\u00a01. NATURE OF OPERATIONS |
\u00a02. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Cash and cash equivalents | $ | 19,521\u00a0 | $ | 26,027\u00a0 | |||||||
Restricted cash - current (1) | \u2014\u00a0 | 3,128\u00a0 | |||||||||
Restricted cash - non-current | 1,825\u00a0 | 2,150\u00a0 | |||||||||
| Cash, cash equivalents and restricted cash | $ | 21,346\u00a0 | $ | 31,305\u00a0 |
| Buildings and building components | 7 - 30 years | ||||
| Leasehold improvements | The lesser of the term of the lease or the estimated useful life of the asset: 1 - 28 years | ||||
| Machinery and equipment | 1 - 10 years | ||||
| Furniture, fixtures and office equipment (including computer) | 2 - 7 years | ||||
| Finance lease ROU assets - buildings | 14 - 28 years | ||||
| Finance lease ROU assets - machinery and equipment | 3 - 5 years |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Cash and cash equivalents | $ | 19,521\u00a0 | $ | 26,027\u00a0 | |||||||
Restricted cash - current (1) | \u2014\u00a0 | 3,128\u00a0 | |||||||||
Restricted cash - non-current | 1,825\u00a0 | 2,150\u00a0 | |||||||||
| Cash, cash equivalents and restricted cash | $ | 21,346\u00a0 | $ | 31,305\u00a0 |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Cash and cash equivalents | $ | 19,521\u00a0 | $ | 26,027\u00a0 | |||||||
Restricted cash - current (1) | \u2014\u00a0 | 3,128\u00a0 | |||||||||
Restricted cash - non-current | 1,825\u00a0 | 2,150\u00a0 | |||||||||
| Cash, cash equivalents and restricted cash | $ | 21,346\u00a0 | $ | 31,305\u00a0 |
| Buildings and building components | 7 - 30 years | ||||
| Leasehold improvements | The lesser of the term of the lease or the estimated useful life of the asset: 1 - 28 years | ||||
| Machinery and equipment | 1 - 10 years | ||||
| Furniture, fixtures and office equipment (including computer) | 2 - 7 years | ||||
| Finance lease ROU assets - buildings | 14 - 28 years | ||||
| Finance lease ROU assets - machinery and equipment | 3 - 5 years |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Buildings and building components | $ | 89,124\u00a0 | $ | 88,527\u00a0 | |||||||
| Land | 12,956\u00a0 | 12,956\u00a0 | |||||||||
| Leasehold improvements | 47,514\u00a0 | 46,660\u00a0 | |||||||||
| Machinery and equipment | 23,959\u00a0 | 27,050\u00a0 | |||||||||
| Furniture, fixtures and office equipment (including computer) | 22,597\u00a0 | 21,146\u00a0 | |||||||||
| Construction-in-process | 2,533\u00a0 | 1,968\u00a0 | |||||||||
| Total property, plant and equipment - gross | 198,683\u00a0 | 198,307\u00a0 | |||||||||
| Less: Accumulated depreciation | (54,620) | (39,039) | |||||||||
| Total property, plant and equipment - net | $ | 144,063\u00a0 | $ | 159,268\u00a0 |
\u00a03. INVENTORIES, NET |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cannabis plants | $ | 3,621\u00a0 | $ | 4,478\u00a0 | |||||||
| Harvested cannabis and packaging | 11,290\u00a0 | 10,994\u00a0 | |||||||||
| Total raw materials | 14,911\u00a0 | 15,472\u00a0 | |||||||||
| Work in process | 4,493\u00a0 | 4,293\u00a0 | |||||||||
| Finished goods | 16,734\u00a0 | 13,821\u00a0 | |||||||||
| Total inventories, net | $ | 36,138\u00a0 | $ | 33,586\u00a0 |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cannabis plants | $ | 3,621\u00a0 | $ | 4,478\u00a0 | |||||||
| Harvested cannabis and packaging | 11,290\u00a0 | 10,994\u00a0 | |||||||||
| Total raw materials | 14,911\u00a0 | 15,472\u00a0 | |||||||||
| Work in process | 4,493\u00a0 | 4,293\u00a0 | |||||||||
| Finished goods | 16,734\u00a0 | 13,821\u00a0 | |||||||||
| Total inventories, net | $ | 36,138\u00a0 | $ | 33,586\u00a0 |
\u00a04. PREPAID EXPENSES AND OTHER CURRENT ASSETS |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Employee retention credit receivable | $ | 9,181\u00a0 | $ | 10,140\u00a0 | |||||||
| Prepaid expenses and deposits | 3,452\u00a0 | 2,716\u00a0 | |||||||||
Assets held for sale | 611\u00a0 | 1,647\u00a0 | |||||||||
| Other current assets | 1,786\u00a0 | 1,011\u00a0 | |||||||||
| Total prepaid expenses and other current assets | $ | 15,030\u00a0 | $ | 15,514\u00a0 |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Employee retention credit receivable | $ | 9,181\u00a0 | $ | 10,140\u00a0 | |||||||
| Prepaid expenses and deposits | 3,452\u00a0 | 2,716\u00a0 | |||||||||
Assets held for sale | 611\u00a0 | 1,647\u00a0 | |||||||||
| Other current assets | 1,786\u00a0 | 1,011\u00a0 | |||||||||
| Total prepaid expenses and other current assets | $ | 15,030\u00a0 | $ | 15,514\u00a0 |
\u00a05. PROPERTY, PLANT AND EQUIPMENT |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Buildings and building components | $ | 89,124\u00a0 | $ | 88,527\u00a0 | |||||||
| Land | 12,956\u00a0 | 12,956\u00a0 | |||||||||
| Leasehold improvements | 47,514\u00a0 | 46,660\u00a0 | |||||||||
| Machinery and equipment | 23,959\u00a0 | 27,050\u00a0 | |||||||||
| Furniture, fixtures and office equipment (including computer) | 22,597\u00a0 | 21,146\u00a0 | |||||||||
| Construction-in-process | 2,533\u00a0 | 1,968\u00a0 | |||||||||
| Total property, plant and equipment - gross | 198,683\u00a0 | 198,307\u00a0 | |||||||||
| Less: Accumulated depreciation | (54,620) | (39,039) | |||||||||
| Total property, plant and equipment - net | $ | 144,063\u00a0 | $ | 159,268\u00a0 |
\u00a06. ACQUISITIONS |
Statewide (1) | RJK (1) | Total | ||||||||||||||||||
| Assets Acquired: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 24\u00a0 | $ | 194\u00a0 | $ | 218\u00a0 | ||||||||||||||
Other assets | \u2014\u00a0 | 20\u00a0 | 20\u00a0 | |||||||||||||||||
| Inventory | 24\u00a0 | 251\u00a0 | 275\u00a0 | |||||||||||||||||
| Property, plant and equipment | 18\u00a0 | 50\u00a0 | 68\u00a0 | |||||||||||||||||
Intangible assets (2) | 3,787\u00a0 | 7,008\u00a0 | 10,795\u00a0 | |||||||||||||||||
| Total assets acquired | $ | 3,853\u00a0 | $ | 7,523\u00a0 | $ | 11,376\u00a0 | ||||||||||||||
| Liabilities Assumed: | ||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Total liabilities assumed | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Net assets acquired | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 | ||||||||||||||
| Consideration: | ||||||||||||||||||||
| Consideration paid in cash, net of working capital adjustments | $ | 1,838\u00a0 | $ | 3,413\u00a0 | $ | 5,251\u00a0 | ||||||||||||||
| Consideration to be paid in promissory notes (fair value) | 1,991\u00a0 | 3,787\u00a0 | 5,778\u00a0 | |||||||||||||||||
| Fair value of consideration | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 |
\u00a06. ACQUISITIONS |
Statewide (1) | RJK (1) | Total | ||||||||||||||||||
| Assets Acquired: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 24\u00a0 | $ | 194\u00a0 | $ | 218\u00a0 | ||||||||||||||
