1. Description of Business and Summary
Vireo Growth Inc. (\u201cVireo Growth\u201d or the \u201cCompany\u201d) was incorporated under the Alberta Business Corporations Act on November\u00a023, 2004, and continued under the British Columbia Corporations Act on December 9, 2013. The Company's subordinate voting shares are listed on the Canadian Securities Exchange (the \u201cCSE\u201d) and quoted on the OTCQX under the ticker symbols \u201cVREO\u201d and \u201cVREOF\u201d, respectively.
Vireo Growth was founded in 2014 as a medical cannabis company and has since developed a disciplined, strategically aligned platform within the cannabis industry. The Company\u2019s mission is to provide safe access, quality products, and value to its customers. Vireo Growth operates cultivation, production, and dispensary facilities in California, Colorado, Florida, Maryland, Minnesota, Missouri, Nevada, New Mexico, New York, and Utah. The Company allocates capital and talent to areas expected to generate long-term value.
On April 8, 2026, the Company completed the acquisition of The Hawthorne Gardening Company LLC and certain of its subsidiaries (\"Hawthorne\") from The Scotts Miracle-Gro Company. On June 5, 2026, the Company completed the acquisition of all of the issued and outstanding partnership interests of Agribusiness Holdings Limited Partnership, including its subsidiary Bridgewell Agribusiness LLC and certain other subsidiaries (\"Bridgewell\"). Together, these acquisitions represent the Company's strategic expansion into operations outside of the cannabis industry, and create a new non-cannabis reportable segment.
Hawthorne is a leading provider of nutrients, lighting, and other materials used for indoor and hydroponic gardening in North America. Bridgewell is a global supplier of organic, non-GMO, and conventional food and agricultural products, including natural ingredients such as grains, flours, edible oils, beans, nuts, and specialty ingredients, serving food manufacturers and retailers. See Note 3 for additional information regarding the acquisitions and Note 18 for segment information.
On June 1, 2026, Vireo Growth announced that its Board of Directors (the \u201cBoard\u201d) approved a share consolidation of its Subordinate Voting Shares, Multiple Voting Shares, and Super Voting Shares at a ratio of 30-for-1 (the \"Share Consolidation\"), pursuant to authority granted by the shareholders at the Company's annual general and special meeting held on May 29, 2026. The Share Consolidation became effective at market open on the record date of June 5, 2026, at which time every thirty (30) issued and outstanding shares of each applicable class were consolidated into one (1) share of the same class, with no fractional shares issued. Accordingly, all share and per share amounts have been retroactively adjusted to reflect the impact of the Share Consolidation for all periods presented herein. Refer to Note 13 \u2013 Stockholders' Equity for additional information about the Share Consolidation.
While marijuana and CBD-infused products are legal under the laws of several U.S. states (with vastly differing restrictions), the United States Federal Controlled Substances Act (the \u201cCSA\u201d) classifies all \u201cmarijuana\u201d as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, has no accepted medical use in the United States, and lacks accepted safety for use under medical supervision. Recent federal action regarding rescheduling, however, expressly acknowledges the distinction between medical cannabis and adult-use cannabis by indicating that medical cannabis as an accepted use for treating certain conditions.
On May 16, 2024, the Drug Enforcement Administration (\u201cDEA\u201d) issued a Notice of Proposed Rulemaking (\u201cNPRM\u201d) to reschedule marijuana from Schedule I to Schedule III under the CSA. On December 18, 2025, President Trump issued an executive order directing the United States Department of Justice to move forward with rescheduling marijuana to Schedule III as quickly as possible, consistent with federal law.
On April 28, 2026, the DEA issued a final rule that rescheduled to Schedule III (i) U.S. Food and Drug Administration (\u201cFDA\u201d)-approved drug products containing marijuana and (ii) marijuana in any form covered by a state medical
marijuana license. To enable state-licensed medical marijuana entities to operate compliantly under Schedule III, the DEA also created a new pathway for state-licensed medical marijuana operators to apply for registration to operate as manufacturers, distributors, and/or dispensers. The final rule indicates that the DEA will process registration applications from \u201cearly applicants\u201d (i.e., applicants that submit in the first 60 days) within six months, and all such \u201cearly applicants\u201d may continue operating during the pendency of review.
Notably, as a consequence of the partial rescheduling, state medical marijuana licensees will no longer be subject to the deduction disallowance under Section 280E of the U.S. Internal Revenue Code. This will allow state-licensed medical marijuana entities to deduct ordinary and necessary business expenses in the same manner currently allowed for other industries. See Note 22 \u2013 Income Taxes for further discussion.
Importantly, adult-use marijuana remains a Schedule I substance, regardless of state licensure. Future rescheduling of adult-use marijuana to Schedule III remains subject to rulemaking process. \u00a0
"}]},{"name":"rpt:f-431","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityNoteStockSplitConversionRatio1","xbrl:period":"2026-06-01T00:00:00/2026-06-02T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"30","decimals":0}]},{"name":"rpt:f-432","factDimensions":{"xbrl:concept":"us-gaap:SignificantAccountingPoliciesTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"2. Summary of Significant Accounting Policies
Significant Accounting Policies
The Company\u2019s significant accounting policies are described in Note 2 to the Company\u2019s consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the United States Securities and Exchange Commission (\u201cSEC\u201d) on March 17, 2026, (the \"Annual Financial Statements\"). There have been no material changes to the Company\u2019s significant accounting policies except as noted below.
Segment Information
As a result of the Company's acquisitions of Hawthorne in April 2026 and Bridgewell in June 2026, the Company expanded its operations beyond cannabis into the supply of horticultural and agricultural products to a broader customer base outside of the cannabis industry. Following these acquisitions, the Company reassessed its segment structure in accordance with Accounting Standards Codification (\u201cASC\u201d) 280, Segment Reporting, and determined that it has two reportable segments: (i) Cannabis, which cultivates, processes, and distributes medical and adult-use cannabis products and related accessories in the United States, and (ii) Non-Cannabis, which provides nutrients, lighting, and other materials used for indoor and hydroponic gardening, and supplies organic and non-GMO agricultural commodities and food ingredients to manufacturers in the United States. The Company's Chief Executive Officer continues to serve as the Company's Chief Operating Decision Maker (\"CODM\"), and assesses segment performance and allocates resources primarily based on segment operating income (loss), but also based on segment revenues, product costs, operating expenses and gross profit, \u00a0which is reconciled to consolidated net income (loss) as reported on the statement of net loss and comprehensive loss. See Note 18 \u2013 Segment Information for additional disclosures required by ASC 280, including the significant expense categories reviewed by the CODM and segment net income (loss) reconciled to consolidated results.
Equity Method Investments
On June 18, 2026, the Company acquired an indirect 49% equity interest in HA-MD, LLC (\"HA-MD\"), the sole owner of Chesapeake Integrated Health Institute, LLC and Maryland Alternative Relief, LLC, pursuant to a membership interest purchase agreement dated November 3, 2025 (the \"HA-MD Transaction\"). HA-MD operates two dispensaries in Maryland. As consideration, the Company issued 37,035 shares valued at $0.4 million, issued a $0.4 million promissory note, and paid $0.4 million in cash to the sellers. In addition, the Company invested $4.9 million in HA-MD to repay all outstanding debt obligations and fund certain capital expenditures. The Company concluded it does not have control but does have the ability to exercise significant influence over the operating and financial policies of HA-MD the investee, and accordingly accounts for this investment under the equity method in accordance with ASC 323, Investments\u2014Equity Method and Joint Ventures. Under the equity method, the investment is initially recorded at cost and subsequently adjusted for the Company's proportionate share of the investee's net income or loss, which is recognized within equity in earnings (losses) of equity method investee in the condensed consolidated statements of operations, as well as for contributions made, distributions received, and other comprehensive income items, if any. The Company evaluates its equity method
investment for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, and records an impairment charge if a decline in value is determined to be other-than-temporary.
Basis of presentation
The accompanying interim unaudited condensed consolidated financial statements reflect the accounts of the Company. The information included in these statements should be read in conjunction with the Annual Financial Statements. The unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d) and pursuant to the rules\u00a0and regulations of the SEC. In the opinion of management, the financial data presented includes all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. 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.
Basis of consolidation
These unaudited condensed consolidated financial statements include the accounts of the entities that were wholly owned, or effectively controlled by the Company during the period ended June 30, 2026.
Variable Interest Entities
The Company consolidates entities in which it holds a variable interest and is the primary beneficiary. On March 31, 2026, the Company's subsidiary transferred a 51% equity interest in Vireo Health of New York LLC (\"VHNY\") to a third party, retaining the remaining 49% equity interest. The Company determined that VHNY is a VIE and that it remains the primary beneficiary based on its power to direct VHNY's most significant activities and its obligation to absorb losses and right to receive benefits that could be significant to VHNY. Accordingly, the Company continues to consolidate VHNY. Total VHNY assets and liabilities consolidated as of June 30, 2026, were $28.8 million and $6.1 million, respectively.
The entity listed above was formed or acquired to support the intended operations of the Company. All intercompany transactions and balances have been eliminated from the Company's unaudited condensed consolidated financial statements.
Recently adopted accounting pronouncements
None.
Net loss per share
Basic net loss per share is computed by dividing reported net loss by the weighted average number of common shares outstanding for the reported period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue subordinate voting shares were exercised or converted into subordinate voting shares of the Company during the reporting period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of subordinate voting shares and the number of potential dilutive subordinate voting share equivalents outstanding during the period. Potential dilutive subordinate voting share equivalents consist of stock options, warrants, convertible debt, and restricted stock units (\u201cRSUs\u201d).
In computing diluted earnings per share, subordinate voting share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the subordinate voting share equivalents would be anti-dilutive. The Company recorded a net loss for the three and six month periods ended June 30, 2026 and 2025, as presented in these financial statements, and as such there is no difference between the Company\u2019s basic and diluted net loss per share for these periods.
The anti-dilutive shares outstanding as of June 30, 2026 and 2025, were as follows:
As of | ||||
June 30, | ||||
2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | ||
Stock options | 1,091,449 | \u00a0 | 1,011,968 | |
Warrants | 3,183,465 | \u00a0 | 618,053 | |
RSUs | 2,098,159 | 2,403,272 | ||
Convertible debt | 1,249,075 | 533,333 | ||
Shares in escrow | 467,932 | \u2014 | ||
Contingent consideration | 1,158,658 | 337,492 | ||
Total | 9,248,738 | \u00a0 | 4,904,118 |
Revenue Recognition
The Company\u2019s primary source of revenue is from the wholesale of cannabis products to dispensary locations and direct retail sales to eligible customers at Company-owned dispensaries. Substantially all of the Company\u2019s retail revenue is from the direct sale of cannabis products to adult-use and medical customers.
The following table represents the Company\u2019s disaggregated revenue by source:
Six Months Ended | Three Months Ended | |||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | 2025 | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||||||
Retail - Cannabis | $ | 244.0 | $ | 56.0 | $ | 154.1 | $ | 36.8 | ||||
Wholesale - Cannabis | \u00a0 | 38.0 | \u00a0 | 16.6 | \u00a0 | 21.7 | \u00a0 | 11.3 | ||||
Non-Cannabis | 33.5 | \u2014 | 33.5 | \u2014 | ||||||||
Total | $ | 315.5 | $ | 72.6 | $ | 209.3 | $ | 48.1 |
New accounting pronouncements not yet adopted
In November 2024, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (\"ASU 2024-03\"), which requires disaggregated disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2027. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance on the Company's future consolidated financial statements. \u00a0 \u00a0
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On June 18, 2026, the Company acquired an indirect 49% equity interest in HA-MD, LLC (\"HA-MD\"), the sole owner of Chesapeake Integrated Health Institute, LLC and Maryland Alternative Relief, LLC, pursuant to a membership interest purchase agreement dated November 3, 2025 (the \"HA-MD Transaction\"). HA-MD operates two dispensaries in Maryland. As consideration, the Company issued 37,035 shares valued at $0.4 million, issued a $0.4 million promissory note, and paid $0.4 million in cash to the sellers. In addition, the Company invested $4.9 million in HA-MD to repay all outstanding debt obligations and fund certain capital expenditures. The Company concluded it does not have control but does have the ability to exercise significant influence over the operating and financial policies of HA-MD the investee, and accordingly accounts for this investment under the equity method in accordance with ASC 323, Investments\u2014Equity Method and Joint Ventures. Under the equity method, the investment is initially recorded at cost and subsequently adjusted for the Company's proportionate share of the investee's net income or loss, which is recognized within equity in earnings (losses) of equity method investee in the condensed consolidated statements of operations, as well as for contributions made, distributions received, and other comprehensive income items, if any. The Company evaluates its equity method
investment for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, and records an impairment charge if a decline in value is determined to be other-than-temporary.
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The accompanying interim unaudited condensed consolidated financial statements reflect the accounts of the Company. The information included in these statements should be read in conjunction with the Annual Financial Statements. The unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d) and pursuant to the rules\u00a0and regulations of the SEC. In the opinion of management, the financial data presented includes all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. 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.
"}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Basis of consolidation
These unaudited condensed consolidated financial statements include the accounts of the entities that were wholly owned, or effectively controlled by the Company during the period ended June 30, 2026.
"}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationVariableInterestEntityPolicy","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Variable Interest Entities
The Company consolidates entities in which it holds a variable interest and is the primary beneficiary. On March 31, 2026, the Company's subsidiary transferred a 51% equity interest in Vireo Health of New York LLC (\"VHNY\") to a third party, retaining the remaining 49% equity interest. The Company determined that VHNY is a VIE and that it remains the primary beneficiary based on its power to direct VHNY's most significant activities and its obligation to absorb losses and right to receive benefits that could be significant to VHNY. Accordingly, the Company continues to consolidate VHNY. Total VHNY assets and liabilities consolidated as of June 30, 2026, were $28.8 million and $6.1 million, respectively.
The entity listed above was formed or acquired to support the intended operations of the Company. All intercompany transactions and balances have been eliminated from the Company's unaudited condensed consolidated financial statements.
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None.
New accounting pronouncements not yet adopted
In November 2024, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (\"ASU 2024-03\"), which requires disaggregated disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2027. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance on the Company's future consolidated financial statements."}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Net loss per share
Basic net loss per share is computed by dividing reported net loss by the weighted average number of common shares outstanding for the reported period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue subordinate voting shares were exercised or converted into subordinate voting shares of the Company during the reporting period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of subordinate voting shares and the number of potential dilutive subordinate voting share equivalents outstanding during the period. Potential dilutive subordinate voting share equivalents consist of stock options, warrants, convertible debt, and restricted stock units (\u201cRSUs\u201d).
In computing diluted earnings per share, subordinate voting share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the subordinate voting share equivalents would be anti-dilutive. The Company recorded a net loss for the three and six month periods ended June 30, 2026 and 2025, as presented in these financial statements, and as such there is no difference between the Company\u2019s basic and diluted net loss per share for these periods.
The anti-dilutive shares outstanding as of June 30, 2026 and 2025, were as follows:
As of | ||||
June 30, | ||||
2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | ||
Stock options | 1,091,449 | \u00a0 | 1,011,968 | |
Warrants | 3,183,465 | \u00a0 | 618,053 | |
RSUs | 2,098,159 | 2,403,272 | ||
Convertible debt | 1,249,075 | 533,333 | ||
Shares in escrow | 467,932 | \u2014 | ||
Contingent consideration | 1,158,658 | 337,492 | ||
Total | 9,248,738 | \u00a0 | 4,904,118 |
"}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
As of | ||||
June 30, | ||||
2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | ||
Stock options | 1,091,449 | \u00a0 | 1,011,968 | |
Warrants | 3,183,465 | \u00a0 | 618,053 | |
RSUs | 2,098,159 | 2,403,272 | ||
Convertible debt | 1,249,075 | 533,333 | ||
Shares in escrow | 467,932 | \u2014 | ||
Contingent consideration | 1,158,658 | 337,492 | ||
Total | 9,248,738 | \u00a0 | 4,904,118 |
Revenue Recognition
The Company\u2019s primary source of revenue is from the wholesale of cannabis products to dispensary locations and direct retail sales to eligible customers at Company-owned dispensaries. Substantially all of the Company\u2019s retail revenue is from the direct sale of cannabis products to adult-use and medical customers.
The following table represents the Company\u2019s disaggregated revenue by source:
Six Months Ended | Three Months Ended | |||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | 2025 | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||||||
Retail - Cannabis | $ | 244.0 | $ | 56.0 | $ | 154.1 | $ | 36.8 | ||||
Wholesale - Cannabis | \u00a0 | 38.0 | \u00a0 | 16.6 | \u00a0 | 21.7 | \u00a0 | 11.3 | ||||
Non-Cannabis | 33.5 | \u2014 | 33.5 | \u2014 | ||||||||
Total | $ | 315.5 | $ | 72.6 | $ | 209.3 | $ | 48.1 |
Six Months Ended | Three Months Ended | |||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | 2025 | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||||||
Retail - Cannabis | $ | 244.0 | $ | 56.0 | $ | 154.1 | $ | 36.8 | ||||
Wholesale - Cannabis | \u00a0 | 38.0 | \u00a0 | 16.6 | \u00a0 | 21.7 | \u00a0 | 11.3 | ||||
Non-Cannabis | 33.5 | \u2014 | 33.5 | \u2014 | ||||||||
Total | $ | 315.5 | $ | 72.6 | $ | 209.3 | $ | 48.1 |
3. Business Combinations and Dispositions
Acquisitions
Eaze
On December 22, 2025, the Company entered into an agreement and plan of merger (the \"Eaze Initial Merger Agreement\") to acquire Eaze Inc. (\"Eaze\"), a vertically-integrated cannabis retailer and delivery technology platform with operations in California, Florida, and Colorado, pursuant to which a wholly-owned subsidiary of the Company would merge with and into Eaze, with Eaze surviving as a wholly-owned subsidiary of the Company (the \"Eaze Merger\"). On April 1, 2026, the Eaze Initial Merger Agreement was subsequently amended by an Amendment to the Eaze Initial Merger Agreement (the \u201cEaze Amendment\u201d and together with the Eaze Initial Merger Agreement, the \u201cEaze Merger
Agreement\u201d), which amended the earnout payment calculation mechanics under the Eaze Initial Merger Agreement and effected certain conforming changes.
