCompaniesMember"},"factValues":[{"value":"43736000","decimals":-3}]},{"name":"rpt:f-582","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-583","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfLongTermInvestmentsTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes the changes in the Company\u2019s investments during the nine months ended September 30, 2025 and year ended December 31, 2024:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Beginning | \n $ | \n 43,578 | \n $ | \n 64,361 | \n
Additions | \n \u00a0 | \n 400 | \n \u00a0 | \n 12,029 | \n
Proceeds | \n \u00a0 | \n (100) | \n \u00a0 | \n (29,824) | \n
Fair value adjustment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (2,988) | \n
Transfers and other | \n \u00a0 | \n (142) | \n \u00a0 | \n \u2014 | \n
Ending | \n $ | \n 43,736 | \n $ | \n 43,578 | \n
The following table summarizes the change in fair value associated with the Company's equity investments and notes receivable instruments recorded during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Equity Investments | \n $ | \n (74) | \n $ | \n (67) | \n \u00a0 | \n $ | \n (74) | \n $ | \n 91 | \n
Notes Receivable Instruments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 9 | \n
Accrued Interest on Notes Receivable Instruments | \n \u00a0 | \n 24 | \n \u00a0 | \n (10) | \n \u00a0 | \n \u00a0 | \n 74 | \n \u00a0 | \n 156 | \n
Net fair value gains (losses) | \n $ | \n (50) | \n $ | \n (77) | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n 256 | \n
The following table summarizes the change in the Company's Level 1 equity investments during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Beginning | \n $ | \n \u2014 | \n $ | \n 507 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n 2,001 | \n
Proceeds | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (440) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (2,092) | \n
Fair value adjustment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (67) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 91 | \n
Ending | \n $ | \n \u2014 | \n $ | \n \u2014 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n
\u00a0
On July 17, 2024, the Company sold all remaining Level 1 equity investments. As of September 30, 2025, the Company held no Level 1 equity investments.The following table summarizes the change in the Company's Level 3 equity investments during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Beginning | \n $ | \n 36,887 | \n $ | \n 25,953 | \n \u00a0 | \n $ | \n 36,487 | \n $ | \n 25,953 | \n
Additions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 852 | \n \u00a0 | \n \u00a0 | \n 400 | \n \u00a0 | \n 852 | \n
Fair value adjustment | \n \u00a0 | \n (74) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n (74) | \n \u00a0 | \n \u2014 | \n
Transfers and other | \n \u00a0 | \n 1,712 | \n \u00a0 | \n 5,000 | \n \u00a0 | \n \u00a0 | \n 1,712 | \n \u00a0 | \n 5,000 | \n
Ending | \n $ | \n 38,525 | \n $ | \n 31,805 | \n \u00a0 | \n $ | \n 38,525 | \n $ | \n 31,805 | \n
The following table summarizes unrealized (losses) gains recognized on the Company's equity investments held during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Net unrealized losses on equity investments | \n $ | \n (74) | \n $ | \n \u2014 | \n \u00a0 | \n $ | \n (74) | \n $ | \n \u2014 | \n
The following table summarizes the change in the Company's Level 1 note receivable instruments during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Beginning | \n $ | \n \u2014 | \n $ | \n 24,188 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n 22,214 | \n
Additions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 1,965 | \n
Fair value adjustment | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 9 | \n
Ending | \n $ | \n \u2014 | \n $ | \n 24,188 | \n \u00a0 | \n $ | \n \u2014 | \n $ | \n 24,188 | \n
The following table summarizes the change in the Company's Level 3 notes receivable instruments during the three and nine months ended September 30, 2025 and 2024.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n (in thousands) | \n ||||||||
Beginning | \n $ | \n 6,949 | \n $ | \n 10,764 | \n \u00a0 | \n $ | \n 7,091 | \n $ | \n 14,193 | \n
Additions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 1,000 | \n
Proceeds | \n \u00a0 | \n (50) | \n \u00a0 | \n (325) | \n \u00a0 | \n \u00a0 | \n (100) | \n \u00a0 | \n (4,920) | \n
Accrued Interest | \n \u00a0 | \n 24 | \n \u00a0 | \n (10) | \n \u00a0 | \n \u00a0 | \n 74 | \n \u00a0 | \n 156 | \n
Transfers and other | \n \u00a0 | \n (1,712) | \n \u00a0 | \n (5,000) | \n \u00a0 | \n \u00a0 | \n (1,854) | \n \u00a0 | \n (5,000) | \n
Ending | \n $ | \n 5,211 | \n $ | \n 5,429 | \n \u00a0 | \n $ | \n 5,211 | \n $ | \n 5,429 | \n
6. ACQUISITIONS
\u00a0
\u00a0
\u00a0
(a) Business Combinations:
\u00a0
The Company determined that the below described acquisition is a business combination under Accounting Standards Codification (\u201cASC\u201d) 805, Business Combinations. It was accounted for by applying the acquisition method whereby the assets acquired, and the liabilities assumed were recorded at their fair values with any excess consideration over the fair value of the identifiable net assets was allocated to goodwill. Operating results have been included in these consolidated financial statements from the date of the acquisition. Supplemental pro forma financial information has not been presented as the impact was not material to the Company's consolidated financial statements. The goodwill recorded primarily includes the expected synergies resulting from combining the operations of the acquired entity with those of the Company.
\u00a0
The Company completed preliminary allocations of the purchase price of the assets acquired and liabilities assumed in association with three retail stores. The preliminary valuation was based on management\u2019s estimates and assumptions which are subject to change within the measurement period (generally one year from the acquisition date). The details of the transaction are discussed below. The primary areas of the purchase price allocation that are not yet finalized relate to the valuation of the tangible and intangible assets acquired and the residual goodwill. The following table summarizes the initial accounting estimates:
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Retail Stores | \n |
\u00a0 | \n \u00a0 | \n (in thousands) | \n |
Cash | \n $ | \n 36 | \n |
Inventory | \n \u00a0 | \n 614 | \n |
Prepaid expenses | \n \u00a0 | \n 279 | \n |
Property and equipment, net | \n \u00a0 | \n 1,495 | \n |
Right-of-use asset, net | \n \u00a0 | \n 1,864 | \n |
Intangible assets, net: | \n \u00a0 | \n \u00a0 | \n |
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Licenses and permits | \n \u00a0 | \n 5,950 | \n |
Liabilities assumed: | \n \u00a0 | \n \u00a0 | \n |
Lease liabilities | \n \u00a0 | \n (1,864) | \n |
Total identifiable net assets | \n \u00a0 | \n 8,374 | \n |
Goodwill (non-tax deductible) | \n \u00a0 | \n 5,828 | \n |
Net assets | \n \u00a0 | \n $ | \n 14,202 | \n
\u00a0
On June 2, 2025, a subsidiary of the Company acquired 100% of the membership interest held in three retail licenses for the \tpurposes of expanding Green Thumb's national presence. The Company paid approximately $14,202 thousand in cash. As part of the initial purchase accounting, the Company recorded an intangible asset of $5,950 thousand, all of which was associated with licenses and permits that allows for the retail sale of cannabis. The weighted-average amortization period for the license intangible is 15 years. Acquisition-related costs associated with the transaction were not material.
"}]},{"name":"rpt:f-703","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes the initial accounting estimates:\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Retail Stores | \n |
\u00a0 | \n \u00a0 | \n (in thousands) | \n |
Cash | \n $ | \n 36 | \n |
Inventory | \n \u00a0 | \n 614 | \n |
Prepaid expenses | \n \u00a0 | \n 279 | \n |
Property and equipment, net | \n \u00a0 | \n 1,495 | \n |
Right-of-use asset, net | \n \u00a0 | \n 1,864 | \n |
Intangible assets, net: | \n \u00a0 | \n \u00a0 | \n |
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Licenses and permits | \n \u00a0 | \n 5,950 | \n |
Liabilities assumed: | \n \u00a0 | \n \u00a0 | \n |
Lease liabilities | \n \u00a0 | \n (1,864) | \n |
Total identifiable net assets | \n \u00a0 | \n 8,374 | \n |
Goodwill (non-tax deductible) | \n \u00a0 | \n 5,828 | \n |
Net assets | \n \u00a0 | \n $ | \n 14,202 | \n
7. LEASES
\u00a0
\u00a0
\u00a0
(a) Operating Leases
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.
