0000950170-23-005368 | 10-K | XBRL Viewer | Green Thumb Industries INC

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Cover Page - USD ($) $ in Thousands	12 Months Ended
Cover Page - USD ($) $ in Thousands	Dec. 31, 2022	Feb. 20, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	GREEN THUMB INDUSTRIES INC.
Entity Central Index Key	0001795139
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 1,731,448
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Securities Act File Number	000-56132
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1437430
Entity Address, Address Line One	325 West Huron Street
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60654
City Area Code	312
Local Phone Number	471-6720
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the definitive proxy statement to be filed by the registrant in connection with the 2023 General Annual Meeting of Stockholders (the “2023 Proxy Statement”). The 2023 Proxy Statement will be filed by the registrant with the Securities and Exchange Commission not later than 120 days after December 31, 2022, the end of the registrant’s fiscal year.
Auditor Firm ID	324
Auditor Name	Baker Tilly US, LLP
Auditor Location	Chicago, Illinois
Bake Tilly [Member]
Document Information [Line Items]
Auditor Firm ID	23
Auditor Name	Baker Tilly US, LLP
Auditor Location	Chicago, IL
Subordinate Voting Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		207,816,253
Title of 12(g) Security	Subordinate Voting Shares
Super Voting Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,169,000
Title of 12(g) Security	Super Voting Shares
Multiple Voting Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,853,100
Title of 12(g) Security	Multiple Voting Shares

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 177,682	$ 230,420
Accounts Receivable	30,975	22,099
Income Tax Receivable - State	7,473	0
Inventories	115,675	95,471
Prepaid Expenses	13,364	11,175
Other Current Assets	6,182	5,065
Total Current Assets	351,351	364,230
Property and Equipment, Net	557,873	409,074
Right of Use Assets, Net	242,357	176,327
Investments	74,169	94,902
Investment in Associate	25,508	30,337
Intangible Assets, Net	589,519	675,491
Goodwill	589,691	632,849
Deposits and Other Assets	3,060	2,641
TOTAL ASSETS	2,433,528	2,385,851
Current Liabilities:
Accounts Payable	18,423	14,086
Accrued Liabilities	86,971	84,724
Acquisition Consideration Payable	0	31,732
Compensation Payable	13,476	12,022
Current Portion of Notes Payable	1,037	783
Current Portion of Lease Liabilities	10,906	9,221
Contingent Consideration Payable	11,400	50,284
Income Tax Payable	4,358	1,527
Total Current Liabilities	146,571	204,379
Long-Term Liabilities:
Lease Liabilities, Net of Current Portion	249,281	182,539
Notes Payable, Net of Current Portion and Debt Discount	274,631	239,151
Contingent Consideration Payable	30,543	33,581
Warrant Liability	4,520	24,877
Deferred Income Taxes	62,550	81,846
TOTAL LIABILITIES	768,096	766,373
COMMITMENTS AND CONTINGENCIES
SHARE HOLDERS' EQUITY
Share Capital	1,663,557	1,633,672
Contributed Surplus	23,233	21,245
Issuance of deferred shares	36,211	36,262
Accumulated Deficit	(58,085)	(70,063)
Stockholders' Equity Attributable to Parent, Total	1,664,916	1,621,116
Noncontrolling interests	516	(1,638)
TOTAL SHAREHOLDERS' EQUITY	1,665,432	1,619,478
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,433,528	2,385,851
Subordinate Voting Shares [Member]
SHARE HOLDERS' EQUITY
Share Capital
Multiple Voting Shares [Member]
SHARE HOLDERS' EQUITY
Share Capital
Super Voting Shares [Member]
SHARE HOLDERS' EQUITY
Share Capital

Condensed Consolidated Balance Sheets (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Subordinate Voting Shares [Member]
Common Stock, Shares Authorized	Unlimited	Unlimited
Common Stock, Shares, Issued	206,991,275	201,768,312
Common Stock, Shares, Outstanding	206,991,275	201,768,312
Multiple Voting Shares [Member]
Common Stock, Shares Authorized	Unlimited	Unlimited
Common Stock, Shares, Issued	38,531	38,531
Common Stock, Shares, Outstanding	38,531	38,531
Super Voting Shares [Member]
Common Stock, Shares Authorized	Unlimited	Unlimited
Common Stock, Shares, Issued	251,690	285,031
Common Stock, Shares, Outstanding	251,690	285,031

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues, net of discounts	$ 1,017,375	$ 893,560	$ 556,573
Cost of Goods Sold, net	(513,412)	(401,631)	(252,404)
Gross Profit	503,963	491,929	304,169
Expenses:
Selling, General, and Administrative	294,396	277,087	198,062
Impairment of goodwill and intangible assets	88,503	0	0
Total Expenses	382,899	277,087	198,062
Income From Operations	121,064	214,842	106,107
Other Income (Expense):
Other Expense, Net	4,499	10,677	15,377
Interest Income, net	4,070	1,432	114
Interest Expense, net	(21,201)	(21,976)	(18,667)
Total Other Income (Expense)	(12,632)	(9,867)	(3,176)
Income Before Provision for Income Taxes And Non-Controlling Interest	108,432	204,975	102,931
Provision For Income Taxes	94,777	124,612	83,853
Net Income (Loss) Before Non-Controlling Interest	13,655	80,363	19,078
Net Income Attributable to Non-Controlling Interest	1,677	4,927	4,085
Net Income (Loss) Attributable To Green Thumb Industries Inc.	$ 11,978	$ 75,436	$ 14,993
Net Income (Loss) per share - basic	$ 0.05	$ 0.34	$ 0.07
Net Income (Loss) per share - diluted	$ 0.05	$ 0.33	$ 0.07
Weighted average number of shares outstanding - basic	236,713,056	223,192,326	210,988,259
Weighted average number of shares outstanding - diluted	238,080,030	226,758,882	212,531,188

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Share Capital [Member]	Contributed Surplus [Member]	Deferred Share Issuance [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2019	$ 843,207	$ 980,638	$ 3,961	$ 16,587	$ (160,492)	$ 2,513
Noncontrolling interests adjustment for change in ownership		322				(322)
Contributions from limited liability company unit holders	50					50
Issuance of shares under business combinations and investments	9,816	27,223	(17,407)
Issuance of deferred shares	752			752
Distribution of deferred shares		14,752		(14,752)
Exercise of options, RSUs and warrants	1,640	2,819	(1,179)
Shares issued for settlement of business obligation	0
Issuance of warrants	181		181
Stock based compensation	19,337		19,337
Distributions to third party and limited liability company unit holders	(2,789)					(2,789)
Contingent Consideration And Other Adjustments To Purchase Accounting	22,886	22,886
Net (loss) income	19,078				14,993	4,085
Ending balance at Dec. 31, 2020	914,158	1,048,640	4,893	2,587	(145,499)	3,537
Issuance of shares for redemption of noncontrolling interest		4,070	(4,996)	0	0	926
Issuance of shares under business combinations and investments	343,303	343,281	22
Shares issued as contingent consideration	33,472	23,818	9,654
Issuance of deferred shares	37,565			37,565
Distribution of deferred shares	(6)	3,896		(3,890)
Issuance of registered shares pursuant to Form S-1	155,498	155,803	(305)
Exercise of options, RSUs and warrants	14,260	46,758	(32,498)
Warrants and shares issued in association with notes payable	25,146	271	24,875
Shares issued for settlement of business obligation	7,135	7,135
Stock based compensation	19,600		19,600
Distributions to third party and limited liability company unit holders	(11,028)					(11,028)
Net (loss) income	80,363				75,436	4,927
Ending balance at Dec. 31, 2021	1,619,478	1,633,672	21,245	36,262	(70,063)	(1,638)
Noncontrolling interests adjustment for change in ownership		2,379	(17,735)			15,356
Issuance of shares under business combinations and investments	1,406	1,406
Shares issued as contingent consideration	13,111	13,111
Exercise of options, RSUs and warrants	3,822	11,215	(7,393)
Shares issued for settlement of business obligation	1,750	1,774	(24)
Stock based compensation	27,140		27,140
Distributions to third party and limited liability company unit holders	(14,879)					(14,879)
Indemnification Of Deferred Shares Associated With Post Acquisition Costs	(51)			(51)
Net (loss) income	13,655				11,978	1,677
Ending balance at Dec. 31, 2022	$ 1,665,432	$ 1,663,557	$ 23,233	$ 36,211	$ (58,085)	$ 516

Condensed Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
CASH FLOW FROM OPERATING ACTIVITIES
Net income attributable to Green Thumb Industries Inc.	$ 11,978	$ 75,436	$ 14,993
Net Income Attributable to Non-Controlling Interest	1,677	4,927	4,085
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	96,664	68,458	52,506
Amortization of operating lease assets	43,985	34,124	26,287
Loss on extinguishment of debt	0	10,645	0
Loss on disposal of property and equipment	383	314	31
Impairment of goodwill and intangible assets	88,503	0	0
Impairment of long-lived property and equipment	1,419	4,744	0
Loss (earnings) on equity method investment	4,259	(1,799)	(2,320)
Gain from lease modification	(3,330)	0	0
Bad debt expense	423	488	367
Deferred income taxes	(17,477)	(4,763)	2,095
Stock-based compensation	27,140	19,600	19,337
Decrease (increase) in fair value of investments	11,651	(6,377)	(26,371)
Decrease in fair value of contingent consideration	(29,012)	(8,273)	(8,642)
(Decrease) increase in fair value of warrants	(20,357)	(14,577)	23,002
Shares issued for settlement of business obligation	1,750	7,135	0
Fair value adjustment on note receivable	0	0	816
Amortization of debt discount	9,174	7,235	5,159
Changes in operating assets and liabilities:
Accounts receivable	(9,264)	(646)	(14,252)
Inventories	(19,791)	(16,439)	(23,377)
Prepaid expenses and other current assets	(3,222)	(4,863)	230
Deposits and other assets	(419)	(749)	756
Accounts payable	3,571	(9,525)	11,674
Accrued liabilities	2,361	10,165	18,684
Operating lease liabilities	(38,258)	(28,597)	(17,682)
Income tax receivable and payable, net	(5,244)	(14,615)	8,540
NET CASH PROVIDED BY OPERATING ACTIVITIES	158,564	132,048	95,918
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of property and equipment	(179,500)	(187,850)	(59,797)
Proceeds from disposal of property and equipment	869	109	11,799
Investments in securities and associates	(5,804)	(79,050)	(525)
Proceeds from equity investments and notes receivable	3,571	18,417	170
Settlement of acquisition consideration payable	(31,732)	0	0
Purchase of businesses, net of cash acquired	(7,350)	(32,356)	(8,921)
NET CASH USED IN INVESTING ACTIVITIES	(219,946)	(280,730)	(57,274)
CASH FLOW FROM FINANCING ACTIVITIES
Contributions from limited liability company unit holders	0	1,675	50
Distributions to third parties and limited liability company unit holders	(14,879)	(11,028)	(2,789)
Contributions from unconsolidated subsidiaries	550	0	0
Net proceeds from issuance of registered shares pursuant to Form S-1	0	155,498	0
Proceeds from exercise of options and warrants	3,822	14,260	1,640
Payment for purchase of noncontrolling interest	0	0	(150)
Proceeds from issuance of notes payable	20,101	208,700	0
Principal repayment of notes payable	(950)	(70,507)	(304)
Prepayment penalty and other costs associated with refinancing	0	(3,254)	0
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	8,644	295,344	(1,553)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(52,738)	146,662	37,091
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD	230,420	83,758	46,667
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD	177,682	230,420	83,758
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	18,552	15,311	12,762
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	887	22,096	(2,029)
Noncash increase in right of use asset	(74,996)	(27,035)	(79,085)
Noncash increase in lease liability	74,996	27,035	79,085
Warrant issuance associated with note payable	0	25,145	754
Mortgages associated with dispensaries and other properties purchased	7,350	6,830	3,607
Liability for purchase of noncontrolling interest	0	0	(5,350)
Liability associated with acquisition agreement	0	0	2,000
Shares issued for purchase of noncontrolling interest	2,379	4,070	0
Issuance of shares associated with contingent consideration	13,111	33,472	22,486
Deferred share issuances	0	37,565	752
Deferred share distributions	0	(3,890)	(14,752)
Issuance of shares under business combinations	1,406	343,303	4,619
Inventories	412	9,489	131
Accounts receivable	34	527	0
Prepaid expenses	72	1,117	17
Property and equipment	738	30,789	264
Right of use assets	743	19,003	119
Identifiable Intangible assets	4,816	314,457	6,182
Goodwill	14,214	250,152	7,612
Deposits and other assets	12	1,031	611
Liabilities assumed	(1,222)	(13,692)	(1,520)
Lease liabilities	(743)	(19,003)	(119)
Notes Payable	0	(5,627)	0
Noncontrolling interests	17,735	0	0
Contingent liabilities	(200)	(98,500)	0
Equity interests issued	(3,785)	(374,244)	(5,097)
Fair value of previously held equity interest	(11,336)	0	0
Cash consideration payable	0	(32,092)	0
Deferred income taxes	1,216	(51,051)	720
Settlement of noncontrolling interests	(15,356)	0	0
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed)	7,350	32,356	8,920
ADDITIONAL SUPPLEMENTAL INFORMATION
Decrease (increase) in fair value of investments	22,606	(6,377)	(26,371)
Increase in fair value of equity method investments	(10,955)	0	0
TOTAL DECREASE (INCREASE) IN FAIR VALUE OF INVESTMENTS	$ 11,651	$ (6,377)	$ (26,371)

Nature of Operations

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

1. NATURE OF OPERATIONS

Green Thumb Industries Inc. (“Green Thumb” or the “Company”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while being committed to community and sustainable profitable growth. Green Thumb owns, manufactures, and distributes a portfolio of cannabis consumer packaged goods brands including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles, and RYTHM, to third-party retail stores across the United States as well as to Green Thumb owned retail stores. The Company also owns and operates retail cannabis stores that include a rapidly growing national chain named RISE, which sell our products and third-party products. As of December 31, 2022, Green Thumb has revenue in fifteen markets (California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia), employs approximately 3,800 people and serves millions of patients and customers annually.

The Company’s registered office is located at 250 Howe Street, 20th Floor, Vancouver, British Columbia, V6C 3R8. The Company’s U.S. headquarters are at 325 W. Huron St., Suite 700, Chicago, IL 60654.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of Preparation and Statement of Compliance

The consolidated financial statements as of December 31, 2022, 2021 and 2020 (the “Consolidated Financial Statements”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Certain previously reported amounts have been reclassified between line items to conform to the current period presentation.

(b)

Basis of Measurement

These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein.

(c)

Functional and Presentation Currency

The Company’s functional currency, as determined by management, is the United States (“US”) dollar. These consolidated financial statements are presented in U.S. dollars.

(d)

Basis of Consolidation

The consolidated financial statements for the years ended December 31, 2022, 2021 and 2020 include the accounts of the Company, its wholly-owned subsidiaries, its partially-owned subsidiaries, and those controlled by the Company by virtue of agreements, on a consolidated basis after elimination of intercompany transactions and balances.

Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee, and when the Company has the ability to affect those returns through its power over the investee. The financial statements of entities controlled by the Company by virtue of agreements are fully consolidated from the date that control commences and deconsolidated from the date control ceases.

The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2022 and 2021:


Subsidiaries	Jurisdiction	Interest
GTI23, Inc.	Delaware	100	%
VCP23, LLC	Delaware	100	%
GTI Core, LLC	Delaware	100	%

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d) Basis of Consolidation (Continued)

The following are VCP23, LLC’s and GTI Core, LLC’s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the year ended December 31, 2022:


Subsidiaries	Ownership		Jurisdiction	Purpose
JB17, LLC	100	%	Maryland	Management company
GTI-Clinic Illinois Holdings, LLC	100	%	Illinois	License holder
ILDISP, LLC	100	%	Illinois	License holder
RISE Holdings, Inc.	100	%	Massachusetts	License holder
Liberty Compassion Inc.	100	%	Massachusetts	License holder
GTI Maryland, LLC	100	%	Maryland	License holder
Ohio Investors 2017, LLC	100	%	Ohio	Holding Company
GTI Ohio, LLC	100	%	Ohio	License holder
GTI Nevada, LLC	100	%	Nevada	License holder
GTI Pennsylvania, LLC	100	%	Pennsylvania	License holder
GTI Florida, LLC	100	%	Florida	Holding company
KSGNF, LLC	100	%	Florida	License holder
GTI New Jersey, LLC	100	%	New Jersey	License holder
KW Ventures Holdings, LLC	100	%	Pennsylvania	License holder
Chesapeake Alternatives, LLC	100	%	Maryland	License holder
Meshow, LLC	100	%	Maryland	License holder
Maryland Health and Wellness Center, Inc.	100	%	Maryland	License holder
Advanced Grow Labs, LLC	100	%	Connecticut	License holder
Bluepoint Wellness of Westport, LLC	46	%	Connecticut	License holder
Bluepoint Apothecary, LLC	100	%	Connecticut	License holder
Southern CT Wellness and Healing	100	%	Connecticut	License Holder
Integral Associates, LLC	100	%	Nevada	License holder
Integral Associates CA, LLC	100	%	California	License holder
Fiorello Pharmaceuticals, Inc.	100	%	New York	License holder
Dharma Pharmaceuticals, LLC	100	%	Virginia	License holder
Summit Medical Compassion Center, Inc.	0	%	Rhode Island	License holder
LeafLine Industries, LLC	100	%	Minnesota	License holder
MC Brands, LLC	100	%	Colorado	Intellectual property
For Success Holding Company	100	%	California	Intellectual property
VCP IP Holdings, LLC	100	%	Delaware	Intellectual property
Vision Management Services, LLC	100	%	Delaware	Management company
TWD18, LLC	100	%	Delaware	Investment company
VCP Real Estate Holdings, LLC	100	%	Delaware	Real Estate holding company

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(e)

Investment in Associates

Associates are all entities over which the Company has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Company.

The Company assesses annually whether there is any objective evidence that its interest in associates is impaired. If impaired, the carrying value of the Company’s share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal or value in use) and charged to the consolidated statement of operations. If the financial statements of an associate are prepared on a date different from that used by the Company, adjustments are made for the effects of significant transactions or events that occur between that date and the date of these consolidated financial statements.

(f)

Non-controlling Interests

Non-controlling interests (“NCI”) represent equity interests owned by outside parties. NCI may be initially measured at fair value or at the NCI’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement is made on a transaction by transaction basis. Green Thumb elected to measure each NCI at its proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The share of net assets attributable to NCI are presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Total comprehensive income or loss of subsidiaries is attributed to the shareholders of the Company and to the NCI, even if this results in the NCI having a deficit balance.

(g)

Cash and Cash Equivalents

Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash, with original maturities of three months or less, and cash held at retail locations.

(h)

Accounts Receivable

Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based on existing contractual payment terms, actual payment patterns of its customers and individual customer circumstances. For the years ended December 31, 2022 and 2021 the Company recorded approximately $928 thousand and $643 thousand, respectively, in allowance for doubtful accounts. During the years ended December 31, 2022, 2021 and 2020, the Company recorded bad debt expense of $423 thousand, $488 thousand and $367 thousand, respectively.

(i)

Inventories

Inventories of purchased finished goods and packing materials are initially valued at cost and subsequently at the lower of cost and net realizable value.

Costs incurred during the growing and production process are capitalized as incurred to the extent that cost is less than net realizable value. These costs include materials, labor and manufacturing overhead used in the growing and production processes.

Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the weighted average cost basis. Products for resale and supplies and consumables are valued at lower of cost and net realizable value. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such inventories are written down to net realizable value.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(j)

Property and Equipment

Property and equipment are stated at cost, including capitalized borrowing costs, net of accumulated depreciation and impairment losses, if any. Expenditures that materially increase the life of the assets are capitalized. Ordinary repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:


Land		Not Depreciated
Land Improvements		10 – 30 Years
Buildings and Improvements		39 Years
Furniture and Fixtures		5 – 7 Years
Computer Equipment and Software		5 Years
Leasehold Improvements		Remaining Life of Lease
Production and Processing Equipment		5 – 7 Years
Assets Under Construction		Not Depreciated

The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively if appropriate. An item of equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in operations in the year the asset is derecognized.

The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value. During the years ended December 31, 2022 and 2021, the Company recorded an impairment charge of $1,419 thousand and $4,744 thousand respectively, within selling, general, and administrative expenses on the consolidated statement of operations. No such impairment charges were recorded during the year ended December 31, 2020.

(k)

Note Receivable and Investments

Convertible notes investments and investments in equity of private companies are classified as financial assets at fair value. Upon initial recognition, the investment is recognized at fair value with directly attributable transaction costs expensed as incurred. Subsequent changes in fair value are recognized in profit or loss.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(l)

Intangible Assets

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2022:


Licenses and Permits		7-15 years
Tradenames		3-15 years
Customer Relationships		3-7 years
Non-competition Agreement		2-5 years

Intangible assets with finite lives are amortized over their estimated useful lives. The estimated useful lives, residual values and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

During 2022, management determined that certain tradenames associated with the 2019 acquisition of Integral Associates, LLC should be written off as the Company has made plans to re-brand the Essence retail stores acquired as part of that transaction, into RISE retail stores along with a decision to no longer produce the Desert Grown Farms brand. As of December 31, 2022, the Company recorded an impairment charge of $31,131 thousand associated with these intangible assets.

No such impairment charges were recorded during the years ended December 31, 2021 or 2020.

(m)

Goodwill

Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit.

Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. The Company reviews indefinite-lived intangible assets, which includes goodwill, annually, as of October 1, for impairment or more frequently if events or circumstances indicate that the carrying value may not be recoverable. An impaired asset is written down to its estimated fair value based on the most recent information available.

The Company applies the guidance in ASU 2011-08, Intangibles-Goodwill and Other-Testing Goodwill for Impairment, which provides entities with an option to perform a qualitative assessment (commonly referred to as “Step Zero”) to determine whether further quantitative analysis for impairment of goodwill is necessary. In performing Step Zero for the Company’s goodwill impairment test, the Company is required to make assumptions and judgments including but not limited to the following: the evaluation of macroeconomic conditions as related to the Company’s business, industry and market trends, and the overall future financial performance of its reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing Step Zero, the Company would perform a quantitative impairment analysis to estimate the fair value of goodwill.

During the years ended December 31, 2021 and 2020, the Company performed the Step Zero analysis for its goodwill impairment test. As a result of the Company's Step Zero analysis, no further quantitative impairment test was deemed necessary.

During 2022, the Company’s evaluated its existing reporting units under the accounting guidance provided in ASC 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Subsequent to October 1, 2022, the Company aggregated each of the components into two reporting units (Retail and Consumer Packaged Goods).

