1. Overview and Basis of Presentation
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(a) Description of Business
Green Thumb Industries Inc. (\u201cGreen Thumb,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while being committed to community and sustainable, profitable growth. Green Thumb manufactures and distributes a portfolio of cannabis consumer packaged goods brands including &Shine, Beboe, Dogwalkers, Doctor Solomon\u2019s, Good Green, incredibles, and RYTHM. The Company distributes and markets these products to third-party licensed retail cannabis stores across the United States as well as to Green Thumb's own Retail stores (which we refer to as our Retail business). The Company also owns and operates retail cannabis stores that include a national chain named RISE, which sell our products and third-party products. As of March 31, 2026, Green Thumb has revenue in fourteen markets (California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia), employs approximately 4,900 people and serves millions of patients and customers annually.
The Company\u2019s registered office is located at 250 Howe Street, 20th Floor, Vancouver, British Columbia, V6C 3R8. The Company\u2019s U.S. headquarters are at 325 W. Huron St., Suite 700, Chicago, IL 60654.
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(b) Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (\u201cSEC\u201d). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the \u201c2025 Form 10-K\u201d). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
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(c) Significant Accounting Policies
There have been no changes to the Company\u2019s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2025 Form 10-K.
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(d) Earnings per Share
Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of March 31, 2026, the Company had 7,549,128 options, 7,298,323 restricted stock units and 1,702,347 warrants outstanding. As of March 31, 2025, the Company had 7,454,997 options, 6,990,745 restricted stock units and 1,811,075 warrants outstanding.
In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For
1. Overview and Basis of Presentation (Continued)
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the three months ended March 31, 2026 and 2025, the computation of diluted earnings per share included 1,230,378 and 701,957 restricted stock units, respectively. There were no dilutive options or warrants during the three months ended March 31, 2026 and 2025, as the relevant strike prices were greater than the average stock price during those periods. For the three months ended March 31, 2026 and 2025, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 492,760 and 1,346,760, respectively.
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(e) Recently Issued Accounting Standards
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The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the business for disclosure.
The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (\u201cSEC\u201d). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the \u201c2025 Form 10-K\u201d). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
"}]},{"name":"rpt:f-338","factDimensions":{"xbrl:concept":"gtbif:SignificantAccountingPoliciesPolicyTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Significant Accounting PoliciesThere have been no changes to the Company\u2019s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2025 Form 10-K.
"}]},{"name":"rpt:f-339","factDimensions":{"xbrl:concept":"gtbif:EarningslosspersharePolicyTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Earnings per ShareBasic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of March 31, 2026, the Company had 7,549,128 options, 7,298,323 restricted stock units and 1,702,347 warrants outstanding. As of March 31, 2025, the Company had 7,454,997 options, 6,990,745 restricted stock units and 1,811,075 warrants outstanding.
In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For
the three months ended March 31, 2026 and 2025, the computation of diluted earnings per share included 1,230,378 and 701,957 restricted stock units, respectively. There were no dilutive options or warrants during the three months ended March 31, 2026 and 2025, as the relevant strike prices were greater than the average stock price during those periods. For the three months ended March 31, 2026 and 2025, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 492,760 and 1,346,760, respectively.
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The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the business for disclosure.
"}]},{"name":"rpt:f-353","factDimensions":{"xbrl:concept":"us-gaap:InventoryDisclosureTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"2. INVENTORIES
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The Company\u2019s inventories include the following at March 31, 2026 and December 31, 2025:
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| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Raw material | \n $ | \n 1,721 | \n $ | \n 1,300 | \n
Packaging and miscellaneous | \n \u00a0 | \n 12,596 | \n \u00a0 | \n 12,223 | \n
Work in process | \n \u00a0 | \n 82,016 | \n \u00a0 | \n 80,665 | \n
Finished goods | \n \u00a0 | \n 79,560 | \n \u00a0 | \n 70,007 | \n
Reserve for obsolete inventory | \n \u00a0 | \n (5,859) | \n \u00a0 | \n (5,907) | \n
Total inventories, net | \n $ | \n 170,034 | \n $ | \n 158,288 | \n
The Company\u2019s inventories include the following at March 31, 2026 and December 31, 2025:
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| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Raw material | \n $ | \n 1,721 | \n $ | \n 1,300 | \n
Packaging and miscellaneous | \n \u00a0 | \n 12,596 | \n \u00a0 | \n 12,223 | \n
Work in process | \n \u00a0 | \n 82,016 | \n \u00a0 | \n 80,665 | \n
Finished goods | \n \u00a0 | \n 79,560 | \n \u00a0 | \n 70,007 | \n
Reserve for obsolete inventory | \n \u00a0 | \n (5,859) | \n \u00a0 | \n (5,907) | \n
Total inventories, net | \n $ | \n 170,034 | \n $ | \n 158,288 | \n
3. PROPERTY AND EQUIPMENT
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At March 31, 2026 and December 31, 2025, property and equipment consisted of the following:
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\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Buildings and improvements | \n $ | \n 364,409 | \n $ | \n 361,898 | \n
Equipment, computers and furniture | \n \u00a0 | \n 238,458 | \n \u00a0 | \n 230,532 | \n
Leasehold improvements | \n \u00a0 | \n 280,824 | \n \u00a0 | \n 277,518 | \n
Land | \n \u00a0 | \n 35,207 | \n \u00a0 | \n 35,207 | \n
Land improvements | \n \u00a0 | \n 6,121 | \n \u00a0 | \n 6,312 | \n
Assets under construction | \n \u00a0 | \n 24,568 | \n \u00a0 | \n 22,854 | \n
Capitalized interest | \n \u00a0 | \n 35,083 | \n \u00a0 | \n 34,763 | \n
Total property and equipment | \n \u00a0 | \n 984,670 | \n \u00a0 | \n 969,084 | \n
Less: accumulated depreciation | \n \u00a0 | \n (298,171) | \n \u00a0 | \n (278,191) | \n
Property and equipment, net | \n $ | \n 686,499 | \n $ | \n 690,893 | \n
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Assets under construction represent costs associated with construction projects related to cultivation and production facilities and retail stores.
Depreciation expense for the three months ended March 31, 2026 totaled $20,730 thousand, of which $13,229 thousand is included in cost of goods sold. Depreciation expense for the three months ended March 31, 2025 totaled $16,837 thousand, of which $10,749 thousand is included in cost of goods sold.
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\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Buildings and improvements | \n $ | \n 364,409 | \n $ | \n 361,898 | \n
Equipment, computers and furniture | \n \u00a0 | \n 238,458 | \n \u00a0 | \n 230,532 | \n
Leasehold improvements | \n \u00a0 | \n 280,824 | \n \u00a0 | \n 277,518 | \n
Land | \n \u00a0 | \n 35,207 | \n \u00a0 | \n 35,207 | \n
Land improvements | \n \u00a0 | \n 6,121 | \n \u00a0 | \n 6,312 | \n
Assets under construction | \n \u00a0 | \n 24,568 | \n \u00a0 | \n 22,854 | \n
Capitalized interest | \n \u00a0 | \n 35,083 | \n \u00a0 | \n 34,763 | \n
Total property and equipment | \n \u00a0 | \n 984,670 | \n \u00a0 | \n 969,084 | \n
Less: accumulated depreciation | \n \u00a0 | \n (298,171) | \n \u00a0 | \n (278,191) | \n
Property and equipment, net | \n $ | \n 686,499 | \n $ | \n 690,893 | \n
4. INTANGIBLE ASSETS AND GOODWILL
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(a) Intangible Assets
Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.
