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美国

证券交易委员会

华盛顿特区20549

表格 10-Q

根据1934年证券交易法第13或15(d)条款的季度报告。

截至2024年6月30日季度结束 九月三十日, 2024

根据1934年证券交易法第13条或第15(d)条,交易所法过渡报告 汇报期间 从 至

img169863585_0.jpg

委员会文件编号 000-56132

绿拇指工业股份有限公司。

(依凭章程所载的完整登记名称)

不列颠哥伦比亚

98-1437430

(依据所在地或其他管辖区)

的注册地或组织地点)

(I.R.S. 雇主识别号码)

识别号码)

325 West Huron Street,

Suite 700 芝加哥, 伊利诺伊州

60654

(总部办公地址)

388-0349

注册人的电话号码,包括区域代码 - (312) 471-6720

根据《证券法》第12(g)条规定注册的证券:

附属投票股份

多重投票股份

超级投票股份

(每一课的标题)

请勾选以下项目,以判定在过去12个月(或更短期间,该注册人被要求提交报告)内所有根据1934年证券交易法第13条或第15(d)条要求提供报告的报告是否已经提交,并且该注册人在过去90天中是否受到提交报告的要求。 ☒ 否 ☐

在前12个月内(或公司需要提交这些文件的较短时间内),公司是否已通过选中标记表明已阅读并提交了应根据S-t法规第405条规定(本章第232.405条)提交的所有互动式数据文件? ☒ 否 ☐

请勾选该申报者是否为大型快速申报者、快速申报者、非快速申报者、小型报告公司或新兴成长公司。请参阅交易所法案第1202条中“大型快速申报者”、“快速申报者”、“小型报告公司”和“新兴成长公司”的定义。

大型加速归档人

加速归档人

非加速归档人

小型报告公司

新兴成长型企业

如果是新兴成长公司,请用勾选表示该注册人已选择不使用根据《交易所法》第13(a)条提供的任何新的或修订的财务会计标准的扩展过渡期来遵守。 ☐

请勾选表示登记人是否为空壳公司(按照法案第120亿2条的定义)。是 ☐ 否

截至2024年11月1日212,043,394 公司的普通投票股份 37,623 公司的多重投票股份 206,690 公司的超级投票股份尚有股份。

 

 


 

绿拇指工业股份有限公司。

第10-Q表格季报告

截至2024年9月30日的季度结束

目 录

财务

资讯

页面

第一部分

项目 1:

截至2024年9月30日和2023年12月31日的未经审核的中期总账基本报表

4

截至2024年9月30日和2023年的三个和九个月的未经审核的中期摘要综合损益表

5

截至2024年9月30日和2023年的三个和九个月的未经审核的中期损益表

6

截至2024年9月30日和2023年基本报表未经审计的中期简明综合现金流量表

8

未经审核中期纵向合并基本报表附注

10

项目 2:

管理层对财务状况和业绩的讨论与分析

29

项目 3:

市场风险的定量和定性披露

37

项目 4:

内部控制及程序

37

 

其他

资讯

项目 1:

法律诉讼

38

项目 1A:

风险因素

38

项目 2:

股票权益的未注册销售和资金用途

38

项目3:

优先证券违约

38

项目4:

矿业安全披露

39

项目5:

其他信息

39

项目6:

展品

40

签名

41

 

 


 

姓名的使用

在本十大卷报告书中,除非情况另有要求,“我们”、“我们的”、“我们公司”、“企业”或“Green Thumb”指的是 Green Thumb Industries Inc. 及其全资子公司。

货币

本文件中提及的“$”或“US$”均指美元,“C$”指加拿大元。

关于前瞻性声明的披露

 

本季度10-Q表格中包含我们认为是或可能被视为“前瞻性陈述”的陈述。 本文件中包含的除了历史事实陈述之外的所有陈述,涉及我们行业前景或我们的前景、计划、财务状况或业务策略,均可能构成前瞻性陈述。此外,前瞻性陈述通常可通过使用前瞻性字词,如“可能”、“将”、“期望”、“打算”、“估计”、“预见”、“项目”、“预计”、“相信”、“计划”、“预测”、“继续” 或“可能”或这些词的否定形式或这些词或与它们具有类似含义的词或表达方式的变体来识别。 此外,前瞻性陈述可能包含在我们向证券交易委员会(“SEC”)提交的各种申请中,以及由我们授权的一位主管人员之一进行的新闻稿或口头陈述中。尽管我们认为这些前瞻性陈述所反映的期望是合理的,但我们无法保证这些期望将被证明正确。 这些前瞻性陈述受到某些已知和未知风险和不确定性的影响,以及可能导致实际结果与这些前瞻性陈述所反映的结果有实质差异的假设。这些已知和未知风险包括但不限于:大麻在美国联邦法律下仍属非法,并且执法有可能发生变化;各州对大麻的管制不确定;公司可能无法获得或保留必要的许可和授权;公司可能受到加拿大监管机构的高度关注;公司可能面临大麻许可的所有权限制;公司可能会受到美国食品和药品管理局或美国酒精、烟草、枪支和爆裂品管理局的管制;作为大麻企业,公司受适用反洗钱法律和法规的约束,并受限于银行和其他金融服务的使用;公司可能面临获得额外融资的困难;公司无法获得美国破产法的保护;公司运营于受到高度管制的行业中,可能无法始终成功地遵守公司进行业务的所有司法管辖区的申请性法规要求;公司面临激烈的竞争;公司面临来自非法市场以及符合农业法案的实际或号称符合农业法案的大麻产品的竞争;公司依赖其品牌组合的受欢迎程度和消费者接受程度;公司的商标保护有限;大麻企业受到不利税收待遇,可能会承担重大税务负担;公司受犯罪所得法令约束;公司面临欺诈或非法活动的风险;公司面临因行业尚不成熟或比较有限、竞争激烈或尚未建立行业最佳实践而产生的风险;公司面临与其产品相关的风险;公司的业务受到农业运作固有风险的影响;公司可能受到能源成本上升或波动和供应不足的影响;公司面临与其资讯技术系统以及潜在的网络攻击和安全漏洞相关的风险;公司依赖第三方软件提供商提供许多其操作所依赖的能力,一个或多个系统的中断可能会对业务产生不利影响;公司依赖公司管理团队和其他在大麻行业有经验的员工的专业知识,关键人员流失可能会对公司的业务、财务状况和营运结果产生负面影响;公司面临产品责任或类似索赔的固有风险;公司的产品可能受到召回;公司可能面临不利的宣传或消费者观感;并且公司的表决权受集中控制;公司的资本结构和表决权可能导致不可预测性;在公开市场上,我们的普通股股东出售大量次级表决股可能对我们次级表决股的市场价格产生不利影响,并可能影响公司的业务和财务状况以及营运结果。 这些以及其他风险在该公司截至2023年12月31日止的年度10-k报告的“风险因素”部分中进一步描述,以及该公司在美国证券交易委员会提交的及SEC的网站上或网址中可获得的文件中描述。 https://investors.gtigrows.com读者应该谨慎对待本文件中包含的任何前瞻性声明,这些声明仅反映管理层截至本日期的意见。除非法律要求,我们将不会有义务修订或公开发布任何前瞻性声明的结果。建议您查阅我们在向美国证券交易委员会提交的报告中作出的任何额外披露。我们或代表我们行事的任何人作出的所有后续书面和口头前瞻性声明均受到本文件中包含的警语性声明的完全限制。

 

 

3


 

绿拇指产业公司。

未经审计的中期简明综合资产负债表

截至2024年9月30日和2023年12月31日

(金额以美元表示)

 

 

 

 

九月三十日,

 

 

12月31日,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

(已经接受审计)

 

 

 

(以千为单位)

 

资产

 

 

 

 

 

 

流动资产:

 

 

 

 

 

 

现金及现金等价物

 

$

173,641

 

 

$

161,634

 

应收帐款净额

 

 

48,962

 

 

 

42,975

 

应收所得税

 

 

5,487

 

 

 

 

存货净额

 

 

138,283

 

 

 

112,970

 

预付费用

 

 

18,164

 

 

 

19,801

 

其他流动资产

 

 

7,337

 

 

 

5,382

 

所有流动资产总额

 

 

391,874

 

 

 

342,762

 

资产和设备,净值

 

 

695,666

 

 

 

687,106

 

使用权资产,净额

 

 

245,978

 

 

 

238,369

 

投资

 

 

61,422

 

 

 

64,361

 

对联属公司的投资

 

 

21,934

 

 

 

24,942

 

应收票据

 

 

3,893

 

 

 

550

 

无形资产,扣除累计摊销和减值,净额

 

 

500,860

 

 

 

538,678

 

商誉

 

 

589,691

 

 

 

589,691

 

逆延迟所得税资产

 

 

1,041

 

 

 

1,041

 

存款和其他资产

 

 

2,513

 

 

 

2,557

 

总资产

 

$

2,514,872

 

 

$

2,490,057

 

负债和股东权益

 

 

 

 

 

 

负债

 

 

 

 

 

 

当前负债:

 

 

 

 

 

 

应付帐款

 

$

19,848

 

 

$

24,495

 

应计负债

 

 

75,584

 

 

 

59,552

 

应付酬劳

 

 

19,295

 

 

 

16,005

 

应付票据的当期部分

 

 

9,397

 

 

 

2,996

 

租赁负债的当期部分

 

 

13,329

 

 

 

12,297

 

应付所得税

 

 

23,216

 

 

 

10,705

 

全部流动负债

 

 

160,669

 

 

 

126,050

 

长期负债:

 

 

 

 

 

 

租赁负债净额,不含当期部分

 

 

260,790

 

 

 

249,464

 

应付票据,减除当期部分及债务折扣

 

 

246,182

 

 

 

305,527

 

应付条件性对价款

 

 

 

 

 

33,250

 

递延所得税

 

 

72,510

 

 

 

72,510

 

负债合计

 

 

740,151

 

 

 

786,801

 

承诺事项与可能负担之事项

 

 

 

 

 

 

股东权益

 

 

 

 

 

 

普通股股份 (2024年9月30日授权、发行及流通股份:
   
不限, 211,718,705并且 211,718,705,分别于2023年12月31日:
   
不限, 209,871,792并且 209,871,792及$,分别为:

 

 

 

 

 

 

多重投票股(截至2024年9月30日授权、发行及流通股份:
   
不限, 37,683以及 37,683,分别为2023年12月31日:
   
不限, 38,531以及 38,531及$,分别为:

 

 

 

 

 

 

超级投票股(截至2024年9月30日授权、发行及流通股份:
   
不限, 206,690以及 206,6902023年12月31日的资产和负债总额分别为:
   
不限, 216,690以及 216,690及$,分别为:

 

 

 

 

 

 

股本

 

 

1,748,788

 

 

 

1,703,852

 

盈余(赤字)盈余

 

 

(25,520

)

 

 

7,871

 

推迟的股份发行

 

 

12,973

 

 

 

12,973

 

累积盈余(赤字)

 

 

38,586

 

 

 