Other assets | \u2014\u00a0 | 20\u00a0 | 20\u00a0 | |||||||||||||||||
| Inventory | 24\u00a0 | 251\u00a0 | 275\u00a0 | |||||||||||||||||
| Property, plant and equipment | 18\u00a0 | 50\u00a0 | 68\u00a0 | |||||||||||||||||
Intangible assets (2) | 3,787\u00a0 | 7,008\u00a0 | 10,795\u00a0 | |||||||||||||||||
| Total assets acquired | $ | 3,853\u00a0 | $ | 7,523\u00a0 | $ | 11,376\u00a0 | ||||||||||||||
| Liabilities Assumed: | ||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Total liabilities assumed | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Net assets acquired | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 | ||||||||||||||
| Consideration: | ||||||||||||||||||||
| Consideration paid in cash, net of working capital adjustments | $ | 1,838\u00a0 | $ | 3,413\u00a0 | $ | 5,251\u00a0 | ||||||||||||||
| Consideration to be paid in promissory notes (fair value) | 1,991\u00a0 | 3,787\u00a0 | 5,778\u00a0 | |||||||||||||||||
| Fair value of consideration | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 |
Statewide (1) | RJK (1) | Total | ||||||||||||||||||
| Assets Acquired: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 24\u00a0 | $ | 194\u00a0 | $ | 218\u00a0 | ||||||||||||||
Other assets | \u2014\u00a0 | 20\u00a0 | 20\u00a0 | |||||||||||||||||
| Inventory | 24\u00a0 | 251\u00a0 | 275\u00a0 | |||||||||||||||||
| Property, plant and equipment | 18\u00a0 | 50\u00a0 | 68\u00a0 | |||||||||||||||||
Intangible assets (2) | 3,787\u00a0 | 7,008\u00a0 | 10,795\u00a0 | |||||||||||||||||
| Total assets acquired | $ | 3,853\u00a0 | $ | 7,523\u00a0 | $ | 11,376\u00a0 | ||||||||||||||
| Liabilities Assumed: | ||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Total liabilities assumed | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Net assets acquired | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 | ||||||||||||||
| Consideration: | ||||||||||||||||||||
| Consideration paid in cash, net of working capital adjustments | $ | 1,838\u00a0 | $ | 3,413\u00a0 | $ | 5,251\u00a0 | ||||||||||||||
| Consideration to be paid in promissory notes (fair value) | 1,991\u00a0 | 3,787\u00a0 | 5,778\u00a0 | |||||||||||||||||
| Fair value of consideration | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 |
\u00a07. GOODWILL AND OTHER INTANGIBLE ASSETS |
Goodwill, carrying amount, as of January\u00a01, 2023 | $ | 38,239\u00a0 | |||
| Impairment | (7,329) | ||||
Goodwill, carrying amount, as of December\u00a031, 2023 | 30,910\u00a0 | ||||
Goodwill, carrying amount, as of December\u00a031, 2024 | $ | 30,910\u00a0 |
| As of December 31, | Estimated Useful Life | ||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
Licenses (1)(2) | $ | 93,196\u00a0 | $ | 82,401\u00a0 | 15 years | ||||||||||||
| Intellectual Property | 9,580\u00a0 | 9,580\u00a0 | 10 years | ||||||||||||||
| Tradenames | 12,169\u00a0 | 12,209\u00a0 | 5 - 10 years | ||||||||||||||
| Patient/Customer database | 2,925\u00a0 | 3,195\u00a0 | 5 - 10 years | ||||||||||||||
| Non-compete | 115\u00a0 | 155\u00a0 | 3 years | ||||||||||||||
| Website development | 61\u00a0 | 61\u00a0 | 3 years | ||||||||||||||
| Formulations | 50\u00a0 | 50\u00a0 | Indefinite | ||||||||||||||
| Total gross amount | 118,096\u00a0 | 107,651\u00a0 | |||||||||||||||
| Less: Accumulated Amortization | (17,624) | (11,684) | |||||||||||||||
| Other Intangible Assets, net | $ | 100,472\u00a0 | $ | 95,967\u00a0 |
| 2025 | $ | 9,130\u00a0 | |||
| 2026 | 8,861\u00a0 | ||||
| 2027 | 8,057\u00a0 | ||||
| 2028 | 7,992\u00a0 | ||||
| 2029 | 7,148\u00a0 | ||||
| Thereafter | 59,234\u00a0 | ||||
| \u00a0\u00a0\u00a0Total estimated future amortization expense | $ | 100,422\u00a0 |
Goodwill, carrying amount, as of January\u00a01, 2023 | $ | 38,239\u00a0 | |||
| Impairment | (7,329) | ||||
Goodwill, carrying amount, as of December\u00a031, 2023 | 30,910\u00a0 | ||||
Goodwill, carrying amount, as of December\u00a031, 2024 | $ | 30,910\u00a0 |
| As of December 31, | Estimated Useful Life | ||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
Licenses (1)(2) | $ | 93,196\u00a0 | $ | 82,401\u00a0 | 15 years | ||||||||||||
| Intellectual Property | 9,580\u00a0 | 9,580\u00a0 | 10 years | ||||||||||||||
| Tradenames | 12,169\u00a0 | 12,209\u00a0 | 5 - 10 years | ||||||||||||||
| Patient/Customer database | 2,925\u00a0 | 3,195\u00a0 | 5 - 10 years | ||||||||||||||
| Non-compete | 115\u00a0 | 155\u00a0 | 3 years | ||||||||||||||
| Website development | 61\u00a0 | 61\u00a0 | 3 years | ||||||||||||||
| Formulations | 50\u00a0 | 50\u00a0 | Indefinite | ||||||||||||||
| Total gross amount | 118,096\u00a0 | 107,651\u00a0 | |||||||||||||||
| Less: Accumulated Amortization | (17,624) | (11,684) | |||||||||||||||
| Other Intangible Assets, net | $ | 100,472\u00a0 | $ | 95,967\u00a0 |
| As of December 31, | Estimated Useful Life | ||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
Licenses (1)(2) | $ | 93,196\u00a0 | $ | 82,401\u00a0 | 15 years | ||||||||||||
| Intellectual Property | 9,580\u00a0 | 9,580\u00a0 | 10 years | ||||||||||||||
| Tradenames | 12,169\u00a0 | 12,209\u00a0 | 5 - 10 years | ||||||||||||||
| Patient/Customer database | 2,925\u00a0 | 3,195\u00a0 | 5 - 10 years | ||||||||||||||
| Non-compete | 115\u00a0 | 155\u00a0 | 3 years | ||||||||||||||
| Website development | 61\u00a0 | 61\u00a0 | 3 years | ||||||||||||||
| Formulations | 50\u00a0 | 50\u00a0 | Indefinite | ||||||||||||||
| Total gross amount | 118,096\u00a0 | 107,651\u00a0 | |||||||||||||||
| Less: Accumulated Amortization | (17,624) | (11,684) | |||||||||||||||
| Other Intangible Assets, net | $ | 100,472\u00a0 | $ | 95,967\u00a0 |
| 2025 | $ | 9,130\u00a0 | |||
| 2026 | 8,861\u00a0 | ||||
| 2027 | 8,057\u00a0 | ||||
| 2028 | 7,992\u00a0 | ||||
| 2029 | 7,148\u00a0 | ||||
| Thereafter | 59,234\u00a0 | ||||
| \u00a0\u00a0\u00a0Total estimated future amortization expense | $ | 100,422\u00a0 |
\u00a08. OTHER NON-CURRENT ASSETS |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| $ | 18,114\u00a0 | $ | 18,265\u00a0 | ||||||||
Indemnification assets | 4,808\u00a0 | 6,906\u00a0 | |||||||||
Net deferred tax assets | 5,048\u00a0 | 2,772\u00a0 | |||||||||
| Deposits and escrows - properties | 1,723\u00a0 | 1,723\u00a0 | |||||||||
| Deposits - equipment | 422\u00a0 | 422\u00a0 | |||||||||
Equity investment (1) | \u2014\u00a0 | 200\u00a0 | |||||||||
| Other | 158\u00a0 | 70\u00a0 | |||||||||
| Total other non-current assets | $ | 30,273\u00a0 | $ | 30,358\u00a0 |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| $ | 18,114\u00a0 | $ | 18,265\u00a0 | ||||||||
Indemnification assets | 4,808\u00a0 | 6,906\u00a0 | |||||||||
Net deferred tax assets | 5,048\u00a0 | 2,772\u00a0 | |||||||||
