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1. Overview and Basis of Presentation (a) Description of Business Green Thumb Industries Inc. (“Green Thumb,” the “Company,” “we” or “us”), 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 locations. The Company also owns and operates retail cannabis stores that include a national chain named RISE, which sell our products and third-party products. As of March 31, 2024, Green Thumb has revenue in fourteen markets (California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia), employs approximately 4,500 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. (b) Basis of Presentation <div style="font-size:10pt;font-family:Times New Roman;">The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates. </div> (c) Significant Accounting Policies <div style="font-size:10pt;font-family:Times New Roman;">There have been no changes to the Company’s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2023 Form 10-K. </div> (d) Earnings per Share <div style="font-size:10pt;font-family:Times New Roman;">Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of March 31, 2024, the Company had 9,416,251 options, 3,564,633 restricted stock units and 3,734,555 warrants outstanding. As of March 31, 2023, the Company had 9,600,384 options, 1,094,979 restricted stock units and 3,734,555 warrants outstanding. </div> 1. Overview and Basis of Presentation (Continued) (d) Earnings per Share (Continued)<div style="font-size:10pt;font-family:Times New Roman;">In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended March 31, 2024, the computation of diluted earnings per share included 1,940,169 options, 1,740,592 restricted stock units, and 121,372 warrants. For the three months ended March 31, 2023, the computation of diluted earnings per share included 207,430 options, 80,409 restricted stock units. There were no dilutive warrants during the three months ended March 31, 2023. For the three months ended March 31, 2024 and 2023, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 577,304 and 2,909,924, respectively.</div> (e) Recently Issued Accounting Standards <div style="font-size:10pt;font-family:Times New Roman;"><div style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(i)<div style="width:100%;display:inline;">In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, to provide enhanced segment disclosures. The standard will require disclosures about significant segment expense categories and amounts for each reportable segment, for all periods presented. Additionally, the standard requires public entities to disclose the title and position of the Chief Operating Decision Maker (“CODM”) in the consolidated financial statements. These enhanced disclosures are required for all entities on an interim and annual basis, effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements</div></div><div style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(ii)<div style="width:100%;display:inline;">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</div></div>The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the business for disclosure. </div>

Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Green Thumb and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities & Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and, accordingly, certain information, footnotes and disclosures normally included in the annual financial statements, prepared in accordance with GAAP, have been condensed or omitted in accordance with SEC rules and regulations. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.

Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in Note 2 to the Company's Consolidated Financial Statements included in the 2023 Form 10-K. Earnings per Share Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of common shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: restricted stock units, stock options and warrants. As of March 31, 2024, the Company had 9,416,251 options, 3,564,633 restricted stock units and 3,734,555 warrants outstanding. As of March 31, 2023, the Company had 9,600,384 options, 1,094,979 restricted stock units and 3,734,555 warrants outstanding. Earnings per Share (Continued)In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended March 31, 2024, the computation of diluted earnings per share included 1,940,169 options, 1,740,592 restricted stock units, and 121,372 warrants. For the three months ended March 31, 2023, the computation of diluted earnings per share included 207,430 options, 80,409 restricted stock units. There were no dilutive warrants during the three months ended March 31, 2023. For the three months ended March 31, 2024 and 2023, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 577,304 and 2,909,924, respectively.

9416251

3564633

3734555

9600384

1094979

3734555

1940169

1740592

121372

207430

80409

577304

2909924

Recently Issued Accounting Standards <div style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(i)<div style="width:100%;display:inline;">In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, to provide enhanced segment disclosures. The standard will require disclosures about significant segment expense categories and amounts for each reportable segment, for all periods presented. Additionally, the standard requires public entities to disclose the title and position of the Chief Operating Decision Maker (“CODM”) in the consolidated financial statements. These enhanced disclosures are required for all entities on an interim and annual basis, effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements</div></div><div style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(ii)<div style="width:100%;display:inline;">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.</div></div>The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the business for disclosure.

The Company’s inventories include the following at March 31, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:46.382%;"></td> <td style="width:2.458%;"></td> <td style="width:24.351%;"></td> <td style="width:2.435%;"></td> <td style="width:24.374%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Raw Material</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">1,885</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">1,547</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Packaging and Miscellaneous</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">10,775</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">10,661</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Work in Process</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">49,864</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">47,029</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Finished Goods</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">62,667</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">57,631</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Reserve for Obsolete Inventory</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(5,902)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,898)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Total Inventories, Net</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">119,289</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">112,970</td> </tr> </table>

1885000

1547000

10775000 10661000

49864000

47029000

62667000

57631000

5902000

3898000

119289000

112970000

3. PROPERTY AND EQUIPMENT <div style="font-size:12pt;font-family:Times New Roman;">At March 31, 2024 and December 31, 2023, property and equipment consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:46.598%;"></td> <td style="width:2.307%;"></td> <td style="width:24.464%;"></td> <td style="width:2.19%;"></td> <td style="width:24.441%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Buildings and Improvements</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">354,097</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">353,912</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Equipment, Computers and Furniture</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">174,081</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">171,522</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Leasehold Improvements</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">205,076</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">200,232</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Land Improvements</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">1,046</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">1,046</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Capitalized Interest</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">31,262</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">30,817</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Property and Equipment</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">765,562</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">757,529</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Less: Accumulated Depreciation</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(142,187)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(127,290)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Property and Equipment, net</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">623,375</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">630,239</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Land</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">33,725</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">33,725</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Assets Under Construction</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">31,906</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">23,142</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Property and Equipment, net</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">689,006</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">687,106</td> </tr> </table></div> Assets under construction represent construction in progress related to both cultivation and retail stores not yet completed or otherwise not ready for use. Depreciation expense for the three months ended March 31, 2024 totaled $15,104 thousand, of which $9,793 thousand, is included in cost of goods sold. Depreciation expense for the three months ended March 31, 2023 totaled $10,891 thousand, of which $7,356 thousand, is included in cost of goods sold.

