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18552000

15311000

-30966000 887000 22096000 7174000 74996000 27035000 -7174000 -74996000 -27035000 0 0 25145000 0 7350000 6830000 0 2379000 4070000

12524000

13111000

33472000

-0 0 -37565000 -20454000 0 -3890000 0 1406000 343303000

90000

412000

9489000

34000

527000

16000

72000

1117000

447000

738000

30789000

128000 743000 19003000 0 4816000 314457000 0 14214000 250152000 0 12000 1031000

3000

1222000

13692000

-128000 -743000 -19003000 0 0 5627000

17735000

200000

98500000

0 3785000 374244000 0 -11336000 0 0 0 -32092000 550000 -0 -1216000 51051000 0 -15356000 0

7350000

32356000

17460000 22606000 -6377000 0 -10955000 0 17460000 11651000 -6377000

1. NATURE OF OPERATIONS Green Thumb Industries Inc. (“Green Thumb” or the “Company”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while being committed to community and sustainable profitable growth. Green Thumb owns, manufactures, and distributes a portfolio of cannabis consumer packaged goods brands including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles, and RYTHM, to third-party retail stores across the United States as well as to Green Thumb owned retail stores. The Company also owns and operates retail cannabis stores that include a national chain named RISE, which sell our products and third-party products. As of December 31, 2023, 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 4,600 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 is at 325 W. Huron St., Suite 700, Chicago, IL 60654.