| Deposits and escrows - properties | 1,723\u00a0 | 1,723\u00a0 | |||||||||
| Deposits - equipment | 422\u00a0 | 422\u00a0 | |||||||||
Equity investment (1) | \u2014\u00a0 | 200\u00a0 | |||||||||
| Other | 158\u00a0 | 70\u00a0 | |||||||||
| Total other non-current assets | $ | 30,273\u00a0 | $ | 30,358\u00a0 |
\u00a09. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Deferred income - ERC (1) | $ | 9,181\u00a0 | $ | 10,140\u00a0 | |||||||
| Goods received not invoiced | 4,366\u00a0 | 5,019\u00a0 | |||||||||
Operating lease obligations | 4,966\u00a0 | 4,693\u00a0 | |||||||||
| Accrued employee related expenses and liabilities | 4,095\u00a0 | 4,175\u00a0 | |||||||||
Acquisition-related milestone accrual (2) | \u2014\u00a0 | 4,167\u00a0 | |||||||||
Accrued interest (2) | 1,531\u00a0 | 4,106\u00a0 | |||||||||
| Accrued sales and excise taxes | 1,928\u00a0 | 2,388\u00a0 | |||||||||
| Deferred revenue (loyalty program) | 1,321\u00a0 | 1,407\u00a0 | |||||||||
| Accrued professional and management fees | 470\u00a0 | 986\u00a0 | |||||||||
Contingent consideration liabilities (2) | \u2014\u00a0 | 817\u00a0 | |||||||||
| Accrued capital expenditures | 461\u00a0 | 702\u00a0 | |||||||||
| Other accrued expenses and current liabilities | 4,467\u00a0 | 5,470\u00a0 | |||||||||
Total accrued expenses and other current liabilities | $ | 32,786\u00a0 | $ | 44,070\u00a0 |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Deferred income - ERC (1) | $ | 9,181\u00a0 | $ | 10,140\u00a0 | |||||||
| Goods received not invoiced | 4,366\u00a0 | 5,019\u00a0 | |||||||||
Operating lease obligations | 4,966\u00a0 | 4,693\u00a0 | |||||||||
| Accrued employee related expenses and liabilities | 4,095\u00a0 | 4,175\u00a0 | |||||||||
Acquisition-related milestone accrual (2) | \u2014\u00a0 | 4,167\u00a0 | |||||||||
Accrued interest (2) | 1,531\u00a0 | 4,106\u00a0 | |||||||||
| Accrued sales and excise taxes | 1,928\u00a0 | 2,388\u00a0 | |||||||||
| Deferred revenue (loyalty program) | 1,321\u00a0 | 1,407\u00a0 | |||||||||
| Accrued professional and management fees | 470\u00a0 | 986\u00a0 | |||||||||
Contingent consideration liabilities (2) | \u2014\u00a0 | 817\u00a0 | |||||||||
| Accrued capital expenditures | 461\u00a0 | 702\u00a0 | |||||||||
| Other accrued expenses and current liabilities | 4,467\u00a0 | 5,470\u00a0 | |||||||||
Total accrued expenses and other current liabilities | $ | 32,786\u00a0 | $ | 44,070\u00a0 |
\u00a010. DEBT |
| Effective Interest Rate | Contractual Maturity Date | As of December 31, | ||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||
| Principal amounts: | ||||||||||||||||||||
| Second Lien Notes | 15% | December 2026 | $ | 80,131\u00a0 | $ | 75,497\u00a0 | ||||||||||||||
Term loans | 26% | September 2026 (1) | 48,500\u00a0 | \u2014\u00a0 | ||||||||||||||||
| Acquisition Facility | n/a | n/a | \u2014\u00a0 | 60,125\u00a0 | ||||||||||||||||
| Acquisition-related promissory notes payable | 8% - 12% | October 2025 - April 2027 | 22,289\u00a0 | 35,716\u00a0 | ||||||||||||||||
| Mortgage loans | 6% - 11% | January 2027 - April 2028 | 29,054\u00a0 | 29,456\u00a0 | ||||||||||||||||
Total debt subject to scheduled repayments | 179,974\u00a0 | 200,794\u00a0 | ||||||||||||||||||
Promissory notes payable to Sammartino (2) | 10% | September 2024 - September 2026 | 21,500\u00a0 | 21,500\u00a0 | ||||||||||||||||
Jushi Europe debt | n/a | n/a | \u2014\u00a0 | 3,298\u00a0 | ||||||||||||||||
Total debt | 201,474\u00a0 | 225,592\u00a0 | ||||||||||||||||||
| Less: debt issuance costs and original issue discounts | (15,267) | (13,037) | ||||||||||||||||||
Total debt, net | $ | 186,207\u00a0 | $ | 212,555\u00a0 | ||||||||||||||||
| Debt, net - current portion | $ | 2,758\u00a0 | $ | 86,514\u00a0 | ||||||||||||||||
| Debt, net - non-current portion | $ | 183,449\u00a0 | $ | 126,041\u00a0 |
| 2025 | 2026 | 2027 | 2028 | Total | |||||||||||||
| Second Lien Notes | $ | \u2014\u00a0 | $ | 80,131\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 80,131\u00a0 | |||||||
| Acquisition-related promissory notes payable | 175\u00a0 | \u2014\u00a0 | 22,114\u00a0 | \u2014\u00a0 | 22,289\u00a0 | ||||||||||||
Mortgage loans | 669\u00a0 | 665\u00a0 | 9,411\u00a0 | 18,309\u00a0 | 29,054\u00a0 | ||||||||||||
Term loans | 2,425\u00a0 | 46,075\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 48,500\u00a0 | ||||||||||||
Total debt subject to scheduled repayments | $ | 3,269\u00a0 | $ | 126,871\u00a0 | $ | 31,525\u00a0 | $ | 18,309\u00a0 | $ | 179,974\u00a0 |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Interest and accretion - Second Lien Notes | $ | 11,423\u00a0 | $ | 10,106\u00a0 | |||||||
Interest and accretion - Term Loans | 4,653\u00a0 | \u2014\u00a0 | |||||||||
Interest and accretion - Finance lease liabilities | 10,045\u00a0 | 9,784\u00a0 | |||||||||
| Interest and accretion - Acquisition Facility | 4,844\u00a0 | 9,466\u00a0 | |||||||||
Interest and accretion - Promissory notes | 4,421\u00a0 | 6,173\u00a0 | |||||||||
Interest and accretion - Mortgage loans and other financing activities | 2,671\u00a0 | 2,051\u00a0 | |||||||||
| Capitalized interest | (75) | (523) | |||||||||
| Total interest expense | 37,982\u00a0 | 37,057\u00a0 | |||||||||
| Interest income | (557) | (91) | |||||||||
| Total interest expense, net | $ | 37,425\u00a0 | $ | 36,966\u00a0 |
| Effective Interest Rate | Contractual Maturity Date | As of December 31, | ||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||
| Principal amounts: | ||||||||||||||||||||
| Second Lien Notes | 15% | December 2026 | $ | 80,131\u00a0 | $ | 75,497\u00a0 | ||||||||||||||
Term loans | 26% | September 2026 (1) | 48,500\u00a0 | \u2014\u00a0 | ||||||||||||||||
| Acquisition Facility | n/a | n/a | \u2014\u00a0 | 60,125\u00a0 | ||||||||||||||||
| Acquisition-related promissory notes payable | 8% - 12% | October 2025 - April 2027 | 22,289\u00a0 | 35,716\u00a0 | ||||||||||||||||
| Mortgage loans | 6% - 11% | January 2027 - April 2028 | 29,054\u00a0 | 29,456\u00a0 | ||||||||||||||||
Total debt subject to scheduled repayments | 179,974\u00a0 | 200,794\u00a0 | ||||||||||||||||||
Promissory notes payable to Sammartino (2) | 10% | September 2024 - September 2026 | 21,500\u00a0 | 21,500\u00a0 | ||||||||||||||||
Jushi Europe debt | n/a | n/a | \u2014\u00a0 | 3,298\u00a0 | ||||||||||||||||
Total debt | 201,474\u00a0 | 225,592\u00a0 | ||||||||||||||||||
| Less: debt issuance costs and original issue discounts | (15,267) | (13,037) | ||||||||||||||||||
Total debt, net | $ | 186,207\u00a0 | $ | 212,555\u00a0 | ||||||||||||||||
| Debt, net - current portion | $ | 2,758\u00a0 | $ | 86,514\u00a0 | ||||||||||||||||
| Debt, net - non-current portion | $ | 183,449\u00a0 | $ | 126,041\u00a0 |