At March 31, 2024 and December 31, 2023, property and equipment consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:46.598%;"></td> <td style="width:2.307%;"></td> <td style="width:24.464%;"></td> <td style="width:2.19%;"></td> <td style="width:24.441%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Buildings and Improvements</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">354,097</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">353,912</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Equipment, Computers and Furniture</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">174,081</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">171,522</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Leasehold Improvements</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">205,076</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">200,232</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Land Improvements</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">1,046</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">1,046</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Capitalized Interest</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">31,262</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">30,817</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Property and Equipment</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">765,562</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">757,529</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Less: Accumulated Depreciation</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(142,187)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(127,290)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Property and Equipment, net</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">623,375</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">630,239</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Land</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">33,725</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">33,725</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Assets Under Construction</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">31,906</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">23,142</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Property and Equipment, net</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">689,006</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">687,106</td> </tr> </table>

354097000

353912000

174081000

171522000

205076000

200232000

1046000

31262000

30817000

765562000

757529000

142187000

127290000

623375000

630239000

33725000

31906000

23142000

689006000

687106000

15104000

9793000

10891000

7356000

4. INTANGIBLE ASSETS AND GOODWILL (a) Intangible Assets Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively. <div style="font-size:10pt;font-family:Times New Roman;">At March 31, 2024 and December 31, 2023, intangible assets consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:26.589%;"></td> <td style="width:1.22%;"></td> <td style="width:1%;"></td> <td style="width:8.557%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:8.397%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:9.296%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:8.317%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:8.637%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:8.397%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Gross Carrying Amount</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Accumulated Amortization</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Net Book Value</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Gross Carrying Amount</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Accumulated Amortization</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Net Book Value</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;">Licenses and Permits</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">660,716</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">168,789</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">491,927</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">660,716</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">157,764</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">502,952</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;">Trademarks</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">41,511</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">14,070</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">27,441</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">41,511</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">13,378</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">28,133</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;">Customer Relationships</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">24,438</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">17,799</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">6,639</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">24,438</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">16,927</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">7,511</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;">Non-Competition Agreements</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,483</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">82</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Total Intangible Assets</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">729,230</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">203,223</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">526,007</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">729,230</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">190,552</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">538,678</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> </tr> </table></div> The Company recorded amortization expense for the three months ended March 31, 2024 and 2023 of $12,671 thousand and $12,610 thousand, respectively. As of March 31, 2024 and December 31, 2023, intangible assets are carried net of accumulated impairment losses of $31,131 thousand as of each period then ended. <div style="font-size:10pt;font-family:Times New Roman;">The following table outlines the estimated annual amortization expense related to intangible assets as of March 31, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73.256%;"></td> <td style="width:2.326%;"></td> <td style="width:24.419%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Estimated Amortization</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Year Ending December 31,</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2024</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">37,721</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2025</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">50,294</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2026</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">47,332</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2027</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">46,803</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2028</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">46,803</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2029 and Thereafter</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">297,054</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">526,007</td> </tr> </table>As of March 31, 2024, the weighted average amortization period remaining for intangible assets was 11.14 years. </div>(b) Goodwill <div style="font-size:11pt;font-family:Times New Roman;">At March 31, 2024 and December 31, 2023 the balances of goodwill, by segment, consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:46.04%;"></td> <td style="width:3.96%;"></td> <td style="width:21.94%;"></td> <td style="width:5.04%;"></td> <td style="width:23.02%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">273,802</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">273,802</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">315,889</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">315,889</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">589,691</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">589,691</td> </tr> </table> Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, there were no goodwill impairment charges recognized by the Company in the unaudited interim condensed consolidated statements of operations.</div>

At March 31, 2024 and December 31, 2023, intangible assets consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:26.589%;"></td> <td style="width:1.22%;"></td> <td style="width:1%;"></td> <td style="width:8.557%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:8.397%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:9.296%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:8.317%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:8.637%;"></td> <td style="width:1%;"></td> <td style="width:1.719%;"></td> <td style="width:1%;"></td> <td style="width:8.397%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Gross Carrying Amount</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Accumulated Amortization</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Net Book Value</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Gross Carrying Amount</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Accumulated Amortization</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Net Book Value</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;">Licenses and Permits</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">660,716</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">168,789</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">491,927</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">660,716</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">157,764</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">502,952</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;">Trademarks</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">41,511</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">14,070</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">27,441</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">41,511</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">13,378</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">28,133</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;">Customer Relationships</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">24,438</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">17,799</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">6,639</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">24,438</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">16,927</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">7,511</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;">Non-Competition Agreements</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,565</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">2,483</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">82</td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Total Intangible Assets</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">729,230</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">203,223</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">526,007</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">729,230</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">190,552</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">538,678</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> </tr> </table>