2. SIGNIFICANT ACCOUNTING POLICIES <div style="font-size:12pt;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;">(a)<div style="width:100%;display:inline;">Basis of Preparation and Statement of Compliance</div></div> The consolidated financial statements as of December 31, 2023, 2022 and 2021 (the “Consolidated Financial Statements”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain previously reported amounts have been reclassified between line items to conform to the current period presentation. </div><div style="font-size:12pt;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;">(b)<div style="width:100%;display:inline;">Basis of Measurement</div></div> These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein. </div><div style="font-size:12pt;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;">(c)<div style="width:100%;display:inline;">Functional and Presentation Currency</div></div> The Company’s functional currency, as determined by management, is the United States (“US”) dollar. These consolidated financial statements are presented in U.S. dollars.</div><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;">(d)<div style="width:100%;display:inline;">Basis of Consolidation</div></div> The consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 include the accounts of the Company, its wholly-owned subsidiaries, its partially-owned subsidiaries, and those controlled by the Company by virtue of agreements, on a consolidated basis after elimination of intercompany transactions and balances. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee, and when the Company has the ability to affect those returns through its power over the investee. The financial statements of entities controlled by the Company by virtue of agreements are fully consolidated from the date that control commences and deconsolidated from the date control ceases. <div style="font-size:10pt;font-family:Times New Roman;">The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2023 and 2022: <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:53.32%;"></td> <td style="width:17.16%;"></td> <td style="width:4.06%;"></td> <td style="width:2.22%;"></td> <td style="width:19.18%;"></td> <td style="width:4.06%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Subsidiaries</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Jurisdiction</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;">Interest</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI23, Inc.</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP23, LLC</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Core, LLC</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> </table> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) (d) Basis of Consolidation (Continued) The following are VCP23, LLC’s and GTI Core, LLC’s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the years ended 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:40.596%;"></td> <td style="width:13.065%;"></td> <td style="width:3.081%;"></td> <td style="width:1.681%;"></td> <td style="width:14.606%;"></td> <td style="width:3.081%;"></td> <td style="width:23.89%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Subsidiaries</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Ownership</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Jurisdiction</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;">Purpose</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">JB17, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Management company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI-Clinic Illinois Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Illinois</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">ILDISP, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Illinois</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">RISE Holdings, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Massachusetts</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Liberty Compassion Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Massachusetts</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Maryland, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Ohio Investors 2017, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Ohio</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Holding Company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Ohio, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Ohio</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Nevada, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Nevada</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Pennsylvania, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Pennsylvania</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Florida, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Florida</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Holding company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">KSGNF, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Florida</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI New Jersey, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">New Jersey</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">KW Ventures Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Pennsylvania</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Chesapeake Alternatives, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Meshow, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Maryland Health and Wellness Center, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Advanced Grow Labs, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Bluepoint Wellness of Westport, LLC</td> <td style="vertical-align:bottom;text-align:center;">46</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Bluepoint Apothecary, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Southern CT Wellness and Healing</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License Holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Integral Associates, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Nevada</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Integral Associates CA, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">California</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fiorello Pharmaceuticals, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">New York</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Dharma Pharmaceuticals, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Virginia</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Summit Medical Compassion Center, Inc.</td> <td style="vertical-align:bottom;text-align:center;">0</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Rhode Island</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">LeafLine Industries, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Minnesota</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">MC Brands, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Colorado</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">For Success Holding Company</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">California</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP IP Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Vision Management Services, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Management company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">TWD18, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Investment company</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP Real Estate Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Real Estate holding company</td> </tr> </table></div> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued)</div> <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;">(e)<div style="width:100%;display:inline;">Investment in Associates</div></div> Associates are all entities over which the Company has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Company. The Company assesses annually whether there is any objective evidence that its interest in associates is impaired. If impaired, the carrying value of the Company’s share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal or value in use) and charged to the consolidated statement of operations. If the financial statements of an associate are prepared on a date different from that used by the Company, adjustments are made for the effects of significant transactions or events that occur between that date and the date of these consolidated financial statements.</div> <div style="font-size:12pt;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;">(f)<div style="width:100%;display:inline;">Non-controlling Interests</div></div> Non-controlling interests (“NCI”) represent equity interests owned by outside parties. NCI may be initially measured at fair value or at the NCI’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement is made on a transaction by transaction basis. Green Thumb elected to measure each NCI at its proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The share of net assets attributable to NCI are presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Total comprehensive income or loss of subsidiaries is attributed to the shareholders of the Company and to the NCI, even if this results in the NCI having a deficit balance.</div> <div style="font-size:12pt;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;">(g)<div style="width:100%;display:inline;">Cash and Cash Equivalents</div></div> Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash, with original maturities of three months or less, and cash held at retail locations.</div> <div style="font-size:12pt;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;">(h)<div style="width:100%;display:inline;">Accounts Receivable</div></div> Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based on existing contractual payment terms, actual payment patterns of its customers and individual customer circumstances. For the years ended December 31, 2023 and 2022 the Company recorded approximately $1,658 thousand and $928 thousand, respectively, in allowance for doubtful accounts. During the years ended December 31, 2023, 2022 and 2021, the Company recorded bad debt expense of $729 thousand, $423 thousand and $488 thousand, respectively.</div> <div style="font-size:12pt;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;">Inventories</div></div> Inventories of purchased finished goods and packing materials are initially valued at cost and subsequently at the lower of cost and net realizable value. Costs incurred during the growing and production process are capitalized as incurred to the extent that cost is less than net realizable value. These costs include materials, labor and manufacturing overhead used in the growing and production processes. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the weighted average cost basis. Products for resale and supplies and consumables are valued at lower of cost and net realizable value. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such inventories are written down to net realizable value.</div> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(j)<div style="width:100%;display:inline;">Property and Equipment</div></div> Property and equipment are stated at cost, including capitalized borrowing costs, net of accumulated depreciation and impairment losses, if any. Expenditures that materially increase the life of the assets are capitalized. Ordinary repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:<div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:62.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.516%;"></td> <td style="width:3.226%;"></td> <td style="width:32.258%;"></td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Land</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">Not Depreciated</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Land Improvements</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">10 – 30 Years</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Buildings and Improvements</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">39 Years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Furniture and Fixtures</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5 – 7 Years</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Computer Equipment and Software</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5 Years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Leasehold Improvements</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">Remaining Life of Lease</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Production and Processing Equipment</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5 – 7 Years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Assets Under Construction</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">Not Depreciated</td> </tr> </table> </div>The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively if appropriate. An item of equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in operations in the year the asset is derecognized. The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value. During the years ended December 31, 2023, 2022 and 2021, the Company recorded impairment charges of $5,467 thousand, $1,419 thousand and $4,744 thousand respectively, within selling, general, and administrative expenses on the consolidated statement of operations. </div> <div style="font-size:12pt;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;">(k)<div style="width:100%;display:inline;">Note Receivable and Investments</div></div> Convertible notes investments and investments in equity of private companies are classified as financial assets at fair value. Upon initial recognition, the investment is recognized at fair value with directly attributable transaction costs expensed as incurred. Subsequent changes in fair value are recognized in profit or loss.</div> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(l)<div style="width:100%;display:inline;">Intangible Assets</div></div> Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2023:<div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:62.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.516%;"></td> <td style="width:3.226%;"></td> <td style="width:32.258%;"></td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Licenses and Permits</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">15 years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Tradenames</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5-15 years</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Customer Relationships</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">7 years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Non-competition Agreement</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5 years</td> </tr> </table></div> Intangible assets with finite lives are amortized over their estimated useful lives. The estimated useful lives, residual values and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively. During the 2022 annual review, management determined that certain tradenames associated with the 2019 acquisition of Integral Associates, LLC (“Integral”) should be written-off. The Company's decisions to re-brand Essence retail stores into RISE retail locations and, discontinue production of the Desert Grown Farms brand, both acquired as part of the Integral acquisition, resulted in an impairment charge of $31,131 thousand as of the year ended December 31, 2022. No such impairment charges were recorded during the years ended December 31, 2023 or 2021. </div><div style="font-size:12pt;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;">(m)<div style="width:100%;display:inline;">Goodwill</div></div> Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit. Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. The Company reviews indefinite-lived intangible assets, which includes goodwill, annually, as of October 1, for impairment or more frequently if events or circumstances indicate that the carrying value may not be recoverable. An impaired asset is written down to its estimated fair value based on the most recent information available. The Company applies the guidance in Accounting Standards Update (“ASU”) 2011-08, Intangibles-Goodwill and Other-Testing Goodwill for Impairment, which provides entities with an option to perform a qualitative assessment (commonly referred to as “Step Zero”) to determine whether further quantitative analysis for impairment of goodwill is necessary. In performing Step Zero for the Company’s goodwill impairment test, the Company is required to make assumptions and judgments including but not limited to the following: the evaluation of macroeconomic conditions as related to the Company’s business, industry and market trends, and the overall future financial performance of its reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing Step Zero, the Company would perform a quantitative impairment analysis to estimate the fair value of goodwill. During the years ended December 31, 2021 and 2023, the Company performed the Step Zero analysis for its goodwill impairment test. As a result of the Company's Step Zero analysis, no further quantitative impairment test was deemed necessary. During 2022, the Company evaluated its existing reporting units under the accounting guidance provided in Accounting Standards Codification (“ASC”) 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Subsequent to October 1, 2022, the Company aggregated each of the components into two reporting units (Retail and Consumer Packaged Goods). As part of the Company's aggregation of the 30 reporting units that existed prior to October 1, 2022, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis prior to aggregation. 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(m)<div style="width:100%;display:inline;">Goodwill (Continued)</div></div> The analysis performed included estimating the fair value of each reporting unit using either an income or market approach. The income approach requires management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, the allocation of shared or corporate costs and the eventual repeal of 280E. The market approach estimates fair value using comparable marketplace fair value data from within a comparable industry grouping. The determination of fair value in the quantitative assessment requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include but are not limited to: the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization and capital expenditures. As a result, for the year ended December 31, 2022, the Company recognized an impairment charge of $44,392 thousand associated with its Nevada Consumer Packaged Goods operations and $12,980 thousand associated with its Nevada Retail operations as the carrying values of the reporting units exceeded the estimated fair value by such amounts. No such impairment charges were recorded for the years ended December 31, 2023 or 2021. </div> <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;">(n)<div style="width:100%;display:inline;">Income Taxes</div></div> Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using the enacted taxes rates. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs. As discussed further in Note 11—Income Taxes, the Company is subject to the limitations of Internal Revenue Code of 1986, as amended (“IRC”) Section 280E.</div> <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;">(o)<div style="width:100%;display:inline;">Revenue Recognition</div></div> Revenue is recognized by the Company in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In order to recognize revenue under ASU 2014-09, the Company applies the following five (5) steps: <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:9.82%;"></td> <td style="width:1.96%;"></td> <td style="width:1.1%;"></td> <td style="width:87.12%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">•</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Identify a customer along with a corresponding contract;</td> </tr> </table> <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:9.798%;"></td> <td style="width:2.16%;"></td> <td style="width:1%;"></td> <td style="width:87.043%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">•</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer;</td> </tr> </table> <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:9.92%;"></td> <td style="width:2%;"></td> <td style="width:1.04%;"></td> <td style="width:87.04%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">•</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer;</td> </tr> </table> <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:9.88%;"></td> <td style="width:2%;"></td> <td style="width:1%;"></td> <td style="width:87.12%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">•</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Allocate the transaction price to the performance obligation(s) in the contract; and</td> </tr> </table> <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:9.92%;"></td> <td style="width:2.04%;"></td> <td style="width:1.16%;"></td> <td style="width:86.88%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">•</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Recognize revenue when or as the Company satisfies the performance obligation(s).</td> </tr> </table> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(o)<div style="width:100%;display:inline;">Revenue Recognition (Continued)</div></div> Revenues consist of Consumer Packaged Goods and Retail sales of cannabis, which are generally recognized at a point in time when control over the goods have been transferred to the customer and is recorded net of sales discounts. Payment is typically due upon transferring the goods to the customer or within a specified time period permitted under the Company’s credit policy. During the years ended December 31, 2023, 2022 and 2021, sales discounts totaled $232,031 thousand, $167,288 thousand and $83,851 thousand, respectively. Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer. At some locations, the Company offers a loyalty reward program to its retail customers. A portion of the revenue generated in a sale must be allocated to the loyalty points earned. The amount allocated to the points earned is deferred until the loyalty points are redeemed or expire. As of December 31, 2023 and 2022, the loyalty liability totaled $4,839 thousand and $4,871 thousand, respectively, and is included in accrued liabilities on the consolidated balance sheets.</div> <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;">(p)<div style="width:100%;display:inline;">Stock-Based Payments</div></div> The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled stock-based payments under stock-based payments plans are ultimately recognized as an expense in profit or loss with a corresponding credit to contributed surplus, in equity. The Company recognizes compensation expense for Restricted Stock Units (“RSUs”) and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in a prior period if share options ultimately exercised are different to that estimated on vesting.</div> <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;">(q)<div style="width:100%;display:inline;">Fair Value of Financial Instruments</div></div> The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(q)<div style="width:100%;display:inline;">Fair Value of Financial Instruments (Continued)</div></div> The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities;Level 2—Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; andLevel 3—Inputs for the asset or liability that are not based on observable market data. For further details, see Note 14—Fair Value Measurements.</div> <div style="font-size:12pt;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;">(r)<div style="width:100%;display:inline;">Commitments and Contingencies</div></div> The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities. Contingent liabilities are measured at management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify onerous contracts and, where applicable, records contingent liabilities for such contracts.</div> <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;">(s)<div style="width:100%;display:inline;">Share Capital</div></div> Common Shares are classified as equity (the Company’s Super Voting Shares, Multiple Voting Shares and Subordinate Voting Shares are all considered Common Shares). Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.</div> <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;">(t)<div style="width:100%;display:inline;">Earnings per Share</div></div> Basic earnings per share is calculated using the treasury stock method, by dividing the net earnings attributable to shareholders by the weighted average number of Common Shares outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding Common Shares and consequently are not included in the basic earnings per share calculation. Diluted earnings per share is calculated using the treasury stock method by adjusting the weighted average number of Common Shares outstanding to assume conversion of all dilutive potential Common Shares. The Company has three categories of potentially dilutive Common Share equivalents: RSUs, options and warrants. As of December 31, 2023, the Company had 10,071,467 options, 3,620,638 RSUs and 3,734,555 warrants outstanding. As of December 31, 2022, the Company had 9,577,947 options, 947,502 RSUs and 3,734,555 warrants outstanding. As of December 31, 2021, the Company had 5,383,275 options, 376,127 RSUs and 3,835,278 warrants outstanding. In order to determine diluted earnings per share, it is assumed that any proceeds from the exercise of dilutive unvested RSUs, options, and warrants would be used to repurchase Common Shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of options and convertible debt that would increase earnings per share or decrease loss per share. For the year ended December 31, 2023, the computation of diluted earnings per share included 220,325 options, 1,679,198 RSUs and 0 warrants. For the year ended December 31, 2022, the computation of diluted earnings per share included 1,001,835 options, 243,194 RSUs and 121,945 warrants. For the year ended December 31, 2021, the computation of diluted earnings per share included 2,323,625 options, 200,732 RSUs and 1,042,199 warrants. 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(t)<div style="width:100%;display:inline;">Earnings per Share (Continued)</div></div></div> For the years ended December 31, 2023, 2022, and 2021 the weighted average number of anti-dilutive options excluded from the computation of diluted earnings per share were 2,477,120; 1,895,273; and 626,930, respectively. <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;">(u)<div style="width:100%;display:inline;">Business Combinations</div></div> Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition related transaction costs are expensed as incurred. Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair value at the date of acquisition. When the Company acquires control of a business, any previously held equity interest also is remeasured to fair value. The excess of the purchase consideration and any previously held equity interest over the fair value of identifiable net assets acquired is goodwill. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously held equity interest, the difference is recognized in the Consolidated Statements of Operations immediately as a gain or loss on acquisition. Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Contingent consideration classified as a liability requires remeasurement at each period-end, with adjustments to the fair value of the liability recorded within selling, general and administrative expenses. Equity classified contingent consideration is measured as of the date of acquisition and assessed at each period-end to determine whether equity classification remains appropriate. </div> <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;">(v)<div style="width:100%;display:inline;">Foreign Currency</div></div> Assets and liabilities denominated in currencies other than Green Thumb’s functional currency are initially measured in the functional currencies at the transaction date exchange rate. Monetary assets are remeasured at the rate of exchange in effect as of the balance sheet date. Revenues and expenses are translated at the transaction date exchange rate. Foreign currency gains and losses resulting from translation are reflected in net comprehensive income (loss) for the period. During the years ended December 31, 2023, 2022, and 2021, there were no significant transactions in currencies other than US Dollars. </div> <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;">(w)<div style="width:100%;display:inline;">Impairment of Other Long-Lived Assets</div></div> The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value. During the years ended December 31, 2023, 2022 and 2021, the Company recorded impairment charges associated with long-lived fixed assets of $5,467 thousand, $1,419 thousand and $4,744 thousand respectively, within selling, general, and administrative expenses on the consolidated statement of operations.</div> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <div style="font-size:12pt;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;">(x)<div style="width:100%;display:inline;">Significant Accounting Judgments, Estimates and Assumptions</div></div> The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and revenue and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below. <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:8.86%;"></td> <td style="width:4.02%;"></td> <td style="width:87.12%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(i)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Estimated Useful Lives and Amortization of Intangible Assets (Also see Note 5—Intangible Asset and Goodwill)</td> </tr> </table> Amortization of intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. <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:8.682%;"></td> <td style="width:4.001%;"></td> <td style="width:87.317%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(ii)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Business Combinations</td> </tr> </table> Classification of an acquisition as a business combination or an asset acquisition depends on whether the assets acquired constitute a business, which can be a complex judgment. Whether an acquisition is classified as a business combination or asset acquisition can have a significant impact on the entries made on and after acquisition. In determining the fair value of all identifiable assets, liabilities and contingent liabilities acquired, the most significant estimates relate to contingent consideration and intangible assets. Management exercises judgment in estimating the probability and timing of when earn-outs are expected to be achieved, which is used as the basis for estimating fair value. For any intangible asset identified, depending on the type of intangible asset and the complexity of determining its fair value, an independent valuation expert or management may develop the fair value, using appropriate valuation techniques, which are generally based on a forecast of the total expected future net cash flows. Cannabis licenses are the primary intangible asset acquired in business combinations as they provide the Company the ability to operate in each market. However, some cannabis licenses are subject to renewal and therefore there is some risk of non-renewal for several reasons, including operational, regulatory, legal or economic. To appropriately consider the risk of non-renewal, the Company applies probability weighting to the expected future net cash flows in calculating the fair value of these intangible assets. The key assumptions used in these cash flow projections include discount rates and terminal growth rates. Of the key assumptions used, the impact of the estimated fair value of the intangible assets have the greatest sensitivity to the estimated discount rate used in the valuation. Other significant assumptions include revenue, gross profit, operating expenses and anticipated capital expenditures which are based upon the Corporation’s historical operations along with management projections. The evaluations are linked closely to the assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied. <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:8.94%;"></td> <td style="width:3.76%;"></td> <td style="width:87.3%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(iii)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Inventories</td> </tr> </table> The net realizable value of inventories represents the estimated selling price for inventories in the ordinary course of business, less all estimated costs of completion and costs necessary to make the sale. The determination of net realizable value requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expected future selling price the Company expects to realize by selling the inventory, and the contractual arrangements with customers. Reserves for excess and obsolete inventory are based upon quantities on hand, projected volumes from demand forecasts and net realizable value. The estimates are judgmental in nature and are made at a point in time, using available information, expected business plans, and expected market conditions. As a result, the actual amount received on sale could differ from the estimated value of inventory. Periodic reviews are performed on the inventory balance. The impact of changes in inventory reserves is reflected in cost of goods sold. 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(x)<div style="width:100%;display:inline;">Significant Accounting Judgments, Estimates and Assumptions (Continued)</div></div> <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:8.638%;"></td> <td style="width:4.139%;"></td> <td style="width:87.223%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(iv)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Investments in Private Holdings</td> </tr> </table> Investments include private company investments which are carried at fair value based on the value of the Company’s interests in the private companies determined from financial information provided by management of the companies, which may include operating results, subsequent rounds of financing and other appropriate information. Any change in fair value is recognized on the consolidated statement of operations. <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:8.918%;"></td> <td style="width:3.919%;"></td> <td style="width:87.163%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(v)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Goodwill Impairment</td> </tr> </table> Goodwill is tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of goodwill has been impaired. As described in Notes 2(l) and 2(m), the Company applies the guidance in ASU 2011-08 Intangibles-Goodwill and Other-Testing Goodwill for Impairment, which provides entities with an option to perform a qualitative assessment (commonly referred to as “Step Zero”) to determine whether further quantitative analysis for impairment of goodwill is necessary. In performing Step Zero for the Company’s goodwill impairment test, the Company is required to make assumptions and judgments including but not limited to the following: the evaluation of macroeconomic conditions as related to the Company’s business, industry and market trends, and the overall future financial performance of its reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing Step Zero, the Company would perform a quantitative impairment analysis to estimate the fair value of goodwill. During the years ended December 31, 2023 and 2021, the Company performed the Step Zero analysis for its goodwill impairment test. As a result of the Company's Step Zero analysis, no further quantitative impairment test was deemed necessary. During 2022, the Company evaluated its existing reporting units under the accounting guidance provided in ASC 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Beginning October 1, 2022, the Company identified two reporting units (Retail and Consumer Packaged Goods). As part of the Company's aggregation of the 30 reporting units that existed prior to October 1, 2022, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis prior to aggregation to determine if any of the reporting units was impaired. The analysis performed included estimating the fair value of each reporting unit using both the income and market approaches. The income approach requires management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates and the allocation of shared or corporate costs. The market approach estimates fair value using comparable marketplace fair value data from within a comparable industry grouping. The determination of fair value in the quantitative assessment requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization, capital expenditures and the eventual repeal of 280E. As a result of the Company's goodwill impairment analysis, the Company determined two of the reporting units were impaired. See Note 5—Intangible Assets and Goodwill for additional detail. <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:8.638%;"></td> <td style="width:4.139%;"></td> <td style="width:87.223%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(vi)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Determination of Reporting Units</td> </tr> </table> The Company’s assets are aggregated into two reportable segments Retail and Consumer Packaged Goods. During 2022, the Company evaluated its existing reporting units under the accounting guidance provided in ASC 280, Segment Reporting, and determined that the individual components within each respective segment were economically similar and thus, aggregation of these components into two reporting units that align with our reportable segments, should be applied. Beginning October 1, 2022, the Company identified two reporting units (Retail and Consumer Packaged Goods). 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(x)<div style="width:100%;display:inline;">Significant Accounting Judgment, Estimates and Assumptions (Continued)</div></div> <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:8.76%;"></td> <td style="width:4.14%;"></td> <td style="width:87.1%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(vii)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Consolidation</td> </tr> </table> Judgment is applied in assessing whether the Company exercises control and has significant influence over entities in which the Company directly or indirectly owns an interest. The Company has control when it has the power over the subsidiary, has exposure or rights to variable returns, and has the ability to use its power to affect the returns. Significant influence is defined as the power to participate in the financial and operating decisions of the subsidiaries. Where the Company is determined to have control, these entities are consolidated. Additionally, judgment is applied in determining the effective date on which control was obtained. <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:7.86%;"></td> <td style="width:5.02%;"></td> <td style="width:87.12%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(viii)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Allowance for Uncollectible Accounts</td> </tr> </table> Management determines the allowance for uncollectible accounts by evaluating individual receivable balances and considering accounts and other receivable financial condition and current economic conditions. Accounts receivable and financial assets recorded in other receivables are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. All receivables are expected to be collected within one year of the balance sheet date. <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:8.92%;"></td> <td style="width:4.1%;"></td> <td style="width:86.98%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(ix)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Stock-Based Payments</td> </tr> </table> Valuation of stock-based compensation and warrants requires management to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of the Company’s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates are considered for each new grant of stock options or warrants. <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:8.92%;"></td> <td style="width:4.1%;"></td> <td style="width:86.98%;"></td> </tr> <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">(x)</td> <td style="padding-top:0.01in;vertical-align:top;padding-right:0.01in;">Fair Value of Financial Instruments</td> </tr> </table> The individual fair values attributed to the different components of a financing transaction or derivative financial instruments, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and in performing the fair value calculations in order to determine (a) the values attributed to each component of a transaction at the time of their issuance; (b) the fair value measurements for certain instruments that require subsequent measurement at fair value on a recurring basis; and (c) for disclosing the fair value of financial instruments. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market.</div> <div style="font-size:12pt;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;">(y)<div style="width:100%;display:inline;">New and Revised Standards</div></div> <div style="margin-left:8%;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 December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. </div></div><div style="margin-left:8%;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 January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”), which is intended to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The Company adopted ASU 2020-01 on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <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;">(y)<div style="width:100%;display:inline;">New and Revised Standards (Continued)</div></div> <div style="margin-left:8%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(iii)<div style="width:100%;display:inline;">On August 5, 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. </div></div><div style="margin-left:8%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;">(iv)<div style="width:100%;display:inline;">In November 2023, the FASB issued 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>