As part of the Company's aggregation of the 30 reporting units that existed prior to October 1, 2022, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis prior to aggregation.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(m)

Goodwill (Continued)

The analysis performed included estimating the fair value of each reporting unit using either an income or market approach. The income approach requires management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, the allocation of shared or corporate costs and the eventual repeal of 280E. The market approach estimates fair value using comparable marketplace fair value data from within a comparable industry grouping.

The determination of fair value in the quantitative assessment requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include but are not limited to: the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization and capital expenditures.

As a result, for the year ended December 31, 2022, the Company recognized an impairment charge of $44,392 thousand associated with its Nevada Consumer Packaged Goods operations and $12,980 thousand associated with its Nevada Retail operations as the carrying values of the reporting units exceeded the estimated fair value by such amounts. No such impairment charges were recorded for the years ended December 31, 2021 or 2020.

(n)

Income Taxes

Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Deferred tax assets and liabilities are measured using the enacted taxes rates. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs. As discussed further in Note 12—Income Taxes, the Company is subject to the limitations of Internal Revenue Code of 1986, as amended (“IRC”) Section 280E.

(o)

Revenue Recognition

Revenue is recognized by the Company in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

In order to recognize revenue under ASU 2014-09, the Company applies the following five (5) steps:


	•		Identify a customer along with a corresponding contract;


	•		Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer;


	•		Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer;


	•		Allocate the transaction price to the performance obligation(s) in the contract; and


	•		Recognize revenue when or as the Company satisfies the performance obligation(s).

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(o)

Revenue Recognition (Continued)

Revenues consist of Consumer Packaged Goods and Retail sales of cannabis, which are generally recognized at a point in time when control over the goods have been transferred to the customer and is recorded net of sales discounts. Payment is typically due upon transferring the goods to the customer or within a specified time period permitted under the Company’s credit policy. During the years ended December 31, 2022, 2021 and 2020, sales discounts totaled $167,288 thousand, $83,851 thousand and $48,442 thousand, respectively.

Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer.

At some locations, the Company offers a loyalty reward program to its retail customers. A portion of the revenue generated in a sale must be allocated to the loyalty points earned. The amount allocated to the points earned is deferred until the loyalty points are redeemed or expire. As of December 31, 2022 and 2021, the loyalty liability totaled $4,871 thousand and $3,986 thousand, respectively, and is included in accrued liabilities on the consolidated balance sheets.

(p)

Stock-Based Payments

The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted.

Equity settled stock-based payments under stock-based payments plans are ultimately recognized as an expense in profit or loss with a corresponding credit to contributed surplus, in equity.

The Company recognizes compensation expense for Restricted Stock Units (“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. No adjustment is made to any expense recognized in prior period if share options ultimately exercised are different to that estimated on vesting.

(q)

Fair Value of Financial Instruments

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.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(q)

Fair Value of Financial Instruments (Continued)

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—Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2—Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3—Inputs for the asset or liability that are not based on observable market data.

For further details, see Note 15—Fair Value Measurements.

(r)

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 reliably estimated, such amount is recognized in other liabilities.

(s)

Share Capital

Common Shares are classified as equity (the Company’s Super Voting Shares, Multiple Voting Shares and Subordinate Voting Shares are all considered Common Shares). Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.

(t)

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 basic earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of Common Shares outstanding to assume conversion of all dilutive potential Common Shares. The Company has three categories of potentially dilutive Common Share equivalents: RSUs, options and warrants. As of December 31, 2022, the Company had 9,577,947 options, 947,502 RSUs and 3,734,555 warrants outstanding. As of December 31, 2021, the Company had 5,383,275 options, 376,127 RSUs and 3,835,278 warrants outstanding. As of December 31, 2020, the Company had 5,664,406 options, 689,340 RSUs and 2,520,794 warrants outstanding.

In order to determine diluted earnings per share, it is assumed that any proceeds from the exercise of dilutive unvested RSUs, options, and warrants would be used to repurchase Common Shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of options and convertible debt that would increase earnings per share or decrease loss per share. For the year ended December 31, 2022, the computation of diluted earnings per share included 1,001,835 options, 243,194 RSUs and 121,945 warrants. For the year ended December 31, 2021, the computation of diluted earnings per share included 2,323,625 options, 200,732 RSUs and 1,042,199 warrants. For the year ended December 31, 2020, the computation of diluted earnings per share included 1,307,421 options, 134,254 RSUs and 101,254 warrants.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(t)

Earnings per Share (Continued)

For the years ended December 31, 2022, 2021, and 2020 the weighted average number of anti-dilutive options excluded from the computation of diluted earnings per share were 1,895,273; 626,930; and 580,672, respectively.

(u)

Business Combinations

Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition related transaction costs are expensed as incurred. Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair value at the date of acquisition. When the Company acquires control of a business, any previously held equity interest also is remeasured to fair value. The excess of the purchase consideration and any previously held equity interest over the fair value of identifiable net assets acquired is goodwill. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously held equity interest, the difference is recognized in the Consolidated Statements of Operations immediately as a gain or loss on acquisition.

Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Contingent consideration classified as a liability requires remeasurement at each period-end, with adjustments to the fair value of the liability recorded within selling, general and administrative expenses. Equity classified contingent consideration is measured as of the date of acquisition and assessed at each period-end to determine whether equity classification remains appropriate.

(v)

Foreign Currency

Assets and liabilities denominated in currencies other than Green Thumb’s functional currency are initially measured in the functional currencies at the transaction date exchange rate. Monetary assets are remeasured at the rate of exchange in effect as of the balance sheet date. Revenues and expenses are translated at the transaction date exchange rate. Foreign currency gains and losses resulting from translation are reflected in net comprehensive income (loss) for the period. During the years ended December 31, 2022, 2021, and 2020, there were no significant transactions in currencies other than US Dollars.

(w)

Impairment of Other Long-Lived Assets

When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value.

During the years ended December 31, 2022 and 2021, the Company recorded impairment charges associated with long-lived fixed assets of $1,419 thousand and $4,744 thousand respectively, within selling, general, and administrative expenses on the consolidated statement of operations. No such impairment charges were recorded during the year ended December 31, 2020.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(x)

Significant Accounting Judgments, Estimates and Assumptions

The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and revenue and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below.


	(i)	Estimated Useful Lives and Amortization of Intangible Assets (Also see Note 6—Intangible Asset and Goodwill)

Amortization of intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any.


	(ii)	Business Combinations

Classification of an acquisition as a business combination or an asset acquisition depends on whether the assets acquired constitute a business, which can be a complex judgment. Whether an acquisition is classified as a business combination or asset acquisition can have a significant impact on the entries made on and after acquisition.

In determining the fair value of all identifiable assets, liabilities and contingent liabilities acquired, the most significant estimates relate to contingent consideration and intangible assets. Management exercises judgment in estimating the probability and timing of when earn-outs are expected to be achieved which is used as the basis for estimating fair value. For any intangible asset identified, depending on the type of intangible asset and the complexity of determining its fair value, an independent valuation expert or management may develop the fair value, using appropriate valuation techniques, which are generally based on a forecast of the total expected future net cash flows. The evaluations are linked closely to the assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied.

See Note 5—Acquisitions for details.


	(iii)	Inventories

The net realizable value of inventories represents the estimated selling price for inventories in the ordinary course of business, less all estimated costs of completion and costs necessary to make the sale. The determination of net realizable value requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expected future selling price the Company expects to realize by selling the inventory, and the contractual arrangements with customers. Reserves for excess and obsolete inventory are based upon quantities on hand, projected volumes from demand forecasts and net realizable value. The estimates are judgmental in nature and are made at a point in time, using available information, expected business plans, and expected market conditions. As a result, the actual amount received on sale could differ from the estimated value of inventory. Periodic reviews are performed on the inventory balance. The impact of changes in inventory reserves is reflected in cost of goods sold.


	(iv)	Investments in Private Holdings

Investments include private company investments which are carried at fair value based on the value of the Company’s interests in the private companies determined from financial information provided by management of the companies, which may include operating results, subsequent rounds of financing and other appropriate information. Any change in fair value is recognized on the consolidated statement of operations.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(x)

Significant Accounting Judgments, Estimates and Assumptions (Continued)


	(v)	Goodwill Impairment

Goodwill is tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of goodwill has been impaired. As described in Notes 2(l) and 2(m), the Company applies the guidance in ASU 2011-08 Intangibles-Goodwill and Other-Testing Goodwill for Impairment, which provides entities with an option to perform a qualitative assessment (commonly referred to as “Step Zero”) to determine whether further quantitative analysis for impairment of goodwill is necessary. In performing Step Zero for the Company’s goodwill impairment test, the Company is required to make assumptions and judgments including but not limited to the following: the evaluation of macroeconomic conditions as related to the Company’s business, industry and market trends, and the overall future financial performance of its reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing Step Zero, the Company would perform a quantitative impairment analysis to estimate the fair value of goodwill.

During 2022, the Company evaluated its existing reporting units under the accounting guidance provided in ASC 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Beginning October 1, 2022, the Company identified two reporting units (Retail and Consumer Packaged Goods).

As part of the Company's aggregation of the 30 reporting units that existed prior to October 1, 2022, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis prior to aggregation to determine if any of the reporting units was impaired.

The analysis performed included estimating the fair value of each reporting unit using both the income and market approaches. The income approach requires management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates and the allocation of shared or corporate costs. The market approach estimates fair value using comparable marketplace fair value data from within a comparable industry grouping.

The determination of fair value in the quantitative assessment requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization, capital expenditures and the eventual repeal of 280E.

As a result of the Company's goodwill impairment analysis, the Company determined two of the reporting units were impaired. See Note 6—Intangible Assets and Goodwill for additional detail.


	(vi)	Determination of Reporting Units

The Company’s assets are aggregated into two reportable segments Retail and Consumer Packaged Goods. During 2022, the Company’s evaluated its existing reporting units under the accounting guidance provided in ASC 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Beginning October 1, 2022, the Company identified two reporting units (Retail and Consumer Packaged Goods).

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(x)

Significant Accounting Judgment, Estimates and Assumptions (Continued)


	(vii)	Consolidation

Judgment is applied in assessing whether the Company exercises control and has significant influence over entities in which the Company directly or indirectly owns an interest. The Company has control when it has the power over the subsidiary, has exposure or rights to variable returns, and has the ability to use its power to affect the returns. Significant influence is defined as the power to participate in the financial and operating decisions of the subsidiaries. Where the Company is determined to have control, these entities are consolidated. Additionally, judgment is applied in determining the effective date on which control was obtained.


	(viii)	Allowance for Uncollectible Accounts

Management determines the allowance for uncollectible accounts by evaluating individual receivable balances and considering accounts and other receivable financial condition and current economic conditions. Accounts receivable and financial assets recorded in other receivables are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. All receivables are expected to be collected within one year of the balance sheet date.


	(ix)	Stock-Based Payments

Valuation of stock-based compensation and warrants requires management to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of the Company’s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates are considered for each new grant of stock options or warrants.


	(x)	Fair Value of Financial Instruments

The individual fair values attributed to the different components of a financing transaction, derivative financial instruments, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and in performing the fair value calculations in order to determine (a) the values attributed to each component of a transaction at the time of their issuance; (b) the fair value measurements for certain instruments that require subsequent measurement at fair value on a recurring basis; and (c) for disclosing the fair value of financial instruments. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market.

(y)

New and Revised Standards

(i)

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

(ii)

In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”), which is intended to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The Company adopted ASU 2020-01 on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(y)

New and Revised Standards (Continued)

(iii)

On August 5, 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

(z)

Coronavirus Pandemic

In March 2020, the World Health Organization categorized coronavirus disease 2019 (together with its variants, “COVID-19”) as a global pandemic. COVID-19 continues to spread throughout the U.S. and other countries across the world, and the duration and severity of its effects are currently unknown. The Company continues to implement and evaluate actions to strengthen its financial position and support the continuity of its business and operations.

The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill; long-lived assets and intangible assets; operating lease right of use assets and operating lease liabilities; valuation of deferred income taxes; the allowance for doubtful accounts; assessment of the Company’s lease and non-lease contract expenses; and measurement of compensation cost for bonus and other compensation plans. During 2022, the Company’s revenue, gross profit and operating income were not negatively impacted by COVID-19 and the Company generally maintained the consistency of its operations. However, the uncertain nature of the spread of COVID-19 may impact its business operations for reasons including the potential quarantine of Green Thumb employees or those of its supply chain partners.

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

3. INVENTORIES

The Company’s inventories include the following at December 31, 2022 and 2021:


		December 31, 2022		December 31, 2021
		(in thousands)
Raw Material	$	3,070	$	5,278
Packaging and Miscellaneous		9,847		8,622
Work in Process		57,287		42,403
Finished Goods		49,268		41,069
Reserve for Obsolete Inventory		(3,797)		(1,901)
Total Inventories	$	115,675	$	95,471

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

4. PROPERTY AND EQUIPMENT

At December 31, 2022 and 2021, property and equipment consisted of the following:


		December 31, 2022		December 31, 2021
		(in thousands)
Buildings and Improvements	$	176,874	$	101,283
Equipment, Computers and Furniture		122,568		83,281
Leasehold Improvements		135,524		114,303
Land Improvements		847		607
Capitalized Interest		16,934		6,523
Total Property and Equipment		452,747		305,997
Less: Accumulated Depreciation		(80,702)		(45,198)
Property and Equipment, net		372,045		260,799
Land		29,106		20,258
Assets Under Construction		156,722		128,017
Property and Equipment, net	$	557,873	$	409,074

Assets under construction represent construction in progress related to both cultivation and dispensary facilities not yet completed or otherwise not ready for use.

Depreciation expense for the years ended December 31, 2022, 2021 and 2020 totaled $37,006 thousand, $23,250 thousand and $15,479 thousand, respectively, of which $24,117 thousand, $14,301 thousand and $8,283 thousand, respectively, is included in cost of goods sold.

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Acquisitions

5. ACQUISITIONS

The Company has determined that the below acquisitions are business combinations under ASC 805, Business Combinations. They are accounted for by applying the acquisition method, whereby the assets acquired, and the liabilities assumed are recorded at their fair values with any excess of the aggregate consideration over the fair values of the identifiable net assets allocated to goodwill. Operating results have been included in these consolidated financial statements from the date of the acquisition. Supplemental pro forma financial information has not been presented as the impact was not material to the Company's consolidated financial statements. The goodwill recorded primarily includes the expected synergies resulting from combining the operations of the acquired entity with those of the Company.

(a)

2022 Business Acquisitions

On March 1, 2022, the Company acquired the remaining 50% ownership interests of ILDISP, LLC (“ILDISP”) from the Company's former membership interest partner for the purposes of expanding the Company's operational capacity in the Illinois market. Prior to March 1, 2022, one of the two retail stores owned by ILDISP, RISE Effingham, was consolidated by Green Thumb as the Company was determined to be the primary beneficiary of the variable interest entity. The other retail store was accounted for as an equity method investment given the Company's 50% ownership interest and its ability to significantly influence that store's operations.

The total consideration exchanged included $18,623 thousand in cash, which included $250 thousand in deferred consideration, which was paid in September 2022, along with 204,036 Subordinate Voting Shares of Green Thumb valued at $3,785 thousand, based on the fair value of the securities on their date of issuance, which was the closing price of Green Thumb's Subordinate Voting Shares as traded on the Canadian Securities Exchange (“CSE”) on the date of the transaction.

The Company allocated the total consideration exchanged to each of the acquired retail stores. Accordingly, the consideration allocated to RISE Effingham was approximately $11,857 thousand in cash along with 128,218 Subordinate Voting Shares of Green Thumb that had a fair value on the date of issuance of $2,379 thousand. The remaining equity associated with the Company's purchase of the noncontrolling interest was closed to contributed surplus (deficit) of Green Thumb as of March 1, 2022.

The equity method investment associated with the other retail store owned by ILDISP was remeasured at fair value of $11,336 thousand as of the date of the transaction, and resulted in a gain on the fair value of the equity method investment of $10,955 thousand, which was recorded in other income (expense) on the consolidated statement of operations. The Company, with the assistance of an external valuation expert, measured the fair value of the equity method investment utilizing a market approach as of the date of acquisition. Significant inputs included the equity method investments projected EBITDA for the year ended December 31, 2022, along with selected market multiples.

In addition to the fair value of the equity method investment of $11,336 thousand, which was included as part of the consideration exchanged, the Company allocated consideration of $6,766 thousand in cash along with 75,818 Subordinate Voting Shares of Green Thumb, with a fair value of $1,406 thousand, to the acquisition of the other retail store.

After completing the preliminary allocation of the aggregate consideration exchanged for the assets acquired and liabilities assumed, the Company recorded a license intangible asset of $14,000 thousand and non-tax deductible goodwill of $4,697 thousand. Other assets acquired and liabilities assumed were not material. The weighted average amortization period for the license intangible is 15 years. Acquisition related expenses associated with the transaction were not material.

During 2022, the Company finalized the purchase price allocation associated with the March 1, 2022 acquisition of ILDISP. The Company remeasured the assets acquired and liabilities assumed with the assistance of an external valuation expert, which resulted in a reduction to the license intangible of $143 thousand and a corresponding increase in the value of goodwill.

5. ACQUISITIONS (Continued)

(b)

2021 Business Acquisitions

During 2022, the Company finalized the purchase price allocations associated with the 2021 acquistions of Summit Medical Compassion Center, Inc., GreenStar Herbals Inc. (“GreenStar”). MDHWC Management Corp. and LeafLine Industries, LLC (“LeafLine”). The Company remeasured the assets acquired and liabilities assumed with the assistance of an external valuation expert. The following table summarizes the final purchase price allocations:


	Leafline Industries, LLC			Summit Medical Compassion Center, Inc.			Other
Cash	$	959		$	1,143		$	520
Inventory		3,245			1,829			2,264
Accounts receivable		31			1			—
Prepaid expenses		705			105			117
Property and equipment, net		14,525			3,243			7,325
Right-of-use asset, net		594			210			1,713
Deposits and other assets		127			68			235
Intangible assets, net:
Licenses and permits		83,000			57,000			36,600
Liabilities assumed		(2,690	)		(4,407	)		(6,089	)
Lease liabilities		(594	)		(210	)		(1,713	)
Notes payable		(5,627	)		—			—
Deferred income tax liabilities		—			(14,939	)		(9,747	)
Total identifiable net assets		94,275			44,043			31,225
Goodwill (non-tax deductible)		—			65,231			36,124
Goodwill (tax deductible)		63,203			—			—
Net assets	$	157,478		$	109,274		$	67,349

The weighted-average amortization period for the license intangibles was 15 years. Acquisition related expenses incurred during the year ended December 31, 2021 were approximately $2,036 thousand and were recorded within selling, general and administrative expenses.

5. ACQUISITIONS (Continued)

(b)

2021 Business Acquisitions (Continued)

(i) Acquisition of Mobley Pain Management and Wellness Center LLC and Canwell Processing LLC

On August 1, 2021, the Company acquired Mobley Pain Management and Wellness Center LLC and Canwell Processing LLC (collectively referred to as “Summit”), both of which have contractual interests in Summit Medical Compassion Center, Inc. a non-profit entity with vertically integrated cannabis operations in Rhode Island for the purpose of expanding Green Thumb's national presence. Green Thumb exchanged 2,387,807 Subordinate Voting Shares (including 303,599 deferred shares) valued at approximately $69,874 thousand based on the fair value of the securities as traded on the CSE on the date of the transaction.

The purchase agreement included additional consideration of up to 2,500,000 Subordinate Voting Shares of Green Thumb depending upon the achievement of certain earnings targets over the twelve-month period following the close of the transaction. During 2022, the Company remeasured the contingent consideration on a quarterly basis until it became evident that the earnings targets would not be achieved. As a result, as of December 31, 2022, the Company recorded a total of $29,400 thousand in fair value adjustments, which were recorded, net, within selling, general and administrative expenses on the consolidated statement of operations. See Note 15—Fair Value Measurements for additional detail.

(ii) Acquisition of GreenStar Herbals Inc.

On September 1, 2021, the Company acquired GreenStar, a Massachusetts-based adult-use cannabis retailer, for the purpose of expanding the Company's operational capacity in the Massachusetts market. Green Thumb exchanged $5,228 thousand in cash and issued 1,344,216 Subordinate Voting Shares (including 161,306 deferred shares) valued at approximately $39,681 thousand in consideration for the ownership interests. The fair value of the securities was based upon the closing price of Green Thumb's Subordinate Voting Shares as traded on the CSE on the date of the transaction.

The purchase agreement included additional consideration of up to 663,810 Subordinate Voting Shares of Green Thumb depending upon the achievement of certain revenue metrics of GreenStar over the twenty-four-month period following the close of the transaction. During 2022, the Company remeasured the contingent consideration on a quarterly basis until it became evident that the revenue metrics would not be achieved. As a result, as of December 31, 2022, the Company recorded $5,800 thousand in fair value adjustments, which were recorded, net, within selling, general and administrative expenses on the consolidated statement of operations. See Note 15—Fair Value Measurements for additional detail.

(iii) Acquisition of MDHWC Management Corp.

On November 1, 2021, the Company acquired 100% of the ownership interest in MDHWC Management Corp., which holds contractual interests in Maryland Health and Wellness Center, Inc., a Maryland-based medical dispensary (collectively referred to as “MDHWC”), for the purpose of expanding the Company's operational capacity in the Maryland market. The Company paid approximately $8,320 thousand in cash and issued 309,157 Subordinate Voting Shares of Green Thumb (including 61,832 deferred shares) valued at $6,375 thousand in consideration for the ownership interest. The fair value of the securities was based upon the closing price of Green Thumb's Subordinate Voting Shares as traded on the CSE on the date of the transaction.

On September 23, 2022, Green Thumb received approval from the Maryland Cannabis Commission to exercise our option to purchase all of the outstanding shares held by the former owner of Maryland Health and Wellness Center Inc. in exchange for $30 thousand in cash. The exercise of this option also resulted in the termination of the MSA that was in place since the date of acquisition.

(iv) Acquisition of LeafLine Industries, LLC

On December 30, 2021, the Company acquired 100% of the ownership interest in LeafLine, a Minnesota-based medical cannabis cultivator, processor and retailer for the purposes of expanding Green Thumb's national presence. The Company paid $38,731 thousand in cash and 5,513,942 Subordinate Voting Shares of Green Thumb (including 386,002 deferred shares) valued at $117,833 thousand in consideration for the ownership interest. The fair value of the Company's Subordinate Voting Shares was based on their closing price as traded on the CSE on their date of issuance, which was the date of the transaction. As of December 31, 2021, $32,092 thousand in cash had not been remitted to the former owners of LeafLine and thus, was treated as a current liability on the Company's consolidated balance sheets. The cash was received by the former owners of LeafLine on January 3, 2022.

