v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

15. SEGMENT REPORTING

 

 

 

The Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (“Consumer Packaged Goods”) and retailing of cannabis to patients and consumers (“Retail”). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the Chief Operating Decision Maker, Benjamin Kovler, Chairman and Chief Executive Officer of the Company, does not review total assets or net income (loss) by segments; therefore, such information is not presented below.

The below table presents revenues by type for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

2024

 

 

2025

 

2024

 

 

(in thousands)

 

 

(in thousands)

Revenues, Net of Discounts

 

 

 

 

 

 

 

 

 

Retail

$

205,284

$

204,656

 

$

403,956

$

408,434

Consumer Packaged Goods

 

169,437

 

156,323

 

 

339,721

 

306,235

Intersegment Eliminations

 

(81,464)

 

(80,832)

 

 

(170,880)

 

(158,716)

Total Revenues, Net of Discounts

$

293,257

$

280,147

 

$

572,797

$

555,953

Cost of Goods Sold

 

 

 

 

 

 

 

 

 

Retail

$

136,478

$

132,158

 

$

269,831

$

260,681

Consumer Packaged Goods

 

104,796

 

87,983

 

 

204,586

 

175,403

Intersegment Eliminations

 

(94,273)

 

(90,514)

 

 

(191,151)

 

(175,580)

Total Cost of Goods Sold

$

147,001

$

129,627

 

$

283,266

$

260,504

Gross Profit

 

 

 

 

 

 

 

 

 

Retail

$

68,806

$

72,498

 

$

134,125

$

147,753

Consumer Packaged Goods

 

64,641

 

68,340

 

 

135,135

 

130,832

Intersegment Eliminations

 

12,809

 

9,682

 

 

20,271

 

16,864

Total Gross Profit

$

146,256

$

150,520

 

$

289,531

$

295,449

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

Retail

$

11,442

$

10,436

 

$

22,530

$

20,683

Consumer Packaged Goods

 

18,229

 

17,549

 

 

36,552

 

35,077

Intersegment Eliminations

 

—

 

—

 

 

—

 

—

Total Depreciation and Amortization

$

29,671

$

27,985

 

$

59,082

$

55,760

Goodwill assigned to the Retail segment as of June 30, 2025 and December 31, 2024 was $279,730 thousand and $273,802 thousand, respectively. Intangible assets, net assigned to the Retail segment as of June 30, 2025 and December 31, 2024 was $258,109 thousand and $254,358 thousand, respectively.

Goodwill assigned to the Consumer Packaged Goods segment as of June 30, 2025 and December 31, 2024 was $315,889 thousand in each period then ended. Intangible assets, net assigned to the Consumer Packaged Goods segment as of June 30, 2025 and December 31, 2024 was $204,298 thousand and $233,929 thousand, respectively.

The Company’s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, Green Thumb has identified two reporting units which align with our reportable segments (Retail and Consumer Packaged Goods). All revenues are derived from customers domiciled in the United States and all assets are located in the United States.