The Company records material real estate and equipment leases with an initial term of twelve months or more 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, as part of base rent. In those circumstances, the Company elected the practical expedient to not separate the lease components from non-lease components.
The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. For three and nine months ended September 30, 2025, the Company recorded operating lease expense of $12,947 thousand and $38,519 thousand, respectively compared to operating lease expense of $16,946 thousand and $41,622 thousand for three and nine months ended September 30, 2024, respectively.
\u00a0
Other information related to operating leases as of September 30, 2025 and December 31, 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
Weighted average remaining lease term (years) | \n \u00a0 | \n 10.07 | \n \u00a0 | \n 10.74 | \n
Weighted average discount rate | \n \u00a0 | \n 12.21% | \n \u00a0 | \n 12.23% | \n
\u00a0
Maturities of lease liabilities for operating leases as of September 30, 2025 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Lease Liability | \n ||||
Year Ending December 31, | \n \u00a0 | \n Third-Party | \n \u00a0 | \n Related Party | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Remainder of 2025 | \n $ | \n 12,064 | \n $ | \n 130 | \n $ | \n 12,194 | \n
2026 | \n \u00a0 | \n 48,431 | \n \u00a0 | \n 524 | \n \u00a0 | \n 48,955 | \n
2027 | \n \u00a0 | \n 48,698 | \n \u00a0 | \n 491 | \n \u00a0 | \n 49,189 | \n
2028 | \n \u00a0 | \n 47,283 | \n \u00a0 | \n 282 | \n \u00a0 | \n 47,565 | \n
2029 | \n \u00a0 | \n 44,037 | \n \u00a0 | \n 287 | \n \u00a0 | \n 44,324 | \n
2030 and Thereafter | \n \u00a0 | \n 294,830 | \n \u00a0 | \n 768 | \n \u00a0 | \n 295,598 | \n
Total Lease Payments | \n \u00a0 | \n 495,343 | \n \u00a0 | \n 2,482 | \n \u00a0 | \n 497,825 | \n
Less: Interest | \n \u00a0 | \n (226,521) | \n \u00a0 | \n (695) | \n \u00a0 | \n (227,216) | \n
Present Value of Lease Liability | \n $ | \n 268,822 | \n $ | \n 1,787 | \n $ | \n 270,609 | \n
\u00a0
(b) Related Party Operating Leases
Mosaic Real Estate, LLC owns certain facilities leased by the Company and is owned in part by 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). For the three and nine months ended September 30, 2025, the Company recorded lease expense of $126 thousand and $378 thousand, respectively, compared to lease expense of $145 thousand and $450 thousand for the three and nine months ended September 30, 2024, respectively, associated with these leasing arrangements.
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."}]},{"name":"rpt:f-719","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12947000","decimals":-3}]},{"name":"rpt:f-720","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"38519000","decimals":-3}]},{"name":"rpt:f-721","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"16946000","decimals":-3}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"41622000","decimals":-3}]},{"name":"rpt:f-723","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfOtherInformationRelatedToOperatingLeasesTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Other information related to operating leases as of September 30, 2025 and December 31, 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
Weighted average remaining lease term (years) | \n \u00a0 | \n 10.07 | \n \u00a0 | \n 10.74 | \n
Weighted average discount rate | \n \u00a0 | \n 12.21% | \n \u00a0 | \n 12.23% | \n
Maturities of lease liabilities for operating leases as of September 30, 2025 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Lease Liability | \n ||||
Year Ending December 31, | \n \u00a0 | \n Third-Party | \n \u00a0 | \n Related Party | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Remainder of 2025 | \n $ | \n 12,064 | \n $ | \n 130 | \n $ | \n 12,194 | \n
2026 | \n \u00a0 | \n 48,431 | \n \u00a0 | \n 524 | \n \u00a0 | \n 48,955 | \n
2027 | \n \u00a0 | \n 48,698 | \n \u00a0 | \n 491 | \n \u00a0 | \n 49,189 | \n
2028 | \n \u00a0 | \n 47,283 | \n \u00a0 | \n 282 | \n \u00a0 | \n 47,565 | \n
2029 | \n \u00a0 | \n 44,037 | \n \u00a0 | \n 287 | \n \u00a0 | \n 44,324 | \n
2030 and Thereafter | \n \u00a0 | \n 294,830 | \n \u00a0 | \n 768 | \n \u00a0 | \n 295,598 | \n
Total Lease Payments | \n \u00a0 | \n 495,343 | \n \u00a0 | \n 2,482 | \n \u00a0 | \n 497,825 | \n
Less: Interest | \n \u00a0 | \n (226,521) | \n \u00a0 | \n (695) | \n \u00a0 | \n (227,216) | \n
Present Value of Lease Liability | \n $ | \n 268,822 | \n $ | \n 1,787 | \n $ | \n 270,609 | \n
\u00a0
"}]},{"name":"rpt:f-729","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"12064000","decimals":-3}]},{"name":"rpt:f-730","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"130000","decimals":-3}]},{"name":"rpt:f-731","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12194000","decimals":-3}]},{"name":"rpt:f-732","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"48431000","decimals":-3}]},{"name":"rpt:f-733","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"524000","decimals":-3}]},{"name":"rpt:f-734","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"48955000","decimals":-3}]},{"name":"rpt:f-735","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"48698000","decimals":-3}]},{"name":"rpt:f-736","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"491000","decimals":-3}]},{"name":"rpt:f-737","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"49189000","decimals":-3}]},{"name":"rpt:f-738","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"47283000","decimals":-3}]},{"name":"rpt:f-739","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"282000","decimals":-3}]},{"name":"rpt:f-740","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"47565000","decimals":-3}]},{"name":"rpt:f-741","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"44037000","decimals":-3}]},{"name":"rpt:f-742","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"287000","decimals":-3}]},{"name":"rpt:f-743","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"44324000","decimals":-3}]},{"name":"rpt:f-744","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"294830000","decimals":-3}]},{"name":"rpt:f-745","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"768000","decimals":-3}]},{"name":"rpt:f-746","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"295598000","decimals":-3}]},{"name":"rpt:f-747","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"495343000","decimals":-3}]},{"name":"rpt:f-748","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"2482000","decimals":-3}]},{"name":"rpt:f-749","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"497825000","decimals":-3}]},{"name":"rpt:f-750","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"226521000","decimals":-3}]},{"name":"rpt:f-751","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"695000","decimals":-3}]},{"name":"rpt:f-752","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"227216000","decimals":-3}]},{"name":"rpt:f-753","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiability","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"gtbif:ThirdPartyMember"},"factValues":[{"value":"268822000","decimals":-3}]},{"name":"rpt:f-754","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiability","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:EquitySecuritiesByInvestmentObjectiveAxis":"us-gaap:RelatedPartyMember"},"factValues":[{"value":"1787000","decimals":-3}]},{"name":"rpt:f-755","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiability","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"270609000","decimals":-3}]},{"name":"rpt:f-756","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"gtbif:FloridaAndLllinoisMember"},"factValues":[{"value":"126000","decimals":-3}]},{"name":"rpt:f-757","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"gtbif:FloridaAndLllinoisMember"},"factValues":[{"value":"378000","decimals":-3}]},{"name":"rpt:f-758","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"gtbif:FloridaAndLllinoisMember"},"factValues":[{"value":"145000","decimals":-3}]},{"name":"rpt:f-759","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2024-01-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"gtbif:FloridaAndLllinoisMember"},"factValues":[{"value":"450000","decimals":-3}]},{"name":"rpt:f-760","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquirePropertyPlantAndEquipment","xbrl:period":"2024-12-17T00:00:00/2024-12-18T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"654000","decimals":-3}]},{"name":"rpt:f-761","factDimensions":{"xbrl:concept":"us-gaap:DebtDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"8. NOTES PAYABLE
\u00a0
At September 30, 2025 and December 31, 2024, notes payable consisted of the following:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Syndicated credit facility dated September 11, 20241 | \n $ | \n 142,677 | \n $ | \n 147,979 | \n
Mortgage notes2 | \n \u00a0 | \n 104,772 | \n \u00a0 | \n 106,979 | \n
Total notes payable | \n \u00a0 | \n 247,449 | \n \u00a0 | \n 254,958 | \n
Less: current portion of notes payable | \n \u00a0 | \n (17,264) | \n \u00a0 | \n (12,062) | \n
Notes payable, net of current portion | \n $ | \n 230,185 | \n $ | \n 242,896 | \n
\u00a0
1 The Credit Facility (as defined below in Section (a) of this Note 8) was issued in an aggregate amount of $150,000 thousand, and will bear interest at the (\u201cSOFR\u201d) + 500 basis points, payable monthly. As of September 30, 2025 and December 31, 2024, the Credit Facility's outstanding principal balance was $144,375 thousand and $150,000 thousand, respectively. The Credit Facility was issued at a discount, the carrying value of which was $1,698 thousand and $2,021 thousand as of September 30, 2025 and December 31, 2024, respectively. The Credit Facility matures on September 11, 2029.