On April 1, 2026, the Eaze Merger was completed. The Company completed the Eaze Merger primarily to expand its retail and delivery platform capabilities and accelerate its entry into the California and Florida cannabis markets, two of the largest regulated cannabis markets in the United States, while deepening its existing presence in Colorado. Pursuant to the Eaze Merger Agreement, the Company issued 3,012,653 subordinate voting shares (the \"Eaze Shares\"). Of the Eaze Shares issued, 2,711,388 were delivered to Odyssey Trust Company in its capacity as payment agent for distribution to former Eaze stockholders, and 301,265 (representing 10% of the Eaze Shares issued as part of the Estimated Closing Merger Consideration (as defined in the Eaze Merger Agreement)) were delivered to Odyssey Trust Company as escrow agent. The Eaze Shares issued in respect of the Estimated Closing Merger Consideration remain subject to a post-closing purchase price adjustment. Pursuant to the Eaze Merger Agreement, former stockholders of Eaze may receive additional subordinate voting shares of the Company pursuant to earnout payments following December\u00a031, 2026, adjusted for certain items as described in the Earn-Out Amount (as defined in the Eaze Merger Agreement) in the Eaze Merger Agreement, including certain fees payable in connection with the above purchase price adjustment if not otherwise paid by the stockholder representative, certain equipment lease expenses, and tax items, and paid out using a share price for the subordinate voting shares of the Company of the higher of $31.50 or the 20-day volume weighted average price of the subordinate voting shares of the Company as of the trading day immediately prior to December\u00a031, 2026. In no event shall the number of subordinate voting shares of the Company issued in respect of earnout payments under the Eaze Merger Agreement exceed the number of subordinate voting shares of the Company issued as closing merger consideration under the Eaze Merger Agreement.
The Company analyzed the acquisition under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, and determined that the Eaze Merger should be accounted for as a business combination. Goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The goodwill arising from the Eaze Merger, which relates to the cannabis segment, primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Eaze, including expanding the Company's retail and delivery footprint into California and Florida, acquiring an assembled workforce, and enhancing the Company's intellectual property portfolio. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. Of the total goodwill recognized, $0 is expected to be deductible for income tax purposes.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed. The fair values were determined based upon a preliminary valuation and the estimates and assumptions used in such valuation are pending completion and subject to change. Certain estimated values for the Eaze Merger, including the valuation of intangibles and income taxes (including deferred taxes and associated valuation allowances), are not yet finalized, and the preliminary purchase price allocations are subject to change as the Company completes its analysis of the fair value at the date of acquisition. The Company will continue to obtain information necessary to finalize the fair values, which may differ materially from these preliminary estimates. The final valuation will be completed within the one-year measurement period, and any measurement period adjustments will be applied in the reporting period in which the adjustments are determined.
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Eaze | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 6.9 | |
Inventory | \u00a0 | 10.5 | |
Receivables | 1.5 | ||
Other current assets | \u00a0 | 1.8 | |
Property and equipment | \u00a0 | 25.6 | |
Operating lease, right-of-use asset | \u00a0 | 64.3 | |
Deposits | 1.5 | ||
Indemnified Tax Asset | 23.0 | ||
Deferred tax asset | 0.8 | ||
Intangible assets | 9.9 | ||
Goodwill | \u00a0 | 13.7 | |
Total assets | \u00a0 | 159.5 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 27.0 | |
Right-of-use liability | \u00a0 | 64.3 | |
Uncertain tax liability | 23.0 | ||
Total liabilities | 114.3 | ||
Net assets acquired | $ | 45.2 | |
Consideration: | |||
Share consideration | $ | 35.7 | |
Contingent consideration | 9.5 | ||
Total Consideration | $ | 45.2 |
The acquired intangible assets include cannabis licenses and developed technology which are treated as definite-lived intangible assets amortized over a\u00a015-year\u00a0useful life. The fair value of the cannabis licenses and developed technology was determined using Level 3 inputs, as the valuation relied on unobservable inputs reflecting management's assumptions about the assumptions that market participants would use in pricing the assets.
The consideration for the Eaze Merger includes a potential earn-out payment based upon the achievement of certain milestones and relative thresholds during the earn out measurement period which ends on December 31, 2026, the fair value of which on the acquisition date is $9.5 million. The fair value of the contingent consideration arrangement was classified within Level 3 and was determined using a probability-based scenario analysis approach. As of June 30, 2026, the fair value of the contingent consideration was $8.3\u00a0million with amounts recorded in current liabilities in the Unaudited Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2026, the Company recognized a gain (loss) of $1.2 million related to the change in the fair value of contingent consideration in earnings related to the remeasurement of this liability
As part of the Eaze Merger, the Eaze stockholders contractually agreed to indemnify the Company for certain pre-closing liabilities, including those related to unpaid uncertain tax liabilities. On April 1, 2026, the Company recognized a liability of $23.0 million\u00a0for uncertain taxes payable related to the pre-acquisition periods in accordance with ASC 740,\u00a0Income Taxes. Consistent with the provisions of ASC 805-20-25-27, the Company also recognized a corresponding indemnification asset of $23.0 million, measured on the same basis as the related liability.
The indemnification asset was classified as a non-current asset in the Company\u2019s condensed consolidated balance sheet as of June 30, 2026, and will be adjusted in future periods if the related liability is settled, released, or remeasured. Changes in the fair value of the indemnification asset, if any, will be recorded in earnings in the same financial statement line item as the change in the related liability. As of June 30, 2026, there have been no changes in the estimated amount of indemnified tax exposure or the related asset.
Since the acquisition date, Eaze contributed revenue of $34.8 million and net loss of $1.8 million to the Company's consolidated statement of operations for the three and six months ended June 30, 2026.
Supplemental pro forma information (unaudited) for Eaze
The following unaudited pro forma information gives effect to the Eaze Merger as if it had occurred on January 1, 2025, and includes adjustments for amortization on acquired intangible assets, transaction expenses, and related tax effects. This information is presented for informational purposes only and is not necessarily indicative of actual or future results of operations.
Proforma revenues attributable to subordinate voting shareholders for the three and six month periods ended June 30, 2026, were $209.3 million and $350.8 million, respectively. Proforma net loss attributable to subordinate voting shareholders for the three and six month period ended June 30, 2026 was $0.1 million and $20.9 million, respectively.
Proforma revenues attributable to subordinate voting shareholders for the three and six month periods ended June 30, 2025, were $82.3 million and $141.5 million, respectively. Proforma net loss attributable to subordinate voting shareholders for the three and six month period ended June 30, 2025 was $26.5 million and $38.6 million, respectively.
Hawthorne
On April 8, 2026, the Company completed the acquisition of all of the issued and outstanding equity interests of The Hawthorne Gardening Company LLC and its direct subsidiaries, HGCI LLC and Hawthorne Hydroponics LLC (collectively, \"Hawthorne\"), from a subsidiary of The Scotts Miracle-Gro Company (\"SMG\") pursuant to a Securities Purchase Agreement (the \"Hawthorne SPA\"), which was entered into on April 8, 2026 (the \u201cHawthorne Acquisition\u201d). Hawthorne is a leading provider of nutrients, lighting, and other materials used for indoor and hydroponic gardening in North America.
Pursuant to the Hawthorne SPA, the Company issued 7,100,000 subordinate voting shares (the \"Hawthorne Shares\") to Good Dog Holdings LLC, as SMG\u2019s designee. Of the Hawthorne Shares issued, 166,667 were placed in escrow, subject to customary post-closing purchase price adjustments. In addition, the Company issued warrants to purchase 2,666,667 subordinate voting shares (the \"Hawthorne Warrants\") at an exercise price of $25.50 per share with a five-year term. The Hawthorne Warrants were measured at fair value as of the acquisition date using the Black-Scholes option-pricing model, with the following key assumptions: stock price of $11.79, exercise price of US$25.50, expected term of 5 years, risk-free interest rate of 3.95%, expected volatility of 100%, and an expected dividend yield of 0%. The resulting fair value was included as a component of total consideration transferred.
The Company determined that the Hawthorne Acquisition should be accounted for as a business combination. The fair value of the identifiable net assets acquired exceeded the fair value of the consideration transferred, resulting in a bargain purchase. In accordance with ASC 805, before recognizing a gain on bargain purchase, the Company reassessed whether all assets acquired and liabilities assumed had been identified and whether the recognition and measurement of those identifiable assets acquired, liabilities assumed, and the consideration transferred, including the valuation of the Company's equity issued as consideration, were appropriately measured as of the acquisition date. After completing this reassessment, the Company concluded that the measurements were appropriate and recognized the resulting excess of $21.7 million as a gain on bargain purchase within other income on the condensed consolidated statement of net loss and comprehensive loss for the three and six months ended June 30, 2026. No goodwill was recorded in connection with the Hawthorne Acquisition. The bargain purchase gain arose primarily because the Hawthorne Shares were valued for accounting purposes based on the Company's closing share price of $11.79 immediately prior to the acquisition date, which was lower than the $18.00 deemed price per share negotiated by the parties under the Hawthorne SPA for purposes of determining the number of subordinate voting shares issued.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed. The fair values were determined based upon a preliminary valuation and the estimates and assumptions used in such valuation are pending completion and subject to change. Certain estimated values for the Hawthorne Acquisition, including the valuation of intangibles and income taxes (including deferred taxes and associated valuation allowances), are not yet finalized, and the preliminary purchase price allocations
are subject to change as the Company completes its analysis of the fair value at the date of acquisition. The Company will continue to obtain information necessary to finalize the fair values, which may differ materially from these preliminary estimates. The final valuation will be completed within the one-year measurement period, and any measurement period adjustments will be applied in the reporting period in which the adjustments are determined.
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Hawthorne | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 35.0 | |
Inventory | \u00a0 | 50.4 | |
Receivables | 23.4 | ||
Inventory supply agreement asset | 21.1 | ||
Prepaid expenses and other current assets | \u00a0 | 4.9 | |
Property and equipment | \u00a0 | 7.7 | |
Operating lease, right-of-use asset | \u00a0 | 12.0 | |
Intangible assets | 6.9 | ||
Total assets | \u00a0 | 161.4 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 14.6 | |
Deferred tax liabilities | 8.2 | ||
Right-of-use liability | \u00a0 | 12.0 | |
Total liabilities | 34.8 | ||
Net assets acquired | $ | 126.6 | |
Consideration: | |||
Share and warrant consideration | $ | 104.9 | |
Bargain purchase gain | 21.7 | ||
Total Consideration | $ | 126.6 |
The Company identified one identifiable intangible asset acquired in connection with the Hawthorne acquisition: customer relationships, valued at approximately $6.9 million. The customer relationship intangible asset was valued using an income approach, reflecting the estimated future cash flows expected to be derived from the acquired customer relationships, and is being amortized on a straight-line basis over an estimated useful life of eight years, consistent with the pattern in which the economic benefits of the customer relationships are expected to be realized.
In connection with the Hawthorne Acquisition, the Company entered into a letter agreement with SMG pursuant to which SMG would provide the Company with credit for $22.5 million of services and products under a contract manufacturing agreement to be provided over two years, subject to a utilization cap of $5.5 million per six-month period plus limited rollover. Any unused credit at the end of the term is forfeited. Consideration for this arrangement was provided via the shares and warrants issued in connection with the Hawthorne Acquisition.
Since the acquisition date, Hawthorne contributed revenue of $24.8 million and net loss of $0.2 million to the Company's consolidated statement of operations for the three and six months ended June 30, 2026.
Supplemental pro forma information (unaudited) for Hawthorne
The following unaudited pro forma information gives effect to the Hawthorne Acquisition as if it had occurred on January 1, 2025, and includes adjustments for amortization on acquired intangible assets, transaction expenses, and related tax effects. This information is presented for informational purposes only and is not necessarily indicative of actual or future results of operations.
Proforma revenues attributable to subordinate voting shareholders for the three and six month periods ended June 30, 2026, were $211.1 million and $343.9 million, respectively. Proforma net income (loss) attributable to subordinate voting shareholders for the three and six month period ended June 30, 2026 was $0.4 million and ($11.2) million, respectively.
Proforma revenues attributable to subordinate voting shareholders for the three and six month periods ended June 30, 2025, were $78.4 million and $133.8 million, respectively. Proforma net loss attributable to subordinate voting shareholders for the three and six month period ended June 30, 2025 was $15.2 million and $30.6 million, respectively.
Bridgewell
On June 5, 2026, the Company completed the acquisition of all of the issued and outstanding partnership interests of Agribusiness Holdings Limited Partnership, including its subsidiary Bridgewell Agribusiness LLC and certain other subsidiaries (collectively, \u201cBridgewell\u201d) from certain sellers named therein (the \"Bridgewell Sellers\"), pursuant to a Securities Purchase Agreement (the \"Bridgewell SPA\"), which was entered into on June 5, 2026
(the \u201cBridgewell Acquisition\u201d). Bridgewell is a supplier of organic and non-GMO agricultural commodities and food ingredients to manufacturers.
The aggregate consideration for the Bridgewell Acquisition was based on a base purchase price of $40.0 million, subject to adjustments for assumed indebtedness remaining outstanding following closing and the assumption of certain transaction expenses. After giving effect to such adjustments, the closing purchase price was approximately $14.3 million. At closing, the Company issued to the Bridgewell Sellers unsecured, subordinated convertible promissory notes (collectively, the \"Bridgewell Convertible Notes\") with an aggregate principal amount equal to the closing purchase price, in proportion to each Bridgewell Seller's pro rata interest. The Bridgewell Convertible Notes will convert on or after the second anniversary of closing into an aggregate estimated 734,551 subordinate voting shares of the Company at a deemed conversion price of $18.60 per share, subject to final adjustment in accordance with the terms of the Bridgewell SPA. In addition, a subordinated promissory note was issued by Agribusiness Holdings Limited Partnership in favor of one of the Bridgewell Sellers, which constitutes additional assumed indebtedness.
The Company determined that the Bridgewell Acquisition should be accounted for as a business combination. Goodwill represents the premium the Company paid over the fair value of the net tangible and identifiable intangible assets acquired. The goodwill arising from the Bridgewell Acquisition primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Bridgewell, including expanding the Company's ancillary supply chain and procurement platform, deepening existing supplier relationships, and acquiring an assembled workforce. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. Of the total goodwill recognized, $21.5 million is expected to be deductible for income tax purposes.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed. The fair values were determined based upon a preliminary valuation and the estimates and assumptions used in such valuation are pending completion and subject to change. Certain estimated values for the Bridgewell Acquisition, including the valuation of intangibles and income taxes (including deferred taxes and associated valuation allowances), are not yet finalized, and the preliminary purchase price allocations are subject to change as the Company completes its analysis of the fair value at the date of acquisition. The Company will continue to obtain information necessary to finalize the fair values, which may differ materially from these preliminary estimates. The final valuation will be completed within the one-year measurement period, and any measurement period adjustments will be applied in the reporting period in which the adjustments are determined.
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Bridgewell | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 1.6 | |
Restricted cash | 0.4 | ||
Inventory | \u00a0 | 10.0 | |
Receivables | 10.1 | ||
Other current assets | \u00a0 | 5.7 | |
Property and equipment | \u00a0 | 0.2 | |
Operating lease, right-of-use asset | \u00a0 | 2.4 | |
Intangible assets | 12.2 | ||
Goodwill | \u00a0 | 21.8 | |
Total assets | \u00a0 | 64.4 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 16.6 | |
Right-of-use liability | \u00a0 | 2.4 | |
Long-term debt, net | 31.1 | ||
Total liabilities | 50.1 | ||
Net assets acquired | $ | 14.3 | |
Consideration: | |||
Convertible debt | $ | 14.3 | |
Total Consideration | $ | 14.3 |
Customer relationships represent Bridgewell's established relationships with manufacturer customers for organic and non-GMO agricultural commodities and food ingredients. The customer relationships were valued at approximately $7.7 million using the multi-period excess earnings method, a Level 3 valuation technique, and are being amortized on a straight-line basis over an estimated useful life of 8 years, representing the period over which the Company expects to receive economic benefit from the acquired customer relationships.
The trademark represents the Bridgewell trade name and associated brand recognition in the organic and non-GMO agricultural commodities and food ingredients market. The trademark was valued at approximately $4.5 million using the relief-from-royalty method, a Level 3 valuation technique, and is being amortized on a straight-line basis over an estimated useful life of 11 years.
Since the acquisition date, Bridgewell contributed revenue of $8.7 million and net loss of $0.1 million to the Company's consolidated statement of operations for the three and six months ended June 30, 2026.
Supplemental pro forma information (unaudited) for Bridgewell
The following unaudited pro forma information gives effect to the Bridgewell Acquisition as if it had occurred on January 1, 2025, and includes adjustments for amortization on acquired intangible assets, interest expense, transaction expenses and related tax effects. This information is presented for informational purposes only and is not necessarily indicative of actual or future results of operations.
Proforma revenues attributable to subordinate voting shareholders for the three and six month periods ended June 30, 2026, were $236.4 million and $382.2 million, respectively. Proforma net loss attributable to subordinate voting shareholders for the three and six month period ended June 30, 2026 was $4.7 million and $25.7 million, respectively.
Proforma revenues attributable to subordinate voting shareholders for the three and six month periods ended June 30, 2025, were $98.1 million and $173.9 million, respectively. Proforma net loss attributable to subordinate voting shareholders for the three and six month period ended June 30, 2025 was $15.0 million and $24.3 million, respectively.
Vireo Health of Rocky Mountain
Vireo Health of Colorado, LLC, a Colorado limited liability company and wholly-owned subsidiary of the Company (\"VHC\"), and CO Acquisition Vehicle, LLC, a Delaware limited liability company (\"CO Acquisition\"), acquired all of the issued and outstanding 13% Senior Secured Convertible Notes due December 7, 2026 (the \"Senior Secured Notes\") of Medicine Man Technologies, Inc. d/b/a Schwazze (\"Schwazze\"). These Senior Secured Notes acquired by VHC were carried as notes receivable on the Company's consolidated balance sheet as of December 31, 2025. In connection with this position, VHC entered into a restructuring support agreement (the \"RSA\") with Schwazze and certain related entities on October 10, 2025, setting forth a plan to restructure Schwazze's operations and capital structure through (i) the sale of certain assets representing a majority of the total assets of Schwazze and its subsidiaries (the \"Asset Sale\") to a newly-formed entity, Vireo Health of Rocky Mountain, LLC, a Delaware limited liability company (\"Vireo Health of Rocky Mountain\"), and (ii) the liquidation of Schwazze's remaining assets and wind-down of its remaining operations following the Asset Sale. The Company did not obtain control of, and did not acquire, Schwazze\u2019s remaining assets that were separately liquidated and wound down and the Company's acquisition is limited to the assets transferred to Vireo Health of Rocky Mountain in the Asset Sale as further described below.
