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Segment and Geographic Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment and Geographic Information | 10. SEGMENT AND GEOGRAPHIC INFORMATION The Company regularly monitors its reportable segments to determine if changes in facts and circumstances would indicate whether changes in the determination or aggregation of operating segments are necessary. In the fourth quarter of 2024, the Company determined that Leli had met the quantitative threshold to be a reportable segment. In addition, during the fourth quarter of 2024, the chief operating decision-maker (“CODM”) changed the segment profit measure to operating income or loss from gross margin. We believe that segment operating (loss) income is a more useful measure because it allows management, analysts, investors, and other interested parties to evaluate the profitability of our business operations before the effects of certain expenses that directly arise from non-operating activities (other income/expense), financing decisions (interest), and tax strategies (income taxes). These changes have been applied to all periods presented. Segment reporting is prepared on the same basis that the Company’s Chief Executive Officer, who is the CODM, manages the business, makes operating decisions and assesses performance. Management has determined that the Company operates in five reportable segments: Produce, Cannabis-Canada, Cannabis-U.S., Clean Energy, and Cannabis - Netherlands (previously Leli).The Produce segment produces, markets and sells premium quality tomatoes, bell peppers and cucumbers. The Cannabis-Canada segment produces and supplies cannabis products to be sold to other licensed providers and provincial governments across Canada and internationally. The Cannabis-U.S. segment develops and sells high-quality, CBD-based health and wellness products including ingestible, edible and topical applications across the United States. The Clean Energy business receives a royalty representing a portion of the natural gas that is sold to one customer pursuant to its long-term contract. The Cannabis - Netherlands segment produces and supplies cannabis products in the Netherlands, supplying designated coffee shops. The accounting policies of the segments are the same as those described in the summary of business, basis of presentation and significant accounting policies. The Company evaluates performance for all of its reportable segments based on segment operating (loss) income from operations. For all of its reportable segments, the CODM uses segment operating (loss) income to allocate resources (including employees, property, and financial or capital resources) for each segment, predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for the (loss) income when making decisions about allocating capital and personnel to the segments. The CODM also uses segment (loss) income to assess the performance for each segment by comparing the results with one another. The following tables reflect the reconciliation of segment revenue, measures of a segments profit or loss, and significant segment expenses reconciled to the consolidated loss before income taxes:
| For the Three Months Ended March 31, 2025 |
| VF Fresh (Produce) |  |  | Cannabis Canada |  |  | Cannabis U.S. |  |  | Clean Energy |  |  | Cannabis Netherlands |  |  | Total |
Sales to external customers | $ | 37,421 |  |  | $ | 34,837 |  |  | $ | 3,904 |  |  | $ | 426 |  |  | $ | 486 |  |  | $ | 77,074 |
Cost of sales |  | (41,703 | ) |  |  | (22,362 | ) |  |  | (1,311 | ) |  |  | (73 | ) |  |  | (285 | ) |  |  | (65,734 | )
Selling, general and administrative expenses |  | (2,875 | ) |  |  | (8,762 | ) |  |  | (2,535 | ) |  |  | (28 | ) |  |  | (439 | ) |  |  | (14,639 | )
Segment operating (loss) income | $ | (7,157 | ) |  | $ | 3,713 |  |  | $ | 58 |  |  | $ | 325 |  |  | $ | (238 | ) |  | $ | (3,299 | )
Reconciliation of segment operating (loss) income to net loss before taxes |
Other expense, net (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (693 | )
Other corporate expenses (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,140 | )
Loss before taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,132 | )
| For the Three Months Ended March 31, 2024 |
| VF Fresh (Produce) |  |  | Cannabis Canada |  |  | Cannabis U.S. |  |  | Clean Energy |  |  | Cannabis Netherlands |  |  | Total |
Sales to external customers | $ | 36,094 |  |  | $ | 37,446 |  |  | $ | 4,537 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,077 |