At March 31, 2026 and December 31, 2025, intangible assets consisted of the following:
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n \u00a0 | \n December 31, 2025 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||||||||||||||||
Licenses and permits | \n $ | \n \u00a0 | \n 681,749 | \n \u00a0 | \n $ | \n \u00a0 | \n 258,066 | \n \u00a0 | \n $ | \n \u00a0 | \n 423,683 | \n \u00a0 | \n $ | \n \u00a0 | \n 682,639 | \n \u00a0 | \n $ | \n \u00a0 | \n 246,669 | \n \u00a0 | \n $ | \n \u00a0 | \n 435,970 | \n \u00a0 | \n
Trademarks | \n \u00a0 | \n \u00a0 | \n 1,430 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,069 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 361 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,430 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 403 | \n \u00a0 | \n
Customer relationships | \n \u00a0 | \n \u00a0 | \n 15,140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,832 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 308 | \n \u00a0 | \n
Total intangible assets | \n $ | \n \u00a0 | \n 698,319 | \n \u00a0 | \n $ | \n \u00a0 | \n 274,211 | \n \u00a0 | \n $ | \n \u00a0 | \n 424,108 | \n \u00a0 | \n $ | \n \u00a0 | \n 699,209 | \n \u00a0 | \n $ | \n \u00a0 | \n 262,528 | \n \u00a0 | \n $ | \n \u00a0 | \n 436,681 | \n \u00a0 | \n
The Company recorded amortization expense for the three months ended March 31, 2026 and 2025 of $11,683 thousand and $12,574 thousand, respectively. As of March 31, 2026 and December 31, 2025, intangible assets are carried net of accumulated impairment losses of $31,131 thousand as of each period then ended.
The following table outlines the estimated annual amortization expense related to intangible assets as of March 31, 2026:
\n
| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Estimated | \n
Year Ending December 31, | \n \u00a0 | \n (in thousands) | \n
Remainder of 2026 | \n $ | \n 34,314 | \n
2027 | \n \u00a0 | \n 45,667 | \n
2028 | \n \u00a0 | \n 45,569 | \n
2029 | \n \u00a0 | \n 45,500 | \n
2030 | \n \u00a0 | \n 45,458 | \n
2031 and thereafter | \n \u00a0 | \n 207,600 | \n
\u00a0 | \n $ | \n 424,108 | \n
As of March 31, 2026, the weighted average amortization period remaining for intangible assets was 9.58 years.
(b) Goodwill
At March 31, 2026 and December 31, 2025 the balances of goodwill, by segment, consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Retail | \n $ | \n 276,955 | \n $ | \n 277,342 | \n
Consumer packaged goods | \n \u00a0 | \n 314,809 | \n \u00a0 | \n 314,809 | \n
Total | \n $ | \n 591,764 | \n $ | \n 592,151 | \n
\u00a0
Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026 and 2025, there were no conditions present that would require consideration as to whether an impairment test was necessary.
At March 31, 2026 and December 31, 2025, intangible assets consisted of the following:
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n \u00a0 | \n December 31, 2025 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Book Value | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||||||||||||||||||
Licenses and permits | \n $ | \n \u00a0 | \n 681,749 | \n \u00a0 | \n $ | \n \u00a0 | \n 258,066 | \n \u00a0 | \n $ | \n \u00a0 | \n 423,683 | \n \u00a0 | \n $ | \n \u00a0 | \n 682,639 | \n \u00a0 | \n $ | \n \u00a0 | \n 246,669 | \n \u00a0 | \n $ | \n \u00a0 | \n 435,970 | \n \u00a0 | \n
Trademarks | \n \u00a0 | \n \u00a0 | \n 1,430 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,069 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 361 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,430 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,027 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 403 | \n \u00a0 | \n
Customer relationships | \n \u00a0 | \n \u00a0 | \n 15,140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,832 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 308 | \n \u00a0 | \n
Total intangible assets | \n $ | \n \u00a0 | \n 698,319 | \n \u00a0 | \n $ | \n \u00a0 | \n 274,211 | \n \u00a0 | \n $ | \n \u00a0 | \n 424,108 | \n \u00a0 | \n $ | \n \u00a0 | \n 699,209 | \n \u00a0 | \n $ | \n \u00a0 | \n 262,528 | \n \u00a0 | \n $ | \n \u00a0 | \n 436,681 | \n \u00a0 | \n
The following table outlines the estimated annual amortization expense related to intangible assets as of March 31, 2026:
\n
| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Estimated | \n
Year Ending December 31, | \n \u00a0 | \n (in thousands) | \n
Remainder of 2026 | \n $ | \n 34,314 | \n
2027 | \n \u00a0 | \n 45,667 | \n
2028 | \n \u00a0 | \n 45,569 | \n
2029 | \n \u00a0 | \n 45,500 | \n
2030 | \n \u00a0 | \n 45,458 | \n
2031 and thereafter | \n \u00a0 | \n 207,600 | \n
\u00a0 | \n $ | \n 424,108 | \n
As of March 31, 2026, the weighted average amortization period remaining for intangible assets was 9.58 years.
(b) "}]},{"name":"rpt:f-424","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"34314000","decimals":-3}]},{"name":"rpt:f-425","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45667000","decimals":-3}]},{"name":"rpt:f-426","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45569000","decimals":-3}]},{"name":"rpt:f-427","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45500000","decimals":-3}]},{"name":"rpt:f-428","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45458000","decimals":-3}]},{"name":"rpt:f-429","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"207600000","decimals":-3}]},{"name":"rpt:f-430","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsNet","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"424108000","decimals":-3}]},{"name":"rpt:f-431","factDimensions":{"xbrl:concept":"us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"P9Y6M29D"}]},{"name":"rpt:f-432","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"At March 31, 2026 and December 31, 2025 the balances of goodwill, by segment, consisted of the following:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Retail | \n $ | \n 276,955 | \n $ | \n 277,342 | \n
Consumer packaged goods | \n \u00a0 | \n 314,809 | \n \u00a0 | \n 314,809 | \n
Total | \n $ | \n 591,764 | \n $ | \n 592,151 | \n
\u00a0
Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026 and 2025, there were no conditions present that would require consideration as to whether an impairment test was necessary.
"}]},{"name":"rpt:f-433","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:RetailSegmentMember"},"factValues":[{"value":"276955000","decimals":-3}]},{"name":"rpt:f-434","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:RetailSegmentMember"},"factValues":[{"value":"277342000","decimals":-3}]},{"name":"rpt:f-435","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:ConsumerPackagedGoodsSegmentMember"},"factValues":[{"value":"314809000","decimals":-3}]},{"name":"rpt:f-436","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"gtbif:ConsumerPackagedGoodsSegmentMember"},"factValues":[{"value":"314809000","decimals":-3}]},{"name":"rpt:f-437","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"591764000","decimals":-3}]},{"name":"rpt:f-438","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"592151000","decimals":-3}]},{"name":"rpt:f-439","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairedAccumulatedImpairmentLoss","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"57372000","decimals":-3}]},{"name":"rpt:f-440","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairedAccumulatedImpairmentLoss","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"57372000","decimals":-3}]},{"name":"rpt:f-441","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-442","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2025-01-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-443","factDimensions":{"xbrl:concept":"gtbif:InvestmentsDisclosureTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"5. INVESTMENTS
\u00a0
\u00a0
As of March 31, 2026 and December 31, 2025, the Company held various equity interests in cannabis-related companies as well as investments in note(s) receivable instruments that had a combined fair value of $32,664 thousand and $32,720 thousand, respectively. The Company measures its investments that do not have readily determinable fair value at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.