The RSA provided for the Asset Sale to be effected by way of a public disposition of collateral under \u00a7\u00a7 9-610 and 9-611 of the Uniform Commercial Code. On November 13, 2025, a public auction of Schwazze's collateral was completed, and the collateral agent under the indenture governing the Senior Secured Notes, acting at the direction of VHC, submitted a winning credit bid of approximately $111.0 million principal amount of the Senior Secured Notes on behalf of VHC and other noteholders (the \"Credit Bid\"). Following the public auction, Schwazze entered into an asset purchase agreement with Vireo Health of Rocky Mountain and certain other parties on November 13, 2025 (as amended, the \"Schwazze Asset Purchase Agreement\").
Separately from its position as a holder of the Senior Secured Notes, CO Acquisition also acted as a borrower under a new, unrelated term loan facility. On September 30, 2025, CO Acquisition entered into a Loan and Security Agreement (as amended, the \"CO Acquisition LSA\") with Chicago Atlantic Admin, LLC, as administrative agent, and the lenders party thereto (the \"CO Acquisition Lenders\"), providing for total commitments of $26.0 million, of which $25.0 million was advanced on closing date of the CO Acquisition LSA ($10.0 million disbursed to CO Acquisition and $15.0 million held in reserve). On February 26, 2026, CO Acquisition and the CO Acquisition Lenders entered into a First Amendment to the CO Acquisition LSA, pursuant to which the remaining $15.0 million held in reserve was released. On February 27, 2026, the Company acquired CO Acquisition as part of the Asset Sale, and the CO Acquisition LSA was recognized as an assumed liability in purchase accounting at its face value, which the Company determined approximated fair value given the CO Acquisition LSA's recent origination at market terms.
On March 19, 2026 (the \"Schwazze Closing Date\"), pursuant to the Schwazze Asset Purchase Agreement, Schwazze transferred 45 dispensaries in Colorado and New Mexico and two manufacturing facilities (one in each of Colorado and New Mexico) to Vireo Health of Rocky Mountain and certain of its designated subsidiaries, in exchange for (i) discharge of the Senior Secured Notes via the Credit Bid and (ii) the assumption of certain specified liabilities of Schwazze. In connection with the closing of the Asset Sale, the collateral agent distributed equity interests in Vireo Health of Rocky Mountain to an indirect wholly-owned subsidiary of the Company. As a result of the closing of the Asset Sale, the Company obtained a majority ownership interest in, and control of, Vireo Health of Rocky Mountain as of the Schwazze Closing Date. Vireo Health of Rocky Mountain did not hold or control the transferred assets, prior to the Schwazze Closing Date.
The Company determined the Asset Sale should be accounted for as a business combination, with an acquisition date of March 19, 2026. Goodwill represents the premium the Company paid over the fair value of the net tangible and identifiable intangible assets acquired. The goodwill arising from the Asset Sale, which relates to the Company's Cannabis segment, primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Vireo Health of Rocky Mountain, including growing the Company's customer base, acquiring assembled workforces, and expanding its presence in new and existing markets. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. Of the total goodwill recognized, $38.2 million is expected to be deductible for income tax purposes.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed. The fair values were determined based upon a preliminary valuation, and the estimates and assumptions used in such valuation are pending completion and subject to change. Certain estimated values for the Asset Sale, including the valuation of intangibles and income taxes (including deferred taxes and associated valuation allowances), are not yet finalized, and the preliminary purchase price allocation is subject to change as the Company completes its analysis of the fair value at the acquisition date. The Company will continue to obtain information necessary to finalize the fair values, which may differ materially from these preliminary estimates. The final valuation will be completed within the one-year measurement period, and any measurement period adjustments will be applied in the reporting period in which the adjustments are determined.
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Vireo Health of Rocky Mountain | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 18.2 | |
Inventory | \u00a0 | 14.4 | |
Receivables | 1.4 | ||
Other current assets | \u00a0 | 0.6 | |
Property and equipment | \u00a0 | 10.5 | |
Operating lease, right-of-use asset | \u00a0 | 31.6 | |
Deposits | 1.1 | ||
Intangible assets, license | 78.7 | ||
Goodwill | \u00a0 | 38.2 | |
Total assets | \u00a0 | 194.7 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 12.6 | |
Right-of-use liability | \u00a0 | 31.6 | |
Long-term debt, net | 72.5 | ||
Total liabilities | 116.7 | ||
Net assets acquired | $ | 78.0 | |
Consideration: | |||
Notes receivable exchanged for net assets | $ | 78.0 | |
Total Consideration | $ | 78.0 |
The acquired intangible assets include cannabis licenses, which are treated as definite-lived intangible assets amortized over a 15-year useful life. The fair value of the cannabis licenses was determined using Level 3 inputs, as the valuation relied on unobservable inputs reflecting management's assumptions about the assumptions that market participants would use in pricing the assets.
Since the acquisition date, Vireo Health of Rocky Mountain contributed revenue of $42.7 million and net loss of $7.8 million to the Company's consolidated statement of operations for the six months ended June 30, 2026. For the three months ended June 30, 2026, Vireo Health of Rocky Mountain contributed $38.7 million of revenue and net loss of $4.6 million to the Company\u2019s consolidated statement of operations.
Supplemental pro forma information (unaudited) for Vireo Health of Rocky Mountain
The following unaudited pro forma information gives effect to the Asset Sale as if it had occurred on January 1, 2025, and includes adjustments for amortization on acquired intangible assets, interest expense, and related tax effects. This information is presented for informational purposes only and is not necessarily indicative of actual or future results of operations.
Proforma revenues attributable to subordinate voting shareholders for the three and six month periods ended June 30, 2026, were $209.3 million and $333.6 million, respectively. Proforma net income (loss) attributable to subordinate
voting shareholders for the three and six month period ended June 30, 2026 was $0.7 million and ($10.6) million, respectively.
Proforma revenues attributable to subordinate voting shareholders for the three and six month periods ended June 30, 2025, were $80.2 million and $137.3 million, respectively. Proforma net loss attributable to subordinate voting shareholders for the three and six month period ended June 30, 2025 was $21.5 million and $32.4 million, respectively.
The Mergers
On December 18, 2024, the Company entered into merger agreements (each a \u201cMerger Agreement\u201d and collectively, the \u201cMerger Agreements\u201d) with each of (i) Deep Roots Holdings, Inc. (\u201cDeep Roots\u201d) (the \u201cDeep Roots Merger\u201d), (ii)\u00a0Proper Holdings, LLC (\u201cProper\u201d), NGH Investments, Inc. (\u201cNGH\u201d), and Proper Holdings Management, Inc. (\u201cProper MSA Newco\u201d and together with NGH and Proper, the \u201cProper Companies\u201d) (the \u201cProper Mergers\u201d), and (iii)\u00a0WholesomeCo, Inc. (\u201cWholesome\u201d) (the \u201cWholesome Merger\u201d and collectively with the Deep Roots Merger and the Proper Mergers, the \u201cMergers\u201d and each, a \u201cMerger\u201d). Each Merger was an all-share\u00a0transaction whereby, at the closing of each Merger, (i) a new wholly-owned subsidiary of the Company merged with and into Deep Roots, (ii) a new wholly-owned subsidiary of the Company merged with and into Wholesome, and (iii) the Proper Companies each merged with and into new wholly-owned subsidiaries of the Company. None of the Mergers were contingent upon the completion of any of the other Mergers. \u00a0The Wholesome Merger closed on May 12, 2025, the Proper Mergers closed on June 5, 2025, and the Deep Roots Merger closed on June 6, 2025.
The consideration paid to acquire each of Deep Roots, Proper and Wholesome was based, in each case, in part, on an estimated multiple of a 2024 \u201cClosing EBITDA,\u201d which was pro forma for pending acquisitions, planned new retail openings and expansion projects, and a $15.60\u00a0share reference price for the Company\u2019s subordinate voting shares (each subordinate voting share an \u201cSVS\u201d and collectively, the \u201cSVSs\u201d).
\u00a0
Pursuant to the Merger Agreements, former stockholders of Proper, Wholesome, and certain former stockholders of Deep Roots may qualify for earnout payments made with the Company\u2019s SVSs following December 31, 2026, based on each target\u2019s adjusted earnings before interest, taxes, depreciation and amortization (\u201cAdjusted EBITDA\u201d) (as defined in the applicable Merger Agreement) growth compared to such target\u2019s Closing EBITDA (as defined in the applicable Merger Agreement) (plus, with respect to Deep Roots, $1.0 million in EBITDA attributed to a new retail location) (at a\u00a04x multiple), adjusted for incremental debt and certain other matters, respectively, and paid out using a share price for the Company\u2019s SVSs of the higher of $31.50\u00a0or the\u00a020-day volume weighted average price of the Company\u2019s SVSs on the Canadian Securities Exchange (\u201cCSE\u201d), converted to United States Dollars based on the average exchange rate posted by the Bank of Canada as of the end of each trading day during such\u00a020-day period, as reported by Bloomberg Finance L.P. (the \u201cVWAP\u201d) as of December 31, 2026. The Closing EBITDA for Deep Roots, Proper and Wholesome are $30.0\u00a0million, $31.0\u00a0million, and $16.0\u00a0million, respectively. EBITDA growth is defined as the increase between the Closing EBITDA and the higher of 2026 Adjusted EBITDA or the trailing nine-month annualized Adjusted EBITDA as of immediately prior to December 31, 2026. In no event shall the number of earnout shares issued under each Merger Agreement exceed the number of shares issued as closing merger consideration under each Merger Agreement.
\u00a0
Each of the Merger Agreements provides for the clawback of up to\u00a050%\u00a0of the upfront merger consideration (excluding, in the case of Proper and Wholesome, the amounts described in the next paragraph that are attributable to Arches, as defined below) on December 31, 2026, if (1) for Wholesome and Deep Roots, (a) 2026 Adjusted EBITDA underperforms\u00a096.5%\u00a0of the Closing , and (b) the retail revenue market share or EBITDA margin for 2026 is less (or lower) than 2024 and (c) the\u00a020-day VWAP as of immediately prior to December 31, 2026 is greater than $31.50\u00a0per share, and (2) for Proper, 2026 Adjusted EBITDA underperforms\u00a096.5%\u00a0of the Closing EBITDA. The amount of shares subject to a clawback would be equal to the Acquisition Multiple (as defined in each Merger Agreement) of 4.175 for each of Deep Roots, Proper and Wholesome, respectively, multiplied by the EBITDA shortfall, and subject to certain other adjustments for incremental debt and certain other matters, set forth in the applicable Merger Agreement, divided by $15.60\u00a0per share.
In connection with the Merger Agreement with Wholesome (the \u201cWholesome Merger Agreement\u201d) and the Merger Agreement with Proper (the \u201cProper Merger Agreement\u201d), the Company included in the stock merger consideration
calculation an amount equal to (i) $11,860,800\u00a0for Wholesome and (ii) $2,139,200\u00a0for Proper for all of the outstanding equity interests in Arches IP, Inc. (\u201cArches\u201d) owned by Wholesome and Proper, respectively. Subject to the terms and conditions of the Wholesome Merger Agreement and the Proper Merger Agreement, each of Wholesome, Proper and Arches option holders are collectively entitled to earnout payments based on the performance of Arches, based on the greater of $37.5\u00a0million or\u00a05x certain revenue percentages of Arches minus $4,000,000, with such revenue percentage amounts measured at the higher of the trailing-twelve-month or nine-month annualized amounts as of December 31, 2026, paid out using a share price for the Company\u2019s SVSs at the higher of $31.50\u00a0or\u00a0the 20-day VWAP as of immediately prior to December 31, 2026.
\u00a0
Wholesome
On May 12, 2025, the Company closed the Wholesome Merger contemplated by the Wholesome Merger Agreement. The Company analyzed the acquisition under Accounting Standards Update (\u201cASU\u201d) 2017-01,\u00a0Business Combinations (Topic 805): Clarifying the Definition of a Business and determined that the Wholesome Merger should be accounted for as a business combination. Goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The goodwill arising from the Wholesome Merger primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Wholesome, including growing the Company's customer base, acquiring assembled workforces, and expanding its presence in new and existing markets. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Wholesome | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 7.0 | |
Inventory | \u00a0 | 8.7 | |
Receivables | 1.1 | ||
Other current assets | \u00a0 | 0.9 | |
Income tax receivable | 0.3 | ||
Property and equipment | \u00a0 | 9.4 | |
Operating lease, right-of-use asset | \u00a0 | 10.2 | |
Indemnification asset | 11.0 | ||
Deposits | 0.5 | ||
Intangible assets, license | \u00a0 | 14.2 | |
Intangible assets, developed technology | 4.6 | ||
Goodwill | \u00a0 | 39.0 | |
Total assets | \u00a0 | 106.9 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 6.8 | |
Right-of-use liability | \u00a0 | 10.2 | |
Long-term debt, net | 9.6 | ||
Deferred tax liabilities | 5.9 | ||
Uncertain tax liability | 13.3 | ||
Total liabilities | 45.8 | ||
Net assets acquired | $ | 61.1 | |
Consideration: | |||
Share consideration | $ | 51.7 | |
Contingent consideration | 9.4 | ||
Total Consideration | $ | 61.1 |
The acquired intangible assets include cannabis licenses and developed technology which are treated as definite-lived intangible assets amortized over a\u00a015-year\u00a0useful life.
As of June 30, 2026, the Company has recorded a contingent consideration liability of $25.6 million, which represents the estimated fair value of the potential earnout payments based on management\u2019s current projections of Adjusted EBITDA performance relative to the Closing EBITDA thresholds through the earn out measurement period ending December 31, 2026. The contingent consideration is classified as a Level 3 liability within the fair value hierarchy and is remeasured at each reporting date, with changes in fair value recognized in earnings. During the three and six months ended June 30, 2026, the Company recognized a loss of $7.4 million\u00a0and $6.4 million, respectively, related to the change in the fair value of contingent consideration in earnings related to the remeasurement of this liability.
As part of the Wholesome Merger, the sellers contractually agreed to indemnify the Company for certain pre-closing liabilities, including those related to unpaid uncertain tax liabilities. On May 12, 2025, the Company recognized a liability of $13.3 million\u00a0for uncertain tax positions related to the pre-acquisition periods in accordance with Accounting Standards Codification (\u201cASC\u201d) 740,\u00a0Income Taxes. Consistent with the provisions of ASC 805-20-25-27, the Company also recognized a corresponding indemnification asset of $11.0 million, measured on the same basis as the related liability, which represents the uncertain tax liability recognized of $13.3 million less $0.3 million\u00a0of income taxes receivable and $2.0 million\u00a0of tax specific cash contributions from Wholesome.
The indemnification asset was classified as a non-current asset in the Company\u2019s condensed consolidated balance sheet as of June 30, 2026, and will be adjusted in future periods if the related liability is settled, released, or remeasured. Changes in the fair value of the indemnification asset, if any, will be recorded in earnings in the same financial statement line item as the change in the related liability. As of June 30, 2026, there have been no changes in the estimated amount of indemnified tax exposure or the related asset.
Proper
On June 5, 2025, the Company closed the Proper Mergers contemplated by the Proper Merger Agreement. The Company analyzed the acquisition under ASU 2017-01,\u00a0Business Combinations (Topic 805): Clarifying the Definition of a Business and determined that the Proper Mergers should be accounted for as a business combination. Goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The goodwill arising from the Proper Mergers primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Proper, including growing the Company's customer base, acquiring assembled workforces, and expanding its presence in new and existing markets. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Proper | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 12.9 | |
Inventory | \u00a0 | 22.8 | |
Income tax receivable | 5.7 | ||
Receivables | 2.4 | ||
Other current assets | \u00a0 | 0.3 | |
Property and equipment | \u00a0 | 33.3 | |
Operating lease, right-of-use asset | \u00a0 | 9.0 | |
Indemnification asset | 6.2 | ||
Deposits | 0.1 | ||
Intangible assets, license | 48.6 | ||
Goodwill | \u00a0 | 26.4 | |
Total assets | \u00a0 | 167.7 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 25.3 | |
Right-of-use liability | \u00a0 | 9.0 | |
Long-term debt, net | 25.5 | ||
Deferred tax liabilities | 12.6 | ||
Uncertain tax liability | 14.9 | ||
Other long-term liabilities | 1.2 | ||
Total liabilities | 88.5 | ||
Net assets acquired | $ | 79.2 | |
Consideration: | |||
Share consideration | $ | 76.2 | |
Contingent consideration | 3.0 | ||
Total Consideration | $ | 79.2 |
The acquired intangible assets include cannabis licenses and developed technology which are treated as definite-lived intangible assets amortized over a\u00a015-year\u00a0useful life.
As of June 30, 2026, the Company recorded a contingent consideration liability of $3.5 million, which represents the estimated fair value of the potential earnout payments based on management\u2019s current projections of Adjusted EBITDA performance relative to the Closing EBITDA thresholds through the earn out measurement period ending December 31, 2026. The contingent consideration is classified as a Level 3 liability within the fair value hierarchy and is remeasured at each reporting date, with changes in fair value recognized in earnings. During the three and six months ended June 30, 2026, the Company recognized a gain of $3.7 million\u00a0and $0.4 million, respectively, related to the change in the fair value of contingent consideration in earnings related to the remeasurement of this liability.
As part of the Proper Mergers, the sellers contractually agreed to indemnify the Company for certain pre-closing liabilities, including those related to unpaid uncertain tax liabilities. On June 5, 2025, the Company recognized a liability of $14.9 million\u00a0for uncertain tax positions related to the pre-acquisition periods in accordance with ASC 740,\u00a0Income Taxes. Consistent with the provisions of ASC 805-20-25-27, the Company also recognized a corresponding indemnification asset of $6.2 million, measured on the same basis as the related liability, which represents the uncertain tax liability recognized of $14.9 million\u00a0less $5.7 million\u00a0of income taxes receivable and $3.0 million\u00a0of tax specific cash contributions from Proper.