660716000

168789000

491927000

660716000

157764000

502952000

41511000

14070000

27441000

41511000

13378000

28133000

24438000

17799000

6639000

24438000

16927000

7511000

2565000

2483000

82000

729230000

203223000

526007000

729230000

190552000

538678000

12671000

12610000

31131000

37721000

50294000

47332000

46803000

297054000

526007000

P11Y1M20D

273802000

315889000

589691000

57372000

5. INVESTMENTS As of March 31, 2024 and December 31, 2023, the Company held various equity interests in cannabis-related companies as well as investments in note(s) receivable instruments that had a combined fair value of $60,847 thousand and $64,361 thousand, respectively. The Company measures its investments that do not have readily determinable fair value at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes. <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the changes in the Company’s investments during the three months ended March 31, 2024 and year ending December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:44.8%;"></td> <td style="width:2.14%;"></td> <td style="width:24.8%;"></td> <td style="width:2.48%;"></td> <td style="width:25.78%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Beginning</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">64,361</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">74,169</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Additions</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">500</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">8,200</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Disposals</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(4,736)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(498)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Fair value adjustment</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">722</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(17,460)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Transfers and other</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(50)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Ending</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">60,847</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">64,361</td> </tr> </table></div> <div style="font-size:11pt;font-family:Times New Roman;">The following table summarizes the change in fair value associated with the Company's equity investments and notes receivable instruments recorded during the three months ended March 31, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:44.776%;"></td> <td style="width:2.296%;"></td> <td style="width:25.373%;"></td> <td style="width:2.641%;"></td> <td style="width:24.914%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended March 31,</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Equity Investments</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">638</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(479)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Notes Receivable Instruments</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Accrued Interest on Notes Receivable Instruments</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">84</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">128</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Net fair value (losses) gains</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">722</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(351)</td> </tr> </table></div> (a) Equity Investments As of March 31, 2024 and December 31, 2023, the Company held equity investments in publicly traded entities which have readily determinable fair values, which are classified as Level 1 investments, of $2,499 thousand and $2,001 thousand, respectively. During the three months ended March 31, 2024 and 2023, the Company recorded gains (losses) on the change in fair value of such investments of $638 thousand and $(479) thousand, respectively, within other income (expense) on the unaudited interim condensed consolidated statement of operations. During the three months ended March 31, 2024, the Company received proceeds from the sale of such investments of $140 thousand. There were no such sales of these investments during the three months ended March 31, 2023. These investments are classified as trading securities on the Company's unaudited interim condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, 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 $25,953 thousand as of each period end, respectively. For the three months ended March 31, 2024 and 2023, there were no gains or losses on the change in fair value of such investments. There were no sales of these investments during these periods. These investments are classified as trading securities on the Company's unaudited interim condensed consolidated balance sheets. See Note 13 - Fair Value Measurements for additional details. Unrealized gains (losses) recognized on equity investments held during the three months ended March 31, 2024 and 2023 were $572 thousand and $(477) thousand, respectively. 5. INVESTMENTS (Continued) (b) Notes Receivable Instruments During the three months ended March 31, 2024 and year ended December 31, 2023, the Company made multiple investments in various note receivable instruments, including note receivable instruments with conversion features. As of March 31, 2024 and December 31, 2023, 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 as of each period end, respectively. There were no gains or losses recognized on these investments during the three months ended March 31, 2024 and 2023, respectively. The notes receivable had a stated interest rate of 13% and a maturity date of April 29, 2025. The notes did not contain any conversion features and are currently classified as trading securities on the Company's unaudited interim condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, 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 $10,181 thousand and $14,193 thousand, respectively, with stated interest ranging between 2.7% - 10% and terms between twelve months to five years. There were no gains or losses recognized on these investments during the three months ended March 31, 2024 and 2023, respectively. The combined fair value amounts include the initial investment cost and combined contractual accrued interest of $84 thousand and $128 thousand for the three months ended March 31, 2024 and 2023, respectively. These notes are classified as trading securities on the Company's unaudited interim condensed consolidated balance sheets. On January 9, 2024, one of the Company's privately held note receivable instruments matured. As a result, the Company received the principal amount of $4,000 thousand along with the accrued interest of $605 thousand on such date. See Note 13 - Fair Value Measurements for additional details.

60847000

64361000

74169000

500000 8200000 -4736000 -498000

722000

-17460000

50000

60847000

64361000

The following table summarizes the change in fair value associated with the Company's equity investments and notes receivable instruments recorded during the three months ended March 31, 2024 and 2023. <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:87.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:44.776%;"></td> <td style="width:2.296%;"></td> <td style="width:25.373%;"></td> <td style="width:2.641%;"></td> <td style="width:24.914%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended March 31,</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Equity Investments</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">638</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(479)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Notes Receivable Instruments</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Accrued Interest on Notes Receivable Instruments</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">84</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">128</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Net fair value (losses) gains</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">722</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(351)</td> </tr> </table>

638000

-479000

84000

128000

722000

-351000

2499000

2001000

638000

-479000

140000

25953000

572000

-477000

22214000 22214000 0 0

0.13

2025-04-29

10181000 14193000

0.10

P12M

P5Y

0 0

84000

128000

4000000

605000

12251000

12222000

P11Y5M26D

P11Y9M

0.1236

0.124

Maturities of lease liabilities for operating leases as of March 31, 2024 were as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.698%;"></td> <td style="width:2.326%;"></td> <td style="width:17.442%;"></td> <td style="width:2.326%;"></td> <td style="width:17.442%;"></td> <td style="width:2.326%;"></td> <td style="width:17.442%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Maturities of Lease Liability</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Year Ending December 31,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Third-Party</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Related Party</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Remainder of 2024</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">33,526</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">293</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">33,819</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2025</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">43,270</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">343</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">43,613</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2026</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">42,537</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">350</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">42,887</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2027</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">42,981</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">357</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">43,338</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2028</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">42,461</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">364</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">42,825</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2029 and Thereafter</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">323,328</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">1,364</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">324,692</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Lease Payments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">528,103</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">3,071</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">531,174</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Less: Interest</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(264,003)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(1,146)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(265,149)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Present Value of Lease Liability</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">264,100</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">1,925</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">266,025</td> </tr> </table>