\u00a0
2 The Company has issued mortgage notes in connection with various operating properties at an aggregate value of $112,285 thousand as of September 30, 2025 and December 31, 2024. The mortgage notes were issued at a discount, the carrying value of which was $852 thousand and $1,007 thousand, and are presented net of principal payments of $6,661 thousand and $4,299 thousand as of September 30, 2025 and December 31, 2024, respectively. These mortgage notes mature between December 6, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.
\u00a0
\u00a0
(a) Syndicated Credit Facility
\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 + 500 basis points, payable quarterly. As of September 30, 2025, the floating interest rate on the Credit Facility was 9.18%.
\u00a0
The Credit Facility includes certain covenants which require the Company to maintain a debt service coverage ratio of 1.5 to 1.0, a funded debt to Adjusted Earnings Before Interest Depreciation and Amortization (\u201cAdjusted EBITDA\u201d) (see \u201cNon-GAAP Measure\u201d below for additional information on Adjusted EBITDA) ratio no greater than 3.5 to 1.0, and a tangible net worth of at least $500 thousand. As of September 30, 2025, the Company was in compliance with all covenants associated with the Credit Facility.
"}]},{"name":"rpt:f-762","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At September 30, 2025 and December 31, 2024, notes payable consisted of the following:\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n December 31, 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Syndicated credit facility dated September 11, 20241 | \n $ | \n 142,677 | \n $ | \n 147,979 | \n
Mortgage notes2 | \n \u00a0 | \n 104,772 | \n \u00a0 | \n 106,979 | \n
Total notes payable | \n \u00a0 | \n 247,449 | \n \u00a0 | \n 254,958 | \n
Less: current portion of notes payable | \n \u00a0 | \n (17,264) | \n \u00a0 | \n (12,062) | \n
Notes payable, net of current portion | \n $ | \n 230,185 | \n $ | \n 242,896 | \n
\u00a0
1 The Credit Facility (as defined below in Section (a) of this Note 8) was issued in an aggregate amount of $150,000 thousand, and will bear interest at the (\u201cSOFR\u201d) + 500 basis points, payable monthly. As of September 30, 2025 and December 31, 2024, the Credit Facility's outstanding principal balance was $144,375 thousand and $150,000 thousand, respectively. The Credit Facility was issued at a discount, the carrying value of which was $1,698 thousand and $2,021 thousand as of September 30, 2025 and December 31, 2024, respectively. The Credit Facility matures on September 11, 2029.
\u00a0
2 The Company has issued mortgage notes in connection with various operating properties at an aggregate value of $112,285 thousand as of September 30, 2025 and December 31, 2024. The mortgage notes were issued at a discount, the carrying value of which was $852 thousand and $1,007 thousand, and are presented net of principal payments of $6,661 thousand and $4,299 thousand as of September 30, 2025 and December 31, 2024, respectively. These mortgage notes mature between December 6, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.
"}]},{"name":"rpt:f-763","factDimensions":{"xbrl:concept":"us-gaap:NotesPayable","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"142677000","decimals":-3}]},{"name":"rpt:f-764","factDimensions":{"xbrl:concept":"us-gaap:NotesPayable","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"147979000","decimals":-3}]},{"name":"rpt:f-765","factDimensions":{"xbrl:concept":"us-gaap:NotesPayable","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember"},"factValues":[{"value":"104772000","decimals":-3}]},{"name":"rpt:f-766","factDimensions":{"xbrl:concept":"us-gaap:NotesPayable","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember"},"factValues":[{"value":"106979000","decimals":-3}]},{"name":"rpt:f-767","factDimensions":{"xbrl:concept":"us-gaap:NotesPayable","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"247449000","decimals":-3}]},{"name":"rpt:f-768","factDimensions":{"xbrl:concept":"us-gaap:NotesPayable","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"254958000","decimals":-3}]},{"name":"rpt:f-769","factDimensions":{"xbrl:concept":"us-gaap:NotesPayableCurrent","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17264000","decimals":-3}]},{"name":"rpt:f-770","factDimensions":{"xbrl:concept":"us-gaap:NotesPayableCurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12062000","decimals":-3}]},{"name":"rpt:f-771","factDimensions":{"xbrl:concept":"us-gaap:LongTermNotesPayable","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"230185000","decimals":-3}]},{"name":"rpt:f-772","factDimensions":{"xbrl:concept":"us-gaap:LongTermNotesPayable","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"242896000","decimals":-3}]},{"name":"rpt:f-773","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentCarryingAmount","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"150000000","decimals":-3}]},{"name":"rpt:f-774","factDimensions":{"xbrl:concept":"us-gaap:LongTermNotesPayable","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"144375000","decimals":-3}]},{"name":"rpt:f-775","factDimensions":{"xbrl:concept":"us-gaap:LongTermNotesPayable","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"150000000","decimals":-3}]},{"name":"rpt:f-776","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentCarryingAmount","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:CreditFacilityMember"},"factValues":[{"value":"1698000","decimals":-3}]},{"name":"rpt:f-777","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentCarryingAmount","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:CreditFacilityMember"},"factValues":[{"value":"2021000","decimals":-3}]},{"name":"rpt:f-778","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentMaturityDate","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:CreditFacilityAxis":"gtbif:CreditFacilityMember"},"factValues":[{"value":"2029-09-11"}]},{"name":"rpt:f-779","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFaceAmount","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember"},"factValues":[{"value":"112285000","decimals":-3}]},{"name":"rpt:f-780","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFaceAmount","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember"},"factValues":[{"value":"112285000","decimals":-3}]},{"name":"rpt:f-781","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentCarryingAmount","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember"},"factValues":[{"value":"852000","decimals":-3}]},{"name":"rpt:f-782","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentCarryingAmount","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember"},"factValues":[{"value":"1007000","decimals":-3}]},{"name":"rpt:f-783","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentAnnualPrincipalPayment","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember"},"factValues":[{"value":"6661000","decimals":-3}]},{"name":"rpt:f-784","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentAnnualPrincipalPayment","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember"},"factValues":[{"value":"4299000","decimals":-3}]},{"name":"rpt:f-785","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentMaturityDate","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"2025-12-06"}]},{"name":"rpt:f-786","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentMaturityDate","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"2035-06-05"}]},{"name":"rpt:f-787","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateStatedPercentage","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.05","decimals":4}]},{"name":"rpt:f-788","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateStatedPercentage","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:DebtInstrumentAxis":"gtbif:MortgageNotesMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.0777","decimals":4}]},{"name":"rpt:f-789","factDimensions":{"xbrl:concept":"us-gaap:LongTermNotesPayable","xbrl:period":"2024-09-12T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"150000000","decimals":-3}]},{"name":"rpt:f-790","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentMaturityDate","xbrl:period":"2024-09-11T00:00:00/2024-09-12T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"2029-09-11"}]},{"name":"rpt:f-791","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateStatedPercentage","xbrl:period":"2024-09-12T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"0.0918","decimals":4}]},{"name":"rpt:f-792","factDimensions":{"xbrl:concept":"us-gaap:InvestmentCompanySeniorSecurityStockAssetCoverageRatio","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.015","decimals":3}]},{"name":"rpt:f-793","factDimensions":{"xbrl:concept":"us-gaap:InvestmentCompanySeniorSecurityStockAssetCoverageRatio","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.01","decimals":3}]},{"name":"rpt:f-794","factDimensions":{"xbrl:concept":"gtbif:DebtToEbitda","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.035","decimals":3}]},{"name":"rpt:f-795","factDimensions":{"xbrl:concept":"gtbif:DebtToEbitda","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.01","decimals":3}]},{"name":"rpt:f-796","factDimensions":{"xbrl:concept":"us-gaap:MinimumNetWorthRequiredForCompliance","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"gtbif:SyndicatedCreditFacilitySeptemberElevenTwoThousandTwentyFourMember"},"factValues":[{"value":"500000","decimals":-3}]},{"name":"rpt:f-797","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityNoteDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"9. SHARE CAPITAL
\u00a0
\u00a0
\u00a0
Common shares, which include the Company\u2019s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares, are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the applicable vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.