The indemnification asset was classified as a non-current asset in the Company\u2019s condensed consolidated balance sheet as of June 30, 2026, and will be adjusted in future periods if the related liability is settled, released, or remeasured. Changes in the fair value of the indemnification asset, if any, will be recorded in earnings in the same financial statement line item
as the change in the related liability. As of June 30, 2026, there were no changes in the estimated amount of indemnified tax exposure or the related asset.
Deep Roots
On June 6, 2025, the Company closed the Deep Roots Merger contemplated by the Merger Agreement with Deep Roots (the \u201cDeep Roots Merger Agreement\u201d). The Company analyzed the acquisition under ASU 2017-01,\u00a0Business Combinations (Topic 805): Clarifying the Definition of a Business and determined that the Deep Roots Merger should be accounted for as a business combination. Goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The goodwill arising from the Deep Roots Merger primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Deep Roots, including growing the Company's customer base, acquiring assembled workforces, and expanding its presence in new and existing markets. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deep Roots | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 19.4 | |
Inventory | \u00a0 | 17.8 | |
Income tax receivable | 14.4 | ||
Receivables | 0.2 | ||
Other current assets | \u00a0 | 1.3 | |
Property and equipment | \u00a0 | 29.5 | |
Operating lease, right-of-use asset | \u00a0 | 24.6 | |
Indemnification asset | 8.5 | ||
Deposits | 0.3 | ||
Investments | \u00a0 | 6.0 | |
Intangible assets, license | 45.8 | ||
Goodwill | \u00a0 | 22.1 | |
Total assets | \u00a0 | 189.9 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 12.7 | |
Right-of-use liability | \u00a0 | 24.6 | |
Long-term debt, net | 19.2 | ||
Deferred tax liabilities | 5.1 | ||
Uncertain tax liability | 24.9 | ||
Total liabilities | \u00a0 | 86.5 | |
Net assets acquired | $ | 103.4 | |
Consideration: | |||
Share consideration | $ | 101.0 | |
Contingent consideration | \u00a0 | 2.4 | |
Total Consideration | $ | 103.4 |
The acquired intangible assets include cannabis licenses which are treated as definite-lived intangible assets amortized over a\u00a015-year\u00a0useful life.
As part of the Deep Roots Merger, the sellers contractually agreed to indemnify the Company for certain pre-closing liabilities, including those related to unpaid uncertain tax liabilities. On June 6, 2025, the Company recognized a liability of $24.9 million\u00a0for uncertain tax positions related to the pre-acquisition periods in accordance with ASC 740,\u00a0Income Taxes. Consistent with the provisions of ASC 805-20-25-27, the Company also recognized a corresponding
indemnification asset of $8.5 million, measured on the same basis as the related liability, which represents the uncertain tax liability recognized of $24.9 million\u00a0less $14.4 million\u00a0of income taxes receivable and $2.0 million\u00a0of tax specific cash contributions from Deep Roots.
As of June 30, 2026, the Company recorded a contingent consideration asset of $0.9 million, which represents the estimated fair value of the potential earnout payments based on management\u2019s current projections of Adjusted EBITDA performance relative to the Closing EBITDA thresholds through the earn out measurement period ending December 31, 2026. The contingent consideration is classified as a Level 3 liability within the fair value hierarchy and is remeasured at each reporting date, with changes in fair value recognized in earnings. During the three and six months ended June 30, 2026, the Company recognized a gain of $5.5 million\u00a0and $2.3 million, respectively, related to the change in the fair value of contingent consideration in earnings related to the remeasurement of this liability.
The indemnification asset was classified as a non-current asset in the Company\u2019s condensed consolidated balance sheet as of June 30, 2026, and will be adjusted in future periods if the related liability is settled, released, or remeasured. Changes in the fair value of the indemnification asset, if any, will be recorded in earnings in the same financial statement line item as the change in the related liability. As of June 30, 2026, there were no changes in the estimated amount of the indemnified tax exposure or the related asset.
Management Services Agreement with PharmaCann
On December 16, 2025, the Company entered into an Asset Purchase Agreement (the \u201cPharmaCann APA\u201d) with PharmaCann Inc. (\u201cPharmaCann\u201d) and certain of its subsidiaries.
In connection with the PharmaCann APA, VHC entered into a Management Services Agreement (the \u201cPharmaCann MSA\u201d), dated December 16, 2025, pursuant to which VHC agreed to provide certain management services to certain of PharmaCann\u2019s subsidiaries related to the dispensaries to be acquired.
The MSA became effective on March 22, 2026. For the three and six months ended June 30, 2026, the Company recognized management services income of $4.6 million and $4.9 million, respectively, which is included in the consolidated statement of loss and comprehensive loss.
In connection with the effectiveness of the MSA, on March 24, 2026, the Company delivered 3,024,691 subordinate voting shares from treasury into escrow with Odyssey Trust Company, as escrow agent. These shares are being held in escrow pending their potential release as consideration under the APA upon closing of the acquisition of the PharmaCann assets.
Although the Company is providing management services under the MSA and is entitled to certain economic benefits, the Company has not consolidated the results of the PharmaCann assets, as the acquisition contemplated by the PharmaCann APA had not yet closed as of June 30, 2026, and therefore the Company does not have control, as defined by GAAP, over the PharmaCann assets.
Change in Ownership of Vireo Health of New York LLC
On March\u00a031, 2026, Vireo Health Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (\u201cVireo Health\u201d), and Ace Venture of NY LLC (\u201cAce\u201d) entered into a Second Amended and Restated Limited Liability Company Operating Agreement (the \u201cOperating Agreement\u201d) of Vireo Health of New York LLC (\u201cVHNY\u201d), an indirect subsidiary of the Company.
Under the Operating Agreement, Ace holds 51% of the membership interests in VHNY, and Vireo Health holds the remaining 49% of the membership interests in VHNY. Under the Operating Agreement, distributions of available cash from VHNY are to be made first to Vireo Health until it has recovered specified amounts, including its initial contribution deemed to be $35 million, certain transaction expenses, any additional capital contributions, any additional operating losses, and $16 million of intercompany notes bearing an interest rate of 7%.
VHNY is managed by a two-person board of managers, with one manager designated by the Company and one manager designated by Ace, and certain major actions require unanimous board and/or member approval. In the event of a deadlock between the managers, the Company's Chief Financial Officer shall cast the deciding vote. The Operating Agreement also includes customary transfer restrictions, rights of first refusal and drag-along provisions, as well as dispute resolution and limitation of liability provisions.
Notwithstanding the reduction in its ownership interest from 100% to 49%, management has concluded that VHNY continues to meet the definition of a variable interest entity (\"VIE\") under GAAP, and that the Company, via Vireo Health, remains the primary beneficiary of VHNY based on its power to direct VHNY's most significant activities and its obligation to absorb losses and right to receive benefits that could be significant to VHNY. Accordingly, the Company continues to consolidate VHNY in its condensed consolidated financial statements.
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Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 6.9 | |
Inventory | \u00a0 | 10.5 | |
Receivables | 1.5 | ||
Other current assets | \u00a0 | 1.8 | |
Property and equipment | \u00a0 | 25.6 | |
Operating lease, right-of-use asset | \u00a0 | 64.3 | |
Deposits | 1.5 | ||
Indemnified Tax Asset | 23.0 | ||
Deferred tax asset | 0.8 | ||
Intangible assets | 9.9 | ||
Goodwill | \u00a0 | 13.7 | |
Total assets | \u00a0 | 159.5 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 27.0 | |
Right-of-use liability | \u00a0 | 64.3 | |
Uncertain tax liability | 23.0 | ||
Total liabilities | 114.3 | ||
Net assets acquired | $ | 45.2 | |
Consideration: | |||
Share consideration | $ | 35.7 | |
Contingent consideration | 9.5 | ||
Total Consideration | $ | 45.2 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Hawthorne | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 35.0 | |
Inventory | \u00a0 | 50.4 | |
Receivables | 23.4 | ||
Inventory supply agreement asset | 21.1 | ||
Prepaid expenses and other current assets | \u00a0 | 4.9 | |
Property and equipment | \u00a0 | 7.7 | |
Operating lease, right-of-use asset | \u00a0 | 12.0 | |
Intangible assets | 6.9 | ||
Total assets | \u00a0 | 161.4 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 14.6 | |
Deferred tax liabilities | 8.2 | ||
Right-of-use liability | \u00a0 | 12.0 | |
Total liabilities | 34.8 | ||
Net assets acquired | $ | 126.6 | |
Consideration: | |||
Share and warrant consideration | $ | 104.9 | |
Bargain purchase gain | 21.7 | ||
Total Consideration | $ | 126.6 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Bridgewell | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 1.6 | |
Restricted cash | 0.4 | ||
Inventory | \u00a0 | 10.0 | |
Receivables | 10.1 | ||
Other current assets | \u00a0 | 5.7 | |
Property and equipment | \u00a0 | 0.2 | |
Operating lease, right-of-use asset | \u00a0 | 2.4 | |
Intangible assets | 12.2 | ||
Goodwill | \u00a0 | 21.8 | |
Total assets | \u00a0 | 64.4 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 16.6 | |
Right-of-use liability | \u00a0 | 2.4 | |
Long-term debt, net | 31.1 | ||
Total liabilities | 50.1 | ||
Net assets acquired | $ | 14.3 | |
Consideration: | |||
Convertible debt | $ | 14.3 | |
Total Consideration | $ | 14.3 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Vireo Health of Rocky Mountain | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 18.2 | |
Inventory | \u00a0 | 14.4 | |
Receivables | 1.4 | ||
Other current assets | \u00a0 | 0.6 | |
Property and equipment | \u00a0 | 10.5 | |
Operating lease, right-of-use asset | \u00a0 | 31.6 | |
Deposits | 1.1 | ||
Intangible assets, license | 78.7 | ||
Goodwill | \u00a0 | 38.2 | |
Total assets | \u00a0 | 194.7 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 12.6 | |
Right-of-use liability | \u00a0 | 31.6 | |
Long-term debt, net | 72.5 | ||
Total liabilities | 116.7 | ||
Net assets acquired | $ | 78.0 | |
Consideration: | |||
Notes receivable exchanged for net assets | $ | 78.0 | |
Total Consideration | $ | 78.0 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Wholesome | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 7.0 | |
Inventory | \u00a0 | 8.7 | |
Receivables | 1.1 | ||
Other current assets | \u00a0 | 0.9 | |
Income tax receivable | 0.3 | ||
Property and equipment | \u00a0 | 9.4 | |
Operating lease, right-of-use asset | \u00a0 | 10.2 | |
Indemnification asset | 11.0 | ||
Deposits | 0.5 | ||
Intangible assets, license | \u00a0 | 14.2 | |
Intangible assets, developed technology | 4.6 | ||
Goodwill | \u00a0 | 39.0 | |
Total assets | \u00a0 | 106.9 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 6.8 | |
Right-of-use liability | \u00a0 | 10.2 | |
Long-term debt, net | 9.6 | ||
Deferred tax liabilities | 5.9 | ||
Uncertain tax liability | 13.3 | ||
Total liabilities | 45.8 | ||
Net assets acquired | $ | 61.1 | |
Consideration: | |||
Share consideration | $ | 51.7 | |
Contingent consideration | 9.4 | ||
Total Consideration | $ | 61.1 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Proper | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 12.9 | |
Inventory | \u00a0 | 22.8 | |
Income tax receivable | 5.7 | ||
Receivables | 2.4 | ||
Other current assets | \u00a0 | 0.3 | |
Property and equipment | \u00a0 | 33.3 | |
Operating lease, right-of-use asset | \u00a0 | 9.0 | |
Indemnification asset | 6.2 | ||
Deposits | 0.1 | ||
Intangible assets, license | 48.6 | ||
Goodwill | \u00a0 | 26.4 | |
Total assets | \u00a0 | 167.7 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 25.3 | |
Right-of-use liability | \u00a0 | 9.0 | |
Long-term debt, net | 25.5 | ||
Deferred tax liabilities | 12.6 | ||
Uncertain tax liability | 14.9 | ||
Other long-term liabilities | 1.2 | ||
Total liabilities | 88.5 | ||
Net assets acquired | $ | 79.2 | |
Consideration: | |||
Share consideration | $ | 76.2 | |
Contingent consideration | 3.0 | ||
Total Consideration | $ | 79.2 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deep Roots | ||
Assets | \u00a0 | \u00a0\u00a0\u200b | |
Cash and cash equivalents | $ | 19.4 | |
Inventory | \u00a0 | 17.8 | |
Income tax receivable | 14.4 | ||
Receivables | 0.2 | ||
Other current assets | \u00a0 | 1.3 | |
Property and equipment | \u00a0 | 29.5 | |
Operating lease, right-of-use asset | \u00a0 | 24.6 | |
Indemnification asset | 8.5 | ||
Deposits | 0.3 | ||
Investments | \u00a0 | 6.0 | |
Intangible assets, license | 45.8 | ||
Goodwill | \u00a0 | 22.1 | |
Total assets | \u00a0 | 189.9 | |
Liabilities | \u00a0 | \u00a0\u00a0\u200b | |
Accounts payable and accrued liabilities | \u00a0 | 12.7 | |
Right-of-use liability | \u00a0 | 24.6 | |
Long-term debt, net | 19.2 | ||
Deferred tax liabilities | 5.1 | ||
Uncertain tax liability | 24.9 | ||
Total liabilities | \u00a0 | 86.5 | |
Net assets acquired | $ | 103.4 | |
Consideration: | |||
Share consideration | $ | 101.0 | |
Contingent consideration | \u00a0 | 2.4 | |
Total Consideration | $ | 103.4 |
4. Fair Value Measurements
The Company complies with ASC 820, Fair Value Measurements, for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.
Items measured at fair value on a non-recurring basis
The Company's non-financial assets, such as prepayments and other current assets, long-lived assets, including property and equipment, and intangible assets, are tested for impairment when indicators of impairment exist and are recorded at fair value only if an impairment charge is recognized. No impairment charges were recorded for the three and six months ended June 30, 2026 or 2025.
The carrying value of the Company's marketable securities, accounts receivable, notes receivable, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature. The carrying value of the Company's long-term debt and convertible debt approximates fair value, using Level 2 inputs, as they bear a market rate of interest.
Restricted cash consists of cash balances that are legally or contractually restricted as to withdrawal or use. The carrying amount approximates fair value due to the short-term nature of the deposits.
The Company's derivative liability, warrants held, contingent consideration, and investments are measured at fair value on a recurring basis using Level 3 inputs, given there is no market activity for these assets and liabilities.
"}]},{"name":"rpt:f-805","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-806","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-807","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-808","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2026-04-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-809","factDimensions":{"xbrl:concept":"us-gaap:AccountsAndNontradeReceivableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"5. Accounts Receivable
Trade receivables as of June 30, 2026 and December 31, 2025 were comprised of the following items:
June 30, | December 31, | |||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Trade receivables, net - cannabis | $ | 18.2 | $ | 12.7 | ||
Trade receivables, net - non-cannabis | 37.0 | \u2014 | ||||
Other | \u00a0 | 8.7 | \u00a0 | 1.1 | ||
Total | $ | 63.9 | $ | 13.8 |
Included in the trade receivables, net balance at June 30, 2026, and December 31, 2025, was an allowance for credit losses of $2.4 million\u00a0and $1.3 million, respectively.\u00a0
"}]},{"name":"rpt:f-810","factDimensions":{"xbrl:concept":"vreof:ScheduleOfTradeReceivablesDisclosureTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"June 30, | December 31, | |||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Trade receivables, net - cannabis | $ | 18.2 | $ | 12.7 | ||
Trade receivables, net - non-cannabis | 37.0 | \u2014 | ||||
Other | \u00a0 | 8.7 | \u00a0 | 1.1 | ||
Total | $ | 63.9 | $ | 13.8 |
6. Inventory
Inventory as of June 30, 2026 and December 31, 2025 was comprised of the following items:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Work-in-progress | $ | 36.3 | $ | 31.0 | ||
Finished goods | \u00a0 | 46.4 | \u00a0 | 19.6 | ||
Non-cash fair value step up | 3.6 | \u2014 | ||||
Production supplies | 11.7 | 9.4 | ||||
Non-cannabis inventory | \u00a0 | 51.4 | \u00a0 | \u2014 | ||
Total | $ | 149.4 | $ | 60.0 |
In connection with the closing of the various acquisitions described in Note 3, the Company recorded the acquired inventories at their estimated fair values in accordance with ASC 805, Business Combinations. Fair value represents the estimated selling price of the acquired inventory, less the expected costs to sell the inventory.
The estimated fair value of the inventory exceeded cost, resulting in a fair value step-up adjustment to acquired inventories totaling $6.5 million. During the three months ended June 30, 2026 and 2025, $2.7 million and $4.2 million, respectively, of amortization associated with this fair value step-up was recorded. During the six months ended June 30, 2026 and 2025, $3.0 million and $4.2 million, respectively, of amortization associated with this fair value step-up was recorded. This amortization was recorded to cost of sales in the consolidated statement of loss and comprehensive loss for the three and six month periods ended June 30, 2026.
"}]},{"name":"rpt:f-821","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Work-in-progress | $ | 36.3 | $ | 31.0 | ||
Finished goods | \u00a0 | 46.4 | \u00a0 | 19.6 | ||
Non-cash fair value step up | 3.6 | \u2014 | ||||
Production supplies | 11.7 | 9.4 | ||||
Non-cannabis inventory | \u00a0 | 51.4 | \u00a0 | \u2014 | ||
Total | $ | 149.4 | $ | 60.0 |
7. Property and Equipment, Net
As of June 30, 2026 and December 31, 2025, the Company\u2019s property and equipment, net consisted of the following:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Land | $ | 7.7 | $ | 1.8 | ||
Buildings and leasehold improvements | \u00a0 | 196.5 | \u00a0 | 91.7 | ||
Furniture and equipment | \u00a0 | 48.9 | \u00a0 | 27.9 | ||
Software | \u00a0 | 1.1 | \u00a0 | 0.1 | ||
Vehicles | \u00a0 | 3.3 | \u00a0 | 2.9 | ||
Construction-in-progress | \u00a0 | 54.3 | \u00a0 | 33.6 | ||
Right of use asset under finance lease | \u00a0 | 6.6 | \u00a0 | 87.8 | ||
\u00a0 | 318.4 | \u00a0 | 245.8 | |||
Less: accumulated depreciation | \u00a0 | (37.7) | \u00a0 | (28.3) | ||
Total | $ | 280.7 | $ | 217.5 |
For the six months ended June 30, 2026 and 2025, total depreciation on property and equipment was $9.9 million and $1.9 million, respectively. For the three months ended June 30, 2026 and 2025, total depreciation on property and equipment was $5.9 million and $1.3 million, respectively. The Company capitalized $7.1 million and $1.4 million into inventory relating to depreciation associated with manufacturing equipment and production facilities for the six months ended June 30, 2026 and 2025, respectively, and $4.2 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively. The associated capitalized depreciation costs are added to inventory and expensed as cost of sales when the product is sold.