33526000

293000

33819000

43270000

343000

43613000

42537000

350000

42887000

42981000

357000

43338000

42461000

364000

42825000

323328000

1364000

324692000

528103000

3071000

531174000

264003000

1146000

265149000

264100000

1925000

266025000

P7Y

P15Y

139000

At March 31, 2024 and December 31, 2023, notes payable consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:46.512%;"></td> <td style="width:2.326%;"></td> <td style="width:24.419%;"></td> <td style="width:2.326%;"></td> <td style="width:24.419%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Charitable Contributions1</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">302</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">351</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Private placement debt dated April 30, 20212</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">223,746</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">221,680</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Mortgage notes3</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">85,889</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">86,492</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total notes payable</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">309,937</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">308,523</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Less: current portion of notes payable</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,036)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(2,996)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Notes payable, net of current portion</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">306,901</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">305,527</td> </tr> </table> 1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide charitable contributions of $50 thousand per quarter through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these contributions has been recorded as a liability with interest rates ranging between 2.17% - 7.00%. 2 The April 30, 2021 private placement debt, as amended on October 21, 2021 (the “April 30, 2021 Notes”), were issued in an aggregate amount of $249,934 thousand with an interest rate of 7%, maturing on April 30, 2025. The outstanding principal balance of the April 30, 2021 Notes was $224,435 thousand as of March 31, 2024 and December 31, 2023, respectively, and was recorded net of debt discount, the carrying value of which was $689 thousand and $2,755 thousand as of March 31, 2024 and December 31, 2023, respectively. 3 The Company has issued various mortgage notes at an aggregate value of $88,785 thousand in connection with various operating properties as of March 31, 2024 and December 31, 2023. The mortgage notes were issued at a discount, the carrying value of which was $693 thousand and $725 thousand, and are presented net of principal payments of $2,203 thousand and $1,568 thousand as of March 31, 2024 and December 31, 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.

302000

351000

223746000

221680000

85889000

86492000

309937000

308523000

3036000

2996000

306901000

305527000

50000 October 2024 250000 May 2024

0.0217

0.07

249934000

0.07

2025-04-30

224435000

689000

2755000

88785000

693000

725000

2203000

1568000

2025-08-20

2035-06-05

0.05

0.0777

8. WARRANTS As part of the terms of the Company’s issuance of the April 30, 2021 Notes, as well as other financing arrangements, the Company issued warrants, which allow the holders to purchase Subordinate Voting Shares at an exercise price determined at the time of issuance. <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the number of warrants outstanding as of March 31, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:24.145%;"></td> <td style="width:1%;"></td> <td style="width:11.322%;"></td> <td style="width:1%;"></td> <td style="width:2.24%;"></td> <td style="width:1%;"></td> <td style="width:10.082%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:9.362%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:9.882%;"></td> <td style="width:1%;"></td> <td style="width:1.72%;"></td> <td style="width:1%;"></td> <td style="width:9.362%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:9.882%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td colspan="9" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Liability Classified</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="9" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Equity Classified</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Number of Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Exercise Price (C$)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Remaining Contractual Life</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Number of Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Exercise Price (USD)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Remaining Contractual Life</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Balance as of December 31, 2023</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">1,997,208</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;">C$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">18.03</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.50</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">1,737,347</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">31.83</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">2.38</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Balance as of March 31, 2024</td> <td style="border-top:0.5pt solid #000000;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="border-top:0.5pt solid #000000;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1,997,208</td> <td style="border-top:0.5pt solid #ffffff03;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;">C$</td> <td style="border-top:0.5pt solid #000000;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="border-top:0.5pt solid #000000;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">18.03</td> <td style="border-top:0.5pt solid #ffffff03;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="border-top:0.5pt solid #000000;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="border-top:0.5pt solid #000000;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">0.25</td> <td style="border-top:0.5pt solid #ffffff03;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="border-top:0.5pt solid #000000;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="border-top:0.5pt solid #000000;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1,737,347</td> <td style="border-top:0.5pt solid #ffffff03;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="border-top:0.5pt solid #000000;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">31.83</td> <td style="border-top:0.5pt solid #ffffff03;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="border-top:0.5pt solid #000000;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="border-top:0.5pt solid #000000;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2.13</td> <td style="border-top:0.5pt solid #ffffff03;white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> </tr> </table></div> (a) Liability Classified Warrants Outstanding <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the fair value of the liability classified warrants at March 31, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:39.228%;"></td> <td style="width:12.07%;"></td> <td style="width:1.428%;"></td> <td style="width:12.07%;"></td> <td style="width:12.07%;"></td> <td style="width:11.064%;"></td> <td style="width:1.006%;"></td> <td style="width:11.064%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Fair Value</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Warrant Liability</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Strike Price</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Warrants Outstanding</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Change</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Private Placement Financing Warrants Issued May 2019</td> <td style="vertical-align:bottom;text-align:left;">C$19.39</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,606,533</td> <td style="vertical-align:bottom;text-align:center;">$2,630</td> <td style="vertical-align:bottom;text-align:center;">$1,673</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">$957</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Modification Warrants Issued November 2019</td> <td style="vertical-align:bottom;text-align:left;">C$12.04</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">316,947</td> <td style="vertical-align:bottom;text-align:center;">2,131</td> <td style="vertical-align:bottom;text-align:center;">1,151</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">980</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Additional Modification Warrants Issued May 2020</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">C$14.03</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">73,728</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">463</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">293</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">170</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Totals</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">1,997,208</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">$5,224</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">$3,117</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">$2,107</td> </tr> </table> </div>During the three months ended March 31, 2024 and 2023, the Company recorded losses of $2,107 thousand and gains of $1,642 thousand, respectively, on the change in the fair value of the warrant liability within other income (expense) on the unaudited interim condensed consolidated statements of operations. <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 13 - Fair Value Measurements for additional details): <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:46.512%;"></td> <td style="width:26.744%;"></td> <td style="width:2.326%;"></td> <td style="width:24.419%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;">March 31,</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;">December 31,</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Significant Assumptions</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Volatility</td> <td style="vertical-align:bottom;text-align:left;">62.41% - 72.34%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">61.76% - 74.31%</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Remaining Term</td> <td style="vertical-align:bottom;text-align:left;">0.14-1.14 years</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">0.39-1.39 years</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Risk Free Rate</td> <td style="vertical-align:bottom;text-align:left;">4.20%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">3.91%</td> </tr> </table></div> 8. 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 March 31, 2024 and December 31, 2023: <div style="font-size:12pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:49.495%;"></td> <td style="width:1%;"></td> <td style="width:13.05%;"></td> <td style="width:1%;"></td> <td style="width:1.01%;"></td> <td style="width:1%;"></td> <td style="width:8.384%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:10.727%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:9.332999999999998%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Issuance Date Fair Value</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;text-align:left;">Warrants</td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;text-align:left;">March 31,</td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;text-align:left;">December 31,</td> <td style="vertical-align:middle;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Warrants Included in Contributed Surplus</td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Strike Price</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Outstanding</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Mortgage Warrants Issued June 2020</td> <td style="white-space:nowrap;vertical-align:bottom;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">9.10</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">35,000</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">181</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">181</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Private Placement Refinance Warrants Issued April 2021</td> <td style="white-space:nowrap;vertical-align:bottom;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">32.68</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">1,459,044</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">22,259</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">22,259</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Private Placement Refinance Warrants Issued October 2021</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">30.02</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">243,303</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,616</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,616</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Totals</td> <td colspan="2" style="white-space:pre-wrap;vertical-align:bottom;text-align:left;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">1,737,347</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">25,056</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">25,056</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> </tr> </table></div> <div style="font-size:10pt;font-family:Times New Roman;">The equity 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 warrants as of each respective issuance date: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:40.698%;"></td> <td style="width:19.767%;"></td> <td style="width:1.163%;"></td> <td style="width:18.605%;"></td> <td style="width:19.767%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Significant Assumptions</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Private Placement Refinancing Warrants</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Private Placement Refinancing Warrants</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Mortgage Warrants</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Date of Issuance</td> <td style="vertical-align:bottom;text-align:left;">October 15, 2021</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">April 30, 2021</td> <td style="vertical-align:bottom;text-align:left;">June 5, 2020</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Volatility</td> <td style="vertical-align:bottom;text-align:left;">73%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">73%</td> <td style="vertical-align:bottom;text-align:left;">80%</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Estimated Term</td> <td style="vertical-align:bottom;text-align:left;">4 years</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">4 years</td> <td style="vertical-align:bottom;text-align:left;">5 years</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Risk Free Rate</td> <td style="vertical-align:bottom;text-align:left;">1.12%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">0.74%</td> <td style="vertical-align:bottom;text-align:left;">0.37%</td> </tr> </table></div>