Cost of sales |  | (32,784 | ) |  |  | (27,938 | ) |  |  | (1,842 | ) |  |  | — |  |  |  | — |  |  |  | (62,564 | )
Selling, general and administrative expenses |  | (2,693 | ) |  |  | (7,704 | ) |  |  | (3,406 | ) |  |  | (20 | ) |  |  | (363 | ) |  |  | (14,186 | )
Segment operating income (loss) | $ | 617 |  |  | $ | 1,804 |  |  | $ | (711 | ) |  | $ | (20 | ) |  | $ | (363 | ) |  | $ | 1,327 |
Reconciliation of segment operating (loss) income to net loss before taxes |
Other expense, net (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,485 | )
Other corporate expenses (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,201 | )
Loss before taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,359 | )
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Other income (expense), net is comprised of interest expense, interest income, foreign exchange (loss) gain, other income (expense). (3) Other corporate expenses are comprised of expenses related to centralized corporate functions such as accounting, treasury, information technology, legal, human services, and internal audit expenses. The following tables summarizes our interest income, interest expense, depreciation and amortization, other significant noncash items, and expenditures for capital assets by reportable segment:
| For the Three Months Ended March 31, 2025 |
| VF Fresh (Produce) |  | Cannabis Canada |  | Cannabis U.S. |  | Clean Energy |  | Cannabis Netherlands |  | Segment Totals |  | Corporate |  | Consolidated Totals |
Interest income |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 51 |  |  | 24 |  |  | 75 |
Interest expense |  | 515 |  |  | 191 |  |  | — |  |  | — |  |  | — |  |  | 706 |  |  | — |  |  | 706 |
Depreciation and amortization |  | 1,991 |  |  | 2,574 |  |  | 49 |  |  | — |  |  | 315 |  |  | 4,929 |  |  | 44 |  |  | 4,973 |
Share based compensation |  | 13 |  |  | 41 |  |  | 7 |  |  | — |  |  | — |  |  | 61 |  |  | 84 |  |  | 145 |
Other significant noncash items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash lease expense |  | 375 |  |  | 21 |  |  | 136 |  |  | — |  |  | — |  |  | 532 |  |  | — |  |  | 532 |
Expenditures for segment assets |  | 1,307 |  |  | 1,058 |  |  | 8 |  |  | — |  |  | 166 |  |  | 2,539 |  |  | — |  |  | 2,539 |
| For the Three Months Ended March 31, 2024 |
| VF Fresh (Produce) |  | Cannabis Canada |  | Cannabis U.S. |  | Clean Energy |  | Cannabis Netherlands |  | Segment Totals |  | Corporate |  | Consolidated Totals |
Interest income |  | 2 |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | 154 |  |  | 206 |
Interest expense |  | 572 |  |  | 345 |  |  | — |  |  | — |  |  | — |  |  | 917 |  |  | — |  |  | 917 |
Depreciation and amortization |  | 1,334 |  |  | 2,796 |  |  | 54 |  |  | — |  |  | 314 |  |  | 4,498 |  |  | 60 |  |  | 4,558 |
Share based compensation |  | — |  |  | 55 |  |  | 42 |  |  | — |  |  | — |  |  | 97 |  |  | 308 |  |  | 405 |
Other significant noncash items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-cash lease expense |  | 470 |  |  | 22 |  |  | 139 |  |  | — |  |  | — |  |  | 631 |  |  | — |  |  | 631 |
Expenditures for segment assets |  | 1,063 |  |  | 82 |  |  | 4 |  |  | — |  |  | 727 |  |  | 1,876 |  |  | — |  |  | 1,876 |
The following tables summarizes our total assets by reportable segment:
|  | March 31, 2025 |  |  | December 31, 2024 |
Assets |  |  |  |  |  |
Produce |  | $ | 86,538 |  |  | $ | 97,332 |
Cannabis - Canada |  |  | 264,463 |  |  |  | 266,433 |
Cannabis - United States |  |  | 6,662 |  |  |  | 6,728 |
Clean Energy |  |  | 523 |  |  |  | 360 |
Cannabis - Netherlands |  |  | 12,109 |  |  |  | 11,093 |
Total assets for reportable segments |  | $ | 370,295 |  |  | $ | 381,946 |
Corporate |  |  | 6,809 |  |  |  | 7,360 |
Consolidated total |  | $ | 377,104 |  |  | $ | 389,306 |
The Company’s primary operations are in the United States and Canada. The following tables summarizes our assets by geographic location:
Total assets |  | March 31, 2025 |  |  | December 31, 2024 |
United States |  | $ | 73,492 |  |  | $ | 87,894 |
Canada |  |  | 291,503 |  |  |  | 290,319 |
Netherlands |  |  | 12,109 |  |  |  | 11,093 |
|  | $ | 377,104 |  |  | $ | 389,306 |
Long-lived assets |  | March 31, 2025 |  |  | December 31, 2024 |
United States |  | $ | 43,115 |  |  | $ | 43,686 |
Canada |  |  | 218,625 |  |  |  | 219,735 |
Netherlands |  |  | 10,490 |  |  |  | 9,866 |
|  | $ | 272,230 |  |  | $ | 273,287 |

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- Definition The entire disclosure for reporting segments including data and tables. 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