As of each of June 30, 2026 and 2025, in conjunction with the Company\u2019s held for sale assessment and disposal of certain long-lived assets, the Company evaluated whether property and equipment showed any indicators of impairment, and it was determined that the recoverable amount of certain net assets was above book value. As a result, the Company recorded no impairment charge\u00a0on property and equipment, net.
"}]},{"name":"rpt:f-838","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Land | $ | 7.7 | $ | 1.8 | ||
Buildings and leasehold improvements | \u00a0 | 196.5 | \u00a0 | 91.7 | ||
Furniture and equipment | \u00a0 | 48.9 | \u00a0 | 27.9 | ||
Software | \u00a0 | 1.1 | \u00a0 | 0.1 | ||
Vehicles | \u00a0 | 3.3 | \u00a0 | 2.9 | ||
Construction-in-progress | \u00a0 | 54.3 | \u00a0 | 33.6 | ||
Right of use asset under finance lease | \u00a0 | 6.6 | \u00a0 | 87.8 | ||
\u00a0 | 318.4 | \u00a0 | 245.8 | |||
Less: accumulated depreciation | \u00a0 | (37.7) | \u00a0 | (28.3) | ||
Total | $ | 280.7 | $ | 217.5 |
8. Leases
Components of the Company\u2019s lease expenses for the three and six months periods ended June 30, 2026 and 2025 are listed below:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Six Months Ended | Three Months Ended | ||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | ||||||
Finance lease cost | \u00a0\u00a0\u200b | \u00a0 | \u00a0\u00a0\u200b | \u00a0 | \u00a0\u00a0\u200b | |||||||
Depreciation of ROU assets | $ | 2.1 | $ | 0.2 | $ | 0.8 | $ | 0.1 | ||||
Interest on lease liabilities | \u00a0 | 6.1 | \u00a0 | 7.2 | \u00a0 | 2.6 | \u00a0 | 3.6 | ||||
Operating lease costs | \u00a0 | 10.9 | \u00a0 | 1.8 | \u00a0 | 8.4 | \u00a0 | 1.3 | ||||
Total lease costs | $ | 19.1 | $ | 9.2 | $ | 11.8 | $ | 5.0 |
Future minimum lease payments (principal and interest) on the leases are as follows:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Operating\u00a0Leases | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Finance\u00a0Leases | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | |||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total | ||||
2026 | $ | 15.0 | $ | 1.0 | $ | 16.0 | |||
2027 | \u00a0 | 28.0 | \u00a0 | 2.0 | \u00a0 | 30.0 | |||
2028 | \u00a0 | 27.0 | \u00a0 | 2.1 | \u00a0 | 29.1 | |||
2029 | \u00a0 | 23.4 | \u00a0 | 2.1 | \u00a0 | 25.6 | |||
2030 | \u00a0 | 21.8 | \u00a0 | 2.2 | \u00a0 | 24.0 | |||
Thereafter | \u00a0 | 153.4 | \u00a0 | 24.6 | \u00a0 | 178.0 | |||
Total minimum lease payments | $ | 268.7 | $ | 34.0 | $ | 302.7 | |||
Less discount to net present value | (114.1) | \u00a0 | (25.2) | \u00a0 | (139.3) | ||||
Present value of lease liability | $ | 154.6 | $ | 8.8 | $ | 163.4 |
The Company has entered into various lease agreements for the use of buildings used in the production and retail sales of cannabis products.
Supplemental cash flow information related to the Company\u2019s leases for the three and six months ended June 30, 2026 and 2025 is detailed below:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Six Months Ended | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Three Months Ended | |||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | |||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||||
Cash paid for amounts included in the measurement of lease liabilities: | \u00a0\u00a0\u200b | \u00a0 | \u00a0\u00a0\u200b | \u00a0\u00a0\u200b | \u00a0 | \u00a0\u00a0\u200b | ||||||
Operating cash flows from principal payments of operating leases | $ | 4.4 | $ | 0.8 | $ | 3.1 | $ | 0.4 | ||||
Operating cash flows from amortization of operating leases | \u00a0 | 5.2 | \u00a0 | 0.9 | \u00a0 | 4.1 | \u00a0 | 0.7 | ||||
Financing cash flows from finance leases | 0.1 | \u2014 | $ | \u2014 | \u2014 | |||||||
Non-cash additions to operating ROU assets | \u00a0 | 0.3 | \u00a0 | 0.3 | \u00a0 | \u2014 | \u00a0 | 0.3 |
Other information about the Company\u2019s lease amounts as of June 30, 2026 and 2025 is recognized in the financial statements and outlined below:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | \u00a0 | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | \u00a0 | ||
Weighted-average remaining lease term (years) \u2013 operating leases | 10.53 | \u00a0 | 7.33 | |||
Weighted-average remaining lease term (years) \u2013 finance leases | 13.84 | \u00a0 | 15.59 | |||
Weighted-average discount rate \u2013 operating leases | 10.43 | %\u00a0\u00a0 | 10.93 | % | ||
Weighted-average discount rate \u2013 finance leases | 24.29 | %\u00a0\u00a0 | 16.19 | % |
"}]},{"name":"rpt:f-870","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Six Months Ended | Three Months Ended | ||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | ||||||
Finance lease cost | \u00a0\u00a0\u200b | \u00a0 | \u00a0\u00a0\u200b | \u00a0 | \u00a0\u00a0\u200b | |||||||
Depreciation of ROU assets | $ | 2.1 | $ | 0.2 | $ | 0.8 | $ | 0.1 | ||||
Interest on lease liabilities | \u00a0 | 6.1 | \u00a0 | 7.2 | \u00a0 | 2.6 | \u00a0 | 3.6 | ||||
Operating lease costs | \u00a0 | 10.9 | \u00a0 | 1.8 | \u00a0 | 8.4 | \u00a0 | 1.3 | ||||
Total lease costs | $ | 19.1 | $ | 9.2 | $ | 11.8 | $ | 5.0 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Operating\u00a0Leases | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Finance\u00a0Leases | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | |||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total | ||||
2026 | $ | 15.0 | $ | 1.0 | $ | 16.0 | |||
2027 | \u00a0 | 28.0 | \u00a0 | 2.0 | \u00a0 | 30.0 | |||
2028 | \u00a0 | 27.0 | \u00a0 | 2.1 | \u00a0 | 29.1 | |||
2029 | \u00a0 | 23.4 | \u00a0 | 2.1 | \u00a0 | 25.6 | |||
2030 | \u00a0 | 21.8 | \u00a0 | 2.2 | \u00a0 | 24.0 | |||
Thereafter | \u00a0 | 153.4 | \u00a0 | 24.6 | \u00a0 | 178.0 | |||
Total minimum lease payments | $ | 268.7 | $ | 34.0 | $ | 302.7 | |||
Less discount to net present value | (114.1) | \u00a0 | (25.2) | \u00a0 | (139.3) | ||||
Present value of lease liability | $ | 154.6 | $ | 8.8 | $ | 163.4 |
"}]},{"name":"rpt:f-888","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Operating\u00a0Leases | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Finance\u00a0Leases | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | |||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total | ||||
2026 | $ | 15.0 | $ | 1.0 | $ | 16.0 | |||
2027 | \u00a0 | 28.0 | \u00a0 | 2.0 | \u00a0 | 30.0 | |||
2028 | \u00a0 | 27.0 | \u00a0 | 2.1 | \u00a0 | 29.1 | |||
2029 | \u00a0 | 23.4 | \u00a0 | 2.1 | \u00a0 | 25.6 | |||
2030 | \u00a0 | 21.8 | \u00a0 | 2.2 | \u00a0 | 24.0 | |||
Thereafter | \u00a0 | 153.4 | \u00a0 | 24.6 | \u00a0 | 178.0 | |||
Total minimum lease payments | $ | 268.7 | $ | 34.0 | $ | 302.7 | |||
Less discount to net present value | (114.1) | \u00a0 | (25.2) | \u00a0 | (139.3) | ||||
Present value of lease liability | $ | 154.6 | $ | 8.8 | $ | 163.4 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Six Months Ended | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Three Months Ended | |||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | |||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||||
Cash paid for amounts included in the measurement of lease liabilities: | \u00a0\u00a0\u200b | \u00a0 | \u00a0\u00a0\u200b | \u00a0\u00a0\u200b | \u00a0 | \u00a0\u00a0\u200b | ||||||
Operating cash flows from principal payments of operating leases | $ | 4.4 | $ | 0.8 | $ | 3.1 | $ | 0.4 | ||||
Operating cash flows from amortization of operating leases | \u00a0 | 5.2 | \u00a0 | 0.9 | \u00a0 | 4.1 | \u00a0 | 0.7 | ||||
Financing cash flows from finance leases | 0.1 | \u2014 | $ | \u2014 | \u2014 | |||||||
Non-cash additions to operating ROU assets | \u00a0 | 0.3 | \u00a0 | 0.3 | \u00a0 | \u2014 | \u00a0 | 0.3 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | \u00a0 | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | \u00a0 | ||
Weighted-average remaining lease term (years) \u2013 operating leases | 10.53 | \u00a0 | 7.33 | |||
Weighted-average remaining lease term (years) \u2013 finance leases | 13.84 | \u00a0 | 15.59 | |||
Weighted-average discount rate \u2013 operating leases | 10.43 | %\u00a0\u00a0 | 10.93 | % | ||
Weighted-average discount rate \u2013 finance leases | 24.29 | %\u00a0\u00a0 | 16.19 | % |
"}]},{"name":"rpt:f-930","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P10Y6M10D"}]},{"name":"rpt:f-931","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P7Y3M29D"}]},{"name":"rpt:f-932","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P13Y10M2D"}]},{"name":"rpt:f-933","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P15Y7M2D"}]},{"name":"rpt:f-934","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.1043","decimals":4}]},{"name":"rpt:f-935","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.1093","decimals":4}]},{"name":"rpt:f-936","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.2429","decimals":4}]},{"name":"rpt:f-937","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.1619","decimals":4}]},{"name":"rpt:f-938","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
9. Goodwill and Intangibles
Intangibles
Intangible assets as of June 30, 2026 and December 31, 2025 were comprised of the following items:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Licenses & Trademarks | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Developed Technology | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total | ||||
Balance, December\u00a031,\u00a02024 | $ | 7.9 | $ | \u2014 | \u00a0 | $ | 7.9 | ||
Acquisitions | 108.5 | 4.7 | 113.2 | ||||||
Assets moved out of held for sale | 0.3 | \u2014 | 0.3 | ||||||
Capitalization of internally generated software costs | \u2014 | 1.9 | 1.9 | ||||||
Amortization | \u00a0 | (5.1) | \u00a0 | (0.7) | \u00a0 | \u00a0 | (5.8) | ||
Balance, December\u00a031,\u00a02025 | $ | 111.6 | $ | 5.9 | \u00a0 | $ | 117.5 | ||
Acquisitions (Note 3) | 104.5 | 3.2 | 107.7 | ||||||
Capitalization of internally generated software costs | \u2014 | 0.6 | 0.6 | ||||||
Amortization | \u00a0 | (6.8) | \u00a0 | (0.3) | \u00a0 | \u00a0 | (7.1) | ||
Balance, June 30, 2026 | $ | 209.3 | $ | 9.4 | \u00a0 | $ | 218.7 |
The following table outlines the estimated annual amortization expense for the next five years related to intangible assets as of June 30, 2026:
2026 | $ | 9.0 | |
2027 | 18.0 | ||
2028 | 17.9 | ||
2029 | 17.8 | ||
2030 | 17.2 | ||
2031 | 16.4 | ||
Thereafter | 122.4 | ||
Total | $ | 218.7 |
Goodwill
The following table shows the change in the carrying amount of goodwill:
Goodwill - December 31, 2024 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | $ | \u2014 |
Acquisitions (Note 3) | 87.5 | ||
Goodwill - December 31, 2025 | 87.5 | ||
Acquisitions (Note 3) | \u00a0 | 73.6 | |
Goodwill - June 30, 2026 | $ | 161.1 |
The Company evaluates goodwill for impairment at least annually, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. For the year ended December 31, 2025, the Company performed a qualitative assessment and concluded that it was more likely than not that the fair value of its cannabis segment exceeded the carrying amount. Accordingly, the Company determined that it was not necessary to perform a quantitative goodwill impairment test as of that date, and no impairment was recognized.
For the three and six months ended June 30, 2026, the Company evaluated whether any events or changes in circumstances occurred that would indicate it is more likely than not that goodwill is impaired. Based on this evaluation, the Company concluded that no such triggering events or circumstances existed as of June 30, 2026, and therefore no interim quantitative impairment test was performed and no impairment was recognized during the period.
"}]},{"name":"rpt:f-939","factDimensions":{"xbrl:concept":"vreof:ScheduleOfFiniteLivedAndIndefiniteLivedIntangibleAssetsByMajorClassTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Licenses & Trademarks | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Developed Technology | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total | ||||
Balance, December\u00a031,\u00a02024 | $ | 7.9 | $ | \u2014 | \u00a0 | $ | 7.9 | ||
Acquisitions | 108.5 | 4.7 | 113.2 | ||||||
Assets moved out of held for sale | 0.3 | \u2014 | 0.3 | ||||||
Capitalization of internally generated software costs | \u2014 | 1.9 | 1.9 | ||||||
Amortization | \u00a0 | (5.1) | \u00a0 | (0.7) | \u00a0 | \u00a0 | (5.8) | ||
Balance, December\u00a031,\u00a02025 | $ | 111.6 | $ | 5.9 | \u00a0 | $ | 117.5 | ||
Acquisitions (Note 3) | 104.5 | 3.2 | 107.7 | ||||||
Capitalization of internally generated software costs | \u2014 | 0.6 | 0.6 | ||||||
Amortization | \u00a0 | (6.8) | \u00a0 | (0.3) | \u00a0 | \u00a0 | (7.1) | ||
Balance, June 30, 2026 | $ | 209.3 | $ | 9.4 | \u00a0 | $ | 218.7 |
2026 | $ | 9.0 | |
2027 | 18.0 | ||
2028 | 17.9 | ||
2029 | 17.8 | ||
2030 | 17.2 | ||
2031 | 16.4 | ||
Thereafter | 122.4 | ||
Total | $ | 218.7 |
Goodwill - December 31, 2024 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | $ | \u2014 |
Acquisitions (Note 3) | 87.5 | ||
Goodwill - December 31, 2025 | 87.5 | ||
Acquisitions (Note 3) | \u00a0 | 73.6 | |
Goodwill - June 30, 2026 | $ | 161.1 |
10. Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities as of June 30, 2026 and December 31, 2025 were comprised of the following items:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Accounts payable \u2013 trade | $ | 55.8 | $ | 19.0 | ||
Sales, use, and excise taxes payable | 12.7 | 5.7 | ||||
Accrued compensation and benefits | 17.4 | 8.8 | ||||
Accrued transaction, interest, and other expenses | \u00a0 | 33.9 | \u00a0 | 12.1 | ||
Contract liability | \u00a0 | 5.3 | \u00a0 | 4.7 | ||
Total accounts payable and accrued liabilities | $ | 125.1 | $ | 50.3 |
"}]},{"name":"rpt:f-983","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Accounts payable \u2013 trade | $ | 55.8 | $ | 19.0 | ||
Sales, use, and excise taxes payable | 12.7 | 5.7 | ||||
Accrued compensation and benefits | 17.4 | 8.8 | ||||
Accrued transaction, interest, and other expenses | \u00a0 | 33.9 | \u00a0 | 12.1 | ||
Contract liability | \u00a0 | 5.3 | \u00a0 | 4.7 | ||
Total accounts payable and accrued liabilities | $ | 125.1 | $ | 50.3 |
"}]},{"name":"rpt:f-984","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableTradeCurrent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"55800000","decimals":-5}]},{"name":"rpt:f-985","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableTradeCurrent","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19000000","decimals":-5}]},{"name":"rpt:f-986","factDimensions":{"xbrl:concept":"us-gaap:SalesAndExciseTaxPayableCurrent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12700000","decimals":-5}]},{"name":"rpt:f-987","factDimensions":{"xbrl:concept":"us-gaap:SalesAndExciseTaxPayableCurrent","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5700000","decimals":-5}]},{"name":"rpt:f-988","factDimensions":{"xbrl:concept":"us-gaap:EmployeeRelatedLiabilitiesCurrent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17400000","decimals":-5}]},{"name":"rpt:f-989","factDimensions":{"xbrl:concept":"us-gaap:EmployeeRelatedLiabilitiesCurrent","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8800000","decimals":-5}]},{"name":"rpt:f-990","factDimensions":{"xbrl:concept":"vreof:AccruedTransactionInterestAndOtherExpensesCurrent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33900000","decimals":-5}]},{"name":"rpt:f-991","factDimensions":{"xbrl:concept":"vreof:AccruedTransactionInterestAndOtherExpensesCurrent","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12100000","decimals":-5}]},{"name":"rpt:f-992","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityCurrent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5300000","decimals":-5}]},{"name":"rpt:f-993","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityCurrent","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4700000","decimals":-5}]},{"name":"rpt:f-994","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"125100000","decimals":-5}]},{"name":"rpt:f-995","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"50300000","decimals":-5}]},{"name":"rpt:f-996","factDimensions":{"xbrl:concept":"vreof:LongTermDebtExcludingConvertibleDebtTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
11. Long-Term Debt
First Lien Term Loan and Chicago Atlantic Term Loan
On July\u00a03, 2025, the Company entered into a Loan and Security Agreement (the \u201cFirst Lien Term Loan\u201d), effective July\u00a07, 2025, with East West Bank, a California banking corporation (\u201cEast West Bank\u201d), as Administrative Agent (the \u201cAdministrative Agent\u201d), and Western Alliance Bank, an Arizona corporation, as co-administrative agent (the \u201cCo-Admin Agent\u201d).