1997208

18.03

P0Y6M

1737347

31.83

P2Y4M17D

1997208

18.03

P0Y3M

1737347

31.83

P2Y1M17D

The following table summarizes the fair value of the liability classified warrants at March 31, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:39.228%;"></td> <td style="width:12.07%;"></td> <td style="width:1.428%;"></td> <td style="width:12.07%;"></td> <td style="width:12.07%;"></td> <td style="width:11.064%;"></td> <td style="width:1.006%;"></td> <td style="width:11.064%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Fair Value</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Warrant Liability</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Strike Price</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Warrants Outstanding</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">March 31, 2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">December 31, 2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Change</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Private Placement Financing Warrants Issued May 2019</td> <td style="vertical-align:bottom;text-align:left;">C$19.39</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,606,533</td> <td style="vertical-align:bottom;text-align:center;">$2,630</td> <td style="vertical-align:bottom;text-align:center;">$1,673</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">$957</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Modification Warrants Issued November 2019</td> <td style="vertical-align:bottom;text-align:left;">C$12.04</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">316,947</td> <td style="vertical-align:bottom;text-align:center;">2,131</td> <td style="vertical-align:bottom;text-align:center;">1,151</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">980</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Additional Modification Warrants Issued May 2020</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">C$14.03</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">73,728</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">463</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">293</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">170</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Totals</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">1,997,208</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">$5,224</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">$3,117</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">$2,107</td> </tr> </table> 19.39

1606533

2630000 1673000 957000 12.04

316947

2131000 1151000 980000 14.03

73728

463000 293000 170000

1997208

5224000 3117000 2107000

2107000

1642000

0.6241

0.7234

0.6176

0.7431

P0Y1M20D P1Y1M20D P0Y4M20D P1Y4M20D

0.042

0.0391

The following table summarizes the carrying amounts of the Company's equity classified warrants at March 31, 2024 and December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:49.495%;"></td> <td style="width:1%;"></td> <td style="width:13.05%;"></td> <td style="width:1%;"></td> <td style="width:1.01%;"></td> <td style="width:1%;"></td> <td style="width:8.384%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:10.727%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:9.332999999999998%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Issuance Date Fair Value</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;text-align:left;">Warrants</td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;text-align:left;">March 31,</td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;text-align:left;">December 31,</td> <td style="vertical-align:middle;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Warrants Included in Contributed Surplus</td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Strike Price</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Outstanding</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Mortgage Warrants Issued June 2020</td> <td style="white-space:nowrap;vertical-align:bottom;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">9.10</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">35,000</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">181</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">181</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Private Placement Refinance Warrants Issued April 2021</td> <td style="white-space:nowrap;vertical-align:bottom;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">32.68</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">1,459,044</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">22,259</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">22,259</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Private Placement Refinance Warrants Issued October 2021</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">30.02</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">243,303</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,616</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,616</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;">Totals</td> <td colspan="2" style="white-space:pre-wrap;vertical-align:bottom;text-align:left;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">1,737,347</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">25,056</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">25,056</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> </tr> </table>