<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;">(d)<div style="width:100%;display:inline;">Basis of Consolidation</div></div> The consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 include the accounts of the Company, its wholly-owned subsidiaries, its partially-owned subsidiaries, and those controlled by the Company by virtue of agreements, on a consolidated basis after elimination of intercompany transactions and balances. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee, and when the Company has the ability to affect those returns through its power over the investee. The financial statements of entities controlled by the Company by virtue of agreements are fully consolidated from the date that control commences and deconsolidated from the date control ceases. <div style="font-size:10pt;font-family:Times New Roman;">The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2023 and 2022: <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:53.32%;"></td> <td style="width:17.16%;"></td> <td style="width:4.06%;"></td> <td style="width:2.22%;"></td> <td style="width:19.18%;"></td> <td style="width:4.06%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Subsidiaries</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Jurisdiction</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;">Interest</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI23, Inc.</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP23, LLC</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Core, LLC</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> </table> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) (d) Basis of Consolidation (Continued) The following are VCP23, LLC’s and GTI Core, LLC’s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the years ended 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:40.596%;"></td> <td style="width:13.065%;"></td> <td style="width:3.081%;"></td> <td style="width:1.681%;"></td> <td style="width:14.606%;"></td> <td style="width:3.081%;"></td> <td style="width:23.89%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Subsidiaries</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Ownership</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Jurisdiction</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;">Purpose</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">JB17, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Management company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI-Clinic Illinois Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Illinois</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">ILDISP, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Illinois</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">RISE Holdings, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Massachusetts</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Liberty Compassion Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Massachusetts</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Maryland, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Ohio Investors 2017, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Ohio</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Holding Company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Ohio, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Ohio</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Nevada, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Nevada</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Pennsylvania, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Pennsylvania</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Florida, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Florida</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Holding company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">KSGNF, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Florida</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI New Jersey, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">New Jersey</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">KW Ventures Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Pennsylvania</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Chesapeake Alternatives, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Meshow, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Maryland Health and Wellness Center, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Advanced Grow Labs, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Bluepoint Wellness of Westport, LLC</td> <td style="vertical-align:bottom;text-align:center;">46</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Bluepoint Apothecary, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Southern CT Wellness and Healing</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License Holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Integral Associates, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Nevada</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Integral Associates CA, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">California</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fiorello Pharmaceuticals, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">New York</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Dharma Pharmaceuticals, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Virginia</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Summit Medical Compassion Center, Inc.</td> <td style="vertical-align:bottom;text-align:center;">0</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Rhode Island</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">LeafLine Industries, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Minnesota</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">MC Brands, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Colorado</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">For Success Holding Company</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">California</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP IP Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Vision Management Services, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Management company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">TWD18, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Investment company</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP Real Estate Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Real Estate holding company</td> </tr> </table></div> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2023 and 2022: <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:53.32%;"></td> <td style="width:17.16%;"></td> <td style="width:4.06%;"></td> <td style="width:2.22%;"></td> <td style="width:19.18%;"></td> <td style="width:4.06%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Subsidiaries</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Jurisdiction</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;">Interest</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI23, Inc.</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP23, LLC</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Core, LLC</td> <td style="vertical-align:bottom;text-align:left;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> </tr> </table> 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) (d) Basis of Consolidation (Continued) The following are VCP23, LLC’s and GTI Core, LLC’s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the years ended 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:40.596%;"></td> <td style="width:13.065%;"></td> <td style="width:3.081%;"></td> <td style="width:1.681%;"></td> <td style="width:14.606%;"></td> <td style="width:3.081%;"></td> <td style="width:23.89%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Subsidiaries</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Ownership</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Jurisdiction</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;">Purpose</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">JB17, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Management company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI-Clinic Illinois Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Illinois</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">ILDISP, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Illinois</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">RISE Holdings, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Massachusetts</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Liberty Compassion Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Massachusetts</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Maryland, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Ohio Investors 2017, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Ohio</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Holding Company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Ohio, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Ohio</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Nevada, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Nevada</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Pennsylvania, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Pennsylvania</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI Florida, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Florida</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Holding company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">KSGNF, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Florida</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">GTI New Jersey, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">New Jersey</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">KW Ventures Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Pennsylvania</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Chesapeake Alternatives, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Meshow, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Maryland Health and Wellness Center, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Maryland</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Advanced Grow Labs, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Bluepoint Wellness of Westport, LLC</td> <td style="vertical-align:bottom;text-align:center;">46</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Bluepoint Apothecary, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Southern CT Wellness and Healing</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Connecticut</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License Holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Integral Associates, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Nevada</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Integral Associates CA, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">California</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Fiorello Pharmaceuticals, Inc.</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">New York</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Dharma Pharmaceuticals, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Virginia</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Summit Medical Compassion Center, Inc.</td> <td style="vertical-align:bottom;text-align:center;">0</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Rhode Island</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">LeafLine Industries, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Minnesota</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">License holder</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">MC Brands, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Colorado</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">For Success Holding Company</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">California</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP IP Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Intellectual property</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Vision Management Services, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Management company</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">TWD18, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Investment company</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">VCP Real Estate Holdings, LLC</td> <td style="vertical-align:bottom;text-align:center;">100</td> <td style="vertical-align:bottom;">%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Delaware</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">Real Estate holding company</td> </tr> </table>

Management company

License holder

Holding Company

License holder

Holding company

License holder

0.46

License holder

License Holder

License holder

Intellectual property

Management company

Investment company

Real Estate holding company

shareholding of between 20% and 50% of the voting rights 0.20 0.50 <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;">(f)<div style="width:100%;display:inline;">Non-controlling Interests</div></div> Non-controlling interests (“NCI”) represent equity interests owned by outside parties. NCI may be initially measured at fair value or at the NCI’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement is made on a transaction by transaction basis. Green Thumb elected to measure each NCI at its proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The share of net assets attributable to NCI are presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Total comprehensive income or loss of subsidiaries is attributed to the shareholders of the Company and to the NCI, even if this results in the NCI having a deficit balance.

1658000

928000

729000

423000

488000

Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:62.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.516%;"></td> <td style="width:3.226%;"></td> <td style="width:32.258%;"></td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Land</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">Not Depreciated</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Land Improvements</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">10 – 30 Years</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Buildings and Improvements</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">39 Years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Furniture and Fixtures</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5 – 7 Years</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Computer Equipment and Software</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5 Years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Leasehold Improvements</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">Remaining Life of Lease</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Production and Processing Equipment</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5 – 7 Years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Assets Under Construction</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">Not Depreciated</td> </tr> </table>

P10Y

P30Y

P39Y

P5Y

P7Y

P5Y

P7Y

5467000

1419000

4744000

Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:62.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.516%;"></td> <td style="width:3.226%;"></td> <td style="width:32.258%;"></td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Licenses and Permits</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">15 years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Tradenames</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5-15 years</td> </tr> <tr style="height:10pt;background-color:#cceeff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Customer Relationships</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">7 years</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Non-competition Agreement</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;">5 years</td> </tr> </table>

P15Y

P5Y

P15Y

P7Y

P5Y

31131000

44392000

12980000

232031000 167288000 83851000 4839000 4871000

10071467

3620638

3734555

9577947

947502

3734555

5383275

376127

3835278

220325

1679198

1001835

243194

121945

2323625

200732

1042199

2477120

1895273

626930

5467000

1419000

4744000

1547000

3070000

10661000 9847000

47029000

57287000

57631000

49268000

3898000

3797000

112970000

115675000

4. PROPERTY AND EQUIPMENT <div style="font-size:12pt;font-family:Times New Roman;">At December 31, 2023 and 2022, property and equipment 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:55%;"></td> <td style="width:2.06%;"></td> <td style="width:20%;"></td> <td style="width:1.8%;"></td> <td style="width:21.14%;"></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;">December 31, 2023</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, 2022</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;">$</td> <td style="vertical-align:middle;text-align:center;">353,912</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">176,874</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;">171,522</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">122,568</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;">200,232</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">135,524</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;">847</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;">30,817</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;">16,934</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;">757,529</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">452,747</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;">(127,290)</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;">(80,702)</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;">630,239</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;">372,045</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;">29,106</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;">23,142</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;">156,722</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;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">687,106</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">557,873</td> </tr> </table></div> Assets under construction represent construction in progress related to both cultivation and dispensary facilities not yet completed or otherwise not ready for use. Depreciation expense for the years ended December 31, 2023, 2022 and 2021 totaled $49,949 thousand, $37,006 thousand and $23,250 thousand, respectively, of which $32,936 thousand, $24,117 thousand and $14,301 thousand, respectively, is included in cost of goods sold.

At December 31, 2023 and 2022, property and equipment 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:55%;"></td> <td style="width:2.06%;"></td> <td style="width:20%;"></td> <td style="width:1.8%;"></td> <td style="width:21.14%;"></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;">December 31, 2023</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, 2022</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;">$</td> <td style="vertical-align:middle;text-align:center;">353,912</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">176,874</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;">171,522</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">122,568</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;">200,232</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">135,524</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;">847</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;">30,817</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;">16,934</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;">757,529</td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;text-align:center;">452,747</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;">(127,290)</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;">(80,702)</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;">630,239</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;">372,045</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;">29,106</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;">23,142</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;">156,722</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;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">687,106</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">557,873</td> </tr> </table>

353912000

176874000

171522000

122568000

200232000

135524000

1046000

847000

30817000

16934000

757529000

452747000

127290000

80702000

630239000

372045000

33725000

29106000

23142000

156722000

687106000

557873000

49949000

37006000

23250000

32936000

24117000

14301000

5. INTANGIBLE ASSETS AND GOODWILL (a) Intangible Assets Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively. <div style="font-size:10pt;font-family:Times New Roman;">At December 31, 2023 and 2022, intangible assets consisted of the following: <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:25.565%;"></td> <td style="width:1.26%;"></td> <td style="width:1%;"></td> <td style="width:8.702%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:8.542%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:9.442%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:8.462%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:8.782%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:8.542%;"></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;">December 31, 2023</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, 2022</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;">157,764</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">502,952</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</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;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">113,800</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">546,916</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;">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> <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;">10,486</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;">31,025</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;">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> <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;">13,435</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;">11,003</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;">2,483</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> <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;">1,990</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;">575</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;">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;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">538,678</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</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;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">139,711</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</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;">589,519</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 years ended December 31, 2023, 2022 and 2021 of $50,841 thousand, $59,658 thousand and $45,208 thousand, respectively. On an annual basis, the Company reviews the estimated useful lives, residual values and amortization methods used for each identifiable intangible asset acquired. During the 2022 annual review, management determined that certain tradenames associated with the 2019 acquisition of Integral Associates, LLC (“Integral”) should be written-off. The Company's decisions to re-brand Essence retail stores into RISE retail locations and, discontinue production of the Desert Grown Farms brand, both acquired as part of the Integral acquisition, resulted in an impairment charge of $31,131 thousand as of the year ended December 31, 2022. No such impairment charges were recorded during the years ended December 31, 2023 or 2021. <div style="font-size:10pt;font-family:Times New Roman;">The following table outlines the estimated annual amortization expense related to intangible assets as of December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:76%;"></td> <td style="width:2%;"></td> <td style="width:22%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Estimated Amortization</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Year Ending December 31,</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">2024</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">50,392</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;">538,678</td> </tr> </table> </div>As of December 31, 2023, the weighted average amortization period remaining for intangible assets was 11.37 years. 5. INTANGIBLE ASSETS AND GOODWILL (Continued) (b) Goodwill <div style="font-size:11pt;font-family:Times New Roman;">At 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:97.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:38.136%;"></td> <td style="width:2.061%;"></td> <td style="width:18.553%;"></td> <td style="width:2.329%;"></td> <td style="width:18.202%;"></td> <td style="width:1.979%;"></td> <td style="width:18.738%;"></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;">Retail</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;">Consumer Packaged Goods</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;">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:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;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:middle;">As of January 1, 2023</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;">$</td> <td style="vertical-align:middle;text-align:center;">315,889</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">589,691</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">As of December 31, 2023</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">273,802</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">315,889</td> <td style="border-top:0.5pt solid #ffffff03;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">589,691</td> </tr> </table> At December 31, 2022 the balances of goodwill, by segment, consisted of the following: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:97.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:38.144%;"></td> <td style="width:2.33%;"></td> <td style="width:18.557%;"></td> <td style="width:2.062%;"></td> <td style="width:18.557%;"></td> <td style="width:2.062%;"></td> <td style="width:18.289%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Retail</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Consumer Packaged Goods</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">(in thousands)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">As of January 1, 2022</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">274,811</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">358,038</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">632,849</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Acquisition of ILDISP, LLC</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">4,697</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">4,697</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Adjustments to Preliminary Purchase Price Allocations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">7,274</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">2,243</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">9,517</td> </tr> <tr style="height:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Impairment of Goodwill</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(12,980)</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;">(44,392)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(57,372)</td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">As of December 31, 2022</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">273,802</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">315,889</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;">589,691</td> </tr> </table></div> Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of December 31, 2023 and 2022 respectively. Goodwill impairment charges of $- thousand and $57,372 thousand were recognized by the Company during the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2022, the Company evaluated its existing reporting units under the accounting guidance provided in ASC 280, Segment Reporting and determined that the individual components within each respective segment were economically similar and thus, aggregation of those components into two reporting units that align with our reportable segments, was applied. Beginning October 1, 2022, the Company aggregated its components into two reporting units (Retail and Consumer Packaged Goods). As part of the Company's aggregation of the reporting units that existed prior to October 1, 2022, the accounting guidance required the reporting units be tested for impairment through a Step 1 quantitative analysis. As a result of the goodwill impairment test, the Company recognized an impairment charge of $44,392 thousand associated with its Nevada Consumer Packaged Goods operations and $12,980 thousand associated with its Nevada Retail operations as the carrying values of the reporting units exceeded the estimated fair value by such amounts. No such impairment charges were recorded for the years ended December 31, 2023 or 2021.