The following table summarizes the changes in the Company\u2019s investments during the three months ended March 31, 2026 and year ended December 31, 2025:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Beginning | \n $ | \n 32,720 | \n $ | \n 43,578 | \n
Additions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 432 | \n
Proceeds | \n \u00a0 | \n (56) | \n \u00a0 | \n (150) | \n
Fair value adjustments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (10,998) | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (142) | \n
Ending | \n $ | \n 32,664 | \n $ | \n 32,720 | \n
\u00a0
(a) Equity Investments
\u00a0
The Company invests in both publicly traded and privately held cannabis and cannabis-related companies. Generally, publicly traded entities have readily determinable fair values and are classified as Level 1 investments. Meanwhile, non-publicly traded entities generally do not have readily determinable fair values and are classified as Level 3 investments. The Company has classified all of its holdings as trading securities and recorded such amounts within investments on the Company's unaudited interim condensed consolidated balance sheet. There were no unrealized gains or losses recognized on the Company's equity investments held during the three months ended March 31, 2026 and 2025.
\u00a0
As of March 31, 2026, the Company held no Level 1 equity investments.
\u00a0
The fair value of Company's Level 3 equity investments as of the three months ended March 31, 2026 and 2025 was $29,775 thousand and $36,487 thousand, respectively. During the three months ended March 31, 2026 and 2025, the Company's Level 3 equity investments had no changes in fair value.
\u00a0
See Note 12 - Fair Value Measurements for additional details.
\u00a0
(b) Notes Receivable Instruments
\u00a0
The Company invests in both publicly traded and privately held cannabis and cannabis-related companies by providing financing through notes receivable instruments. The fair value of these notes receivable instruments include the initial investment and contractual accrued interest recorded within interest income on the unaudited interim condensed consolidated statements of operations.The Company has classified all of its notes receivable instruments as trading securities and included such amounts within investments on the Company's unaudited interim condensed consolidated balance sheets.
\u00a0
As of March 31, 2026, the Company held no Level 1 notes receivable instruments.
\u00a0
\u00a0
\u00a0
5. INVESTMENTS (Continued)
\u00a0
\u00a0
\u00a0
(b) Notes Receivable Instruments (Continued)
\u00a0
The following table summarizes the change in the Company's Level 3 notes receivable instruments during the three months ended March 31, 2026 and 2025:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, | \n |||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n
\u00a0 | \n (in thousands) | \n |||
Beginning | \n $ | \n 2,945 | \n $ | \n 7,091 | \n
Proceeds | \n \u00a0 | \n (56) | \n \u00a0 | \n \u2014 | \n
Accrued interest | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 25 | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (142) | \n
Ending | \n $ | \n 2,889 | \n $ | \n 6,974 | \n
\u00a0
The Company's Level 3 notes receivable instruments had stated interest rates of 10.0% and terms of five years.
\u00a0
See Note 12 - Fair Value Measurements for additional details.
"}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"us-gaap:EquityFairValueDisclosure","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"gtbif:CannabisCompaniesMember"},"factValues":[{"value":"32664000","decimals":-3}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:EquityFairValueDisclosure","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"gtbif:CannabisCompaniesMember"},"factValues":[{"value":"32720000","decimals":-3}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfLongTermInvestmentsTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes the changes in the Company\u2019s investments during the three months ended March 31, 2026 and year ended December 31, 2025:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Beginning | \n $ | \n 32,720 | \n $ | \n 43,578 | \n
Additions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 432 | \n
Proceeds | \n \u00a0 | \n (56) | \n \u00a0 | \n (150) | \n
Fair value adjustments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (10,998) | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (142) | \n
Ending | \n $ | \n 32,664 | \n $ | \n 32,720 | \n
(b) Notes Receivable Instruments (Continued)
\u00a0
The following table summarizes the change in the Company's Level 3 notes receivable instruments during the three months ended March 31, 2026 and 2025:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, | \n |||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n
\u00a0 | \n (in thousands) | \n |||
Beginning | \n $ | \n 2,945 | \n $ | \n 7,091 | \n
Proceeds | \n \u00a0 | \n (56) | \n \u00a0 | \n \u2014 | \n
Accrued interest | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 25 | \n
Transfers and other | \n \u00a0 | \n \u2014 | \n \u00a0 | \n (142) | \n
Ending | \n $ | \n 2,889 | \n $ | \n 6,974 | \n
6. LEASES
\u00a0
\u00a0
\u00a0
(a) Operating Leases
The Company has operating leases for its retail stores, processing and cultivation facilities and corporate office space. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.
The Company records material real estate and equipment leases with an initial term of twelve months or more on the balance sheet. Real estate lease agreements for some locations provide for rent escalations and renewal options. Certain real estate leases require payment for fixed and variable non-lease components, such as taxes, insurance and maintenance, as part of base rent. In those circumstances, the Company elected the practical expedient to not separate the lease components from non-lease components.
The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. For the three months ended March 31, 2026 and 2025, the Company recorded operating lease expense of $13,448 thousand and $12,768 thousand, respectively.
\u00a0
Other information related to operating leases as of March 31, 2026 and December 31, 2025 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
Weighted average remaining lease term (years) | \n \u00a0 | \n 9.61 | \n \u00a0 | \n 9.80 | \n
Weighted average discount rate | \n \u00a0 | \n 12.13% | \n \u00a0 | \n 12.16% | \n
\u00a0
Maturities of lease liabilities for operating leases as of March 31, 2026 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Lease Liability | \n ||||
Year Ending December 31, | \n \u00a0 | \n Third-Party | \n \u00a0 | \n Related Party | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Remainder of 2026 | \n $ | \n 37,950 | \n $ | \n 395 | \n $ | \n 38,345 | \n
2027 | \n \u00a0 | \n 50,474 | \n \u00a0 | \n 491 | \n \u00a0 | \n 50,965 | \n
2028 | \n \u00a0 | \n 49,210 | \n \u00a0 | \n 282 | \n \u00a0 | \n 49,492 | \n
2029 | \n \u00a0 | \n 45,769 | \n \u00a0 | \n 287 | \n \u00a0 | \n 46,056 | \n
2030 | \n \u00a0 | \n 43,571 | \n \u00a0 | \n 293 | \n \u00a0 | \n 43,864 | \n
2031 and thereafter | \n \u00a0 | \n 258,164 | \n \u00a0 | \n 475 | \n \u00a0 | \n 258,639 | \n
Total lease payments | \n \u00a0 | \n 485,138 | \n \u00a0 | \n 2,223 | \n \u00a0 | \n 487,361 | \n
Less: interest | \n \u00a0 | \n (214,325) | \n \u00a0 | \n (593) | \n \u00a0 | \n (214,918) | \n
Present value of lease liability | \n $ | \n 270,813 | \n $ | \n 1,630 | \n $ | \n 272,443 | \n
\u00a0
(b) Related Party Operating Leases
Mosaic Real Estate, LLC, which owns certain facilities leased by the Company, is owned in part by Benjamin Kovler, the Chairman and Chief Executive Officer of the Company (through KP Capital, LLC), and Anthony Georgiadis, the President and a director of the Company (through Three One Four Holdings, LLC). For the three months ended March 31, 2026 and 2025, the Company recorded lease expense of $126 thousand, associated with these leasing arrangements.
