v3.26.1
Segment reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment reporting
Note 25 — Segment reporting
The Company operates through two distinct reportable segments:(i) Domestic Operations and (ii) International Operations. This segmentation reflects the point at which the Company's business units no longer share similar economic characteristics and differ significantly in key areas, including:
(a) the nature of cultivation and manufacturing processes;
(b) the class of customer for products and services;
(c) distribution methods and
(d) the regulatory environments in which they operate.
In addition, this segmentation reflects the manner in which the Company’s chief operating decision maker (the “CODM”), its CEO, allocates resources and evaluates performance as well as the manner in which the Company’s internal financial reporting is structured.
The Company’s reportable segments generate revenues from the cultivation, production and distribution of cannabis products. The Company’s Domestic Operations are vertically integrated in the majority of the states in which the Company operates and derives the majority of its revenues from retail sales. In contrast, the Company’s International Operations is organized on a country-level basis, has centralized cultivation facilities in Portugal and Canada and derives the majority of its revenue from wholesale sales.
The Company’s CODM assesses the performance of and allocates resources to each reportable segment using Adjusted EBITDA(1) as the primary measure of profitability. The CODM also reviews significant segment expenses within this measure, which consist primarily of Cost of goods sold and Total operating expenses.
The accounting policies for each reportable segment are consistent with those described in Note 3 — Significant accounting policies. There are no intersegment sales or transfers between the Company's reportable segments. Corporate overhead costs are primarily incurred within the Domestic Operations segment and are not allocated to the International Operations segment, consistent with how the CODM evaluates segment performance.
The following tables presents Adjusted EBITDA by reportable segment for the three months ended June 30, 2026 and 2025:
Three months ended June 30,
Domestic
International(1)
Total
202620252026202520262025
Loss before Benefit (provision) for income taxes$(21,648)$(15,640)$(4,660)$(630)$(26,308)$(16,270)
Total other expense (income), net26,654 26,8003,876 (4,284)30,530 22,516 
Depreciation and amortization(2)
42,121 43,1916,491 5,973 48,612 49,164 
Other adjustments(3)
16,413 9,578876 2,885 17,289 12,463 
Adjusted EBITDA$63,540 $63,929$6,583 $3,944$70,123 $67,873
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD.
(2) Depreciation and amortization includes depreciation and amortization from cost of goods sold and operating expenses.
(3) Other adjustments for the three months ended June 30, 2026 primarily include costs related to share-based compensation expense of $10.3 million, restructuring costs of $1.0 million, adult use campaign and political initiatives of $3.2 million as well as acquisition, transaction, and other non-recurring costs of $2.8 million. Other adjustments for the three months ended June 30, 2025 primarily include costs related to share-based compensation expense of $8.5 million, restructuring costs of $1.3 million, as well as acquisition, transaction, and other non-recurring costs of $2.7 million.
(1) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted for share-based compensation expense and other adjustments related to restructuring costs, adult use campaign and political initiatives, as well as acquisition, transaction and other non-recurring costs.
Six months ended June 30,
Domestic
International(1)
Total
202620252026202520262025
Loss before Benefit (provision) for income taxes$(46,337)$(32,724)$(8,600)$55$(54,937)$(32,669)
Total other expense (income), net54,717 54,3335,195 (6,052)59,912 48,281
Depreciation and amortization(2)
83,565 86,07412,902 11,91996,467 97,993
Other adjustments (3)
30,563 16,9171,531 3,44532,094 20,362
Adjusted EBITDA$122,508 $124,600$11,028$9,367$133,536$133,967
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD.
(2) Depreciation and amortization includes depreciation and amortization from cost of goods sold and operating expenses.
(3) Other adjustments for the six months ended June 30, 2026 primarily include costs related to share-based compensation expense of $19.9 million, restructuring costs of $2.2 million, adult use campaign and political initiatives of $3.9 million as well as acquisition, transaction, and other non-recurring costs of $6.1 million. Other adjustments for the six months ended June 30, 2025 primarily include costs related to share-based compensation expense of $13.1 million, restructuring costs of $2.1 million, as well as acquisition, transaction, and other non-recurring costs of $5.2 million.
