v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting

13. 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 months ended March 31, 2026 and 2025:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

2025

 

 

 

(in thousands)

 

Revenues, net of discounts

 

 

 

 

 

Retail

$

208,060

$

198,672

 

Consumer packaged goods

 

167,539

 

170,284

 

Intersegment eliminations

 

(75,409)

 

(89,416)

 

Total revenues, net of discounts

$

300,190

$

279,540

 

Cost of goods sold

 

 

 

 

 

Retail

$

125,248

$

133,353

 

Consumer packaged goods

 

104,141

 

99,790

 

Intersegment eliminations

 

(72,844)

 

(96,878)

 

Total cost of goods sold

$

156,545

$

136,265

 

Gross profit

 

 

 

 

 

Retail

$

82,812

$

65,319

 

Consumer packaged goods

 

63,398

 

70,494

 

Intersegment eliminations

 

(2,565)

 

7,462

 

Total gross profit

$

143,645

$

143,275

 

Depreciation and amortization

 

 

 

 

 

Retail

$

13,172

$

11,088

 

Consumer packaged goods

 

19,241

 

18,323

 

Intersegment eliminations

 

—

 

—

 

Total depreciation and amortization

$

32,413

$

29,411

 

Goodwill assigned to the Retail segment as of March 31, 2026 and December 31, 2025 was $276,955 thousand and $277,342 thousand, respectively. Intangible assets, net assigned to the Retail segment as of March 31, 2026 and December 31, 2025 was $244,509 thousand and $251,846 thousand, respectively.

Goodwill assigned to the Consumer Packaged Goods segment as of March 31, 2026 and December 31, 2025 was $314,809 thousand at each period end. Intangible assets, net assigned to the Consumer Packaged Goods segment as of March 31, 2026 and December 31, 2025 was $179,599 thousand and $184,835 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.