9.1

35000

181000

32.68

1459044

22259000

30.02

243303

2616000

1737347

25056000

0.73

0.80

P4Y P4Y P5Y

0.0112

0.0074

0.0037

9. 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 Accounting Standards Codification (“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 three months ended March 31, 2024, the shareholders of the Company converted 10,848 Multiple Voting Shares into 1,084,800 Subordinate Voting Shares.(ii) Multiple Voting Shares Each Multiple Voting Share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares. During the three months ended March 31, 2024, the shareholders of the Company converted 10,000 Super Voting Shares into 10,000 Multiple Voting Shares and 10,848 Multiple Voting Shares into 1,084,800 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 100 Subordinate Voting Shares or one Multiple Voting Share. The Company is authorized to issue an unlimited number of Super Voting Shares. During the three months ended March 31, 2024, the shareholders of the Company converted 10,000 Super Voting Shares into 10,000 Multiple Voting Shares. (b) Issued and Outstanding <div style="font-size:10pt;font-family:Times New Roman;">A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:53.412%;"></td> <td style="width:1.621%;"></td> <td style="width:13.908%;"></td> <td style="width:1.621%;"></td> <td style="width:13.908%;"></td> <td style="width:1.621%;"></td> <td style="width:13.908%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Issued and Outstanding</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Subordinate Voting Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Multiple Voting Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Super Voting Shares</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at January 1, 2024</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">209,871,792</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">38,531</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">216,690</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Distribution of contingent consideration</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,250,000</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuance of shares upon exercise of options</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">424,225</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuances of shares upon vesting of RSUs</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">107,404</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Repurchase of Subordinate Voting Shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">(1,067,000)</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1,084,800</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(848)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(10,000)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at March 31, 2024</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">211,671,221</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">37,683</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">206,690</td> </tr> </table></div> 9. SHARE CAPITAL (Continued) (i) Distribution of Contingent Consideration Dharma Pharmaceuticals, LLC In connection with the Company's 2021 acquisition of Dharma Pharmaceuticals, LLC (“Dharma”), the purchase agreement included contingent consideration of up to $65,000 thousand in Subordinate Voting Shares of Green Thumb, dependent upon 1) the successful opening of five retail stores in the Virginia area within the first three years following the signing of the agreement (“Retail Stores Milestone”) and 2) the legal sale of adult-use cannabis in a retail store on or before January 1, 2025 (the “Recreational Sales Milestone”). The Retail Stores Milestone was fully achieved prior to expiration and settled in previous periods. On February 9, 2024, the Company and the former owners of Dharma agreed to amend the conditions of the Recreational Sales Milestone (the “Amended Agreement”). Under the Amended Agreement, the former owners waived their right to the Recreational Sales Milestone in exchange for the delivery of 1,250,000 Subordinate Voting Shares. On February 15, 2024, the Company recorded a gain of $15,991 thousand, representing the settlement of the Recreational Sales Milestone and distributed the shares to the former owners of Dharma, which had a fair market value of $17,259 thousand, which was based on the value of the shares as traded on the Canadian Securities Exchange on the date of distribution. The gain was recorded within sales general and administrative expenses on the unaudited interim condensed consolidated statement of operations. (ii) Repurchase of Subordinate Voting Shares On September 5, 2023, the Company's Board of Directors authorized the repurchase of up to 5%, or 10,486,951 of its Subordinate Voting Shares over a 12-month period at an aggregate cost of up to $50,000 thousand. On February 28, 2024, the Company's Board of Directors authorized an increase in its share repurchase program of $50,000 thousand. During the three months ended March 31, 2024, the Company repurchased 1,067,000 Subordinate Voting Shares at an average price of $12.71 per share, bringing the total remaining repurchase ability to approximately $46,600 thousand. (c) Stock-Based CompensationThe 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 and Amendment No. 2 thereto (as amended, the “Plan”). The maximum number of Restricted Stock Units (“RSUs”) and options outstanding under the Plan at any time shall not exceed 10% of the then issued and outstanding shares on an as-converted basis. The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized. Option and RSU awards generally vest over three years, and options typically have a life of five to ten years. Option grants under the Plan 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. 9. SHARE CAPITAL (Continued) (c) Stock-Based Compensation (Continued)<div style="font-size:12pt;font-family:Times New Roman;">Stock option activity is summarized as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:39.4%;"></td> <td style="width:23.56%;"></td> <td style="width:21.76%;"></td> <td style="width:15.28%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Number of Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Exercise Price</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Remaining Contractual Life</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Balance as of December 31, 2023</td> <td style="vertical-align:bottom;text-align:center;">10,071,467</td> <td style="vertical-align:bottom;text-align:center;">$11.75</td> <td style="vertical-align:bottom;text-align:center;">4.31</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Granted</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Exercised</td> <td style="vertical-align:bottom;text-align:center;">(424,225)</td> <td style="vertical-align:bottom;text-align:center;">8.97</td> <td style="vertical-align:bottom;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Forfeited</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(230,991)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">16.63</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Balance as of March 31, 2024</td> <td style="vertical-align:bottom;text-align:center;">9,416,251</td> <td style="vertical-align:bottom;text-align:center;">$11.91</td> <td style="vertical-align:bottom;text-align:center;">3.96</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Exercisable as of March 31, 2024</td> <td style="vertical-align:bottom;text-align:center;">4,879,377</td> <td style="vertical-align:bottom;text-align:center;">$8.62</td> <td style="vertical-align:bottom;text-align:center;">3.18</td> </tr> </table> </div><div style="font-size:12pt;font-family:Times New Roman;">The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted during the three months ended March 31, 2024 and the year ended December 31, 2023, using the following ranges of assumptions: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:46.512%;"></td> <td style="width:26.744%;"></td> <td style="width:26.744%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;">March 31,</td> <td style="vertical-align:bottom;text-align:left;">December 31,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Risk-free interest rate</td> <td style="vertical-align:bottom;text-align:left;">3.25% - 3.59%</td> <td style="vertical-align:bottom;text-align:left;">3.06% - 4.32%</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Expected dividend yield</td> <td style="vertical-align:bottom;text-align:left;">0%</td> <td style="vertical-align:bottom;text-align:left;">0%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Expected volatility</td> <td style="vertical-align:bottom;text-align:left;">62%</td> <td style="vertical-align:bottom;text-align:left;">64%</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Expected option life</td> <td style="vertical-align:bottom;text-align:left;">4.5 years</td> <td style="vertical-align:bottom;text-align:left;">3.5 – 4.5 years</td> </tr> </table></div> As permitted under ASC 718, the Company has made an accounting policy choice to account for forfeitures when they occur. 9. SHARE CAPITAL (Continued) (c) Stock-Based Compensation (Continued)<div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the number of unvested RSU awards as of March 31, 2024 and December 31, 2023 and the changes during the three months ended March 31, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:46.49%;"></td> <td style="width:2.325%;"></td> <td style="width:24.407%;"></td> <td style="width:2.325%;"></td> <td style="width:24.454%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Number of Shares</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Weighted Average Grant Date Fair Value</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Unvested Shares at December 31, 2023</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">3,620,638</td> <td style="vertical-align:bottom;text-align:center;">$</td> <td style="vertical-align:bottom;text-align:center;">9.25</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Granted</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">97,782</td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;">12.61</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Forfeited</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">(46,383)</td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;">8.92</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Vested</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(107,404)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">10.07</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Unvested Shares at March 31, 2024</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">3,564,633</td> <td style="vertical-align:bottom;text-align:center;">$</td> <td style="vertical-align:bottom;text-align:center;">9.32</td> </tr> </table></div> <div style="font-size:12pt;font-family:Times New Roman;">The stock-based compensation expense for the three months ended March 31, 2024 and 2023 was as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:56.631%;"></td> <td style="width:2.681%;"></td> <td style="width:19.004%;"></td> <td style="width:2.681%;"></td> <td style="width:19.004%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended March 31,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Stock options expense</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">3,057</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">4,483</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Restricted Stock Units</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">3,433</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1,756</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Stock Based Compensation Expense</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">6,490</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">6,239</td> </tr> </table></div> As of March 31, 2024, $34,543 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 1.80 years.