"}]},{"name":"rpt:f-479","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"13448000","decimals":-3}]},{"name":"rpt:f-480","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseExpense","xbrl:period":"2025-01-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12768000","decimals":-3}]},{"name":"rpt:f-481","factDimensions":{"xbrl:concept":"gtbif:ScheduleOfOtherInformationRelatedToOperatingLeasesTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"Other information related to operating leases as of March 31, 2026 and December 31, 2025 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
Weighted average remaining lease term (years) | \n \u00a0 | \n 9.61 | \n \u00a0 | \n 9.80 | \n
Weighted average discount rate | \n \u00a0 | \n 12.13% | \n \u00a0 | \n 12.16% | \n
Maturities of lease liabilities for operating leases as of March 31, 2026 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Maturities of Lease Liability | \n ||||
Year Ending December 31, | \n \u00a0 | \n Third-Party | \n \u00a0 | \n Related Party | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||||
Remainder of 2026 | \n $ | \n 37,950 | \n $ | \n 395 | \n $ | \n 38,345 | \n
2027 | \n \u00a0 | \n 50,474 | \n \u00a0 | \n 491 | \n \u00a0 | \n 50,965 | \n
2028 | \n \u00a0 | \n 49,210 | \n \u00a0 | \n 282 | \n \u00a0 | \n 49,492 | \n
2029 | \n \u00a0 | \n 45,769 | \n \u00a0 | \n 287 | \n \u00a0 | \n 46,056 | \n
2030 | \n \u00a0 | \n 43,571 | \n \u00a0 | \n 293 | \n \u00a0 | \n 43,864 | \n
2031 and thereafter | \n \u00a0 | \n 258,164 | \n \u00a0 | \n 475 | \n \u00a0 | \n 258,639 | \n
Total lease payments | \n \u00a0 | \n 485,138 | \n \u00a0 | \n 2,223 | \n \u00a0 | \n 487,361 | \n
Less: interest | \n \u00a0 | \n (214,325) | \n \u00a0 | \n (593) | \n \u00a0 | \n (214,918) | \n
Present value of lease liability | \n $ | \n 270,813 | \n $ | \n 1,630 | \n $ | \n 272,443 | \n
\u00a0
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NOTES PAYABLE
\u00a0
At March 31, 2026 and December 31, 2025, notes payable consisted of the following:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Syndicated credit facility1 | \n $ | \n 186,761 | \n $ | \n 140,909 | \n
Mortgage notes2 | \n \u00a0 | \n 103,162 | \n \u00a0 | \n 103,987 | \n
Total notes payable | \n \u00a0 | \n 289,923 | \n \u00a0 | \n 244,896 | \n
Less: current portion of notes payable | \n \u00a0 | \n (23,579) | \n \u00a0 | \n (18,495) | \n
Notes payable, net of current portion | \n $ | \n 266,344 | \n $ | \n 226,401 | \n
\u00a0
1 As of March 31, 2026 and December 31, 2025, the Credit Facility (as defined below in Section (a) of this Note 7), had an outstanding principal balance of $188,750 thousand and $142,500 thousand, respectively. The Credit Facility was issued at a discount, the carrying value of which was $1,989 thousand and $1,591 thousand as of March 31, 2026 and December 31, 2025, respectively. The Credit Facility matures on September 11, 2029.
\u00a0
2 The Company has issued mortgage notes in connection with various operating properties at an aggregate value of $112,285 thousand as of March 31, 2026 and December 31, 2025. The mortgage notes were issued at a discount, the carrying value of which was $747 thousand and $799 thousand, and are presented net of principal payments of $8,376 thousand and $7,499 thousand as of March 31, 2026 and December 31, 2025, respectively. These mortgage notes mature between December 31, 2028 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.
\u00a0
\u00a0
(a) Syndicated Credit Facility
On September 11, 2024, the Company entered into a $150,000 thousand syndicated credit facility led by Valley National Bank, which was amended on February 19, 2026 via Amendment No. 1 thereto to increase the total amount borrowed to $200,000 thousand (as amended, the \u201cCredit Facility\u201d). The Credit Facility has a maturity date of September 11, 2029 and bears interest from the date of issuance at SOFR plus 500 basis points, payable quarterly. As of March 31, 2026, the floating interest rate on the Credit Facility was 8.67%.
The Credit Facility includes certain covenants which require the Company to maintain a debt service coverage ratio of 1.5 to 1.0, a funded debt to Adjusted Earnings Before Interest Depreciation and Amortization (\u201cAdjusted EBITDA\u201d) (see \u201cNon-GAAP Measures\u201d below for additional information on Adjusted EBITDA) ratio no greater than 3.5 to 1.0, and a tangible net worth of at least $500 thousand. As of March 31, 2026, the Company was in compliance with all covenants associated with the Credit Facility.
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| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n ||
Syndicated credit facility1 | \n $ | \n 186,761 | \n $ | \n 140,909 | \n
Mortgage notes2 | \n \u00a0 | \n 103,162 | \n \u00a0 | \n 103,987 | \n
Total notes payable | \n \u00a0 | \n 289,923 | \n \u00a0 | \n 244,896 | \n
Less: current portion of notes payable | \n \u00a0 | \n (23,579) | \n \u00a0 | \n (18,495) | \n
Notes payable, net of current portion | \n $ | \n 266,344 | \n $ | \n 226,401 | \n
\u00a0
1 As of March 31, 2026 and December 31, 2025, the Credit Facility (as defined below in Section (a) of this Note 7), had an outstanding principal balance of $188,750 thousand and $142,500 thousand, respectively. The Credit Facility was issued at a discount, the carrying value of which was $1,989 thousand and $1,591 thousand as of March 31, 2026 and December 31, 2025, respectively. The Credit Facility matures on September 11, 2029.
\u00a0
2 The Company has issued mortgage notes in connection with various operating properties at an aggregate value of $112,285 thousand as of March 31, 2026 and December 31, 2025. The mortgage notes were issued at a discount, the carrying value of which was $747 thousand and $799 thousand, and are presented net of principal payments of $8,376 thousand and $7,499 thousand as of March 31, 2026 and December 31, 2025, respectively. These mortgage notes mature between December 31, 2028 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.
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ue":"8. SHARE CAPITAL
\u00a0
\u00a0
\u00a0
Common shares, which include the Company\u2019s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares, are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the applicable vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with Accounting Standards Codification (\u201cASC\u201d) 740, Income Taxes.
\u00a0
(a) Authorized
The Company has the following classes of share capital, with each class having no par value:
\u00a0
(i) Subordinate Voting Shares
The holders of the Subordinate Voting Shares are entitled to receive dividends which may be declared from time to time and are entitled to one vote per share at meetings of the Company\u2019s shareholders. All Subordinate Voting Shares are ranked equally with regard to the Company\u2019s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting Shares.
(ii) Multiple Voting Shares
Each Multiple Voting Share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares.
(iii) Super Voting Shares
Each Super Voting Share is entitled to 1,000 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares or one Multiple Voting Share. The Company is authorized to issue an unlimited number of Super Voting Shares.
