10-Q 1 gtbif-20210930.htm 10-Q 10-Q
false--12-310001795139Q30001795139gtbif:SummitMedicalCompassionCenterMember2021-08-012021-08-010001795139gtbif:LiabilityClassifiedWarrantMembersrt:MinimumMemberus-gaap:MeasurementInputPriceVolatilityMember2020-12-310001795139us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001795139us-gaap:MeasurementInputExpectedTermMembergtbif:DispensaryMortgageWarrantsMembergtbif:EquityClassifiedWarrantMember2021-01-012021-09-300001795139gtbif:SubordinateVotingSharesMember2020-01-012020-12-310001795139gtbif:LibertyCompassionIncMember2021-06-010001795139gtbif:OtherNonmaterialViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-07-012020-09-300001795139gtbif:SubordinateVotingSharesMembergtbif:DharmaPharmaceuticalsLlcMember2021-07-012021-07-010001795139us-gaap:CommonStockMember2020-12-3100017951392020-09-3000017951392021-09-300001795139gtbif:PrivatePlacementDebtAprilThirtyTwoThousandTwentyOneMember2021-09-300001795139us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001795139us-gaap:NoncontrollingInterestMember2020-12-310001795139gtbif:ConsumerPackagedGoodsSegmentMembergtbif:SummitMedicalCompassionCenterMember2021-09-300001795139gtbif:ChesapeakeAlternativesLlcMember2020-01-012020-09-300001795139gtbif:DharmaPharmaceuticalsLlcMember2021-08-160001795139us-gaap:EmployeeStockOptionMember2021-01-012021-09-3000017951392020-01-012020-12-310001795139gtbif:SuperVotingSharesMember2021-01-012021-09-300001795139us-gaap:RetainedEarningsMember2020-06-300001795139gtbif:PrivatePlacementRefinancingWarrantsMembergtbif:EquityClassifiedWarrantMember2020-12-310001795139gtbif:LiabilityClassifiedWarrantMembergtbif:BridgeFinancingWarrantsMember2021-01-012021-09-300001795139us-gaap:CommonStockMember2020-01-012020-09-300001795139us-gaap:CommonStockMember2020-09-300001795139gtbif:ContributedSurplusMember2021-07-012021-09-300001795139gtbif:FloridaAndLllinoisMember2021-07-012021-09-300001795139gtbif:OtherAcquisitionMembergtbif:RetailSegmentMember2021-09-300001795139gtbif:ConversionOfSuperVotingSharesMembergtbif:SuperVotingSharesMember2021-09-300001795139us-gaap:EmployeeStockOptionMember2020-07-012020-09-300001795139us-gaap:CommonStockMember2019-12-310001795139gtbif:OtherNonmaterialViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-09-300001795139gtbif:LiabilityClassifiedWarrantMembergtbif:ModificationWarrantsMember2021-09-300001795139gtbif:OtherAcquisitionMember2021-09-300001795139gtbif:SuperVotingSharesMember2020-01-012020-12-310001795139gtbif:AdditionalModificationWarrantsMembergtbif:LiabilityClassifiedWarrantMember2021-01-012021-09-300001795139gtbif:ConversionOfSuperVotingSharesMembergtbif:SuperVotingSharesMember2021-01-012021-09-300001795139us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001795139gtbif:GreenstarHerbalIncMembergtbif:SubordinateVotingSharesMember2021-09-012021-09-0100017951392021-09-010001795139us-gaap:WarrantMember2020-07-012020-09-3000017951392021-01-152021-01-150001795139gtbif:SubordinateVotingSharesMember2020-12-310001795139gtbif:MortgageNotesMember2020-12-310001795139gtbif:ChesapeakeAlternativesLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001795139us-gaap:ThreatenedLitigationMember2020-01-012020-12-310001795139us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2021-09-300001795139gtbif:PrivatePlacementDebtMayTwentyTwoTwoThousandNineteenMember2019-05-220001795139us-gaap:OperatingSegmentsMembergtbif:RetailSegmentMember2021-07-012021-09-300001795139gtbif:MultipleVotingSharesMember2021-09-300001795139gtbif:PrivatePlacementDebtMayTwentyTwoTwoThousandNineteenMember2021-09-300001795139us-gaap:WarrantMember2021-01-012021-09-300001795139gtbif:LiabilityClassifiedWarrantMembersrt:MinimumMemberus-gaap:MeasurementInputPriceVolatilityMember2021-09-300001795139us-gaap:CostOfSalesMember2020-01-012020-09-300001795139gtbif:GtiNewJerseyLlcMembergtbif:SubordinateVotingSharesMember2021-03-152021-03-150001795139gtbif:FinancialInstrumentsMember2020-12-310001795139gtbif:FinancialInstrumentsMember2021-09-300001795139gtbif:LiabilityClassifiedWarrantMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMember2021-01-012021-09-300001795139gtbif:ContributedSurplusMember2021-06-300001795139gtbif:GreenstarHerbalIncMember2021-09-012021-09-010001795139gtbif:IllinoisDispLlcMember2020-07-012020-09-300001795139gtbif:FinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001795139gtbif:RetailSegmentMember2021-09-300001795139srt:MaximumMember2021-01-012021-09-300001795139gtbif:LiabilityClassifiedWarrantMembersrt:MaximumMemberus-gaap:MeasurementInputPriceVolatilityMember2021-09-300001795139us-gaap:RetainedEarningsMember2021-01-012021-09-300001795139