Intangible Assets And Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

6. INTANGIBLE ASSETS AND GOODWILL

(a) Intangible Assets

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

At December 31, 2022 and 2021, intangible assets consisted of the following:


		December 31, 2022									December 31, 2021
		Gross Carrying Amount			Accumulated Amortization			Net Book Value			Gross Carrying Amount			Accumulated Amortization			Net Book Value
		(in thousands)									(in thousands)
Licenses and Permits	$		660,716	$		113,800	$		546,916	$		655,900	$		69,812	$		586,088
Trademarks			41,511			10,486			31,025			98,936			25,096			73,840
Customer Relationships			24,438			13,435			11,003			24,438			9,944			14,494
Non-Competition Agreements			2,565			1,990			575			2,565			1,496			1,069
Total Intangible Assets	$		729,230	$		139,711	$		589,519	$		781,839	$		106,348	$		675,491

The Company recorded amortization expense for the years ended December 31, 2022, 2021 and 2020 of $59,658 thousand, $45,208 thousand and $37,027 thousand, respectively.

On an annual basis, the Company reviews the estimated useful lives, residual values and amortization methods used for each identifiable intangible asset acquired. During the 2022 annual review, management determined that certain tradenames associated with the 2019 acquisition of Integral Associates, LLC should be written off as the Company has made plans to re-brand the Essence retail stores acquired as part of that transaction, into RISE retail stores along with a decision to no longer produce the Desert Grown Farms brand. As a result, as of December 31, 2022, the Company recorded an impairment charge of $31,131 thousand associated with these intangible assets.

No such impairment charges were recorded during the years ended December 31, 2021 or 2020.

The following table outlines the estimated annual amortization expense related to intangible assets as of December 31, 2022:


		Estimated Amortization
Year Ending December 31,		(in thousands)
2023	$	50,840
2024		50,392
2025		50,294
2026		47,332
2027		46,803
2028 and Thereafter		343,858
	$	589,519

As of December 31, 2022, the weighted average amortization period remaining for intangible assets was 12.30 years.

6. INTANGIBLE ASSETS AND GOODWILL (Continued)

(b) Goodwill

At December 31, 2022 the balances of goodwill, by segment, consisted of the following:


		Retail		Consumer Packaged Goods		Total
		(in thousands)
As of January 1, 2022	$	274,811	$	358,038	$	632,849
Acquisition of ILDISP, LLC		4,697		—		4,697
Adjustments to Preliminary Purchase Price Allocations		7,274		2,243		9,517
Impairment of Goodwill		(12,980)		(44,392)		(57,372)
As of December 31, 2022	$	273,802	$	315,889	$	589,691

During the year ended December 31, 2022, the Company evaluated its existing reporting units under the accounting guidance provided in ASC 280, Segment Reporting and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Beginning October 1, 2022, the Company identified two reporting units (Retail and Consumer Packaged Goods).

As part of the Company's aggregation of the 30 reporting units that existed prior to October 1, 2022, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis prior to aggregation. As a result of the goodwill impairment test, the Company recognized an impairment charge of $44,392 thousand associated with its Nevada Consumer Packaged Goods operations and $12,980 thousand associated with its Nevada Retail operations as the carrying values of the reporting units exceeded the estimated fair value by such amounts. No such impairment charges were recorded for the years ended December 31, 2021 or 2020.

At December 31, 2021 the balances of goodwill, by segment, consisted of the following:


		Retail		Consumer Packaged Goods		Total
		(in thousands)
As of January 1, 2021	$	130,680	$	252,017	$	382,697
Acquisition of Dharma Pharmaceuticals, LLC		37,100		39,045		76,145
Acquisition of Summit Medical Compassion Center, Inc.		45,725		19,506		65,231
Acquisition of LeafLine Industries, LLC		33,558		23,328		56,886
Other Acquisitions		38,985		24,142		63,127
Adjustments to Purchase Price Allocations		(11,237)		—		(11,237)
As of December 31, 2021	$	274,811	$	358,038	$	632,849

Investments

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Investments

7. INVESTMENTS

As of December 31, 2022 and 2021, the Company held various equity interests in cannabis companies as well as investments in convertible notes that had a combined fair value of $74,169 thousand and $94,902 thousand as of each period end, respectively. The Company measures its investments that do not have readily determinable fair value at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.

The following table summarizes the change in the Company’s investments during the years ended December 31, 2022 and 2021:


		December 31, 2022		December 31, 2021
	(in thousands)
Beginning	$	94,902	$	40,795
Additions		5,444		83,689
Disposals		(3,571)		(18,417)
Fair value adjustment		(22,606)		6,377
Transfers out		—		(17,542)
Ending	$	74,169	$	94,902

For the year ended December 31, 2022, the Company recorded net fair value losses of $22,606 thousand, of which $17,078 thousand related to equity investments, and $6,192 thousand related to note receivable investments that were recorded within other income (expense), and accrued interest of $664 thousand that was recorded to interest income on the consolidated statement of operations.

For the year ended December 31, 2021, the Company recorded net fair value gains of $6,377 thousand, of which $5,955 thousand related to equity investments and was recorded within other income (expense), and accrued interest of $422 thousand that was recorded to interest income on the consolidated statement of operations.

For the year ended December 31, 2020, the Company recorded net fair value gains of $26,371 thousand within other income (expense) on the consolidated statement of operations.

(a) Equity Investments

For the years ended December 31, 2022 and 2021, the Company held equity investments in publicly traded entities which have readily determinable fair values, which are classified as Level 1 investments, of $2,535 thousand and $20,583 thousand, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company received proceeds from the sale of such investments of $2,488 thousand, $18,417 thousand and $170 thousand, respectively. The Company recorded net (losses) gains on the change in fair value of such investments of $(15,560) thousand, $828 thousand and $423 thousand during the years ended December 31, 2022, 2021 and 2020, respectively, within other income (expense) on the consolidated statement of operations. These investments are classified as trading securities on the Company's consolidated balance sheet.

For the years ended December 31, 2022 and 2021, the Company held equity investments in privately held entities that did not have readily determinable fair values, which are classified as Level 3 investments, of $40,330 thousand and $33,066 thousand, respectively. There were no sales of these investments during the years ended December 31, 2022, 2021 and 2020. The Company recorded net (losses) gains on the change in fair value of such investments of $(1,518) thousand, $5,127 thousand and $25,948 thousand during the years ended December 31, 2022, 2021 and 2020, respectively, within other income (expense) on the consolidated statement of operations. These investments are classified as trading securities on the Company's consolidated balance sheet.

See Note 15—Fair Value Measurements for additional details.

7. INVESTMENTS (Continued)

(a) Equity Investments (Continued)

During the year ended December 31, 2021, the Company transferred $17,542 thousand of its investment in a privately held entity without readily determinable fair value to investment in associate based on the Company's ownership percentage and its ability to exert significant influence over the entity. As a result of the change, the Company began accounting for the investment as an equity method investment. No such transfers occurred during the year ended December 31, 2022.

Unrealized gains and (losses) recognized on equity investments held during the years ended December 31, 2022, 2021 and 2020 were $(16,910) thousand, $6,377 thousand, and $26,371 thousand, respectively.

(b) Note Receivable Instruments

As of December 31, 2022 and 2021, the Company held note receivable instruments, which were classified as a Level 1 investment as they represent public debt of a publicly traded entity, and had a fair value of $22,214 thousand and $23,534 thousand, respectively. During the year ended December 31, 2022, the Company recorded net losses on the change in fair value of such investments of $237 thousand, within other income (expense) on the consolidated statement of operations. There were no gains or (losses) recognized on these investments during the year ended December 31, 2021. The Company received proceeds from the partial principal repayment of the note receivable of $1,083 thousand during the year ended December 31, 2022. The note receivable instruments had a stated interest rate of 13% and a maturity date of April 29, 2025. These notes did not contain conversion features and are currently classified as trading securities on the Company's consolidated balance sheet.

As of December 31, 2022 and 2021, the Company held note receivable instruments which were classified as Level 3 investments as they represent loans provided to privately held entities that do not have readily determinable fair values. The note receivable instruments had a combined fair value of $9,090 thousand and $17,719 thousand, respectively, with stated interest ranging between 0.91% - 10% and terms between 15 months to five years. During the years ended December 31, 2022 and 2021, the Company recorded net losses on the change in fair value of such investments of $5,955 thousand and $0 thousand, respectively, within other income (expense). The combined fair value amounts include the initial investment cost and combined contractual accrued interest of $664 thousand and $422 thousand for the years ended December 31, 2022 and 2021. These notes are classified as trading securities on the Company's consolidated balance sheet.

See Note 15—Fair Value Measurements for additional details.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

8. LEASES

(a) Operating Leases

The Company has operating leases for its retail stores and processing and cultivation facilities located throughout the U.S., as well as for corporate office space in Illinois. 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.

All real estate leases are recorded on the balance sheet. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease agreements for some locations provide for rent escalations and renewal options. Certain real estate leases require payment for fixed and variable non-lease components, such as taxes, insurance and maintenance. The Company accounts for real estate leases and the related fixed non-lease components together as a single component.

The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. For the years ended December 31, 2022, 2021 and 2020 the Company recorded operating lease expense of $43,985 thousand, $34,124 thousand and $26,287 thousand, respectively.

Other information related to operating leases as of December 31, 2022 and 2021 were as follows:


	December 31, 2022	December 31, 2021
Weighted average remaining lease term (years)	11.64	11.82
Weighted average discount rate	12.42%	13.60%

Maturities of lease liabilities for operating leases as of December 31, 2022 were as follows:


		Maturities of Lease Liability
Year Ending December 31,		Third Party		Related Party		Total
		(in thousands)
2023	$	42,215	$	569	$	42,784
2024		42,220		437		42,657
2025		39,919		343		40,262
2026		38,231		350		38,581
2027		38,519		357		38,876
2028 and Thereafter		347,404		1,728		349,132
Total Lease Payments		548,508		3,784		552,292
Less: Interest		(290,638)		(1,467)		(292,105)
Present Value of Lease Liability	$	257,870	$	2,317	$	260,187

(b) Related Party Operating Leases

Wendy Berger, a director of the Company, is a principal of WBS Equities, LLC, which is the Manager of Mosaic Real Estate, LLC, which owned the facilities leased by the Company. Additionally, Mosaic Real Estate, LLC is owned in part by Ms. Berger (through the Wendy Berger 1998 Revocable Trust), Benjamin Kovler, the Chariman and Chief Executive Officer of the Company (through KP Capital, LLC), and Anthony Georgiadis, the President and a director of the Company (through Three One Four Holdings, LLC). On December 16, 2022, the Company purchased land located at 5401 NW 44th Ave. Ocala, Florida for $5,584 thousand, excluding transaction costs, from Mosaic Real Estate Ocala, LLC. This transaction resulted in the termination of the Florida related party leasing agreement. For the years ended December 31, 2022, 2021 and 2020, the Company recorded lease expense of $1,129 thousand, $1,185 thousand and $1,500 thousand respectively, associated with these leasing arrangements.

8. LEASES (Continued)

(i) Danville Cultivation and Processing Facility

On November 12, 2019, the Company closed a sale and lease back transaction to sell its Danville, Pennsylvania cultivation and processing facility to Innovative Industrial Properties, Inc. (“IIP”).

On June 29, 2022 the Company amended (the “Amendment”) its original lease agreement with IIP. The Amendment provided an additional tenant improvement allowance of $55,000 thousand to be used on enhancements to the facility. In addition to the tenant improvement allowance of $19,300 thousand received in November 2019, the total tenant improvement allowance provided by IIP was $74,300 thousand, and brings IIP's total investment in the property to $94,600 thousand. The Amendment to the lease was treated as a modification and resulted in a gain of $3,061 thousand as well as an increase in the right of use asset and related lease liability to $81,720 thousand.

(ii) Toledo, Ohio Cultivation and Processing Facility

On January 31, 2020, the Company closed on a sale and lease back transaction to sell its Toledo, Ohio processing facility to IIP. Under a long-term agreement, the Company leased back the facility and continued to operate and manage it. The purchase price for the property was $2,900 thousand, excluding transaction costs.

On October 1, 2020, the Company and IIP amended the lease on the Toledo, Ohio processing facility. Under the amendment, IIP provided an additional $25,000 thousand in funding to be used for the construction of a cannabis cultivation facility. The amended lease had a term of 20 years and was recorded as an operating lease which resulted in a right of use asset and related lease liability of $28,134 thousand.

(iii) Oglesby Cultivation and Processing Facility

On March 6, 2020, the Company closed on a sale and lease back transaction to sell its Oglesby, Illinois cultivation and processing facility to IIP. Under a long-term agreement, the Company leased back the facility and continued to operate and manage it. The purchase price for the property was $9,000 thousand, excluding transaction costs. Since the closing of the transaction on March 6, 2020, the Company has made various improvements to the property that has significantly enhanced production capacity, for which IIP reimbursed the Company $41,000 thousand. The lease has a term of 16 years and was recorded as an operating lease which resulted in a right of use asset and related lease liability of $42,236 thousand.

Notes Payable

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Notes Payable

9. NOTES PAYABLE

At December 31, 2022 and 2021, notes payable consisted of the following:


		December 31, 2022		December 31, 2021
		(in thousands)
Charitable Contributions1	$	764	$	1,238
Private placement debt dated April 30, 20212		237,795		228,690
Mortgage notes3		37,109		10,006
Total notes payable		275,668		239,934
Less: current portion of notes payable		(1,037)		(783)
Notes payable, net of current portion	$	274,631	$	239,151

____________________

1 In connection with acquisitions completed in 2017 and 2019, the Company is required to make quarterly charitable contributions of $50 thousand through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these required payments has been recorded as a liability with interest rates ranging between 2.17% - 7.00%.

2 The April 30, 2021 private placement debt was issued in an original amount of $249,934 thousand with an interest rate of 7%, maturing on April 30, 2025. The debt was issued at a discount, the carrying value of which was $12,139 thousand and $21,244 thousand as of December 31, 2022 and 2021, respectively.

3 Mortgage notes, with an intial value of $38,292 thousand and $10,437 thousand, were issued by the Company in connection with various operating properties, and were recorded at such gross value as of December 31, 2022 and 2021, respectively. The mortgage notes were issued at a discount, the carrying value of which was $437 thousand and $162 thousand, and are presented net such discount and principal payments of $746 thousand and $269 thousand as of December 31, 2022 and 2021, respectively.

Annual maturities of debt related to mortgage notes for the five fiscal years subsequent to December 31, 2022 are: 2023 - $632 thousand; 2024 - $19,011 thousand; 2025 - $2,089 thousand; 2026 - $657 thousand; and 2027 - $696 thousand.

(a)

April 30, 2021 Private Placement Financing

On April 30, 2021, the Company closed a $249,934 thousand senior secured non-brokered private placement financing through the issuance of senior secured notes (the “April 30, 2021 Notes”). The Company used the proceeds to retire the Company’s existing $105,466 thousand, senior secured notes due May 22, 2023 (the “May 22, 2019 Notes”) and the remaining proceeds for general working capital purposes as well as various growth initiatives. The April 30, 2021 Notes had an initial maturity date of April 30, 2024 and bore interest from the date of issue of 7.00% per annum, payable quarterly. The financing permitted the Company to borrow an additional $33,266 thousand over the twelve months following the closure of the private placement financing. The purchasers of the April 30, 2021 Notes also received 1,459,044 warrants (the “Warrants”) each of which allowed the holders to purchase one Subordinate Voting Share at an exercise price of $32.68 per share, for a period of 60 months from the date of issuance.

The refinancing of the May 22, 2019 Notes involved multiple lenders who were considered members of a loan syndicate. In determining whether the refinancing of the May 22, 2019 Notes should be accounted for as a debt extinguishment or a debt modification, the applicable accounting guidance required the Company to evaluate whether, prior to and following the refinancing, creditors remained consistent with the original creditors from the May 22, 2019 private placement financing, and whether the changes in debt terms were substantial. A change in the terms of the May 22, 2019 Notes was considered to be substantial if the present value of the remaining cash flows under the April 30, 2021 Notes were at least 10% different from the present value of the remaining cash flows under the May 22, 2019 Notes (commonly referred to as the “10% Test”). The Company performed a separate 10% Test for each individual lender participating in the loan syndication. Of the 30 lenders who participated in the original financing of the May 22, 2019 Notes, 18 were accounted for as a debt extinguishment, while 12 were treated as a modification. Additionally, 9 new lenders joined the loan syndicate.

9. NOTES PAYABLE (Continued)

(a)

April 30, 2021 Private Placement Financing (Continued)

On October 15, 2021, the Company amended its existing Notes Purchase Agreement for the April 30, 2021 Notes, for the purposes of borrowing an additional $33,200 thousand (issued as “Amended Notes”), as permitted under the April 30, 2021 Second Amendment to the Notes Purchase Agreement dated April 30, 2021. The additional borrowings had terms consistent with the April 30, 2021 Notes and increased the total amount borrowed to $249,934 thousand. The Company used the additional proceeds for general working capital purposes as well as various growth initiatives. The purchasers of the Amended Notes received an additional 243,303 warrants which allow the holder to purchase one Subordinate Voting Share at an exercise price of $30.02 per share, for a period of 60 months from the date of issue.

The Second Amendment to the Notes Purchase Agreement dated April 30, 2021 included certain covenants which require the Company to maintain (on a daily basis) unrestricted cash and cash equivalents in an amount greater than or equal to the amount of interest scheduled to become due in the next 365-days and to not permit the ratio of net debt to stockholders’ equity to exceed 0.6 to 1.0 as of the last day of any quarter. In addition, the Company is required to maintain a debt to EBITDA ratio of 4.5 to 1.0 as of the last day of each quarter. As of December 31, 2022 and 2021, the Company was in compliance with all covenants.

On July 14, 2022, the Company exercised its right to extend the maturity date of the Notes by one year from April 30, 2024 to April 30, 2025. The extension to the maturity date did not involve any amendment to the April 30, 2021 Notes or any additional consideration to the existing lenders.

(b)

Related Parties

A portion of the April 30, 2021 Notes are held by related parties as well as unrelated third-party lenders at a percentage of approximately 1% and 99%, respectively. The related parties consist of Benjamin Kovler, the Chairman and Chief Executive Officer of the Company (held through KP Capital, LLC and Outsiders Capital, LLC); Andrew Grossman, the Executive Vice President of Capital Markets of the Company (held through AG Funding Group, LLC); Anthony Georgiadis, the President and a director of the Company (held through Three One Four Holdings, LLC); and Anthony Georgiadis and William Gruver, a former director of the Company (held through ABG, LLC).

(c)

Construction-to-Permanent Financing Arrangement

On October 12, 2022, the Company entered into a construction-to-permanent financing arrangement (the “Construction Loan”) which provided funding for the construction of a cultivation and processing facility in the amount of up to $31,000 thousand, which, as of December 31, 2022, the Company has drawn $18,345 thousand on the facility. The Construction Loan bears interest of U.S. prime rate plus 1%, with a floor of 5%, and matures upon the earlier of the completion of the construction, or 24 months. Interest only payments became due on the first of each month beginning on November 1, 2022. Upon maturity, the Construction Loan will convert to a 10 year mortgage note with a fixed interest rate of 3% over the weekly average yield of the U.S. treasury securities adjusted to a constant maturity of five years, with a floor of 5%. Payments of both principal and interest will be due on the first day of each calendar month following conversion.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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+ Details

Warrants

12 Months Ended

Dec. 31, 2022

Warrants and Rights Note Disclosure [Abstract]

Warrants

10. WARRANTS

As part of the Company’s private placement financing, as well as other financing arrangements, the Company issued warrants to related parties, as well as unrelated third parties, which allow the holders to purchase Subordinate Voting Shares at an exercise price determined at the time of issuance.

The following table summarizes the number of warrants outstanding as of December 31, 2022 and 2021:


	Liability Classified								Equity Classified
	Number of Shares				Weighted Average Exercise Price (C$)		Weighted Average Remaining Contractual Life		Number of Shares			Weighted Average Exercise Price (USD)		Weighted Average Remaining Contractual Life
Balance as of December 31, 2021		2,097,931		C$		18.26		2.42		1,737,347	$		31.83		4.38
Warrants Issued		—				—		—		—			—		—
Warrants Exercised		—				—		—		—			—		—
Warrants Expired		(100,723	)			—		—		—			—		—
Balance as of December 31, 2022		1,997,208		C$		18.03		1.50		1,737,347	$		31.83		3.38

(a)

Liability Classified Warrants Outstanding

The following table summarizes the fair value of the liability classified warrants at December 31, 2022 and 2021:


				Fair Value
Warrant Liability	Strike Price	Warrants Outstanding		December 31, 2022		December 31, 2021		Change
				(in thousands)
Bridge Financing Warrants Issued April 2019	C$22.90		—	$	—	$	676	$	(676	)
Private Placement Financing Warrants Issued May 2019	C$19.39		1,606,533		3,125		18,527		(15,402	)
Modification Warrants Issued November 2019	C$12.04		316,947		1,139		4,603		(3,464	)
Additional Modification Warrants Issued May 2020	C$14.03		73,728		256		1,071		(815	)
Totals			1,997,208	$	4,520	$	24,877	$	(20,357	)

During the years ended December 31, 2022, 2021 and 2020, the Company recorded gains of $20,357 thousand and $14,577 thousand, and losses of $23,002 thousand respectively, on the change in the fair value of the warrant liability within other income (expense) on the consolidated statements of operations.

The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 15—Fair Value Measurements for additional details):


	December 31,	December 31,
Significant Assumptions	2022	2021
Volatility	70.44% - 78.21%	59.95% - 74.04%
Remaining Term	1.39 - 2.39 years	0.78 - 3.39 years
Risk Free Rate	3.82% - 4.07%	0.91% - 1.06%

10. WARRANTS (Continued)

(b)

Equity Classified Warrants Outstanding

The Company's equity classified warrants were recorded at fair value at each respective date of issuance. Equity classified warrants are not remeasured at fair value on a recurring basis and are carried at their issuance date fair value. The following table summarizes the carrying amounts of the Company's equity classified warrants at December 31, 2022 and 2021:


					Issuance Date Fair Value
			Warrants		December 31,		December 31,
Warrants Included in Contributed Surplus	Strike Price		Outstanding		2022		2021
					(in thousands)
Mortgage Warrants Issued June 2020	$	9.10		35,000	$	181	$	181
Private Placement Refinance Warrants Issued April 2021	$	32.68		1,459,044		22,259		22,259
Private Placement Refinance Warrants Issued October 2021	$	30.02		243,303		2,616		2,616
Totals				1,737,347	$	25,056	$	25,056

The equity classified warrants were valued as of the date of issuance using a Black Scholes Option Pricing model. The following table summarizes the significant assumptions used in determining the fair value of the equity classified warrants as of each respective issuance date:


Significant Assumptions	Private Placement Refinancing Warrants	Private Placement Refinancing Warrants	Dispensary Mortgage Warrants
Date of Issuance	October 15, 2021	April 30, 2021	June 5, 2020
Volatility	73%	73%	80%
Estimated Term	4 years	4 years	5 years
Risk Free Rate	1.12%	0.74%	0.37%

Share Capital

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Share Capital

11. SHARE CAPITAL

Common shares, which include the Company’s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares, are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the applicable vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.