\u00a0
(a) Authorized
The Company has the following classes of share capital, with each class having no par value:
\u00a0
(i) Subordinate Voting Shares
The holders of the Subordinate Voting Shares are entitled to receive dividends which may be declared from time to time and are entitled to one vote per share at meetings of the Company\u2019s shareholders. All Subordinate Voting Shares are ranked equally with regard to the Company\u2019s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting Shares.
(ii) Multiple Voting Shares
Each Multiple Voting Share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares.
(iii) Super Voting Shares
Each Super Voting Share is entitled to 1,000 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares or one Multiple Voting Share. The Company is authorized to issue an unlimited number of Super Voting Shares.
\u00a0
(b) Issued and Outstanding
A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Issued and Outstanding | \n ||||
\u00a0 | \n \u00a0 | \n Subordinate | \n \u00a0 | \n Multiple | \n \u00a0 | \n Super | \n
As at January 1, 2025 | \n \u00a0 | \n 211,128,045 | \n \u00a0 | \n 37,623 | \n \u00a0 | \n 206,690 | \n
Issuance of shares associated with investment interests | \n \u00a0 | \n 77,525 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Distribution of deferred shares | \n \u00a0 | \n 244,986 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 232,891 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 1,297,484 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares to non-employee contractors | \n \u00a0 | \n 31,162 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Subordinate Voting Shares | \n \u00a0 | \n (5,718,000) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
As at September 30, 2025 | \n \u00a0 | \n 207,294,093 | \n \u00a0 | \n 37,623 | \n \u00a0 | \n 206,690 | \n
\u00a0
\u00a0
9. SHARE CAPITAL (Continued)
\u00a0
\u00a0
\u00a0
(i) Distribution of Deferred Shares
\u00a0
As part of the consideration exchanged for acquisitions completed in previous periods, the Company deferred the distribution \tof Subordinate Voting Shares to secure the Company's indemnification rights associated with post-acquisition costs.
\u00a0
The following table summarizes the activity during the nine months ended September 30, 2025:
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n Related Acquisition | \n ||
\u00a0 | \n Mobley Pain Management and Wellness Center, LLC and Canwell Processing, LLC | \n LeafLine Industries, LLC | \n Total | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2025 | \n 168,333 | \n 76,665 | \n 244,998 | \n
Distributed Shares | \n (168,333) | \n (76,653) | \n (244,986) | \n
Cancelled Shares | \n \u2014 | \n (12) | \n (12) | \n
As at September 30, 2025 | \n \u2014 | \n \u2014 | \n \u2014 | \n
\u00a0
(ii) Repurchase of Subordinate Voting Shares
\u00a0
The Company's Board of Directors authorized a new share repurchase program that commenced on September 23, 2025, immediately following the expiration of the Company's prior share repurchase program on September 22, 2025. The new program authorizes the Company to repurchase up to 10,364,640 of its Subordinate Voting Shares over a 12-month period at an aggregate cost of up to $50,000 thousand.
\u00a0
Under the Company's previous share repurchase program, a total of 6,965,000 Subordinate Voting Shares were purchased for \t$34,441 thousand of which 5,718,000 Subordinate Voting Shares for $24,811 thousand were repurchased during the
nine months ended September 30, 2025.
\u00a0
The Company has returned $107,100 thousand to shareholders in the form of share repurchases from the commencement of \t\tits share repurchase programs on September 11, 2023 through September 30, 2025.
\u00a0
(c) Stock-Based Compensation
The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company measures their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled stock-based payments under stock-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to equity.
In June 2018, the Company established the Green Thumb Industries Inc. 2018 Stock and Incentive Plan, which was amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4 thereto (as amended, the \u201cPlan\u201d). The maximum number of RSUs and options outstanding under the Plan at any time shall not exceed 15% of the then issued and outstanding shares on an as-converted basis.
The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized. Option and RSU awards generally vest over three years, and options typically have a life of seven to ten years. Option grants under the Plan are determined by the Compensation Committee of the Company\u2019s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant.
\u00a0
9. SHARE CAPITAL (Continued)
\u00a0
\u00a0
\u00a0
(c) Stock-Based Compensation (Continued)
Stock option activity is summarized as follows:
\n
| \n | \n | \n | \n |
\u00a0 | \n Number of Shares | \n Weighted Average Exercise Price | \n Weighted Average Remaining Contractual Life | \n
Balance as of December 31, 2024 | \n 8,238,472 | \n $10.10 | \n 4.07 | \n
Granted | \n 956,520 | \n 5.95 | \n \u00a0 | \n
Exercised | \n (232,891) | \n 6.74 | \n \u00a0 | \n
Forfeited | \n (1,050,952) | \n 9.77 | \n \u00a0 | \n
Balance as of September 30, 2025 | \n 7,911,149 | \n $10.98 | \n 4.31 | \n
Exercisable as of September 30, 2025 | \n 5,767,790 | \n $7.82 | \n 2.04 | \n
\u00a0
The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted during the nine months ended September 30, 2025 and the year ended December 31, 2024, using the following ranges of assumptions:
\n
| \n | \n | \n |
\u00a0 | \n September 30, | \n December 31, | \n
\u00a0 | \n 2025 | \n 2024 | \n
Risk-free interest rate | \n 3.63% - 4.33% | \n 2.72% - 3.92% | \n
Expected dividend yield | \n 0% | \n 0% | \n
Expected volatility | \n 62% - 64% | \n 62% - 64% | \n
Expected option life | \n 3.76\u00a0- 4.68\u00a0years | \n 4.46\u00a0- 4.5\u00a0years | \n
\u00a0
As permitted under ASC 718, the Company has made an accounting policy choice to prospectively account for forfeitures when they occur.