gtbif:PrivatePlacementDebtMayTwentyTwoTwoThousandNineteenMember2019-05-212019-05-220001795139us-gaap:TradeNamesMember2020-12-310001795139gtbif:AcquiredDebtMember2020-12-310001795139gtbif:ChesapeakeAlternativesLlcMember2020-07-012020-09-300001795139gtbif:IllinoisDispLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-07-012021-09-300001795139gtbif:NonCompetitionAgreementMember2021-09-300001795139gtbif:ChesapeakeAlternativesLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300001795139gtbif:CannabisCompaniesMember2020-12-310001795139gtbif:EquityClassifiedWarrantMember2021-01-012021-09-300001795139us-gaap:IntersegmentEliminationMember2021-01-012021-09-300001795139gtbif:MortgageNotesMember2021-09-300001795139us-gaap:MeasurementInputRiskFreeInterestRateMembergtbif:DispensaryMortgageWarrantsMembergtbif:EquityClassifiedWarrantMember2021-09-300001795139gtbif:OtherNonmaterialViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-07-012021-09-300001795139gtbif:DharmaPharmaceuticalsLlcMember2021-06-010001795139gtbif:OtherNonmaterialViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300001795139gtbif:ChesapeakeAlternativesLlcMember2021-01-012021-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMember2021-01-012021-09-300001795139gtbif:ChesapeakeAlternativesLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMembergtbif:OtherAcquisitionMember2021-09-300001795139gtbif:SeniorSecuredNoteDueMayTwoThousandTwentyThreeMember2021-04-300001795139gtbif:PrivatePlacementRefinancingWarrantsMembergtbif:EquityClassifiedWarrantMember2021-01-012021-09-300001795139gtbif:LicensesAndPermitsMember2020-12-310001795139gtbif:SeniorSecuredNoteDueMayTwoThousandTwentyThreeMember2021-04-302021-04-300001795139gtbif:SeniorSecuredNoteDueMayTwoThousandTwentyThreeMembersrt:MaximumMember2021-04-302021-04-300001795139gtbif:RetailSegmentMember2020-12-310001795139us-gaap:TradeNamesMember2021-09-300001795139us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001795139gtbif:IllinoisDispLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-09-300001795139gtbif:OtherNonmaterialViesMember2020-01-012020-09-300001795139gtbif:NonCompetitionAgreementMember2020-12-310001795139us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300001795139srt:MinimumMember2021-04-302021-04-300001795139gtbif:PrivatePlacementDebtAprilThirtyTwoThousandTwentyOneMember2021-04-302021-04-300001795139us-gaap:OperatingSegmentsMembergtbif:RetailSegmentMember2021-01-012021-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMembergtbif:DharmaPharmaceuticalsLlcMember2021-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMemberus-gaap:OperatingSegmentsMember2021-09-300001795139srt:MaximumMember2020-01-012020-12-310001795139us-gaap:RestrictedStockUnitsRSUMember2020-07-012020-09-300001795139us-gaap:CommonStockMember2020-06-300001795139gtbif:DharmaPharmaceuticalsLlcMember2021-07-012021-07-010001795139us-gaap:CostOfSalesMember2021-07-012021-09-300001795139gtbif:MultipleVotingSharesMember2020-01-012020-12-310001795139us-gaap:RetainedEarningsMember2020-12-310001795139gtbif:PrivatePlacementDebtMayTwentyTwoTwoThousandNineteenMember2020-12-310001795139gtbif:LiabilityClassifiedWarrantMembergtbif:ModificationWarrantsMember2020-12-310001795139us-gaap:LeaseholdImprovementsMember2021-09-300001795139gtbif:ContributedSurplusMember2020-01-012020-09-3000017951392017-01-012017-12-310001795139us-gaap:CommonStockMember2021-09-300001795139us-gaap:FurnitureAndFixturesMember2021-09-300001795139gtbif:PrivatePlacementFinancingWarrantsMembergtbif:LiabilityClassifiedWarrantMember2021-01-012021-09-300001795139gtbif:OtherNonmaterialViesMember2021-01-012021-09-300001795139us-gaap:PendingLitigationMember2020-01-012020-12-310001795139gtbif:IllinoisDispLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-07-012020-09-300001795139gtbif:RetailSegmentMember2021-01-012021-09-300001795139gtbif:IllinoisDispLlcMember2021-07-012021-09-3000017951392021-06-300001795139us-gaap:LandImprovementsMember2021-09-3000017951392019-01-012019-12-310001795139gtbif:MultipleVotingSharesMember2020-12-310001795139us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001795139gtbif:FloridaAndLllinoisMembersrt:MinimumMember2021-09-300001795139gtbif:MultipleConvertedVotingSharesMember2021-11-010001795139us-gaap:MeasurementInputRiskFreeInterestRateMembergtbif:LiabilityClassifiedWarrantMembersrt:MaximumMember2021-09-300001795139gtbif:DeferredShareIssuanceMember2020-06-300001795139us-gaap:OperatingSegmentsMembergtbif:RetailSegmentMember2020-07-012020-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMemberus-gaap:OperatingSegmentsMember2020-12-310001795139gtbif:DispensaryMortgageWarrantsMembergtbif:EquityClassifiedWarrantMember2021-01-012021-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001795139gtbif:MortgageNotesMember2021-01-012021-09-300001795139us-gaap:NotesReceivableMember2021-09-300001795139gtbif:GtiNewJerseyLlcMembergtbif:SubordinateVotingSharesMember2019-04-232019-04-230001795139us-gaap:CommonStockMember2020-07-012020-09-300001795139gtbif:MultipleVotingSharesMember2021-01-012021-09-300001795139gtbif:LiabilityClassifiedWarrantMembergtbif:OtherIncomeExpenseMember2021-01-012021-09-300001795139us-gaap:AssetUnderConstructionMember2021-09-300001795139gtbif:LibertyCompassionIncMember2021-06-012021-06-010001795139gtbif:ConstructionCommitmentsMember2021-09-300001795139gtbif:DeferredShareIssuanceMember2020-12-310001795139us-gaap:OtherNoncurrentLiabilitiesMembergtbif:GreenstarHerbalIncMember2021-09-300001795139gtbif:SuperVotingSharesMember2021-09-300001795139us-gaap:LeaseholdImprovementsMember2020-12-310001795139us-gaap:NoncontrollingInterestMember2020-09-300001795139us-gaap:RestrictedStockUnitsRSUMember2021-09-300001795139gtbif:LiabilityClassifiedWarrantMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMember2020-01-012020-12-310001795139gtbif:ConversionOfSuperVotingSharesMembergtbif:SubordinateVotingSharesMember2021-01-012021-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001795139gtbif:SummitMedicalCompassionCenterMember2021-08-010001795139gtbif:DeferredShareIssuanceMember2020-09-300001795139gtbif:SuperVotingSharesMember2020-12-310001795139gtbif:FloridaAndLllinoisMember2021-01-012021-09-300001795139gtbif:DeferredShareIssuanceMember2021-07-012021-09-300001795139us-gaap:RestrictedStockUnitsRSUMember2020-07-012020-09-300001795139gtbif:SubordinateVotingSharesMembergtbif:ConversionOfMultipleVotingSharesMember2021-01-012021-09-300001795139us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001795139us-gaap:MeasurementInputRiskFreeInterestRateMembergtbif:LiabilityClassifiedWarrantMembersrt:MinimumMember2021-09-300001795139us-gaap:IntersegmentEliminationMember2021-07-012021-09-300001795139us-gaap:OperatingSegmentsMembergtbif:RetailSegmentMember2020-12-310001795139gtbif:DeferredShareIssuanceMember2021-09-300001795139us-gaap:CommonStockMemberus-gaap:NotesPayableOtherPayablesMember2021-01-012021-09-300001795139us-gaap:FairValueInputsLevel1Membergtbif:FinancialInstrumentsMember2020-12-310001795139gtbif:OtherNonmaterialViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001795139gtbif:OtherNonmaterialViesMember2020-07-012020-09-300001795139gtbif:LicensesAndPermitsMembergtbif:OtherAcquisitionMember2021-09-3000017951392020-12-310001795139gtbif:ConsumerPackagedGoodsSegmentMember2020-12-310001795139us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001795139us-gaap:RetainedEarningsMember2020-01-012020-09-300001795139us-gaap:CustomerRelationshipsMember2021-09-300001795139us-gaap:NoncontrollingInterestMember2021-09-300001795139gtbif:PrivatePlacementDebtAprilThirtyTwoThousandTwentyOneMember2020-12-3100017951392021-07-012021-09-300001795139gtbif:ContributedSurplusMember2020-12-310001795139gtbif:ContributedSurplusMember2021-09-300001795139us-gaap:CostOfSalesMember2021-01-012021-09-300001795139gtbif:GtiNewJerseyLlcMember2020-01-012020-12-310001795139gtbif:GtiNewJerseyLlcMember2020-12-310001795139gtbif:IllinoisDispLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001795139us-gaap:NoncontrollingInterestMember2020-06-300001795139gtbif:LicensesAndPermitsMember2021-09-300001795139gtbif:OtherNonmaterialViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300001795139us-gaap:RetainedEarningsMember2020-09-300001795139us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001795139gtbif:EquityClassifiedWarrantMember2021-09-300001795139gtbif:IntegralAssociatesLlcMember2021-09-300001795139us-gaap:NoncontrollingInterestMember2019-12-310001795139us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001795139us-gaap:MeasurementInputRiskFreeInterestRateMembergtbif:LiabilityClassifiedWarrantMembersrt:MaximumMember2020-12-310001795139gtbif:ContributedSurplusMember2021-01-012021-09-300001795139us-gaap:RetainedEarningsMember2020-07-012020-09-300001795139gtbif:DeferredShareIssuanceMember2019-12-310001795139us-gaap:RetainedEarningsMember2021-06-3000017951392020-01-012020-09-300001795139gtbif:ContributedSurplusMember2020-06-300001795139us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001795139gtbif:ContributedSurplusMember2020-07-012020-09-300001795139us-gaap:PendingLitigationMember2021-01-012021-09-3000017951392021-01-012021-09-300001795139gtbif:LiabilityClassifiedWarrantMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2020-01-012020