(a)

Authorized

The Company has the following classes of share capital, with each class having no par value:

(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’s shareholders. All Subordinate Voting Shares are ranked equally with regard to the Company’s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting Shares. During the year ended December 31, 2022, the shareholders of the Company converted 33,341 Multiple Voting Shares into 3,334,100 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. At December 31, 2022, the Company had 38,531 issued and outstanding Multiple Voting Shares, which convert into 3,853,100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares. During the year ended December 31, 2022, the shareholders of the Company converted 33,341 Super Voting Shares into 33,341 Multiple Voting Shares and 33,341 Multiple Voting Shares into 3,334,100 Subordinate 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 one Multiple Voting Share, which is then convertible into 100 Subordinate Voting Shares. At December 31, 2022, the Company had 251,690 issued and outstanding Super Voting Shares which convert into 25,169,000 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Super Voting Shares. During the year ended December 31, 2022, the shareholders of the Company converted 33,341 Super Voting Shares into 33,341 Multiple Voting Shares.

11. SHARE CAPITAL (Continued)

(b)

Issued and Outstanding

A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:


	Issued and Outstanding
	Subordinate Voting Shares	Multiple Voting Shares	Super Voting Shares
As at January 1, 2020	128,999,964	373,350	402,289
Issuance of shares under business combinations and investments	1,752,065	—	—
Distribution of contingent consideration	2,713,463	—	—
Distribution of deferred shares	1,220,548	—	—
Issuance of shares upon exercise of options and warrants	171,813	—	—
Issuances of shares upon vesting of RSUs	923,468	—	—
Exchange of shares	42,331,900	(333,061)	(90,258)
As at December 31, 2020	178,113,221	40,289	312,031

As at January 1, 2021	178,113,221	40,289	312,031
Issuance of shares under business combinations and investments	12,904,675	—	—
Distribution of contingent consideration	881,357	—	—
Distribution of deferred shares	222,467	—	—
Issuance of common shares pursuant to S-1	4,693,991	—	—
Issuance of shares for redemption of noncontrolling interests	136,075	—	—
Issuance of shares upon exercise of options and warrants	1,302,682	—	—
Issuances of shares upon vesting of RSUs	389,530	—	—
Shares issued in association with notes payable	8,514	—	—
Shares issued for settlement of business dispute	240,000	—	—
Exchange of shares	2,875,800	(1,758)	(27,000)
As at December 31, 2021	201,768,312	38,531	285,031

As at January 1, 2022	201,768,312	38,531	285,031
Issuance of shares under business combinations and investments	204,036	—	—
Distribution of contingent consideration	667,080	—	—
Issuance of shares upon exercise of options and warrants	441,454	—	—
Issuances of shares upon vesting of RSUs	433,341	—	—
Shares issued for settlement of business obligation	142,952	—	—
Exchange of shares	3,334,100	—	(33,341)
As at December 31, 2022	206,991,275	38,531	251,690

(i)

Issuance of Shares Under Business Combinations and Investments

ILDISP, LLC

On March 1, 2022, the Company issued 204,036 Subordinate Voting Shares with a value of approximately $3,785 thousand, based on a 20 consecutive day volume weighted average price (“VWAP”), in connection with the Company's acquisition of the remaining ownership interests in two Illinois-based retail stores. The shares issued resulted in an increase in the Company's share capital and a corresponding increase in the net assets acquired. See Note 5—Acquisitions for details.

11. SHARE CAPITAL (Continued)

(b) Issued and Outstanding (Continued)

(ii) Distribution of Contingent Consideration (Continued)

Integral Associates, LLC

In connection with the Company’s 2019 acquisition of Integral Associates, LLC, the purchase agreement included contingent consideration which was dependent upon the awarding of conditional and final dispensary operating licenses. During the year ended December 31, 2021, the Company issued a total of 681,364 Subordinate Voting Shares to the former owners of Integral Associates, LLC in connection with the awarding of two final retail store licenses. The shares had a combined fair value of $17,869 thousand, which was recorded in share capital on the consolidated balance sheet. As of December 31, 2022 and 2021, the carrying value of the equity classified contingent consideration was $9,654 thousand.

Dharma Pharmaceuticals, LLC

In connection with the Company's 2021 acquisition of Dharma Pharmaceuticals, LLC (“Dharma”), the purchase agreement included contingent consideration which was dependent upon the successful opening of five retail stores and the legal sale of adult-use cannabis by January 1, 2025. On August 16, 2021, the Company issued 199,993 Subordinate Voting Shares to the former owners of Dharma in connection with the opening of one retail store in Virginia. The shares had a fair value of $5,949 thousand on the date of issuance. On February 25, 2022, the Company issued 667,080 Subordinate Voting Shares to the former owners of Dharma in connection with the successful opening of two Retail stores in Virginia. The shares had a fair value of $13,111 thousand at the date of issuance.

As of December 31, 2022 and 2021, the estimated fair value of the contingent consideration associated with the acquisition of Dharma, which was valued based on a probability weighting of the potential payments, was $41,943 thousand and $48,665 thousand, respectively, of which $11,400 thousand and $20,884 thousand, respectively, was included as a current liability on the Company's consolidated balance sheets.

(iii) Distribution of Deferred Shares

For Success Holding Company

As part of the consideration exchanged in the Company’s 2019 acquisition of For Success Holding Company, deferred shares were held back for a period of twenty-four months from the close of the transaction. On February 22, 2021, the Company issued 146,315 Subordinate Voting Shares with a value of $1,826 thousand in connection with the Company’s 2019 acquisition of For Success Holding Company. The issuance of the deferred shares represented the final payout to the former owners of For Success Holding Company and resulted in the cancellation of 780 shares representing certain reimbursable costs incurred by the Company.

(iv) Issuance of Registered Shares Pursuant to S-1

On February 8, 2021, the SEC declared effective the Company’s Registration Statement No. 333-248213 on Form S-1 filed on February 2, 2021. Shortly thereafter, the Company received an offer from a single institutional investor to purchase 3,122,074 of the Subordinate Voting Shares registered on the Form S-1 at a price of $32.03 per share for a total of $100,000 thousand. The transaction closed on February 9, 2021. On February 23, 2021, the Company accepted additional offers to purchase a total of 1,571,917 Subordinate Voting Shares at a price of $35.50 per share, for a total of $55,803 thousand. The Company used the net proceeds from the sale of registered securities for general corporate purposes, which include capital expenditures, working capital and general and administrative expenses. The Company also used a portion of the net proceeds to acquire or invest in businesses and products that are complimentary to the Company’s own businesses and products. Additionally, the Company incurred legal, audit and other professional fees of $305 thousand associated the issuance of the registered shares. Such fees have been recorded within contributed surplus (deficit) within the Company’s consolidated balance sheet.

11. SHARE CAPITAL (Continued)

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 thereto (as amended, the “Plan”). The maximum number of RSUs and options issued under the Plan shall not exceed 10% of the Company's issued and outstanding shares on an as-converted basis.

The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized.

Option and RSU grants generally vest over three years, and options typically have a life of five to ten years. Option grants are determined by the Compensation Committee of the Company’s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant.

Stock option activity is summarized as follows:


	Number of Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
				(in thousands)
Balance as of December 31, 2021	5,383,275	$14.02	3.59	$48,803
Granted	5,434,092	10.92	6.45
Exercised	(441,454)	8.45		2,390
Forfeited	(797,966)	$11.80
Balance as of December 31, 2022	9,577,947	$12.71	4.80	$26,961
Vested	5,618,105	$9.71
Exercisable of December 31, 2022	3,364,644	$11.87	2.68	$7,793

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2022 and 2021, respectively, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on December 31, 2022 and 2021, respectively. This amount will change in future periods based on the fair market value of the Company’s Subordinate Voting Shares and the number of options outstanding.

11. SHARE CAPITAL (Continued)

The following table summarizes the weighted average grant date fair value and intrinsic value of options exercised for the year ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
	2022	2021	2020
Weighted average grant date fair value (per share) of stock option units granted	$5.37	$14.47	$4.76
Intrinsic value of stock option units exercised, using market price at vest date (in thousands)	$2,390	$18,142	$1,184

The Company used the Black-Scholes Option Pricing model to estimate the fair value of the options granted during the years ended December 31, 2022 and 2021, using the following ranges of assumptions:


	December 31,	December 31,
	2022	2021
Risk-free interest rate	1.18% - 3.54%	0.33% - 1.39%
Expected dividend yield	0%	0%
Expected volatility	60 - 64%	73%
Expected option life	3 – 4.5 years	3 – 3.5 years

As permitted under ASC 718, Stock Compensation, the Company has made an accounting policy choice to account for forfeitures when they occur.

The following table summarizes the number of non-vested RSU awards as of December 31, 2022 and 2021 and the changes during the year ended December 31, 2022:


	Number of Shares		Weighted Average Grant Date Fair Value
Unvested Shares at December 31, 2021	376,127	$	15.55
Granted	1,163,372		17.84
Forfeited	(158,656)		18.79
Vested	(433,341)		15.36
Unvested Shares at December 31, 2022	947,502	$	17.91

The following table summarizes the weighted average grant date fair value of RSUs granted and total fair value of RSUs vested for the years ended December 31, 2022, 2021 and 2020:


		Years Ended December 31,
		2022		2021		2020
Weighted average grant date fair value (per share) of RSUs granted	$	17.84	$	27.82	$	10.25

The stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020 was as follows:


		Years Ended December 31,
		2022		2021		2020
		(in thousands)
Stock options expense	$	19,062	$	13,198	$	10,938
Restricted Stock Units		8,078		6,402		8,399
Total Stock Based Compensation Expense	$	27,140	$	19,600	$	19,337

As of December 31, 2022, $39,331 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 1.94 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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+ Details

Income Tax Expense

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense

12. INCOME TAX EXPENSE

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, under which deferred tax assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and the respective tax bases.

Green Thumb Industries Inc. is organized in Canada but maintains all of its operations in the United States. Due to this inverted entity structure, the Company is subject to both U.S. and Canadian taxation.

For the years ended December 31, 2022, 2021 and 2020, income taxes expense consisted of:


		Years Ended December 31,
		2022		2021		2020
	(in thousands)
Current:
Federal	$	106,425	$	96,749	$	65,118
State		36,436		35,402		16,640
Foreign		—		—		—
Total Current		142,861		132,151		81,758
Deferred:
Federal		(37,362)		(6,151)		3,520
State		(10,722)		(1,388)		(1,425)
Foreign		—		—		—
Total Deferred		(48,084)		(7,539)		2,095
Total	$	94,777	$	124,612	$	83,853

The difference between the income tax expense for the years ended December 31, 2022, 2021 and 2020 and the expected income taxes based on the statutory tax rate applied to earnings (loss) arises as follows:

12. INCOME TAX EXPENSE (Continued)


		Years Ended December 31,
		2022		2021		2020
	(in thousands)
Income before Income Taxes	$	108,432	$	204,975	$	102,931
Statutory Tax Rates		21%		21%		21%
Expense/(Recovery) based on Statutory Rates		22,771		43,045		21,615
State Taxes		24,077		31,476		14,837
Provision to Return Adjustment		499		971		5,299
Adjustments for Stock Compensation		497		(1,836)		(211)
Non-deductible Expenses		40,870		40,847		27,570
Change in State Rate Reconciliation		(127)		54		(2,535)
Change in Valuation Allowance		(25,970)		10,712		7,706
Change in Uncertain Tax Position		30,607		2,776		9,918
Other Differences		1,553		(3,433)		(346)
Income Tax Expense	$	94,777	$	124,612	$	83,853

Income taxes paid for the years ended December 31, 2022, 2021 and 2020 were $118,176 thousand, $148,104 thousand and $72,575 thousand, respectively.

As the Company operates in the cannabis industry, it is subject to the limitations of IRC Section 280E under which the Company is only allowed to deduct expenses directly related to sales of product from its taxable income. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income or loss.

Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized based on the rates at which they are expected to reverse in the future. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs.

At December 31, 2022 and 2021, the components of deferred tax assets and liabilities were as follows:


		Years Ended December 31,
		2022		2021
	(in thousands)
Deferred Tax Assets
Operating Lease Liabilities	$	60,588	$	42,982
Net Operating Losses		1,864		21,237
163(j) Interest Limitation		7,499		9,864
Warrant Fair Value Derivative		—		1,200
Stock-based Compensation		10,646		5,383
Asset Acquisition Life Difference		—		1,329
Capitalized Inventory		5,846		—
Fair Value Investments		3,306		—
Other		5,391		5,214
Valuation Allowance		(702)		(27,174)
Total Deferred Tax Assets		94,438		60,035
Deferred Tax Liabilities
Operating Right of Use Assets	$	(56,546)	$	(39,165)
Fair Value Investments		—		(4,703)
Warrant Fair Value Derivative		(4,804)		—
Intangibles		(52,508)		(84,896)
Total Deferred Tax Liabilities		(113,858)		(128,764)
Net Deferred Tax Liabilities	$	(19,420)	$	(68,729)

12. INCOME TAX EXPENSE (Continued)

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company assessed the positive and negative evidence to determine if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance is maintained as of December 31, 2022 and 2021 in the amount of $702 thousand and $27,174 thousand, respectively.

As of December 31, 2022, the Company had $7,308 thousand of gross federal net operating loss carryforwards which will not expire. Additionally, the Company had $9,644 thousand of gross state net operating loss carryforwards, if not claimed, begin to expire in 2031.

Pursuant to IRC Sections 382 and 383, utilization of net operating losses and credits may be subject to annual limitations in the event of any significant future changes in its ownership structure. These annual limitations may result in the expiration of net operating losses and credits prior to utilization.

The Company operates in a number of tax jurisdictions and are subject to examination of its income tax returns by tax authorities in those jurisdictions who may challenge any item on these returns. Because the tax matters challenged by tax authorities are typically complex, the ultimate outcome of these challenges is uncertain. In accordance with ASC 740, Income Taxes, the Company recognizes the benefits of uncertain tax positions in our consolidated financial statements only after determining that it is more likely than not that the uncertain tax positions will be sustained.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


		2022		2021		2020
	(in thousands)
Balance at Beginning of Year	$	13,117	$	10,341	$	2,113
Gross increases related to tax positions in a prior period		9,531		823		2,382
Gross decreases related to tax positions in a prior period		(1,100)		—		—
Gross increases related to tax positions in the current period		21,582		6,166		7,536
Gross decreases related to tax positions in a current period		—		(4,213)		(1,690)
Balance at End of Year	$	43,130	$	13,117	$	10,341

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of December 31, 2022 and 2021, the Company recognized $3,555 thousand and $1,377 thousand of interest and penalties, respectively. There are no positions for which it is reasonably possible that the uncertain tax benefit will significantly increase or decrease within twelve months. The Company files income tax returns in the U.S., various state jurisdictions, and Canada, which jurisdictions have varying statutes of limitations. The U.S. federal statute of limitation remains open for the 2019 tax year to the present. The state income tax returns generally remain open for the 2019 tax year through the present. Net operating losses arising prior to these years are also open to examination if and when utilized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
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-Paragraph 2
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Other Income (Expense)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other Income (Expense)

13. OTHER INCOME (EXPENSE)

For the years ended December 31, 2022, 2021 and 2020 other income (expense) was comprised of the following:


		Years Ended December 31,
		2022		2021		2020
		(in thousands)
Fair value adjustments on equity investments	$	(23,270)	$	5,955	$	26,371
Fair value adjustments on equity method investments		10,955		—		—
Fair value adjustments on variable note receivable		—		—		(816)
Loss on extinguishment of debt		—		(10,645)		—
Fair value adjustments on warrants issued		20,357		14,577		(23,002)
Fair value adjustments on contingent consideration		—		—		9,877
Earnings (loss) from equity method investments		(4,259)		1,799		2,320
Other		716		(1,009)		627
Total Other Income (Expense)	$	4,499	$	10,677	$	15,377

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Contingent liabilities are measured at management’s 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’s consolidated statements of operations. See Note 5—Acquisitions for details.

(a)

Contingencies

The Company’s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, sanctions, restrictions on its operations, or losses of licenses and permits that could result in the Company ceasing operations in that specific state or local jurisdiction. While management believes that the Company is in compliance with applicable local and state regulations at December 31, 2022 and 2021, cannabis and other regulations continue to evolve and are subject to differing interpretations. As a result, the Company may be subject to regulatory fines, penalties, or restrictions in the future.

(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. As of December 31, 2022, the following matter was being appealed by the Company:

Cresco Labs New York, LLC and Cresco Labs LLC (“Plaintiffs”) filed an amended complaint against one of the Company’s subsidiaries, Fiorello Pharmaceuticals, Inc. (“Defendant”) on November 20, 2018, in the Supreme Court of the State of New York, NY County alleging Defendant breached the parties’ Equity Purchase Agreement Letter of Intent (“LOI”) relating to the acquisition of Defendant by Plaintiffs. In December 2022, the trial court granted Plaintiffs' motion for summary judgment on their claim that Defendant breached the LOI. Defendant disputes any liability and is vigorously appealing the trial court’s decision. The Company believes a successful appeal is probable, and as such, a $900 thousand loss contingency is reflected within selling, general and administrative expenses within the consolidated statement of operations with respect to this matter. In the event that the Defendant’s appeal is unsuccessful, any damages will be determined by further legal proceedings. The Company has estimated that the possible range of loss is between $900 thousand and $72,915 thousand.

At December 31, 2022 and 2021, other than as discussed above, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s consolidated operations. There are also no proceedings in which any of the Company’s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company’s interest.

(c)

Construction Commitments

As of December 31, 2022, the Company held approximately $74,650 thousand of open construction commitments to contractors on work being performed which are generally expected to be completed within 12 months.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Disclosure Text Block Supplement [Abstract]

Fair Value Measurements

15. FAIR VALUE MEASUREMENTS

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Inputs for the asset or liability that are not based on observable market data.

(a)

Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable and accrued liabilities, notes payable, warrant liability, and contingent consideration payable.

For the Company's long-term notes payable (which consist of charitable contributions, private placement debt and mortgage notes), for which there were no quoted market prices or active trading markets, it was not practicable to estimate the fair value of these financial instruments. The carrying amount of notes payable at December 31, 2022 and 2021 was $275,668 thousand and $239,934 thousand, which includes $1,037 thousand and $783 thousand, respectively, of short-term debt due within one year.

Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements.

The following tables summarize the Company’s financial instruments which are measured at fair value as of December 31, 2022 and 2021:


		As of December 31, 2022
	(in thousands)
		Level 1			Level 2		Level 3				Total
Cash and Cash Equivalents	$		177,682	$	—	$	—			$		177,682
Investments			24,749		—			49,420				74,169
Contingent Consideration Payable		—			—			(41,943	)			(41,943	)
Warrant Liability		—			—			(4,520	)			(4,520	)
	$		202,431	$	—	$		2,957		$		205,388


		As of December 31, 2021
	(in thousands)
		Level 1			Level 2			Level 3				Total
Cash and Cash Equivalents	$		230,420	$		—	$		—		$		230,420
Investments			44,117			—			50,785				94,902
Contingent Consideration Payable			—			—			(83,865	)			(83,865	)
Warrant Liability			—			—			(24,877	)			(24,877	)
	$		274,537	$		—	$		(57,957	)	$		216,580

15. FAIR VALUE MEASUREMENTS (Continued)

(b) Remeasurement of Contingent Consideration Arrangements

The Company remeasured its contingent consideration arrangements associated with its 2021 acquisitions of Mobley Pain Management and Wellness Center LLC and Canwell Processing LLC (collectively “Summit”) and GreenStar Herbals Inc. (“GreenStar”) using Monte Carlo simulation models. During the years ended December 31, 2022 and 2021, the remeasurement resulted in a net gain of $35,200 thousand and $11,900 thousand, respectively. The change in the fair value of the contingent consideration was driven by a change in management's estimates and projections of the acquired entities' ability to achieve the performance targets as agreed to in the 2021 acquisition agreements along with the change in fair value of the shares to be issued.

The remeasurement gains were recorded, net, within selling, general, and administrative expenses on the Company's consolidated statements of operations. Significant assumptions used in the Company's December 31, 2022 and 2021 remeasurement included Green Thumb's stock price as of December 31, 2022 and 2021 and projected earnings metrics and revenue targets as of each period then ended.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

16. VARIABLE INTEREST ENTITIES

The following table presents the summarized financial information about the Company’s consolidated variable interest entities (“VIEs”) which are included in the consolidated balance sheets as of December 31, 2022 and 2021. All of these entities were determined to be VIEs as the Company possesses the power to direct activities through management services agreements (“MSAs”):


		ILDISP			Other Non-material VIEs			ILDISP				Other Non-material VIEs
		December 31, 2022						December 31, 2021
		(in thousands)						(in thousands)
Current assets	$		—	$		1,294	$		4,118		$		1,033
Non-current assets		—				1,909			3,290				1,761
Current liabilities		—				592			10,719				854
Non-current liabilities		—				593			413				696
Noncontrolling interests		—				516			(1,862	)			224
Equity attributable to Green Thumb Industries Inc.		—				1,502			(1,862	)			1,020

On March 1, 2022, the Company acquired the remaining 50% minority interest in ILDISP, for $11,857 thousand in cash and the issuance of 128,218 shares of Green Thumb, which had a fair value of $2,379 thousand. As a result, the remaining equity associated with the noncontrolling interest was closed to accumulated surplus (deficit) of Green Thumb as of March 1, 2022.

See Note 5—Acquisitions for additional details.

On September 1, 2021, the Company acquired the remaining minority interest in Meshow, LLC, a retail store located in Maryland, for $950 thousand in cash and the issuance of 136,075 shares of Green Thumb, which had a fair value of $4,070 thousand, based on the closing price of Green Thumb’s Subordinate Voting Shares as traded on the CSE on the date of the transaction. As a result, the remaining equity associated with the non controlling interest was closed to share capital of Green Thumb as of September 1, 2021.