The First Lien Term Loan provides for an aggregate principal amount of $120 million. The aggregate principal amount of the First Lien Term Loan amortizes in quarterly installments of $3 million. The Company will make such quarterly amortization payments commencing on December\u00a031, 2025 and on the last business day of each quarter thereafter through and including July 3, 2028. Upon maturity of the First Lien Term Loan on July\u00a031, 2028, the remaining outstanding principal amount of the First Lien Term Loan, and all accrued and unpaid interest thereon, will be due and payable in full. The First Lien Term Loan bears interest at the one-month Term Secured Overnight Financing Rate (subject to a 3% floor) plus 4% per annum. The First Lien Term Loan shall, at the Administrative Agent\u2019s option, convert to a Prime Rate Loan at the end of the First Lien Term Loan\u2019s current one-month interest period if an event of default shall occur and be continuing, at which time an additional 2% of default interest will also be applicable to the First Lien Term Loan.
On July\u00a03, 2025, the Company entered into a secured term loan (the \u201cChicago Atlantic Term Loan\u201d), effective July\u00a07, 2025, with Chicago Atlantic Opportunity Finance, LLC, as a Lender (the \u201cLender\u201d), Chicago Atlantic Admin, LLC, as Administrative Agent and Collateral Agent (\u201c2L Agent\u201d) and Chicago Atlantic Credit Advisers, LLC, as Lead Arranger (\u201cLead Arranger\u201d).
\u00a0
The Chicago Atlantic Term Loan provides for a principal amount of $33 million to be loaned to the Company along with a $50 million accordion feature, available to support future strategic initiatives, subject to the sole discretion of the Lender and 2L Agent. Amortization payments are due and payable monthly on each payment date in an amount equal to 1% of the loan amount starting November 30, 2025. All unpaid and accrued interest is due and payable on the maturity date of October 2, 2028, with an option to extend for an additional year subject to a 1% extension fee of all loans advanced by lenders under the Chicago Atlantic Term Loan. The Chicago Atlantic Term Loan bears interest at the Prime Rate (subject to a 7.5% floor) plus 5.5% per annum.
The First Lien Term Loan is secured by a perfected first priority security interest in all assets and future assets of the Company. The Chicago Atlantic Term Loan is secured by a second priority security interest in and lien on all existing assets and future assets of the Company.
The proceeds from the First Lien Term Loan and Chicago Atlantic Term Loan were used to retire all of the Company\u2019s existing debt obligations, including the debt arising from acquisitions, including the Mergers.
Long-Term Debt Arising from the purchase of New York Property
On May 26, 2026, the Company's subsidiary, 256 County Route 117 Perth LLC (\"Perth Property Buyer\"), completed the acquisition of a 389,000 square foot cannabis cultivation and production facility located in Perth, New York (the \"Perth Property\") from IIP-NY 2 LLC, a subsidiary of Innovative Industrial Properties, Inc. (\"IIP\"), for an aggregate purchase price of $90.2 million. The Perth Property was previously leased by VHNY from IIP under a finance lease arrangement. In connection with the acquisition, VHNY\u2019s existing lease for the Perth Property was terminated, and the Company derecognized the related right-of-use asset and lease liability.
In connection with the acquisition, Buyer entered into a term loan with IIP in the original principal amount of $49.0 million (the \"Seller Note\"). The Seller Note bears interest at 15% per annum, payable monthly on an interest-only basis, and has an initial maturity date of May 25, 2027, with two extension options, which the Company intends to exercise, available to the Perth Property Buyer upon payment of a 1.0% extension fee and absence of an uncured event of default. The Seller Note is secured by a first-priority mortgage on the Property and is unconditionally guaranteed by the Company.
Concurrently, Buyer entered into a term loan with Chicago Atlantic Lincoln, LLC in the original principal amount of $41.0 million (the \"Chicago Atlantic Perth Loan\"), bearing interest at plus 5.75% per annum and maturing on May 28, 2028. The Chicago Atlantic Perth Loan is secured by a second-priority mortgage on the Perth Property, subordinated to the Seller Note pursuant to an intercreditor agreement, and is guaranteed by Vireo Health. The Chicago Atlantic Perth Loan permits voluntary prepayment subject to a make-whole premium
Long-Term Debt Arising from Vireo Health of Rocky Mountain
On February 27, 2026, CO Acquisition was acquired by VHC pursuant to a membership interest purchase agreement. In connection with the closing of this acquisition, the Company became obligated under $28.2 million of notes payable due to Chicago Atlantic Admin, LLC. The outstanding principal balance bears interest at a fixed rate of 20.0% per annum and matures on December 31, 2029. The default rate of interest is equal to the interest rate\u00a0plus\u00a010.0% per annum. All interest accrued until June 3, 2026 is payable in kind. Thereafter, interest will be paid monthly. If the loans are prepaid in an amount equal to $16 million or more or accelerated on or before March 30, 2027, the borrowers must pay a make-whole amount equal to all interest that would have accrued through March 30, 2027. The notes were repaid during the six months ended June 30, 2026.
In connection with the closing of the Asset Sale, the Company became obligated under $44.3 million of notes payable due to Chicago Atlantic Financial Services, LLC. The unpaid principal amounts outstanding bear interest at a rate of 12%, payable monthly in cash and mature on December 31, 2031. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
Long-Term debt Arising from the Bridgewell Acquisition
In connection with the acquisition of Bridgewell, the Company assumed a Loan and Security Agreement (the \"Bridgewell Credit Facility\") dated April 21, 2026, by and among Agribusiness Holdings Limited Partnership, BWAB Holdings, LLC, and Bridgewell Agribusiness LLC, as borrowers, the lenders party thereto, and Chicago Atlantic Financial Services, LLC, as administrative agent. The Bridgewell Credit Facility provides for term loans in an aggregate principal amount of up to $22.0 million, all of which was funded on the closing date. Borrowings under the Bridgewell Credit Facility bear interest at a fixed cash rate of 12.0% per annum, payable monthly in arrears. The facility matures on August 19, 2026.
In connection with the Bridgewell Acquisition, the Company also assumed five subordinated promissory notes with an aggregate principal balance of approximately $9.1 million, bearing interest at rates ranging from 7% to 15% per annum and maturing on December 31, 2026 or December 31, 2027. These notes are subordinated to the Bridgewell Credit Facility in right of payment.
The following table shows a summary of the Company\u2019s long-term debt as of June 30, 2026 and December 31, 2025:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
First lien term loan | $ | 106.7 | $ | 112.7 | ||
Chicago Atlantic term loans | 74.7 | 31.2 | ||||
Mortgage notes | 87.1 | \u2014 | ||||
Bridgewell notes | 29.7 | |||||
Other notes | 0.6 | \u2014 | ||||
Total long-term debt | \u00a0 | 298.8 | \u00a0 | 143.9 | ||
Less: current portion | \u00a0 | 41.6 | \u00a0 | 16.3 | ||
Total long-term debt, net of current portion | $ | 257.2 | $ | 127.6 |
Unless otherwise specified, all deferred financing costs are treated as a contra-liability, to be netted against the outstanding loan balance and amortized over the remaining life of the loan. As of June 30, 2026 and December 31, 2025, $7.5 million\u00a0and $5.8 million of deferred financing costs remained unamortized, respectively.
As of June 30, 2026, stated maturities of long-term debt were as follows:
2026 | $ | 33.6 | |
2027 | 20.1 | ||
2028 | 207.9 | ||
2029 | 0.4 | ||
2030 | \u2014 | ||
2031 | 44.3 | ||
Total | $ | 306.3 |
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\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
First lien term loan | $ | 106.7 | $ | 112.7 | ||
Chicago Atlantic term loans | 74.7 | 31.2 | ||||
Mortgage notes | 87.1 | \u2014 | ||||
Bridgewell notes | 29.7 | |||||
Other notes | 0.6 | \u2014 | ||||
Total long-term debt | \u00a0 | 298.8 | \u00a0 | 143.9 | ||
Less: current portion | \u00a0 | 41.6 | \u00a0 | 16.3 | ||
Total long-term debt, net of current portion | $ | 257.2 | $ | 127.6 |
As of June 30, 2026, stated maturities of long-term debt were as follows:
2026 | $ | 33.6 | |
2027 | 20.1 | ||
2028 | 207.9 | ||
2029 | 0.4 | ||
2030 | \u2014 | ||
2031 | 44.3 | ||
Total | $ | 306.3 |
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12. Convertible Notes
On July 7, 2025,\u00a0the Company retired the existing convertible notes, and issued a $10,000,000\u00a0convertible note (the \u201cNew Convertible Notes\u201d) to Chicago Atlantic Opportunity Finance, LLC, also with a second priority interest, that matures on October 2, 2028 with an option to extend for an additional year subject to a\u00a01% extension fee of all Chicago Atlantic loans advanced, has a cash interest rate of\u00a0the \u00a0(subject to a\u00a07.5% floor) plus\u00a05.0% per year, and is convertible into that number of the Company\u2019s subordinate voting shares determined by dividing (i) the sum of (A) the result of $10,000,000\u00a0minus\u00a050.00% of the aggregate amount of all the New Convertible Notes repaid plus (B) all accrued but unpaid interest on the New Convertible Notes on the date of such conversion by (ii) a conversion price equal to $18.75.
In connection with the Bridgewell Acquisition (Note 3), the Company issued the Bridgewell Convertible Notes to the Bridgewell Sellers on June 5, 2026, with an aggregate principal amount of approximately $13.7 million and a fair value of $14.3 million. The Bridgewell Convertible Notes bear interest at a rate of 3.85% per annum and mature five years from the date of issuance. The Bridgewell Convertible Notes are not convertible prior to the second anniversary of issuance. On or after the second anniversary, the Bridgewell Convertible Notes are convertible, at the option of the Bridgewell Sellers, into an aggregate estimated 734,551 subordinate voting shares of the Company at a deemed conversion price of $18.60 per share, subject to final adjustment in accordance with the terms of the Bridgewell SPA and applicable CSE policies.
All deferred financing costs are treated as a contra-liability, to be netted against the outstanding loan balance and amortized over the remaining life of the loan. As of each of June 30, 2026 and December 31, 2025, $0 deferred financing costs remained unamortized, respectively.
The following table shows a summary of the Company\u2019s convertible debt as of June 30, 2026 and December 31, 2025:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Beginning of period | $ | 9.9 | $ | 9.9 | ||
Principal repayments | (0.6) | (10.1) | ||||
Proceeds | \u00a0 | 14.3 | \u00a0 | 10.0 | ||
Amortization of deferred financing costs | \u2014 | 0.1 | ||||
End of period | $ | 23.6 | $ | 9.9 | ||
Less: current portion | \u00a0 | 1.3 | \u00a0 | 1.3 | ||
Total convertible debt, net current portion | $ | 22.3 | $ | 8.6 |
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\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | December 31, | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Beginning of period | $ | 9.9 | $ | 9.9 | ||
Principal repayments | (0.6) | (10.1) | ||||
Proceeds | \u00a0 | 14.3 | \u00a0 | 10.0 | ||
Amortization of deferred financing costs | \u2014 | 0.1 | ||||
End of period | $ | 23.6 | $ | 9.9 | ||
Less: current portion | \u00a0 | 1.3 | \u00a0 | 1.3 | ||
Total convertible debt, net current portion | $ | 22.3 | $ | 8.6 |
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13. Stockholders\u2019 Equity
Shares
The Company\u2019s certificate of incorporation authorized the Company to issue the following classes of shares with the following par value and voting rights as of June 30, 2026. The liquidation and dividend rights are identical among shares equally in the Company\u2019s earnings and losses on an as converted basis.
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Par\u00a0Value | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Authorized | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Voting\u00a0Rights | |
Subordinate Voting Share (\u201cSVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 1 vote for each share |
Multiple Voting Share (\u201cMVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 100 votes for each share |
On June 1, 2026, the Board approved a share consolidation ratio of 30-for-1, effective at market open on June 5, 2026. Accordingly, all share and per share amounts presented herein have been retroactively adjusted to reflect the impact of the Share Consolidation for all periods presented. As the Company's common shares have no par value, the Share Consolidation had no impact on the Company's total stockholders' equity or on the classification of amounts within stockholders' equity.
Subordinate Voting Shares
Holders of subordinate voting shares are entitled to one vote in respect of each subordinate voting share held.
Multiple Voting Shares
Holders of multiple voting shares are entitled to votes for each multiple voting share held.
Multiple voting shares each have the restricted right to convert to subordinate voting shares subject to adjustments for certain customary corporate changes.
Shares Issued
During the six months ended June 30, 2026,\u00a023\u00a0multiple voting shares were converted into\u00a02,340\u00a0subordinate voting shares for no additional consideration.
During the six months ended June 30, 2026,\u00a07,100,000\u00a0subordinate voting shares were issued in connection with the Hawthorne Acquisition. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
During the six months ended June 30, 2026,\u00a03,012,653 subordinate voting shares were issued in connection with the Eaze Merger. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
During the six months ended June 30, 2025,\u00a08,373,668\u00a0subordinate voting shares were issued in connection with the Deep Roots Merger. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
During the six months ended June 30, 2025,\u00a04,474,333\u00a0subordinate voting shares were issued in connection with the Wholesome Merger. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
During the six months ended June 30, 2025,\u00a06,540,409\u00a0subordinate voting shares were issued in connection with the Proper Mergers. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
During the six months ended June 30, 2025,\u00a0858\u00a0multiple voting shares were converted into\u00a085,797\u00a0subordinate voting shares for no additional consideration.
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Subordinate Voting Share (\u201cSVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 1 vote for each share |
Multiple Voting Share (\u201cMVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 100 votes for each share |
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share"}]},{"name":"rpt:f-1086","factDimensions":{"xbrl:concept":"vreof:CommonStockVotingRightsVotesPerShare","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"vreof:Vote","us-gaap:StatementClassOfStockAxis":"vreof:SubordinateVotingSharesMember"},"factValues":[{"value":"1"}]},{"name":"rpt:f-1087","factDimensions":{"xbrl:concept":"us-gaap:CommonStockNoParValue","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"vreof:MultipleVotingSharesMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1088","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesAuthorizedUnlimited","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","us-gaap:StatementClassOfStockAxis":"vreof:MultipleVotingSharesMember"},"factValues":[{"value":"Unlimited"}]},{"name":"rpt:f-1089","factDimensions":{"xbrl:concept":"us-gaap:CommonStockVotingRights","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","us-gaap:StatementClassOfStockAxis":"vreof:MultipleVotingSharesMember"},"factValues":[{"value":"100 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14. Stock-Based Compensation
Impact of Share Consolidation
The equity compensation plans contain anti-dilution provisions whereby in the event of any change in the capitalization of the Company (including in the event of a share consolidation), the number and type of awards underlying outstanding stock-based compensation awards must be adjusted, as appropriate, in order to prevent dilution or enhancement of rights. The impact of these provisions resulted in a modification of all outstanding stock-based compensation awards upon the Share Consolidation. As the fair value of the awards immediately after the Share Consolidation did not change when compared to the fair value of such awards immediately prior to the Share Consolidation, no incremental compensation costs were recognized as a result of such modifications. In addition, there was no change to the vesting conditions or classification of each of the outstanding stock-based compensation awards.
Stock Options
In January\u00a02019, the Company adopted the 2019 Equity Incentive Plan (the \u201cEIP\u201d) under which the Company may grant incentive stock options, restricted shares, restricted share units, or other awards. Under the terms of the EIP, a total of ten\u00a0percent of the number of shares outstanding from time to time, assuming conversion of all super voting shares and MVSs to SVSs are permitted to be issued. The exercise price for incentive stock options issued under the EIP is set by the compensation committee of the Board but may not be less than 100% of the fair market value of the Company\u2019s shares on the date of grant. Incentive stock options have a maximum term of 10 years from the date of grant. The incentive stock options vest at the discretion of the Board.
Options granted under the EIP as of June 30, 2026 and 2025 were valued using the Black-Scholes option pricing model with the following weighted average assumptions:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | June 30, | \u00a0 | ||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | \u00a0 | |
Risk-Free Interest Rate | 4.43 | % | 4.53 | % | |
Weighted Average Exercise Price | 12.60 | $ | 14.70 | ||
Weighted Average Stock Price | 11.55 | $ | 14.70 | ||
Expected Life of Options (years) | 7.00 | 7.00 | |||
Expected Annualized Volatility | 100.00 | % | 100.00 | % | |
Grant Fair Value | 9.60 | $ | 12.30 | ||
Expected Forfeiture Rate | N/A | \u00a0 | N/A | ||
Expected Dividend Yield | N/A | \u00a0 | N/A |
Stock option activity for the six months ended June 30, 2026, and for the year ended December 31, 2025, is presented below:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Avg.\u00a0 | |||
Number\u00a0of\u00a0Options | Exercise\u00a0Price | Remaining\u00a0Life | |||||
Balance, December 31, 2024 | \u00a0 | 1,041,088 | $ | 14.53 | \u00a0 | 5.45 | |
Forfeitures | \u00a0 | (98,524) | \u00a0 | 7.80 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (24,106) | \u00a0 | 5.10 | \u00a0 | \u2014 | |
Granted | \u00a0 | 238,639 | \u00a0 | 18.60 | \u00a0 | \u2014 | |
Options Outstanding at December 31, 2025 | \u00a0 | 1,157,097 | $ | 13.50 | \u00a0 | 5.76 | |
Forfeitures | \u00a0 | (76,674) | \u00a0 | 18.42 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (10,056) | \u00a0 | 4.80 | \u00a0 | \u2014 | |
Granted | \u00a0 | 21,082 | \u00a0 | 12.72 | \u00a0 | \u2014 | |
Options Outstanding at June 30, 2026 | \u00a0 | 1,091,449 | $ | 14.31 | \u00a0 | 5.52 | |
Options Exercisable at June 30, 2026 | \u00a0 | 802,413 | $ | 13.21 | \u00a0 | 4.16 |
During the three and six-month periods ended June 30, 2026, the Company recognized\u00a0$0.8 million\u00a0and\u00a0$1.5 million, respectively, in stock-based compensation related to stock options, respectively. During the three and six-month periods ended June 30, 2025, the Company recognized\u00a0$0.2 million\u00a0and\u00a0$0.4 million, respectively, in stock-based compensation related to stock options, respectively. As of June 30, 2026, the total unrecognized compensation costs related to unvested stock options awards granted was $2.1 million. In addition, the weighted average period over which the unrecognized compensation expense is expected to be recognized is approximately\u00a01.4\u00a0years. The total intrinsic value of stock options outstanding and exercisable as of June 30, 2026, was $1.8 million and $1.8 million, respectively.