-12-310001795139us-gaap:MeasurementInputRiskFreeInterestRateMembergtbif:LiabilityClassifiedWarrantMembersrt:MinimumMember2020-12-310001795139gtbif:IllinoisDispLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300001795139gtbif:DharmaPharmaceuticalsLlcMembergtbif:SubordinateVotingSharesMember2021-08-162021-08-160001795139gtbif:FloridaAndLllinoisMember2020-01-012020-09-300001795139gtbif:CannabisCompaniesMember2021-09-300001795139gtbif:MultipleVotingSharesMembergtbif:ConversionOfMultipleVotingSharesMember2021-01-012021-09-300001795139gtbif:AcquiredDebtMember2021-09-300001795139us-gaap:CustomerRelationshipsMember2020-12-310001795139us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001795139gtbif:ChesapeakeAlternativesLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-07-012020-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-3000017951392021-01-012021-06-300001795139gtbif:LiabilityClassifiedWarrantMember2021-09-300001795139srt:MaximumMembergtbif:DharmaPharmaceuticalsLlcMember2021-01-012021-09-300001795139gtbif:DharmaPharmaceuticalsLlcMembergtbif:RetailSegmentMember2021-09-300001795139us-gaap:OperatingSegmentsMembergtbif:RetailSegmentMember2021-09-300001795139gtbif:SubordinateVotingSharesMember2021-11-010001795139gtbif:IntegralAssociatesLlcMember2020-12-310001795139gtbif:LiabilityClassifiedWarrantMembergtbif:BridgeFinancingWarrantsMember2021-09-300001795139us-gaap:WarrantMember2020-01-012020-09-300001795139gtbif:SubordinateVotingSharesMembergtbif:FebruaryNineTwoThousandTwentyOneMember2021-02-080001795139gtbif:RelatedPartyMember2021-09-300001795139us-gaap:FurnitureAndFixturesMember2020-12-310001795139gtbif:GtiNewJerseyLlcMember2021-01-012021-09-300001795139us-gaap:NotesReceivableMember2021-01-012021-09-3000017951392019-12-310001795139gtbif:LiabilityClassifiedWarrantMember2020-12-310001795139us-gaap:FairValueInputsLevel3Membergtbif:FinancialInstrumentsMember2020-12-310001795139gtbif:DeferredShareIssuanceMember2021-01-012021-09-300001795139us-gaap:CommonStockMember2021-06-300001795139us-gaap:NoncontrollingInterestMember2021-06-300001795139us-gaap:BuildingImprovementsMember2021-09-300001795139us-gaap:FairValueInputsLevel1Membergtbif:FinancialInstrumentsMember2021-09-300001795139srt:MinimumMember2021-01-012021-09-300001795139gtbif:SubordinateVotingSharesMembergtbif:ConversionOfMultipleVotingSharesMember2021-09-300001795139us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2020-12-310001795139gtbif:DeferredShareIssuanceMember2020-07-012020-09-300001795139gtbif:SubordinateVotingSharesMember2021-09-300001795139us-gaap:IntersegmentEliminationMember2020-07-012020-09-300001795139gtbif:PrivatePlacementRefinancingWarrantsMembergtbif:EquityClassifiedWarrantMember2021-09-300001795139gtbif:LiabilityClassifiedWarrantMembergtbif:OtherIncomeExpenseMember2020-07-012020-09-300001795139gtbif:LiabilityClassifiedWarrantMembergtbif:BridgeFinancingWarrantsMember2020-12-3100017951392020-07-012020-09-3000017951392021-09-012021-09-010001795139us-gaap:IntersegmentEliminationMember2020-01-012020-09-300001795139srt:MaximumMembergtbif:DharmaPharmaceuticalsLlcMembergtbif:SubordinateVotingSharesMember2021-01-012021-09-300001795139gtbif:ContributedSurplusMember2020-09-300001795139gtbif:FloridaAndLllinoisMembersrt:MaximumMember2021-09-300001795139gtbif:DeferredShareIssuanceMember2021-06-300001795139gtbif:LiabilityClassifiedWarrantMembergtbif:OtherIncomeExpenseMember2021-07-012021-09-300001795139gtbif:IllinoisDispLlcMember2020-01-012020-09-300001795139gtbif:FebruaryTwentyThreeTwoThousandTwentyOneMembergtbif:SubordinateVotingSharesMember2021-02-230001795139us-gaap:FairValueInputsLevel2Membergtbif:FinancialInstrumentsMember2020-12-310001795139gtbif:LiabilityClassifiedWarrantMember2021-01-012021-09-300001795139gtbif:ContributedSurplusMember2019-12-310001795139gtbif:LiabilityClassifiedWarrantMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2021-01-012021-09-300001795139us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001795139gtbif:FloridaAndLllinoisMember2020-07-012020-09-300001795139us-gaap:CommonStockMember2021-07-012021-09-300001795139gtbif:SubordinateVotingSharesMember2021-01-012021-09-300001795139srt:MinimumMember2021-09-3000017951392017-12-310001795139srt:MaximumMember2021-09-300001795139gtbif:LiabilityClassifiedWarrantMembergtbif:ModificationWarrantsMember2021-01-012021-09-300001795139us-gaap:AssetUnderConstructionMember2020-12-310001795139gtbif:OtherNonmaterialViesMember2021-07-012021-09-300001795139us-gaap:FairValueInputsLevel2Membergtbif:FinancialInstrumentsMember2021-09-300001795139gtbif:LicensesAndPermitsMembergtbif:SummitMedicalCompassionCenterMember2021-09-300