At December 31, 2023 and 2022, intangible assets consisted of the following: <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:25.565%;"></td> <td style="width:1.26%;"></td> <td style="width:1%;"></td> <td style="width:8.702%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:8.542%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:9.442%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:8.462%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:8.782%;"></td> <td style="width:1%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:8.542%;"></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;">December 31, 2023</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, 2022</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;">157,764</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">502,952</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</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;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">113,800</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">546,916</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;">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> <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;">10,486</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;">31,025</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;">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> <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;">13,435</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;">11,003</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;">2,483</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> <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;">1,990</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;">575</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;">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;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">538,678</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</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;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">139,711</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</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;">589,519</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> </tr> </table>

660716000

157764000

502952000

660716000

113800000

546916000

41511000

13378000

28133000

41511000

10486000

31025000

24438000

16927000

7511000

24438000

13435000

11003000

2565000

2483000

82000

2565000

1990000

575000

729230000

190552000

538678000

729230000

139711000

589519000

50841000

59658000

45208000

31131000

50392000

50294000

47332000

46803000

297054000

538678000

P11Y4M13D

273802000

315889000

589691000

273802000

315889000

589691000

274811000

358038000

632849000

4697000

-7274000

2243000

-9517000

12980000

44392000

-57372000

273802000

315889000

589691000

57372000

44392000

12980000

64361000

74169000

94902000

8200000 5444000 -498000 -3571000

-17460000

-22606000

50000

64361000

74169000

-20713000

-17078000

5955000

2845000

-6192000

408000

664000

422000

-17460000

-22606000

6377000

2001000

2535000

198000 2488000 18417000

336000

15560000

828000

25953000

40330000

20377000

1518000

-5127000

-20660000

-16910000

6377000

22214000 22214000 237000

1083000

0.13

2025-04-29

14193000 9090000

0.0091

0.10

P15M

P5Y

2845000 -5955000 0

408000

664000

422000

7. LEASES (a) Operating Leases The Company has operating leases for its retail stores, processing and cultivation facilities, as well as for corporate office space. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. All real estate leases are recorded on the balance sheet. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease agreements for some locations provide for rent escalations and renewal options. Certain real estate leases require payment for fixed and variable non-lease components, such as taxes, insurance and maintenance. The Company accounts for real estate leases and the related fixed non-lease components together as a single component. The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. For the years ended December 31, 2023, 2022 and 2021 the Company recorded operating lease expense of $48,231 thousand, $43,985 thousand and $34,124 thousand, respectively. <div style="font-size:10pt;font-family:Times New Roman;">Other information related to operating leases as of December 31, 2023 and 2022 were as follows: <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:55%;"></td> <td style="width:2%;"></td> <td style="width:21%;"></td> <td style="width:1%;"></td> <td style="width:21%;"></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;">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;">December 31, 2022</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Weighted average remaining lease term (years)</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">11.75</td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;">11.64</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Weighted average discount rate</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">12.40%</td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;">12.42%</td> </tr> </table></div> <div style="font-size:12pt;font-family:Times New Roman;">Maturities of lease liabilities for operating leases as of December 31, 2023 were as follows: <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:55%;"></td> <td style="width:2%;"></td> <td style="width:13.18%;"></td> <td style="width:2%;"></td> <td style="width:13%;"></td> <td style="width:2%;"></td> <td style="width:12.82%;"></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;">2024</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">43,633</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">437</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">44,070</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;">41,845</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;">42,188</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;">41,073</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;">41,423</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;">41,420</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;">41,777</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;">40,863</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;">41,227</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;">318,590</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;">319,954</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;">527,424</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;">3,215</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;">530,639</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;">(267,672)</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;">(1,206)</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;">(268,878)</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;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">259,752</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">2,009</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;">261,761</td> </tr> </table> </div>(b) Related Party Operating Leases Wendy Berger, a director of the Company, is a principal of WBS Equities, LLC, which is the Manager of Mosaic Real Estate, LLC, which owned the facilities leased by the Company. Additionally, Mosaic Real Estate, LLC is owned in part by Ms. Berger (through the Wendy Berger 1998 Revocable Trust), Benjamin Kovler, the Chairman and Chief Executive Officer of the Company (through KP Capital, LLC), and Anthony Georgiadis, the President and a director of the Company (through Three One Four Holdings, LLC). On December 16, 2022, the Company purchased land located at 5401 NW 44th Ave. Ocala, Florida for $5,584 thousand, excluding transaction costs, from Mosaic Real Estate Ocala, LLC. This transaction resulted in the termination of the Florida related party leasing agreement. For the years ended December 31, 2023, 2022 and 2021, the Company recorded lease expense of $553 thousand, $1,129 thousand and $1,185 thousand, respectively, associated with these leasing arrangements. 7. LEASES (Continued) (c) Sales Lease Back Transactions (i) Danville Cultivation and Processing Facility On November 12, 2019, the Company closed a sale and lease back transaction to sell its Danville, Pennsylvania cultivation and processing facility to Innovative Industrial Properties, Inc. (“IIP”). On June 29, 2022 the Company amended (the “Amendment”) its original lease agreement with IIP. The Amendment provided an additional tenant improvement allowance of $55,000 thousand to be used on enhancements to the facility. In addition to the tenant improvement allowance of $19,300 thousand received in November 2019, the total tenant improvement allowance provided by IIP was $74,300 thousand, and brings IIP's total investment in the property to $94,600 thousand. The Amendment to the lease was treated as a modification and resulted in a gain of $3,061 thousand as well as an increase in the right of use asset and related lease liability to $81,720 thousand.

48231000

43985000

34124000

P11Y9M

P11Y7M20D

0.124

0.1242

43633000

437000

44070000

41845000

343000

42188000

41073000

350000

41423000

41420000

357000

41777000

40863000

364000

41227000

318590000

1364000

319954000

527424000

3215000

530639000

267672000

1206000

268878000

259752000

2009000

261761000

5584000

553000

1129000

1185000

55000000

19300000

74300000

94600000

3061000

81720000

8. NOTES PAYABLE <div style="font-size:12pt;font-family:Times New Roman;">At December 31, 2023 and 2022, notes payable 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:54.989%;"></td> <td style="width:1.6%;"></td> <td style="width:20.076%;"></td> <td style="width:2.02%;"></td> <td style="width:21.316%;"></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;">December 31, 2023</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, 2022</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;">$</td> <td style="vertical-align:bottom;text-align:center;">351</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">764</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;">221,680</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">237,795</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;">86,492</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;">37,109</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;">308,523</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">275,668</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;">(2,996)</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;">(1,037)</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;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">305,527</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">274,631</td> </tr> </table>____________________1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide quarterly charitable contributions of $50 thousand through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these payments 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 and $249,934 thousand, and are recorded net of debt discount, the carrying value of which was $2,755 thousand and $12,139 thousand, as of December 31, 2023 and 2022, respectively. 3 The Company has issued various mortgage notes at an aggregate value of $88,785 thousand and $38,292 thousand in connection with various operating properties as of December 31, 2023 and 2022, respectively. The mortgage notes were issued at a discount, the carrying value of which was $725 thousand and $437 thousand, and are presented net of principal payments of $1,568 thousand and $746 thousand as of December 31, 2023 and 2022, respectively.These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.</div> Annual maturities of debt related to mortgage notes for the five fiscal years subsequent to December 31, 2023 are: 2024 - $2,643 thousand; 2025 - $4,268 thousand; 2026 - $3,012 thousand; 2027 - $3,241 thousand; and 2028 - $15,197 thousand. <div style="margin-left:4.537%;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;">(a)<div style="width:100%;display:inline;">April 30, 2021 Private Placement Financing</div></div> On April 30, 2021, the Company closed a $249,934 thousand senior secured non-brokered private placement financing through the issuance of senior secured notes (the “April 30, 2021 Notes”). The Company used the proceeds to retire the Company’s existing $105,466 thousand, senior secured notes due May 22, 2023 (the “May 22, 2019 Notes”) and the remaining proceeds for general working capital purposes as well as various growth initiatives. The April 30, 2021 Notes originally had a maturity date of April 30, 2024 and bore interest from the date of issue of 7.00% per annum, payable quarterly. The purchasers of the April 30, 2021 Notes also received 1,459,044 warrants (the “Warrants”), which allow the holder to purchase one Subordinate Voting Share at an exercise price of $32.68 per share, for a period of 60 months from the date of issuance. On October 15, 2021, the Company amended its existing Note Purchase Agreement with the Second Amended Note Purchase Agreement dated April 30, 2021 (the “April 30, 2021 Note Purchase Agreement”), for the purposes of borrowing an additional $33,200 thousand, as permitted under the April 30, 2021 Notes Purchase Agreement (issued as “Amended Notes”). The additional borrowings had terms consistent with the April 30, 2021 Notes and increased the total amount borrowed to $249,934 thousand. The Company used the additional proceeds for general working capital purposes as well as various growth initiatives. The purchasers of the Amended Notes received an additional 243,303 warrants which allow the holder to purchase one Subordinate Voting Share at an exercise price of $30.02 per share, for a period of 60 months from the date of issue. The April 30, 2021 Note Purchase Agreement included certain covenants which require the Company to maintain (on a daily basis) unrestricted cash and cash equivalents in an amount greater than or equal to the amount of interest scheduled to become due in the next 365-days and to not permit the ratio of net debt to stockholders’ equity to exceed 0.6 to 1.0 as of the last day of any quarter. In addition, the Company is required to maintain a debt to EBITDA ratio of 4.5 to 1.0 as of the last day of each quarter. As of December 31, 2023 and 2022, the Company was in compliance with all covenants. 8. NOTES PAYABLE (Continued) <div style="margin-left:4.537%;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;">(a)<div style="width:100%;display:inline;">April 30, 2021 Private Placement Financing (Continued)</div></div> On July 14, 2022, the Company exercised its right to extend the maturity date of the Notes by one year from April 30, 2024 to April 30, 2025. The extension to the maturity date did not involve any amendment to the April 30, 2021 Notes or any additional consideration to the existing lenders. From October 19, 2023 through November 30, 2023, the Company repurchased $25,500 thousand of the April 30, 2021 Notes held by unrelated third-party lenders at 95% of their original value. In connection with the repurchase, the Company also wrote-off $350 thousand of the associated unamortized debt discount. A portion of the April 30, 2021 Notes are held by related parties as well as unrelated third-party lenders at a percentage of approximately 1% and 99%, respectively. The related parties consist of Benjamin Kovler, the Chairman and Chief Executive Officer of the Company (held through KP Capital, LLC and Outsiders Capital, LLC); Andrew Grossman, the Executive Vice President of Capital Markets of the Company (held through AG Funding Group, LLC); Anthony Georgiadis, the President and a director of the Company (held through Three One Four Holdings, LLC); and Anthony Georgiadis and William Gruver, a former director of the Company (held through ABG, LLC). <div style="margin-left:4.537%;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;">(b)<div style="width:100%;display:inline;">Low Moor, Virginia Mortgage Note </div></div> On October 12, 2022, the Company entered into a construction-to-permanent financing arrangement (the “Construction Loan”) which provided funding for the construction of a CPG facility at Low Moor, Virginia in an amount up to $31,000 thousand. On October 23, 2023, the Construction Loan converted into a $30,998 thousand mortgage note bearing interest of 7.75% per annum, with a maturity date of October 1, 2034. The mortgage includes certain covenants requiring the Company to maintain certain financial ratios related to its ability to service the debt. As of December 31, 2023, the Company was in compliance with all covenants associated with the mortgage. <div style="margin-left:4.537%;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;">(c)<div style="width:100%;display:inline;"> Ocala, Florida Mortgage Note</div></div> On December 7, 2023, the Company closed on a $15,000 thousand mortgage note associated with its Ocala, Florida CPG facility bearing an interest rate of 7.45% per annum, with a maturity date of December 31, 2028. The interest rate on the mortgage is subject to a compensating balance threshold, which, if the Company falls below such threshold, the lender may increase the interest rate of the mortgage to 9.45% per annum. In addition, the mortgage includes various covenants requiring the Company to maintain certain financial ratios related to its ability to service the debt. As of December 31, 2023, the Company was in compliance with all covenants associated with the mortgage. <div style="margin-left:4.537%;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;">(d)<div style="width:100%;display:inline;"> Cottage Grove, Minnesota Mortgage Note</div></div> On December 14, 2023, the Company closed on a $17,000 thousand mortgage note associated with its Cottage Grove CPG facility bearing an interest rate of 7.75% per annum, with a maturity date of January 1, 2029. The mortgage includes a covenant requiring the Company to maintain certain financial ratios related to its ability to service the debt. As of December 31, 2023, the Company was in compliance with all covenants associated with the mortgage.