| 2025 | 2026 | 2027 | 2028 | Total | |||||||||||||
| Second Lien Notes | $ | \u2014\u00a0 | $ | 80,131\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 80,131\u00a0 | |||||||
| Acquisition-related promissory notes payable | 175\u00a0 | \u2014\u00a0 | 22,114\u00a0 | \u2014\u00a0 | 22,289\u00a0 | ||||||||||||
Mortgage loans | 669\u00a0 | 665\u00a0 | 9,411\u00a0 | 18,309\u00a0 | 29,054\u00a0 | ||||||||||||
Term loans | 2,425\u00a0 | 46,075\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 48,500\u00a0 | ||||||||||||
Total debt subject to scheduled repayments | $ | 3,269\u00a0 | $ | 126,871\u00a0 | $ | 31,525\u00a0 | $ | 18,309\u00a0 | $ | 179,974\u00a0 |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Interest and accretion - Second Lien Notes | $ | 11,423\u00a0 | $ | 10,106\u00a0 | |||||||
Interest and accretion - Term Loans | 4,653\u00a0 | \u2014\u00a0 | |||||||||
Interest and accretion - Finance lease liabilities | 10,045\u00a0 | 9,784\u00a0 | |||||||||
| Interest and accretion - Acquisition Facility | 4,844\u00a0 | 9,466\u00a0 | |||||||||
Interest and accretion - Promissory notes | 4,421\u00a0 | 6,173\u00a0 | |||||||||
Interest and accretion - Mortgage loans and other financing activities | 2,671\u00a0 | 2,051\u00a0 | |||||||||
| Capitalized interest | (75) | (523) | |||||||||
| Total interest expense | 37,982\u00a0 | 37,057\u00a0 | |||||||||
| Interest income | (557) | (91) | |||||||||
| Total interest expense, net | $ | 37,425\u00a0 | $ | 36,966\u00a0 |
| \u00a011. LEASES |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Finance lease cost: | |||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 4,758\u00a0 | $ | 5,358\u00a0 | |||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 10,045\u00a0 | 9,784\u00a0 | |||||||||
| \u00a0Total finance lease cost | 14,803\u00a0 | 15,142\u00a0 | |||||||||
| Operating lease cost | 5,112\u00a0 | 4,819\u00a0 | |||||||||
| Variable lease cost | 86\u00a0 | 155\u00a0 | |||||||||
| Total lease cost | $ | 20,001\u00a0 | $ | 20,116\u00a0 |
As of December\u00a031, 2024 | As of December\u00a031, 2023 | ||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.17\u00a0 | % | 15.28\u00a0 | % | 16.09\u00a0 | % | 15.09\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 15.6 | 8.0 | 16.6 | 8.7 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 11,054 | $ | 5,780 | $ | 11,060 | $ | 5,168 | |||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| 2025 | $ | 10,542\u00a0 | $ | 5,401\u00a0 | |||||||
| 2026 | 11,130\u00a0 | 5,684\u00a0 | |||||||||
| 2027 | 10,637\u00a0 | 5,260\u00a0 | |||||||||
| 2028 | 10,728\u00a0 | 4,586\u00a0 | |||||||||
| 2029 | 10,440\u00a0 | 3,755\u00a0 | |||||||||
| Thereafter | 137,548\u00a0 | 15,711\u00a0 | |||||||||
| Total undiscounted lease liabilities | 191,025\u00a0 | 40,397\u00a0 | |||||||||
| Interest on lease liabilities | (128,690) | (17,808) | |||||||||
| Total present value of minimum lease payments | $ | 62,335\u00a0 | $ | 22,589\u00a0 | |||||||
| Lease liabilities - current portion | $ | 9,593\u00a0 | $ | 4,966\u00a0 | |||||||
| Lease liabilities - non-current | $ | 52,742\u00a0 | $ | 17,623\u00a0 |
| \u00a011. LEASES |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Finance lease cost: | |||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 4,758\u00a0 | $ | 5,358\u00a0 | |||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 10,045\u00a0 | 9,784\u00a0 | |||||||||
| \u00a0Total finance lease cost | 14,803\u00a0 | 15,142\u00a0 | |||||||||
| Operating lease cost | 5,112\u00a0 | 4,819\u00a0 | |||||||||
| Variable lease cost | 86\u00a0 | 155\u00a0 | |||||||||
| Total lease cost | $ | 20,001\u00a0 | $ | 20,116\u00a0 |
As of December\u00a031, 2024 | As of December\u00a031, 2023 | ||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.17\u00a0 | % | 15.28\u00a0 | % | 16.09\u00a0 | % | 15.09\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 15.6 | 8.0 | 16.6 | 8.7 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 11,054 | $ | 5,780 | $ | 11,060 | $ | 5,168 | |||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| 2025 | $ | 10,542\u00a0 | $ | 5,401\u00a0 | |||||||
| 2026 | 11,130\u00a0 | 5,684\u00a0 | |||||||||
| 2027 | 10,637\u00a0 | 5,260\u00a0 | |||||||||
| 2028 | 10,728\u00a0 | 4,586\u00a0 | |||||||||
| 2029 | 10,440\u00a0 | 3,755\u00a0 | |||||||||
| Thereafter | 137,548\u00a0 | 15,711\u00a0 | |||||||||
| Total undiscounted lease liabilities | 191,025\u00a0 | 40,397\u00a0 | |||||||||
| Interest on lease liabilities | (128,690) | (17,808) | |||||||||
| Total present value of minimum lease payments | $ | 62,335\u00a0 | $ | 22,589\u00a0 | |||||||
| Lease liabilities - current portion | $ | 9,593\u00a0 | $ | 4,966\u00a0 | |||||||
| Lease liabilities - non-current | $ | 52,742\u00a0 | $ | 17,623\u00a0 |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Finance lease cost: | |||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 4,758\u00a0 | $ | 5,358\u00a0 | |||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 10,045\u00a0 | 9,784\u00a0 | |||||||||
| \u00a0Total finance lease cost | 14,803\u00a0 | 15,142\u00a0 | |||||||||
| Operating lease cost | 5,112\u00a0 | 4,819\u00a0 | |||||||||
| Variable lease cost | 86\u00a0 | 155\u00a0 | |||||||||
| Total lease cost | $ | 20,001\u00a0 | $ | 20,116\u00a0 |
As of December\u00a031, 2024 | As of December\u00a031, 2023 | ||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.17\u00a0 | % | 15.28\u00a0 | % | 16.09\u00a0 | % | 15.09\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 15.6 | 8.0 | 16.6 | 8.7 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 11,054 | $ | 5,780 | $ | 11,060 | $ | 5,168 | |||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| 2025 | $ | 10,542\u00a0 | $ | 5,401\u00a0 | |||||||
| 2026 | 11,130\u00a0 | 5,684\u00a0 | |||||||||
| 2027 | 10,637\u00a0 | 5,260\u00a0 | |||||||||
| 2028 | 10,728\u00a0 | 4,586\u00a0 | |||||||||
| 2029 | 10,440\u00a0 | 3,755\u00a0 | |||||||||
| Thereafter | 137,548\u00a0 | 15,711\u00a0 | |||||||||
| Total undiscounted lease liabilities | 191,025\u00a0 | 40,397\u00a0 | |||||||||
| Interest on lease liabilities | (128,690) | (17,808) | |||||||||
| Total present value of minimum lease payments | $ | 62,335\u00a0 | $ | 22,589\u00a0 | |||||||
| Lease liabilities - current portion | $ | 9,593\u00a0 | $ | 4,966\u00a0 | |||||||
| Lease liabilities - non-current | $ | 52,742\u00a0 | $ | 17,623\u00a0 |
| Finance Leases | Operating Leases | ||||||||||
| 2025 | $ | 10,542\u00a0 | $ | 5,401\u00a0 | |||||||
| 2026 | 11,130\u00a0 | 5,684\u00a0 | |||||||||
| 2027 | 10,637\u00a0 | 5,260\u00a0 | |||||||||
| 2028 | 10,728\u00a0 | 4,586\u00a0 | |||||||||
| 2029 | 10,440\u00a0 | 3,755\u00a0 | |||||||||
| Thereafter | 137,548\u00a0 | 15,711\u00a0 | |||||||||