001795139gtbif:ConsumerPackagedGoodsSegmentMember2021-09-300001795139gtbif:ThirdPartyMember2021-09-300001795139gtbif:PrivatePlacementDebtMayTwentyTwoTwoThousandNineteenMember2021-04-3000017951392020-06-300001795139gtbif:PrivatePlacementRefinancingWarrantsMemberus-gaap:MeasurementInputExpectedTermMembergtbif:EquityClassifiedWarrantMember2021-01-012021-09-300001795139gtbif:IntegralAssociatesLlcMembergtbif:SubordinateVotingSharesMember2021-03-222021-03-220001795139gtbif:ChesapeakeAlternativesLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-07-012021-09-300001795139gtbif:SummitMedicalCompassionCenterMember2021-09-300001795139gtbif:PrivatePlacementFinancingWarrantsMembergtbif:LiabilityClassifiedWarrantMember2021-09-300001795139gtbif:DharmaPharmaceuticalsLlcMember2021-09-300001795139us-gaap:LandMember2021-09-300001795139srt:MinimumMember2020-01-012020-12-310001795139us-gaap:RetainedEarningsMember2021-09-300001795139us-gaap:ThreatenedLitigationMember2021-01-012021-09-300001795139gtbif:PrivatePlacementFinancingWarrantsMembergtbif:LiabilityClassifiedWarrantMember2020-12-310001795139us-gaap:MeasurementInputRiskFreeInterestRateMembergtbif:PrivatePlacementRefinancingWarrantsMembergtbif:EquityClassifiedWarrantMember2021-09-300001795139gtbif:EquityClassifiedWarrantMember2020-12-310001795139gtbif:AdditionalModificationWarrantsMembergtbif:LiabilityClassifiedWarrantMember2021-09-300001795139gtbif:IllinoisDispLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300001795139gtbif:SubordinateVotingSharesMembergtbif:FebruaryNineTwoThousandTwentyOneMember2021-02-082021-02-080001795139gtbif:FebruaryTwentyThreeTwoThousandTwentyOneMembergtbif:SubordinateVotingSharesMember2021-02-232021-02-230001795139gtbif:LiabilityClassifiedWarrantMembersrt:MaximumMemberus-gaap:MeasurementInputPriceVolatilityMember2020-12-310001795139gtbif:ContributedSurplusMemberus-gaap:NotesPayableOtherPayablesMember2021-01-012021-09-300001795139gtbif:AdditionalModificationWarrantsMembergtbif:LiabilityClassifiedWarrantMember2020-12-310001795139gtbif:ChesapeakeAlternativesLlcMember2021-07-012021-09-300001795139gtbif:SummitMedicalCompassionCenterMembergtbif:RetailSegmentMember2021-09-300001795139us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300001795139gtbif:SubordinateVotingSharesMembergtbif:LibertyCompassionIncMember2021-06-012021-06-010001795139gtbif:DispensaryMortgageWarrantsMembergtbif:EquityClassifiedWarrantMember2021-09-300001795139gtbif:SuccessHoldingsMembergtbif:SubordinateVotingSharesMember2021-02-222021-02-220001795139gtbif:ConsumerPackagedGoodsSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001795139gtbif:DispensaryMortgageWarrantsMembergtbif:EquityClassifiedWarrantMember2020-12-310001795139gtbif:DispensaryMortgageWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMembergtbif:EquityClassifiedWarrantMember2021-09-300001795139us-gaap:RetainedEarningsMember2019-12-310001795139gtbif:SuperVotingSharesMember2021-11-010001795139gtbif:GtiNewJerseyLlcMembergtbif:SubordinateVotingSharesMember2021-09-162021-09-160001795139us-gaap:EmployeeStockOptionMember2020-07-012020-09-300001795139us-gaap:WarrantMember2021-07-012021-09-300001795139us-gaap:CostOfSalesMember2020-07-012020-09-300001795139us-gaap:RetainedEarningsMember2021-07-012021-09-300001795139gtbif:LicensesAndPermitsMembergtbif:DharmaPharmaceuticalsLlcMember2021-09-300001795139gtbif:DeferredShareIssuanceMember2020-01-012020-09-300001795139gtbif:IllinoisDispLlcMember2021-01-012021-09-300001795139us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001795139us-gaap:BuildingImprovementsMember2020-12-310001795139us-gaap:CommonStockMember2021-01-012021-09-300001795139gtbif:ChesapeakeAlternativesLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-09-300001795139us-gaap:LandMember2020-12-310001795139gtbif:SummitMedicalCompassionCenterMembergtbif:SubordinateVotingSharesMember2021-08-012021-08-010001795139gtbif:IntegralAssociatesLlcMember2021-03-222021-03-220001795139gtbif:PrivatePlacementDebtAprilThirtyTwoThousandTwentyOneMember2021-04-300001795139gtbif:PrivatePlacementRefinancingWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMembergtbif:EquityClassifiedWarrantMember2021-09-300001795139gtbif:GtiiStockAndIncentivePlanMembergtbif:SubordinateVotingSharesMember2018-06-012018-06-300001795139gtbif:MultipleConvertedVotingSharesMember2021-01-012021-09-300001795139us-gaap:OperatingSegmentsMembergtbif:RetailSegmentMember2020-01-012020-09-300001795139gtbif:LiabilityClassifiedWarrantMembergtbif:OtherIncomeExpenseMember2020-01-012020-09-30xbrli:puregtbif:Lawsuitxbrli:sharesiso4217:CADxbrli:sharesgtbif:Dispensaryiso4217:USDxbrli:sharesiso4217:USD