\u00a0
The following table summarizes the number of unvested RSU awards as of September 30, 2025 and December 31, 2024 and the changes during the nine months ended September 30, 2025:
\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, 2024 | \n \u00a0 | \n 7,678,310 | \n $ | \n 11.14 | \n
Granted | \n \u00a0 | \n 5,583,206 | \n \u00a0 | \n 5.82 | \n
Forfeited | \n \u00a0 | \n (1,230,938) | \n \u00a0 | \n 8.27 | \n
Vested | \n \u00a0 | \n (1,297,484) | \n \u00a0 | \n 11.42 | \n
Unvested Shares at September 30, 2025 | \n \u00a0 | \n 10,733,094 | \n $ | \n 8.52 | \n
\u00a0
The stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 was as follows:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n (in thousands) | \n ||||
Stock options expense | \n $ | \n 1,742 | \n $ | \n 2,387 | \n $ | \n 5,601 | \n $ | \n 8,081 | \n
Restricted Stock Units | \n \u00a0 | \n 9,912 | \n \u00a0 | \n 5,962 | \n \u00a0 | \n 28,328 | \n \u00a0 | \n 15,624 | \n
Total Stock Based Compensation Expense | \n $ | \n 11,654 | \n $ | \n 8,349 | \n $ | \n 33,929 | \n $ | \n 23,705 | \n
\u00a0
As of September 30, 2025, $72,489 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 1.94 years.
"}]},{"name":"rpt:f-798","factDimensions":{"xbrl:concept":"us-gaap:CommonStockVotingRights","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:ConversionOfStockByUniqueDescriptionAxis":"gtbif:ConversionOfMultipleVotingSharesMember","us-gaap:StatementClassOfStockAxis":"gtbif:MultipleVotingSharesMember"},"factValues":[{"value":"100"}]},{"name":"rpt:f-799","factDimensions":{"xbrl:concept":"us-gaap:CommonStockVotingRights","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:StatementClassOfStockAxis":"gtbif:SuperVotingSharesMember","us-gaap:ConversionOfStockByUniqueDescriptionAxis":"gtbif:ConversionOfSuperVotingSharesMember"},"factValues":[{"value":"1,000"}]},{"name":"rpt:f-800","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCommonStockOutstandingRollForwardTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","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, 2025 | \n \u00a0 | \n 211,128,045 | \n \u00a0 | \n 37,623 | \n \u00a0 | \n 206,690 | \n
Issuance of shares associated with investment interests | \n \u00a0 | \n 77,525 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Distribution of deferred shares | \n \u00a0 | \n 244,986 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 232,891 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 1,297,484 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuance of shares to non-employee contractors | \n \u00a0 | \n 31,162 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Subordinate Voting Shares | \n \u00a0 | \n (5,718,000) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
As at September 30, 2025 | \n \u00a0 | \n 207,294,093 | \n \u00a0 | \n 37,623 | \n \u00a0 | \n 206,690 | \n
The following table summarizes the activity during the nine months ended September 30, 2025:
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n Related Acquisition | \n ||
\u00a0 | \n Mobley Pain Management and Wellness Center, LLC and Canwell Processing, LLC | \n LeafLine Industries, LLC | \n Total | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
As at January 1, 2025 | \n 168,333 | \n 76,665 | \n 244,998 | \n
Distributed Shares | \n (168,333) | \n (76,653) | \n (244,986) | \n
Cancelled Shares | \n \u2014 | \n (12) | \n (12) | \n
As at September 30, 2025 | \n \u2014 | \n \u2014 | \n \u2014 | \n
Stock option activity is summarized as follows:
\n
| \n | \n | \n | \n |
\u00a0 | \n Number of Shares | \n Weighted Average Exercise Price | \n Weighted Average Remaining Contractual Life | \n
Balance as of December 31, 2024 | \n 8,238,472 | \n $10.10 | \n 4.07 | \n
Granted | \n 956,520 | \n 5.95 | \n \u00a0 | \n
Exercised | \n (232,891) | \n 6.74 | \n \u00a0 | \n
Forfeited | \n (1,050,952) | \n 9.77 | \n \u00a0 | \n
Balance as of September 30, 2025 | \n 7,911,149 | \n $10.98 | \n 4.31 | \n
Exercisable as of September 30, 2025 | \n 5,767,790 | \n $7.82 | \n 2.04 | \n
\u00a0
"}]},{"name":"rpt:f-835","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"8238472"}]},{"name":"rpt:f-836","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"10.1","decimals":2}]},{"name":"rpt:f-837","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P4Y25D"}]},{"name":"rpt:f-838","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"956520"}]},{"name":"rpt:f-839","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"5.95","decimals":2}]},{"name":"rpt:f-840","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"232891"}]},{"name":"rpt:f-841","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"6.74","decimals":2}]},{"name":"rpt:f-842","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1050952"}]},{"name":"rpt:f-843","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"9.77","decimals":2}]},{"name":"rpt:f-844","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"7911149"}]},{"name":"rpt:f-845","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"10.98","decimals":2}]},{"name":"rpt:f-846","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P4Y3M21D"}]},{"name":"rpt:f-847","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"5767790"}]},{"name":"rpt:f-848","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"7.82","decimals":2}]},{"name":"rpt:f-849","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P2Y14D"}]},{"name":"rpt:f-850","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted during the nine months ended September 30, 2025 and the year ended December 31, 2024, using the following ranges of assumptions:
\n
| \n | \n | \n |
\u00a0 | \n September 30, | \n December 31, | \n
\u00a0 | \n 2025 | \n 2024 | \n
Risk-free interest rate | \n 3.63% - 4.33% | \n 2.72% - 3.92% | \n
Expected dividend yield | \n 0% | \n 0% | \n
Expected volatility | \n 62% - 64% | \n 62% - 64% | \n
Expected option life | \n 3.76\u00a0- 4.68\u00a0years | \n 4.46\u00a0- 4.5\u00a0years | \n
The following table summarizes the number of unvested RSU awards as of September 30, 2025 and December 31, 2024 and the changes during the nine months ended September 30, 2025:
\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, 2024 | \n \u00a0 | \n 7,678,310 | \n $ | \n 11.14 | \n
Granted | \n \u00a0 | \n 5,583,206 | \n \u00a0 | \n 5.82 | \n
Forfeited | \n \u00a0 | \n (1,230,938) | \n \u00a0 | \n 8.27 | \n
Vested | \n \u00a0 | \n (1,297,484) | \n \u00a0 | \n 11.42 | \n
Unvested Shares at September 30, 2025 | \n \u00a0 | \n 10,733,094 | \n $ | \n 8.52 | \n
The stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 was as follows:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n (in thousands) | \n ||||
Stock options expense | \n $ | \n 1,742 | \n $ | \n 2,387 | \n $ | \n 5,601 | \n $ | \n 8,081 | \n
Restricted Stock Units | \n \u00a0 | \n 9,912 | \n \u00a0 | \n 5,962 | \n \u00a0 | \n 28,328 | \n \u00a0 | \n 15,624 | \n
Total Stock Based Compensation Expense | \n $ | \n 11,654 | \n $ | \n 8,349 | \n $ | \n 33,929 | \n $ | \n 23,705 | \n
10. INCOME TAX EXPENSE
\u00a0
\u00a0
\u00a0
The following table summarizes the Company\u2019s income tax expense and effective tax rates for the three and nine months ended September 30, 2025 and 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||||
Income before Income Taxes | \n $ | \n 72,923 | \n $ | \n 39,703 | \n $ | \n 134,947 | \n $ | \n 156,017 | \n
Income Tax Expense | \n \u00a0 | \n 49,122 | \n \u00a0 | \n 30,922 | \n \u00a0 | \n 102,013 | \n \u00a0 | \n 94,970 | \n
Effective Tax Rate | \n \u00a0 | \n 67.4% | \n \u00a0 | \n 77.9% | \n \u00a0 | \n 75.6% | \n \u00a0 | \n 60.9% | \n
\u00a0
\u00a0
The effective tax rates for the three months ended September 30, 2025 and 2024 were based on the Company\u2019s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented.