| Total undiscounted lease liabilities | 191,025\u00a0 | 40,397\u00a0 | |||||||||
| Interest on lease liabilities | (128,690) | (17,808) | |||||||||
| Total present value of minimum lease payments | $ | 62,335\u00a0 | $ | 22,589\u00a0 | |||||||
| Lease liabilities - current portion | $ | 9,593\u00a0 | $ | 4,966\u00a0 | |||||||
| Lease liabilities - non-current | $ | 52,742\u00a0 | $ | 17,623\u00a0 |
| \u00a012. OTHER NON-CURRENT LIABILITIES |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Operating lease liabilities | $ | 17,623\u00a0 | $ | 19,861\u00a0 | |||||||
Acquisition-related milestone accrual (1) | 5,000\u00a0 | \u2014\u00a0 | |||||||||
Accrued interest (1) | 3,130\u00a0 | \u2014\u00a0 | |||||||||
Deferred tax liabilities | 1,626\u00a0 | 3,468\u00a0 | |||||||||
Contingent consideration liabilities (2) | 5,912\u00a0 | \u2014\u00a0 | |||||||||
| Other non-current liabilities | 5,362\u00a0 | 5,782\u00a0 | |||||||||
Total other non-current liabilities | $ | 38,653\u00a0 | $ | 29,111\u00a0 |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Operating lease liabilities | $ | 17,623\u00a0 | $ | 19,861\u00a0 | |||||||
Acquisition-related milestone accrual (1) | 5,000\u00a0 | \u2014\u00a0 | |||||||||
Accrued interest (1) | 3,130\u00a0 | \u2014\u00a0 | |||||||||
Deferred tax liabilities | 1,626\u00a0 | 3,468\u00a0 | |||||||||
Contingent consideration liabilities (2) | 5,912\u00a0 | \u2014\u00a0 | |||||||||
| Other non-current liabilities | 5,362\u00a0 | 5,782\u00a0 | |||||||||
Total other non-current liabilities | $ | 38,653\u00a0 | $ | 29,111\u00a0 |
\u00a013. DERIVATIVE LIABILITIES |
Total Derivative Liabilities (1) | |||||
| Balance as of January 1, 2023 | $ | 14,134\u00a0 | |||
Fair value changes | (9,589) | ||||
Reclassification to equity | (2,050) | ||||
Down-round changes | 143\u00a0 | ||||
Balance as of December\u00a031, 2023 | 2,638\u00a0 | ||||
Derivative Warrants issued (2) | 6,765\u00a0 | ||||
Fair value changes | (6,119) | ||||
Expiration of derivative warrants | (156) | ||||
| Balance as of December 31, 2024 | $ | 3,128\u00a0 |
| As of December 31, | |||||||||||||||||
July 2024 (new issuances) | 2024 | 2023 | |||||||||||||||
| Stock price per share | $0.57 | $0.31 | $0.46 | ||||||||||||||
| Risk-free annual interest rate | 3.97% | 4.24% - 4.35% | 4.01% - 4.79% | ||||||||||||||
| Exercise price | $1.00 | $1.00 - $2.086 | $1.00 - $2.086 | ||||||||||||||
| Weighted average volatility | 88% | 93% | 101% | ||||||||||||||
| Remaining life | 5 years | 2 - 4.6 years | 1 - 2.9 years | ||||||||||||||
| Forfeiture rate | 0% | 0% | 0% | ||||||||||||||
| Expected annual dividend yield | 0% | 0% | 0% |
| As of December 31, 2024 | As of December\u00a031, 2023 | ||||||||||||||||||||||||||||||||||
| Input | Effect of 10% Increase | Effect of 10% Decrease | Input | Effect of 10% Increase | Effect of 10% Decrease | ||||||||||||||||||||||||||||||
| Stock price per share | $ | 0.31 | $ | 440\u00a0 | $ | (427) | $ | 0.46 | $ | 637\u00a0 | $ | (574) | |||||||||||||||||||||||
| Volatility | 93\u00a0 | % | $ | 438\u00a0 | $ | (465) | 101\u00a0 | % | $ | 680\u00a0 | $ | (643) |
Total Derivative Liabilities (1) | |||||
| Balance as of January 1, 2023 | $ | 14,134\u00a0 | |||
Fair value changes | (9,589) | ||||
Reclassification to equity | (2,050) | ||||
Down-round changes | 143\u00a0 | ||||
Balance as of December\u00a031, 2023 | 2,638\u00a0 | ||||
Derivative Warrants issued (2) | 6,765\u00a0 | ||||
Fair value changes | (6,119) | ||||
Expiration of derivative warrants | (156) | ||||
| Balance as of December 31, 2024 | $ | 3,128\u00a0 |
| As of December 31, | |||||||||||||||||
July 2024 (new issuances) | 2024 | 2023 | |||||||||||||||
| Stock price per share | $0.57 | $0.31 | $0.46 | ||||||||||||||
| Risk-free annual interest rate | 3.97% | 4.24% - 4.35% | 4.01% - 4.79% | ||||||||||||||
| Exercise price | $1.00 | $1.00 - $2.086 | $1.00 - $2.086 | ||||||||||||||
| Weighted average volatility | 88% | 93% | 101% | ||||||||||||||
| Remaining life | 5 years | 2 - 4.6 years | 1 - 2.9 years | ||||||||||||||
| Forfeiture rate | 0% | 0% | 0% | ||||||||||||||
| Expected annual dividend yield | 0% | 0% | 0% |
| As of December 31, 2024 | As of December\u00a031, 2023 | ||||||||||||||||||||||||||||||||||
| Input | Effect of 10% Increase | Effect of 10% Decrease | Input | Effect of 10% Increase | Effect of 10% Decrease | ||||||||||||||||||||||||||||||
| Stock price per share | $ | 0.31 | $ | 440\u00a0 | $ | (427) | $ | 0.46 | $ | 637\u00a0 | $ | (574) | |||||||||||||||||||||||
| Volatility | 93\u00a0 | % | $ | 438\u00a0 | $ | (465) | 101\u00a0 | % | $ | 680\u00a0 | $ | (643) |
\u00a014. EQUITY |
| Non-Derivative Warrants | Derivative Warrants (1) | Total Number of Warrants | Weighted - Average Exercise Price Per Warrant | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Life (in Years) | ||||||||||||||||||||||||||||||
Balance, January\u00a01, 2023 | 30,673,635 | 55,375,202 | 86,048,837 | $ | 1.40\u00a0 | $ | 1,081\u00a0 | 3.9 | |||||||||||||||||||||||||||
Granted (2)(3) | 2,970,221\u00a0 | \u2014\u00a0 | 2,970,221\u00a0 | $ | 0.63\u00a0 | ||||||||||||||||||||||||||||||
Cancelled (3) | (2,087,500) | \u2014\u00a0 | (2,087,500) | $ | 2.18\u00a0 | ||||||||||||||||||||||||||||||
Reclassified | 17,512,280 | (17,512,280) | \u2014 | ||||||||||||||||||||||||||||||||
Balance, December\u00a031, 2023 | 49,068,636 | 37,862,922 | 86,931,558 | $ | 1.12\u00a0 | $ | \u2014\u00a0 | 3.0 | |||||||||||||||||||||||||||
Granted (4) | 2,500,000\u00a0 | 19,400,000\u00a0 | 21,900,000\u00a0 | $ | 0.99\u00a0 | ||||||||||||||||||||||||||||||
Cancelled/forfeited/expired (5) | (1,050,100) | (35,862,922) | (36,913,022) | $ | 1.21\u00a0 | ||||||||||||||||||||||||||||||
Balance, December\u00a031, 2024 | 50,518,536 | 21,400,000 | 71,918,536 | $ | 1.03\u00a0 | $ | \u2014\u00a0 | 3.6 | |||||||||||||||||||||||||||
Exercisable, December\u00a031, 2024 | 48,898,536 | 21,400,000 | 70,298,536 | $ | 1.04\u00a0 | $ | \u2014\u00a0 | 3.6 |
| Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Weighted average stock price | $0.60 | $0.55 | ||||||||||||
| Weighted average expected stock price volatility | 87% | 77% | ||||||||||||
| Expected annual dividend yield | \u2014% | \u2014% | ||||||||||||
| Weighted average expected life of warrants | 4.8 years | 5.1 years | ||||||||||||
| Weighted average risk-free annual interest rate | 3.97% | 3.94% | ||||||||||||
| Weighted average grant date fair value | $0.36 | $0.28 |
| Stock Options | Weighted Average Exercise Price per Stock Options | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Life (in\u00a0Years) | ||||||||||||||||||||
Balance, January\u00a01, 2023 | 30,752,259\u00a0 | $ | 2.58\u00a0 | $ | \u2014\u00a0 | 8.5 | |||||||||||||||||