(21,818

)

绿拇指产业公司的权益

 

 

1,774,827

 

 

 

1,702,878

 

非控制权益

 

 

(106

)

 

 

378

 

股东权益总计

 

 

1,774,721

 

 

 

1,703,256

 

负债及股东权益总额

 

$

2,514,872

 

 

$

2,490,057

 

 

附注是这些未经审核的中期简明综合基本报表的组成部分

4


 

绿拇指产业公司。

未经审计的基本营业费用简明综合报表

2024年和2023年截至9月30日的三个和九个月

(金额以美元表示,股份数量除外)

 

 

 

 

截至9月30日的三个月

 

 

截至9月30日的九个月

 

2024

 

2023

 

 

2024

 

2023

 

 

(以千为单位)

 

 

(以千为单位)

收入,折扣后净额

$

286,865

$

275,398

 

$

842,818

$

776,322

营业成本

 

(139,274)

 

(141,592)

 

 

(399,778)

 

(392,515)

毛利润

 

147,591

 

133,806

 

 

443,040

 

383,807

费用:

 

 

 

 

 

 

 

 

 

销售、一般及行政费用

 

104,967

 

84,779

 

 

275,725

 

249,515

总费用

 

104,967

 

84,779

 

 

275,725

 

249,515

营业收入

 

42,624

 

49,027

 

 

167,315

 

134,292

其他收入(费用):

 

 

 

 

 

 

 

 

 

其他(费用)收益,净额

 

(290)

 

(631)

 

 

411

 

23

利息收入净额

 

2,665

 

1,576

 

 

7,082

 

4,838

利息支出,净

 

(5,296)

 

(4,639)

 

 

(18,791)

 

(11,324)

其他费用总额

 

(2,921)

 

(3,694)

 

 

(11,298)

 

(6,463)

税前收入及非控制权益之前的净利润

 

39,703

 

45,333

 

 

156,017

 

127,829

所得税负债

 

30,922

 

34,526

 

 

94,970

 

93,927

非控制权益之前的净利润

 

8,781

 

10,807

 

 

61,047

 

33,902

归属于非控制权益的净利润

 

165

 

295

 

 

643

 

851

属于Green Thumb Industries Inc.的净利润

$

8,616

$

10,512

 

$

60,404

$

33,051

基本每股收益

$

0.04

$

0.05

 

$

0.26

$

0.14

稀释每股收益

$

0.04

$

0.05

 

$

0.26

$

0.14

基本每股未股份的加权平均数量

 

236,303,348

 

239,459,783

 

 

236,821,181

 

238,248,852

稀释后加权平均股本

 

238,295,887

 

240,289,959

 

 

239,934,521

 

239,827,112

 

附注是这些未经审计的中期简明综合基本报表的不可或缺的一部分。

5


 

绿拇指产业公司。

未经审核的中期简明综合股东权益变动表

2024年和2023年截至9月30日的三个和九个月

(金额以美元表示)

 

 

 

 

A类普通股(即「股份」)
资本

 

 

贡献
盈余(赤字)

 

 

递延股份
发行

 

 

累计
收益(赤字)

 

 

非控制
利息

 

 

总计

 

 

 

(以千为单位)

 

2023年7月1日结存

$

 

1,693,429

 

$

 

34,421

 

$

 

12,973

 

$

 

(35,546

)

$

 

539

 

$

 

1,705,816

 

条件性对价款之分配

 

 

6,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,454

 

期权、RSU行使

 

 

2,461

 

 

 

(694

)

 

 

 

 

 

 

 

 

 

 

 

1,767

 

股份报酬

 

 

 

 

 

7,215

 

 

 

 

 

 

 

 

 

 

 

 

7,215

 

支付给非控股权持有人的分配

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(270

)

 

 

(270

)

回购优先投票股份

 

 

 

 

 

(24,890

)

 

 

 

 

 

 

 

 

 

 

 

(24,890

)

净利润

 

 

 

 

 

 

 

 

 

 

 

10,512

 

 

 

295

 

 

 

10,807

 

2023年9月30日的余额

$

 

1,702,344

 

$

 

16,052

 

$

 

12,973

 

$

 

(25,034

)

$

 

564

 

$

 

1,706,899

 

2023年1月1日的结余

$

 

1,663,557

 

$

 

23,233

 

$

 

36,211

 

$

 

(58,085

)

$

 

516

 

$

 

1,665,432

 

发行递延股份

 

 

20,454

 

 

 

 

 

 

(20,454

)

 

 

 

 

 

 

 

 

 

分配条件考量

 

 

12,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,524

 

与后收购成本相关的递延股份补偿

 

 

 

 

 

 

 

 

(2,784

)

 

 

 

 

 

 

 

 

(2,784

)

期权和限制性股票单位(RSUs)的行使

 

 

5,809

 

 

 

(3,126

)

 

 

 

 

 

 

 

 

 

 

 

2,683

 

股份报酬

 

 

 

 

 

20,835

 

 

 

 

 

 

 

 

 

 

 

 

20,835

 

分配给非控制股权持有人

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(803

)

 

 

(803

)

回购普通投票股份

 

 

 

 

 

(24,890

)

 

 

 

 

 

 

 

 

 

 

 

(24,890

)

净利润

 

 

 

 

 

 

 

 

 

 

 

33,051

 

 

 

851

 

 

 

33,902

 

2023年9月30日的余额

$

 

1,702,344

 

$

 

16,052

 

$

 

12,973

 

$

 

(25,034

)

$

 

564

 

$

 

1,706,899

 

 

 

 

附注是这些未经审计的中期简明综合基本报表的一部分

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6


 

 

绿拇指产业公司。

未经审核的中期简明综合股东权益变动表

2024年和2023年截至9月30日的三个和九个月

(金额以美元表示)

 

 

 

 

A类普通股(即「股份」)
资本

 

贡献
盈余(赤字)

 

推迟股份
发行

 

累计
收益(赤字)

 

非控制
利息

 

总计

 

 

(以千为单位)

2024年7月1日结余

$

1,742,784

$

(31,865)

$

12,973

$

29,970

$

94

$

1,753,956

期权和RSU的执行

 

6,028

 

(2,004)

 

 

 

 

4,024

透过净股份结算行使期权

 

(24)

 

 

 

 

 

(24)

股份报酬

 

 

8,349

 

 

 

 

8,349

提供给非控制权益持有人的分配

 

 

 

 

 

(365)

 

(365)

净利润

 

 

 

 

8,616

 

165

 

8,781

2024年9月30日结余

$

1,748,788

$

(25,520)

$

12,973

$

38,586

$

(106)

$

1,774,721

2024年1月1日的余额

$

1,703,852

$

7,871

$

12,973

$

(21,818)

$

378

$

1,703,256

条件性考虑的分配

 

17,259

 

 

 

 

 

17,259

期权和RSU的行使

 

16,818

 

(6,856)

 

 

 

 

9,962

透过净股份结算行使期权

 

10,859

 

(16,792)

 

 

 

 

(5,933)

股份报酬

 

 

23,705

 

 

 

 

23,705

对非控制股权持有人的派息

 

 

 

 

 

(1,127)

 

(1,127)

赎回优先投票股

 

 

(33,448)

 

 

 

 

(33,448)

净利润

 

 

 

 

60,404

 

643

 

61,047

2024年9月30日结余

$

1,748,788

$

(25,520)

$

12,973

$

38,586

$

(106)

$

1,774,721

 

 

 

附注是这些未经审核的中期简明合并基本报表的一部分

7


 

绿拇指产业公司。

未经查核的中期简明合并现金流量表

2024年和2023年截至9月30日的九个月

(金额以美元表示)

 

 

 

 

 

 

截至9月30日的九个月

 

 

 

2024

 

 

2023

 

 

 

(以千为单位)

 

经营活动的现金流量

 

 

 

 

 

 

归属于Green Thumb Industries Inc.的净利润。

 

$

60,404

 

 

$

33,051

 

归属于非控股权益的净利润

 

 

643

 

 

 

851

 

调整净利润以达经营活动所提供之净现金流量:

 

 

 

 

 

 

折旧与摊提

 

 

84,252

 

 

 

73,363

 

营运租赁使用资产摊销

 

 

41,622

 

 

 

35,996

 

处分固定资产损失

 

 

1,163

 

 

 

2,815

 

长期资产和设备减值

 

 

450

 

 

 

285

 

股权法投资亏损

 

 

2,184

 

 

 

952

 

租约修改亏损

 

 

219

 

 

 

87

 

股份报酬

 

 

23,705

 

 

 

20,835

 

投资公允价值增加减少

 

 

(256

)

 

 

153

 

协议条件结算获利

 

 

(15,991

)

 

 

 

应收待列公允价值增加。

 

 

 

 

 

3,370

 

warrants公平值下降

 

 

(2,389

)

 

 

(934

)

与发帖后收购成本相关的首次供与股份获得收益

 

 

 

 

 

(2,784

)

债务折价摊销

 

 

2,914

 

 

 

7,128

 

营运资产和负债的变化:

 

 

 

 

 

 

应收帐款净额

 

 

(5,987

)

 

 

(7,673

)

存货净值

 

 

(25,313

)

 

 

(2,870

)

预付费用及其他流动资产

 

 

1,391

 

 

 

(1,129

)

存款及其他资产

 

 

44

 

 

 

536

 

应付账款

 

 

(4,647

)

 

 

4,084

 

应付负债

 

 

17,504

 

 

 

4,052

 

营业租赁负债

 

 

(37,091

)

 

 

(32,114

)

应收及应付所得税,净额

 

 

7,024

 

 

 

13,818

 

经营活动提供的净现金

 

 

151,845

 

 

 

153,872

 

投资活动产生的现金流量

 

 

 

 

 

 

购买不动产和设备

 

 

(52,992

)

 

 

(183,594

)

处置不动产和设备的收益

 

 

345

 

 

 

319

 

证券及联合企业投资

 

 

(7,803

)

 

 

(4,500

)

权益投资及应收票据的收益

 

 

7,015

 

 

 

331

 

投资活动中的净现金支出

 

 

(53,435

)

 

 

(187,444

)

融资活动中的现金流量

 

 

 

 

 

 

非控股股东分派

 

 

(1,127

)

 

 

(803

)

回购次级表决股份

 

 

(33,448

)

 

 

(24,890

)

与净股份解决权益奖励相关的税款支付

 

 

(5,933

)

 

 

 

期权和RSUs行使收益

 

 

9,962

 

 

 

2,683

 

发行应付票据所得款项

 

 

170,923

 

 

 

16,654

 

应付票据本金还款

 

 

(226,780

)

 

 

(912

)

融资活动中使用的净现金

 

 

(86,403

)

 

 

(7,268

)

现金及现金等价物:

 

 

 

 

 

 

现金及现金等价物的净增加(减少)

 

 

12,007

 

 

 

(40,840

)

期初现金及现金等价物

 

 

161,634

 

 

 

177,682

 

期末现金及现金等价物

 

$

173,641

 

 

$

136,842

 

 

 

 

 