The IRS has taken the position that cannabis companies are subject to the limitations of the U.S. Internal Revenue Code of 1986, as amended (\u201cIRC\u201d) Section 280E under which cannabis companies are only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income and provides for effective tax rates that are well in excess of statutory tax rates.
Taxes paid during the nine months ended September 30, 2025 and 2024 were $22,055 thousand and $87,946 thousand, respectively.
"}]},{"name":"rpt:f-892","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes the Company\u2019s income tax expense and effective tax rates for the three and nine months ended September 30, 2025 and 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||||
Income before Income Taxes | \n $ | \n 72,923 | \n $ | \n 39,703 | \n $ | \n 134,947 | \n $ | \n 156,017 | \n
Income Tax Expense | \n \u00a0 | \n 49,122 | \n \u00a0 | \n 30,922 | \n \u00a0 | \n 102,013 | \n \u00a0 | \n 94,970 | \n
Effective Tax Rate | \n \u00a0 | \n 67.4% | \n \u00a0 | \n 77.9% | \n \u00a0 | \n 75.6% | \n \u00a0 | \n 60.9% | \n
11. OTHER INCOME (EXPENSE)
\u00a0
\u00a0
For the three and nine months ended September 30, 2025 and 2024 other income (expense) was comprised of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Fair value adjustments on equity investments | \n $ | \n (74) | \n $ | \n (67) | \n \u00a0 | \n $ | \n (74) | \n $ | \n 100 | \n
Net gain on divestitures of intellectual property | \n \u00a0 | \n 41,554 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 29,876 | \n \u00a0 | \n \u2014 | \n
Fair value adjustments on warrants liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 855 | \n \u00a0 | \n \u00a0 | \n 68 | \n \u00a0 | \n 2,389 | \n
Loss from equity method investments | \n \u00a0 | \n (3,408) | \n \u00a0 | \n (1,084) | \n \u00a0 | \n \u00a0 | \n (5,843) | \n \u00a0 | \n (2,184) | \n
Other | \n \u00a0 | \n 38 | \n \u00a0 | \n 6 | \n \u00a0 | \n \u00a0 | \n 70 | \n \u00a0 | \n 106 | \n
Total Other Income (Expense) | \n $ | \n 38,110 | \n $ | \n (290) | \n \u00a0 | \n $ | \n 24,097 | \n $ | \n 411 | \n
For the three and nine months ended September 30, 2025 and 2024 other income (expense) was comprised of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Fair value adjustments on equity investments | \n $ | \n (74) | \n $ | \n (67) | \n \u00a0 | \n $ | \n (74) | \n $ | \n 100 | \n
Net gain on divestitures of intellectual property | \n \u00a0 | \n 41,554 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n 29,876 | \n \u00a0 | \n \u2014 | \n
Fair value adjustments on warrants liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 855 | \n \u00a0 | \n \u00a0 | \n 68 | \n \u00a0 | \n 2,389 | \n
Loss from equity method investments | \n \u00a0 | \n (3,408) | \n \u00a0 | \n (1,084) | \n \u00a0 | \n \u00a0 | \n (5,843) | \n \u00a0 | \n (2,184) | \n
Other | \n \u00a0 | \n 38 | \n \u00a0 | \n 6 | \n \u00a0 | \n \u00a0 | \n 70 | \n \u00a0 | \n 106 | \n
Total Other Income (Expense) | \n $ | \n 38,110 | \n $ | \n (290) | \n \u00a0 | \n $ | \n 24,097 | \n $ | \n 411 | \n
12. COMMITMENTS AND CONTINGENCIES
\u00a0
\u00a0
\u00a0
The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities.
Contingent liabilities are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify contingent liabilities for contracts. Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation are recognized in the Company\u2019s unaudited interim condensed consolidated statements of operations.
(a) Contingencies
The Company\u2019s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, sanctions, restrictions on its operations, or losses of permits that could result in the Company ceasing operations in that specific state or local jurisdiction. The Company may be subject to regulatory fines, penalties, or restrictions in the future as cannabis and other regulations continue to evolve and are subject to differing interpretations.
(b) Claims and Litigation
From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. The following is an update to the status of the previously disclosed matters as of September 30, 2025:
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. On June 25, 2025, the Company received the Final Judgment from the court ruling 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 in the amount of $912 thousand. As a result, the Company accrued the amount of probable loss that can reasonably be estimated within accrued liabilities on the unaudited interim condensed consolidated balance sheets.
In August 2025, the Company appealed the Final Judgment with a Notice of Appeal. Under the Rules of Court, the Company was provided a stay on the enforcement of the Final Judgment upon posting a supersedeas bond in the amount of the Final Judgment plus interest and costs through the appeal period. As of September 30, 2025, the Company held the bond in the amount of $9,202 thousand within restricted cash and cash equivalents on the Company's unaudited interim condensed consolidated balance sheets.
At September 30, 2025 and December 31, 2024, 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 merit disclosure. 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.
"}]},{"name":"rpt:f-934","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesSoughtValue","xbrl:period":"2025-06-25T00:00:00/2025-06-26T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7307000","decimals":-3}]},{"name":"rpt:f-935","factDimensions":{"xbrl:concept":"us-gaap:LitigationSettlementInterest","xbrl:period":"2025-06-25T00:00:00/2025-06-26T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"912000","decimals":-3}]},{"name":"rpt:f-936","factDimensions":{"xbrl:concept":"us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9202000","decimals":-3}]},{"name":"rpt:f-937","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-938","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyNumberOfPlaintiffs","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"gtbif:Lawsuit","us-gaap:LitigationStatusAxis":"us-gaap:PendingLitigationMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-939","factDimensions":{"xbrl:concept":"us-gaap:FairValueDisclosuresTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"13. FAIR VALUE MEASUREMENTS
\u00a0
\u00a0
\u00a0
The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.
(a) Financial Instruments
The Company\u2019s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable and accrued liabilities, notes payable, warrant liability, and contingent consideration payable.
It was not practicable to estimate the fair value of the Company's long-term notes payable, which consist of the Credit Facility and mortgage notes, since there were no quoted market prices or active trading markets. The carrying amount of notes payable at September 30, 2025 and December 31, 2024 was $247,449 thousand and $254,958 thousand, respectively, which includes $17,264 thousand and $12,062 thousand, respectively, of short-term debt due within one year.
Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The fair values of the Company\u2019s financial instruments associated with each of the three levels of the hierarchy are:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of September 30, 2025 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and Cash Equivalents | \n $ | \n 226,211 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 226,211 | \n
Restricted Cash and Cash Equivalents | \n \u00a0 | \n 9,202 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 9,202 | \n
Investments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 43,736 | \n \u00a0 | \n 43,736 | \n
\u00a0 | \n $ | \n 235,413 | \n $ | \n \u2014 | \n $ | \n 43,736 | \n $ | \n 279,149 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and Cash Equivalents | \n $ | \n 171,687 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 171,687 | \n
Investments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 43,578 | \n \u00a0 | \n 43,578 | \n
Warrant Liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (68) | \n \u00a0 | \n (68) | \n
\u00a0 | \n $ | \n 171,687 | \n $ | \n \u2014 | \n $ | \n 43,510 | \n $ | \n 215,197 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of September 30, 2025 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and Cash Equivalents | \n $ | \n 226,211 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 226,211 | \n
Restricted Cash and Cash Equivalents | \n \u00a0 | \n 9,202 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 9,202 | \n
Investments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 43,736 | \n \u00a0 | \n 43,736 | \n
\u00a0 | \n $ | \n 235,413 | \n $ | \n \u2014 | \n $ | \n 43,736 | \n $ | \n 279,149 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and Cash Equivalents | \n $ | \n 171,687 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 171,687 | \n
Investments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 43,578 | \n \u00a0 | \n 43,578 | \n
Warrant Liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (68) | \n \u00a0 | \n (68) | \n
\u00a0 | \n $ | \n 171,687 | \n $ | \n \u2014 | \n $ | \n 43,510 | \n $ | \n 215,197 | \n
14. RELATED PARTY
\u00a0
\u00a0
On November 5, 2024, the Company acquired a noncontrolling financial interest in Agrify Corporation (now known as RYTHM and referred to herein as \u201cRYTHM\u201d), in exchange for $15,000 thousand in cash and $3,280 thousand in 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, subject to certain beneficial ownership limitations - all of which remain outstanding as of September 30, 2025 and December 31, 2024, respectively. In addition, on November 5, 2024, the Company extended a convertible secured note to RYTHM (the \u201cOriginal Notes\u201d), the carrying value of which was $10,000 thousand as of September 30, 2025 and December 31, 2024. The Original Notes, bear interest at an annualized rate of 10%. On November 5, 2025, the Original Notes matured and were exchanged for 3,222,997 pre-funded warrants representing the principal amount plus accrued interest due on such date.