10848

1084800

100

10000

10848

1084800

1,000

10000

A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:53.412%;"></td> <td style="width:1.621%;"></td> <td style="width:13.908%;"></td> <td style="width:1.621%;"></td> <td style="width:13.908%;"></td> <td style="width:1.621%;"></td> <td style="width:13.908%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Issued and Outstanding</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Subordinate Voting Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Multiple Voting Shares</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Super Voting Shares</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at January 1, 2024</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">209,871,792</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">38,531</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">216,690</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Distribution of contingent consideration</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,250,000</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuance of shares upon exercise of options</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">424,225</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuances of shares upon vesting of RSUs</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">107,404</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Repurchase of Subordinate Voting Shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">(1,067,000)</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">1,084,800</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(848)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(10,000)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at March 31, 2024</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">211,671,221</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">37,683</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">206,690</td> </tr> </table>

209871792

38531

216690

1250000 424225

107404

-1067000

1084800

-848

-10000

211671221

37683

206690

65000000

1250000

15991000

17259000

0.05

10486951

50000000

1067000

12.71

46600000

0.10

10071467

11.75

P4Y3M21D

424225

8.97

230991

16.63

9416251

11.91

P3Y11M15D

4879377

8.62

P3Y2M4D

0.0325

0.0359

0.0306

0.0432

0.62

0.64

P4Y6M

P3Y6M

P4Y6M

3620638

9.25

97782

12.61

46383

8.92

107404

10.07

3564633

9.32

3057000

4483000

3433000

1756000

6490000

6239000

34543000

P1Y9M18D

10. INCOME TAX EXPENSE <div style="font-size:11pt;font-family:Times New Roman;">The following table summarizes the Company’s income tax expense and effective tax rates for the three months ended March 31, 2024 and 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.16%;"></td> <td style="width:3.92%;"></td> <td style="width:25.32%;"></td> <td style="width:3.92%;"></td> <td style="width:21.68%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended March 31,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Income before Income Taxes</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">63,497</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">43,041</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Income Tax Expense</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">32,149</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">33,636</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Effective Tax Rate</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">50.6%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">78.1%</td> </tr> </table></div> The effective tax rates for the three months ended March 31, 2024 and 2023 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented.Due to its cannabis operations, the Company is subject to the limitations of the U.S. Internal Revenue Code of 1986, as amended (“IRC”) Section 280E under which the Company is only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income and provides for effective tax rates that are well in excess of statutory tax rates.Taxes paid during the three months ended March 31, 2024 and 2023 were $75 thousand and $159 thousand, respectively.