附注是这些未经审计的中期简明综合财务报表的重要组成部分

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8


 

 

绿拇指产业公司。

未经查核的中期简明合并现金流量表

2024年和2023年截至9月30日的九个月

(金额以美元表示)

 

 

截至9月30日的九个月

 

 

 

2024

 

 

2023

 

 

 

(以千为单位)

 

现金流资讯的补充性披露

 

 

 

 

 

 

支付利息

 

$

16,555

 

 

$

15,564

 

非现金投资和筹资活动

 

 

 

 

 

 

应计的资本支出

 

$

3,958

 

 

$

(10,115

)

非现金增加使用权资产

 

$

(11,937

)

 

$

(5,599

)

非现金增加租赁负债

 

$

11,937

 

 

$

5,599

 

与待定条件有关的股份发行

 

$

17,259

 

 

$

12,524

 

延迟的股份分配

 

$

 

 

$

(20,454

)

 

附注是这些未经审计的中期简明综合基本报表的不可或缺的一部分。

9


绿拇指产业公司。

未经审核中期纵向合并基本报表附注

(金额以美元表示,除非另有说明)

1.简报概述及基础

 

 

(a) 业务描述

Green Thumb Industries Inc.(「Green Thumb」,「公司」,「我们」或「我们」)是一家国家大麻消费包装产品公司和零售商,通过大麻的力量促进福祉,同时致力于社区和可持续、有利可持续的增长。Green Thumb 拥有、制造和分发一系列大麻消费包装产品品牌组合,包括 &Shine、Beboe、Dogwalkers、所罗门博士、Good Green、超人超人和 RythM,到美国各地的第三方零售商店以及 Green Thumb 拥有的零售地点。该公司还拥有和经营零售大麻商店,其中包括一家名为 RISE Dispensaries 的全国连锁链,该连锁店销售我们的产品和第三方产品。截至 2024 年 9 月 30 日,Green Thumb 在十四个市场(加州、康涅狄格州、佛罗里达州、伊利诺伊州、马里兰州、马萨诸塞州、明尼苏达州、内华达州、纽约、俄亥俄州、宾夕法尼亚州、罗德岛州和弗吉尼亚州)拥有收入,雇用约 4,800 名员工,每年为数百万患者和客户提供服务。

公司注册办事处位于豪威街 250 号 20 号 楼层, 温哥华, 不列颠哥伦比亚省, V6C 3R8.公司的美国总部位于伊利诺州芝加哥华街 325 号休伦街 325 号套房 60654。

 

(b) 演示基础

随附的未经审核中期简明合并财务报表包括 Green Thumb 的帐目,并按照美国普遍接受的会计原则(「GAAP」)编制中期财务资讯,并按照美国证券交易委员会(「SEC」)的规则和法规编制。因此,它们不包括 GAAP 所需的所有信息和注脚,因此,通常在年度财务报表中包含的某些信息、注脚和披露,并根据 GAAP 拟备的某些信息、注释和披露已根据 SEC 规则和规例进行简明或省略。本文所载的财务数据应与截至二零二三年十二月三十一日止年度之公司表格 10-k 年报内所载之经审核合并财务报表及附带附注一并阅读 (「2023 年」) 表格 10-K」)。根据管理层认为,所提交的财务数据包括所有必要的调整,以公平地呈现所列中期的财务状况、营运结果和现金流量。某些先前报告的金额已在明细行项目之间重新分类,以符合当前期间表示。中期的结果不应被视为全年业绩的指示性。这些未经审核中期简明合并财务报表包括管理层的估计和假设,这些预估和假设会影响未经审核简明合并财务报表中报告的金额。实际结果可能与这些估计不同。

 

(c) 重要会计政策

本公司于 2023 年内之综合财务报表附注 2 所述的重要会计政策并未有任何变更 表格 10 公里

 

(d) 每股盈利

每股基本盈利采用库务股票方法计算,通过将股东应占净盈利除以每个展示期间发行普通股的加权平均数目。随机发行股份(包括托管中持有的股份)不被视为未发行的普通股,因此不包括在每股盈利计算中。每股稀释盈利是以库务股方法计算,通过调整流行普通股的加权平均数目,以假设所有稀释潜在普通股的转换。本公司有三类可能稀释普通股等价股:限制股票单位、股票期权及认股权证。截至二零二四年九月三十日,该公司有 8,491,983 选项, 4,561,819 限制库存单位及 2,128,022 未偿还的认股权证。截至二零二三年九月三十日,该公司有 10,229,895 选项, 3,499,193 限制库存单位及 3,734,555 未偿还的认股权证。

10


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

1. Overview and Basis of Presentation (Continued)

 

(d) Earnings per Share (Continued)

In order to determine diluted earnings per share, it is assumed that any proceeds from the vesting of dilutive unvested restricted stock units, or exercise of unvested stock options and warrants would be used to repurchase common shares at the average market price during the period. Under the treasury stock method, the diluted earnings per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the three months ended September 30, 2024, the computation of diluted earnings per share included 1,001,228 options, 923,686 restricted stock units, and 67,625 warrants. For the nine months ended September 30, 2024, the computation of diluted earnings per share included 1,339,591 options, 1,669,708 restricted stock units, and 104,041 warrants. For the three months ended September 30, 2023, the computation of diluted earnings per share included 211,651 options and 618,525 restricted stock units. For the nine months ended September 30, 2023, the computation of diluted earnings per share included 153,215 options and 1,425,045 restricted stock units. There were no dilutive warrants during the three and nine months ended September 30, 2023 as the strike price was greater than the average stock price for the period. For the three and nine months ended September 30, 2024, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 869,491 and 918,465, respectively. For the three and nine months ended September 30, 2023, the weighted average number of anti-dilutive stock options excluded from the computation of diluted earnings per share were 2,349,064 and 3,198,625, respectively.

 

(e) Recently Issued Accounting Standards

(i)
In November 2023, the FASB issued Accounting Standards Update (ASU”) No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, to provide enhanced segment disclosures. The standard will require disclosures about significant segment expense categories and amounts for each reportable segment, for all periods presented. Additionally, the standard requires public entities to disclose the title and position of the Chief Operating Decision Maker (CODM”) in the consolidated financial statements. These enhanced disclosures are required for all entities on an interim and annual basis, effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.
(ii)
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no other standards yet to be adopted which are relevant to the business for disclosure.

11


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

2. INVENTORIES

 

 

The Company’s inventories include the following at September 30, 2024 and December 31, 2023:

 

 

September 30, 2024

 

December 31, 2023

 

 

(in thousands)

Raw Material

$

2,961

$

1,547

Packaging and Miscellaneous

 

11,806

 

10,661

Work in Process

 

54,764

 

47,029

Finished Goods

 

72,566

 

57,631

Reserve for Obsolete Inventory

 

(3,814)

 

(3,898)

Total Inventories, Net

$

138,283

$

112,970

 

3. PROPERTY AND EQUIPMENT

 

 

At September 30, 2024 and December 31, 2023, property and equipment consisted of the following:

 

 

 

September 30, 2024

 

December 31, 2023

 

 

(in thousands)

Buildings and Improvements

$

354,054

$

353,912

Equipment, Computers and Furniture

 

189,736

 

171,522

Leasehold Improvements

 

229,964

 

200,232

Land

 

33,725

 

33,725

Land Improvements

 

1,538

 

1,046

Assets Under Construction

 

27,388

 

23,142

Capitalized Interest

 

31,944

 

30,817

Total Property and Equipment

 

868,349

 

814,396

Less: Accumulated Depreciation

 

(172,683)

 

(127,290)

Property and Equipment, net

$

695,666

$

687,106

 

Assets under construction represent costs associated with construction projects on cultivation and production facilities and retail stores as well as costs associated with internal-use software not yet placed in service.

Depreciation expense for the three and nine months ended September 30, 2024 totaled $15,918 thousand and $46,434 thousand, respectively, of which $10,240 thousand and $29,963 thousand, respectively, is included in cost of goods sold. Depreciation expense for the three and nine months ended September 30, 2023 totaled $12,885 thousand and $35,266 thousand, respectively, of which $8,298 thousand and $23,348 thousand, respectively, is included in cost of goods sold.

 

12


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

4. INTANGIBLE ASSETS AND GOODWILL

 

 

(a) Intangible Assets

Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

At September 30, 2024 and December 31, 2023, intangible assets consisted of the following:

 

 

 

September 30, 2024

 

December 31, 2023

 

 

Gross Carrying Amount

 

Accumulated Amortization

 

Net Book Value

 

Gross Carrying Amount

 

Accumulated Amortization

 

Net Book Value

 

 

(in thousands)

 

(in thousands)

Licenses and Permits

$

660,716

$

190,838

$

469,878

$

660,716

$

157,764

$

502,952

Trademarks

 

41,511

 

15,422

 

26,089

 

41,511

 

13,378

 

28,133

Customer Relationships

 

24,438

 

19,545

 

4,893

 

24,438

 

16,927

 

7,511

Non-Competition Agreements

 

2,565

 

2,565

 

 

2,565

 

2,483

 

82

Total Intangible Assets

$

729,230

$

228,370

$

500,860

$

729,230

$

190,552

$

538,678

The Company recorded amortization expense for the three and nine months ended September 30, 2024 of $12,574 thousand and $37,818 thousand, respectively. The Company recorded amortization expense for the three and nine months ended September 30, 2023 of $12,743 thousand and $38,097 thousand, respectively. As of September 30, 2024 and December 31, 2023, intangible assets are carried net of accumulated impairment losses of $31,131 thousand as of each period then ended.

The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2024:

 

 

Estimated
Amortization

Year Ending December 31,

 

(in thousands)

Remainder of 2024

$

12,574

2025

 

50,294

2026

 

47,332

2027

 

46,803

2028

 

46,803

2029 and Thereafter

 

297,054

 

$

500,860

As of September 30, 2024, the weighted average amortization period remaining for intangible assets was 10.68 years.

(b) Goodwill

At September 30, 2024 and December 31, 2023 the balances of goodwill, by segment, consisted of the following:

 

 

 

September 30, 2024

 

December 31, 2023

 

 

(in thousands)

Retail

$

273,802

$

273,802

Consumer Packaged Goods

 

315,889

 

315,889

Total

$

589,691

$

589,691

 

Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of September 30, 2024 and December 31, 2023. During the three and nine months ended September 30, 2024 and 2023, there were no goodwill impairment charges recognized by the Company in the unaudited interim condensed consolidated statements of operations.

 

13


14Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

5. INVESTMENTS

 

 

As of September 30, 2024 and December 31, 2023, the Company held various equity interests in cannabis-related companies as well as investments in note(s) receivable instruments that had a combined fair value of $61,422 thousand and $64,361 thousand, respectively. The Company measures its investments that do not have readily determinable fair value at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.