Benjamin Kovler, Chairman and Chief Executive Officer of Green Thumb, and Armon Vakali, Vice President, Strategic Initiatives and Partnerships of Green Thumb, were appointed by RYTHM's Board of Directors to serve as RYTHM's Chairman and Interim Chief Executive Officer and member of RYTHM's Board, respectively.
\u00a0
Green Thumb's investment in RYTHM had a carrying value of $15,648 thousand and $18,873 thousand as of September 30, 2025 and December 31, 2024, respectively. Such amounts were included within investment in associates on the Company\u2019s unaudited interim condensed consolidated balance sheets. As of September 30, 2025 and December 31, 2024, the Company held a 34% ownership interest in RYTHM and accounted for its investment using the equity method due to the significant influence Green Thumb has the ability to exert over RYTHM.
\u00a0
On May 20, 2025, Green Thumb entered into an agreement with RYTHM whereby Green Thumb agreed to sell its intellectual property in its incredibles brand as well as its farm bill compliant hemp business, operated in its former subsidiary, Core Growth LLC for $5,075 thousand in cash. As part of the transaction, RYTHM agreed to license the intellectual property back to Green Thumb allowing the Company to continue production and sale of incredibles branded products. Separately, Green Thumb agreed to license its intellectual property in Beboe and RYTHM branded products to RYTHM (the \"May Licensing Agreement\"). As a result of the transaction, Green Thumb recorded a loss on the sale of $11,678 thousand within other income (expense) on the unaudited interim condensed consolidated statement of operations.
\u00a0
On May 22, 2025, RYTHM and Green Thumb amended the Original Notes to allow Green Thumb to receive pre-funded warrants in lieu of shares of RYTHM upon conversion of the Original Notes. No other terms of the Original Notes were amended. In addition, Green Thumb extended an additional $27,000 thousand in convertible notes (the \u201cMay 2025 Notes\u201d) to RYTHM, due November 22, 2026. Other than the amount and maturity date, all of the terms of the May 2025 Notes are consistent with the Original Notes, as amended.
\u00a0
On August 25, 2025, Green Thumb extended another Convertible Note in the amount of $45,000 thousand (the \u201cAugust 2025 Notes\u201d) to RYTHM. The August 2025 Notes are a secured obligation of RYTHM and rank senior to all indebtedness of RYTHM except for the Original Notes and May 2025 Notes (collectively the \u201cExisting Notes\u201d), which rank on parity with the August 2025 Notes. The August 2025 Notes mature on February 25, 2027 and bear interest at an annualized rate of 10%. The August 2025 Notes may be converted into shares of RYTHM or, at the election of the holder, into pre-funded warrants, with a beneficial ownership limitation of 49.99%, subject to applicable Nasdaq listing rules. If converted into common shares of RYTHM, the conversion price per share will be $29.475.
\u00a0
As of September 30, 2025 and December 31, 2024, the Company recorded accrued interest of $2,326 thousand and $156 thousand, respectively, on the notes receivable.
\u00a0
On August 27, 2025, Green Thumb agreed to sell its intellectual property rights in brands including RYTHM, Beboe, Dogwalkers, Doctor Solomon's, &Shine and Good Green for $50,000 thousand in cash. As part of the transaction, RYTHM agreed to license the intellectual property back to Green Thumb and to cancel the May Licensing Agreement between RYTHM and the Company. Further, upon closing, Agrify Corporation formally changed its name to RYTHM, Inc. As a result of the transaction, Green Thumb recorded a gain on the sale of $41,554 thousand within other income (expense) on the unaudited interim condensed consolidated statement of operations.
\u00a0
As of September 30, 2025 and December 31, 2024, Green Thumb performed various services for RYTHM, pursuant to the shared services agreement, for which the Company was owed $4,269 thousand and $319 thousand, respectively.
"}]},{"name":"rpt:f-978","factDimensions":{"xbrl:concept":"us-gaap:Cash","xbrl:period":"2024-11-06T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"15000000","decimals":-3}]},{"name":"rpt:f-979","factDimensions":{"xbrl:concept":"gtbif:SubordinateVotingShares","xbrl:period":"2024-11-06T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"3280","decimals":0}]},{"name":"rpt:f-980","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebt","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"10000000","decimals":-3}]},{"name":"rpt:f-981","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebt","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"10000000","decimals":-3}]},{"name":"rpt:f-982","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateDuringPeriod","xbrl:period":"2024-11-05T00:00:00/2024-11-06T00:00:00","xbrl:entity":"cik:0001795139","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-983","factDimensions":{"xbrl:concept":"us-gaap:DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1","xbrl:period":"2025-11-05T00:00:00/2025-11-06T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:PreFundedWarrantsMember"},"factValues":[{"value":"3222997","decimals":0}]},{"name":"rpt:f-984","factDimensions":{"xbrl:concept":"us-gaap:DeferredPolicyAcquisitionCosts","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"15648000","decimals":-3}]},{"name":"rpt:f-985","factDimensions":{"xbrl:concept":"us-gaap:DeferredPolicyAcquisitionCosts","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"18873000","decimals":-3}]},{"name":"rpt:f-986","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateDuringPeriod","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"0.34","decimals":2}]},{"name":"rpt:f-987","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateDuringPeriod","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"0.34","decimals":2}]},{"name":"rpt:f-988","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets","xbrl:period":"2025-05-20T00:00:00/2025-05-21T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"5075000","decimals":-3}]},{"name":"rpt:f-989","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnInvestments","xbrl:period":"2025-05-20T00:00:00/2025-05-21T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"11678000","decimals":-3}]},{"name":"rpt:f-990","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebt","xbrl:period":"2025-05-23T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"27000000","decimals":-3}]},{"name":"rpt:f-991","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebt","xbrl:period":"2025-08-26T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"45000000","decimals":-3}]},{"name":"rpt:f-992","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateDuringPeriod","xbrl:period":"2025-08-25T00:00:00/2025-08-26T00:00:00","xbrl:entity":"cik:0001795139","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-993","factDimensions":{"xbrl:concept":"gtbif:OwnershipLimitationRate","xbrl:period":"2025-08-26T00:00:00","xbrl:entity":"cik:0001795139","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"0.4999","decimals":4}]},{"name":"rpt:f-994","factDimensions":{"xbrl:concept":"us-gaap:CommonStockParOrStatedValuePerShare","xbrl:period":"2025-08-26T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"29.475","decimals":3}]},{"name":"rpt:f-995","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentIncreaseAccruedInterest","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"2326000","decimals":-3}]},{"name":"rpt:f-996","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentIncreaseAccruedInterest","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"156000","decimals":-3}]},{"name":"rpt:f-997","factDimensions":{"xbrl:concept":"gtbif:SellOfIntellectualPropertyRightsInCash","xbrl:period":"2025-08-28T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"50000000","decimals":-3}]},{"name":"rpt:f-998","factDimensions":{"xbrl:concept":"gtbif:GainOnSales","xbrl:period":"2025-08-28T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"41554000","decimals":-3}]},{"name":"rpt:f-999","factDimensions":{"xbrl:concept":"us-gaap:Cash","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"4269000","decimals":-3}]},{"name":"rpt:f-1000","factDimensions":{"xbrl:concept":"us-gaap:Cash","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"319000","decimals":-3}]},{"name":"rpt:f-1001","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"15. SEGMENT REPORTING
\u00a0
\u00a0
\u00a0
The Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (\u201cConsumer Packaged Goods\u201d) and retailing of cannabis to patients and consumers (\u201cRetail\u201d). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the Chief Operating Decision Maker, Benjamin Kovler, Chairman and Chief Executive Officer of the Company, does not review total assets or net income by segments; therefore, such information is not presented below.