351000

764000

221680000

237795000

86492000

37109000

308523000

275668000

2996000

1037000

305527000

274631000

50000 October 2024 250000 May 2024

0.0217

0.07

249934000

0.07

2025-04-30

224435000

249934000

2755000

12139000

88785000

38292000

725000

437000

1568000

746000

2025-08-20

2035-06-05

0.05

0.0777

2643000

4268000

3012000

3241000

15197000

249934000

105466000

The April 30, 2021 Notes originally had a maturity date of April 30, 2024 and bore interest from the date of issue of 7.00% per annum, payable quarterly.

0.07

1459044

32.68

33200000

249934000

243303

30.02

0.006 0.01 0.045 0.01

2023-10-19

2023-11-30

25500000

0.95

350000

0.01 0.99

31000000

2023-10-23

30998000

mortgage note

0.0775

2034-10-01

15000000

0.0745

2028-12-31

0.0945

17000000

0.0775

2029-01-01

1997208

18.03

P1Y6M

1737347

31.83

P3Y4M17D

1997208

18.03

P0Y6M

1737347

31.83

P2Y4M17D

19.39

1606533

1673000 3125000 -1452000 12.04

316947

1151000 1139000 -12000 14.03

73728

293000 256000 -37000

1997208

3117000 4520000 -1403000 1403000 20357000 14577000 The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 14—Fair Value Measurements for additional details): <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:98.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:56.122%;"></td> <td style="width:21.429%;"></td> <td style="width:1.02%;"></td> <td style="width:21.429%;"></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;">December 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;">2023</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;">2022</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;">61.76% - 74.31%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">70.44% - 78.21%</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;">0.39-1.39 years</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">1.39 - 2.39 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;">3.91%</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:left;">3.82% - 4.07%</td> </tr> </table>

0.6176

0.7431

0.7044

0.7821

P0Y4M20D P1Y4M20D P1Y4M20D P2Y4M20D

0.0391

0.0382

0.0407

35000

181000

32.68

1459044

22259000

30.02

243303

2616000

1737347

25056000

The following table summarizes the significant assumptions used in determining the fair value of the equity classified warrants as of each respective issuance date: <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:55%;"></td> <td style="width:15%;"></td> <td style="width:1%;"></td> <td style="width:15.02%;"></td> <td style="width:13.98%;"></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> 2021-10-15 2021-04-30 2020-06-05