The following table summarizes the changes in the Company’s investments during the nine months ended September 30, 2024 and year ended December 31, 2023:

 

 

 

September 30, 2024

 

December 31, 2023

 

 

(in thousands)

Beginning

$

64,361

$

74,169

Additions

 

3,817

 

8,200

Proceeds

 

(7,012)

 

(498)

Fair value adjustment

 

256

 

(17,460)

Transfers and other

 

 

(50)

Ending

$

61,422

$

64,361

 

The following table summarizes the change in fair value associated with the Company's equity investments and notes receivable instruments recorded during the three and nine months ended September 30, 2024 and 2023.

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

(in thousands)

Equity Investments

$

(67)

$

724

 

$

91

$

(410)

Notes Receivable Instruments

 

 

 

 

9

 

Accrued Interest on Notes Receivable Instruments

 

(10)

 

51

 

 

156

 

257

Net fair value gains (losses)

$

(77)

$

775

 

$

256

$

(153)

 

(a) Equity Investments

 

The Company held equity investments in both publicly and privately traded entities throughout the three and nine months ended September 30, 2024 and 2023. Publicly traded entities generally have readily determinable fair values and are classified as Level 1 investments. Meanwhile, non-publicly traded entities generally do not have readily determinable fair values and are classified as Level 3 investments. The Company has classified all of its holdings as trading securities and recorded such amounts within investments on the Company's unaudited interim condensed consolidated balance sheets.

 

The following table summarizes the change in the Company's Level 1 equity investments during the three and nine months ended September 30, 2024 and 2023.

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

(in thousands)

Beginning

$

507

$

1,370

 

$

2,001

$

2,535

Proceeds

 

(440)

 

 

 

(2,092)

 

(31)

Fair value adjustment

 

(67)

 

724

 

 

91

 

(410)

Ending

$

$

2,094

 

$

$

2,094

 

14


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

5. INVESTMENTS (Continued)

 

 

 

(a) Equity Investments (Continued)

 

The following table summarizes the change in the Company's Level 3 equity investments during the three and nine months ended September 30, 2024 and 2023.

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

(in thousands)

Beginning

$

25,953

$

42,330

 

$

25,953

$

40,330

Additions

 

852

 

 

 

852

 

2,000

Transfers and other

 

5,000

 

 

 

5,000

 

Ending

$

31,805

$

42,330

 

$

31,805

$

42,330

 

The following table summarizes unrealized (losses) gains recognized on the Company's equity investments held during the three and nine months ended September 30, 2024 and 2023.

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

(in thousands)

Unrealized gain (loss) recognized on equity investments

$

(67)

$

724

 

$

91

$

(410)

Realized gain (loss) recognized on equity investments

 

(67)

 

64

 

 

91

 

60

Net unrealized gain (loss) on equity investments

$

$

660

 

$

$

(350)

 

See Note 13 - Fair Value Measurements for additional details.

 

(b) Notes Receivable Instruments

 

The Company held note(s) receivable instrument(s) in publicly and privately traded entities throughout the three and nine months ended September 30, 2024 and 2023. The combined fair value of these notes receivable instruments includes the initial investment cost and combined contractual accrued interest recorded within interest income on the unaudited interim condensed consolidated statements of operations.

 

All of the Company's notes receivable instruments are classified as trading securities and are included within investments on the Company's unaudited interim condensed consolidated balance sheets.

 

The following table summarizes the change in the Company's Level 1 note receivable instrument during the three and nine months ended September 30, 2024 and 2023.

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

(in thousands)

Beginning

$

24,188

$

22,214

 

$

22,214

$

22,214

Additions

 

 

 

 

1,965

 

Fair value adjustment

 

 

 

 

9

 

Ending

$

24,188

$

22,214

 

$

24,188

$

22,214

 

The Company's Level 1 note receivable instrument had a stated interest rate of 13%, a maturity date of April 29, 2025 and did not contain any conversion features.

15


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

5. INVESTMENTS (Continued)

 

 

 

(b) Notes Receivable Instruments (Continued)

 

The following table summarizes the change in the Company's Level 3 notes receivable instruments during the three and nine months ended September 30, 2024 and 2023.

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

(in thousands)

Beginning

$

10,764

$

9,146

 

$

14,193

$

9,090

Additions

 

 

1,500

 

 

1,000

 

1,700

Proceeds

 

(325)

 

 

 

(4,920)

 

(300)

Accrued Interest

 

(10)

 

51

 

 

156

 

257

Transfers and other

 

(5,000)

 

 

 

(5,000)

 

(50)

Ending

$

5,429

$

10,697

 

$

5,429

$

10,697

 

The Company's Level 3 notes receivable instruments had a stated interest rate of 10% and terms between twelve months to five years.

 

On January 9, 2024, one of the Company's privately held notes receivable instruments matured and the Company collected the principal amount of $4,000 thousand along with accrued interest of $605 thousand on such date.

 

See Note 13 - Fair Value Measurements for additional details.

 

16


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

6. LEASES

 

 

 

(a) Operating Leases

The Company has operating leases for its retail stores, processing and cultivation facilities and corporate office spaces. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.

All real estate leases are recorded on the balance sheet. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease agreements for some locations provide for rent escalations and renewal options. Certain real estate leases require payment for fixed and variable non-lease components, such as taxes, insurance and maintenance. The Company accounts for each real estate lease and the related non-lease components together as a single component.

The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract. For three and nine months ended September 30, 2024, the Company recorded operating lease expense of $16,946 thousand and $41,622 thousand, respectively compared to operating lease expense of $11,628 thousand and $35,996 thousand for three and nine months ended September 30, 2023, respectively.

 

Other information related to operating leases as of September 30, 2024 and December 31, 2023 were as follows:

 

 

 

September 30, 2024

 

December 31, 2023

Weighted average remaining lease term (years)

 

10.98

 

11.75

Weighted average discount rate

 

12.27%

 

12.40%

 

Maturities of lease liabilities for operating leases as of September 30, 2024 were as follows:

 

 

 

Maturities of Lease Liability

Year Ending December 31,

 

Third-Party

 

Related Party

 

Total

 

 

(in thousands)

Remainder of 2024

$

11,493

$

146

$

11,639

2025

 

45,523

 

592

 

46,115

2026

 

45,867

 

603

 

46,470

2027

 

46,364

 

572

 

46,936

2028

 

45,449

 

364

 

45,813

2029 and Thereafter

 

332,247

 

1,364

 

333,611

Total Lease Payments

 

526,943

 

3,641

 

530,584

Less: Interest

 

(255,309)

 

(1,156)

 

(256,465)

Present Value of Lease Liability

$

271,634

$

2,485

$

274,119

 

(b) Related Party Operating Leases

The Company has leasing arrangements that are related party transactions, including for certain facilities in Maryland, Massachusetts and Nevada. Wendy Berger, a former director of the Company, is a principal of WBS Equities, LLC, which is the Manager of Mosaic Real Estate, LLC, which owned the facilities leased by the Company. Additionally, Mosaic Real Estate, LLC is owned in part by Ms. Berger (through the Wendy Berger 1998 Revocable Trust), Benjamin Kovler, the Chairman and Chief Executive Officer of the Company (through KP Capital, LLC), and Anthony Georgiadis, the President and a director of the Company (through Three One Four Holdings, LLC). The terms of these leases range from 7 years to 15 years. For the three and nine months ended September 30, 2024, the Company recorded lease expense of $145 thousand and $450 thousand, respectively, compared to lease expense of $139 thousand and $415 thousand for the three and nine months ended September 30, 2023, respectively, associated with these leasing arrangements.

17


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

7. NOTES PAYABLE

 

At September 30, 2024 and December 31, 2023, notes payable consisted of the following:

 

 

September 30, 2024

 

December 31, 2023

 

 

(in thousands)

Charitable contributions1

$

$

351

Private placement debt dated April 30, 20212

 

 

221,680

Syndicated credit facility dated September 11, 20243

 

147,871

 

Mortgage notes4

 

107,708

 

86,492

Total notes payable

 

255,579

 

308,523

Less: current portion of notes payable

 

(9,397)

 

(2,996)

Notes payable, net of current portion

$

246,182

$

305,527

 

1 In connection with acquisitions completed in 2017 and 2019, the Company committed to provide charitable contributions of $50 thousand per quarter through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these contributions was recorded as a liability with interest rates ranging between 2.17% - 7.00%. As of September 30, 2024, the Company has fully satisfied these commitments.

 

2 The April 30, 2021 private placement debt, as amended on October 21, 2021 (the “April 30, 2021 Notes”), were retired as of September 11, 2024.

 

3 The Credit Facility (as defined below in Section (a) of this Note 7) was issued in an aggregate amount of $150,000 thousand, and will bear interest at the Secured Overnight Financing Rate (“SOFR”) + 500 basis points, payable quarterly. The Credit Facility matures on September 11, 2029. As of September 30, 2024, the Credit Facility's outstanding principal balance was $150,000 thousand, which was recorded net of debt discount of $2,129 thousand.

 

4 The Company has issued various mortgage notes at an aggregate value of $112,285 thousand and $88,785 thousand in connection with various operating properties as of September 30, 2024 and December 31, 2023, respectively. The mortgage notes were issued at a discount, the carrying value of which was $1,060 thousand and $725 thousand, and are presented net of principal payments of $3,517 thousand and $1,568 thousand as of September 30, 2024 and December 31, 2023, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.

 

(a) Syndicated Credit Facility

 

On September 11, 2024, the Company entered into a $150,000 thousand syndicated credit facility (the Credit Facility) led by Valley National Bank. The Credit Facility has a maturity date of September 11, 2029 and will bear interest from the date of issuance at the SOFR + 500 basis points, payable quarterly. The interest rate on the closing date was 10.10% per annum. The April 30, 2021 Notes were retired on September 11, 2024, with the proceeds from the Credit Facility and cash generated from operations.

 

(b) Warwick, New York Mortgage Note

 

On September 4, 2024, the Company closed on a $23,500 thousand mortgage note associated with its Warwick, New York CPG facility bearing an interest rate of 7.75% per annum, with a maturity date of September 4, 2029. The mortgage includes various covenants requiring the Company to maintain certain financial ratios related to its ability to service the debt. As of September 30, 2024, the Company was in compliance with all covenants associated with the mortgage.

 

 

 

 

 

 

 

 

 

 

 

18


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

8. WARRANTS

 

 

 

As part of the terms of the Company’s issuance of the April 30, 2021 Notes, as well as other financing arrangements, the Company issued warrants, which allow the holders to purchase the Company's Subordinate Voting Shares at an exercise price determined at the time of issuance.

