SUPPLEMENTARY FINANCIAL INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Inventories |
Inventories are comprised of the following as of: | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | | | | | (in thousands) | | Raw materials | | | | | Cannabis plants | $ | 16,767 | | | $ | 18,433 | | | Packaging and supplies | 20,027 | | | 26,161 | | | Total raw materials | 36,794 | | | 44,594 | | | Work in process | 112,870 | | | 139,171 | | | Finished goods - unmedicated | 4,016 | | | 5,372 | | | Finished goods - medicated | 37,150 | | | 53,161 | | Total inventories | $ | 190,830 | | | $ | 242,298 | |
|
| Schedule of Stated Maturities of Notes Receivable |
| | | | | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | | | | | | | (in thousands) | | Notes receivable, gross | | $ | 450 | | | $ | 6,589 | | | | | | | | Less: allowance for credit losses | | — | | | (4,894) | | | Less: current portion of notes receivable | | (75) | | | (1,245) | | | Notes receivable, net | | $ | 375 | | | $ | 450 | |
|
| Schedule of Held for Sale Assets |
The following table presents a roll forward of held‑for‑sale assets, including net transfers into and out of held‑for‑sale classification, which are recorded in other current assets on the condensed consolidated balance sheets, for the periods presented: | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | | | | | (in thousands) | | Balance, beginning of period | $ | 15,047 | | | $ | 18,329 | | | Net transfers to (from) held for sale | (11,872) | | | 5,660 | | | | | | | Impairments | — | | | (2,485) | | | Assets sold | (3,175) | | | (6,457) | | | Balance, end of period | $ | — | | | $ | 15,047 | |
|
| Schedule of Future Minimum Lease Payments under Non-cancellable Leases |
Future minimum lease payments under the Company's non-cancellable finance leases as of September 30, 2026 are as follows:
| | | | | | | | | | | | | | | Finance
Leases | | | | | | | | | | Year | | (in thousands) | | Remainder of 2026 | | | $ | 4,296 | | | | | 2027 | | | 16,867 | | | | | 2028 | | | 15,953 | | | | | 2029 | | | 14,677 | | | | | 2030 | | | 12,099 | | | | | Thereafter | | | 34,828 | | | | | Total | | | $ | 98,720 | | | |
|
| Schedule of Fair Value of Financial Instruments by Class |
The fair values of financial instruments measured on a recurring basis by class are as follows as of: | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy Level (1) | | September 30, 2026 | | December 31, 2025 | | | | | | | Financial Assets: | | | | | | Money market funds (2) | Level 1 | | $ | 315,015 | | | $ | 236,633 | | | | | | | | | Total financial assets | | | $ | 315,015 | | | $ | 236,633 | | | Financial Liabilities: | | | | | | Interest rate swap (3) | Level 2 | | $ | 61 | | | $ | 1,630 | |
| | | | | | | | (1) There were no transfers between hierarchy levels during the periods ended September 30, 2026 or December 31, 2025. | (2) Interest income from money market funds was $2.8 million and $4.2 million for the three months ended September 30, 2026 and 2025, respectively, and was $8.0 million and $10.5 million for the nine months ended September 30, 2026 and 2025, respectively. Money market funds are included in cash and cash equivalents on the condensed consolidated balance sheets. | (3) The fair value of the interest rate swap liability is recorded in other long-term liabilities on the condensed consolidated balance sheets. |
|
| Schedule of Stock Option Activity |
The following table summarizes the Company's stock option activity for the nine months ended September 30, 2026:
| | | | | | | Number of options | | Outstanding options, beginning of period | 5,178,194 | Granted (1) | 507,138 | | Exercised | (229,389) | | Forfeited | — | | Expired | (297,580) | | Outstanding options, end of period | 5,158,363 | | Vested and exercisable options, end of period | 3,626,934 |
| | | | | | | | (1) The weighted average exercise price for stock options granted was $6.40. |
|
| Schedule of Restricted Stock Units Activity |
The following table summarizes the Company's restricted stock unit ("RSU") activity for the nine months ended September 30, 2026: | | | | | | | Number of
restricted stock units | | Unvested balance, beginning of period | 5,829,851 | Granted (1) | 2,551,714 | | Vested | (555,774) | | Forfeited | (524,868) | | Unvested balance, end of period | 7,300,923 |
| | | | | | | | (1) The weighted average grant date fair value of RSUs granted was $6.40. |
|
| Schedule of Nonvested Performance-Based Units Activity |
The following table summarizes the Company's PSU activity for the nine months ended September 30, 2026: | | | | | | | Number of
performance stock units | | Unvested balance, beginning of period | — | | Granted (1) | 356,571 | | Vested | (29,297) | | Forfeited | — | | Unvested balance, end of period | 327,274 |
| | | | | | | | (1) The weighted average grant date fair value of PSUs granted was $6.40. |
|
| Schedule of Revenue Disaggregation |
Revenue is comprised of the following for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | (in thousands) | | Retail | $ | 219,297 | | | $ | 270,789 | | | $ | 739,380 | | | $ | 836,638 | | Wholesale and other | 10,918 | | | 17,398 | | | 48,541 | | | 51,395 | | Total revenue | $ | 230,215 | | | $ | 288,187 | | | $ | 787,921 | | | $ | 888,033 | |
|