0.73

0.80

P4Y P4Y P5Y

0.0112

0.0074

0.37

10. SHARE CAPITAL Common shares, which include the Company’s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares, are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the applicable vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes. <div style="margin-left:4.537%;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;">(a)<div style="width:100%;display:inline;">Authorized </div></div>The Company has the following classes of share capital, with each class having no par value: <div style="margin-left:8%;text-indent:1.449%;font-size:0;margin-top:6pt;justify-content:flex-start;margin-bottom:0;min-width:1.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.63804347826087%;">(i)<div style="width:100%;display:inline;">Subordinate Voting Shares </div></div>The holders of the Subordinate Voting Shares are entitled to receive dividends which may be declared from time to time and are entitled to one vote per share at meetings of the Company’s shareholders. All Subordinate Voting Shares are ranked equally with regard to the Company’s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting Shares. During the year ended December 31, 2023, the shareholders of the Company converted 35,000 Multiple Voting Shares into 3,500,000 Subordinate Voting Shares.<div style="margin-left:8%;text-indent:1.449%;font-size:0;margin-top:6pt;justify-content:flex-start;margin-bottom:0;min-width:1.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.63804347826087%;">(ii)<div style="width:100%;display:inline;">Multiple Voting Shares </div></div>Each Multiple Voting Share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares. At December 31, 2023, the Company had 38,531 issued and outstanding Multiple Voting Shares, which convert into 3,853,100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares. During the year ended December 31, 2023, the shareholders of the Company converted 35,000 Super Voting Shares into 35,000 Multiple Voting Shares and 35,000 Multiple Voting Shares into 3,500,000 Subordinate Voting Shares. <div style="margin-left:8%;text-indent:1.449%;font-size:0;margin-top:6pt;justify-content:flex-start;margin-bottom:0;min-width:1.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.63804347826087%;">(iii)<div style="width:100%;display:inline;">Super Voting Shares </div></div>Each Super Voting Share is entitled to 1,000 votes per share at shareholder meetings of the Company and is exchangeable for one Multiple Voting Share, which is then convertible into 100 Subordinate Voting Shares. At December 31, 2023, the Company had 216,690 issued and outstanding Super Voting Shares which convert into 21,669,000 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Super Voting Shares. During the year ended December 31, 2023, the shareholders of the Company converted 35,000 Super Voting Shares into 35,000 Multiple Voting Shares. 10. SHARE CAPITAL (Continued) (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:100.0%;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, 2021</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">178,113,221</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">40,289</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">312,031</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuance of shares under business combinations and investments</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">12,904,675</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;">Distribution of contingent consideration</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">881,357</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;">Distribution of deferred shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">222,467</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 common shares pursuant to S-1</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">4,693,991</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;">Issuance of shares for redemption of noncontrolling interests</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">136,075</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 and warrants</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,302,682</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;">389,530</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;">Shares issued in association with notes payable</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">8,514</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;">Shares issued for settlement of business dispute</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">240,000</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;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,875,800</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;">(1,758)</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;">(27,000)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at December 31, 2021</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">201,768,312</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;">38,531</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;">285,031</td> </tr> <tr style="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;text-align:center;"> </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;">As at January 1, 2022</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">201,768,312</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;">285,031</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuance of shares under business combinations and investments</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">204,036</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;">Distribution of contingent consideration</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">667,080</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;">Issuance of shares upon exercise of options and warrants</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">441,454</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;">Issuances of shares upon vesting of RSUs</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">433,341</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;">Shares issued for settlement of business obligation</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">142,952</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;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">3,334,100</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;">—</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;">(33,341)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at December 31, 2022</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">206,991,275</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;">38,531</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;">251,690</td> </tr> <tr style="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;text-align:center;"> </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;">As at January 1, 2023</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">206,991,275</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;">251,690</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;">1,614,871</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;">Distribution of deferred shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">680,089</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;">Issuance of shares upon exercise of options</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">477,545</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;">Issuances of shares upon vesting of RSUs</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">451,138</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;">Repurchase of Subordinate Voting Shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">(3,843,126)</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;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">3,500,000</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;">—</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;">(35,000)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at December 31, 2023</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">209,871,792</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;">38,531</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;">216,690</td> </tr> </table> </div><div style="margin-left:9.333%;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;">(i)<div style="width:100%;display:inline;"> Issuance of Shares Under Business Combinations and Investments </div></div>ILDISP, LLC On March 1, 2022, the Company issued 204,036 Subordinate Voting Shares with a value of approximately $3,785 thousand, based on a 20 consecutive day volume weighted average price (“VWAP”), in connection with the Company's acquisition of the remaining ownership interests in two Illinois-based retail stores. The shares issued resulted in an increase in the Company's share capital and a corresponding increase in the net assets acquired. 10. SHARE CAPITAL (Continued) (b) Issued and Outstanding (Continued)(ii) Distribution of Contingent Consideration Integral Associates, LLCIn connection with the Company's 2019 acquisition of Integral Associates, LLC, the purchase agreement included contingent consideration which was dependent upon the awarding of conditional and final dispensary operating licenses (“License Milestones”). During the year ended December 31, 2021, the Company issued a total of 681,364 Subordinate Voting Shares to the former owners of Integral Associates, LLC in connection with the awarding of two License Milestones. The shares had a combined fair value of $17,869 thousand, which was recorded in share capital on the consolidated balance sheet. As of December 31, 2023, any remaining License Milestones had expired. 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, which was dependent upon 1) the successful opening of five retail stores in the Virginia area within the first three years of following the signing of the agreement and 2) the legal sale of adult-use cannabis in a retail store on or before January 1, 2025 (the “Recreational Sales Milestone”). <div style="font-size:10pt;font-family:Times New Roman;">The following table provides an overview of store count, share quantities, and the fair value of shares at the issuance date: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:80.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:27.65%;"></td> <td style="width:21.25%;"></td> <td style="width:28.275%;"></td> <td style="width:22.825%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Dharma Pharmaceuticals, LLC</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Date of issuance</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;"># of stores opened</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Number of Subordinate Voting Shares issued</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Fair Value in thousands</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;">August 16, 2021</td> <td style="vertical-align:bottom;text-align:left;">1</td> <td style="vertical-align:bottom;text-align:center;">199,993</td> <td style="vertical-align:bottom;text-align:center;">$5,949</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;">February 25, 2022</td> <td style="vertical-align:bottom;text-align:left;">2</td> <td style="vertical-align:bottom;text-align:center;">667,080</td> <td style="vertical-align:bottom;text-align:center;">13,111</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;">June 1, 2023</td> <td style="vertical-align:bottom;text-align:left;">1</td> <td style="vertical-align:bottom;text-align:center;">822,447</td> <td style="vertical-align:bottom;text-align:center;">6,070</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;">July 10, 2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">1</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">792,424</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">6,454</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;text-align:left;">Total</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">5</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">2,481,944</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">$31,584</td> </tr> </table></div> As of December 31, 2023 and 2022, the estimated fair value of the contingent consideration associated with the acquisition of Dharma, which was valued based on a probability weighting of the potential payments, was $33,250 thousand and $41,943 thousand, respectively. As of December 31, 2022, $11,400 thousand of the total value of the contingent consideration was included within current liabilities on the Company's consolidated balance sheets. As of December 31, 2023, no portion of the contingent consideration was included within current liabilities on the Company's consolidated balance sheets. On February 9, 2024, the Company and the former owners of Dharma agreed to amend the conditions as set forth in the original purchase agreement in relation to 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 of Green Thumb. As a result, the Company recorded a gain of $16,810 thousand during Q1 2024 within sales general and administrative expenses on the consolidated statement of operations, representing the extinguishment of the Recreational Sales Milestone obligation less the estimated fair value of the shares under the Amended Agreement. On February 15, 2024, the Company 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. 10. SHARE CAPITAL (Continued) (b) Issued and Outstanding (Continued)(iii) Distribution of Deferred SharesAs part of the consideration exchanged for certain acquisitions completed throughout 2021, the Company deferred the distribution of Subordinate Voting Shares to secure the Company's indemnification rights associated with post-acquisition costs. <div style="font-size:10pt;font-family:Times New Roman;">The following table summarizes the activity during the years ended December 31, 2023, 2022 and 2021: <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:17.297%;"></td> <td style="width:10.058%;"></td> <td style="width:10.058%;"></td> <td style="width:10.058%;"></td> <td style="width:10.058%;"></td> <td style="width:11.698%;"></td> <td style="width:7.878%;"></td> <td style="width:8.798%;"></td> <td style="width:6.639%;"></td> <td style="width:7.459%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Related Acquisition</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">For Success Holding Company</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Southern CT Wellness and Healing</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Liberty Compassion, Inc.</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Dharma Pharmaceuticals, LLC</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Mobley Pain Management and Wellness Center, LLC and Canwell Processing, LLC</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">GreenStar Herbals, Inc.</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Maryland Health and Wellness Center, Inc.</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">LeafLine Industries, LLC</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Total</td> </tr> <tr style="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;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at January 1, 2021</td> <td style="vertical-align:top;text-align:center;">147,095</td> <td style="vertical-align:top;text-align:center;">32,205</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> <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> <td style="vertical-align:top;text-align:center;">179,300</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Issued</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">260,419</td> <td style="vertical-align:top;text-align:center;">229,878</td> <td style="vertical-align:top;text-align:center;">303,599</td> <td style="vertical-align:top;text-align:center;">161,306</td> <td style="vertical-align:top;text-align:center;">61,832</td> <td style="vertical-align:top;text-align:center;">386,002</td> <td style="vertical-align:top;text-align:center;">1,403,036</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Distributed Shares</td> <td style="vertical-align:top;text-align:center;">(146,315)</td> <td style="vertical-align:top;text-align:center;">(32,204)</td> <td style="vertical-align:top;text-align:center;">(43,948)</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> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">(222,467)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cancelled Shares</td> <td style="vertical-align:top;text-align:center;">(780)</td> <td style="vertical-align:bottom;text-align:center;">(1)</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> <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> <td style="vertical-align:top;text-align:center;">(781)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Other</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;">—</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;">—</td> <td style="vertical-align:top;border-bottom:0.5pt solid #000000;text-align:center;">(38,839)</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;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:0.5pt solid #000000;text-align:center;">(38,839)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at December 31, 2021</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">216,471</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">229,878</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">264,760</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">161,306</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">61,832</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">386,002</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">1,320,249</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at January 1, 2022</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">216,471</td> <td style="vertical-align:top;text-align:center;">229,878</td> <td style="vertical-align:top;text-align:center;">264,760</td> <td style="vertical-align:top;text-align:center;">161,306</td> <td style="vertical-align:top;text-align:center;">61,832</td> <td style="vertical-align:top;text-align:center;">386,002</td> <td style="vertical-align:top;text-align:center;">1,320,249</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Distributed Shares</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> <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> <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:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cancelled Shares</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> <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> <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:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Other</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;">—</td> <td style="vertical-align:top;border-bottom:0.5pt solid #000000;text-align:center;">(1,703)</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;">—</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;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:0.5pt solid #000000;text-align:center;">(1,703)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at December 31, 2022</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">214,768</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">229,878</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">264,760</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">161,306</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">61,832</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">386,002</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">1,318,546</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at January 1, 2023</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">214,768</td> <td style="vertical-align:top;text-align:center;">229,878</td> <td style="vertical-align:top;text-align:center;">264,760</td> <td style="vertical-align:top;text-align:center;">161,306</td> <td style="vertical-align:top;text-align:center;">61,832</td> <td style="vertical-align:top;text-align:center;">386,002</td> <td style="vertical-align:top;text-align:center;">1,318,546</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Distributed Shares</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">(214,768)</td> <td style="vertical-align:top;text-align:center;">(229,878)</td> <td style="vertical-align:top;text-align:center;">(12,305)</td> <td style="vertical-align:top;text-align:center;">(161,306)</td> <td style="vertical-align:top;text-align:center;">(61,832)</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">(680,089)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cancelled Shares</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> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">(84,122)</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> <td style="vertical-align:top;text-align:center;">(84,122)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Other</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;">—</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;">—</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;">—</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;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at December 31, 2023</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">168,333</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">386,002</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">554,335</td> </tr> </table></div> As of December 31, 2023 and 2022, the Company held deferred shares in the amount of $12,973 thousand and $36,211 thousand, respectively. In accordance with the relevant acquisition agreement, a portion of the outstanding deferred shares were cancelled in order to indemnify the Company for post-acquisition costs. As the cancellation of the deferred shares occurred outside of the purchase price allocation measurement period (generally one year from the acquisition date), the Company recorded a gain of $2,784 thousand within selling general and administrative expenses on the Company's consolidated statements of operations during the year ended December 31, 2023.(iv) Issuance of Registered Shares Pursuant to S-1On February 8, 2021, the SEC declared effective the Company's Registration Statement No. 333-248213 on Form S-1 filed on February 2, 2021. Shortly thereafter, the Company received an offer from a single institutional investor to purchase 3,122,074 of the Subordinate Voting Shares registered on the Form S-1 at a price of $32.03 per share for a total of $100,000 thousand. The transaction closed on February 9, 2021. On February 23,2021, the Company accepted additional offers to purchase a total of 1,571,917 Subordinate Voting Shares at a price of $35.50 per share, for a total of $55,803 thousand. The Company used the net proceeds from the sale of registered securities for general corporate purposes, which include capital expenditures, working capital and general and administrative expenses. The Company also used a portion of the net proceeds to acquire or invest in businesses and products that are complimentary to the Company's own businesses and products. Additionally, the Company incurred legal, audit and other professional fees of $305 thousand associated with the issuance of the registered shares. Such fees have been recorded within contributed surplus (deficit) within the Company's consolidated balance sheet. 10. SHARE CAPITAL (Continued) (b) Issued and Outstanding (Continued)(v) Repurchase of Subordinate Voting SharesOn September 5, 2023, the Company announced that its Board of Directors authorized the Company to repurchase 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. Through December 31, 2023, the Company repurchased 3,843,126 Subordinate Voting Shares at an average price of $10.37 per share. On February 28, 2024, the Company's Board of Directors authorized an increase in its share repurchase program by $50,000 thousand, bringing the total remaining repurchase ability to approximately $60,000 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 RSUs and options issued under the Plan shall not exceed 10% of the Company's issued and outstanding shares on an as-converted basis. The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized. Option and RSU grants generally vest over three years, and options typically have a life of five to ten years. Option grants are determined by the Compensation Committee of the Company’s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant. <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:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:33.88%;"></td> <td style="width:20.26%;"></td> <td style="width:18.72%;"></td> <td style="width:13.16%;"></td> <td style="width:13.98%;"></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> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Aggregate Intrinsic Value</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, 2022</td> <td style="vertical-align:bottom;text-align:center;">9,577,947</td> <td style="vertical-align:bottom;text-align:center;">$12.71</td> <td style="vertical-align:bottom;text-align:center;">4.80</td> <td style="vertical-align:bottom;text-align:center;">$26,961</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;">2,451,405</td> <td style="vertical-align:bottom;text-align:center;">7.90</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;">(477,545)</td> <td style="vertical-align:bottom;text-align:center;">7.58</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:#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;">(1,480,340)</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">12.86</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;"> </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> <td style="vertical-align:bottom;text-align:center;">$22,442</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 December 31, 2023</td> <td style="vertical-align:bottom;text-align:center;">3,467,131</td> <td style="vertical-align:bottom;text-align:center;">$7.99</td> <td style="vertical-align:bottom;text-align:center;">2.79</td> <td style="vertical-align:bottom;text-align:center;">$11,282</td> </tr> </table></div> The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2023 and 2022, respectively, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on December 31, 2023 and 2022, respectively. This amount will change in future periods based on the fair market value of the Company’s Subordinate Voting Shares and the number of options outstanding. 10. SHARE CAPITAL (Continued) (c) Stock-Based Compensation (Continued)<div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the weighted average grant date fair value and intrinsic value of options exercised for the year ended December 31, 2023, 2022 and 2021: <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:70%;"></td> <td style="width:10%;"></td> <td style="width:10%;"></td> <td style="width:10%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Years Ended December 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;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;">2022</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2021</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Weighted average grant date fair value (per share) of stock option units granted</td> <td style="vertical-align:bottom;text-align:center;">$4.24</td> <td style="vertical-align:bottom;text-align:center;">$5.37</td> <td style="vertical-align:bottom;text-align:center;">$14.47</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Intrinsic value of stock option units exercised, using market price at exercise date (in thousands)</td> <td style="vertical-align:bottom;text-align:center;">$996</td> <td style="vertical-align:bottom;text-align:center;">$2,390</td> <td style="vertical-align:bottom;text-align:center;">$18,142</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 years ended December 31, 2023 and 2022, using the following ranges of assumptions: <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:55%;"></td> <td style="width:23%;"></td> <td style="width:22%;"></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;">December 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;">2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2022</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;">3.06% - 4.32%</td> <td style="vertical-align:bottom;text-align:left;">1.18% - 3.54%</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;">64%</td> <td style="vertical-align:bottom;text-align:left;">60% - 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;">3.5 – 4.5 years</td> <td style="vertical-align:bottom;text-align:left;">3 – 4.5 years</td> </tr> </table></div> As permitted under ASC 718, Stock Compensation, the Company has made an accounting policy choice to account for forfeitures when they occur. <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the number of non-vested RSU awards as of December 31, 2023 and 2022 and the changes during the year ended 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:55%;"></td> <td style="width:1%;"></td> <td style="width:21%;"></td> <td style="width:2%;"></td> <td style="width:21%;"></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, 2022</td> <td style="vertical-align:top;"> </td> <td style="vertical-align:bottom;text-align:center;">947,502</td> <td style="vertical-align:bottom;text-align:center;">$</td> <td style="vertical-align:bottom;text-align:center;">17.91</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;">3,607,667</td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;">7.87</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;">(483,393)</td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;">10.39</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;">(451,138)</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;">15.17</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;">$</td> <td style="vertical-align:bottom;text-align:center;">9.25</td> </tr> </table></div> <div style="font-size:12pt;font-family:Times New Roman;">The following table summarizes the weighted average grant date fair value of RSUs granted and total fair value of RSUs vested for the years ended December 31, 2023, 2022 and 2021: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:55.011%;"></td> <td style="width:1.82%;"></td> <td style="width:12.883%;"></td> <td style="width:2.34%;"></td> <td style="width:12.883%;"></td> <td style="width:2.08%;"></td> <td style="width:12.983%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td colspan="5" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">Years Ended December 31,</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2023</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2022</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">2021</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Weighted average grant date fair value (per share) of RSUs granted</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">7.87</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">17.84</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">27.82</td> </tr> </table></div> <div style="font-size:12pt;font-family:Times New Roman;">The stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021 was as follows: <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:55%;"></td> <td style="width:1.52%;"></td> <td style="width:13.2%;"></td> <td style="width:2%;"></td> <td style="width:13%;"></td> <td style="width:2%;"></td> <td style="width:13.28%;"></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="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Years Ended 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;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 #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2022</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;">2021</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="5" 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;">$</td> <td style="vertical-align:bottom;text-align:center;">16,826</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">19,062</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">13,198</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Restricted Stock Units</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">11,363</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">8,078</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">6,402</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Stock Based Compensation Expense</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">28,189</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">27,140</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">19,600</td> </tr> </table></div> As of December 31, 2023, $40,121 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 1.96 years.

35000

3500000

100

38531

3853100

35000

3500000

1,000

216690

21669000

35000

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:100.0%;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, 2021</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">178,113,221</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">40,289</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">312,031</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuance of shares under business combinations and investments</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">12,904,675</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;">Distribution of contingent consideration</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">881,357</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;">Distribution of deferred shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">222,467</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 common shares pursuant to S-1</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">4,693,991</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;">Issuance of shares for redemption of noncontrolling interests</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">136,075</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 and warrants</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">1,302,682</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;">389,530</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;">Shares issued in association with notes payable</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">8,514</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;">Shares issued for settlement of business dispute</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">240,000</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;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">2,875,800</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;">(1,758)</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;">(27,000)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at December 31, 2021</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">201,768,312</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;">38,531</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;">285,031</td> </tr> <tr style="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;text-align:center;"> </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;">As at January 1, 2022</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">201,768,312</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;">285,031</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">Issuance of shares under business combinations and investments</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">204,036</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;">Distribution of contingent consideration</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">667,080</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;">Issuance of shares upon exercise of options and warrants</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">441,454</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;">Issuances of shares upon vesting of RSUs</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">433,341</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;">Shares issued for settlement of business obligation</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">142,952</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;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">3,334,100</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;">—</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;">(33,341)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at December 31, 2022</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">206,991,275</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;">38,531</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;">251,690</td> </tr> <tr style="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;text-align:center;"> </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;">As at January 1, 2023</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">206,991,275</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;">251,690</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;">1,614,871</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;">Distribution of deferred shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">680,089</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;">Issuance of shares upon exercise of options</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">477,545</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;">Issuances of shares upon vesting of RSUs</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">451,138</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;">Repurchase of Subordinate Voting Shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;">(3,843,126)</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;">Exchange of shares</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">3,500,000</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;">—</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;">(35,000)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">As at December 31, 2023</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">209,871,792</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;">38,531</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;">216,690</td> </tr> </table>