On December 31, 2020, the MSA for Chesapeake Alternatives, LLC was amended and restated to make GTI Maryland, LLC, the sole member of the entity. As a result, the remaining equity associated with the non controlling interest was closed to share capital of Green Thumb as of December 31, 2020.

16. VARIABLE INTEREST ENTITIES (Continued)

The following tables present the summarized financial information about the Company’s VIEs which are included in the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020:


		Years Ended December 31,
		2022						2021						2020
		ILDISP			Other Non-material VIEs			ILDISP			Other Non-material VIEs			Chesapeake Alternatives, LLC			ILDISP			Other Non-material VIEs
		(in thousands)						(in thousands)						(in thousands)
Revenues, Net of Discounts	$		3,543	$		9,077	$		24,420	$		12,914	$		19,725	$		18,694	$		10,012
Net income attributable to noncontrolling interests			462			1,215			3,565			1,362			411			3,035			639
Net income attributable to Green Thumb Industries Inc.			462			1,032			3,565			1,713			4,577			3,035			575
Net income	$		924	$		2,247	$		7,130	$		3,075	$		4,988	$		6,069	$		1,214

As of December 31, 2022 and 2021, VIEs included in the Other Non-material VIEs are Bluepoint Wellness of Westport LLC. As of December 31, 2020, VIEs included in the Other Non-material VIEs are Bluepoint Wellness of Westport, LLC and Meshow, LLC.

The net change in the consolidated VIEs and Other Noncontrolling Interest are as follows for the years ended December 31, 2022 and 2021:


		ILDISP		Other Non-material VIEs		Total

Balance as at January 1, 2021	$	3,174	$	363	$	3,537
Distributions		(8,600)		(2,428)		(11,028)
Net income (loss)		3,565		1,362		4,927
Changes in ownership		—		926		926
Balance as at December 31, 2021		(1,861)		223		(1,638)
Distributions		(13,957)		(922)		(14,879)
Net income (loss)		462		1,215		1,677
Changes in ownership		15,356		—		15,356
Balance as at December 31, 2022	$	—	$	516	$	516

Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

17. SEGMENT REPORTING

The Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (“Consumer Packaged Goods”) and retailing of cannabis to patients and consumers (“Retail”). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the Chief Operating Decision Maker 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 years ended December 31, 2022, 2021 and 2020:


		Years Ended December 31,
		2022		2021		2020
		(in thousands)
Revenues, Net of Discounts
Retail	$	763,166	$	614,739	$	396,372
Consumer Packaged Goods		495,101		467,258		273,977
Intersegment Eliminations		(240,892)		(188,437)		(113,776)
Total Revenues, Net of Discounts	$	1,017,375	$	893,560	$	556,573
Depreciation and Amortization
Retail	$	43,498	$	31,619	$	24,299
Consumer Packaged Goods		53,166		36,839		28,207
Intersegment Eliminations		—		—		—
Total Depreciation and Amortization	$	96,664	$	68,458	$	52,506
Income Taxes
Retail	$	53,869	$	66,908	$	49,888
Consumer Packaged Goods		40,908		57,704		33,965
Intersegment Eliminations		—		—		—
Total Income Taxes	$	94,777	$	124,612	$	83,853

Goodwill assigned to the Consumer Packaged Goods segment as of December 31, 2022 and 2021 was $315,889 thousand and $358,038 thousand, respectively. Intangible assets, net assigned to the Consumer Packaged Goods segment as of December 31, 2022 and 2021 was $286,922 thousand and $317,454 thousand, respectively.

Goodwill assigned to the Retail segment as of December 31, 2022 and 2021 was $273,802 thousand and $274,811 thousand, respectively. Intangible assets, net assigned to the Retail segment as of December 31, 2022 and 2021 was $302,597 thousand and $358,037 thousand, respectively.

The Company’s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, effective October 1, 2022, 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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Quarterly Financial Data

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

18. QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table contains selected quarterly data for 2022 and 2021. The information should be read in conjunction with the Company’s financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.


		First Quarter			Second Quarter			Third Quarter			Fourth Quarter				Full Year
		(in thousands)
2022
Net Sales	$		242,600	$		254,311	$		261,194	$		259,270		$		1,017,375
Income (loss) from operations			54,552			62,263			48,761			(44,512	)			121,064
Net Income (loss) attributable to Green Thumb Industries Inc.			28,939			24,437			9,829			(51,227	)			11,978
Net Income (loss) per share – basic			0.12			0.11			0.04			(0.22	)			0.05
Net Income (loss) per share – diluted			0.12			0.10			0.04			(0.22	)			0.05
Weighted average number of common shares outstanding - basic			235,838,947			236,783,625			237,002,873			237,208,543				236,713,056
Weighted average number of common shares outstanding - diluted			238,225,420			237,762,903			237,804,799			237,208,543				238,080,030

		First Quarter			Second Quarter			Third Quarter			Fourth Quarter				Full Year
		(in thousands)
2021
Net Sales	$		194,431	$		221,872	$		233,677	$		243,580		$		893,560
Income from operations			51,534			50,855			58,069			54,384				214,842
Net Income attributable to Green Thumb Industries Inc.			10,369			22,052			20,209			22,806				75,436
Net Income per share - basic			0.05			0.10			0.09			0.10				0.34
Net Income per share - diluted			0.05			0.10			0.08			0.10				0.33
Weighted average number of common shares outstanding - basic			216,210,429			220,323,622			226,529,671			230,916,901				223,192,326
Weighted average number of common shares outstanding - diluted			221,616,157			224,843,155			230,879,437			233,927,531				226,758,882

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Preparation and Statement of Compliance

(a)

Basis of Preparation and Statement of Compliance

Certain previously reported amounts have been reclassified between line items to conform to the current period presentation.

Basis of Measurement

(b)

Basis of Measurement

Functional and Presentation Currency

(c)

Functional and Presentation Currency

The Company’s functional currency, as determined by management, is the United States (“US”) dollar. These consolidated financial statements are presented in U.S. dollars.

Basis of Consolidation

(d)

Basis of Consolidation

The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2022 and 2021:


Subsidiaries	Jurisdiction	Interest
GTI23, Inc.	Delaware	100	%
VCP23, LLC	Delaware	100	%
GTI Core, LLC	Delaware	100	%

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d) Basis of Consolidation (Continued)


Subsidiaries	Ownership		Jurisdiction	Purpose
JB17, LLC	100	%	Maryland	Management company
GTI-Clinic Illinois Holdings, LLC	100	%	Illinois	License holder
ILDISP, LLC	100	%	Illinois	License holder
RISE Holdings, Inc.	100	%	Massachusetts	License holder
Liberty Compassion Inc.	100	%	Massachusetts	License holder
GTI Maryland, LLC	100	%	Maryland	License holder
Ohio Investors 2017, LLC	100	%	Ohio	Holding Company
GTI Ohio, LLC	100	%	Ohio	License holder
GTI Nevada, LLC	100	%	Nevada	License holder
GTI Pennsylvania, LLC	100	%	Pennsylvania	License holder
GTI Florida, LLC	100	%	Florida	Holding company
KSGNF, LLC	100	%	Florida	License holder
GTI New Jersey, LLC	100	%	New Jersey	License holder
KW Ventures Holdings, LLC	100	%	Pennsylvania	License holder
Chesapeake Alternatives, LLC	100	%	Maryland	License holder
Meshow, LLC	100	%	Maryland	License holder
Maryland Health and Wellness Center, Inc.	100	%	Maryland	License holder
Advanced Grow Labs, LLC	100	%	Connecticut	License holder
Bluepoint Wellness of Westport, LLC	46	%	Connecticut	License holder
Bluepoint Apothecary, LLC	100	%	Connecticut	License holder
Southern CT Wellness and Healing	100	%	Connecticut	License Holder
Integral Associates, LLC	100	%	Nevada	License holder
Integral Associates CA, LLC	100	%	California	License holder
Fiorello Pharmaceuticals, Inc.	100	%	New York	License holder
Dharma Pharmaceuticals, LLC	100	%	Virginia	License holder
Summit Medical Compassion Center, Inc.	0	%	Rhode Island	License holder
LeafLine Industries, LLC	100	%	Minnesota	License holder
MC Brands, LLC	100	%	Colorado	Intellectual property
For Success Holding Company	100	%	California	Intellectual property
VCP IP Holdings, LLC	100	%	Delaware	Intellectual property
Vision Management Services, LLC	100	%	Delaware	Management company
TWD18, LLC	100	%	Delaware	Investment company
VCP Real Estate Holdings, LLC	100	%	Delaware	Real Estate holding company

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investment in Associates

(e)

Investment in Associates

Non-controlling Interests

(f)

Non-controlling Interests

Cash and Cash Equivalents

(g)

Cash and Cash Equivalents

Accounts Receivable

(h)

Accounts Receivable

Inventories

(i)

Inventories

Inventories of purchased finished goods and packing materials are initially valued at cost and subsequently at the lower of cost and net realizable value.

Property and Equipment

(j)

Property and Equipment


Land		Not Depreciated
Land Improvements		10 – 30 Years
Buildings and Improvements		39 Years
Furniture and Fixtures		5 – 7 Years
Computer Equipment and Software		5 Years
Leasehold Improvements		Remaining Life of Lease
Production and Processing Equipment		5 – 7 Years
Assets Under Construction		Not Depreciated

Note Receivable and Investments

(k)

Note Receivable and Investments

Intangible Assets

(l)

Intangible Assets


Licenses and Permits		7-15 years
Tradenames		3-15 years
Customer Relationships		3-7 years
Non-competition Agreement		2-5 years

No such impairment charges were recorded during the years ended December 31, 2021 or 2020.

Goodwill

(m)

Goodwill

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(m)

Goodwill (Continued)

Income Taxes

(n)

Income Taxes

Revenue Recognition

(o)

Revenue Recognition

In order to recognize revenue under ASU 2014-09, the Company applies the following five (5) steps:


	•		Identify a customer along with a corresponding contract;


	•		Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer;


	•		Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer;


	•		Allocate the transaction price to the performance obligation(s) in the contract; and


	•		Recognize revenue when or as the Company satisfies the performance obligation(s).

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(o)

Revenue Recognition (Continued)

Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer.

Stock-Based Payments

(p)

Stock-Based Payments

Equity settled stock-based payments under stock-based payments plans are ultimately recognized as an expense in profit or loss with a corresponding credit to contributed surplus, in equity.

Fair Value of Financial Instruments

(q)

Fair Value of Financial Instruments

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(q)

Fair Value of Financial Instruments (Continued)

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2—Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3—Inputs for the asset or liability that are not based on observable market data.

For further details, see Note 15—Fair Value Measurements.

Commitments and Contingencies

(r)

Commitments and Contingencies

Share Capital

(s)

Share Capital

Earnings (Loss) per Share

(t)

Earnings per Share

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(t)

Earnings per Share (Continued)

Business Combinations

(u)

Business Combinations

Foreign Currency

(v)

Foreign Currency

Impairment of Other Long-Lived Assets

(w)

Impairment of Other Long-Lived Assets

Significant Accounting Judgments, Estimates and Assumptions

(x)

Significant Accounting Judgments, Estimates and Assumptions

Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below.


	(i)	Estimated Useful Lives and Amortization of Intangible Assets (Also see Note 6—Intangible Asset and Goodwill)

Amortization of intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any.


	(ii)	Business Combinations

See Note 5—Acquisitions for details.


	(iii)	Inventories


	(iv)	Investments in Private Holdings

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(x)

Significant Accounting Judgments, Estimates and Assumptions (Continued)


	(v)	Goodwill Impairment

The determination of fair value in the quantitative assessment requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization, capital expenditures and the eventual repeal of 280E.

As a result of the Company's goodwill impairment analysis, the Company determined two of the reporting units were impaired. See Note 6—Intangible Assets and Goodwill for additional detail.


	(vi)	Determination of Reporting Units

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(x)

Significant Accounting Judgment, Estimates and Assumptions (Continued)


	(vii)	Consolidation


	(viii)	Allowance for Uncollectible Accounts


	(ix)	Stock-Based Payments


	(x)	Fair Value of Financial Instruments

New and Revised Standards

(y)

New and Revised Standards

(i)

(ii)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(y)

New and Revised Standards (Continued)

Coronavirus Pandemic

(z)

Coronavirus Pandemic

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of subsidiaries

The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2022 and 2021:


Subsidiaries	Jurisdiction	Interest
GTI23, Inc.	Delaware	100	%
VCP23, LLC	Delaware	100	%
GTI Core, LLC	Delaware	100	%

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d) Basis of Consolidation (Continued)


Subsidiaries	Ownership		Jurisdiction	Purpose
JB17, LLC	100	%	Maryland	Management company
GTI-Clinic Illinois Holdings, LLC	100	%	Illinois	License holder
ILDISP, LLC	100	%	Illinois	License holder
RISE Holdings, Inc.	100	%	Massachusetts	License holder
Liberty Compassion Inc.	100	%	Massachusetts	License holder
GTI Maryland, LLC	100	%	Maryland	License holder
Ohio Investors 2017, LLC	100	%	Ohio	Holding Company
GTI Ohio, LLC	100	%	Ohio	License holder
GTI Nevada, LLC	100	%	Nevada	License holder
GTI Pennsylvania, LLC	100	%	Pennsylvania	License holder
GTI Florida, LLC	100	%	Florida	Holding company
KSGNF, LLC	100	%	Florida	License holder
GTI New Jersey, LLC	100	%	New Jersey	License holder
KW Ventures Holdings, LLC	100	%	Pennsylvania	License holder
Chesapeake Alternatives, LLC	100	%	Maryland	License holder
Meshow, LLC	100	%	Maryland	License holder
Maryland Health and Wellness Center, Inc.	100	%	Maryland	License holder
Advanced Grow Labs, LLC	100	%	Connecticut	License holder
Bluepoint Wellness of Westport, LLC	46	%	Connecticut	License holder
Bluepoint Apothecary, LLC	100	%	Connecticut	License holder
Southern CT Wellness and Healing	100	%	Connecticut	License Holder
Integral Associates, LLC	100	%	Nevada	License holder
Integral Associates CA, LLC	100	%	California	License holder
Fiorello Pharmaceuticals, Inc.	100	%	New York	License holder
Dharma Pharmaceuticals, LLC	100	%	Virginia	License holder
Summit Medical Compassion Center, Inc.	0	%	Rhode Island	License holder
LeafLine Industries, LLC	100	%	Minnesota	License holder
MC Brands, LLC	100	%	Colorado	Intellectual property
For Success Holding Company	100	%	California	Intellectual property
VCP IP Holdings, LLC	100	%	Delaware	Intellectual property
Vision Management Services, LLC	100	%	Delaware	Management company
TWD18, LLC	100	%	Delaware	Investment company
VCP Real Estate Holdings, LLC	100	%	Delaware	Real Estate holding company

Schedule of estimated useful life of Property and Equipment

Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:


Land		Not Depreciated
Land Improvements		10 – 30 Years
Buildings and Improvements		39 Years
Furniture and Fixtures		5 – 7 Years
Computer Equipment and Software		5 Years
Leasehold Improvements		Remaining Life of Lease
Production and Processing Equipment		5 – 7 Years
Assets Under Construction		Not Depreciated

Schedule of estimated useful lives of Finite Lived Intangible Assets

Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2022:


Licenses and Permits		7-15 years
Tradenames		3-15 years
Customer Relationships		3-7 years
Non-competition Agreement		2-5 years

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Summary of inventory

The Company’s inventories include the following at December 31, 2022 and 2021:


		December 31, 2022		December 31, 2021
		(in thousands)
Raw Material	$	3,070	$	5,278
Packaging and Miscellaneous		9,847		8,622
Work in Process		57,287		42,403
Finished Goods		49,268		41,069
Reserve for Obsolete Inventory		(3,797)		(1,901)
Total Inventories	$	115,675	$	95,471

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

At December 31, 2022 and 2021, property and equipment consisted of the following:


		December 31, 2022		December 31, 2021
		(in thousands)
Buildings and Improvements	$	176,874	$	101,283
Equipment, Computers and Furniture		122,568		83,281
Leasehold Improvements		135,524		114,303
Land Improvements		847		607
Capitalized Interest		16,934		6,523
Total Property and Equipment		452,747		305,997
Less: Accumulated Depreciation		(80,702)		(45,198)
Property and Equipment, net		372,045		260,799
Land		29,106		20,258
Assets Under Construction		156,722		128,017
Property and Equipment, net	$	557,873	$	409,074

Acquisitions - (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Summary of initial accounting estimates

The following table summarizes the final purchase price allocations:


	Leafline Industries, LLC			Summit Medical Compassion Center, Inc.			Other
Cash	$	959		$	1,143		$	520
Inventory		3,245			1,829			2,264
Accounts receivable		31			1			—
Prepaid expenses		705			105			117
Property and equipment, net		14,525			3,243			7,325
Right-of-use asset, net		594			210			1,713
Deposits and other assets		127			68			235
Intangible assets, net:
Licenses and permits		83,000			57,000			36,600
Liabilities assumed		(2,690	)		(4,407	)		(6,089	)
Lease liabilities		(594	)		(210	)		(1,713	)
Notes payable		(5,627	)		—			—
Deferred income tax liabilities		—			(14,939	)		(9,747	)
Total identifiable net assets		94,275			44,043			31,225
Goodwill (non-tax deductible)		—			65,231			36,124
Goodwill (tax deductible)		63,203			—			—
Net assets	$	157,478		$	109,274		$	67,349

Intangible Assets And Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets

At December 31, 2022 and 2021, intangible assets consisted of the following:


		December 31, 2022									December 31, 2021
		Gross Carrying Amount			Accumulated Amortization			Net Book Value			Gross Carrying Amount			Accumulated Amortization			Net Book Value
		(in thousands)									(in thousands)
Licenses and Permits	$		660,716	$		113,800	$		546,916	$		655,900	$		69,812	$		586,088
Trademarks			41,511			10,486			31,025			98,936			25,096			73,840
Customer Relationships			24,438			13,435			11,003			24,438			9,944			14,494
Non-Competition Agreements			2,565			1,990			575			2,565			1,496			1,069
Total Intangible Assets	$		729,230	$		139,711	$		589,519	$		781,839	$		106,348	$		675,491

Summary of estimated annual amortization expense related to intangible assets

The following table outlines the estimated annual amortization expense related to intangible assets as of December 31, 2022:


		Estimated Amortization
Year Ending December 31,		(in thousands)
2023	$	50,840
2024		50,392
2025		50,294
2026		47,332
2027		46,803
2028 and Thereafter		343,858
	$	589,519

Summary of Goodwill And Intangible Assets Disclosure

At December 31, 2022 the balances of goodwill, by segment, consisted of the following:


		Retail		Consumer Packaged Goods		Total
		(in thousands)
As of January 1, 2022	$	274,811	$	358,038	$	632,849
Acquisition of ILDISP, LLC		4,697		—		4,697
Adjustments to Preliminary Purchase Price Allocations		7,274		2,243		9,517
Impairment of Goodwill		(12,980)		(44,392)		(57,372)
As of December 31, 2022	$	273,802	$	315,889	$	589,691

At December 31, 2021 the balances of goodwill, by segment, consisted of the following:


		Retail		Consumer Packaged Goods		Total
		(in thousands)
As of January 1, 2021	$	130,680	$	252,017	$	382,697
Acquisition of Dharma Pharmaceuticals, LLC		37,100		39,045		76,145
Acquisition of Summit Medical Compassion Center, Inc.		45,725		19,506		65,231
Acquisition of LeafLine Industries, LLC		33,558		23,328		56,886
Other Acquisitions		38,985		24,142		63,127
Adjustments to Purchase Price Allocations		(11,237)		—		(11,237)
As of December 31, 2021	$	274,811	$	358,038	$	632,849

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Schedule Of Long Term Investments

The following table summarizes the change in the Company’s investments during the years ended December 31, 2022 and 2021:


		December 31, 2022		December 31, 2021
	(in thousands)
Beginning	$	94,902	$	40,795
Additions		5,444		83,689
Disposals		(3,571)		(18,417)
Fair value adjustment		(22,606)		6,377
Transfers out		—		(17,542)
Ending	$	74,169	$	94,902

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule Of Other Information Related To Operating Leases

Other information related to operating leases as of December 31, 2022 and 2021 were as follows:


	December 31, 2022	December 31, 2021
Weighted average remaining lease term (years)	11.64	11.82
Weighted average discount rate	12.42%	13.60%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities for operating leases as of December 31, 2022 were as follows:


		Maturities of Lease Liability
Year Ending December 31,		Third Party		Related Party		Total
		(in thousands)
2023	$	42,215	$	569	$	42,784
2024		42,220		437		42,657
2025		39,919		343		40,262
2026		38,231		350		38,581
2027		38,519		357		38,876
2028 and Thereafter		347,404		1,728		349,132
Total Lease Payments		548,508		3,784		552,292
Less: Interest		(290,638)		(1,467)		(292,105)
Present Value of Lease Liability	$	257,870	$	2,317	$	260,187

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

At December 31, 2022 and 2021, notes payable consisted of the following:


		December 31, 2022		December 31, 2021
		(in thousands)
Charitable Contributions1	$	764	$	1,238
Private placement debt dated April 30, 20212		237,795		228,690
Mortgage notes3		37,109		10,006
Total notes payable		275,668		239,934
Less: current portion of notes payable		(1,037)		(783)
Notes payable, net of current portion	$	274,631	$	239,151

____________________

Warrants (Tables)

12 Months Ended

Dec. 31, 2022

Class of Warrant or Right [Line Items]

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes the number of warrants outstanding as of December 31, 2022 and 2021:


	Liability Classified								Equity Classified
	Number of Shares				Weighted Average Exercise Price (C$)		Weighted Average Remaining Contractual Life		Number of Shares			Weighted Average Exercise Price (USD)		Weighted Average Remaining Contractual Life
Balance as of December 31, 2021		2,097,931		C$		18.26		2.42		1,737,347	$		31.83		4.38
Warrants Issued		—				—		—		—			—		—
Warrants Exercised		—				—		—		—			—		—
Warrants Expired		(100,723	)			—		—		—			—		—
Balance as of December 31, 2022		1,997,208		C$		18.03		1.50		1,737,347	$		31.83		3.38

Liability Classified Warrant [Member]

Class of Warrant or Right [Line Items]

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes the fair value of the liability classified warrants at December 31, 2022 and 2021:


				Fair Value
Warrant Liability	Strike Price	Warrants Outstanding		December 31, 2022		December 31, 2021		Change
				(in thousands)
Bridge Financing Warrants Issued April 2019	C$22.90		—	$	—	$	676	$	(676	)
Private Placement Financing Warrants Issued May 2019	C$19.39		1,606,533		3,125		18,527		(15,402	)
Modification Warrants Issued November 2019	C$12.04		316,947		1,139		4,603		(3,464	)
Additional Modification Warrants Issued May 2020	C$14.03		73,728		256		1,071		(815	)
Totals			1,997,208	$	4,520	$	24,877	$	(20,357	)

Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Warrant Liability


	December 31,	December 31,
Significant Assumptions	2022	2021
Volatility	70.44% - 78.21%	59.95% - 74.04%
Remaining Term	1.39 - 2.39 years	0.78 - 3.39 years
Risk Free Rate	3.82% - 4.07%	0.91% - 1.06%

Equity Classified Warrant [Member]

Class of Warrant or Right [Line Items]

Schedule Of Fair Value Of Warrant Liability

value. The following table summarizes the carrying amounts of the Company's equity classified warrants at December 31, 2022 and 2021:


					Issuance Date Fair Value
			Warrants		December 31,		December 31,
Warrants Included in Contributed Surplus	Strike Price		Outstanding		2022		2021
					(in thousands)
Mortgage Warrants Issued June 2020	$	9.10		35,000	$	181	$	181
Private Placement Refinance Warrants Issued April 2021	$	32.68		1,459,044		22,259		22,259
Private Placement Refinance Warrants Issued October 2021	$	30.02		243,303		2,616		2,616
Totals				1,737,347	$	25,056	$	25,056

Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Warrant Liability

The following table summarizes the significant assumptions used in determining the fair value of the equity classified warrants as of each respective issuance date:


Significant Assumptions	Private Placement Refinancing Warrants	Private Placement Refinancing Warrants	Dispensary Mortgage Warrants
Date of Issuance	October 15, 2021	April 30, 2021	June 5, 2020
Volatility	73%	73%	80%
Estimated Term	4 years	4 years	5 years
Risk Free Rate	1.12%	0.74%	0.37%

Share Capital (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Share Capital [Line Items]

Schedule of Common Stock Outstanding Roll Forward

A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:


	Issued and Outstanding
	Subordinate Voting Shares	Multiple Voting Shares	Super Voting Shares
As at January 1, 2020	128,999,964	373,350	402,289
Issuance of shares under business combinations and investments	1,752,065	—	—
Distribution of contingent consideration	2,713,463	—	—
Distribution of deferred shares	1,220,548	—	—
Issuance of shares upon exercise of options and warrants	171,813	—	—
Issuances of shares upon vesting of RSUs	923,468	—	—
Exchange of shares	42,331,900	(333,061)	(90,258)
As at December 31, 2020	178,113,221	40,289	312,031

As at January 1, 2021	178,113,221	40,289	312,031
Issuance of shares under business combinations and investments	12,904,675	—	—
Distribution of contingent consideration	881,357	—	—
Distribution of deferred shares	222,467	—	—
Issuance of common shares pursuant to S-1	4,693,991	—	—
Issuance of shares for redemption of noncontrolling interests	136,075	—	—
Issuance of shares upon exercise of options and warrants	1,302,682	—	—
Issuances of shares upon vesting of RSUs	389,530	—	—
Shares issued in association with notes payable	8,514	—	—
Shares issued for settlement of business dispute	240,000	—	—
Exchange of shares	2,875,800	(1,758)	(27,000)
As at December 31, 2021	201,768,312	38,531	285,031

As at January 1, 2022	201,768,312	38,531	285,031
Issuance of shares under business combinations and investments	204,036	—	—
Distribution of contingent consideration	667,080	—	—
Issuance of shares upon exercise of options and warrants	441,454	—	—
Issuances of shares upon vesting of RSUs	433,341	—	—
Shares issued for settlement of business obligation	142,952	—	—
Exchange of shares	3,334,100	—	(33,341)
As at December 31, 2022	206,991,275	38,531	251,690

Share-based Payment Arrangement, Option, Activity

Stock option activity is summarized as follows:


	Number of Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
				(in thousands)
Balance as of December 31, 2021	5,383,275	$14.02	3.59	$48,803
Granted	5,434,092	10.92	6.45
Exercised	(441,454)	8.45		2,390
Forfeited	(797,966)	$11.80
Balance as of December 31, 2022	9,577,947	$12.71	4.80	$26,961
Vested	5,618,105	$9.71
Exercisable of December 31, 2022	3,364,644	$11.87	2.68	$7,793

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Company used the Black-Scholes Option Pricing model to estimate the fair value of the options granted during the years ended December 31, 2022 and 2021, using the following ranges of assumptions:


	December 31,	December 31,
	2022	2021
Risk-free interest rate	1.18% - 3.54%	0.33% - 1.39%
Expected dividend yield	0%	0%
Expected volatility	60 - 64%	73%
Expected option life	3 – 4.5 years	3 – 3.5 years

Summary Of Weighted Average Grant Date Fair Value And Intrinsic Value Of Options Exercised

The following table summarizes the weighted average grant date fair value and intrinsic value of options exercised for the year ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
	2022	2021	2020
Weighted average grant date fair value (per share) of stock option units granted	$5.37	$14.47	$4.76
Intrinsic value of stock option units exercised, using market price at vest date (in thousands)	$2,390	$18,142	$1,184

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020 was as follows:


		Years Ended December 31,
		2022		2021		2020
		(in thousands)
Stock options expense	$	19,062	$	13,198	$	10,938
Restricted Stock Units		8,078		6,402		8,399
Total Stock Based Compensation Expense	$	27,140	$	19,600	$	19,337

Restricted Stock Units

Disclosure of Share Capital [Line Items]

Non-vested Restricted Stock Shares Activity

The following table summarizes the number of non-vested RSU awards as of December 31, 2022 and 2021 and the changes during the year ended December 31, 2022:


	Number of Shares		Weighted Average Grant Date Fair Value
Unvested Shares at December 31, 2021	376,127	$	15.55
Granted	1,163,372		17.84
Forfeited	(158,656)		18.79
Vested	(433,341)		15.36
Unvested Shares at December 31, 2022	947,502	$	17.91

Summary Of Weighted Average Grant Date Fair Value And Intrinsic Value Of Options Exercised

The following table summarizes the weighted average grant date fair value of RSUs granted and total fair value of RSUs vested for the years ended December 31, 2022, 2021 and 2020:


		Years Ended December 31,
		2022		2021		2020
Weighted average grant date fair value (per share) of RSUs granted	$	17.84	$	27.82	$	10.25

Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

For the years ended December 31, 2022, 2021 and 2020, income taxes expense consisted of:


		Years Ended December 31,
		2022		2021		2020
	(in thousands)
Current:
Federal	$	106,425	$	96,749	$	65,118
State		36,436		35,402		16,640
Foreign		—		—		—
Total Current		142,861		132,151		81,758
Deferred:
Federal		(37,362)		(6,151)		3,520
State		(10,722)		(1,388)		(1,425)
Foreign		—		—		—
Total Deferred		(48,084)		(7,539)		2,095
Total	$	94,777	$	124,612	$	83,853

Summary of Difference Between the Income Tax Expense

12. INCOME TAX EXPENSE (Continued)


		Years Ended December 31,
		2022		2021		2020
	(in thousands)
Income before Income Taxes	$	108,432	$	204,975	$	102,931
Statutory Tax Rates		21%		21%		21%
Expense/(Recovery) based on Statutory Rates		22,771		43,045		21,615
State Taxes		24,077		31,476		14,837
Provision to Return Adjustment		499		971		5,299
Adjustments for Stock Compensation		497		(1,836)		(211)
Non-deductible Expenses		40,870		40,847		27,570
Change in State Rate Reconciliation		(127)		54		(2,535)
Change in Valuation Allowance		(25,970)		10,712		7,706
Change in Uncertain Tax Position		30,607		2,776		9,918
Other Differences		1,553		(3,433)		(346)
Income Tax Expense	$	94,777	$	124,612	$	83,853

Summary Of The Components Of Deferred Tax Assets And Liabilities Were as Follows

At December 31, 2022 and 2021, the components of deferred tax assets and liabilities were as follows:


		Years Ended December 31,
		2022		2021
	(in thousands)
Deferred Tax Assets
Operating Lease Liabilities	$	60,588	$	42,982
Net Operating Losses		1,864		21,237
163(j) Interest Limitation		7,499		9,864
Warrant Fair Value Derivative		—		1,200
Stock-based Compensation		10,646		5,383
Asset Acquisition Life Difference		—		1,329
Capitalized Inventory		5,846		—
Fair Value Investments		3,306		—
Other		5,391		5,214
Valuation Allowance		(702)		(27,174)
Total Deferred Tax Assets		94,438		60,035
Deferred Tax Liabilities
Operating Right of Use Assets	$	(56,546)	$	(39,165)
Fair Value Investments		—		(4,703)
Warrant Fair Value Derivative		(4,804)		—
Intangibles		(52,508)		(84,896)
Total Deferred Tax Liabilities		(113,858)		(128,764)
Net Deferred Tax Liabilities	$	(19,420)	$	(68,729)

Summary of The Reconciliation of The Beginning and Ending Amount of Unrecogized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


		2022		2021		2020
	(in thousands)
Balance at Beginning of Year	$	13,117	$	10,341	$	2,113
Gross increases related to tax positions in a prior period		9,531		823		2,382
Gross decreases related to tax positions in a prior period		(1,100)		—		—
Gross increases related to tax positions in the current period		21,582		6,166		7,536
Gross decreases related to tax positions in a current period		—		(4,213)		(1,690)
Balance at End of Year	$	43,130	$	13,117	$	10,341

Other Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

For the years ended December 31, 2022, 2021 and 2020 other income (expense) was comprised of the following:


		Years Ended December 31,
		2022		2021		2020
		(in thousands)
Fair value adjustments on equity investments	$	(23,270)	$	5,955	$	26,371
Fair value adjustments on equity method investments		10,955		—		—
Fair value adjustments on variable note receivable		—		—		(816)
Loss on extinguishment of debt		—		(10,645)		—
Fair value adjustments on warrants issued		20,357		14,577		(23,002)
Fair value adjustments on contingent consideration		—		—		9,877
Earnings (loss) from equity method investments		(4,259)		1,799		2,320
Other		716		(1,009)		627
Total Other Income (Expense)	$	4,499	$	10,677	$	15,377

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Text Block Supplement [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables summarize the Company’s financial instruments which are measured at fair value as of December 31, 2022 and 2021:


		As of December 31, 2022
	(in thousands)
		Level 1			Level 2		Level 3				Total
Cash and Cash Equivalents	$		177,682	$	—	$	—			$		177,682
Investments			24,749		—			49,420				74,169
Contingent Consideration Payable		—			—			(41,943	)			(41,943	)
Warrant Liability		—			—			(4,520	)			(4,520	)
	$		202,431	$	—	$		2,957		$		205,388


		As of December 31, 2021
	(in thousands)
		Level 1			Level 2			Level 3				Total
Cash and Cash Equivalents	$		230,420	$		—	$		—		$		230,420
Investments			44,117			—			50,785				94,902
Contingent Consideration Payable			—			—			(83,865	)			(83,865	)
Warrant Liability			—			—			(24,877	)			(24,877	)
	$		274,537	$		—	$		(57,957	)	$		216,580

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


		ILDISP			Other Non-material VIEs			ILDISP				Other Non-material VIEs
		December 31, 2022						December 31, 2021
		(in thousands)						(in thousands)
Current assets	$		—	$		1,294	$		4,118		$		1,033
Non-current assets		—				1,909			3,290				1,761
Current liabilities		—				592			10,719				854
Non-current liabilities		—				593			413				696
Noncontrolling interests		—				516			(1,862	)			224
Equity attributable to Green Thumb Industries Inc.		—				1,502			(1,862	)			1,020


		Years Ended December 31,
		2022						2021						2020
		ILDISP			Other Non-material VIEs			ILDISP			Other Non-material VIEs			Chesapeake Alternatives, LLC			ILDISP			Other Non-material VIEs
		(in thousands)						(in thousands)						(in thousands)
Revenues, Net of Discounts	$		3,543	$		9,077	$		24,420	$		12,914	$		19,725	$		18,694	$		10,012
Net income attributable to noncontrolling interests			462			1,215			3,565			1,362			411			3,035			639
Net income attributable to Green Thumb Industries Inc.			462			1,032			3,565			1,713			4,577			3,035			575
Net income	$		924	$		2,247	$		7,130	$		3,075	$		4,988	$		6,069	$		1,214

Schedule Of consolidated VIEs and Other Non controlling Interest

The net change in the consolidated VIEs and Other Noncontrolling Interest are as follows for the years ended December 31, 2022 and 2021:


		ILDISP		Other Non-material VIEs		Total

Balance as at January 1, 2021	$	3,174	$	363	$	3,537
Distributions		(8,600)		(2,428)		(11,028)
Net income (loss)		3,565		1,362		4,927
Changes in ownership		—		926		926
Balance as at December 31, 2021		(1,861)		223		(1,638)
Distributions		(13,957)		(922)		(14,879)
Net income (loss)		462		1,215		1,677
Changes in ownership		15,356		—		15,356
Balance as at December 31, 2022	$	—	$	516	$	516

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenues

The below table presents revenues by type for the years ended December 31, 2022, 2021 and 2020:


		Years Ended December 31,
		2022		2021		2020
		(in thousands)
Revenues, Net of Discounts
Retail	$	763,166	$	614,739	$	396,372
Consumer Packaged Goods		495,101		467,258		273,977
Intersegment Eliminations		(240,892)		(188,437)		(113,776)
Total Revenues, Net of Discounts	$	1,017,375	$	893,560	$	556,573
Depreciation and Amortization
Retail	$	43,498	$	31,619	$	24,299
Consumer Packaged Goods		53,166		36,839		28,207
Intersegment Eliminations		—		—		—
Total Depreciation and Amortization	$	96,664	$	68,458	$	52,506
Income Taxes
Retail	$	53,869	$	66,908	$	49,888
Consumer Packaged Goods		40,908		57,704		33,965
Intersegment Eliminations		—		—		—
Total Income Taxes	$	94,777	$	124,612	$	83,853

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Information


		First Quarter			Second Quarter			Third Quarter			Fourth Quarter				Full Year
		(in thousands)
2022
Net Sales	$		242,600	$		254,311	$		261,194	$		259,270		$		1,017,375
Income (loss) from operations			54,552			62,263			48,761			(44,512	)			121,064
Net Income (loss) attributable to Green Thumb Industries Inc.			28,939			24,437			9,829			(51,227	)			11,978
Net Income (loss) per share – basic			0.12			0.11			0.04			(0.22	)			0.05
Net Income (loss) per share – diluted			0.12			0.10			0.04			(0.22	)			0.05
Weighted average number of common shares outstanding - basic			235,838,947			236,783,625			237,002,873			237,208,543				236,713,056
Weighted average number of common shares outstanding - diluted			238,225,420			237,762,903			237,804,799			237,208,543				238,080,030

		First Quarter			Second Quarter			Third Quarter			Fourth Quarter				Full Year
		(in thousands)
2021
Net Sales	$		194,431	$		221,872	$		233,677	$		243,580		$		893,560
Income from operations			51,534			50,855			58,069			54,384				214,842
Net Income attributable to Green Thumb Industries Inc.			10,369			22,052			20,209			22,806				75,436
Net Income per share - basic			0.05			0.10			0.09			0.10				0.34
Net Income per share - diluted			0.05			0.10			0.08			0.10				0.33
Weighted average number of common shares outstanding - basic			216,210,429			220,323,622			226,529,671			230,916,901				223,192,326
Weighted average number of common shares outstanding - diluted			221,616,157			224,843,155			230,879,437			233,927,531				226,758,882

Significant Accounting Policies - Schedule of subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2022
GTI23 Inc [Member] \| DE \| Reportable Legal Entities [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
VCP23, LLC [Member] \| DE \| Reportable Legal Entities [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
GTI Core, LLC [Member] \| DE \| Reportable Legal Entities [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
JB17, LLC [Member] \| MD \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Management company
GTI Clinic Illinois Holdings, LLC [Member] \| IL \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
ILDISP, LLC [Member] \| IL \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
RISE Holdings, Inc. [Member] \| MA \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Liberty Compassion Inc [Member] \| MA \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI Maryland, LLC [Member] \| MD \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Ohio Investors 2017, LLC [Member] \| OH \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Holding Company
GTI Ohio, LLC [Member] \| OH \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI Nevada, LLC [Member] \| NV \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI Pennsylvania, LLC [Member] \| PA \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI Florida, LLC [Member] \| FL \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Holding company
KSGNF, LLC [Member] \| FL \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI New Jersey, LLC [Member] \| NJ \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
KW Ventures Holdings, LLC [Member] \| PA \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Chesapeake Alternatives LLC [member] \| MD \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Meshow, LLC [Member] \| MD \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Maryland Health and Wellness Center, Inc. [Member] \| MD \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Advanced Grow Labs, LLC [Member] \| CT \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Bluepoint Wellness of Westport, LLC [Member] \| CT \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	46.00%
Description of Principal Activities	License holder
Bluepoint Apothecary, LLC [Member] \| CT \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Southern CT Wellness And Healing [Member] \| CT \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License Holder
Integral Associates LLC [Member] \| NV \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Integral Associates CA, LLC [Member] \| CA \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Fiorello Pharmaceuticals, Inc. [Member] \| NY \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Dharma Pharmaceuticals LLC [Member] \| VA \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Summit Medical Compassion Center [Member] \| RI \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	0.00%
Description of Principal Activities	License holder
LeafLine Industries LLC [Member] \| MN \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
MC Brands, LLC [Member] \| CO \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Intellectual property
For Success Holding Company [Member] \| CA \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Intellectual property
VCP IP Holdings, LLC [Member] \| DE \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Intellectual property
Vision Management Services, LLC [Member] \| DE \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Management company
TWD18, LLC [Member] \| DE \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Investment company
VCP Real Estate Holdings, LLC [Member] \| DE \| Consolidation, Eliminations [Member]
Schedule of Investments [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Real Estate holding company

Significant Accounting Policies - Additional Information (Detail) $ in Thousands		12 Months Ended
	Oct. 01, 2022 ReportingUnits	Dec. 31, 2022 USD ($) ReportingUnits shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contingent liabilities, Current		$ 11,400	$ 11,400	$ 50,284
Contingent liabilities, Non-Current		30,543	30,543	33,581
Impairment charge		$ 1,419		4,744	$ 0
Description of shareholding voting rights		shareholding of between 20% and 50% of the voting rights
Allowance for doubtful accounts		$ 928		643
Bad debt expense		$ 423		488	367
Number of Reporting Units \| ReportingUnits	2	30
Goodwill impairment charge			57,372	0	0
Impairment of intangible assets		$ 31,131		0	0
Loyalty liability		4,871	$ 4,871	3,986
Sales Discounted		$ 167,288		$ 83,851	$ 48,442
No of Options outstanding \| shares		9,577,947	9,577,947	5,383,275	5,664,406
No restricted stock units outstanding \| shares		947,502	947,502	376,127
Number of warrants outstanding \| shares		3,734,555	3,734,555	3,835,278	2,520,794
Weighted average number diluted shares outstanding adjustments \| shares		1,001,835		2,323,625	1,307,421
Weighted average number diluted shares outstanding adjustments related to warrants \| shares		121,945		1,042,199	101,254
Numbers of stock options \| shares		1,895,273		626,930	580,672
Nevada Consumer Packaged Goods Operations [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill impairment charge		$ 44,392
Nevada Retail Operations [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill impairment charge		$ 12,980
Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of Voting Rights		50
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of Voting Rights		20
Restricted Stock Units (RSUs) [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
No restricted stock units outstanding \| shares		947,502	947,502	376,127	689,340
Weighted average number diluted shares outstanding adjustments \| shares		243,194		200,732	134,254

Significant Accounting Policies - Schedule of estimated useful life of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2022
Land Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Land Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	39 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Production And Processing Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Production And Processing Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

Significant Accounting Policies - Schedule of estimated useful lives of Finite Lived Intangible Assets (Detail)	12 Months Ended
	Dec. 31, 2022
Licenses And Permits [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Licenses And Permits [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Trade Names [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Trade Names [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Non-Competition Agreement [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Non-Competition Agreement [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years

Inventories - Summary of inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Raw Material	$ 3,070	$ 5,278
Packaging and Miscellaneous	9,847	8,622
Work in Process	57,287	42,403
Finished Goods	49,268	41,069
Reserve for Obsolete Inventory	(3,797)	(1,901)
Total Inventories	$ 115,675	$ 95,471

Property and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total Property and Equipment	$ 452,747	$ 305,997
Less: Accumulated Depreciation	(80,702)	(45,198)
Property and Equipment, net	372,045	260,799
Property and Equipment, net	557,873	409,074
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	176,874	101,283
Equipment, Computers and Furniture [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	122,568	83,281
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	135,524	114,303
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	847	607
Capitalized Interest [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	16,934	6,523
Land [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	29,106	20,258
Assets Under Construction [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	$ 156,722	$ 128,017

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Property of Equipment [Line Items]
Depreciation expense	$ 37,006	$ 23,250	$ 15,479
Cost of Sales [Member]
Disclosure of Property of Equipment [Line Items]
Depreciation expense	$ 24,117	$ 14,301	$ 8,283