The below table presents revenues by type for the three and nine months ended September 30, 2025 and 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Revenues, Net of Discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 204,056 | \n $ | \n 206,124 | \n \u00a0 | \n $ | \n 608,012 | \n $ | \n 614,558 | \n
Consumer Packaged Goods | \n \u00a0 | \n 163,292 | \n \u00a0 | \n 165,500 | \n \u00a0 | \n \u00a0 | \n 503,013 | \n \u00a0 | \n 471,735 | \n
Intersegment Eliminations | \n \u00a0 | \n (75,979) | \n \u00a0 | \n (84,759) | \n \u00a0 | \n \u00a0 | \n (246,859) | \n \u00a0 | \n (243,475) | \n
Total Revenues, Net of Discounts | \n $ | \n 291,369 | \n $ | \n 286,865 | \n \u00a0 | \n $ | \n 864,166 | \n $ | \n 842,818 | \n
Cost of Goods Sold | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 125,990 | \n $ | \n 137,586 | \n \u00a0 | \n $ | \n 395,821 | \n $ | \n 398,267 | \n
Consumer Packaged Goods | \n \u00a0 | \n 107,011 | \n \u00a0 | \n 96,948 | \n \u00a0 | \n \u00a0 | \n 311,597 | \n \u00a0 | \n 272,351 | \n
Intersegment Eliminations | \n \u00a0 | \n (85,659) | \n \u00a0 | \n (95,260) | \n \u00a0 | \n \u00a0 | \n (276,810) | \n \u00a0 | \n (270,840) | \n
Total Cost of Goods Sold | \n $ | \n 147,342 | \n $ | \n 139,274 | \n \u00a0 | \n $ | \n 430,608 | \n $ | \n 399,778 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 78,066 | \n $ | \n 68,538 | \n \u00a0 | \n $ | \n 212,191 | \n $ | \n 216,291 | \n
Consumer Packaged Goods | \n \u00a0 | \n 56,281 | \n \u00a0 | \n 68,552 | \n \u00a0 | \n \u00a0 | \n 191,416 | \n \u00a0 | \n 199,384 | \n
Intersegment Eliminations | \n \u00a0 | \n 9,680 | \n \u00a0 | \n 10,501 | \n \u00a0 | \n \u00a0 | \n 29,951 | \n \u00a0 | \n 27,365 | \n
Total Gross Profit | \n $ | \n 144,027 | \n $ | \n 147,591 | \n \u00a0 | \n $ | \n 433,558 | \n $ | \n 443,040 | \n
Depreciation and Amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 11,800 | \n $ | \n 10,657 | \n \u00a0 | \n $ | \n 34,330 | \n $ | \n 31,339 | \n
Consumer Packaged Goods | \n \u00a0 | \n 18,281 | \n \u00a0 | \n 17,835 | \n \u00a0 | \n \u00a0 | \n 54,833 | \n \u00a0 | \n 52,913 | \n
Intersegment Eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Depreciation and Amortization | \n $ | \n 30,081 | \n $ | \n 28,492 | \n \u00a0 | \n $ | \n 89,163 | \n $ | \n 84,252 | \n
Goodwill assigned to the Retail segment as of September 30, 2025 and December 31, 2024 was $279,630 thousand and $273,802 thousand, respectively. Intangible assets, net assigned to the Retail segment as of September 30, 2025 and December 31, 2024 was $251,812 thousand and $254,358 thousand, respectively.
Goodwill assigned to the Consumer Packaged Goods segment as of September 30, 2025 and December 31, 2024 was $314,809 thousand and $315,889 thousand, respectively. Intangible assets, net assigned to the Consumer Packaged Goods segment as of September 30, 2025 and December 31, 2024 was $190,922 thousand and $233,929 thousand, respectively.
The Company\u2019s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, Green Thumb has identified two reporting units which align with our reportable segments (Retail and Consumer Packaged Goods). All revenues are derived from customers domiciled in the United States and all assets are located in the United States.
"}]},{"name":"rpt:f-1002","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The below table presents revenues by type for the three and nine months ended September 30, 2025 and 2024:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended September 30, | \n \u00a0 | \n \u00a0 | \n Nine Months Ended September 30, | \n ||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Revenues, Net of Discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 204,056 | \n $ | \n 206,124 | \n \u00a0 | \n $ | \n 608,012 | \n $ | \n 614,558 | \n
Consumer Packaged Goods | \n \u00a0 | \n 163,292 | \n \u00a0 | \n 165,500 | \n \u00a0 | \n \u00a0 | \n 503,013 | \n \u00a0 | \n 471,735 | \n
Intersegment Eliminations | \n \u00a0 | \n (75,979) | \n \u00a0 | \n (84,759) | \n \u00a0 | \n \u00a0 | \n (246,859) | \n \u00a0 | \n (243,475) | \n
Total Revenues, Net of Discounts | \n $ | \n 291,369 | \n $ | \n 286,865 | \n \u00a0 | \n $ | \n 864,166 | \n $ | \n 842,818 | \n
Cost of Goods Sold | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 125,990 | \n $ | \n 137,586 | \n \u00a0 | \n $ | \n 395,821 | \n $ | \n 398,267 | \n
Consumer Packaged Goods | \n \u00a0 | \n 107,011 | \n \u00a0 | \n 96,948 | \n \u00a0 | \n \u00a0 | \n 311,597 | \n \u00a0 | \n 272,351 | \n
Intersegment Eliminations | \n \u00a0 | \n (85,659) | \n \u00a0 | \n (95,260) | \n \u00a0 | \n \u00a0 | \n (276,810) | \n \u00a0 | \n (270,840) | \n
Total Cost of Goods Sold | \n $ | \n 147,342 | \n $ | \n 139,274 | \n \u00a0 | \n $ | \n 430,608 | \n $ | \n 399,778 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 78,066 | \n $ | \n 68,538 | \n \u00a0 | \n $ | \n 212,191 | \n $ | \n 216,291 | \n
Consumer Packaged Goods | \n \u00a0 | \n 56,281 | \n \u00a0 | \n 68,552 | \n \u00a0 | \n \u00a0 | \n 191,416 | \n \u00a0 | \n 199,384 | \n
Intersegment Eliminations | \n \u00a0 | \n 9,680 | \n \u00a0 | \n 10,501 | \n \u00a0 | \n \u00a0 | \n 29,951 | \n \u00a0 | \n 27,365 | \n
Total Gross Profit | \n $ | \n 144,027 | \n $ | \n 147,591 | \n \u00a0 | \n $ | \n 433,558 | \n $ | \n 443,040 | \n
Depreciation and Amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 11,800 | \n $ | \n 10,657 | \n \u00a0 | \n $ | \n 34,330 | \n $ | \n 31,339 | \n
Consumer Packaged Goods | \n \u00a0 | \n 18,281 | \n \u00a0 | \n 17,835 | \n \u00a0 | \n \u00a0 | \n 54,833 | \n \u00a0 | \n 52,913 | \n
Intersegment Eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Total Depreciation and Amortization | \n $ | \n 30,081 | \n $ | \n 28,492 | \n \u00a0 | \n $ | \n 89,163 | \n $ | \n 84,252 | \n