\u00a0
(b) Issued and Outstanding
A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Issued and Outstanding | \n ||||
\u00a0 | \n \u00a0 | \n Subordinate | \n \u00a0 | \n Multiple | \n \u00a0 | \n Super | \n
As at January 1, 2026 | \n \u00a0 | \n 206,629,845 | \n \u00a0 | \n 37,472 | \n \u00a0 | \n 201,690 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 5,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 1,423,290 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Super Voting Shares | \n \u00a0 | \n (6,045,000) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
As at March 31, 2026 | \n \u00a0 | \n 202,013,135 | \n \u00a0 | \n 37,472 | \n \u00a0 | \n 201,690 | \n
\u00a0
(i) Repurchase of Subordinate and Super Voting Shares
\u00a0
On September 23, 2025, the Company's Board of Directors authorized a new share repurchase program that commenced immediately following the expiration of the Company's previous share repurchase program. The new program authorizes the Company to repurchase its Subordinate Voting Shares over a 12-month period at an aggregate cost of up to $50,000 thousand. On April 21, 2026, the Company\u2019s Board of Directors authorized an expansion of the share repurchase program such that the Company may purchase Subordinate Voting Shares at an aggregate cost of up to $150,000 thousand.
During the three months ended March 31, 2026, the Company repurchased approximately 6,045,000 Subordinate Voting Shares for approximately $33,300 thousand, at an average price of $5.51 per share.
\u00a0
\u00a0
8. SHARE CAPITAL (Continued)
\u00a0
\u00a0
(c) Stock-Based Compensation
The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company measures their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled stock-based payments under stock-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to equity.
In June 2018, the Company established the Green Thumb Industries Inc. 2018 Stock and Incentive Plan, which was amended by Amendment No. 1, Amendment No. 2 Amendment No. 3 and Amendment No. 4 thereto (as amended, the \u201cPlan\u201d). The maximum number of Restricted Stock Units (\u201cRSUs\u201d) and options outstanding under the Plan at any time shall not exceed 15% of the then issued and outstanding shares on an as-converted basis.
The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized.
Option and RSU awards generally vest over three years, and options typically have a life of seven to ten years. Option grants under the Plan are determined by the Compensation Committee of the Company\u2019s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant.
The following table summarizes Stock option activity:
\n
| \n | \n | \n | \n |
\u00a0 | \n Number of Shares | \n Weighted Average Exercise Price | \n Weighted Average Remaining Contractual Life | \n
Balance as of December 31, 2025 | \n 7,692,764 | \n $10.65 | \n 3.78 | \n
Granted | \n \u2014 | \n \u2014 | \n \u00a0 | \n
Exercised | \n (5,000) | \n 7.59 | \n \u00a0 | \n
Forfeited | \n (138,636) | \n 17.44 | \n \u00a0 | \n
Balance as of March 31, 2026 | \n 7,549,128 | \n $10.24 | \n 3.46 | \n
Exercisable as of March 31, 2026 | \n 6,165,052 | \n $5.74 | \n 0.23 | \n
\u00a0
As permitted under ASC 718, the Company has made an accounting policy choice to account for forfeitures when they occur.
\u00a0
8. SHARE CAPITAL (Continued)
\u00a0
\u00a0
(c) Stock-Based Compensation (Continued)
The following table summarizes the number of unvested RSU awards as of March 31, 2026 and December 31, 2025 and the changes during the three months ended March 31, 2026:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Grant Date Fair Value | \n
Unvested Shares at December 31, 2025 | \n \u00a0 | \n 9,518,293 | \n $ | \n 8.30 | \n
Granted | \n \u00a0 | \n 107,681 | \n \u00a0 | \n 6.84 | \n
Forfeited | \n \u00a0 | \n (904,361) | \n \u00a0 | \n 7.56 | \n
Vested | \n \u00a0 | \n (1,423,290) | \n \u00a0 | \n 8.36 | \n
Unvested Shares at March 31, 2026 | \n \u00a0 | \n 7,298,323 | \n $ | \n 8.27 | \n
\u00a0
The stock-based compensation expense for the three months ended March 31, 2026 and 2025 was as follows:
\n
| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||
Stock options expense | \n $ | \n 1,252 | \n $ | \n 2,093 | \n \u00a0 | \n
Restricted stock units | \n \u00a0 | \n 9,265 | \n \u00a0 | \n 8,216 | \n \u00a0 | \n
Total stock based compensation expense | \n $ | \n 10,517 | \n $ | \n 10,309 | \n \u00a0 | \n
\u00a0
As of March 31, 2026, $50,546 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 1.59 years.
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\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Issued and Outstanding | \n ||||
\u00a0 | \n \u00a0 | \n Subordinate | \n \u00a0 | \n Multiple | \n \u00a0 | \n Super | \n
As at January 1, 2026 | \n \u00a0 | \n 206,629,845 | \n \u00a0 | \n 37,472 | \n \u00a0 | \n 201,690 | \n
Issuance of shares upon exercise of options | \n \u00a0 | \n 5,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Issuances of shares upon vesting of RSUs | \n \u00a0 | \n 1,423,290 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
Repurchase of Super Voting Shares | \n \u00a0 | \n (6,045,000) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n
As at March 31, 2026 | \n \u00a0 | \n 202,013,135 | \n \u00a0 | \n 37,472 | \n \u00a0 | \n 201,690 | \n
\u00a0
(i) Repurchase of Subordinate and Super Voting Shares
"}]},{"name":"rpt:f-556","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesOutstanding","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SubordinateVotingSharesMember","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember"},"factValues":[{"value":"206629845","decimals":0}]},{"name":"rpt:f-557","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesOutstanding","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember","us-gaap:StatementClassOfStockAxis":"gtbif:MultipleVotingSharesMember"},"factValues":[{"value":"37472","decimals":0}]},{"name":"rpt:f-558","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesOutstanding","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SuperVotingSharesMember","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember"},"factValues":[{"value":"201690","decimals":0}]},{"name":"rpt:f-559","factDimensions":{"xbrl:concept":"gtbif:StockIssuedDuringPeriodStockOptionsAndWarrantsExercised","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SubordinateVotingSharesMember","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember"},"factValues":[{"value":"5000","decimals":0}]},{"name":"rpt:f-560","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SubordinateVotingSharesMember","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember"},"factValues":[{"value":"1423290","decimals":0}]},{"name":"rpt:f-561","factDimensions":{"xbrl:concept":"gtbif:RepurchaseOfSubordinateVotingSharesInShare","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SubordinateVotingSharesMember","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember"},"factValues":[{"value":"-6045000","decimals":0}]},{"name":"rpt:f-562","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesOutstanding","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SubordinateVotingSharesMember","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember"},"factValues":[{"value":"202013135","decimals":0}]},{"name":"rpt:f-563","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesOutstanding","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember","us-gaap:StatementClassOfStockAxis":"gtbif:MultipleVotingSharesMember"},"factValues":[{"value":"37472","decimals":0}]},{"name":"rpt:f-564","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesOutstanding","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:SuperVotingSharesMember","us-gaap:AwardTypeAxis":"gtbif:ShareCapitalMember"},"factValues":[{"value":"201690","decimals":0}]},{"name":"rpt:f-565","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2025-09-24T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"gtbif:RepurchaseOfSubordinateVotingSharesMember"},"factValues":[{"value":"50000000","decimals":-3}]},{"name":"rpt:f-566","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2026-04-22T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"gtbif:RepurchaseOfSubordinateVotingSharesMember","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember"},"factValues":[{"value":"150000000","decimals":-3}]},{"name":"rpt:f-567","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:RepurchaseOfSubordinateVotingSharesMember"},"factValues":[{"value":"6045000","decimals":0}]},{"name":"rpt:f-568","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"gtbif:RepurchaseOfSubordinateVotingSharesMember"},"factValues":[{"value":"33300000","decimals":-3}]},{"name":"rpt:f-569","factDimensions":{"xbrl:concept":"us-gaap:AcceleratedShareRepurchasesFinalPricePaidPerShare","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"gtbif:RepurchaseOfSubordinateVotingSharesMember"},"factValues":[{"value":"5.51","decimals":2}]},{"name":"rpt:f-570","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum","xbrl:period":"2018-06-01T00:00:00/2018-06-02T00:00:00","xbrl:entity":"cik:0001795139","us-gaap:PlanNameAxis":"gtbif:GtiiStockAndIncentivePlanMember","us-gaap:StatementClassOfStockAxis":"gtbif:SubordinateVotingSharesMember"},"factValues":[{"value":"0.15","decimals":2}]},{"name":"rpt:f-571","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes Stock option activity:
\n
| \n | \n | \n | \n |
\u00a0 | \n Number of Shares | \n Weighted Average Exercise Price | \n Weighted Average Remaining Contractual Life | \n
Balance as of December 31, 2025 | \n 7,692,764 | \n $10.65 | \n 3.78 | \n
Granted | \n \u2014 | \n \u2014 | \n \u00a0 | \n
Exercised | \n (5,000) | \n 7.59 | \n \u00a0 | \n
Forfeited | \n (138,636) | \n 17.44 | \n \u00a0 | \n
Balance as of March 31, 2026 | \n 7,549,128 | \n $10.24 | \n 3.46 | \n
Exercisable as of March 31, 2026 | \n 6,165,052 | \n $5.74 | \n 0.23 | \n
The following table summarizes the number of unvested RSU awards as of March 31, 2026 and December 31, 2025 and the changes during the three months ended March 31, 2026:
\n
| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n Weighted Average Grant Date Fair Value | \n
Unvested Shares at December 31, 2025 | \n \u00a0 | \n 9,518,293 | \n $ | \n 8.30 | \n
Granted | \n \u00a0 | \n 107,681 | \n \u00a0 | \n 6.84 | \n
Forfeited | \n \u00a0 | \n (904,361) | \n \u00a0 | \n 7.56 | \n
Vested | \n \u00a0 | \n (1,423,290) | \n \u00a0 | \n 8.36 | \n
Unvested Shares at March 31, 2026 | \n \u00a0 | \n 7,298,323 | \n $ | \n 8.27 | \n
The stock-based compensation expense for the three months ended March 31, 2026 and 2025 was as follows:
\n
| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||
Stock options expense | \n $ | \n 1,252 | \n $ | \n 2,093 | \n \u00a0 | \n
Restricted stock units | \n \u00a0 | \n 9,265 | \n \u00a0 | \n 8,216 | \n \u00a0 | \n
Total stock based compensation expense | \n $ | \n 10,517 | \n $ | \n 10,309 | \n \u00a0 | \n
9. INCOME TAX EXPENSE
\u00a0
\u00a0
\u00a0
The following table summarizes the Company\u2019s income tax expense and effective tax rates for the three months ended March 31, 2026 and 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n \u00a0 | \n
Income before income taxes | \n $ | \n 63,139 | \n $ | \n 39,716 | \n \u00a0 | \n
Income tax expense | \n \u00a0 | \n 48,092 | \n \u00a0 | \n 31,315 | \n \u00a0 | \n
Effective tax rate | \n \u00a0 | \n 76.2% | \n \u00a0 | \n 78.8% | \n \u00a0 | \n
\u00a0
\u00a0
The effective tax rates for the three months ended March 31, 2026 and 2025 were based on the Company\u2019s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented.
\u00a0
The IRS has taken the position that cannabis companies are subject to the limitations of the U.S. Internal Revenue Code of 1986, as amended (\u201cIRC\u201d) Section 280E under which cannabis companies are only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income and provides for effective tax rates that are well in excess of statutory tax rates.
"}]},{"name":"rpt:f-608","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following table summarizes the Company\u2019s income tax expense and effective tax rates for the three months ended March 31, 2026 and 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n \u00a0 | \n
Income before income taxes | \n $ | \n 63,139 | \n $ | \n 39,716 | \n \u00a0 | \n
Income tax expense | \n \u00a0 | \n 48,092 | \n \u00a0 | \n 31,315 | \n \u00a0 | \n
Effective tax rate | \n \u00a0 | \n 76.2% | \n \u00a0 | \n 78.8% | \n \u00a0 | \n
10. OTHER INCOME (EXPENSE)
\u00a0
\u00a0
For the three months ended March 31, 2026 and 2025 other income (expense) was comprised of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||
Fair value adjustments on related party warrants | \n $ | \n (1,122) | \n $ | \n \u2014 | \n \u00a0 | \n
Fair value adjustments on warrants liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 66 | \n \u00a0 | \n
Gain from settlement of arbitration award | \n \u00a0 | \n 17,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Earnings (loss) from equity method investments | \n \u00a0 | \n 6,470 | \n \u00a0 | \n (110) | \n \u00a0 | \n
Other | \n \u00a0 | \n 619 | \n \u00a0 | \n 20 | \n \u00a0 | \n
Total other income (expense) | \n $ | \n 22,967 | \n $ | \n (24) | \n \u00a0 | \n
For the three months ended March 31, 2026 and 2025 other income (expense) was comprised of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||
Fair value adjustments on related party warrants | \n $ | \n (1,122) | \n $ | \n \u2014 | \n \u00a0 | \n
Fair value adjustments on warrants liability | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 66 | \n \u00a0 | \n
Gain from settlement of arbitration award | \n \u00a0 | \n 17,000 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Earnings (loss) from equity method investments | \n \u00a0 | \n 6,470 | \n \u00a0 | \n (110) | \n \u00a0 | \n
Other | \n \u00a0 | \n 619 | \n \u00a0 | \n 20 | \n \u00a0 | \n
Total other income (expense) | \n $ | \n 22,967 | \n $ | \n (24) | \n \u00a0 | \n
11. COMMITMENTS AND CONTINGENCIES
\u00a0
\u00a0
\u00a0
\u00a0
The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be 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.
(a) Contingencies
The Company\u2019s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, sanctions, restrictions on its operations, or losses of permits that could result in the Company ceasing operations in that specific state or local jurisdiction. The Company may be subject to regulatory fines, penalties, or restrictions in the future as cannabis and other regulations continue to evolve and are subject to differing interpretations.
(b) Claims and Litigation
From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. The following is an update to the status of previously disclosed matters as of March 31, 2026:
As of March 31, 2026 and December 31, 2025, other than as discussed above, there were no pending or threatened lawsuits considered probable or reasonably possible to result in an unfavorable outcome with an exposure expected to merit disclosure. There are also no proceedings in which any of the Company\u2019s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company\u2019s interest.
(c) Construction Commitments
As of March 31, 2026, the Company held approximately $5,800 thousand of open construction commitments to contractors on work being performed which are generally expected to be completed within 12 months."}]},{"name":"rpt:f-630","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesSoughtValue","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7307000","decimals":-3}]},{"name":"rpt:f-631","factDimensions":{"xbrl:concept":"us-gaap:LitigationSettlementInterest","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"912000","decimals":-3}]},{"name":"rpt:f-632","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesPaidValue","xbrl:period":"2026-03-27T00:00:00/2026-03-28T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6750000","decimals":-3}]},{"name":"rpt:f-633","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesPaidValue","xbrl:period":"2026-02-12T00:00:00/2026-02-13T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17000000","decimals":-3}]},{"name":"rpt:f-634","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyNumberOfPlaintiffs","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"gtbif:Lawsuit","us-gaap:LitigationStatusAxis":"us-gaap:PendingLitigationMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-635","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyNumberOfPlaintiffs","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"gtbif:Lawsuit","us-gaap:LitigationStatusAxis":"us-gaap:PendingLitigationMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-636","factDimensions":{"xbrl:concept":"us-gaap:ContractualObligation","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"gtbif:ConstructionCommitmentsMember"},"factValues":[{"value":"5800000","decimals":-3}]},{"name":"rpt:f-637","factDimensions":{"xbrl:concept":"us-gaap:FairValueDisclosuresTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"12. FAIR VALUE MEASUREMENTS
\u00a0
\u00a0
\u00a0
The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.