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to

img167093022_0.jpg 

Commission file number 000-56132

 

GREEN THUMB INDUSTRIES INC.

(Exact name of registrant as specified in its charter)

 

 

British Columbia

98-1437430

(State or other jurisdiction of

incorporation or organization)

(I.R.S. employer

identification no.)

 

 

325 West Huron Street,

Suite 700 Chicago, Illinois

60654

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code - (312) 471-6720

 

Securities registered pursuant to Section 12(g) of the Act:

Subordinate Voting Shares

Multiple Voting Shares

Super Voting Shares

(Title of each Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 day. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☒

As of November 1, 2021, there were 194,781,223 shares of the registrant’s Subordinate Voting Shares, 3,965,400 shares of the registrant’s Multiple Voting Shares (on an as converted basis) and 29,503,100 shares of the registrant’s Super Voting Shares (on an as converted basis).

 

 


 

GREEN THUMB INDUSTRIES INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED September 30, 2021

TABLE OF CONTENTS

 

FINANCIAL

INFORMATION

Page

 

Part I

 

ITEM 1:

Unaudited Interim Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

4

 

Unaudited Interim Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020

5

 

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2021 and 2020

6

 

Unaudited Interim Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

8

 

Notes to Unaudited Interim Condensed Consolidated Financial Statements

10

ITEM 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

ITEM 3:

Quantitative and Qualitative Disclosure About Market Risk

43

ITEM 4:

Controls and Procedures

43

 

Part II

 

OTHER

INFORMATION

 

 

ITEM 1:

Legal Proceedings

44

ITEM 1a:

Risk Factors

44

ITEM 2:

Sale of Unregistered Securities

44

ITEM 3:

Defaults Upon Senior Securities

44

ITEM 4:

Mine Safety Disclosure

44

ITEM 5:

Other Information

44

ITEM 6:

Exhibits

45

Signatures

 

46

 

 


 

Use of Names

In this Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms “we,” “us,” “our,” “Company,” “Corporation” or “Green Thumb” refer to Green Thumb Industries Inc. together with its wholly-owned subsidiaries.

Currency

Unless otherwise indicated, all references to “$” or “US$” in this document refer to United States dollars, and all references to “C$” refer to Canadian dollars.

Disclosure Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “project,” “anticipate,” “believe,” “plan,” “forecast,” “continue” or “could” or the negative of these terms or variations of them or similar terms. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the “SEC”), and in press releases or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under federal law, and enforcement of cannabis laws could change; the Company may be subject to action by the U.S. federal government; state regulation of cannabis is uncertain; the Company may be subject to heightened scrutiny by Canadian regulatory authorities; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco Firearms and Explosives regulation; cannabis businesses are subject to applicable antimoney laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company lacks access to U.S. bankruptcy protections; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where we carry on business; the Company may face difficulties in enforcing its contracts; the Company has limited trademark protection; cannabis businesses are subject to unfavorable tax treatment; cannabis businesses may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company’s use of joint ventures may expose it to risks associated with jointly owned investments; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company is dependent on the popularity of consumer acceptance of the Company’s brand portfolio; the Company’s business is subject to the risks inherent in agricultural operations; the Company may be adversely impacted by rising or volatile energy costs; the Company faces an inherent risk of product liability or similar claims; the Company’s products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company’s voting control is concentrated; the Company’s capital structure and voting control may cause unpredictability; issuances of substantial amounts of Super Voting Shares, Multiple Voting Shares or Subordinate Voting Shares may result in dilution; and the Company is governed by corporate laws in British Columbia, Canada which in some cases have a different effect on shareholders than the corporate laws in Delaware, United States. Further information on these and other potential factors that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and elsewhere in the Company’s filings with the SEC, which are available on the SEC’s website or at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.

 

 

3


 

Green Thumb Industries Inc.

Unaudited Interim Condensed Consolidated Balance Sheets

As of September 30, 2021 and December 31, 2020

(Amounts Expressed in United States Dollars)

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

(Audited)

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

285,792,378

 

 

$

83,757,785

 

Accounts Receivable

 

 

25,484,379

 

 

 

21,414,987

 

Inventories

 

 

92,981,561

 

 

 

69,542,953

 

Prepaid Expenses

 

 

11,159,708

 

 

 

6,445,393

 

Other Current Assets

 

 

5,333,213

 

 

 

2,782,887

 

Total Current Assets

 

 

420,751,239

 

 

 

183,944,005

 

Property and Equipment, Net

 

 

325,302,931

 

 

 

189,925,877

 

Right of Use Assets, Net

 

 

174,140,812

 

 

 

140,382,781

 

Investments

 

 

50,627,826

 

 

 

40,794,806

 

Investment in Associate

 

 

30,067,409

 

 

 

12,669,963

 

Intangible Assets, Net

 

 

549,184,352

 

 

 

406,242,034

 

Goodwill

 

 

597,483,954

 

 

 

382,697,467

 

Deposits and Other Assets

 

 

2,870,954

 

 

 

1,892,229

 

TOTAL ASSETS

 

$

2,150,429,477

 

 

$

1,358,549,162

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts Payable

 

$

9,811,144

 

 

$

20,503,572

 

Accrued Liabilities

 

 

78,700,095

 

 

 

56,288,729

 

Current Portion of Notes Payable

 

 

777,275

 

 

 

341,983

 

Current Portion of Lease Liabilities

 

 

7,604,460

 

 

 

3,862,110

 

Contingent Consideration Payable

 

 

68,148,188

 

 

 

22,150,000

 

Income Tax Payable

 

 

260,621

 

 

 

16,142,041

 

Total Current Liabilities

 

 

165,301,783

 

 

 

119,288,435

 

Long-Term Liabilities:

 

 

 

 

 

 

Lease Liabilities, Net of Current Portion

 

 

180,857,800

 

 

 

146,426,760

 

Notes Payable, Net of Current Portion and Debt Discount

 

 

205,760,797

 

 

 

98,712,996

 

Contingent Consideration Payable

 

 

39,876,234

 

 

 

4,950,000

 

Warrant Liability

 

 

34,003,000

 

 

 

39,454,000

 

Deferred Income Taxes

 

 

79,515,045

 

 

 

35,557,630

 

TOTAL LIABILITIES

 

 

