v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

16. 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 by segment; therefore, such information is not presented below.

The below table presents revenues by type for the three and six months ended June 30, 2026 and 2025:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

2025

 

 

2026

 

2025

 

 

(in thousands)

 

 

(in thousands)

Revenues, net of discounts

 

 

 

 

 

 

 

 

 

Retail

$

212,575

$

205,284

 

$

420,635

$

403,956

Consumer packaged goods

 

175,656

 

169,437

 

 

343,195

 

339,721

Intersegment eliminations

 

(81,548)

 

(81,464)

 

 

(156,957)

 

(170,880)

Total revenues, net of discounts

$

306,683

$

293,257

 

$

606,873

$

572,797

Cost of goods sold

 

 

 

 

 

 

 

 

 

Retail

$

130,157

$

136,478

 

$

255,405

$

269,831

Consumer packaged goods

 

109,438

 

104,796

 

 

213,579

 

204,586

Intersegment eliminations

 

(70,786)

 

(94,273)

 

 

(143,630)

 

(191,151)

Total cost of goods sold

$

168,809

$

147,001

 

$

325,354

$

283,266

Gross profit

 

 

 

 

 

 

 

 

 

Retail

$

82,418

$

68,806

 

$

165,230

$

134,125

Consumer packaged goods

 

66,218

 

64,641

 

 

129,616

 

135,135

Intersegment eliminations

 

(10,762)

 

12,809

 

 

(13,327)

 

20,271

Total gross profit

$

137,874

$

146,256

 

$

281,519

$

289,531

Depreciation and amortization

 

 

 

 

 

 

 

 

 

Retail

$

14,158

$

11,442

 

$

27,330

$

22,530

Consumer packaged goods

 

19,018

 

18,229

 

 

38,259

 

36,552

Intersegment eliminations

 

—

 

—

 

 

—

 

—

Total depreciation and amortization

$

33,176

$

29,671

 

$

65,589

$

59,082

Goodwill assigned to the Retail segment as of June 30, 2026 and December 31, 2025 was $286,670 thousand and $277,342 thousand, respectively. Intangible assets, net assigned to the Retail segment as of June 30, 2026 and December 31, 2025 was $261,042 thousand and $251,846 thousand, respectively.

Goodwill assigned to the Consumer Packaged Goods segment as of June 30, 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 June 30, 2026 and December 31, 2025 was $174,543 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.