The Company has entered into management service agreements in multiple states with various entities to expand its retail cannabis presence, including through the operation and acquisition of cannabis dispensary licenses. The Company has evaluated these arrangements under ASC 810, Consolidation, and has determined that these entities are VIEs for which the Company is the primary beneficiary and holds a controlling financial interest. The Company's direct or indirect ownership interest in these entities ranges from 0% to 45.9% as of June 30, 2026.

The following table presents the summarized assets and liabilities of the Company's consolidated VIEs as of June 30, 2026 and December 31, 2025. Amounts reflect only the third-party assets and liabilities of those VIEs and exclude intercompany balances eliminated in consolidation.


		June 30, 2026		December 31, 2025
		(in thousands)
Cash and cash equivalents	$	5,494	$	2,229
Inventories, net		3,047		840
Prepaid expenses		977		72
Other current assets		441		257
Total current assets		9,959		3,398
Property and equipment, net		14,085		1,526
Operating lease right of use assets, net		12,728		2,682
Intangible assets, net		24,878		2,873
Goodwill		10,567		1,239
Deposits and other assets		1,942		1,716
Total assets	$	74,159	$	13,434
Current liabilities:
Accounts payable		3,323		1,073
Accrued liabilities		1,077		286
Current portion of operating lease liabilities		2,606		591
Total current liabilities		7,006		1,950
Operating lease liabilities, net of current portion		10,153		2,128
Total liabilities	$	17,159	$	4,078