The following table summarizes the number of warrants outstanding as of September 30, 2024 and December 31, 2023:

 

 

Liability Classified

 

Equity Classified

 

Number of Shares

 

Weighted Average Exercise Price (C$)

 

Weighted Average Remaining Contractual Life

 

Number of Shares

 

Weighted Average Exercise Price (USD)

Weighted Average
Remaining Contractual Life

Balance as of December 31, 2023

1,997,208

C$

18.03

 

0.50

 

1,737,347

$

31.83

2.38

Warrants Expired

(1,606,533)

 

 

 

 

Balance as of September 30, 2024

390,675

C$

12.42

 

0.21

 

1,737,347

$

31.83

1.63

 

(a) Liability Classified Warrants Outstanding

The following table summarizes the fair value of the liability classified warrants at September 30, 2024 and December 31, 2023:

 

 

 

 

 

 

Fair Value

Warrant Liability

Strike Price

 

Warrants Outstanding

 

September 30, 2024

 

December 31, 2023

 

Change

 

 

 

 

 

(in thousands)

Private Placement Financing Warrants Issued May 2019

 C$19.39

 

$

$

1,673

$

(1,673)

Modification Warrants Issued November 2019

 C$12.04

 

316,947

 

560

 

1,151

 

(591)

Additional Modification Warrants Issued May 2020

 C$14.03

 

73,728

 

168

 

293

 

(125)

Totals

 

 

390,675

$

728

$

3,117

$

(2,389)

 

During the three and nine months ended September 30, 2024 and 2023, the Company recorded gains of $855 thousand and $2,389 thousand, a loss $1,329 thousand and a gain of $934 thousand, respectively, on the change in the fair value of the warrant liability within other income (expense) on the unaudited interim condensed consolidated statements of operations.

 

The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 13 - Fair Value Measurements for additional details):

 

 

September 30,

 

December 31,

Significant Assumptions

2024

 

2023

Volatility

57.64%-70.07%

 

61.76% - 74.31%

Remaining Term

0.11-0.64 years

 

0.39-1.39 years

Risk Free Rate

2.94%

 

3.91%

 

 

19


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

8. WARRANTS (Continued)

 

 

 

(b) Equity Classified Warrants Outstanding

The Company's equity classified warrants were recorded at fair value at each respective date of issuance. Equity classified warrants are not remeasured at fair value on a recurring basis and are carried at their issuance date fair value. The following table summarizes the carrying amounts of the Company's equity classified warrants at September 30, 2024 and December 31, 2023:

 

 

 

 

 

 

Issuance Date Fair Value

 

 

 

Warrants

 

September 30,

 

December 31,

Warrants Included in Contributed Surplus

Strike Price

 

Outstanding

 

2024

 

2023

 

 

 

 

 

(in thousands)

Mortgage Warrants Issued June 2020

$9.10

 

35,000

$

181

$

181

Private Placement Refinance Warrants Issued April 2021

$32.68

 

1,459,044

 

22,259

 

22,259

Private Placement Refinance Warrants Issued October 2021

$30.02

 

243,303

 

2,616

 

2,616

Totals

 

 

1,737,347

$

25,056

$

25,056

 

The equity warrants were valued as of the date of issuance using a Black Scholes Option Pricing model. The following table summarizes the significant assumptions used in determining the fair value of the warrants as of each respective issuance date:

 

Significant Assumptions

Private Placement Refinancing Warrants

 

Private Placement Refinancing Warrants

 

Mortgage Warrants

Date of Issuance

October 15, 2021

 

April 30, 2021

 

June 5, 2020

Volatility

73%

 

73%

 

80%

Estimated Term

4 years

 

4 years

 

5 years

Risk Free Rate

1.12%

 

0.74%

 

0.37%

 

 

 

20


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

9. SHARE CAPITAL

 

 

 

Common shares, which include the Company’s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares, are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the applicable vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with Accounting Standards Codification (“ASC”) 740, Income Taxes.

 

(a) Authorized

The Company has the following classes of share capital, with each class having no par value:

 

(i) Subordinate Voting Shares

The holders of the Subordinate Voting Shares are entitled to receive dividends which may be declared from time to time and are entitled to one vote per share at meetings of the Company’s shareholders. All Subordinate Voting Shares are ranked equally with regard to the Company’s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting Shares.

(ii) Multiple Voting Shares

Each Multiple Voting Share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting Shares.

(iii) Super Voting Shares

Each Super Voting Share is entitled to 1,000 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares or one Multiple Voting Share. The Company is authorized to issue an unlimited number of Super Voting Shares.

 

(b) Issued and Outstanding

A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:

 

 

 

Issued and Outstanding

 

 

Subordinate
Voting
Shares

 

Multiple
Voting
Shares

 

Super
Voting
Shares

As at January 1, 2024

 

209,871,792

 

38,531

 

216,690

Distribution of contingent consideration

 

1,250,000

 

 

Issuance of shares upon exercise of options

 

1,331,937

 

 

Issuances of shares upon vesting of RSUs

 

905,176

 

 

Repurchase of Subordinate Voting Shares

 

(2,725,000)

 

 

Exchange of shares

 

1,084,800

 

(848)

 

(10,000)

As at September 30, 2024

 

211,718,705

 

37,683

 

206,690

 

 

21


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

9. SHARE CAPITAL (Continued)

 

 

 

(i) Distribution of Contingent Consideration

 

Dharma Pharmaceuticals, LLC

 

In connection with the Company's 2021 acquisition of Dharma Pharmaceuticals, LLC (“Dharma”), the purchase agreement included contingent consideration of up to $65,000 thousand in Subordinate Voting Shares of Green Thumb, dependent upon 1) the successful opening of five retail stores in the Virginia area within the first three years following the signing of the agreement (“Retail Stores Milestone”) and 2) the legal sale of adult-use cannabis in a retail store on or before January 1, 2025 (the “Recreational Sales Milestone”). The Retail Stores Milestone was fully achieved prior to expiration and settled in previous periods.

 

On February 9, 2024, the Company and the former owners of Dharma agreed to amend the conditions of the Recreational Sales Milestone (the “Amended Agreement”). Under the Amended Agreement, the former owners waived their right to the Recreational Sales Milestone in exchange for the delivery of 1,250,000 Subordinate Voting Shares. On February 15, 2024, the Company recorded a gain of $15,991 thousand, representing the settlement of the Recreational Sales Milestone and distributed the shares to the former owners of Dharma, which had a fair market value of $17,259 thousand, which was based on the value of the shares as traded on the Canadian Securities Exchange on the date of distribution. The gain was recorded within sales general and administrative expenses on the unaudited interim condensed consolidated statement of operations.

 

(ii) Repurchase of Subordinate Voting Shares

 

Following the expiration of the Company's previous share program on September 10, 2024, on September 13, 2024, the Company's Board of Directors authorized a share repurchase program that allows the Company to repurchase up to 10,573,860 of its Subordinate Voting Shares over a 12-month period at an aggregate cost of up to $50,000 thousand. The share repurchase program commenced on September 23, 2024.

 

Under the Company's original share repurchase program, a total of 6,568,125 Subordinate Voting Shares were repurchased for $73,304 thousand of which 2,725,000 Subordinate Voting Shares for $33,448 thousand were repurchased during the nine months ended September 30, 2024.

 

(c) Stock-Based Compensation

The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company measures their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled stock-based payments under stock-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to equity.

In June 2018, the Company established the Green Thumb Industries Inc. 2018 Stock and Incentive Plan, which was amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3 thereto (as amended, the “Plan”). The maximum number of Restricted Stock Units (“RSUs”) and options outstanding under the Plan at any time shall not exceed 10% of the Company's then issued and outstanding shares on an as-converted basis.

The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized. Option and RSU awards generally vest over three years, and options typically have a life of five to ten years. Option grants under the Plan are determined by the Compensation Committee of the Company’s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant.

 

22


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

9. SHARE CAPITAL (Continued)

 

 

 

(c) Stock-Based Compensation (Continued)

Stock option activity is summarized as follows:

 

Number of Shares

Weighted Average Exercise Price

Weighted Average Remaining Contractual Life

Balance as of December 31, 2023

10,071,467

$11.75

4.31

Granted

797,289

14.96

 

Exercised

(1,331,937)

8.66

 

Forfeited

(1,044,836)

14.06

 

Balance as of September 30, 2024

8,491,983

$12.65

4.44

Exercisable as of September 30, 2024

3,400,436

$7.66

3.87

 

The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted during the nine months ended September 30, 2024 and the year ended December 31, 2023, using the following ranges of assumptions:

 

September 30,

December 31,

 

2024

2023

Risk-free interest rate

3.02% - 3.92%

3.06% - 4.32%

Expected dividend yield

0%

0%

Expected volatility

62% - 64%

64%

Expected option life

4.46 - 4.5 years

3.5 – 4.5 years

 

As permitted under ASC 718, the Company has made an accounting policy choice to account for forfeitures when they occur.

 

The following table summarizes the number of unvested RSU awards as of September 30, 2024 and December 31, 2023 and the changes during the nine months ended September 30, 2024:

 

 

Number of Shares

 

Weighted Average Grant Date Fair Value

Unvested Shares at December 31, 2023

 

3,620,638

$

9.25

Granted

 

2,635,868

 

14.45

Forfeited

 

(789,511)

 

11.62

Vested

 

(905,176)

 

9.86

Unvested Shares at September 30, 2024

 

4,561,819

$

11.52

 

The stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 was as follows:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

2024

 

2023

 

 

(in thousands)

 

(in thousands)

Stock options expense

$

2,387

$

4,009

$

8,081

$

12,795

Restricted Stock Units

 

5,962

 

3,206

 

15,624

 

8,040

Total Stock Based Compensation Expense

$

8,349

$

7,215

$

23,705

$

20,835

 

As of September 30, 2024, $54,282 thousand of total unrecognized expense related to stock-based compensation awards is expected to be recognized over a weighted-average period of 2.03 years.

 

23


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

10. INCOME TAX EXPENSE

 

 

 

The following table summarizes the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2024 and 2023:

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

2024

 

2023

Income before Income Taxes

$

39,703

$

45,333

$

156,017

$

127,829

Income Tax Expense

 

30,922

 

34,526

 

94,970

 

93,927

Effective Tax Rate

 

77.9%

 

76.2%

 

60.9%

 

73.5%

 

 

The effective tax rates for the three months ended September 30, 2024 and 2023 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented.

Due to its cannabis operations, the Company is subject to the limitations of the U.S. Internal Revenue Code of 1986, as amended (“IRC”) Section 280E under which the Company is only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income and provides for effective tax rates that are well in excess of statutory tax rates.

Taxes paid during the nine months ended September 30, 2024 and 2023 were $87,946 thousand and $80,398 thousand, respectively.

 

24


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

11. OTHER INCOME (EXPENSE)

 

 

For the three and nine months ended September 30, 2024 and 2023 other income (expense) was comprised of the following:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

 

(in thousands)

 

 

(in thousands)

Fair value adjustments on equity investments

$

(67)

$

724

 

$

100

$

(410)

Fair value adjustments on warrants issued

 

855

 

(1,329)

 

 

2,389

 

934

Loss from equity method investments

 

(1,084)

 

(202)

 

 

(2,184)

 

(952)

Other

 

6

 

176

 

 

106

 

451

Total Other Income (Expense)

$

(290)

$

(631)

 

$

411

$

23

 

12. COMMITMENTS AND CONTINGENCIES

 

 

 

The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities.

Contingent liabilities are measured at management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify contingent liabilities for contracts. Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation are recognized in the Company’s unaudited interim condensed consolidated statements of operations.