| Granted | 11,507,429\u00a0 | $ | 0.54\u00a0 | ||||||||||||||||||||
Cancelled/forfeited/expired | (14,606,504) | $ | 3.20\u00a0 | ||||||||||||||||||||
Balance, December\u00a031, 2023 | 27,653,184\u00a0 | $ | 1.40\u00a0 | $ | \u2014\u00a0 | 8.2 | |||||||||||||||||
| Granted | 12,954,490\u00a0 | $ | 0.57\u00a0 | ||||||||||||||||||||
| Exercised | (64,999) | $ | 0.60\u00a0 | ||||||||||||||||||||
Cancelled/forfeited/expired | (13,773,256) | $ | 1.81\u00a0 | ||||||||||||||||||||
Balance, December\u00a031, 2024 | 26,769,419\u00a0 | $ | 0.79\u00a0 | $ | \u2014\u00a0 | 8.5 | |||||||||||||||||
Exercisable, December\u00a031, 2024 | 11,209,397\u00a0 | $ | 0.99\u00a0 | $ | \u2014\u00a0 | 8.0 |
| Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Weighted average stock price | $0.56 | $0.53 | ||||||||||||
| Weighted average expected stock price volatility | 86.9% | 76.6% | ||||||||||||
| Expected annual dividend yield | \u2014% | \u2014% | ||||||||||||
| Weighted average expected life | 5.0 years | 5.9 years | ||||||||||||
| Weighted average risk-free annual interest rate | 3.56% | 3.81% | ||||||||||||
| Weighted average grant date fair value | $0.21 | $0.30 |
| Unvested Restricted Stock | Weighted-Average Grant-date Fair Value Price per Restricted Stock | Average Intrinsic Value | Weighted Average Remaining Vesting Term (in Years) | ||||||||||||||||||||
Issued and Outstanding as of January\u00a01, 2023 | 1,156,319 | $ | 2.45\u00a0 | $ | 881\u00a0 | 0.3 | |||||||||||||||||
Cancelled | (54,774) | $ | 2.43\u00a0 | ||||||||||||||||||||
| Vested and Released | (1,099,684) | $ | 2.45\u00a0 | $ | 526\u00a0 | ||||||||||||||||||
Issued and Outstanding as of December\u00a031, 2023 | 1,861\u00a0 | $ | 4.05\u00a0 | $ | 1\u00a0 | 0.7 | |||||||||||||||||
| Vested and Released | (1,861) | $ | 4.05\u00a0 | $ | 1\u00a0 | ||||||||||||||||||
Issued and Outstanding as of December\u00a031, 2024 | \u2014\u00a0 |
| 2025 | $ | 1,589\u00a0 | |||
| 2026 | 491\u00a0 | ||||
| 2027 | 147\u00a0 | ||||
| 2028 | 33\u00a0 | ||||
Thereafter | 6\u00a0 | ||||
| $ | 2,266\u00a0 |
| Non-Derivative Warrants | Derivative Warrants (1) | Total Number of Warrants | Weighted - Average Exercise Price Per Warrant | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Life (in Years) | ||||||||||||||||||||||||||||||
Balance, January\u00a01, 2023 | 30,673,635 | 55,375,202 | 86,048,837 | $ | 1.40\u00a0 | $ | 1,081\u00a0 | 3.9 | |||||||||||||||||||||||||||
Granted (2)(3) | 2,970,221\u00a0 | \u2014\u00a0 | 2,970,221\u00a0 | $ | 0.63\u00a0 | ||||||||||||||||||||||||||||||
Cancelled (3) | (2,087,500) | \u2014\u00a0 | (2,087,500) | $ | 2.18\u00a0 | ||||||||||||||||||||||||||||||
Reclassified | 17,512,280 | (17,512,280) | \u2014 | ||||||||||||||||||||||||||||||||
Balance, December\u00a031, 2023 | 49,068,636 | 37,862,922 | 86,931,558 | $ | 1.12\u00a0 | $ | \u2014\u00a0 | 3.0 | |||||||||||||||||||||||||||
Granted (4) | 2,500,000\u00a0 | 19,400,000\u00a0 | 21,900,000\u00a0 | $ | 0.99\u00a0 | ||||||||||||||||||||||||||||||
Cancelled/forfeited/expired (5) | (1,050,100) | (35,862,922) | (36,913,022) | $ | 1.21\u00a0 | ||||||||||||||||||||||||||||||
Balance, December\u00a031, 2024 | 50,518,536 | 21,400,000 | 71,918,536 | $ | 1.03\u00a0 | $ | \u2014\u00a0 | 3.6 | |||||||||||||||||||||||||||
Exercisable, December\u00a031, 2024 | 48,898,536 | 21,400,000 | 70,298,536 | $ | 1.04\u00a0 | $ | \u2014\u00a0 | 3.6 |
| Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Weighted average stock price | $0.60 | $0.55 | ||||||||||||
| Weighted average expected stock price volatility | 87% | 77% | ||||||||||||
| Expected annual dividend yield | \u2014% | \u2014% | ||||||||||||
| Weighted average expected life of warrants | 4.8 years | 5.1 years | ||||||||||||
| Weighted average risk-free annual interest rate | 3.97% | 3.94% | ||||||||||||
| Weighted average grant date fair value | $0.36 | $0.28 |
| Stock Options | Weighted Average Exercise Price per Stock Options | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Life (in\u00a0Years) | ||||||||||||||||||||
Balance, January\u00a01, 2023 | 30,752,259\u00a0 | $ | 2.58\u00a0 | $ | \u2014\u00a0 | 8.5 | |||||||||||||||||
| Granted | 11,507,429\u00a0 | $ | 0.54\u00a0 | ||||||||||||||||||||
Cancelled/forfeited/expired | (14,606,504) | $ | 3.20\u00a0 | ||||||||||||||||||||
Balance, December\u00a031, 2023 | 27,653,184\u00a0 | $ | 1.40\u00a0 | $ | \u2014\u00a0 | 8.2 | |||||||||||||||||
| Granted | 12,954,490\u00a0 | $ | 0.57\u00a0 | ||||||||||||||||||||
| Exercised | (64,999) | $ | 0.60\u00a0 | ||||||||||||||||||||
Cancelled/forfeited/expired | (13,773,256) | $ | 1.81\u00a0 | ||||||||||||||||||||
Balance, December\u00a031, 2024 | 26,769,419\u00a0 | $ | 0.79\u00a0 | $ | \u2014\u00a0 | 8.5 | |||||||||||||||||
Exercisable, December\u00a031, 2024 | 11,209,397\u00a0 | $ | 0.99\u00a0 | $ | \u2014\u00a0 | 8.0 |
| Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Weighted average stock price | $0.56 | $0.53 | ||||||||||||
| Weighted average expected stock price volatility | 86.9% | 76.6% | ||||||||||||
| Expected annual dividend yield | \u2014% | \u2014% | ||||||||||||
| Weighted average expected life | 5.0 years | 5.9 years | ||||||||||||
| Weighted average risk-free annual interest rate | 3.56% | 3.81% | ||||||||||||
| Weighted average grant date fair value | $0.21 | $0.30 |
| Unvested Restricted Stock | Weighted-Average Grant-date Fair Value Price per Restricted Stock | Average Intrinsic Value | Weighted Average Remaining Vesting Term (in Years) | ||||||||||||||||||||
Issued and Outstanding as of January\u00a01, 2023 | 1,156,319 | $ | 2.45\u00a0 | $ | 881\u00a0 | 0.3 | |||||||||||||||||
Cancelled | (54,774) | $ | 2.43\u00a0 | ||||||||||||||||||||
| Vested and Released | (1,099,684) | $ | 2.45\u00a0 | $ | 526\u00a0 | ||||||||||||||||||
Issued and Outstanding as of December\u00a031, 2023 | 1,861\u00a0 | $ | 4.05\u00a0 | $ | 1\u00a0 | 0.7 | |||||||||||||||||
| Vested and Released | (1,861) | $ | 4.05\u00a0 | $ | 1\u00a0 | ||||||||||||||||||
Issued and Outstanding as of December\u00a031, 2024 | \u2014\u00a0 |
| 2025 | $ | 1,589\u00a0 | |||
| 2026 | 491\u00a0 | ||||
| 2027 | 147\u00a0 | ||||
| 2028 | 33\u00a0 | ||||
Thereafter | 6\u00a0 | ||||
| $ | 2,266\u00a0 |
| \u00a015. NON-CONTROLLING INTEREST |
\u00a016. EARNINGS (LOSS) PER SHARE |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Numerator: | |||||||||||
Net loss | $ | (48,777) | $ | (65,102) | |||||||
| Denominator: | |||||||||||
Weighted-average shares of common stock - basic and diluted | 195,158,282\u00a0 | 194,770,212\u00a0 | |||||||||
Loss per share - basic and diluted | $ | (0.25) | $ | (0.33) | |||||||
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Stock options | 27,321,342\u00a0 | 28,783,139\u00a0 | |||||||||