705,314,659

 

 

 

444,389,821

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

SHARE HOLDERS' EQUITY

 

 

 

 

 

 

Subordinate Voting Shares (Shares Authorized, Issued and Outstanding at September 30, 2021:
   
Unlimited, 194,383,883, and 194,383,883, respectively, at December 31, 2020:
   
Unlimited, 178,113,221, and 178,113,221, respectively)

 

 

 

 

 

 

Multiple Voting Shares (Shares Authorized, Issued and Outstanding at September 30, 2021:
   
Unlimited, 39,654 and 39,654, respectively, at December 31, 2020:
   
Unlimited, 40,289 and 40,289, respectively)

 

 

 

 

 

 

Super Voting Shares (Shares Authorized, Issued and Outstanding at September 30, 2021:
   
Unlimited, 295,031 and 295,031, respectively, at December 31, 2020:
   
Unlimited, 312,031 and 312,031, respectively)

 

 

 

 

 

 

Share Capital

 

 

1,500,863,236

 

 

 

1,048,640,398

 

Contributed Surplus

 

 

8,578,127

 

 

 

4,893,153

 

Deferred Share Issuances

 

 

28,645,809

 

 

 

2,587,317

 

Accumulated Deficit

 

 

(92,868,812

)

 

 

(145,498,623

)

Equity of Green Thumb Industries Inc.

 

 

1,445,218,360

 

 

 

910,622,245

 

Noncontrolling interests

 

 

(103,542

)

 

 

3,537,096

 

TOTAL SHAREHOLDERS' EQUITY

 

 

1,445,114,818

 

 

 

914,159,341

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

2,150,429,477

 

 

$

1,358,549,162

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

 

4


 

Green Thumb Industries Inc.

Unaudited Interim Condensed Consolidated Statements of Operations

Three and Nine Months Ended September 30, 2021 and 2020

(Amounts Expressed in United States Dollars, Except Share Amounts)

 

 

 

 

 Three Months Ended September 30,

 

 Nine Months Ended September 30,

 

 

2021

 

2020

 

2021

 

2020

Revenues, net of discounts

 

$233,676,881

 

$157,103,841

 

$649,979,277

 

$379,346,367

Cost of Goods Sold, net

 

(104,159,371)

 

(70,146,676)

 

(286,685,443)

 

(175,707,874)

Gross Profit

 

129,517,510

 

86,957,165

 

363,293,834

 

203,638,493

Expenses:

 

 

 

 

 

 

 

 

Selling, General, and Administrative

 

71,448,927

 

49,745,979

 

202,835,651

 

144,823,947

Total Expenses

 

71,448,927

 

49,745,979

 

202,835,651

 

144,823,947

Income From Operations

 

58,068,583

 

37,211,186

 

160,458,183

 

58,814,546

Other Income (Expense):

 

 

 

 

 

 

 

 

Other Income, net

 

8,124,613

 

6,432,883

 

9,805,073

 

7,501,566

Interest Income, net

 

328,018

 

5,397

 

673,598

 

109,922

Interest Expense, net

 

(7,616,449)

 

(4,460,125)

 

(16,419,420)

 

(14,236,475)

Total Other Income (Expense)

 

836,182

 

1,978,155

 

(5,940,749)

 

(6,624,987)

Income Before Provision for Income Taxes And Non-Controlling Interest

 

58,904,765

 

39,189,341

 

154,517,434

 

52,189,559

 

 

 

 

 

 

 

 

 

Provision For Income Taxes

 

37,319,988

 

28,436,332

 

98,202,898

 

56,964,047

Net Income (Loss) Before Non-Controlling Interest

 

21,584,777

 

10,753,009

 

56,314,536

 

(4,774,488)

Net Income Attributable to Non-Controlling Interest

 

1,375,623

 

1,109,080

 

3,684,725

 

2,697,352

Net Income (Loss) Attributable To Green Thumb Industries Inc.

 

$20,209,154

 

$9,643,929

 

$52,629,811

 

$(7,471,840)

Net Income (Loss) per share - basic

 

$0.09

 

$0.04

 

$0.24

 

$(0.04)

Net Income (Loss) per share - diluted

 

$0.08

 

$0.04

 

$0.23

 

$(0.04)

Weighted average number of shares outstanding - basic

 

226,529,671

 

211,990,405

 

221,059,870

 

210,127,323

Weighted average number of shares outstanding - diluted

 

230,879,437

 

214,212,292

 

225,411,773

 

210,127,323

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

 

 

5


 

Green Thumb Industries Inc.

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity

Three and Nine Months Ended September 30, 2021 and 2020

(Amounts Expressed in United States Dollars)

 

 

 

 

Share
Capital

 

 

Contributed
Surplus (Deficit)

 

 

Deferred Share
Issuance

 

 

Accumulated
Earnings (Deficit)

 

 

Non-Controlling
Interest

 

 

Total

 

Balance, July 1, 2020

 

$

1,004,812,062

 

 

$

6,545,712

 

 

$

15,280,000

 

 

$

(177,607,359

)

 

$

2,367,904

 

 

$

851,398,319

 

Noncontrolling interests adjustment for change in ownership

 

 

 

 

 

5,700,000

 

 

 

 

 

 

 

 

 

 

 

 

5,700,000

 

Issuance of shares for redemption of noncontrolling interest

 

 

20,078,940

 

 

 

(14,728,940

)

 

 

 

 

 

 

 

 

 

 

 

5,350,000

 

Distribution of Contingent Consideration

 

 

2,690,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,690,914

 