The following tables present selected financial information by reportable segment for the three months ended June 30, 2026 and 2025:
Three months ended June 30,
Domestic
International(1)
Total
202620252026202520262025
Retail revenues$224,378 $216,384 $16,353 $12,929 $240,731 $229,313 
Wholesale revenues64,046 53,207 31,947 25,970 95,993 79,177 
Management fee income271 86 3,104 2,010 3,375 2,096 
Total revenues, net288,695 269,677 51,404 40,909 340,099 310,586 
Cost of goods sold (less depreciation and amortization)126,788 120,718 28,800 23,101 155,588 143,819 
Selling, general and administrative(2)
114,780 94,608 16,897 16,749 131,677 111,357 
Less: other adjustments(3)
(16,413)(9,578)(876)(2,885)(17,289)(12,463)
Adjusted EBITDA63,540 63,929 6,583 3,944 70,123 67,873 
Capital expenditures14,128 11,819 1,802 3,230 15,930 15,049 
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segmented results across quarters and year-over-year.
(2) See Note 20 — Selling, general and administrative expenses for additional detail regarding the composition of consolidated selling, general and administrative expenses. No individual selling, general and administrative expense category within the International segment exceeded 10% of total consolidated selling, general and administrative expenses.
(3) Other adjustments for the three months ended June 30, 2026 primarily include costs related to share-based compensation expense of $10.3 million, restructuring costs of $1.0 million, adult use campaign and political initiatives of $3.2 million as well as acquisition, transaction, and other non-recurring costs of $2.8 million. Other adjustments for the three months ended June 30, 2025 primarily include costs related to share-based compensation expense of $8.5 million, restructuring costs of $1.3 million, as well as acquisition, transaction, and other non-recurring costs of $2.7 million.
The following tables present selected financial information by reportable segment for the six months ended June 30, 2026 and 2025:
Six months ended June 30,
Domestic
International(1)
Total
202620252026202520262025
Retail revenues$439,601 $436,028 $32,238 $23,988 $471,839 $460,016 
Wholesale revenues125,562 105,030 60,233 48,427 185,795 153,457 
Management fee income519 322 6,177 3,416 6,696 3,738 
Total revenues, net565,682 541,380 98,648 75,831 664,330 617,211 
Cost of goods sold (less depreciation and amortization)253,139 241,074 55,202 40,356 308,341 281,430 
Selling, general and administrative(2)
220,598 192,623 33,949 29,553 254,547 222,176 
Less: other adjustments(3)
(30,563)(16,917)(1,531)(3,445)(32,094)(20,362)
Adjusted EBITDA122,508 124,600 11,028 9,367 133,536 133,967 
Capital expenditures28,425 26,932 4,490 4,372 32,915 31,304 
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segmented results across quarters and year-over-year.
(2) See Note 20 — Selling, general and administrative expenses for additional detail regarding the composition of consolidated selling, general and administrative expenses. No individual selling, general and administrative expense category within the International segment exceeded 10% of total consolidated selling, general and administrative expenses.
(3) Other adjustments for the six months ended June 30, 2026 primarily include costs related to share-based compensation expense of $19.9 million, restructuring costs of $2.2 million, adult use campaign and political initiatives of $3.9 million as well as acquisition, transaction, and other non-recurring costs of $6.1 million. Other adjustments for the six months ended June 30, 2025 primarily include costs related to share-based compensation expense of $13.1 million, restructuring costs of $2.1 million, as well as acquisition, transaction, and other non-recurring costs of $5.2 million.
The CODM reviews total assets as the primary balance sheet metric to assess each segment. The following table presents total assets by reportable segment as of June 30, 2026 and December 31, 2025:
Total assets:DomesticInternationalTotal
June 30, 2026$2,394,744 $419,613 $2,814,357 
December 31, 20252,415,707 429,608 2,845,315 
No single customer or country other than the United States accounted for 10% or more of consolidated revenue during the three months or six months ended June 30, 2026 and June 30, 2025. In addition, no individual country other than the United States represented a material portion of long-lived assets during those periods.