ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired (Liability Assumed)

The following table summarizes the preliminary purchase price allocations for the business combinations recognized in 2026, described above, which remain preliminary as management refines certain estimates during the respective measurement periods:


(in thousands)	Northeast Partnership Dispensaries Seven and Eight		Midwest Partnership Two Dispensaries
Assets acquired (liabilities assumed):
Cash	$	14	$	34
Inventory	358		831
Other current assets	79		209
Property and equipment(1)	743		2,714
Other assets	122		491
License(2)	1,570		11,720
Goodwill(3)	714		6,301

Net assets acquired	$	3,600	$	22,300

Consideration transferred:
Cash(4)	$	3,600	$	22,300

Total consideration	$	3,600	$	22,300

(1)Consists of $706 of leasehold improvements and $37 of furniture, fixtures, and equipment related to Northeast Partnership Dispensaries Seven and Eight and $2,610 of leasehold improvements and $104 of furniture, fixtures, and equipment related to the Midwest Partnership Two Dispensaries.

(2)The amortization period for the acquired licenses is 10 years.

(3)Goodwill is largely attributable to the value expected to be obtained from long-term business growth and buyer-specific synergies. Goodwill is largely not deductible for tax purposes under the limitations under Internal Revenue Code (“IRC”) Section 280E; see Note 14, “Income Taxes,” for additional information.

(4)Of the total cash consideration, $800 was paid in May 2026 for Northeast Partnership Dispensaries Seven and Eight. A deposit of $3,200 was remitted during the three months ended March 31, 2026 and $2,500 was remitted during the three months ended June 30, 2026 related to the Midwest Partnership Two Dispensaries. The remaining consideration due for each transaction is included within sellers’ notes as a component of debt; refer to Note 11, “Debt,” for additional information.

Schedule of Revenue and Net Income (Loss) Related to Our Business Combinations

The following table summarizes the revenue and net income (loss) related to the acquisitions that were consolidated during 2025, as described above, from their respective effective dates, as applicable. Pro forma financial information is not presented for these acquisitions, as such results are immaterial, individually and in aggregate, to both the current and prior periods.


	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
(in thousands)	Revenue		Net income (loss)		Revenue		Net loss
Midwest Partnership Dispensary Three	$	1,060	$	90	$	827	$	(196)
Midwest Partnership Dispensary Four	1,862		386		251		(72)
Northeast Partnership Dispensary One	1,458		295		425		(24)
Northeast Partnership Dispensaries Two and Three	2,341		(333)		—		—


	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
(in thousands)	Revenue		Net income (loss)		Revenue		Net loss
Midwest Partnership Dispensary Three	$	2,081	$	488	$	902	$	(184)
Midwest Partnership Dispensary Four	3,454		739		251		(72)
Northeast Partnership Dispensary One	2,783		373		425		(24)
Northeast Partnership Dispensaries Two and Three	4,558		(795)		—		—