The Company does not estimate forfeiture rates when calculating compensation expense. The Company records forfeitures as they occur.
Warrants
Warrants to purchase SVS entitle the holder to purchase one SVS of the Company.
A summary of the warrants outstanding is as follows:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Number\u00a0of\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0 | ||
SVS Warrants | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2024 | 530,652 | $ | 6.49 | \u00a0 | 3.56 | ||
Expired | (5,000) | 44.70 | \u2014 | ||||
Exercised | (8,854) | 4.35 | \u2014 | ||||
Warrants outstanding at December 31, 2025 | \u00a0 | 516,798 | $ | 6.66 | \u00a0 | 2.56 | |
Granted | 2,666,667 | 25.50 | \u2014 | ||||
Warrants outstanding at June 30, 2026 | \u00a0 | 3,183,465 | $ | 22.34 | \u00a0 | 4.34 | |
Warrants exercisable at June 30, 2026 | \u00a0 | 3,183,465 | $ | 22.34 | \u00a0 | 4.34 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Number\u00a0of\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0 | ||
SVS Warrants Denominated in C$ | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2024 and 2025 | 101,255 | $ | 105.00 | 0.23 | |||
Expired | \u00a0 | (101,255) | \u2014 | \u2014 | |||
Warrants outstanding at June 30, 2026 | \u00a0 | \u2014 | $ | \u2014 | \u00a0 | \u2014 |
Other
During the three and six months ended June 30, 2026, the Company entered into a consulting arrangement pursuant to which a consultant was granted equity interests in Vireo Health of Rocky Mountain, a consolidated subsidiary, in exchange
for strategic advisory and consulting services to be provided over the contractual service period. The arrangement was accounted for as share-based compensation under ASC 718, Compensation\u2014Stock Compensation.
The agreement also includes certain repurchase and exchange features that may be settled in securities of the Company. Based on the terms of these provisions, the Company determined that liability classification was appropriate for certain settlement features and recorded a derivative liability, which is remeasured to fair value each reporting period with changes in fair value recognized in earnings.
For the three and six months ended June 30, 2026, the Company recognized share-based compensation expense of $1.8 million and $5.2 million, respectively, related to this arrangement.
RSUs
The expense associated with RSUs is generally based on the closing price of the Company\u2019s subordinate voting shares on the business day immediately preceding the grant date, adjusted for the absence of future dividends, and is amortized on a straight-line basis over the period during which the awards are expected to vest.
During the year ended December 31, 2025, the Company granted 727,500\u00a0RSUs to senior management that vest upon the achievement of specified stock price thresholds of $25.50 and $31.50\u00a0per share, for which the value was estimated at the grant date using a Monte Carlo simulation model using a volatility of approximately\u00a0100%. The expense is recognized over the derived service period of approximately\u00a0three years.
The Company also granted\u00a0950,000\u00a0RSUs to senior management that vest upon the achievement of specified Adjusted EBITDA performance thresholds of $150\u00a0million, $165\u00a0million, and $205\u00a0million during the year ended December 31, 2025. Compensation expense for these awards is recognized when achievement of the performance conditions is considered probable and is recognized over the implied service period of approximately\u00a02-3 years.
During the three and six-months ended June 30, 2026, the Company recognized $4.9 million\u00a0and $7.7 million, respectively, in stock-based compensation expense related to RSUs. During the three and six months periods ended June 30, 2025, the Company recognized $4.0 million\u00a0and $5.3 million, respectively, in stock-based compensation expense related to RSUs.
A summary of RSUs is as follows:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted Avg. | |||
Number\u00a0of\u00a0Shares | Fair Value | ||||
Balance, December 31, 2024 | 377,584 | $ | 12.00 | ||
Granted | 2,370,331 | 12.60 | |||
Settled | (760,197) | 14.70 | |||
Forfeitures | (2,211) | 54.30 | |||
Balance, December 31, 2025 | 1,985,507 | 11.51 | |||
Granted | 228,432 | 11.55 | |||
Settled | (115,780) | 12.85 | |||
Balance, June 30, 2026 | 2,098,159 | $ | 11.44 | ||
Vested at June 30, 2026 | 241,451 | $ | 11.35 |
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\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | June 30, | \u00a0 | ||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | \u00a0 | |
Risk-Free Interest Rate | 4.43 | % | 4.53 | % | |
Weighted Average Exercise Price | 12.60 | $ | 14.70 | ||
Weighted Average Stock Price | 11.55 | $ | 14.70 | ||
Expected Life of Options (years) | 7.00 | 7.00 | |||
Expected Annualized Volatility | 100.00 | % | 100.00 | % | |
Grant Fair Value | 9.60 | $ | 12.30 | ||
Expected Forfeiture Rate | N/A | \u00a0 | N/A | ||
Expected Dividend Yield | N/A | \u00a0 | N/A |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Avg.\u00a0 | |||
Number\u00a0of\u00a0Options | Exercise\u00a0Price | Remaining\u00a0Life | |||||
Balance, December 31, 2024 | \u00a0 | 1,041,088 | $ | 14.53 | \u00a0 | 5.45 | |
Forfeitures | \u00a0 | (98,524) | \u00a0 | 7.80 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (24,106) | \u00a0 | 5.10 | \u00a0 | \u2014 | |
Granted | \u00a0 | 238,639 | \u00a0 | 18.60 | \u00a0 | \u2014 | |
Options Outstanding at December 31, 2025 | \u00a0 | 1,157,097 | $ | 13.50 | \u00a0 | 5.76 | |
Forfeitures | \u00a0 | (76,674) | \u00a0 | 18.42 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (10,056) | \u00a0 | 4.80 | \u00a0 | \u2014 | |
Granted | \u00a0 | 21,082 | \u00a0 | 12.72 | \u00a0 | \u2014 | |
Options Outstanding at June 30, 2026 | \u00a0 | 1,091,449 | $ | 14.31 | \u00a0 | 5.52 | |
Options Exercisable at June 30, 2026 | \u00a0 | 802,413 | $ | 13.21 | \u00a0 | 4.16 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Number\u00a0of\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0 | ||
SVS Warrants | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2024 | 530,652 | $ | 6.49 | \u00a0 | 3.56 | ||
Expired | (5,000) | 44.70 | \u2014 | ||||
Exercised | (8,854) | 4.35 | \u2014 | ||||
Warrants outstanding at December 31, 2025 | \u00a0 | 516,798 | $ | 6.66 | \u00a0 | 2.56 | |
Granted | 2,666,667 | 25.50 | \u2014 | ||||
Warrants outstanding at June 30, 2026 | \u00a0 | 3,183,465 | $ | 22.34 | \u00a0 | 4.34 | |
Warrants exercisable at June 30, 2026 | \u00a0 | 3,183,465 | $ | 22.34 | \u00a0 | 4.34 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Number\u00a0of\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted\u00a0Average\u00a0 | ||
SVS Warrants Denominated in C$ | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2024 and 2025 | 101,255 | $ | 105.00 | 0.23 | |||
Expired | \u00a0 | (101,255) | \u2014 | \u2014 | |||
Warrants outstanding at June 30, 2026 | \u00a0 | \u2014 | $ | \u2014 | \u00a0 | \u2014 |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Weighted Avg. | |||
Number\u00a0of\u00a0Shares | Fair Value | ||||
Balance, December 31, 2024 | 377,584 | $ | 12.00 | ||
Granted | 2,370,331 | 12.60 | |||
Settled | (760,197) | 14.70 | |||
Forfeitures | (2,211) | 54.30 | |||
Balance, December 31, 2025 | 1,985,507 | 11.51 | |||
Granted | 228,432 | 11.55 | |||
Settled | (115,780) | 12.85 | |||
Balance, June 30, 2026 | 2,098,159 | $ | 11.44 | ||
Vested at June 30, 2026 | 241,451 | $ | 11.35 |
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15. Commitments and Contingencies
The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reasonably estimated, such amount is recognized in other liabilities.
Contingent liabilities are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify contingent liabilities for contracts. Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation are recognized in the Company\u2019s unaudited interim condensed consolidated statements of operations.
Legal proceedings
Verano
On October 29, 2025, the Company reached a comprehensive settlement (the \u201cSettlement Agreement\u201d) dismissing all outstanding litigation matters between the Company and Verano Holdings Corp. (\u201cVerano\u201d) that were pending before the Supreme Court of British Columbia, Canada. The terms of the Settlement Agreement were approved by the Board and Verano\u2019s board of directors. \u00a0The value of the settlement to the Company was $9.2 million\u00a0consisting of the acquisition of $8.2 million\u00a0of real property and $1.0 million in cash, and was recognized in the fourth quarter of 2025.
Lease commitments
The Company leases various facilities, under non-cancelable finance and operating leases, which expire at various dates through September 2041.
"}]},{"name":"rpt:f-1220","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromLegalSettlements","xbrl:period":"2025-10-29T00:00:00/2025-10-30T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9200000","decimals":-5}]},{"name":"rpt:f-1221","factDimensions":{"xbrl:concept":"vreof:LitigationSettlementAmountValueOfRealProperty","xbrl:period":"2025-10-29T00:00:00/2025-10-30T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8200000","decimals":-5}]},{"name":"rpt:f-1222","factDimensions":{"xbrl:concept":"us-gaap:LitigationSettlementAmountAwardedFromOtherParty","xbrl:period":"2025-10-29T00:00:00/2025-10-30T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000","decimals":-5}]},{"name":"rpt:f-1223","factDimensions":{"xbrl:concept":"vreof:GeneralAndAdministrativeExpensesTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"16. Selling, General and Administrative Expenses
Selling, general and administrative expenses were comprised of the following items for the three and six months ended June 30, 2026 and 2025:
Three Months Ended | Six Months Ended | |||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | ||||||
Salaries and benefits | $ | 39.8 | $ | 7.6 | $ | 57.6 | $ | 11.5 | ||||
Stock-based compensation expenses | 7.5 | 4.2 | 14.5 | 5.6 | ||||||||
Insurance expenses | \u00a0 | 4.3 | \u00a0 | 0.3 | \u00a0 | 5.8 | \u00a0 | 0.7 | ||||
Occupancy costs | 6.3 | 1.1 | 7.8 | 1.8 | ||||||||
Other expenses | \u00a0 | 17.9 | \u00a0 | 3.4 | \u00a0 | 28.0 | \u00a0 | 5.9 | ||||
Total | $ | 75.8 | $ | 16.6 | $ | 113.7 | $ | 25.5 |
"}]},{"name":"rpt:f-1224","factDimensions":{"xbrl:concept":"vreof:GeneralAndAdministrativeExpensesTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
Three Months Ended | Six Months Ended | |||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | ||||||
Salaries and benefits | $ | 39.8 | $ | 7.6 | $ | 57.6 | $ | 11.5 | ||||
Stock-based compensation expenses | 7.5 | 4.2 | 14.5 | 5.6 | ||||||||
Insurance expenses | \u00a0 | 4.3 | \u00a0 | 0.3 | \u00a0 | 5.8 | \u00a0 | 0.7 | ||||
Occupancy costs | 6.3 | 1.1 | 7.8 | 1.8 | ||||||||
Other expenses | \u00a0 | 17.9 | \u00a0 | 3.4 | \u00a0 | 28.0 | \u00a0 | 5.9 | ||||
Total | $ | 75.8 | $ | 16.6 | $ | 113.7 | $ | 25.5 |
"}]},{"name":"rpt:f-1225","factDimensions":{"xbrl:concept":"us-gaap:LaborAndRelatedExpense","xbrl:period":"2026-04-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"39800000","decimals":-5}]},{"name":"rpt:f-1226","factDimensions":{"xbrl:concept":"us-gaap:LaborAndRelatedExpense","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7600000","decimals":-5}]},{"name":"rpt:f-1227","factDimensions":{"xbrl:concept":"us-gaap:LaborAndRelatedExpense","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"57600000","decimals":-5}]},{"name":"rpt:f-1228","factDimensions":{"xbrl:concept":"us-gaap:LaborAndRelatedExpense","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11500000","decimals":-5}]},{"name":"rpt:f-1229","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2026-04-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7500000","decimals":-5}]},{"name":"rpt:f-1230","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4200000","decimals":-5}]},{"name":"rpt:f-1231","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"14500000","decimals":-5}]},{"name":"rpt:f-1232","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5600000","decimals":-5}]},{"name":"rpt:f-1233","factDimensions":{"xbrl:concept":"us-gaap:GeneralInsuranceExpense","xbrl:period":"2026-04-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4300000","decimals":-5}]},{"name":"rpt:f-1234","factDimensions":{"xbrl:concept":"us-gaap:GeneralInsuranceExpense","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"300000","decimals":-5}]},{"name":"rpt:f-1235","factDimensions":{"xbrl:concept":"us-gaap:GeneralInsuranceExpense","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5800000","decimals":-5}]},{"name":"rpt:f-1236","factDimensions":{"xbrl:concept":"us-gaap:GeneralInsuranceExpense","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-1237","factDimensions":{"xbrl:concept":"us-gaap:OccupancyNet","xbrl:period":"2026-04-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6300000","decimals":-5}]},{"name":"rpt:f-1238","factDimensions":{"xbrl:concept":"us-gaap:OccupancyNet","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1100000","decimals":-5}]},{"name":"rpt:f-1239","factDimensions":{"xbrl:concept":"us-gaap:OccupancyNet","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7800000","decimals":-5}]},{"name":"rpt:f-1240","factDimensions":{"xbrl:concept":"us-gaap:OccupancyNet","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-1241","factDimensions":{"xbrl:concept":"us-gaap:OtherGeneralAndAdministrativeExpense","xbrl:period":"2026-04-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17900000","decimals":-5}]},{"name":"rpt:f-1242","factDimensions":{"xbrl:concept":"us-gaap:OtherGeneralAndAdministrativeExpense","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3400000","decimals":-5}]},{"name":"rpt:f-1243","factDimensions":{"xbrl:concept":"us-gaap:OtherGeneralAndAdministrativeExpense","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"28000000","decimals":-5}]},{"name":"rpt:f-1244","factDimensions":{"xbrl:concept":"us-gaap:OtherGeneralAndAdministrativeExpense","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00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17. Other Income (Expense)
On May 25, 2023, the Company and Grown Rogue International, Inc. (\u201cGrown Rogue\u201d) entered into a strategic agreement whereby Grown Rogue will support the Company in the optimization of its cannabis flower products. As part of this strategic agreement Grown Rogue granted the Company\u00a08,500,000\u00a0warrants to purchase subordinate voting shares of Grown Rogue on October 5, 2023. Subsequently, on October 9, 2024, the Company and Grown Rogue mutually agreed to terminate the strategic agreement. As part of the termination agreement, the Company forfeited\u00a04,500,000\u00a0of the previously granted\u00a08,500,000\u00a0warrants. The Company\u2019s remaining\u00a04,000,000\u00a0warrants were revalued at a fair value of $1.4 million\u00a0and $1.7 million at June 30, 2026 and December 31, 2025, respectively. The three and six months ended June 30, 2026 saw a change in fair value of $0.6 million and ($0.3) million, respectively, which was recorded as other income (expense) in the statement of net loss and comprehensive loss for the three and six month periods ended June 30, 2026.
"}]},{"name":"rpt:f-1250","factDimensions":{"xbrl:concept":"vreof:WarrantsIssuableUnderAgreement","xbrl:period":"2023-10-05T00:00:00/2023-10-06T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"xbrla:shares","dei:LegalEntityAxis":"vreof:GrownRogueInternationalInc.Member"},"factValues":[{"value":"8500000"}]},{"name":"rpt:f-1251","factDimensions":{"xbrl:concept":"vreof:ClassOfWarrantOrRightForfeited","xbrl:period":"2024-10-09T00:00:00/2024-10-10T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"xbrla:shares","dei:LegalEntityAxis":"vreof:GrownRogueInternationalInc.Member"},"factValues":[{"value":"4500000"}]},{"name":"rpt:f-1252","factDimensions":{"xbrl:concept":"vreof:ClassOfWarrantOrRightGranted","xbrl:period":"2024-10-09T00:00:00/2024-10-10T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"xbrla:shares","dei:LegalEntityAxis":"vreof:GrownRogueInternationalInc.Member"},"factValues":[{"value":"8500000"}]},{"name":"rpt:f-1253","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2024-10-10T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"xbrla:shares","dei:LegalEntityAxis":"vreof:GrownRogueInternationalInc.Member"},"factValues":[{"value":"4000000"}]},{"name":"rpt:f-1254","factDimensions":{"xbrl:concept":"us-gaap:DerivativeAssetsCurrent","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","dei:LegalEntityAxis":"vreof:GrownRogueInternationalInc.Member"},"factValues":[{"value":"1400000","decimals":-5}]},{"name":"rpt:f-1255","factDimensions":{"xbrl:concept":"us-gaap:DerivativeAssetsCurrent","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","dei:LegalEntityAxis":"vreof:GrownRogueInternationalInc.Member"},"factValues":[{"value":"1700000","decimals":-5}]},{"name":"rpt:f-1256","factDimensions":{"xbrl:concept":"vreof:WarrantsValueRecognizedAsOtherIncome","xbrl:period":"2026-04-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","dei:LegalEntityAxis":"vreof:GrownRogueInternationalInc.Member"},"factValues":[{"value":"600000","decimals":-5}]},{"name":"rpt:f-1257","factDimensions":{"xbrl:concept":"vreof:WarrantsValueRecognizedAsOtherIncome","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","dei:LegalEntityAxis":"vreof:GrownRogueInternationalInc.Member"},"factValues":[{"value":"-300000","decimals":-5}]},{"name":"rpt:f-1258","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
18. Segment Reporting
To identify the Company\u2019s reportable segments the Company considered various factors including, but not limited to, the Company's products and services, production processes, customers, regulatory environment, and business geography, as well as the degree to which the CODM evaluates the Company's performance and allocates resources.
