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SEGMENTS | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENTS |
14. SEGMENTS
The Company conducts and manages its business through two reportable segments, representing the major lines of the cannabis business: cultivation (wholesale) and retail. The cultivation (wholesale) segment consists of the cultivation, production and sale of cannabis products to retail stores. The retail segment consists of the retailing of cannabis to patients and consumers. The Company’s assets are aggregated into reportable segments (cultivation (wholesale) and retail). The Company determined its reporting units by first reviewing the operating segments based on the geographic areas in which the Company conducts business (or each market). The markets were then further divided into reporting units based on the market operations (cultivation (wholesale) and retail) which were primarily determined based on the licenses each market holds. All revenues are derived from customers domiciled in the United States and substantially all assets are located in the United States. The accounting policies used in the segment reporting are the same as those described in Note 2 - Significant Accounting Policies. The Company’s CODM is the Chief Executive Officer. The CODM utilizes each segment’s Adjusted EBITDA as the key indicator in assessing the segment’s performance and allocating resources. Segment-level Adjusted EBITDA includes intersegment revenues which consist primarily of sales of finished goods product from the wholesale (cultivation) to retail segment. Intersegment transactions are eliminated in consolidation. The elimination of such intersegment transactions is included in All Other in the table below. Additionally, we do not allocate certain shared expenses such as accounting, human resources, certain information technology and legal to our reportable segments. We include these expenses in All Other in the table below. The All Other column in the table below also includes unallocated corporate functions and expenses. Certain prior year line items have been adjusted and our allocation methodology is periodically evaluated and may change. Within the tables below the Other Segment Items for each segment primarily consists of certain selling, general, and administrative expenses and other operational costs. Summarized financial information for the Company’s reportable segments for the years ended December 31, 2024, 2023 and 2022, consisted of the following:
| For the Year Ended December 31, 2024
| Retail |  | Wholesale |  | All Other |  | Total
Revenues, net of Discounts | $ | 672,252 |  |  | $ | 353,476 |  |  | $ | (147,143) |  |  | $ | 878,585 |
Cost of Goods Sold, net | (376,534) |  |  | (200,978) |  |  | 142,858 |  |  | (434,654) |
Other Segment Items | (112,648) |  |  | 45,535 |  |  | (112,364) |  |  | (179,477) |
Adjusted EBITDA | $ | 183,070 |  |  | $ | 198,033 |  |  | $ | (116,649) |  |  | $ | 264,454 |
Acquisition Adjustments and Other Income (Expense), net |  |  |  |  |  |  | (11,160) |
Acquisition, Transaction and Other Non-operating Costs |  |  |  |  |  |  | (14,141) |
Employee Stock Compensation |  |  |  |  |  |  | (16,946) |
Interest Expense, net |  |  |  |  |  |  | (54,759) |
Depreciation and Amortization |  |  |  |  |  |  | (139,664) |
Impairment |  |  |  |  |  |  | (327,699) |
Loss from operations before income taxes |  |  |  |  |  |  | $ | (299,915) |
14. SEGMENTS (Continued)
| For the Year Ended December 31, 2023
| Retail |  | Wholesale |  | All Other |  | Total
Revenues, net of Discounts | $ | 741,334 |  |  | $ | 348,990 |  |  | $ | (151,872) |  |  | $ | 938,452 |
Cost of Goods Sold, net | (401,507) |  |  | (198,547) |  |  | 136,808 |  |  | (463,246) |
Other Segment Items | (106,414) |  |  | 37,470 |  |  | (101,391) |  |  | (170,335) |
Adjusted EBITDA | $ | 233,413 |  |  | $ | 187,913 |  |  | $ | (116,455) |  |  | $ | 304,871 |
Acquisition Adjustments and Other Income (Expense), net |  |  |  |  |  |  | (9,123) |
Acquisition, Transaction and Other Non-operating Costs |  |  |  |  |  |  | (2,177) |
Employee Stock Compensation |  |  |  |  |  |  | (13,230) |
Interest Expense, net |  |  |  |  |  |  | (59,793) |
Depreciation and Amortization |  |  |  |  |  |  | (141,133) |
Impairment |  |  |  |  |  |  | (51,617) |
Income from operations before income taxes |  |  |  |  |  |  | $ | 27,798 |
| For the Year Ended December 31, 2022
| Retail |  | Wholesale |  | All Other |  | Total
Revenues, net of Discounts | $ | 721,587 |  |  | $ | 275,533 |  |  | $ | (117,708) |  |  | $ | 879,412 |
Cost of Goods Sold, net | (350,227) |  |  | (213,295) |  |  | 107,172 |  |  | (456,350) |
Other Segment Items | (106,201) |  |  | 62,621 |  |  | (55,915) |  |  | (99,495) |
Adjusted EBITDA | $ | 265,159 |  |  | $ | 124,859 |  |  | $ | (66,451) |  |  | $ | 323,567 |
Acquisition Adjustments and Other Income (Expense), net |  |  |  |  |  |  | 14,821 |
Acquisition, Transaction and Other Non-operating Costs |  |  |  |  |  |  | (43,028) |
Employee Stock Compensation |  |  |  |  |  |  | (39,054) |
Interest Expense, net |  |  |  |  |  |  | (49,431) |
Depreciation and Amortization |  |  |  |  |  |  | (141,387) |
Impairment |  |  |  |  |  |  | (229,182) |
Net Income Attributable to NCI |  |  |  |  |  |  | 291 |
Loss from operations before income taxes |  |  |  |  |  |  | $ | (163,403) |

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