Warrants (derivative liabilities and equity) | 95,802,822\u00a0 | 85,575,031\u00a0 | |||||||||
| Unvested restricted stock awards | 1,347\u00a0 | 368,711\u00a0 | |||||||||
| 123,125,511\u00a0 | 114,726,881\u00a0 |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Numerator: | |||||||||||
Net loss | $ | (48,777) | $ | (65,102) | |||||||
| Denominator: | |||||||||||
Weighted-average shares of common stock - basic and diluted | 195,158,282\u00a0 | 194,770,212\u00a0 | |||||||||
Loss per share - basic and diluted | $ | (0.25) | $ | (0.33) | |||||||
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Stock options | 27,321,342\u00a0 | 28,783,139\u00a0 | |||||||||
Warrants (derivative liabilities and equity) | 95,802,822\u00a0 | 85,575,031\u00a0 | |||||||||
| Unvested restricted stock awards | 1,347\u00a0 | 368,711\u00a0 | |||||||||
| 123,125,511\u00a0 | 114,726,881\u00a0 |
\u00a017. REVENUE, NET |
Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Retail cannabis | $ | 227,930\u00a0 | $ | 239,351\u00a0 | ||||||||||
| Wholesale cannabis | 29,595\u00a0 | 30,094\u00a0 | ||||||||||||
| Total revenue, net | $ | 257,525\u00a0 | $ | 269,445\u00a0 |
Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Retail cannabis | $ | 227,930\u00a0 | $ | 239,351\u00a0 | ||||||||||
| Wholesale cannabis | 29,595\u00a0 | 30,094\u00a0 | ||||||||||||
| Total revenue, net | $ | 257,525\u00a0 | $ | 269,445\u00a0 |
\u00a018. OPERATING EXPENSES |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Salaries, wages and employee related expenses | $ | 56,443\u00a0 | $ | 56,483\u00a0 | |||||||
| Depreciation and amortization expense | 15,459\u00a0 | 10,656\u00a0 | |||||||||
| Rent and related expenses | 11,673\u00a0 | 11,789\u00a0 | |||||||||
| Professional fees and legal expenses | 6,744 | 7,732\u00a0 | |||||||||
| Share-based compensation expense | 4,222\u00a0 | 8,092\u00a0 | |||||||||
| Goodwill impairment | \u2014\u00a0 | 7,329\u00a0 | |||||||||
| Indefinite-lived intangible asset impairment | \u2014\u00a0 | 845\u00a0 | |||||||||
| Tangible long-lived asset impairment | 432\u00a0 | 400\u00a0 | |||||||||
Other expenses (1) | 12,467\u00a0 | 15,720\u00a0 | |||||||||
| Total operating expenses | $ | 107,440\u00a0 | $ | 119,046\u00a0 |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Salaries, wages and employee related expenses | $ | 56,443\u00a0 | $ | 56,483\u00a0 | |||||||
| Depreciation and amortization expense | 15,459\u00a0 | 10,656\u00a0 | |||||||||
| Rent and related expenses | 11,673\u00a0 | 11,789\u00a0 | |||||||||
| Professional fees and legal expenses | 6,744 | 7,732\u00a0 | |||||||||
| Share-based compensation expense | 4,222\u00a0 | 8,092\u00a0 | |||||||||
| Goodwill impairment | \u2014\u00a0 | 7,329\u00a0 | |||||||||
| Indefinite-lived intangible asset impairment | \u2014\u00a0 | 845\u00a0 | |||||||||
| Tangible long-lived asset impairment | 432\u00a0 | 400\u00a0 | |||||||||
Other expenses (1) | 12,467\u00a0 | 15,720\u00a0 | |||||||||
| Total operating expenses | $ | 107,440\u00a0 | $ | 119,046\u00a0 |
| \u00a019. OTHER INCOME (EXPENSE), NET |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Deconsolidation of Jushi Europe | $ | 1,896\u00a0 | $ | \u2014\u00a0 | |||||||
| Gains (losses) on investments and financial assets | (200) | (777) | |||||||||
| Losses on debt redemptions/extinguishments/modifications | (362) | \u2014\u00a0 | |||||||||
Gains (losses) on foreign currency adjustments | 1,529\u00a0 | (545) | |||||||||
| Gains (losses) on legal settlements | 400\u00a0 | (400) | |||||||||
Gains (losses) on indemnification assets | (2,098) | (1,292) | |||||||||
| Other gains (losses) | 1,975\u00a0 | (87) | |||||||||
Total other income (expense), net | $ | 3,140\u00a0 | $ | (3,101) |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Deconsolidation of Jushi Europe | $ | 1,896\u00a0 | $ | \u2014\u00a0 | |||||||
| Gains (losses) on investments and financial assets | (200) | (777) | |||||||||
| Losses on debt redemptions/extinguishments/modifications | (362) | \u2014\u00a0 | |||||||||
Gains (losses) on foreign currency adjustments | 1,529\u00a0 | (545) | |||||||||
| Gains (losses) on legal settlements | 400\u00a0 | (400) | |||||||||
Gains (losses) on indemnification assets | (2,098) | (1,292) | |||||||||
| Other gains (losses) | 1,975\u00a0 | (87) | |||||||||
Total other income (expense), net | $ | 3,140\u00a0 | $ | (3,101) |
\u00a020. INCOME TAXES |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Current tax expense: | |||||||||||
| \u00a0\u00a0\u00a0Federal | $ | 32,454\u00a0 | $ | 27,303\u00a0 | |||||||
| \u00a0\u00a0\u00a0State | 3,294\u00a0 | 3,608\u00a0 | |||||||||
| 35,748\u00a0 | 30,911\u00a0 | ||||||||||
| Deferred tax benefit: | |||||||||||
| \u00a0\u00a0\u00a0Federal | (1,873) | 2,281\u00a0 | |||||||||
| \u00a0\u00a0\u00a0State | (2,634) | (1,386) | |||||||||
| \u00a0\u00a0\u00a0Foreign | (3,241) | (5,554) | |||||||||
| (7,748) | (4,659) | ||||||||||
| Change in valuation allowance | 3,630\u00a0 | 5,554\u00a0 | |||||||||
| Total income tax expense | $ | 31,630\u00a0 | $ | 31,806\u00a0 |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Loss before income taxes | $ | (17,147) | $ | (33,296) | |||||||
| Statutory tax rate | 21.00\u00a0 | % | 21.00\u00a0 | % | |||||||
Tax expense (benefit) based on statutory rates | (3,601) | (6,992) | |||||||||
| Difference in tax rates | (5,642) | (4,463) | |||||||||
| Gain on fair value of derivative | (3,012) | (4,564) | |||||||||
| IRC Section 280E disallowed expenses | \u2014\u00a0 | 10,862\u00a0 | |||||||||
| Share-based compensation | 266\u00a0 | 173\u00a0 | |||||||||
Deemed interest income | 1,641\u00a0 | 842\u00a0 | |||||||||
Write-off foreign NOL | 1,320\u00a0 | \u2014\u00a0 | |||||||||
| Change in valuation allowance | 3,630\u00a0 | 5,554\u00a0 | |||||||||
| State taxes, net | (2,315) | 33\u00a0 | |||||||||
| Change in uncertain tax positions | 35,452\u00a0 | 24,888\u00a0 | |||||||||
| Impairment expense | \u2014\u00a0 | 1,539\u00a0 | |||||||||
Return to provision | 1,905\u00a0 | 2,786\u00a0 | |||||||||
| Other differences | 1,986\u00a0 | 1,148\u00a0 | |||||||||
| Total income tax expense | $ | 31,630\u00a0 | $ | 31,806\u00a0 | |||||||
| Effective tax rate | (184.5) | % | (95.5) | % |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Deferred tax assets: | |||||||||||
| \u00a0\u00a0\u00a0Lease liability | $ | 19,300\u00a0 | $ | 17,760\u00a0 | |||||||
| \u00a0\u00a0\u00a0Net operating losses | 20,329\u00a0 | 22,661\u00a0 | |||||||||
Interest carryforward | 7,726\u00a0 | 563\u00a0 | |||||||||
| Property and equipment | 2,260\u00a0 | 1,149\u00a0 | |||||||||
| Other deferred tax assets | 2,998\u00a0 | 3,983\u00a0 | |||||||||