178113221

40289

312031

12904675

881357

222467

4693991

136075 1302682

389530

8514 240000

2875800

-1758

-27000

201768312

38531

285031

201768312

38531

285031

204036

667080 441454

433341

142952

3334100

-33341

206991275

38531

251690

206991275

38531

251690

1614871

680089

477545

451138

-3843126

3500000

-35000

209871792

38531

216690

204036

3785000

681364

17869000

65000000

The following table provides an overview of store count, share quantities, and the fair value of shares at the issuance date: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:80.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:27.65%;"></td> <td style="width:21.25%;"></td> <td style="width:28.275%;"></td> <td style="width:22.825%;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td colspan="4" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;">Dharma Pharmaceuticals, LLC</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Date of issuance</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;"># of stores opened</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Number of Subordinate Voting Shares issued</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Fair Value in thousands</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;">August 16, 2021</td> <td style="vertical-align:bottom;text-align:left;">1</td> <td style="vertical-align:bottom;text-align:center;">199,993</td> <td style="vertical-align:bottom;text-align:center;">$5,949</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;">February 25, 2022</td> <td style="vertical-align:bottom;text-align:left;">2</td> <td style="vertical-align:bottom;text-align:center;">667,080</td> <td style="vertical-align:bottom;text-align:center;">13,111</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;">June 1, 2023</td> <td style="vertical-align:bottom;text-align:left;">1</td> <td style="vertical-align:bottom;text-align:center;">822,447</td> <td style="vertical-align:bottom;text-align:center;">6,070</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;">July 10, 2023</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">1</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">792,424</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">6,454</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;text-align:left;">Total</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;">5</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">2,481,944</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">$31,584</td> </tr> </table>

199993

5949000

667080

13111000

822447

6070000

792424

6454000

2481944

31584000

33250000

41943000

11400000

1250000

16810000

17259000

The following table summarizes the activity during the years ended December 31, 2023, 2022 and 2021: <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:17.297%;"></td> <td style="width:10.058%;"></td> <td style="width:10.058%;"></td> <td style="width:10.058%;"></td> <td style="width:10.058%;"></td> <td style="width:11.698%;"></td> <td style="width:7.878%;"></td> <td style="width:8.798%;"></td> <td style="width:6.639%;"></td> <td style="width:7.459%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="9" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Related Acquisition</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:middle;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">For Success Holding Company</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Southern CT Wellness and Healing</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Liberty Compassion, Inc.</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Dharma Pharmaceuticals, LLC</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Mobley Pain Management and Wellness Center, LLC and Canwell Processing, LLC</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">GreenStar Herbals, Inc.</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Maryland Health and Wellness Center, Inc.</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">LeafLine Industries, LLC</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;">Total</td> </tr> <tr style="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;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at January 1, 2021</td> <td style="vertical-align:top;text-align:center;">147,095</td> <td style="vertical-align:top;text-align:center;">32,205</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> <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> <td style="vertical-align:top;text-align:center;">179,300</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Issued</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">260,419</td> <td style="vertical-align:top;text-align:center;">229,878</td> <td style="vertical-align:top;text-align:center;">303,599</td> <td style="vertical-align:top;text-align:center;">161,306</td> <td style="vertical-align:top;text-align:center;">61,832</td> <td style="vertical-align:top;text-align:center;">386,002</td> <td style="vertical-align:top;text-align:center;">1,403,036</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Distributed Shares</td> <td style="vertical-align:top;text-align:center;">(146,315)</td> <td style="vertical-align:top;text-align:center;">(32,204)</td> <td style="vertical-align:top;text-align:center;">(43,948)</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> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">(222,467)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cancelled Shares</td> <td style="vertical-align:top;text-align:center;">(780)</td> <td style="vertical-align:bottom;text-align:center;">(1)</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> <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> <td style="vertical-align:top;text-align:center;">(781)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Other</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;">—</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;">—</td> <td style="vertical-align:top;border-bottom:0.5pt solid #000000;text-align:center;">(38,839)</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;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:0.5pt solid #000000;text-align:center;">(38,839)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at December 31, 2021</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">216,471</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">229,878</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">264,760</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">161,306</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">61,832</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">386,002</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">1,320,249</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at January 1, 2022</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">216,471</td> <td style="vertical-align:top;text-align:center;">229,878</td> <td style="vertical-align:top;text-align:center;">264,760</td> <td style="vertical-align:top;text-align:center;">161,306</td> <td style="vertical-align:top;text-align:center;">61,832</td> <td style="vertical-align:top;text-align:center;">386,002</td> <td style="vertical-align:top;text-align:center;">1,320,249</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Distributed Shares</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> <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> <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:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cancelled Shares</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> <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> <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:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Other</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;">—</td> <td style="vertical-align:top;border-bottom:0.5pt solid #000000;text-align:center;">(1,703)</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;">—</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;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:0.5pt solid #000000;text-align:center;">(1,703)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at December 31, 2022</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">214,768</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">229,878</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">264,760</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">161,306</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">61,832</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">386,002</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">1,318,546</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> <td style="vertical-align:top;text-align:center;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at January 1, 2023</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">214,768</td> <td style="vertical-align:top;text-align:center;">229,878</td> <td style="vertical-align:top;text-align:center;">264,760</td> <td style="vertical-align:top;text-align:center;">161,306</td> <td style="vertical-align:top;text-align:center;">61,832</td> <td style="vertical-align:top;text-align:center;">386,002</td> <td style="vertical-align:top;text-align:center;">1,318,546</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Distributed Shares</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">(214,768)</td> <td style="vertical-align:top;text-align:center;">(229,878)</td> <td style="vertical-align:top;text-align:center;">(12,305)</td> <td style="vertical-align:top;text-align:center;">(161,306)</td> <td style="vertical-align:top;text-align:center;">(61,832)</td> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">(680,089)</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Cancelled Shares</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> <td style="vertical-align:bottom;text-align:center;">—</td> <td style="vertical-align:top;text-align:center;">(84,122)</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> <td style="vertical-align:top;text-align:center;">(84,122)</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">Other</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;">—</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;">—</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;">—</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;">—</td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;">As at December 31, 2023</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">168,333</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">386,002</td> <td style="vertical-align:top;border-bottom:2.25pt double #000000;text-align:center;">554,335</td> </tr> </table>

147095

32205

179300

260419 229878 303599 161306 61832 386002 1403036

146315

32204

43948

222467

780

781

-38839 -38839

216471

229878

264760

161306

61832

386002

1320249

216471

229878

264760

161306

61832

386002

1320249

-1703 -1703

214768

229878

264760

161306

61832

386002

1318546

214768

229878

264760

161306

61832

386002

1318546

214768

229878

12305

161306

61832

680089

84122

168333

386002

554335

12973000 36211000

2784000

32.03

100000000

1571917

35.5

55803000

305000

0.05

10486951

50000000

3843126

10.37

50000000

60000000

0.10

9577947

12.71

P4Y9M18D

26961000

2451405

7.9

477545

7.58

1480340

12.86

10071467

11.75

P4Y3M21D

22442000

3467131

7.99

P2Y9M14D

11282000

4.24

5.37

14.47

996000

2390000

18142000

0.0306

0.0432

0.0118

0.0354

0.64

0.60

0.64

P3Y6M

P4Y6M

P3Y

P4Y6M

947502

17.91

3607667

7.87

483393

10.39

451138

15.17

3620638

9.25

7.87

17.84

27.82

The stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021 was as follows: <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:55%;"></td> <td style="width:1.52%;"></td> <td style="width:13.2%;"></td> <td style="width:2%;"></td> <td style="width:13%;"></td> <td style="width:2%;"></td> <td style="width:13.28%;"></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="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Years Ended 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;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 #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2022</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;">2021</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="5" 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;">$</td> <td style="vertical-align:bottom;text-align:center;">16,826</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">19,062</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">13,198</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Restricted Stock Units</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">11,363</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">8,078</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">6,402</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Stock Based Compensation Expense</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">28,189</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">27,140</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">19,600</td> </tr> </table>

16826000

19062000

13198000

11363000

8078000

6402000

28189000

27140000

19600000

40121000

P1Y11M15D

108399000

106425000

96749000

24674000

36436000

35402000

133073000

142861000

132151000

-10694000

-37362000

-6151000

-3749000

-10722000

-1388000

-14443000

-48084000

-7539000

118630000

94777000

124612000

156049000

108432000

204975000

0.21

32770000

22771000

43045000

21514000

24077000

31476000

-9188000 499000 971000

2082000

497000

-1836000

49635000

40870000

40847000

-27000

-127000

54000

32000

-25970000

10712000

23362000 30607000 2776000

-1550000

1553000

-3433000

118630000

94777000

124612000

99535000

118176000

148104000

At December 31, 2023 and 2022, the components of deferred tax assets and liabilities were as follows: <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:52.35%;"></td> <td style="width:3.521%;"></td> <td style="width:21.124%;"></td> <td style="width:3.521%;"></td> <td style="width:19.484%;"></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="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Years Ended December 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;">2023</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;">2022</td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"> </td> <td colspan="4" style="vertical-align:bottom;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;">Deferred Tax Assets</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Operating Lease Liabilities</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">58,591</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">60,588</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Net Operating Losses</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">734</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">1,864</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">163(j) Interest Limitation</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">7,313</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">7,499</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Stock-based Compensation</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">14,166</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">10,646</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Capitalized Inventory</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">7,725</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">5,846</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Fair Value Investments</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">8,875</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">3,306</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Other</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">7,084</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">5,391</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Valuation Allowance</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(734)</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;">(702)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> Total Deferred Tax Assets</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">103,754</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;">94,438</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> Deferred Tax Liabilities</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:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Operating Right of Use Assets</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(53,040)</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">(56,546)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Warrant Fair Value Derivative</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(5,097)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(4,804)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="text-indent:5pt;vertical-align:middle;">Intangibles</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(50,594)</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;">(52,508)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> Total Deferred Tax Liabilities</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(108,731)</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;">(113,858)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Net Deferred Tax Liabilities</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(4,977)</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">(19,420)</td> </tr> </table>

58591000 60588000

734000

1864000

7313000 7499000

14166000

10646000

7725000

5846000

8875000

3306000

7084000

5391000

734000

702000

103754000

94438000

53040000 56546000

-5097000

-4804000

50594000

52508000

108731000

113858000

4977000

19420000

734000

702000

2630000

2108000

2031

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: <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:60.028%;"></td> <td style="width:2.619%;"></td> <td style="width:12.917%;"></td> <td style="width:2.619%;"></td> <td style="width:9.598%;"></td> <td style="width:2.619%;"></td> <td style="width:9.598%;"></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;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> <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;">2022</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;">2021</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;"> </td> <td colspan="6" style="vertical-align:middle;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;">Balance at Beginning of Year</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">43,130</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">13,117</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;text-align:center;">10,341</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Gross increases related to tax positions in a prior period</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">8,919</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">9,531</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">823</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Gross decreases related to tax positions in a prior period</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(3,193)</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">(1,100)</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:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Gorss increases related to tax positions in the current period</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">17,676</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">21,582</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;text-align:center;">6,166</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Gross decreases related to tax positions in a current period</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">(40)</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;">—</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;">(4,213)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Balance at End of Year</td> <td style="vertical-align:bottom;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">66,492</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">43,130</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">13,117</td> </tr> </table>

43130000

13117000

10341000

8919000

9531000

823000

3193000

1100000

17676000

21582000

6166000

40000

4213000

66492000

43130000

13117000

10042000

3555000

1377000

14617000

4575000

5565000

P12M

For the years ended December 31, 2023, 2022 and 2021 other income (expense) was comprised 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:54%;"></td> <td style="width:2%;"></td> <td style="width:12.98%;"></td> <td style="width:1.56%;"></td> <td style="width:13.44%;"></td> <td style="width:2.46%;"></td> <td style="width:12.56%;"></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:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Years Ended December 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;">2023</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;">2022</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;">2021</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="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 #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;">$</td> <td style="vertical-align:middle;text-align:center;">(17,868)</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">(23,270)</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">5,955</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 equity method investments</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;">10,955</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:9pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Gain (loss) on extinguishment of debt</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">1,283</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;">(10,645)</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;">1,403</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">20,357</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">14,577</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;">Earnings (loss) from equity method investments</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(1,166)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">(4,259)</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">1,799</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;">141</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;">716</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;">(1,009)</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;">(16,207)</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">4,499</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">10,677</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"> </td> </tr> </table>