(a) Financial Instruments
The Company\u2019s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable and accrued liabilities, notes payable and warrant liability.
It was not practicable to estimate the fair value of the Company's long-term notes payable, which consist of the Credit Facility and mortgage notes, since there were no quoted market prices or active trading markets. The carrying amount of notes payable at March 31, 2026 and December 31, 2025 was $289,923 thousand and $244,896 thousand, respectively, which includes $23,579 thousand and $18,495 thousand, respectively, of short-term debt due within one year.
Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The fair values of the Company\u2019s financial instruments associated with each of the three levels of the hierarchy are:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of March 31, 2026 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and cash equivalents | \n $ | \n 344,512 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 344,512 | \n
Restricted cash and cash equivalents | \n \u00a0 | \n 1,700 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 1,700 | \n
Investments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 32,664 | \n \u00a0 | \n 32,664 | \n
\u00a0 | \n $ | \n 346,212 | \n $ | \n \u2014 | \n $ | \n 32,664 | \n $ | \n 378,876 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2025 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Cash and cash equivalents | \n $ | \n 274,298 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 274,298 | \n
Restricted cash and cash equivalents | \n \u00a0 | \n 10,984 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 10,984 | \n
Investments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 32,720 | \n \u00a0 | \n 32,720 | \n
\u00a0 | \n $ | \n 285,282 | \n $ | \n \u2014 | \n $ | \n 32,720 | \n $ | \n 318,002 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of March 31, 2026 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
Cash and cash equivalents | \n $ | \n 344,512 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 344,512 | \n
Restricted cash and cash equivalents | \n \u00a0 | \n 1,700 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 1,700 | \n
Investments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 32,664 | \n \u00a0 | \n 32,664 | \n
\u00a0 | \n $ | \n 346,212 | \n $ | \n \u2014 | \n $ | \n 32,664 | \n $ | \n 378,876 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2025 | \n ||||||
\u00a0 | \n (in thousands) | \n |||||||
\u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n Total | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Cash and cash equivalents | \n $ | \n 274,298 | \n $ | \n \u2014 | \n $ | \n \u2014 | \n $ | \n 274,298 | \n
Restricted cash and cash equivalents | \n \u00a0 | \n 10,984 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 10,984 | \n
Investments | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n 32,720 | \n \u00a0 | \n 32,720 | \n
\u00a0 | \n $ | \n 285,282 | \n $ | \n \u2014 | \n $ | \n 32,720 | \n $ | \n 318,002 | \n
13. SEGMENT REPORTING
\u00a0
\u00a0
\u00a0
The Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (\u201cConsumer Packaged Goods\u201d) and retailing of cannabis to patients and consumers (\u201cRetail\u201d). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the Chief Operating Decision Maker, Benjamin Kovler, Chairman and Chief Executive Officer of the Company, does not review total assets or net income (loss) by segments; therefore, such information is not presented below.
The below table presents revenues by type for the three months ended March 31, 2026 and 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||
Revenues, net of discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 208,060 | \n $ | \n 198,672 | \n \u00a0 | \n
Consumer packaged goods | \n \u00a0 | \n 167,539 | \n \u00a0 | \n 170,284 | \n \u00a0 | \n
Intersegment eliminations | \n \u00a0 | \n (75,409) | \n \u00a0 | \n (89,416) | \n \u00a0 | \n
Total revenues, net of discounts | \n $ | \n 300,190 | \n $ | \n 279,540 | \n \u00a0 | \n
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 125,248 | \n $ | \n 133,353 | \n \u00a0 | \n
Consumer packaged goods | \n \u00a0 | \n 104,141 | \n \u00a0 | \n 99,790 | \n \u00a0 | \n
Intersegment eliminations | \n \u00a0 | \n (72,844) | \n \u00a0 | \n (96,878) | \n \u00a0 | \n
Total cost of goods sold | \n $ | \n 156,545 | \n $ | \n 136,265 | \n \u00a0 | \n
Gross profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 82,812 | \n $ | \n 65,319 | \n \u00a0 | \n
Consumer packaged goods | \n \u00a0 | \n 63,398 | \n \u00a0 | \n 70,494 | \n \u00a0 | \n
Intersegment eliminations | \n \u00a0 | \n (2,565) | \n \u00a0 | \n 7,462 | \n \u00a0 | \n
Total gross profit | \n $ | \n 143,645 | \n $ | \n 143,275 | \n \u00a0 | \n
Depreciation and amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 13,172 | \n $ | \n 11,088 | \n \u00a0 | \n
Consumer packaged goods | \n \u00a0 | \n 19,241 | \n \u00a0 | \n 18,323 | \n \u00a0 | \n
Intersegment eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total depreciation and amortization | \n $ | \n 32,413 | \n $ | \n 29,411 | \n \u00a0 | \n
Goodwill assigned to the Retail segment as of March 31, 2026 and December 31, 2025 was $276,955 thousand and $277,342 thousand, respectively. Intangible assets, net assigned to the Retail segment as of March 31, 2026 and December 31, 2025 was $244,509 thousand and $251,846 thousand, respectively.
Goodwill assigned to the Consumer Packaged Goods segment as of March 31, 2026 and December 31, 2025 was $314,809 thousand at each period end. Intangible assets, net assigned to the Consumer Packaged Goods segment as of March 31, 2026 and December 31, 2025 was $179,599 thousand and $184,835 thousand, respectively.
The Company\u2019s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, Green Thumb has identified two reporting units which align with our reportable segments (Retail and Consumer Packaged Goods). All revenues are derived from customers domiciled in the United States and all assets are located in the United States.