As a result of the Company's acquisitions of Hawthorne in April 2026 and Bridgewell in June 2026, the Company expanded its operations beyond cannabis into the supply of horticultural and agricultural products to a broader customer base outside of the cannabis industry. Following these acquisitions, the Company reassessed its segment structure and determined that it has two reportable segments: (i) Cannabis and (ii) Non-Cannabis, based on discrete financial information regularly reviewed by the Company's CODM in evaluating performance and allocating resources.
The Company determined that Cannabis and Non-Cannabis represent separate reportable segments because (a) the Cannabis segment's products and services are limited to various forms of cannabis products, while the Non-Cannabis segment's products and services consist of nutrients, lighting, and other materials used for indoor and hydroponic gardening, as well as organic and non-GMO agricultural commodities and food ingredients; (b) the Cannabis segment's customers include retail and wholesale cannabis customers, while the Non-Cannabis segment's customers include manufacturers and other commercial customers outside of the cannabis industry; (c) the Cannabis segment operates within the regulatory environment governing state-legal cannabis markets in the United States, while the Non-Cannabis segment is not subject to such cannabis-specific regulatory regimes; and (d) the Company's CODM reviews discrete financial information and allocates resources separately for each segment.
The Company's Chief Executive Officer serves as the Company's CODM. The CODM assesses performance for each reportable segment and decides how to allocate resources based primarily based on segment operating income (loss), but also based on segment revenues, product costs, operating expenses and gross profit, \u00a0which is reconciled to consolidated net income (loss) as reported on the statement of net loss and comprehensive loss. The CODM also reviews the significant expense categories presented in the table below in evaluating each segment's performance. A comparison of budgeted results to actual results, by segment, is also used by the CODM to assess business performance.
The Company's Cannabis segment cultivates, processes, and distributes medical and adult-use cannabis products in a variety of formats, as well as related accessories, in the United States. The Company's Non-Cannabis segment provides nutrients, lighting, and other materials used for indoor and hydroponic gardening, and supplies organic and non-GMO agricultural commodities and food ingredients to manufacturers, in the United States. Revenue for both segments is derived from sales in the United States, and the operations of each segment are also located in the United States. The Company's CODM does not review total assets by segment in evaluating segment performance or allocating resources; accordingly, no such measures are disclosed by segment. The accounting policy for recording revenue, and all other accounting policies, are the same as those described in Note 2 \"Summary of Significant Accounting Policies.\"
Three Months Ended | ||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Cannabis | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Non-Cannabis | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | TOTAL | |||||
Revenue | $ | 175.8 | $ | 33.5 | $ | 209.3 | ||||
Product costs | \u00a0 | (83.4) | \u00a0 | (27.5) | \u00a0 | (110.9) | ||||
Non-cash product costs | (1.5) | (1.2) | (2.7) | |||||||
Inventory valuation adjustments | \u00a0 | (0.4) | \u00a0 | \u2014 | \u00a0 | (0.4) | ||||
Segment Gross Profit | 90.5 | 4.8 | 95.3 | |||||||
Salaries and wages | (39.3) | \u00a0 | (0.5) | \u00a0 | (39.8) | |||||
Other selling, general and administrative expenses(1) | (24.4) | (4.1) | (28.5) | |||||||
Depreciation | (1.7) | \u00a0 | \u2014 | \u00a0 | (1.7) | |||||
Amortization | \u00a0 | (4.1) | \u00a0 | (0.3) | \u00a0 | (4.4) | ||||
Segment operating income (loss) | \u00a0 | 21.0 | \u00a0 | (0.1) | \u00a0 | 20.9 | ||||
Transaction related expenses | \u00a0 | \u00a0 | (19.7) | |||||||
Stock-based compensation expenses | (7.5) | |||||||||
Other income (expenses), net | 20.5 | |||||||||
Income (loss) before income taxes | $ | 14.2 |
Six Months Ended | ||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Cannabis | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Non-Cannabis | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | TOTAL | |||||
Revenue | $ | 282.0 | $ | 33.5 | $ | 315.5 | ||||
Product costs | \u00a0 | (129.8) | \u00a0 | (27.5) | \u00a0 | (157.3) | ||||
Non-cash product costs | (1.8) | (1.2) | (3.0) | |||||||
Inventory valuation adjustments | \u00a0 | (0.6) | \u00a0 | \u2014 | \u00a0 | (0.6) | ||||
Segment Gross Profit | 149.8 | 4.8 | 154.6 | |||||||
Salaries and wages | (57.1) | \u00a0 | (0.5) | \u00a0 | (57.6) | |||||
Other selling, general and administrative expenses(1) | (37.5) | (4.1) | (41.6) | |||||||
Depreciation | (2.8) | \u00a0 | \u2014 | \u00a0 | (2.8) | |||||
Amortization | \u00a0 | (6.8) | \u00a0 | (0.3) | \u00a0 | (7.1) | ||||
Segment operating income (loss) | \u00a0 | 45.6 | \u00a0 | (0.1) | \u00a0 | 45.5 | ||||
Transaction related expenses | \u00a0 | \u00a0 | (28.4) | |||||||
Stock-based compensation expenses | (14.5) | |||||||||
Other income (expenses), net | 7.4 | |||||||||
Income (loss) before income taxes | $ | 10.0 |
(1) Includes insurance expenses, occupancy expenses, and other general expenses. Does not include stock-based compensation expenses.
"}]},{"name":"rpt:f-1259","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"vreof:segment"},"factValues":[{"value":"2"}]},{"name":"rpt:f-1260","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Three Months Ended | ||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Cannabis | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Non-Cannabis | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | TOTAL | |||||
Revenue | $ | 175.8 | $ | 33.5 | $ | 209.3 | ||||
Product costs | \u00a0 | (83.4) | \u00a0 | (27.5) | \u00a0 | (110.9) | ||||
Non-cash product costs | (1.5) | (1.2) | (2.7) | |||||||
Inventory valuation adjustments | \u00a0 | (0.4) | \u00a0 | \u2014 | \u00a0 | (0.4) | ||||
Segment Gross Profit | 90.5 | 4.8 | 95.3 | |||||||
Salaries and wages | (39.3) | \u00a0 | (0.5) | \u00a0 | (39.8) | |||||
Other selling, general and administrative expenses(1) | (24.4) | (4.1) | (28.5) | |||||||
Depreciation | (1.7) | \u00a0 | \u2014 | \u00a0 | (1.7) | |||||
Amortization | \u00a0 | (4.1) | \u00a0 | (0.3) | \u00a0 | (4.4) | ||||
Segment operating income (loss) | \u00a0 | 21.0 | \u00a0 | (0.1) | \u00a0 | 20.9 | ||||
Transaction related expenses | \u00a0 | \u00a0 | (19.7) | |||||||
Stock-based compensation expenses | (7.5) | |||||||||
Other income (expenses), net | 20.5 | |||||||||
Income (loss) before income taxes | $ | 14.2 |
Six Months Ended | ||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Cannabis | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Non-Cannabis | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | TOTAL | |||||
Revenue | $ | 282.0 | $ | 33.5 | $ | 315.5 | ||||
Product costs | \u00a0 | (129.8) | \u00a0 | (27.5) | \u00a0 | (157.3) | ||||
Non-cash product costs | (1.8) | (1.2) | (3.0) | |||||||
Inventory valuation adjustments | \u00a0 | (0.6) | \u00a0 | \u2014 | \u00a0 | (0.6) | ||||
Segment Gross Profit | 149.8 | 4.8 | 154.6 | |||||||
Salaries and wages | (57.1) | \u00a0 | (0.5) | \u00a0 | (57.6) | |||||
Other selling, general and administrative expenses(1) | (37.5) | (4.1) | (41.6) | |||||||
Depreciation | (2.8) | \u00a0 | \u2014 | \u00a0 | (2.8) | |||||
Amortization | \u00a0 | (6.8) | \u00a0 | (0.3) | \u00a0 | (7.1) | ||||
Segment operating income (loss) | \u00a0 | 45.6 | \u00a0 | (0.1) | \u00a0 | 45.5 | ||||
Transaction related expenses | \u00a0 | \u00a0 | (28.4) | |||||||
Stock-based compensation expenses | (14.5) | |||||||||
Other income (expenses), net | 7.4 | |||||||||
Income (loss) before income taxes | $ | 10.0 |
(1) Includes insurance expenses, occupancy expenses, and other general expenses. Does not include stock-based compensation expenses.
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Supplemental Cash Flow Information(1)
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | June 30 | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Cash paid for interest | $ | 13.8 | $ | 13.7 | ||
Cash paid for income taxes | \u00a0 | 6.2 | \u00a0 | \u2014 | ||
Change in construction accrued expenses | \u00a0 | (4.0) | \u00a0 | 0.5 | ||
Acquisitions: | \u00a0 | \u2014 | \u00a0 | \u2014 | ||
Total consideration transferred | 264.1 | 239.5 | ||||
Cash acquired | (62.0) | (38.3) | ||||
Total non-cash investing and financing activities, net of cash acquired | 202.1 | 201.2 |
| (1) | For supplemental cash flow information related to leases, refer to Note 8 \u201cLeases.\u201d |
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June 30, | June 30 | ||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | 2025 | |||
Cash paid for interest | $ | 13.8 | $ | 13.7 | ||
Cash paid for income taxes | \u00a0 | 6.2 | \u00a0 | \u2014 | ||
Change in construction accrued expenses | \u00a0 | (4.0) | \u00a0 | 0.5 | ||
Acquisitions: | \u00a0 | \u2014 | \u00a0 | \u2014 | ||
Total consideration transferred | 264.1 | 239.5 | ||||
Cash acquired | (62.0) | (38.3) | ||||
Total non-cash investing and financing activities, net of cash acquired | 202.1 | 201.2 |
| (1) | For supplemental cash flow information related to leases, refer to Note 8 \u201cLeases.\u201d |
20. Financial Instruments and Risk Management
Credit risk
Credit risk is the risk of loss associated with counterparty\u2019s inability to fulfill its payment obligations. The Company\u2019s credit risk is primarily attributable to cash, and accounts receivable. A small portion of cash is held on hand, from which management believes the risk of loss is remote. Receivables relate primarily to wholesale sales. The Company does not have significant credit risk with respect to customers. The Company\u2019s maximum credit risk exposure is equivalent to the carrying value of these instruments. The Company has been granted licenses pursuant to the laws of the states it operates in with respect to cultivating, processing, and/or distributing marijuana. Presently, this industry is illegal under United States federal law. The Company has adhered, and intends to continue to adhere, strictly to the applicable state statutes in its operations.
Liquidity risk
The Company\u2019s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As of June 30, 2026, the Company\u2019s financial liabilities consist of accounts payable and accrued liabilities, debt and convertible debt. The Company manages liquidity risk by reviewing its capital requirements on an ongoing basis. Historically, the Company\u2019s main source of funding has been additional funding from investors and debt issuances. The Company\u2019s access to financing is always uncertain. There can be no assurance of continued access to significant equity financing.
Legal Risk
The Company operates in the United States. The U.S. federal government regulates drugs through the CSA, which places controlled substances, including cannabis, in a schedule. Recent federal action, however, resulted in the rescheduling to Schedule III of (i) FDA-approved drug products containing marijuana and (ii) marijuana in any form covered by a state medical marijuana license. Regarding state-legal medical marijuana, the DEA also created a pathway for state medical marijuana licensees to register and continue operating compliantly under Schedule III. \u00a0
As a general matter, however, cannabis remains a Schedule I drug outside of the specific conditions outlined above. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, has no accepted medical use in the U.S., and lacks accepted safety for use under medical supervision. Although the FDA has approved certain drugs containing marijuana, it has not approved marijuana itself as a safe and effective drug. In the U.S., marijuana is largely regulated at the state level. Despite recent federal action to align state medical licensing requirements with Schedule III registration requirements, state laws regulating adult-use cannabis are still in direct conflict with the CSA, which makes adult-use cannabis use and possession federally illegal.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. Given the Company\u2019s financial transactions are rarely denominated in a foreign currency, there is minimal foreign currency risk exposure.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company currently carries variable interest-bearing debt subject to fluctuations in the United States Prime rate and Secured Overnight Financing Rate. However, management believes that the impact of reasonably possible changes in interest rates on the Company\u2019s consolidated results of operations and cash flows would not be material.
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As of each of June 30, 2026 and December 31, 2025, the Company owed $0.4 million and $2.0 million, due to related parties.
Details surrounding the lending relationships between the Company and Chicago Atlantic, are described in Note 11 \u201cLong-Term Debt\u201d and Note 12 \u201cConvertible Notes.\u201d
During the three months ended June 30, 2026 and 2025, the Company paid Chicago Atlantic $4.5 million\u00a0and $0, respectively, for certain underwriting services, legal services, accounting services, data analytics services, and real estate services. During the six months ended June 30, 2026 and 2025, the Company paid Chicago Atlantic $6.0 million\u00a0and $0, respectively, for certain underwriting services, legal services, accounting services, data analytics services, and real estate services.
John Mazarakis, the Company\u2019s Chief Executive Officer, is a partner of Chicago Atlantic Group, LP, an affiliate of Chicago Atlantic Admin, LLC.
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Following an April 2026 U.S. Department of Justice order reclassifying state-licensed medical cannabis from Schedule I to Schedule III of the Controlled Substances Act, management has concluded, at the more-likely-than-not level under ASC 740-10-25, that a reasonably apportioned share of selling, general and administrative expenses attributable to the Company's medical cannabis activity is deductible in states where the Company conducts both medical and recreational operations. The Company has applied this position prospectively, beginning April 23, 2026. As a result, the portion of selling, general and administrative expenses apportioned to medical activity on or after that date no longer gives rise to an uncertain tax position, whereas such expenses continue to be subject to an uncertain tax position for periods prior to April 23, 2026.
This position, including its effective date and the methodology used to apportion costs between medical and recreational activity, involves significant estimation and judgment in the absence of formal Treasury or IRS guidance, which is expected but has not yet been issued. The Company will continue to monitor forthcoming guidance and related regulatory developments and will revise its position and estimates as further information becomes available, which could result in a material adjustment to the Company's income tax provision in future periods.
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On July 16, 2026, Vireo Health of PA, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (\u201cVireo Health PA\u201d), completed its acquisition of all of the issued and outstanding limited liability company membership interests of FarmX, LLC d/b/a PhytoNatural (\"PhytoNatural\"), via Vive Penn, LLC (\u201cVive\u201d), a joint venture between Vireo Health PA and Hive Holdints, Inc., pursuant to a Securities Purchase Agreement (the \u201cPhytoNatural Acquisition\u201d). The PhytoNatural Acquisition includes a non-operational Pennsylvania medical cannabis retail permit that, subject to applicable regulatory approvals, authorizes the operation of up to six dispensaries in the Commonwealth. Total consideration for the transaction was $20.0 million, consisting of $8.0 million paid in cash by Vive at closing and approximately $12.0 million payable by the Company through the issuance of approximately 645,161 subordinate voting shares at a deemed issue price of $18.60 per share, issuable two years following the closing date.
On July 20, 2026, the Company, through its subsidiary Vireo Health of Arcadia, LLC (\"Vireo Health Arcadia\"), entered into a definitive purchase agreement with The Cannabist Company Holdings Inc. (\"Cannabist\"), pursuant to which Vireo Health Arcadia will acquire certain cannabis cultivation, manufacturing, and retail operations from subsidiaries of Cannabist across five markets: Colorado, Illinois, Massachusetts, New Jersey, and West Virginia (the \u201cCannabist
Acquisition\u201d). Total consideration for the Cannabist Acquisition, subject to certain regulatory approvals, will be up to $35.0 million, comprised of up to $18.75 million in cash payable at closing and up to $16.25 million in seller notes. Total consideration is subject to customary adjustments based on target levels of cash, indebtedness, tax liabilities, working capital, and certain other items.
On July 27, 2026, the Company entered into a definitive merger agreement with Planet 13 Holdings Inc. (\"Planet 13\"), pursuant to which the Company will acquire all issued and outstanding equity interests of Planet 13, with each share of Planet 13 common stock (subject to certain exclusions) converting into 0.015383618 of a Vireo subordinate voting share; the transaction remains subject to customary closing conditions, including Planet 13 stockholder approval, effectiveness of the Form S-4 registration statement, to be filed by the Company, CSE listing approval, and applicable cannabis regulatory approvals.
On July 31, 2026, the Company entered into four separate definitive Securities Purchase Agreements with FarmaceuticalRx LLC, FarmaceuticalRx 2 LLC, CAOH LLC, and Canoe Hill Ohio, LLC (collectively, the \"Ohio Entities\") to acquire all issued and outstanding membership interests of the Ohio Entities and certain of their subsidiaries, comprising eight dispensaries, a cultivation and processing facility, and related real estate in Ohio (collectively, the \"Ohio Transactions\"), subject to regulatory approvals and customary closing conditions. Consideration for the Ohio Transactions consists of approximately 11 million Vireo subordinate voting shares, issued in three tranches (50% at closing, 25% approximately 90 days following closing, and 25% approximately 180 days following closing), with the deferred tranches subject to a performance-based forfeiture mechanism permitting Vireo to claw back up to 25% of the shares issued if specified thresholds are not met.
On August 7, 2026, the Company completed its previously announced acquisition of certain Colorado retail assets of PharmaCann Inc. for consideration of approximately 3.0 million subordinate voting shares.
On August 7, 2026, certain of the Company's indirect non-cannabis subsidiaries entered into a five-year senior secured asset-based revolving credit facility, led by Bank of Montreal as administrative agent, providing a $65.0 million initial commitment, expandable to $105.0 million through additional commitments and an accordion feature, subject to customary conditions. Borrowings bear interest, at the borrowers' election, at Term SOFR plus 1.75% to 2.00% or the base rate plus 0.75% to 1.00%, based on average availability, and undrawn commitments carry a 0.25% annual unused commitment fee.
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