(a) Contingencies

The Company’s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, sanctions, restrictions on its operations, or losses of permits that could result in the Company ceasing operations in that specific state or local jurisdiction. The Company may be subject to regulatory fines, penalties, or restrictions in the future as cannabis and other regulations continue to evolve and are subject to differing interpretations.

(b) Claims and Litigation

From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. During the quarter ending September 30, 2024, the Company received Findings of Fact and Conclusions of Law regarding an October 30, 2019 complaint filed against Green Thumb (“Defendant”) alleging Defendant breached a commercial property lease with ineffective termination. The court ruled in favor of plaintiff landlord in the amount of $7,307 thousand, representing unpaid rent. In addition, the court found Defendant liable for interest and attorney fees, which have yet to be determined. As of September 30, 2024, the Company accrued the amount of probable loss that can reasonably be estimated within accrued liabilities on the unaudited interim condensed consolidated balance sheets. No final Order of Judgment has been entered in the case and the Company has reserved all rights and intends to contest the findings, including an appeal if necessary.

Other than the matter discussed above, as of September 30, 2024 and December 31, 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s consolidated operations. There are also no proceedings in which any of the Company’s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company’s interest.

(c) Construction Commitments

As of September 30, 2024, the Company held approximately $19,800 thousand of open construction commitments to contractors on work being performed.

 

25


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

13. FAIR VALUE MEASUREMENTS

 

 

 

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Inputs for the asset or liability that are not based on observable market data.

(a) Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable and accrued liabilities, notes payable, warrant liability, and contingent consideration payable.

It was not practicable to estimate the fair value of the Company's long-term notes payable, which consist of charitable contributions, April 30, 2021 Notes, the Credit Facility and mortgage notes, since there were no quoted market prices or active trading markets. The carrying amount of notes payable at September 30, 2024 and December 31, 2023 was $255,579 thousand and $308,523 thousand, respectively, which includes $9,397 thousand and $2,996 thousand, respectively, of short-term debt due within one year.

Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The fair values of the Company’s financial instruments associated with each of the three levels of the hierarchy are:

 

 

 

As of September 30, 2024

 

(in thousands)

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and Cash Equivalents

$

173,641

$

$

$

173,641

Investments

 

24,188

 

 

37,234

 

61,422

Warrant Liability

 

 

 

(728)

 

(728)

 

$

197,829

$

$

36,506

$

234,335

 

 

 

As of December 31, 2023

 

(in thousands)

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and Cash Equivalents

$

161,634

$

$

$

161,634

Investments

 

24,215

 

 

40,146

 

64,361

Contingent Consideration Payable

 

 

 

(33,250)

 

(33,250)

Warrant Liability

 

 

 

(3,117)

 

(3,117)

 

$

185,849

$

$

3,779

$

189,628

 

 

26


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

14. 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 CODM does not review total assets or net income (loss) by segments; therefore, such information is not presented below.

The below table presents revenues by type for the three and nine months ended September 30, 2024 and 2023:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

 

(in thousands)

 

 

(in thousands)

Revenues, Net of Discounts

 

 

 

 

 

 

 

 

 

Retail

$

206,124

$

205,441

 

$

614,558

$

582,363

Consumer Packaged Goods

 

165,500

 

150,425

 

 

471,735

 

412,096

Intersegment Eliminations

 

(84,759)

 

(80,468)

 

 

(243,475)

 

(218,137)

Total Revenues, Net of Discounts

$

286,865

$

275,398

 

$

842,818

$

776,322

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

Retail

$

10,657

$

9,598

 

$

31,339

$

27,539

Consumer Packaged Goods

 

17,835

 

16,030

 

 

52,913

 

45,824

Intersegment Eliminations

 

 

 

 

 

Total Depreciation and Amortization

$

28,492

$

25,628

 

$

84,252

$

73,363

Income Taxes

 

 

 

 

 

 

 

 

 

Retail

$

15,447

$

18,551

 

$

49,416

$

50,890

Consumer Packaged Goods

 

15,475

 

15,975

 

 

45,554

 

43,037

Intersegment Eliminations

 

 

 

 

 

Total Income Taxes

$

30,922

$

34,526

 

$

94,970

$

93,927

Goodwill assigned to the Retail segment as of September 30, 2024 and December 31, 2023 was $273,802 thousand in each period. Intangible assets, net assigned to the Retail segment as of September 30, 2024 and December 31, 2023 was $260,390 thousand and $278,492 thousand, respectively.

Goodwill assigned to the Consumer Packaged Goods segment as of September 30, 2024 and December 31, 2023 was $315,889 thousand in each period. Intangible assets, net assigned to the Consumer Packaged Goods segment as of September 30, 2024 and December 31, 2023 was $240,470 thousand and $260,186 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.

 

27


Green Thumb Industries Inc.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

(Amounts Expressed in United States Dollars, Except Where Stated Otherwise)

 

15. SUBSEQUENT EVENTS

 

 

 

On November 05, 2024, the Company agreed to extend a $20,000 thousand convertible secured note to Agrify Corporation (“Agrify”) a leading provider of cultivation and extraction solutions for the cannabis industry, of which $10,000 thousand will be drawn upon at closing. Prior to this financing, Green Thumb acquired an ownership stake of approximately 43% in Agrify’s common stock from its outgoing CEO and Chairman and a Director in exchange for approximately $18,000 thousand in cash and Subordinate Voting Shares of Green Thumb subject to certain post-closing conditions (the “Transaction”). As part of the Transaction, Green Thumb also acquired warrants that would allow the Company to extend its ownership stake if exercised.

 

Following the acceptance of the resignations of a Director and its CEO and Chairman, the Agrify Board appointed Benjamin Kovler as its Chairman and Interim CEO. In addition Armon Vakili, Vice President, Strategic Initiatives and Partnerships of Green Thumb, was also appointed to join the Agrify Board.

 

28


 

ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

This management discussion and analysis (“MD&A”) of the financial condition and results of operations of Green Thumb Industries Inc. (the “Company” or “Green Thumb”) is for the three and nine months ended September 30, 2024 and 2023. It is supplemental to, and should be read in conjunction with, the Company’s unaudited interim condensed consolidated financial statements as of September 30, 2024 and the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 29, 2024 (the “2023 Form 10-K”) and the accompanying notes for each respective period. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Financial information presented in this MD&A is presented in United States dollars (“$” or “US$”), unless otherwise indicated.

This MD&A contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable United States securities laws. Please refer to the discussion of forward-looking statements and information set out under the heading “Disclosure Regarding Forward-Looking Statements,” identified in the ‘‘Risks and Uncertainties’’ section of this MD&A and in Part I, Item 1A, “Risk Factors of the 2023 Form 10-K.” As a result of many factors, the Company’s actual results may differ materially from those anticipated in these forward-looking statements and information.

OVERVIEW OF THE COMPANY

Established in 2014 and headquartered in Chicago, Illinois, Green Thumb, a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while being committed to community and sustainable, profitable growth. As of September 30, 2024, Green Thumb has operations in fourteen U.S. markets, employs approximately 4,800 people and serves millions of patients and customers annually.

Green Thumb’s core business is manufacturing, distributing and marketing a portfolio of cannabis consumer packaged goods brands (which we refer to as our Consumer Packaged Goods business), including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The Company distributes and markets these products primarily to third-party licensed retail cannabis stores across the United States as well as to Green Thumb-owned retail stores (which we refer to as our Retail business).

The Company’s Consumer Packaged Goods portfolio is primarily generated from plant material that Green Thumb grows and processes itself, which we use to produce our consumer packaged goods in twenty manufacturing facilities. This portfolio consists of cannabis product categories, including flower, pre-rolls, concentrates, vape, capsules, tinctures, edibles, topicals, as well as other cannabis-related products across a range of stock keeping units ("SKUs") (none of which product categories are individually material to the Company).

Green Thumb owns and operates a national cannabis retail chain called RISE Dispensaries that provides relationship-centric retail experiences aimed to deliver a superior level of customer service through high-engagement consumer interaction, a consultative, transparent and education-forward selling approach and a consistently available assortment of cannabis products. In addition, Green Thumb owns Retail stores under other names, primarily where naming is subject to licensing or similar restrictions. The income from Green Thumb’s Retail business is primarily derived from the sale of cannabis-related products, which includes the sale of Green Thumb produced products as well as those produced by third parties, with an immaterial (under 10%) portion of this income resulting from the sale of other merchandise (such as t-shirts and accessories for cannabis use). The RISE Dispensaries currently are located in all fourteen of the states in which we operate. As of September 30, 2024, the Company had 98 open and operating Retail locations. The Company’s new store opening plans will remain fluid depending on market conditions, obtaining local licensing, construction and other permissions and subject to the Company’s capital allocation plans.

29


 

Results of Operations – Consolidated

The following table sets forth the Company’s selected consolidated financial results for the periods, and as of the dates, indicated. The (i) unaudited interim condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 and (ii) unaudited interim condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 have been derived from, and should be read in conjunction with, the unaudited interim condensed consolidated financial statements and accompanying notes presented in Item 1 of this quarterly report on Form 10-Q.

The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP and on a going-concern basis that contemplates continuity of operations and realization of assets and liquidation of liabilities in the ordinary course of business.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

QTD Change

 

YTD Change

 

 

2024

 

2023

 

 

2024

 

2023

 

 

$

%

 

$

%

 

 

(in thousands, except share and per share amounts)

 

 

Increase (Decrease)

Revenues, Net of Discounts

$

286,865

$

275,398

 

$

842,818

$

776,322

 

$

11,467

4%

$

66,496

9%

Cost of Goods Sold

 

(139,274)

 

(141,592)

 

 

(399,778)

 

(392,515)

 

 

(2,318)

(2)%

 

7,263

2%

Gross Profit

 

147,591

 

133,806

 

 

443,040

 

383,807

 

 

13,785

10%

 

59,233

15%

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, General, and Administrative

 

104,967

 

84,779

 

 

275,725

 

249,515

 

 

20,188

24%

 

26,210

11%

Total Expenses

 

104,967

 

84,779

 

 

275,725

 

249,515

 

 

20,188

24%

 

26,210

11%

Income From Operations

 

42,624

 

49,027

 

 

167,315

 

134,292

 

 

(6,403)

(13)%

 

33,023

25%

Total Other Expense

 

(2,921)

 

(3,694)

 

 

(11,298)

 

(6,463)

 

 

(773)

(21)%

 

4,835

75%

Income Before Provision for Income Taxes And Non-Controlling Interest

 

39,703

 

45,333

 

 

156,017

 

127,829

 

 

(5,630)

(12)%

 

28,188

22%

Provision for Income Taxes

 

30,922

 

34,526

 

 

94,970

 

93,927

 

 

(3,604)

(10)%

 

1,043

1%

Net Income Before Non-Controlling Interest

 

8,781

 

10,807

 

 

61,047

 

33,902

 

 

(2,026)

(19)%

 

27,145

80%

Net Income Attributable to Non-Controlling Interest

 

165

 

295

 

 

643

 

851

 

 

(130)

(44)%

 

(208)

(24)%

Net Income Attributable To Green Thumb Industries Inc.