-17868000 -23270000 5955000 0 10955000 0

1283000

-10645000

1403000 20357000 14577000

-1166000

-4259000

1799000

141000 716000 -1009000

-16207000

4499000

10677000

900000

7200000

308523000

275668000

2996000

1037000

The following tables summarize the Company’s financial instruments which are measured at fair value as of December 31, 2023 and 2022: <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:35.7%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:14.76%;"></td> <td style="width:1%;"></td> <td style="width:1.62%;"></td> <td style="width:13.86%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:12.38%;"></td> <td style="width:1%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:12.38%;"></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 style="vertical-align:middle;text-align:left;"> </td> <td colspan="12" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">As of December 31, 2023</td> <td style="vertical-align:bottom;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="13" style="vertical-align:middle;text-align:left;">(in thousands)</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;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" 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 #ffffff03;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;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 2</td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td colspan="2" 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 #ffffff03;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> <td style="border-top:0.5pt solid #ffffff03;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;">Cash and Cash Equivalents</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">161,634</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">—</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td colspan="2" style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">—</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">161,634</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;">Investments</td> <td style="white-space:pre-wrap;vertical-align:middle;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;">24,215</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">—</td> <td style="white-space:pre-wrap;vertical-align:middle;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;">40,146</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;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;">64,361</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;">Contingent Consideration Payable</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">—</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">—</td> <td style="white-space:pre-wrap;vertical-align:middle;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;">(33,250</td> <td style="white-space:nowrap;vertical-align:bottom;">)</td> <td style="white-space:pre-wrap;vertical-align:middle;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;">(33,250</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;">Warrant Liability</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:center;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </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;">(3,117</td> <td style="white-space:nowrap;vertical-align:bottom;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: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;">(3,117</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;">)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">185,849</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">3,779</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</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;">189,628</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> </tr> </table> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:90.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:35.7%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:14.76%;"></td> <td style="width:1%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:12.38%;"></td> <td style="width:1%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:12.38%;"></td> <td style="width:1%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:12.38%;"></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 style="vertical-align:middle;text-align:left;"> </td> <td colspan="14" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">As of December 31, 2022</td> <td style="vertical-align:bottom;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="15" style="vertical-align:middle;text-align:left;">(in thousands)</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;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" 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 #ffffff03;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;text-align:left;"> </td> <td colspan="2" 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 #ffffff03;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;text-align:left;"> </td> <td colspan="2" 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 #ffffff03;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="border-top:0.5pt solid #000000;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Total</td> <td style="border-top:0.5pt solid #ffffff03;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;">Cash and Cash Equivalents</td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">177,682</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">—</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;">—</td> <td style="white-space:nowrap;vertical-align:middle;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">177,682</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;">Investments</td> <td style="white-space:pre-wrap;vertical-align:middle;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;">24,749</td> <td style="white-space:nowrap;vertical-align:bottom;"> </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;">—</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:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">49,420</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;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;">74,169</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;">Contingent Consideration Payable</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;">—</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;">—</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:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">(41,943</td> <td style="white-space:nowrap;vertical-align:bottom;">)</td> <td style="white-space:pre-wrap;vertical-align:middle;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;">(41,943</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;">Warrant Liability</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;">—</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;">—</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: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;">(4,520</td> <td style="white-space:nowrap;vertical-align:bottom;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: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;">(4,520</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;">)</td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="border-top:0.5pt solid #000000;white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">202,431</td> <td style="border-top:0.5pt solid #ffffff03;white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="border-top:0.5pt solid #000000;white-space:nowrap;vertical-align:middle;border-bottom:2.25pt double #000000;"> </td> <td style="border-top:0.5pt solid #000000;white-space:pre-wrap;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="border-top:0.5pt solid #ffffff03;white-space:nowrap;vertical-align:middle;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;">2,957</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:left;">$</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;">205,388</td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"> </td> </tr> </table>

161634000

24215000

40146000

64361000

33250000

3117000

185849000

3779000

189628000

177682000

24749000

49420000

74169000

41943000

4520000

202431000

2957000

205388000

35200000 11900000

15. SEGMENT REPORTINGThe Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (“Consumer Packaged Goods”) and retailing of cannabis to patients and consumers (“Retail”). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the Chief Operating Decision Maker does not review total assets or net income (loss) by segments; therefore, such information is not presented below.<div style="font-size:12pt;font-family:Times New Roman;">The below table presents revenues by type for the years ended December 31, 2023, 2022 and 2021: <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:39.308%;"></td> <td style="width:2.3%;"></td> <td style="width:17.443%;"></td> <td style="width:2.46%;"></td> <td style="width:18.004%;"></td> <td style="width:2.26%;"></td> <td style="width:18.224%;"></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;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Years Ended December 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;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 #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2022</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;">2021</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="5" style="vertical-align:middle;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;">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> <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;">$</td> <td style="vertical-align:middle;text-align:center;">791,480</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">763,166</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">614,739</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">559,480</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">495,101</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">467,258</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(296,407)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(240,892)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(188,437)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Revenues, Net of Discounts</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">1,054,553</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">1,017,375</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">893,560</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:left;"> </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;">$</td> <td style="vertical-align:middle;text-align:center;">37,568</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">43,498</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">31,619</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">63,222</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">53,166</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">36,839</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Depreciation and Amortization</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">100,790</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">96,664</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">68,458</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:left;"> </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;">$</td> <td style="vertical-align:middle;text-align:center;">64,060</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">53,869</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">66,908</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">54,570</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">40,908</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">57,704</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Income Taxes</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">118,630</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">94,777</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">124,612</td> </tr> </table> </div>Goodwill assigned to the Consumer Packaged Goods segment as of December 31, 2023 and 2022 was $315,889 thousand and $315,889 thousand, respectively. Intangible assets, net assigned to the Consumer Packaged Goods segment as of December 31, 2023 and 2022 was $260,186 thousand and $286,922 thousand, respectively.Goodwill assigned to the Retail segment as of December 31, 2023 and 2022 was $273,802 thousand and $273,802 thousand, respectively. Intangible assets, net assigned to the Retail segment as of December 31, 2023 and 2022 was $278,492 thousand and $302,597 thousand, respectively.The Company’s assets are aggregated into two reporting units (Retail and Consumer Packaged Goods) which align with our reportable segments. All revenues are derived from customers domiciled in the United States and all assets are located in the United States.

The below table presents revenues by type for the years ended December 31, 2023, 2022 and 2021: <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:39.308%;"></td> <td style="width:2.3%;"></td> <td style="width:17.443%;"></td> <td style="width:2.46%;"></td> <td style="width:18.004%;"></td> <td style="width:2.26%;"></td> <td style="width:18.224%;"></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;text-align:left;"> </td> <td colspan="5" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">Years Ended December 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;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 #ffffff03;text-align:left;"> </td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;">2022</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;">2021</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="5" style="vertical-align:middle;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;">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> <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;">$</td> <td style="vertical-align:middle;text-align:center;">791,480</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">763,166</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">614,739</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">559,480</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">495,101</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">467,258</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(296,407)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(240,892)</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">(188,437)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Revenues, Net of Discounts</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">1,054,553</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">1,017,375</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">893,560</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:left;"> </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;">$</td> <td style="vertical-align:middle;text-align:center;">37,568</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">43,498</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">31,619</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">63,222</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">53,166</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">36,839</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Depreciation and Amortization</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">100,790</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">96,664</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">68,458</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:left;"> </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;">$</td> <td style="vertical-align:middle;text-align:center;">64,060</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">53,869</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;text-align:center;">66,908</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Consumer Packaged Goods</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">54,570</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">40,908</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;text-align:center;">57,704</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Intersegment Eliminations</td> <td style="vertical-align:middle;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> <td style="vertical-align:middle;border-bottom:0.5pt solid #ffffff03;text-align:left;"> </td> <td style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;">—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:middle;">Total Income Taxes</td> <td style="vertical-align:middle;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">118,630</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">94,777</td> <td style="vertical-align:middle;border-bottom:2.25pt double #ffffff03;text-align:left;">$</td> <td style="vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;">124,612</td> </tr> </table>

791480000

763166000

614739000

559480000

495101000

467258000

-296407000

-240892000

-188437000

1054553000

1017375000

893560000

37568000

43498000

31619000

63222000

53166000

36839000

100790000

96664000

68458000

64060000

53869000

66908000

54570000

40908000

57704000

118630000

94777000

124612000

315889000

260186000

286922000

273802000

278492000

302597000

The following table contains selected quarterly data for 2023 and 2022. The information should be read in conjunction with the Company’s financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. <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:40.212%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8.658%;"></td> <td style="width:1%;"></td> <td style="width:1.26%;"></td> <td style="width:1%;"></td> <td style="width:8.658%;"></td> <td style="width:1%;"></td> <td style="width:1.26%;"></td> <td style="width:1%;"></td> <td style="width:8.758%;"></td> <td style="width:1%;"></td> <td style="width:1.26%;"></td> <td style="width:1%;"></td> <td style="width:8.918%;"></td> <td style="width:1%;"></td> <td style="width:1.26%;"></td> <td style="width:1%;"></td> <td style="width:8.758%;"></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:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">First Quarter</td> <td style="vertical-align:middle;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:middle;border-bottom:0.5pt solid #000000;text-align:left;">Second Quarter</td> <td style="vertical-align:middle;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:middle;border-bottom:0.5pt solid #000000;text-align:left;">Third Quarter</td> <td style="vertical-align:middle;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:middle;border-bottom:0.5pt solid #000000;text-align:left;">Fourth Quarter</td> <td style="vertical-align:middle;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:middle;border-bottom:0.5pt solid #000000;text-align:left;">Full Year</td> <td style="vertical-align:middle;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:middle;"> </td> <td style="vertical-align:middle;text-align:left;"> </td> <td colspan="18" 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 #ffffff03;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">2023</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Net Sales</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">248,536</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">252,388</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">275,398</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">278,231</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;">1,054,553</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Income from operations</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;">44,202</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;">41,063</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;">49,027</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;">50,340</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;">184,632</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Net Income attributable to Green Thumb Industries Inc.</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;">9,139</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;">13,400</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;">10,512</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;">3,216</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;">36,267</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Net Income per share – basic</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;">0.04</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.05</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.05</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.01</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.15</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Net Income per share – diluted</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;">0.04</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.05</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.05</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.01</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.15</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Weighted average number of common shares outstanding - basic</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;">237,398,253</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;">238,000,135</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;">239,459,783</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;">236,934,348</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;">237,927,867</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Weighted average number of common shares outstanding - diluted</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;">237,686,092</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;">238,423,288</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;">240,289,959</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;">239,162,831</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;">239,827,390</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="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="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;"> </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="2" style="vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:left;">First Quarter</td> <td style="vertical-align:middle;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:middle;border-bottom:0.5pt solid #000000;text-align:left;">Second Quarter</td> <td style="vertical-align:middle;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:middle;border-bottom:0.5pt solid #000000;text-align:left;">Third Quarter</td> <td style="vertical-align:middle;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:middle;border-bottom:0.5pt solid #000000;text-align:left;">Fourth Quarter</td> <td style="vertical-align:middle;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:middle;border-bottom:0.5pt solid #000000;text-align:left;">Full Year</td> <td style="vertical-align:middle;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:bottom;text-align:left;"> </td> <td colspan="18" 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 #ffffff03;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;">2022</td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:center;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:left;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Net Sales</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;">242,600</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">254,311</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">261,194</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">259,270</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:left;">$</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">1,017,375</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Income (loss) from operations</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;">54,552</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;">62,263</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;">48,761</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;">(44,512</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;">121,064</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Net Income (loss) attributable to Green Thumb Industries Inc.</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;">28,939</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;">24,437</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;">9,829</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;">(51,227</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;">11,978</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Net Income (loss) per share – basic</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;">0.12</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.11</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.04</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">(0.22</td> <td style="white-space:nowrap;vertical-align:bottom;">)</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.05</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Net Income (loss) per share – diluted</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;">0.12</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.10</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.04</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">(0.22</td> <td style="white-space:nowrap;vertical-align:bottom;">)</td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">0.05</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Weighted average number of common shares outstanding - basic</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;">235,838,947</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;">236,783,625</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;">237,002,873</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;">237,208,543</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;">236,713,056</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;">Weighted average number of common shares outstanding - diluted</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;">238,225,420</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">237,762,903</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">237,804,799</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">237,208,543</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;">238,080,030</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>

248536000

252388000

275398000

278231000

1054553000

44202000

41063000

49027000

50340000

184632000

9139000

13400000

10512000

3216000

36267000

0.04

0.05

0.01

0.15

0.04

0.05

0.01

0.15

237398253

238000135

239459783

236934348

237927867

237686092

238423288

240289959

239162831

239827390

242600000

254311000

261194000

259270000

1017375000

54552000

62263000

48761000

-44512000

121064000

28939000

24437000

9829000

-51227000

11978000

0.12

0.11

0.04

-0.22

0.05

0.12

0.1

0.04

-0.22

0.05

235838947

236783625

237002873

237208543

236713056

238225420

237762903

237804799

237208543

238080030

Baker Tilly US, LLP Chicago, Illinois In connection with acquisitions completed in 2017 and 2019, the Company committed to provide quarterly charitable contributions of $50 thousand through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these payments has been recorded as a liability with interest rates ranging between 2.17% - 7.00%. 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 and $249,934 thousand, and are recorded net of debt discount, the carrying value of which was $2,755 thousand and $12,139 thousand, as of December 31, 2023 and 2022, respectively. The Company has issued various mortgage notes at an aggregate value of $88,785 thousand and $38,292 thousand in connection with various operating properties as of December 31, 2023 and 2022, respectively. The mortgage notes were issued at a discount, the carrying value of which was $725 thousand and $437 thousand, and are presented net of principal payments of $1,568 thousand and $746 thousand as of December 31, 2023 and 2022, respectively.These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.