The following table summarizes the Company’s income tax expense and effective tax rates for the three months ended March 31, 2024 and 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:45.16%;"></td> <td style="width:3.92%;"></td> <td style="width:25.32%;"></td> <td style="width:3.92%;"></td> <td style="width:21.68%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended March 31,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Income before Income Taxes</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">63,497</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">43,041</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Income Tax Expense</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">32,149</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">33,636</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Effective Tax Rate</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">50.6%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">78.1%</td> </tr> </table>

63497000

43041000

32149000

33636000

0.506

0.781

75000

159000

11. OTHER INCOME (EXPENSE) <div style="font-size:12pt;font-family:Times New Roman;">For the three months ended March 31, 2024 and 2023 other income (expense) was comprised of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:56.631%;"></td> <td style="width:4.081%;"></td> <td style="width:16.143%;"></td> <td style="width:4.081%;"></td> <td style="width:17.904%;"></td> <td style="width:1.16%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended March 31,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fair value adjustments on equity investments</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">638</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">(479)</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fair value adjustments on warrants issued</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(2,107)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">1,642</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Loss from equity method investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(328)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(318)</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Other</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">34</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">79</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Other Income (Expense)</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">(1,763)</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">924</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> </tr> </table></div>

For the three months ended March 31, 2024 and 2023 other income (expense) was comprised of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:56.631%;"></td> <td style="width:4.081%;"></td> <td style="width:16.143%;"></td> <td style="width:4.081%;"></td> <td style="width:17.904%;"></td> <td style="width:1.16%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended March 31,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fair value adjustments on equity investments</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">638</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">(479)</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fair value adjustments on warrants issued</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(2,107)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">1,642</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Loss from equity method investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(328)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(318)</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Other</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">34</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">79</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Other Income (Expense)</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">(1,763)</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">924</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> </tr> </table>

638000 -479000 -2107000 1642000

-328000

-318000

34000 79000

-1763000

924000

4000000

309937000

308523000

3036000

2996000

The fair values of the Company’s financial instruments associated with each of the three levels of the hierarchy are: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:34.73%;"></td> <td style="width:1.598%;"></td> <td style="width:15.05%;"></td> <td style="width:1.158%;"></td> <td style="width:15.05%;"></td> <td style="width:1.158%;"></td> <td style="width:15.05%;"></td> <td style="width:1.158%;"></td> <td style="width:15.05%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="7" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">As of March 31, 2024</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="8" style="vertical-align:middle;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 1</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 2</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 3</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cash and Cash Equivalents</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">223,937</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">223,937</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">24,713</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">36,134</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">60,847</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Contingent Consideration Payable</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">—</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Warrant Liability</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(5,224)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(5,224)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">248,650</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">30,910</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">279,560</td> </tr> </table> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:34.884%;"></td> <td style="width:1.163%;"></td> <td style="width:15.116%;"></td> <td style="width:1.163%;"></td> <td style="width:15.116%;"></td> <td style="width:1.163%;"></td> <td style="width:15.116%;"></td> <td style="width:1.163%;"></td> <td style="width:15.116%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="7" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">As of December 31, 2023</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="8" style="vertical-align:middle;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 1</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 2</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Level 3</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cash and Cash Equivalents</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">161,634</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">161,634</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">24,215</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">40,146</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">64,361</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Contingent Consideration Payable</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(33,250)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(33,250)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Warrant Liability</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,117)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(3,117)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">185,849</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">3,779</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">189,628</td> </tr> </table>

223937000

24713000

36134000

60847000

5224000

248650000

30910000

279560000

161634000

24215000

40146000

64361000

33250000

3117000

185849000

3779000

189628000

The below table presents revenues by type for the three months ended March 31, 2024 and 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:86.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:49.79%;"></td> <td style="width:2.859%;"></td> <td style="width:21.836%;"></td> <td style="width:2.659%;"></td> <td style="width:21.636%;"></td> <td style="width:1.22%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Three Months Ended March 31,</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2024</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="3" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Revenues, Net of Discounts</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">203,778</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">188,878</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">149,912</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">125,617</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(77,884)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(65,959)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Revenues, Net of Discounts</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">275,806</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">248,536</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Depreciation and Amortization</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">10,246</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">8,832</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">17,529</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">14,669</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Depreciation and Amortization</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">27,775</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">23,501</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Income Taxes</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Retail</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">17,564</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">19,011</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">14,585</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">14,625</td> <td style="vertical-align:middle;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Income Taxes</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">32,149</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">33,636</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> </tr> </table>

203778000

188878000

149912000

125617000

-77884000

-65959000

275806000

248536000

10246000

8832000

17529000

14669000

27775000

23501000

17564000

19011000

14585000

14625000

32149000

33636000

273802000

272455000

278492000

315889000

253552000

260186000

ITEM 5. OTHER INFORMATION (c) Rule 10b5-1 Trading Plans. During the three months ended March 31, 2024, none of the Company's directors or Section 16 officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement”, as each term is defined in the Item 408(a) of Regulation S-K. false false false false 1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide charitable contributions of $50 thousand per quarter through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these contributions has been recorded as a liability with interest rates ranging between 2.17% - 7.00%. 2 The April 30, 2021 private placement debt, as amended on October 21, 2021 (the “April 30, 2021 Notes”), were issued in an aggregate amount of $249,934 thousand with an interest rate of 7%, maturing on April 30, 2025. The outstanding principal balance of the April 30, 2021 Notes was $224,435 thousand as of March 31, 2024 and December 31, 2023, respectively, and was recorded net of debt discount, the carrying value of which was $689 thousand and $2,755 thousand as of March 31, 2024 and December 31, 2023, respectively. 3 The Company has issued various mortgage notes at an aggregate value of $88,785 thousand in connection with various operating properties as of March 31, 2024 and December 31, 2023. The mortgage notes were issued at a discount, the carrying value of which was $693 thousand and $725 thousand, and are presented net of principal payments of $2,203 thousand and $1,568 thousand as of March 31, 2024 and December 31, 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.