"}]},{"name":"rpt:f-676","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The below table presents revenues by type for the three months ended March 31, 2026 and 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n ||
Revenues, net of discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 208,060 | \n $ | \n 198,672 | \n \u00a0 | \n
Consumer packaged goods | \n \u00a0 | \n 167,539 | \n \u00a0 | \n 170,284 | \n \u00a0 | \n
Intersegment eliminations | \n \u00a0 | \n (75,409) | \n \u00a0 | \n (89,416) | \n \u00a0 | \n
Total revenues, net of discounts | \n $ | \n 300,190 | \n $ | \n 279,540 | \n \u00a0 | \n
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 125,248 | \n $ | \n 133,353 | \n \u00a0 | \n
Consumer packaged goods | \n \u00a0 | \n 104,141 | \n \u00a0 | \n 99,790 | \n \u00a0 | \n
Intersegment eliminations | \n \u00a0 | \n (72,844) | \n \u00a0 | \n (96,878) | \n \u00a0 | \n
Total cost of goods sold | \n $ | \n 156,545 | \n $ | \n 136,265 | \n \u00a0 | \n
Gross profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 82,812 | \n $ | \n 65,319 | \n \u00a0 | \n
Consumer packaged goods | \n \u00a0 | \n 63,398 | \n \u00a0 | \n 70,494 | \n \u00a0 | \n
Intersegment eliminations | \n \u00a0 | \n (2,565) | \n \u00a0 | \n 7,462 | \n \u00a0 | \n
Total gross profit | \n $ | \n 143,645 | \n $ | \n 143,275 | \n \u00a0 | \n
Depreciation and amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Retail | \n $ | \n 13,172 | \n $ | \n 11,088 | \n \u00a0 | \n
Consumer packaged goods | \n \u00a0 | \n 19,241 | \n \u00a0 | \n 18,323 | \n \u00a0 | \n
Intersegment eliminations | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total depreciation and amortization | \n $ | \n 32,413 | \n $ | \n 29,411 | \n \u00a0 | \n
14. RELATED PARTY TRANSACTIONS WITH AFFILIATED ENTITIES
\u00a0
\u00a0
The Company acquired a noncontrolling financial interest in Agrify Corporation (now known as RYTHM Inc. or \u201cRYM\u201d) in November 2024. In connection with the transaction, Benjamin Kovler, Chairman and Chief Executive Officer and Armon Vakali, Vice President, Strategic Initiatives and Partnerships, both of Green Thumb, began serving as RYM's Chairman and Interim Chief Executive Officer and member of RYM's Board, respectively. The following is a summary of transactions between Green Thumb and RYM:
\u00a0
\u00a0
As of March 31, 2026 and December 31, 2025, the Company held approximately 33% ownership interest in RYM and accounted for the investment using the equity method of accounting. As of each of those periods then ended, the Company's investment in RYM had a carrying value of $159,491 thousand and $152,374 thousand, respectively. During the three months ended March 31, 2026 and 2025, the Company recorded earnings (losses) from its ownership interest in RYM of $6,479 thousand and ($650) thousand, respectively, within other income (expense) on the Company's unaudited interim condensed consolidated statements of operations.
\u00a0
\u00a0
The Company extended convertible notes receivable (the \u201cMay 2025 Notes\u201d and \u201cAugust 2025 Notes\u201d) to RYM in the previous year. The following amounts were held by the Company as of as of March 31, 2026 and December 31, 2025, respectively:
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n (in thousands) | \n |||
May 2025 Notes - maturing November 22, 2026 | \n $ | \n 27,000 | \n $ | \n 27,000 | \n
August 2025 Notes - maturing February 25, 2027 | \n \u00a0 | \n 45,000 | \n \u00a0 | \n \u2014 | \n
Curret convertible notes receivable from RYM | \n $ | \n 72,000 | \n $ | \n 27,000 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
The May and August 2025 Notes bear interest of 10% per annum and are convertible into shares of RYM or pre-funded warrants at maturity. As of the year ended December 31, 2025, the August 2025 Notes were classified as non-current and, accordingly, were included within non-current notes receivable from related parties on the Company's unaudited interim condensed consolidated balance sheets.
\u00a0
As of March 31, 2026 and December 31, 2025, accrued interest associated with the Company's convertible notes receivable from RYM totaled $600 thousand and $2,326 thousand, respectively.
\u00a0
In May and August 2025, Green Thumb sold its intellectual property rights in brands including RYTHM, incredibles, Beboe, Dogwalkers, Doctor Solomon's, &Shine and Good Green to RYM. As part of the transaction, RYM agreed to license the intellectual property rights back to Green Thumb in exchange for a licensing fee (the \u201cLicense Agreements\u201d). As of March 31, 2026, the Company incurred $8,978 thousand in license fees that were recorded within cost of sales on the Company's unaudited interim condensed consolidated statements of operations. As of March 31, 2026 and December 31, 2025, the Company owed RYM $6,621 thousand and $6,801 thousand, respectively in association with the License Agreements. Such amounts were included within accounts payable on the unaudited interim condensed consolidated balance sheets.
\u00a0
On March 31, 2026, the License Agreements were amended to replace the prior revenue-based fee structure with fixed annual licensing fees of $70,000 thousand, payable in monthly installments. The fees are subject to an annual increase equal to two times a Consumer Price Index-based escalator. No other terms of the License Agreements were modified. The amendment became effective on April 1, 2026.
\u00a0
\u00a0
\u00a0
14. RELATED PARTY TRANSACTIONS WITH AFFILIATED ENTITIES (Continued)
\u00a0
\u00a0
\u00a0
\u00a0
Separately, the Company routinely provides operational support services to RYM pursuant to two shared services agreements, for which the Company was owed $3,235 thousand and $3,186 thousand, respectively.
"}]},{"name":"rpt:f-719","factDimensions":{"xbrl:concept":"gtbif:EquityMethodOwnershipInterestPercentage","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"0.33","decimals":2}]},{"name":"rpt:f-720","factDimensions":{"xbrl:concept":"gtbif:EquityMethodOwnershipInterestPercentage","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"0.33","decimals":2}]},{"name":"rpt:f-721","factDimensions":{"xbrl:concept":"us-gaap:DeferredPolicyAcquisitionCosts","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"159491000","decimals":-3}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"us-gaap:DeferredPolicyAcquisitionCosts","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD","srt:TitleOfIndividualAxis":"gtbif:AgrifyCorporationMember"},"factValues":[{"value":"152374000","decimals":-3}]},{"name":"rpt:f-723","factDimensions":{"xbrl:concept":"us-gaap:OtherNonrecurringIncomeExpense","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6479000","decimals":-3}]},{"name":"rpt:f-724","factDimensions":{"xbrl:concept":"us-gaap:OtherNonrecurringIncomeExpense","xbrl:period":"2025-01-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001795139","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"650000","decimals":-3}]},{"name":"rpt:f-725","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtInstrumentsTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001795139"},"factValues":[{"value":"The following amounts were held by the Company as of as of March 31, 2026 and December 31, 2025, respectively:\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n December 31, 2025 | \n
\u00a0 | \n (in thousands) | \n |||
May 2025 Notes - maturing November 22, 2026 | \n $ | \n 27,000 | \n $ | \n 27,000 | \n
August 2025 Notes - maturing February 25, 2027 | \n \u00a0 | \n 45,000 | \n \u00a0 | \n \u2014 | \n
Curret convertible notes receivable from RYM | \n $ | \n 72,000 | \n $ | \n 27,000 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
15. SUBSEQUENT EVENTS
\u00a0
\u00a0
On April 21, 2026, the Company's Board of Directors authorized an increase in its most recent share repurchase program such that the Company may purchase Subordinate Voting Shares at an aggregate cost of up to $150,000 thousand. In addition, on that same date, the Company entered into a securities purchase agreement to purchase 7,393,787 Subordinate voting shares at a price of $6.00 per share.
\u00a0
\u00a0
On April 23, 2026, the U.S. Department of Justice (\u201cDOJ\u201d) issued a Final Order (the \u201cOrder\u201d) immediately placing both Food and Drug Administration (\u201cFDA\u201d) approved marijuana products and state-regulated medical marijuana products in Schedule III of the Controlled Substances Act (\u201cCSA\u201d). The Order establishes a bifurcated framework by immediately rescheduling the following into Schedule III: (1) FDA-approved drug products containing marijuana, and (2) marijuana subject to a qualifying state medical marijuana license. All other marijuana, including unlicensed bulk marijuana and marijuana operated under adult-use state programs, remains in Schedule I of the CSA. Simultaneously, the DOJ initiated an expedited administrative hearing process to consider broader rescheduling of marijuana, which will commence on June 29, 2026 and complete on July 15, 2026.
\u00a0
As a result, holders of state medical marijuana licenses will no longer be subject to section 280E of the IRC. The Company is evaluating the impact here while awaiting further guidance from the IRS.
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