| Valuation allowance | (26,580) | (22,951) | |||||||||
| $ | 26,033\u00a0 | $ | 23,165\u00a0 | ||||||||
| Deferred tax liabilities: | |||||||||||
| Right-of-use assets | $ | (17,528) | $ | (18,414) | |||||||
| Intangible assets | (4,705) | (5,211) | |||||||||
| Other deferred tax liabilities | (378) | (235) | |||||||||
| $ | (22,611) | $ | (23,860) | ||||||||
Net deferred tax asset (liabilities) (1) | $ | 3,422\u00a0 | $ | (695) |
Balance at January\u00a01, 2023 | $ | 48,258\u00a0 | |||
| Reductions based on lapse of statute of limitations | (1,946) | ||||
| Additions based on tax positions related to the current year | 19,843\u00a0 | ||||
Additions based on tax positions related to the prior year | 38,470\u00a0 | ||||
Balance at December\u00a031, 2023 | $ | 104,625\u00a0 | |||
| Reductions based on lapse of statute of limitations | (1,692) | ||||
| Additions based on tax positions related to the current year | 25,041\u00a0 | ||||
Additions based on tax positions related to the prior year | 11,631\u00a0 | ||||
| Balance at December 31, 2024 | $ | 139,605\u00a0 |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Current tax expense: | |||||||||||
| \u00a0\u00a0\u00a0Federal | $ | 32,454\u00a0 | $ | 27,303\u00a0 | |||||||
| \u00a0\u00a0\u00a0State | 3,294\u00a0 | 3,608\u00a0 | |||||||||
| 35,748\u00a0 | 30,911\u00a0 | ||||||||||
| Deferred tax benefit: | |||||||||||
| \u00a0\u00a0\u00a0Federal | (1,873) | 2,281\u00a0 | |||||||||
| \u00a0\u00a0\u00a0State | (2,634) | (1,386) | |||||||||
| \u00a0\u00a0\u00a0Foreign | (3,241) | (5,554) | |||||||||
| (7,748) | (4,659) | ||||||||||
| Change in valuation allowance | 3,630\u00a0 | 5,554\u00a0 | |||||||||
| Total income tax expense | $ | 31,630\u00a0 | $ | 31,806\u00a0 |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Loss before income taxes | $ | (17,147) | $ | (33,296) | |||||||
| Statutory tax rate | 21.00\u00a0 | % | 21.00\u00a0 | % | |||||||
Tax expense (benefit) based on statutory rates | (3,601) | (6,992) | |||||||||
| Difference in tax rates | (5,642) | (4,463) | |||||||||
| Gain on fair value of derivative | (3,012) | (4,564) | |||||||||
| IRC Section 280E disallowed expenses | \u2014\u00a0 | 10,862\u00a0 | |||||||||
| Share-based compensation | 266\u00a0 | 173\u00a0 | |||||||||
Deemed interest income | 1,641\u00a0 | 842\u00a0 | |||||||||
Write-off foreign NOL | 1,320\u00a0 | \u2014\u00a0 | |||||||||
| Change in valuation allowance | 3,630\u00a0 | 5,554\u00a0 | |||||||||
| State taxes, net | (2,315) | 33\u00a0 | |||||||||
| Change in uncertain tax positions | 35,452\u00a0 | 24,888\u00a0 | |||||||||
| Impairment expense | \u2014\u00a0 | 1,539\u00a0 | |||||||||
Return to provision | 1,905\u00a0 | 2,786\u00a0 | |||||||||
| Other differences | 1,986\u00a0 | 1,148\u00a0 | |||||||||
| Total income tax expense | $ | 31,630\u00a0 | $ | 31,806\u00a0 | |||||||
| Effective tax rate | (184.5) | % | (95.5) | % |
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Deferred tax assets: | |||||||||||
| \u00a0\u00a0\u00a0Lease liability | $ | 19,300\u00a0 | $ | 17,760\u00a0 | |||||||
| \u00a0\u00a0\u00a0Net operating losses | 20,329\u00a0 | 22,661\u00a0 | |||||||||
Interest carryforward | 7,726\u00a0 | 563\u00a0 | |||||||||
| Property and equipment | 2,260\u00a0 | 1,149\u00a0 | |||||||||
| Other deferred tax assets | 2,998\u00a0 | 3,983\u00a0 | |||||||||
| Valuation allowance | (26,580) | (22,951) | |||||||||
| $ | 26,033\u00a0 | $ | 23,165\u00a0 | ||||||||
| Deferred tax liabilities: | |||||||||||
| Right-of-use assets | $ | (17,528) | $ | (18,414) | |||||||
| Intangible assets | (4,705) | (5,211) | |||||||||
| Other deferred tax liabilities | (378) | (235) | |||||||||
| $ | (22,611) | $ | (23,860) | ||||||||
Net deferred tax asset (liabilities) (1) | $ | 3,422\u00a0 | $ | (695) |
Balance at January\u00a01, 2023 | $ | 48,258\u00a0 | |||
| Reductions based on lapse of statute of limitations | (1,946) | ||||
| Additions based on tax positions related to the current year | 19,843\u00a0 | ||||
Additions based on tax positions related to the prior year | 38,470\u00a0 | ||||
Balance at December\u00a031, 2023 | $ | 104,625\u00a0 | |||
| Reductions based on lapse of statute of limitations | (1,692) | ||||
| Additions based on tax positions related to the current year | 25,041\u00a0 | ||||
Additions based on tax positions related to the prior year | 11,631\u00a0 | ||||
| Balance at December 31, 2024 | $ | 139,605\u00a0 |
\u00a021. RELATED PARTY TRANSACTIONS |
| Year Ended December 31, | As of December 31, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Nature of transaction | Related Party Income (Expense) | Related Party Receivable (Payable) | ||||||||||||||||||||||||
Second Lien Notes - interest expense and principal amount (1) | $ | (2,360) | $ | (2,223) | $ | (20,096) | $ | (19,788) | ||||||||||||||||||
Term Loans - interest expense and principal amount (2) | $ | (822) | $ | \u2014\u00a0 | $ | (16,000) | $ | \u2014\u00a0 | ||||||||||||||||||
Other debt (3) | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | (3,298) | ||||||||||||||||||
| Year Ended December 31, | As of December 31, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Nature of transaction | Related Party Income (Expense) | Related Party Receivable (Payable) | ||||||||||||||||||||||||
Second Lien Notes - interest expense and principal amount (1) | $ | (2,360) | $ | (2,223) | $ | (20,096) | $ | (19,788) | ||||||||||||||||||
Term Loans - interest expense and principal amount (2) | $ | (822) | $ | \u2014\u00a0 | $ | (16,000) | $ | \u2014\u00a0 | ||||||||||||||||||
Other debt (3) | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | (3,298) | ||||||||||||||||||
\u00a022. COMMITMENTS AND CONTINGENCIES |
\u00a023. FINANCIAL INSTRUMENTS |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Financial assets: (1) | |||||||||||
Equity investment (2) | $ | \u2014\u00a0 | $ | 200\u00a0 | |||||||
| Total financial assets | $ | \u2014\u00a0 | $ | 200\u00a0 | |||||||
Financial liabilities: (1) | |||||||||||
| $ | 3,128\u00a0 | $ | 2,638\u00a0 | ||||||||
Contingent consideration liabilities (4) | 5,912\u00a0 | 817\u00a0 | |||||||||
| Total financial liabilities | $ | 9,040\u00a0 | $ | 3,455\u00a0 |
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Financial assets: (1) | |||||||||||
Equity investment (2) | $ | \u2014\u00a0 | $ | 200\u00a0 | |||||||
| Total financial assets | $ | \u2014\u00a0 | $ | 200\u00a0 | |||||||
Financial liabilities: (1) | |||||||||||
| $ | 3,128\u00a0 | $ | 2,638\u00a0 | ||||||||
Contingent consideration liabilities (4) | 5,912\u00a0 | 817\u00a0 | |||||||||
| Total financial liabilities | $ | 9,040\u00a0 | $ | 3,455\u00a0 |
| \u00a024. BUSINESS CONCENTRATION |
\u00a025. SUBSEQUENT EVENTS |