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands									12 Months Ended
	Sep. 23, 2022	Mar. 01, 2022	Feb. 25, 2022	Dec. 30, 2021	Nov. 01, 2021	Sep. 01, 2021	Aug. 16, 2021	Aug. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022	Dec. 31, 2020
Business Acquisition [Line Items]
Weighted-average amortization period									15 years	15 years
Intangible Assets, Net									$ 589,519	$ 675,491
Goodwill									589,691	632,849	$ 632,849	$ 382,697
Business combination, contigent liability									200	98,500		$ 0
Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Acquisition costs										2,036
Liberty Compassion Inc [Member]
Business Acquisition [Line Items]
Date of acquisition		Mar. 01, 2022
Percentage of voting rights acquired		50.00%
Dharma Pharmaceuticals LLC [Member]
Business Acquisition [Line Items]
Goodwill										76,145
Business combination, contigent liability									41,943	48,665
Summit Medical Compassion Center [Member]
Business Acquisition [Line Items]
Date of acquisition								Aug. 01, 2021
Goodwill										65,231
Selling, general, and administrative expenses									29,400
Summit Medical Compassion Center [Member] \| Licenses And Permits [Member]
Business Acquisition [Line Items]
Intangible assets, net									57,000
GreenStar Herbal Inc [Member]
Business Acquisition [Line Items]
Date of acquisition						Sep. 01, 2021
MDHWC Management Corp [Member]
Business Acquisition [Line Items]
Date of acquisition					Nov. 01, 2021
Total consideration paid for acquisition	$ 30
Percentage of voting rights acquired					100.00%
LeafLine Industries LLC [Member]
Business Acquisition [Line Items]
Date of acquisition				Dec. 30, 2021
Percentage of voting rights acquired				100.00%
Non-current liabilities										$ 32,092
Illinois Disp LLC [Member]
Business Acquisition [Line Items]
Issuance of shares under business combinations and investments		204,036
Issuance of shares under business combinations and investments, value		$ 3,785
Business combination, contigent liability		6,766
Equity Method Investments Fair Value Disclosure		10,955
Illinois Disp LLC [Member] \| Equity Method Investments Member
Business Acquisition [Line Items]
Issuance of shares under business combinations and investments, value		11,336
Retail Dispensaries Member
Business Acquisition [Line Items]
Acquisition in cash		11,857
Summit [Member]
Business Acquisition [Line Items]
Reduction in intangible assets		143
Subordinate Voting Shares [Member] \| Dharma Pharmaceuticals LLC [Member]
Business Acquisition [Line Items]
Issuance of shares under business combinations and investments			667,080				199,993
Issuance of shares under business combinations and investments, value			$ 13,111				$ 5,949
Subordinate Voting Shares [Member] \| Summit Medical Compassion Center [Member]
Business Acquisition [Line Items]
Issuance of shares under business combinations and investments								2,387,807
Distribution of deferred shares								303,599
Additional shares Issued For Acquisition								2,500,000
Issuance of shares under business combinations and investments, value								$ 69,874
Subordinate Voting Shares [Member] \| GreenStar Herbal Inc [Member]
Business Acquisition [Line Items]
Acquisition in cash						$ 5,228
Issuance of shares under business combinations and investments						1,344,216
Distribution of deferred shares						161,306
Additional shares Issued For Acquisition						663,810
Selling, general, and administrative expenses									5,800
Issuance of shares under business combinations and investments, value						$ 39,681
Subordinate Voting Shares [Member] \| MDHWC Management Corp [Member]
Business Acquisition [Line Items]
Acquisition in cash					$ 8,320
Issuance of shares under business combinations and investments					309,157
Distribution of deferred shares					61,832
Issuance of shares under business combinations and investments, value					$ 6,375
Subordinate Voting Shares [Member] \| LeafLine Industries LLC [Member]
Business Acquisition [Line Items]
Acquisition in cash				$ 38,731
Issuance of shares under business combinations and investments				5,513,942
Distribution of deferred shares				386,002
Issuance of shares under business combinations and investments, value				$ 117,833
Subordinate Voting Shares [Member] \| Illinois Disp LLC [Member]
Business Acquisition [Line Items]
Acquisition in cash		$ 18,623
Deferred Costs, Current									250
Issuance of shares under business combinations and investments		204,036
Additional shares Issued For Acquisition		75,818
Intangible Assets, Net									$ 14,000
Goodwill		$ 4,697
Issuance of shares under business combinations and investments, value		3,785
Equity Method Investments Fair Value Disclosure		11,336
Subordinate Voting Shares [Member] \| Illinois Disp LLC [Member] \| Equity Method Investments Member
Business Acquisition [Line Items]
Issuance of shares under business combinations and investments, value		$ 1,406
Subordinate Voting Shares [Member] \| Retail Dispensaries Member
Business Acquisition [Line Items]
Issuance of shares under business combinations and investments		128,218
Issuance of shares under business combinations and investments, value		$ 2,379

Acquisitions - Summary of Initial Accounting Estimates (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
LeafLine Industries [Member]
Business Acquisition [Line Items]
Cash	$ 959
Inventory	3,245
Accounts receivable	31
Prepaid expenses	705
Property and equipment, net	14,525
Right-of-use asset, net	594
Deposits and other assets	127
Liabilities assumed	(2,690)
Lease liabilities	(594)
Notes payable	(5,627)
Deferred income tax liabilities	0
Total identifiable net assets	94,275
Goodwill (non-tax deductible)	0
Goodwill (tax deductible)	63,203
Net assets	157,478
LeafLine Industries [Member] \| Licenses And Permits [Member]
Business Acquisition [Line Items]
Intangible assets, net	83,000
Summit Medical Compassion Center [Member]
Business Acquisition [Line Items]
Cash	1,143
Inventory	1,829
Accounts receivable	1
Prepaid expenses	105
Property and equipment, net	3,243
Right-of-use asset, net	210
Deposits and other assets	68
Liabilities assumed	(4,407)
Lease liabilities	(210)
Notes payable	0
Deferred income tax liabilities	(14,939)
Total identifiable net assets	44,043
Goodwill (non-tax deductible)	65,231
Goodwill (tax deductible)	0
Net assets	109,274
Summit Medical Compassion Center [Member] \| Licenses And Permits [Member]
Business Acquisition [Line Items]
Intangible assets, net	57,000
Other Acquisition [Member]
Business Acquisition [Line Items]
Cash	520
Inventory	2,264
Accounts receivable
Prepaid expenses	117
Property and equipment, net	7,325
Right-of-use asset, net	1,713
Deposits and other assets	235
Liabilities assumed	(6,089)
Lease liabilities	(1,713)
Notes payable	0
Deferred income tax liabilities	(9,747)
Total identifiable net assets	31,225
Goodwill (non-tax deductible)	36,124
Goodwill (tax deductible)	0
Net assets	67,349
Other Acquisition [Member] \| Licenses And Permits [Member]
Business Acquisition [Line Items]
Intangible assets, net	$ 36,600

Intangible Assets And Goodwill - Summary Of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 729,230	$ 781,839
Accumulated Amortization	139,711	106,348
Finite-Lived Intangible Assets, Net	589,519	675,491
Licenses And Permits [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	660,716	655,900
Accumulated Amortization	113,800	69,812
Finite-Lived Intangible Assets, Net	546,916	586,088
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	41,511	98,936
Accumulated Amortization	10,486	25,096
Finite-Lived Intangible Assets, Net	31,025	73,840
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	24,438	24,438
Accumulated Amortization	13,435	9,944
Finite-Lived Intangible Assets, Net	11,003	14,494
Non-Competition Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,565	2,565
Accumulated Amortization	1,990	1,496
Finite-Lived Intangible Assets, Net	$ 575	$ 1,069

Intangible Assets And Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amortization	$ 59,658		$ 45,208	$ 37,027
Weighted average amortization period	12 years 3 months 18 days
Impairment of intangible assets	$ 31,131		0	0
Goodwill impairment charge		$ 57,372	$ 0	$ 0
Retail Segment [Member]
Goodwill impairment charge	12,980	12,980
Consumer Packaged Goods Segment [Member]
Goodwill impairment charge	$ 44,392	$ 44,392

Intangible Assets And Goodwill - Summary Of Estimated Annual Amortization Expense Related To Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets Future Amortization Expense [Line Items]
2023	$ 50,840
2024	50,392
2025	50,294
2026	47,332
2027	46,803
2028 and Thereafter	343,858
Finite-Lived Intangible Assets, Net	$ 589,519	$ 675,491

Intangible Assets And Goodwill - Summary Of Goodwill And Intangible Assets Disclosure (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022
Goodwill [Line Items]
Goodwill	$ 589,691	$ 589,691	$ 632,849	$ 382,697	$ 632,849
Goodwill, Purchase Accounting Adjustments		9,517	(11,237)
Impairment of Goodwill		(57,372)	0	0
Dharma Pharmaceuticals LLC [Member]
Goodwill [Line Items]
Goodwill			76,145
Summit Medical Compassion Center [Member]
Goodwill [Line Items]
Goodwill			65,231
LeafLine Industries [Member]
Goodwill [Line Items]
Goodwill			56,886
Other Acquisition [Member]
Goodwill [Line Items]
Goodwill			63,127
IL Disp, LLC [Member]
Goodwill [Line Items]
Goodwill					4,697
Retail Segment [Member]
Goodwill [Line Items]
Goodwill	273,802	273,802	274,811	130,680	274,811
Goodwill, Purchase Accounting Adjustments		7,274	(11,237)
Impairment of Goodwill	(12,980)	(12,980)
Retail Segment [Member] \| Dharma Pharmaceuticals LLC [Member]
Goodwill [Line Items]
Goodwill			37,100
Retail Segment [Member] \| Summit Medical Compassion Center [Member]
Goodwill [Line Items]
Goodwill			45,725
Retail Segment [Member] \| LeafLine Industries [Member]
Goodwill [Line Items]
Goodwill			33,558
Retail Segment [Member] \| Other Acquisition [Member]
Goodwill [Line Items]
Goodwill			38,985
Retail Segment [Member] \| IL Disp, LLC [Member]
Goodwill [Line Items]
Goodwill					4,697
Consumer Packaged Goods Segment [Member]
Goodwill [Line Items]
Goodwill	315,889	315,889	358,038	$ 252,017	358,038
Goodwill, Purchase Accounting Adjustments		2,243	0
Impairment of Goodwill	$ (44,392)	$ (44,392)
Consumer Packaged Goods Segment [Member] \| Dharma Pharmaceuticals LLC [Member]
Goodwill [Line Items]
Goodwill			39,045
Consumer Packaged Goods Segment [Member] \| Summit Medical Compassion Center [Member]
Goodwill [Line Items]
Goodwill			19,506
Consumer Packaged Goods Segment [Member] \| LeafLine Industries [Member]
Goodwill [Line Items]
Goodwill			23,328
Consumer Packaged Goods Segment [Member] \| Other Acquisition [Member]
Goodwill [Line Items]
Goodwill			$ 24,142
Consumer Packaged Goods Segment [Member] \| IL Disp, LLC [Member]
Goodwill [Line Items]
Goodwill					$ 0

Investments - Schedule Of Long Term Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Longterm Investments [Line Items]
Beginning balance	$ 94,902	$ 40,795
Additions	5,444	83,689
Disposals	(3,571)	(18,417)
Fair value adjustments	(22,606)	6,377
Transfers out	0	(17,542)
Ending balance	$ 74,169	$ 94,902

Investments - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Oct. 12, 2022	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in private held equity interest			$ 0	$ 17,542
Unrealized gains and (losses) recognized on equity investments held			(16,910)	6,377	$ 26,371
Fair value gains (losses) on investments			(22,606)	6,377	26,371
Income (Loss) from Equity Method Investments			(4,259)	1,799	2,320
Investment in non convertible instrument			22,214	23,534
Debt instrument interest rate						7.00%	2.17%
Debt instrument, Term	10 years
Debt Instrument, Maturity Date		Apr. 30, 2025
Fair value adjustments on variable note receivable			0	0	(816)
Cannabis Companies [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity interest, fair value disclosure			74,169	94,902
Fair Value, Inputs, Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity interest, fair value disclosure			40,330	33,066
Unrealized gains and (losses) recognized on equity investments held			(1,518)	5,127	25,948
Fair value adjustments on variable note receivable			(5,955)	0
Fair Value, Inputs, Level 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity interest, fair value disclosure			2,535	20,583
Proceeds from sale of equity interest in privately held entity			2,488	18,417	170
Unrealized gains and (losses) recognized on equity investments held			(15,560)	828	$ 423
Fair value adjustments on variable note receivable			(237)	0
Interest Income [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value gains (losses) on investments			664	422
Other Operating Income (Expense) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value gains (losses) on investments			(17,078)	5,955
Notes Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value gains (losses) on investments			(6,192)
Notes Receivable [Member] \| Fair Value, Inputs, Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in non convertible instrument			9,090	17,719
Contractual interest			664	$ 422
Notes Receivable [Member] \| Fair Value, Inputs, Level 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from partial principal repayment			$ 1,083
Debt instrument interest rate				13.00%
Debt Instrument, Maturity Date				Apr. 29, 2025
Minimum [Member] \| Notes Receivable [Member] \| Fair Value, Inputs, Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument interest rate			0.91%
Debt instrument, Term				15 months
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument interest rate			10.00%
Maximum [Member] \| Notes Receivable [Member] \| Fair Value, Inputs, Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument interest rate				10.00%
Debt instrument, Term			5 years

Leases - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Dec. 16, 2022	Jun. 29, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 01, 2020	Mar. 06, 2020	Jan. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease expense			$ 43,985	$ 34,124	$ 26,287
Operating Lease, Right-of-Use Asset			242,357	176,327
Operating lease liability			260,187
Payments to Acquire Property, Plant, and Equipment	$ 5,584		179,500	187,850	59,797
Danville Cultivation And Processing Facility [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Sale Leaseback Investment Amount		$ 55,000
Tenant Improvements		74,300
Payments for Leasing Costs, Commissions, and Tenant Improvements		19,300
Payments to Acquire Leases Held-for-investment		94,600
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases		3,061
Increase (Decrease) in Operating Lease Liability		$ 81,720
Toledo Ohio Cultivation And Processing Facility [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lessee Operating Lease Term Of Contract						20 years
Sale Leaseback Transaction, Net Book Value								$ 2,900
Sale leaseback investment additional amount						$ 25,000
Operating lease liability						$ 28,134
Oglesby Cultivation And Processing Facility [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lessee Operating Lease Term Of Contract							16 years
Sale Leaseback Transaction, Net Book Value							$ 9,000
Operating Lease, Right-of-Use Asset							42,236
Operating lease liability				42,236
Sale Leaseback Certain Improvements Agreed To Provide Reimbursement							$ 41,000
Florida And Lllinois [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease expense			$ 1,129	$ 1,185	$ 1,500

Leases - Schedule Of Other Information Related To Operating Leases (Detail)	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (years)	11 years 7 months 20 days	11 years 9 months 25 days
Weighted average discount rate	12.42%	13.60%

Leases - Lessee Operating Lease Liability Maturity (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
2023	$ 42,784
2024	42,657
2025	40,262
2026	38,581
2027	38,876
2028 and Thereafter	349,132
Total Lease Payments	552,292
Less: Interest	(292,105)
Operating lease liability	260,187
Third Party [Member]
Lessee, Lease, Description [Line Items]
2023	42,215
2024	42,220
2025	39,919
2026	38,231
2027	38,519
2028 and Thereafter	347,404
Total Lease Payments	548,508
Less: Interest	(290,638)
Operating lease liability	257,870
Related Party [Member]
Lessee, Lease, Description [Line Items]
2023	569
2024	437
2025	343
2026	350
2027	357
2028 and Thereafter	1,728
Total Lease Payments	3,784
Less: Interest	(1,467)
Operating lease liability	$ 2,317

Notes Payable - Schedule of Debt (Detail) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Short-Term Debt [Line Items]

Total notes payable

$ 275,668

$ 239,934

Less: current portion of notes payable

(1,037)

(783)

Notes payable, net of current portion

274,631

239,151

Acquired Debt [Member]

Short-Term Debt [Line Items]

Total notes payable

^[1]

764

1,238

Private Placement Debt April 30, 2021 [Member]

Short-Term Debt [Line Items]

Total notes payable

^[2]

237,795

228,690

Mortgage Notes [Member]

Short-Term Debt [Line Items]

Total notes payable

^[3]

$ 37,109

$ 10,006

[1]	1 In connection with acquisitions completed in 2017 and 2019, the Company is required to make quarterly charitable contributions of $50 thousand through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these required payments has been recorded as a liability with interest rates ranging between 2.17% - 7.00%.
[2]	2 The April 30, 2021 private placement debt was issued in an original amount of $249,934 thousand with an interest rate of 7%, maturing on April 30, 2025. The debt was issued at a discount, the carrying value of which was $12,139 thousand and $21,244 thousand as of December 31, 2022 and 2021, respectively
[3]	Mortgage notes, with an intial value of $38,292 thousand and $10,437 thousand, were issued by the Company in connection with various operating properties, and were recorded at such gross value as of December 31, 2022 and 2021, respectively. The mortgage notes were issued at a discount, the carrying value of which was $437 thousand and $162 thousand, and are presented net such discount and principal payments of $746 thousand and $269 thousand as of December 31, 2022 and 2021, respectively.

Notes Payable - Schedule of Debt (Parenthetical) (Detail) - USD ($) $ in Thousands		12 Months Ended
	Apr. 30, 2021	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Charitable Contribution Quarterly Payment		$ 250	$ 50
Charitable Contribution, Date Of Last Payment		May 2024	October 2024
Debt Instrument Interest Rate		7.00%	2.17%
Debt Maturity Date	Apr. 30, 2025
Private Placement Debt April 30, 2021 [Member]
Short-Term Debt [Line Items]
Debt Instrument Interest Rate	7.00%
Debt face value	$ 249,934
Debt Instrument Carrying Amount				$ 12,139	$ 21,244
Mortgage Notes [Member]
Short-Term Debt [Line Items]
Debt face value				38,292	10,437
Debt Instrument Carrying Amount				437	162
Debt Instrument, Annual Principal Payment				$ 746	$ 269

Notes Payable - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 12, 2022	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Oct. 15, 2021	Dec. 31, 2019	Dec. 31, 2017
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						7.00%	2.17%
Debt held by related parties			1.00%
Debt held by unrelated third-parties			99.00%
2023			$ 632
2024			19,011
2025			2,089
2026			657
2027			696
Debt Instrument, Maturity Date, Description	matures upon the earlier of the completion of the construction, or 24 months
Debt Instrument, Term	10 years
Construction Loan Payable [Member]
Short-Term Debt [Line Items]
Construction Loan	$ 31,000		$ 18,345
Debt Instrument, Term			5 years
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.00%
Prime Rate [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate During Period	1.00%
Maximum [Member]
Short-Term Debt [Line Items]
Debt to EBITDA			4.50%
Debt stockholders equity net			1.00%
Debt Instrument, Interest Rate, Stated Percentage			10.00%
Minimum [Member]
Short-Term Debt [Line Items]
Debt to EBITDA			1.00%
Debt stockholders equity net			0.60%
Percentage Comparison of Present Value Remaining Cash Flows		10.00%
Notes Purchase Agreement [Member]
Short-Term Debt [Line Items]
Debt instrument additional borrowing					$ 33,200
Debt Instrument, Face Amount					$ 249,934
Debt Conversion, Converted Instrument, Warrants or Options Issued			243,303
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 30.02
Interest Rate Floor [Member] \| Construction Loan Payable [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate During Period	5.00%
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate			5.00%
Mortgage Notes [Member]
Short-Term Debt [Line Items]
Debt Instrument, Face Amount			$ 38,292	$ 10,437
Private Placement Debt April 30, 2021 [Member]
Short-Term Debt [Line Items]
Debt Instrument, Face Amount		$ 249,934
Debt Instrument, Interest Rate, Stated Percentage		7.00%
senior secured note due May 2023 [Menber]
Short-Term Debt [Line Items]
Debt Instrument, Face Amount		$ 249,934
Proceeds from Issuance of Secured Debt		$ 33,266
Debt Instrument, Frequency of Periodic Payment		The April 30, 2021 Notes had an initial maturity date of April 30, 2024 and bore interest from the date of issue of 7.00% per annum, payable quarterly.
Debt Conversion, Converted Instrument, Warrants or Options Issued		1,459,044
senior secured note due May 2023 [Menber] \| Prime Rate [Member]
Short-Term Debt [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 32.68
senior secured note due May 2023 [Menber] \| Maximum [Member]
Short-Term Debt [Line Items]
Proceeds from Issuance of Secured Debt		$ 105,466

Warrants - Schedule of Stockholders' Equity Note, Warrants or Rights (Detail) - 12 months ended Dec. 31, 2022	$ / shares shares	$ / shares shares
Class of Warrant or Right [Line Items]
Number of Shares, Beginning Balance	3,835,278	3,835,278
Number of Shares, Ending Balance	3,734,555	3,734,555
Liability Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Number of Shares, Beginning Balance	2,097,931	2,097,931
Number of Shares, Issued	0	0
Number of Shares, Exercised	0	0
Number of Shares, Expired	(100,723)	(100,723)
Number of Shares, Ending Balance	1,997,208	1,997,208
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 18.26
Weighted average exercise price, Issued \| $ / shares		$ 0
Weighted Average Exercise Price, Exercised \| $ / shares		0
Weighted Average Exercise Price, Expired \| $ / shares		0
Weighted Average Exercise Price, Ending Balance \| (per share)	$ 18.03	$ 31.83
Weighted Average Contractual Life, Beginning Balance	2 years 5 months 1 day	2 years 5 months 1 day
Weighted Average Contractual Life, Ending Balance	1 year 6 months	1 year 6 months
Equity Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Number of Shares, Beginning Balance	1,737,347	1,737,347
Number of Shares, Issued	0	0
Number of Shares, Exercised	0	0
Number of Shares, Expired	0	0
Number of Shares, Ending Balance	1,737,347	1,737,347
Weighted Average Exercise Price, Beginning Balance \| $ / shares		$ 31.83
Weighted average exercise price, Issued \| $ / shares		0
Weighted Average Exercise Price, Exercised \| $ / shares		0
Weighted Average Exercise Price, Expired \| $ / shares		$ 0
Weighted Average Contractual Life, Beginning Balance	4 years 4 months 17 days	4 years 4 months 17 days
Weighted Average Contractual Life, Ending Balance	3 years 4 months 17 days	3 years 4 months 17 days

Warrants - Schedule Of Fair Value Of Warrant Liability (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 $ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 shares
Class of Warrant or Right [Line Items]
Warrants Outstanding \| shares			3,734,555	3,835,278	2,520,794
Liability Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding \| shares			1,997,208	2,097,931
Warrant Liability			$ 4,520	$ 24,877
Change in Fair value of warrants liability	$ (20,357)
Bridge Financing Warrants [Member] \| Liability Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Strike Price \| $ / shares		$ 22.90
Warrants Outstanding \| shares			0
Warrant Liability			$ 0	676
Change in Fair value of warrants liability	(676)
Private Placement Financing Warrants [Member] \| Liability Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Strike Price \| $ / shares		19.39
Warrants Outstanding \| shares			1,606,533
Warrant Liability			$ 3,125	18,527
Change in Fair value of warrants liability	(15,402)
Modification Warrants [Member] \| Liability Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Strike Price \| $ / shares		12.04
Warrants Outstanding \| shares			316,947
Warrant Liability			$ 1,139	4,603
Change in Fair value of warrants liability	(3,464)
Additional Modification Warrants [Member] \| Liability Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Strike Price \| $ / shares		$ 14.03
Warrants Outstanding \| shares			73,728
Warrant Liability			$ 256	$ 1,071
Change in Fair value of warrants liability	$ (815)

Warrants - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Fair Value Adjustment of Warrants	$ 20,357	$ 14,577	$ 23,002

Warrants - Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Warrant Liability (Detail) - Liability Classified Warrant [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Volatility \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.7044	0.5995
Volatility \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.7821	0.7404
Remaining Term \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding measurement Input term	1 year 4 months 20 days	9 months 10 days
Remaining Term \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding measurement Input term	2 years 4 months 20 days	3 years 4 months 20 days
Risk Free Rate \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0382	0.0091
Risk Free Rate \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0407	0.0106

