v3.26.3
Segment reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of segment reporting
The following tables presents Adjusted EBITDA by reportable segment for the three months ended September 30, 2026 and 2025:
Three months ended September 30,
Domestic
International(1)
Total
202620252026202520262025
Loss before Benefit (provision) for income taxes$(22,981)$(18,145)$126 $(3,272)$(22,855)$(21,417)
Total other expense (income), net23,315 26,1222,483 2,217 25,798 28,339 
Depreciation and amortization(2)
45,105 42,7036,434 6,289 51,539 48,992 
Other adjustments(3)
22,788 14,293307 1,500 23,095 15,793 
Adjusted EBITDA$68,227 $64,973$9,350 $6,734$77,577 $71,707
(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 September 30, 2026 primarily include costs related to share-based compensation expense of $14.0 million, restructuring costs of $1.7 million, adult use campaign and political initiatives of $1.2 million as well as acquisition, transaction, and other non-recurring costs of $6.2 million. Other adjustments for the three months ended September 30, 2025, primarily include costs related to share-based compensation expense of $10.3 million, restructuring costs of $0.2 million, as well as acquisition, transaction, and other non-recurring costs of $5.3 million.
(1) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted for share-based compensation expense and other adjustments related to restructuring costs, adult use campaign and political initiatives, as well as acquisition, transaction and other non-recurring costs.
Nine months ended September 30,
Domestic
International(1)
Total
202620252026202520262025
Loss before Benefit (provision) for income taxes$(65,830)$(50,872)$(11,962)$(3,215)$(77,792)$(54,087)
Total other expense (income), net74,545 80,45811,165 (3,837)85,710 76,621
Depreciation and amortization(2)
128,670 128,77719,336 18,208148,006 146,985
Other adjustments (3)
53,351 31,2111,839 4,94455,190 36,155
Adjusted EBITDA$190,736 $189,574$20,378$16,100$211,114$205,674
(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 nine months ended September 30, 2026 primarily include costs related to share-based compensation expense of $34.0 million, restructuring costs of $4.0 million, adult use campaign and political initiatives of $5.1 million as well as acquisition, transaction, and other non-recurring costs of $12.1 million. Other adjustments for the nine months ended September 30, 2025 primarily include costs related to share-based compensation expense of $23.4 million, restructuring costs of $2.2 million, as well as acquisition, transaction, and other non-recurring costs of $10.6 million.
The following tables present selected financial information by reportable segment for the three months ended September 30, 2026 and 2025:
Three months ended September 30,
Domestic
International(1)
Total
202620252026202520262025
Retail revenues$225,076 $211,483 $17,533 $14,151 $242,609 $225,634 
Wholesale revenues68,637 60,138 37,532 27,761 106,169 87,899 
Management fee income240 245 3,632 4,078 3,872 4,323 
Total revenues, net293,953 271,866 58,697 45,990 352,650 317,856 
Cost of goods sold (less depreciation and amortization)133,850 118,218 33,291 25,212 167,141 143,430 
Selling, general and administrative(2)
114,664 102,968 16,363 15,544 131,027 118,512 
Less: other adjustments(3)
(22,788)(14,293)(307)(1,500)(23,095)(15,793)
Adjusted EBITDA68,227 64,973 9,350 6,734 77,577 71,707 
Capital expenditures$13,850 $11,151 $3,217 $4,454 $17,067 $15,605 
(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 September 30, 2026 primarily include costs related to share-based compensation expense of $14.0 million, restructuring costs of $1.7 million, adult use campaign and political initiatives of $1.2 million as well as acquisition, transaction, and other non-recurring costs of $6.2 million. Other adjustments for the three months ended September 30, 2025 primarily include costs related to share-based compensation expense of $10.3 million, restructuring costs of $0.2 million, as well as acquisition, transaction, and other non-recurring costs of $5.3 million.
The following tables present selected financial information by reportable segment for the nine months ended September 30, 2026 and 2025:
Nine months ended September 30,
Domestic
International(1)
Total
202620252026202520262025
Retail revenues$664,678 $647,511 $49,771 $38,139 $714,449 $685,650 
Wholesale revenues194,199 165,167 97,764 76,189 291,963 241,356 
Management fee income759 568 9,809 7,493 10,568 8,061 
Total revenues, net859,636 813,246 157,344 121,821 1,016,980 935,067 
Cost of goods sold (less depreciation and amortization)386,988 359,291 88,494 65,569 475,482 424,860 
Selling, general and administrative(2)
335,263 295,592 50,311 45,096 385,574 340,688 
Less: other adjustments(3)
(53,351)(31,211)(1,839)(4,944)(55,190)(36,155)
Adjusted EBITDA190,736 189,574 20,378 16,100 211,114 205,674 
Capital expenditures42,275 38,083 7,707 8,826 49,982 46,909 
(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 nine months ended September 30, 2026 primarily include costs related to share-based compensation expense of $34.0 million, restructuring costs of $4.0 million, adult use campaign and political initiatives of $5.1 million as well as acquisition, transaction, and other non-recurring costs of $12.1 million. Other adjustments for the nine months ended September 30, 2025 primarily include costs related to share-based compensation expense of $23.4 million, restructuring costs of $2.2 million, as well as acquisition, transaction, and other non-recurring costs of $10.6 million.
The following table presents total assets by reportable segment as of September 30, 2026 and December 31, 2025:
Total assets:DomesticInternationalTotal
September 30, 2026$2,467,222 $325,913 $2,793,135 
December 31, 20252,415,707 429,608 2,845,315