$

8,616

$

10,512

 

$

60,404

$

33,051

 

$

(1,896)

(18)%

$

27,353

83%

Net Income Per Share - Basic

$

0.04

$

0.05

 

$

0.26

$

0.14

 

$

(0.01)

(20)%

$

0.12

86%

Net Income Per Share - Diluted

$

0.04

$

0.05

 

$

0.26

$

0.14

 

$

(0.01)

(20)%

$

0.12

86%

Weighted Average Number of Shares Outstanding – Basic

 

236,303,348

 

239,459,783

 

 

236,821,181

 

238,248,852

 

 

 

 

 

 

 

Weighted Average Number of Shares Outstanding – Diluted

 

238,295,887

 

240,289,959

 

 

239,934,521

 

239,827,112

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

December 31, 2023

 

 

(in thousands)

Total Assets

$

2,514,872

$

2,490,057

Long-Term Liabilities

$

579,482

$

660,751

Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023

Revenues, net of Discounts

Revenues, net of discounts for the three months ended September 30, 2024 was $286,865 thousand, up 4% from $275,398 thousand for the three months ended September 30, 2023. Key performance drivers for the period included the expansion of the adult-use market in New York and Maryland, legalization of adult-use sales in Ohio, which began on August 6, 2024, and revenue generated from new retail stores, partially offset by price compression and increased competition in certain markets.

The Company generated revenue from 98 Retail stores during the quarter compared to 85 in the same quarter of the prior year. Retail revenues made up 72% of total revenues during the three months ended September 30, 2024 as compared to 75% during the three months ended September 30, 2023. Since September 30, 2023, the Company has opened twelve new Retail stores in Florida and two new Retail stores in New York. The Company also disposed of one Retail store in Massachusetts.

Consumer Packaged Goods revenues made up 28% of total revenues during the three months ended September 30, 2024 as compared to 25% during the three months ended September 30, 2023.

 

 

 

 

30


 

Cost of Goods Sold

Cost of goods sold are derived from retail purchases made by the Company from its third-party licensed producers operating within our state markets and costs related to the internal cultivation and production of cannabis. Cost of goods sold for the three months ended September 30, 2024 was $139,274 thousand, down 2% from $141,592 thousand for the three months ended September 30, 2023. The decrease was driven by operational leverage from the Company's Consumer Packaged Goods business and an increase in Retail sales of Green Thumb-produced products.

Gross Profit

Gross profit for the three months ended September 30, 2024 was $147,591 thousand, representing a gross margin on the sale of branded cannabis flower and processed and packaged products including concentrates, edibles, topicals and other cannabis products, of 51%. This is compared to gross profit for the three months ended September 30, 2023 of $133,806 thousand, or a 49% gross margin. The increase in gross profit (dollars) was directly attributable to the revenue increase as described above. The increase in gross margin (percent) was primarily driven by operational leverage from the Company's Consumer Packaged Goods business, as described above, and lower costs associated with the purchase of Retail inventory.

Total Expenses

Total expenses for the three months ended September 30, 2024 were $104,967 thousand, or 37% of revenues, net of discounts, an increase of $20,188 thousand compared to the same period in the prior year. Total expenses for the three months ended September 30, 2023 were $84,779 thousand or 31% of revenues, net of discounts. The increase in total expenses was attributable to increased costs associated with ongoing claims and litigation and increased costs associated with the opening and operation of new Retail stores as described above.

Total Other Income (Expense)

Total other income (expense) for the three months ended September 30, 2024 was $(2,921) thousand, a favorable change of $773 thousand, primarily due to favorable fair value adjustments on the Company's warrant liability during the three months ended September 30, 2024, as compared to the three months ended September 30, 2023.

Income Before Provision for Income Taxes and Non-Controlling Interest

Income before provision for income taxes and non-controlling interest for the three months ended September 30, 2024 was $39,703 thousand, a decrease of $5,630 thousand compared to the three months ended September 30, 2023.

As presented under the heading “Non-GAAP Measures” below, after adjusting for non-cash equity incentive compensation of $8,349 thousand and $7,215 thousand in the three months ended September 30, 2024 and 2023, respectively, and other nonoperating expenses of $9,727 thousand and $1,119 thousand in three months ended September 30, 2024 and 2023, respectively, adjusted earnings before interest, depreciation, and amortization (“Adjusted EBITDA”) was $89,192 thousand and $82,989 thousand, respectively.

Provision for Income Taxes

Income tax expense is recognized based on the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year-end. For the three months ended September 30, 2024, federal and state income tax expense totaled $30,922 thousand compared to expense of $34,526 thousand for the three months ended September 30, 2023.

31


 

Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

 

Revenues, net of Discounts

 

Revenues, net of discounts for the nine months ended September 30, 2024 was $842,818 thousand, an increase of 9% from $776,322 for the nine months ended September 30, 2023. The increase in revenue was largely due to expansion of adult-use market in Maryland, growth in Consumer Packaged Goods revenues in New York and New Jersey, legalization of adult-use sales in Ohio, as well as revenue generated from new retail stores opened in the current period, partially offset by price compression and increased competition in certain markets.

 

The Company generated revenue from 98 retail stores during the period compared to 85 in the same period of the prior year. Since September 30, 2023, the Company has opened twelve new Retail stores in Florida and two new Retail stores in New York. The Company also disposed of one Retail store in Massachusetts.

Cost of Goods Sold

 

Cost of goods sold are derived from retail purchases made by the Company from its third-party licensed producers operating within our state markets and costs related to the internal cultivation and production of cannabis. Cost of goods sold for the nine months ended September 30, 2024 was $399,778 thousand, an increase of 2% from $392,515 thousand for the nine months ended September 30, 2023, driven by increased volume from the launch of adult-use sales in Maryland as described above, and new retail store openings since September 30, 2023 in Florida and New York.

 

Gross Profit

 

Gross profit for the nine months ended September 30, 2024 was $443,040 thousand, representing a gross margin on the sale of branded cannabis flower and processed and packaged products including concentrates, edibles, topicals and other cannabis products, of 53%. This is compared to gross profit for the nine months ended September 30, 2023 of $383,807 thousand or a 49% gross margin. The increase in gross profit (dollars) was directly attributable to the revenue increase as described above, while the increase in gross margin (percent) was primarily driven by operational leverage from the Company's CPG business, as described above, and lower costs associated with the purchase of Retail inventory.

 

Total Expenses

 

Total expenses for the nine months ended September 30, 2024 were $275,725 thousand or 33% of revenues, net of discounts, an increase of $26,210 thousand over the same period in the prior year. Total expenses for the nine months ended September 30, 2023 were $249,515 thousand or 32% of revenues, net of discounts. The increase in total expenses was attributable to increased costs associated with ongoing claims and litigation and increased costs associated with the opening and operation of new Retail stores as described above. The increase in total expenses was partially offset by favorable fair value adjustments associated with the Company's contingent consideration arrangements recorded during the nine months ended September 30, 2024.

 

Total Other Income (Expense)

 

Total other income (expense) for the nine months ended September 30, 2024 was $(11,298) thousand, an unfavorable change of $4,835 thousand over the same period in the prior year, primarily due to a decrease in capitalized interest during the nine months ended September 30, 2024.

 

Income Before Provision for Income Taxes and Non-Controlling Interest

 

Income before provision for income taxes and non-controlling interest for the nine months ended September 30, 2024 was $156,017 thousand, an increase of $28,188 thousand compared to the nine months ended September 30, 2023.

 

As presented under the heading “Non-GAAP Measures” below, after adjusting for non-cash equity incentive compensation of $23,705 thousand and $20,835 thousand, and other nonoperating (income) expenses, of $(1,736) thousand and $6,549 thousand in the nine months ended September 30, 2024 and 2023, respectively, Adjusted EBITDA was $273,536 thousand and $235,039 thousand, respectively.

 

32


 

Provision for Income Taxes

 

Income tax expense is recognized based on the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year-end. For the nine months ended September 30, 2024, federal and state income tax expense totaled $94,970 thousand compared to expense of $93,927 thousand for the nine months ended September 30, 2023.

Results of Operations by Segment

The following table summarizes revenues, net of discounts by segment for the three and nine months ended September 30, 2024 and 2023:

 

 

 

Three Months Ended September 30,

 

QTD Change

 

 

2024

 

2023

 

$

%

 

 

(in thousands)

 

Increase (Decrease)

Retail

$

206,124

$

205,441

$

683

0%

Consumer Packaged Goods

 

165,500

 

150,425

 

15,075

10%

Intersegment Eliminations

 

(84,759)

 

(80,468)

 

4,291

5%

Total Revenues, Net of Discounts

$

286,865

$

275,398

$

11,467

4%

 

 

 

Nine Months Ended September 30,

 

2024 vs. 2023

 

 

2024

 

2023

 

$
Change

%
Change

 

 

(in thousands)

 

Increase (Decrease)

Retail

$

614,558

$

582,363

$

32,195

6%

Consumer Packaged Goods

 

471,735

 

412,096

 

59,639

14%

Intersegment Eliminations

 

(243,475)

 

(218,137)

 

25,338

12%

Total Revenues, Net of Discounts

$

842,818

$

776,322

$

66,496

9%

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Revenues, net of discounts, for the Retail segment were $206,124 thousand, an increase of $683 thousand, compared to the three months ended September 30, 2023. The increase in Retail revenues, net of discounts, was primarily driven by the expansion of the adult-use market in New York and Maryland, legalization of adult-use sales in Ohio and revenue generated from new retail stores, primarily offset by price compression and increased competition in certain markets.

Revenues, net of discounts, for the Consumer Packaged Goods segment were $165,500 thousand, an increase of $15,075 thousand or 10%, compared to the three months ended September 30, 2023. The increase in Consumer Packaged Goods revenues, net of discounts, was primarily driven by the increased production due to the completion of various construction projects in late 2023.

Intersegment eliminations associated with the Consumer Packaged Goods segment were $(84,759) thousand, an increase of $4,291 thousand or 5% compared to the three months ended September 30, 2023. The increase in intersegment eliminations was driven by increased intercompany sales, primarily to Company-owned Retail stores in Florida, New York and Pennsylvania. Consumer Packaged Goods revenues, net of intersegment eliminations, made up 28% of total revenues during the three months ended September 30, 2024 as compared to 25% during the three months ended September 30, 2023.

Due to the vertically integrated nature of the business, the Company reviews its revenue at the Retail and Consumer Packaged Goods level while reviewing its operating results on a consolidated basis.

 

 

 

 

 

33


 


Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

 

Revenues, net of discounts for the Retail segment were $614,558, an increase of $32,195 or 6%, compared to the nine months ended September 30, 2023. The increase in Retail revenues, net of discounts, was primarily driven by the legalization of adult-use sales in Maryland, continued growth in existing markets, as well as revenue generated from new retail stores opened in the current period, partially offset by price compression and increased competition in certain markets.