Warrants - Fair Value Of The Equity Classified Warrants (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Warrants Outstanding	3,734,555	3,835,278	2,520,794
Equity Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding	1,737,347	1,737,347
Warrant Liability	$ 25,056	$ 25,056
Dispensary Mortgage Warrants [Member] \| Equity Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Strike Price	$ 9.10
Warrants Outstanding	35,000
Warrant Liability	$ 181	181
Private Placement Refinance Warrants April 2021 [Member] \| Equity Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Strike Price	$ 32.68
Warrants Outstanding	1,459,044
Warrant Liability	$ 22,259	22,259
Private Placement Refinance Warrants October 2021 [Member] \| Equity Classified Warrant [Member]
Class of Warrant or Right [Line Items]
Strike Price	$ 30.02
Warrants Outstanding	243,303
Warrant Liability	$ 2,616	$ 2,616

Warrants - Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Equity Classified Warrants (Detail) - Equity Classified Warrant [Member]	12 Months Ended
	Dec. 31, 2022
Private Placement Refinance Warrants April 2021 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant issuance date	Apr. 30, 2021
Private Placement Refinance Warrants October 2021 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant issuance date	Oct. 15, 2021
Dispensary Mortgage Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant issuance date	Jun. 05, 2020
Volatility \| Private Placement Refinance Warrants April 2021 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.73
Volatility \| Private Placement Refinance Warrants October 2021 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.73
Volatility \| Dispensary Mortgage Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.80
Remaining Term \| Private Placement Refinance Warrants April 2021 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding measurement Input term	4 years
Remaining Term \| Private Placement Refinance Warrants October 2021 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding measurement Input term	4 years
Remaining Term \| Dispensary Mortgage Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding measurement Input term	5 years
Risk Free Rate \| Private Placement Refinance Warrants April 2021 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0074
Risk Free Rate \| Private Placement Refinance Warrants October 2021 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0112
Risk Free Rate \| Dispensary Mortgage Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.37

Share Capital - Schedule of Common Stock Outstanding Roll Forward (Detail) - shares			12 Months Ended
	Mar. 01, 2022	Sep. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Issuance of shares for redemption of noncontrolling interests	128,218	136,075
Subordinate Voting Shares [Member]
Class of Stock [Line Items]
Beginning balance			201,768,312
Ending balance			206,991,275	201,768,312
Subordinate Voting Shares [Member] \| Share Capital [Member]
Class of Stock [Line Items]
Beginning balance			201,768,312	178,113,221	128,999,964
Issuance of shares under business combinations and investments			204,036	12,904,675	1,752,065
Distribution of Contingent Consideration			667,080	881,357	2,713,463
Distribution of deferred shares				222,467	1,220,548
Issuance of registered shares pursuant to S-1				4,693,991
Issuance of shares for redemption of noncontrolling interests				136,075
Issuance of shares upon exercise of options and warrants			441,454	1,302,682	171,813
Issuances of shares upon vesting of RSUs			433,341	389,530	923,468
Shares issued in association with notes payable				8,514
Shares issued for settlement of business dispute			142,952	240,000
Exchange of shares			3,334,100	2,875,800	42,331,900
Ending balance			206,991,275	201,768,312	178,113,221
Multiple Voting Shares [Member]
Class of Stock [Line Items]
Beginning balance			38,531
Ending balance			38,531	38,531
Multiple Voting Shares [Member] \| Share Capital [Member]
Class of Stock [Line Items]
Beginning balance			38,531	40,289	373,350
Issuance of shares under business combinations and investments			0	0	0
Distribution of Contingent Consideration			0	0	0
Distribution of deferred shares				0	0
Issuance of shares upon exercise of options and warrants			0	0	0
Issuances of shares upon vesting of RSUs			0	0	0
Shares issued for settlement of business dispute			0
Exchange of shares			0	(1,758)	(333,061)
Ending balance			38,531	38,531	40,289
Super Voting Shares [Member]
Class of Stock [Line Items]
Beginning balance			285,031
Ending balance			251,690	285,031
Super Voting Shares [Member] \| Share Capital [Member]
Class of Stock [Line Items]
Beginning balance			285,031	312,031	402,289
Issuance of shares under business combinations and investments			0	0	0
Distribution of Contingent Consideration			0	0	0
Distribution of deferred shares				0	0
Issuance of shares upon exercise of options and warrants			0	0	0
Issuances of shares upon vesting of RSUs			0	0	0
Shares issued for settlement of business dispute			0
Exchange of shares			(33,341)	(27,000)	(90,258)
Ending balance			251,690	285,031	312,031

Share Capital - Share-based Payment Arrangement, Option, Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Balance Beginning	5,383,275	5,664,406
Number of Share, Granted	5,434,092
Number of Shares, Exercised	(441,454)
Number of Shares, Forfeited	(797,966)
Number of Share, Vested	5,618,105
Number of Shares, Ending Balance	9,577,947	5,383,275
Number of Share, Exercisable	3,364,644
Weighted Average Exercise Price, Balance Beginning	$ 14.02
Weighted Average Exercise Price, Granted	10.92
Weighted Average Exercise Price, Exercised	8.45
Weighted Average Exercise Price, Forfeited	11.80
Weighted Average Exercise Price, Vested	9.71
Weighted Average Exercise Price, Ending Balance	12.71	$ 14.02
Weighted Average Exercise Price, Exercisable	$ 11.87
Weighted Average Contractual Life, Balance	4 years 9 months 18 days	3 years 7 months 2 days
Weighted Average Contractual Life, Granted	6 years 5 months 12 days
Weighted Average Contractual Life, Exercisable	2 years 8 months 4 days
Aggregate Intrinsic Value, Balance	$ 26,961	$ 48,803
Aggregate Intrinsic Value, Exercised	2,390
Aggregate Intrinsic Value, Exercisable	$ 7,793

Share Capital - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Risk-free interest rate, Minumum	1.18%	0.33%
Risk-free interest rate, Maximum	3.54%	1.39%
Expected dividend yield	0.00%	0.00%
Expected volatility		73.00%
Minimum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expected volatility	60.00%
Expected option life	3 years	3 years
Maximum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expected volatility	64.00%
Expected option life	4 years 6 months	3 years 6 months

Share Capital - Non-vested Restricted Stock Shares Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Balance	376,127
Number of Shares, Granted	1,163,372
Number of Shares, Forfeited	(158,656)
Number of Shares, Vested	(433,341)
Number of Shares, Balance	947,502	376,127
Weighted Average Grant Date Fair Value, Balance	$ 15.55
Weighted Average Grant Date Fair Value, Granted	17.84	$ 27.82	$ 10.25
Weighted Average Grant Date Fair Value, Forfeited	18.79
Weighted Average Grant Date Fair Value, Vested	15.36
Weighted Average Grant Date Fair Value, Balance	$ 17.91	$ 15.55
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Balance	376,127	689,340
Number of Shares, Balance	947,502	376,127	689,340

Share Capital - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	$ 27,140	$ 19,600	$ 19,337
Stock options expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	19,062	13,198	10,938
Restricted Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	$ 8,078	$ 6,402	$ 8,399

Share Capital - Additional Information (Detail) $ / shares in Units, $ in Thousands							1 Months Ended	12 Months Ended
	Mar. 01, 2022 USD ($) ConsecutiveDay shares	Feb. 25, 2022 USD ($) shares	Aug. 16, 2021 USD ($) shares	Feb. 23, 2021 USD ($) $ / shares shares	Feb. 22, 2021 USD ($) shares	Feb. 08, 2021 USD ($) $ / shares shares	Jun. 30, 2018	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Reduction in contingent liability \| $								$ (29,012)	$ (8,273)	$ (8,642)
Business combination, contigent liability \| $								200	98,500	$ 0
Current liabilities \| $								146,571	$ 204,379
Integral Associates LLC [Member]
Conversion of Stock, Shares Issued									681,364
Reduction in contingent liability \| $								9,654	$ 9,654
Dharma Pharmaceuticals LLC [Member]
Business combination, contigent liability \| $								41,943	48,665
Current liabilities \| $								$ 11,400	$ 20,884
Dharma Pharmaceuticals LLC [Member] \| Maximum [Member]
Retail dispensary								5
Illinois Disp LLC [Member]
Issuance of shares under business combinations and investments	204,036
Issuance of shares under business combinations and investments, value \| $	$ 3,785
Business combination, contigent liability \| $	$ 6,766
Restricted Stock Units (RSUs) [Member]
Cost Not yet Recognized, Amount \| $								$ 39,331
Cost Not yet Recognized, Period for Recognition								1 year 11 months 8 days
Multiple Voting Shares [Member]
Conversion Of Stock, Shares Converted								33,341
Common Stock, Shares, Outstanding								38,531	38,531
Multiple Voting Shares [Member] \| Conversion Of Multiple Voting Shares [Member]
Conversion Of Stock, Shares Converted								33,341
Conversion of Stock, Shares Issued								33,341
Voting Rights								100
Subordinate Voting Shares [Member]
Common Stock, Shares, Outstanding								206,991,275	201,768,312
Subordinate Voting Shares [Member] \| February Nine Two Thousand Twenty One
Stock issued during period, shares, new issues						3,122,074
Shares issued, price per share \| $ / shares						$ 32.03
Stock issued during period, value, issued for services \| $						$ 100,000
Subordinate Voting Shares [Member] \| February Twenty Three Two Thousand Twenty One
Stock issued during period, shares, new issues				1,571,917
Shares issued, price per share \| $ / shares				$ 35.50
Stock issued during period, value, issued for services \| $				$ 55,803
Professional Fees \| $				$ 305
Subordinate Voting Shares [Member] \| Integral Associates LLC [Member]
Issuance of shares under business combinations and investments, value \| $									$ 17,869
Subordinate Voting Shares [Member] \| Success Holdings [Member]
Issuance of shares under business combinations and investments					146,315
Issuance of shares under business combinations and investments, value \| $					$ 1,826
Shares forfeited					780
Subordinate Voting Shares [Member] \| Dharma Pharmaceuticals LLC [Member]
Issuance of shares under business combinations and investments		667,080	199,993
Issuance of shares under business combinations and investments, value \| $		$ 13,111	$ 5,949
Subordinate Voting Shares [Member] \| Illinois Disp LLC [Member]
Issuance of shares under business combinations and investments	204,036
Issuance of shares under business combinations and investments, value \| $	$ 3,785
Consecutive day \| ConsecutiveDay	20
Subordinate Voting Shares [Member] \| GTII Stock and Incentive Plan [Member]
Percentage of maximum number of shares issued under the plan							10.00%
Subordinate Voting Shares [Member] \| Conversion Of Multiple Voting Shares [Member]
Conversion of Stock, Shares Issued								3,334,100
Shares Available For Conversion								3,853,100
Super Voting Shares [Member]
Conversion Of Stock, Shares Converted								33,341
Common Stock, Shares, Outstanding								251,690	285,031
Super Voting Shares [Member] \| Conversion Of Super Voting Shares [Member]
Conversion Of Stock, Shares Converted								33,341
Voting Rights								1,000
Shares Available For Conversion								25,169,000

Share Capital - Summary Of Weighted Average Grant Date Fair Value And Intrinsic Value Of Options Exercised (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Weighted average grant date fair value (per share) of stock option units granted (CAD)	$ 5.37	$ 14.47	$ 4.76
Intrinsic value of stock option units exercised, using market price at exercise date (USD)	$ 2,390	$ 18,142	$ 1,184

Share Capital - Summary Of Weighted Average Grant Date Fair Value And Total Fair Value Of RSUs Vested (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Grant Date Fair Value And Total Fair Value Of RSUs Vested [Line Items]
Weighted average grant date fair value (per share) of RSUs granted (CAD)	$ 17.84	$ 27.82	$ 10.25

Income Tax Expense - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 106,425	$ 96,749	$ 65,118
State	36,436	35,402	16,640
Foreign	0	0	0
Total Current	142,861	132,151	81,758
Deferred:
Federal	(37,362)	(6,151)	3,520
State	(10,722)	(1,388)	(1,425)
Foreign	0	0	0
Total Deferred	(48,084)	(7,539)	2,095
Income Tax Expense total	$ 94,777	$ 124,612	$ 83,853

Income Taxes Expense - Summary of Difference Between The Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income/(Loss) before Income Taxes	$ 108,432	$ 204,975	$ 102,931
Statutory Tax Rates	21.00%	21.00%	21.00%
Expense/(Recovery) based on Statutory Rates	$ 22,771	$ 43,045	$ 21,615
State Taxes	24,077	31,476	14,837
Provision to Return Adjustment	499	971	5,299
Adjustments for Stock Compensation	497	(1,836)	(211)
Non-deductible Expenses	40,870	40,847	27,570
Change in State Rate Reconciliation	(127)	54	(2,535)
Change in Valuation Allowance	(25,970)	10,712	7,706
Change in Uncertain Tax Position	30,607	2,776	9,918
Other Differences	1,553	(3,433)	(346)
Income Tax Expense total	$ 94,777	$ 124,612	$ 83,853

Income Taxes Expense - Summary of The Components of Deferred Tax Assets and Liabilities Were as Follows (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets
Operating Lease Liabilities	$ 60,588	$ 42,982
Net Operating Losses	1,864	21,237
163(j) Interest Limitation	7,499	9,864
Warrant Fair Value Derivative	0	1,200
Stock-based Compensation	10,646	5,383
Asset Acquisition Life Difference	0	1,329
Capitalized Inventory	5,846	0
Fair Value Investments	3,306	0
Other	5,391	5,214
Valuation Allowance	(702)	(27,174)
Total Deferred Tax Assets	94,438	60,035
Deferred Tax Liabilities
Operating Right of Use Assets	(56,546)	(39,165)
Fair Value Investments	0	(4,703)
Warrant Fair Value Derivative	(4,804)	0
Intangibles	(52,508)	(84,896)
Total Deferred Tax Liabilities	(113,858)	(128,764)
Net Deferred Tax Liabilities	$ (19,420)	$ (68,729)

Income Taxes Expense - Summary of The Reconciliation of The Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at Beginning of Year	$ 13,117	$ 10,341	$ 2,113
Gross increases related to tax positions in a prior period	9,531	823	2,382
Gross decreases related to tax positions in a prior period	(1,100)	0	0
Gross increases related to tax positions in the current period	21,582	6,166	7,536
Gross decreases related to tax positions in a current period	0	(4,213)	(1,690)
Balance at End of Year	$ 43,130	$ 13,117	$ 10,341

Income Tax Expense - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income tax paid	$ 118,176	$ 148,104	$ 72,575
Valuation allowance maintained	$ 702	27,174
Operating Loss Carryforward Expiration Date	2031
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 3,555	$ 1,377
Federal Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	7,308
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 9,644

Other Income (Expense) - Schedule of Other Nonoperating Income (Expense) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair value adjustments on equity investments	$ (23,270)	$ 5,955	$ 26,371
Fair value adjustments on equity method investments	10,955	0	0
Fair value adjustments on variable note receivable	0	0	(816)
Loss on extinguishment of debt	0	10,645	0
Fair value adjustment on warrants issued	20,357	14,577	(23,002)
Fair value adjustments on contingent consideration	0	0	9,877
Earnings from equity method investments	(4,259)	1,799	2,320
Other	716	(1,009)	627
Total Other Income (Expense)	$ 4,499	$ 10,677	$ 15,377

Commitments and Contingencies - Additional of Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Lawsuit	Dec. 31, 2021 Lawsuit
Disclosure of Commitments and Contingencies [Line Items]
Loss Contingency	$ 900
Maximum [Member]
Disclosure of Commitments and Contingencies [Line Items]
Possible Range Of Loss	72,915
Minimum [Member]
Disclosure of Commitments and Contingencies [Line Items]
Possible Range Of Loss	900
Construction Commitments [member]
Disclosure of Commitments and Contingencies [Line Items]
Contractual obligation	$ 74,650
Pending Litigation [member]
Disclosure of Commitments and Contingencies [Line Items]
Loss contingency, number of plaintiffs \| Lawsuit	0	0

Fair Value Measurements - Fair Value Measurements, Recurring and Nonrecurring (Detail) - Financial Instruments [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	$ 177,682	$ 230,420
Investments	74,169	94,902
Contingent Consideration Payable	(41,943)	(83,865)
Warrant Liability	(4,520)	(24,877)
Fair Value, Net Asset (Liability)	205,388	216,580
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	177,682	230,420
Investments	24,749	44,117
Contingent Consideration Payable	0	0
Warrant Liability	0	0
Fair Value, Net Asset (Liability)	202,431	274,537
Fair Value, Inputs, Level 2 [member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	0	0
Investments	0	0
Contingent Consideration Payable	0	0
Warrant Liability	0	0
Fair Value, Net Asset (Liability)	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	0	0
Investments	49,420	50,785
Contingent Consideration Payable	(41,943)	(83,865)
Warrant Liability	(4,520)	(24,877)
Fair Value, Net Asset (Liability)	$ 2,957	$ (57,957)

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable	$ 275,668	$ 239,934
Notes Payable, Current	1,037	783
Net Gain On Fair Value Adjustments	$ 35,200	$ 11,900

Variable Interest Entities - Schedule of Variable Interest Entities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Current assets	$ 351,351	$ 364,230
Current liabilities	146,571	204,379
Chesapeake Alternatives LLC [member] \| Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Revenues, Net of Discounts			$ 19,725
Net income attributable to noncontrolling interests			411
Net income attributable to Green Thumb Industries Inc.			4,577
Net income			4,988
Illinois Disp LLC [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Current assets		4,118
Non-current assets		3,290
Current liabilities		10,719
Non-current liabilities		413
Noncontrolling interests		(1,862)
Equity attributable to Green Thumb Industries Inc.		(1,862)
Revenues, Net of Discounts	3,543	24,420	18,694
Net income attributable to noncontrolling interests	462	3,565	3,035
Net income attributable to Green Thumb Industries Inc.	462	3,565	3,035
Net income	924	7,130	6,069
Other Non material VIEs [member] \| Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Current assets	1,294	1,033
Non-current assets	1,909	1,761
Current liabilities	592	854
Non-current liabilities	593	696
Noncontrolling interests	516	224
Equity attributable to Green Thumb Industries Inc.	1,502	1,020
Revenues, Net of Discounts	9,077	12,914	10,012
Net income attributable to noncontrolling interests	1,215	1,362	639
Net income attributable to Green Thumb Industries Inc.	1,032	1,713	575
Net income	$ 2,247	$ 3,075	$ 1,214

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Mar. 01, 2022 USD ($) shares	Sep. 01, 2021 USD ($) shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Issuance of shares for redemption of noncontrolling interests \| shares	128,218	136,075
Cash payments for noncontrolling interest	$ 11,857	$ 950
Fair value of shares issued for purchase of noncontrolling interest	$ 2,379	$ 4,070
Acquiring Remaining Minority Interest	0.50

Variable Interest Entities - Schedule Of consolidated VIEs and Other Non controlling Interest (Detail) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Opening balance	$ (1,638)	$ 3,537
Distributions	(14,879)	(11,028)
Net income (loss)	1,677	4,927
Changes in ownership	15,356	926
Ending balance	516	(1,638)
Illinois Disp LLC [Member]
Variable Interest Entity [Line Items]
Opening balance	(1,861)	3,174
Distributions	(13,957)	(8,600)
Net income (loss)	462	3,565
Changes in ownership	15,356	0
Ending balance	0	(1,861)
Other Nonmaterial VIEs [Member]
Variable Interest Entity [Line Items]
Opening balance	223	363
Distributions	(922)	(2,428)
Net income (loss)	1,215	1,362
Changes in ownership	0	926
Ending balance	$ 516	$ 223

Segment Reporting - Schedule of Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 1,017,375	$ 893,560	$ 556,573
Depreciation and Amortization	96,664	68,458	52,506
Income Taxes	94,777	124,612	83,853
Operating Segments [Member] \| Consumer Packaged Goods Segment [Member]
Segment Reporting Information [Line Items]
Revenues	495,101	467,258	273,977
Depreciation and Amortization	53,166	36,839	28,207
Income Taxes	40,908	57,704	33,965
Operating Segments [Member] \| Retail Segment [Member]
Segment Reporting Information [Line Items]
Revenues	763,166	614,739	396,372
Depreciation and Amortization	43,498	31,619	24,299
Income Taxes	53,869	66,908	49,888
Operating Segments [Member] \| Intersegment Eliminations and Corporate [Member]
Segment Reporting Information [Line Items]
Revenues	(240,892)	(188,437)	(113,776)
Depreciation and Amortization	0	0	0
Income Taxes	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Segment Reporting - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill	$ 589,691	$ 632,849	$ 632,849	$ 382,697
Intangible Assets Net	589,519		675,491
Consumer Packaged Goods Segment [Member]
Goodwill	315,889	358,038	358,038	252,017
Retail Segment [Member]
Goodwill	273,802	$ 274,811	274,811	$ 130,680
Operating Segments [Member] \| Consumer Packaged Goods Segment [Member]
Goodwill	315,889		358,038
Intangible Assets Net	286,922		317,454
Operating Segments [Member] \| Retail Segment [Member]
Goodwill	273,802		274,811
Intangible Assets Net	$ 302,597		$ 358,037

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Quarterly Financial Data - Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Net Sales	$ 259,270	$ 261,194	$ 254,311	$ 242,600	$ 243,580	$ 233,677	$ 221,872	$ 194,431	$ 1,017,375	$ 893,560
Income from operations	(44,512)	48,761	62,263	54,552	54,384	58,069	50,855	51,534	121,064	214,842	$ 106,107
Net income attributable to Green Thumb Industries Inc.	$ (51,227)	$ 9,829	$ 24,437	$ 28,939	$ 22,806	$ 20,209	$ 22,052	$ 10,369	$ 11,978	$ 75,436	$ 14,993
Net Income per share - basic	$ (0.22)	$ 0.04	$ 0.11	$ 0.12	$ 0.10	$ 0.09	$ 0.10	$ 0.05	$ 0.05	$ 0.34	$ 0.07
Net Income per share - diluted	$ (0.22)	$ 0.04	$ 0.10	$ 0.12	$ 0.10	$ 0.08	$ 0.10	$ 0.05	$ 0.05	$ 0.33	$ 0.07
Weighted average number of common shares outstanding - basic	237,208,543	237,002,873	236,783,625	235,838,947	230,916,901	226,529,671	220,323,622	216,210,429	236,713,056	223,192,326	210,988,259
Weighted average number of shares outstanding - diluted	237,208,543	237,804,799	237,762,903	238,225,420	233,927,531	230,879,437	224,843,155	221,616,157	238,080,030	226,758,882	212,531,188

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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