 

Revenues, net of discounts, for the Consumer Packaged Goods segment were $471,735 thousand, an increase of $59,639 thousand or 14%, compared to the nine months ended September 30, 2023. The increase in Consumer Packaged Goods revenues was primarily driven by the expansion of adult-use sales in Maryland, New York, New Jersey and Ohio, as described above, as well as increased production associated with the completion of various construction projects in 2023.

Intersegment eliminations associated with the Consumer Packaged Goods segment were $243,475 thousand, an increase of $25,338 thousand or 12% compared to the nine months ended September 30, 2023. The increase in intersegment eliminations was driven by increased intercompany sales to Company-owned retail stores primarily in Maryland, Pennsylvania, and New York. Consumer Packaged Goods revenues, net of intersegment eliminations, made up 27% of total revenues during the nine months ended September 30, 2024 as compared to 25% during the nine months ended September 30, 2023.

 

Due to the vertically integrated nature of the business, the Company reviews its revenue at the Retail and Consumer Packaged Goods level while reviewing its operating results on a consolidated basis.

Drivers of Results of Operations

Revenue

The Company derives its revenue from two revenue streams: a Consumer Packaged Goods business in which it manufactures, sells and distributes its portfolio of Consumer Packaged Goods brands including &Shine, Beboe, Dogwalkers, Dr. Solomon’s, Good Green, incredibles, and RYTHM, primarily to third-party customers; and a Retail business in which it sells finished goods sourced primarily from third-party cannabis manufacturers in addition to the Company’s own Consumer Packaged Goods products direct to the end consumer in its Retail stores, as well as direct-to-consumer delivery where permitted by state law.

For the three and nine months ended September 30, 2024, revenue was contributed from Retail and Consumer Packaged Goods sales across California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.

Gross Profit

Gross profit is revenue less cost of goods sold. Cost of goods sold includes the costs directly attributable to product sales and includes amounts paid for finished goods, such as flower, edibles, and concentrates, as well as packaging and other supplies, fees for services and processing, and allocated overhead which includes allocations of rent, utilities and related costs. Cannabis costs are affected by various state regulations that limit the sourcing and procurement of cannabis product, which may create fluctuations in gross profit over comparative periods as the regulatory environment changes. Gross margin measures our gross profit as a percentage of revenue.

During the three and nine months ended September 30, 2024, the Company continued to be focused on creating sustainable, profitable growth of the Company’s business within its current markets while considering strategic acquisition and partnership opportunities.

Total Expenses

Total expenses other than the cost of goods sold consist of selling costs to support customer relationships and marketing and branding activities. It also includes a significant investment in the corporate infrastructure required to support the Company’s ongoing business.

34


 

Retail selling costs generally correlate to revenue. As new locations begin operations, these locations generally experience higher selling costs as a percentage of revenue compared to more established locations, which experience a more constant rate of selling costs. As a percentage of sales, the Company expects selling costs to remain constant in the more established locations and increase in the newer locations as business continues to grow.

General and administrative expenses also include costs incurred at the Company’s corporate offices, primarily related to back office personnel costs, including salaries, incentive compensation, benefits, stock-based compensation and other professional service costs, and fair value adjustments on the Company's contingent consideration arrangements. The Company expects to continue to invest considerably in this area to support the business by attracting and retaining top-tier talent. Furthermore, the Company anticipates an increase in stock-based compensation expenses related to recruiting and hiring talent, along with legal and professional fees associated with being a publicly traded company in Canada and registered with the SEC.

Provision for Income Taxes

The Company is subject to income taxes in the jurisdictions in which it operates and, consequently, income tax expense is a function of the allocation of taxable income by jurisdiction and the various activities that impact the timing of taxable events. As the Company operates in the federally illegal cannabis industry, it is subject to the limitations of the U.S. Internal Revenue Code of 1986, as amended (“IRC”) Section 280E, under which taxpayers are only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E and a higher effective tax rate than most industries. Therefore, the effective tax rate can be highly variable and may not necessarily correlate to pre-tax income or loss.

Non-GAAP Measures

EBITDA, and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

2024

 

2023

 

 

(in thousands)

 

 

(in thousands)

Net Income Before Non-Controlling Interest

$

8,781

$

10,807

 

$

61,047

$

33,902

Interest Income, net

 

(2,665)

 

(1,576)

 

 

(7,082)

 

(4,838)

Interest Expense, net

 

5,296

 

4,639

 

 

18,791

 

11,324

Provision for Income Taxes

 

30,922

 

34,526

 

 

94,970

 

93,927

Total Other Expense (Income)

 

290

 

631

 

 

(411)

 

(23)

Depreciation and Amortization

 

28,492

 

25,628

 

 

84,252

 

73,363

Earnings before interest, taxes, depreciation and
   amortization (EBITDA) (non-GAAP measure)

$

71,116

$

74,655

 

$

251,567

$

207,655

Stock-based Compensation, Non-cash

 

8,349

 

7,215

 

 

23,705

 

20,835

Acquisition, Transaction and Other Non-operating Costs (Income)

 

9,727

 

1,119

 

 

(1,736)

 

6,549

Adjusted EBITDA (Non-GAAP Measure)

$

89,192

$

82,989

 

$

273,536

$

235,039

 

35


 

Liquidity, Financing Activities During the Period, and Capital Resources

As of September 30, 2024, and December 31, 2023 the Company had total current liabilities of $160,669 thousand and $126,050 thousand, respectively, and cash and cash equivalents of $173,641 thousand and $161,634 thousand, respectively, to meet its current obligations. The Company had working capital of $231,205 thousand as of September 30, 2024, an increase of $14,493 thousand as compared to December 31, 2023. This increase in working capital was primarily driven by an increase in inventory.

The Company generates cash from its operations and deploys its capital reserves to acquire and develop assets capable of producing additional revenues and earnings over both the immediate and long term. Capital reserves are primarily being utilized for capital expenditures, facility improvements, strategic investment opportunities, product development and marketing, as well as customer, supplier, and investor and industry relations.

The Company takes a cautious approach in allocating its capital to maximize its returns while ensuring appropriate liquidity. Given the current uncertainty of the future economic environment, the Company has taken additional measures in monitoring and deploying its capital to minimize the negative impact on its current operations and expansion plans.

Cash Flows

Cash Provided by (Used in) Operating, Investing and Financing Activities

Net cash provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2024 and 2023 were as follows:

 

 

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

 

(in thousands)

Net Cash Provided by Operating Activities

$

151,845

$

153,872

Net Cash Used in Investing Activities

$

(53,435)

$

(187,444)

Net Cash Used in Financing Activities

$

(86,403)

$

(7,268)

Off-Balance Sheet Arrangements

As of September 30, 2024, the Company does not have any off-balance-sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.

Changes in or Adoption of Accounting Practices

Refer to the discussion of recently adopted/issued accounting pronouncements under Part I, Item 1, Notes to Unaudited Interim Condensed Consolidated Financial Statements, Note 1—Overview and Basis of Presentation.

Critical Accounting Policies and Significant Judgments and Estimates

There were no material changes to our critical accounting policies and estimates from the information provided in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in our 2023 Form 10-K.

36


 

ITEM 3. QUANTITAVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to our market risk disclosures as set forth in Part II Item 7A of our 2023 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company's management carried out an evaluation under the supervision and with the participation of the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act). Based upon that evaluation, management concluded that our disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company's internal control over financial reporting during the third quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Control Systems

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, will be or have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

37


 

PART II — OTHER INFORMATION

The Company is a party to a variety of legal proceedings that arise out of operations in the normal course of business. While the results of these legal proceedings cannot be predicted with certainty, the Company believes that the final outcome of these proceedings will not have a material adverse effect, individually or in the aggregate, on our results of operations or financial condition.

 

ITEM 1A. RISK FACTORS

For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our 2023 Form 10-K.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Recent Sales of Unregistered Securities

 

Subordinate Voting Shares

 

None.

 

Multiple Voting Shares

 

None.

 

Super Voting Shares

 

None.

Recent Issuer Purchases of Equity Securities

The following table sets forth repurchases of our Subordinate Voting Shares during the nine months ended September 30, 2024:

 

(Dollars in thousands except per share amounts)

Period

Total Number of Shares Purchased

 

Average Price Paid per Share

Total Number of Shares Purchased as Part of Publicly Announced Program (1)

 

Approximate Dollar Value of Shares that may yet be Purchased Under the Program

January 1, 2024 through January 31, 2024

$

$

February 1, 2024 through February 29, 2024

 

 

March 1, 2024 through March 31, 2024

1,067,000

 

12.27

1,067,000

 

46,600

April 1, 2024 through April 30, 2024

 

 

May 1, 2024 through May 31, 2024

659,100

 

12.05

659,100

 

38,660

June 1, 2024 through June 30, 2024

998,900

 

12.33

998,900

 

26,700

July 1, 2024 through July 31, 2024

 

 

August 1, 2024 through August 31, 2024

 

 

September 1, 2024 through September 30, 2024

 

 

50,000

 

2,725,000

$

12.27

2,725,000

$

50,000

(1) Following the expiration of the Company's previous share program on September 10, 2024, on September 13, 2024, the Company's Board of Directors authorized a share repurchase program that allows the Company to repurchase up to 10,573,860 of its Subordinate Voting Shares over a 12-month period at an aggregate cost of up to $50,000 thousand. The share repurchase program commenced on September 23, 2024.

Under the Company's original share repurchase program, a total of 6,568,125 Subordinate Voting Shares were repurchased for $73,304 thousand of which 2,725,000 Subordinate Voting Shares for $33,448 thousand were repurchased during the nine months ended September 30, 2024.

38


 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

 

Trading Arrangements

During the quarter ended September 30, 2024, none of the Company's directors or Section 16 officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement”, as each term is defined in the Item 408(a) of Regulation S-K.

39


 

ITEM 6. EXHIBITS

The following exhibits are filed with this report:

 

  10.1

AMENDMENT NO. 3 TO THE GREEN THUMB INDUSTRIES INC. 2018 STOCK AND INCENTIVE PLAN

 

 

  31.1

CERTIFICATE OF CHIEF EXECUTIVE OFFICER

  31.2

CERTIFICATE OF CHIEF FINANCIAL OFFICER

  32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

101.Ins

Inline XBRL Instance Document

101.Scs

Inline XBRL Taxonomy Extension Schema Document

101.Cal

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.Def

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.Lab

Inline XBRL Taxonomy Extension Label Linkbase Document

101.Pre

Inline XBRL Taxonomy Extension Presentation Linkbase Document

 

 

104

Cover Page Interactive Data File (embedded with Inline XBRL File)

 

40


 

SIGNATURES

Pursuant to requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

GREEN THUMB INDUSTRIES INC.

/s/Benjamin Kovler

By: Benjamin Kovler

Title: Chief Executive Officer

Date: November 8, 2024

 

GREEN THUMB INDUSTRIES INC.

/s/Mathew Faulkner

By: Mathew Faulkner

Title: Chief Financial Officer

Date: November 8, 2024

 

41