Distribution of deferred shares

 

 

13,444,669

 

 

 

 

 

 

(13,444,669

)

 

 

 

 

 

 

 

 

 

Exercise of options

 

 

744,332

 

 

 

(295,908

)

 

 

 

 

 

 

 

 

 

 

 

448,424

 

Stock based compensation

 

 

 

 

 

4,435,634

 

 

 

 

 

 

 

 

 

 

 

 

4,435,634

 

Distributions to third party and limited liability
   company unit holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(700,000

)

 

 

(700,000

)

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

9,643,929

 

 

 

1,109,080

 

 

 

10,753,009

 

Balance, September 30, 2020

 

$

1,041,770,917

 

 

$

1,656,498

 

 

$

1,835,331

 

 

$

(167,963,430

)

 

$

2,776,984

 

 

$

880,076,300

 

Balance, January 1, 2020

 

$

980,638,701

 

 

$

3,960,854

 

 

$

16,587,798

 

 

$

(160,491,590

)

 

$

2,512,913

 

 

$

843,208,676

 

Contributions from limited liability company
   unit holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

 

 

50,000

 

Issuance of shares under business
   combinations and investments

 

 

2,524,560

 

 

 

(2,678,489

)

 

 

 

 

 

 

 

 

 

 

 

(153,929

)

Issuance of shares for redemption of noncontrolling interests

 

 

20,078,940

 

 

 

(14,728,940

)

 

 

 

 

 

 

 

 

 

 

 

5,350,000

 

Distribution of Contingent Consideration

 

 

22,885,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,885,813

 

Distribution of deferred shares

 

 

14,752,467

 

 

 

 

 

 

(14,752,467

)

 

 

 

 

 

 

 

 

 

Issuance of warrants

 

 

 

 

 

181,272

 

 

 

 

 

 

 

 

 

 

 

 

181,272

 

Exercise of options

 

 

890,436

 

 

 

(234,340

)

 

 

 

 

 

 

 

 

 

 

 

656,096

 

Stock based compensation

 

 

 

 

 

15,209,518

 

 

 

 

 

 

 

 

 

 

 

 

15,209,518

 

Distributions to third party and limited liability
   company unit holders

 

 

 

 

 

(53,377

)

 

 

 

 

 

 

 

 

(2,483,281

)

 

 

(2,536,658

)

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

(7,471,840

)

 

 

2,697,352

 

 

 

(4,774,488

)

Balance, September 30, 2020

 

$

1,041,770,917

 

 

$

1,656,498

 

 

$

1,835,331

 

 

$

(167,963,430

)

 

$

2,776,984

 

 

$

880,076,300

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

 

 

6


 

 

 

Green Thumb Industries Inc.

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity

Three and Nine Months Ended September 30, 2021 and 2020

(Amounts Expressed in United States Dollars)

 

 

 

 

Share
Capital

 

 

Contributed
Surplus (Deficit)

 

 

Deferred Share
Issuance

 

 

Accumulated
Earnings (Deficit)

 

 

Non-Controlling
Interest

 

 

Total

 

Balance, July 1, 2021

 

$

1,316,465,184

 

 

$

13,159,133

 

 

$

8,565,707

 

 

$

(113,077,966

)

 

$

4,045,889

 

 

$

1,229,157,947

 

Issuance of shares for redemption of noncontrolling interest

 

 

4,070,003

 

 

 

(4,996,294

)

 

 

 

 

 

 

 

 

926,291

 

 

 

 

Issuance of shares under business
   combinations and investments

 

 

166,163,571

 

 

 

60,462

 

 

 

 

 

 

 

 

 

 

 

 

166,224,033

 

Shares issued as contingent consideration

 

 

5,949,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,949,078

 

Issuance of deferred shares

 

 

 

 

 

 

 

 

21,382,385

 

 

 

 

 

 

 

 

 

21,382,385

 

Distribution of deferred shares

 

 

1,318,888

 

 

 

 

 

 

(1,302,283

)

 

 

 

 

 

 

 

 

16,605

 

Exercise of options, RSUs and warrants

 

 

6,896,512

 

 

 

(4,640,016

)

 

 

 

 

 

 

 

 

 

 

 

2,256,496

 

Stock based compensation

 

 

 

 

 

4,994,842

 

 

 

 

 

 

 

 

 

 

 

 

4,994,842

 

Distributions to limited liability company unit
   holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,451,345

)

 

 

(6,451,345

)

Net income

 

 

 

 

 

 

 

 

 

 

 

20,209,154

 

 

 

1,375,623

 

 

 

21,584,777

 

Balance, September 30, 2021

 

$

1,500,863,236

 

 

$

8,578,127

 

 

$

28,645,809

 

 

$

(92,868,812

)

 

$

(103,542

)

 

$

1,445,114,818

 

Balance, January 1, 2021

 

$

1,048,640,398

 

 

$

4,893,153

 

 

$

2,587,317

 

 

$

(145,498,623

)

 

$

3,537,096

 

 

$

914,159,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of shares for redemption of noncontrolling interest

 

 

4,070,003

 

 

 

(4,996,294

)

 

 

 

 

 

 

 

 

926,291

 

 

 

 

Issuance of shares under business
   combinations and investments

 

 

223,956,834

 

 

 

22,155

 

 

 

 

 

 

 

 

 

 

 

 

223,978,989

 

Shares issued as contingent consideration

 

 

18,621,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,621,759

 

Issuance of deferred shares

 

 

 

 

 

 

 

 

29,196,104

 

 

 

 

 

 

 

 

 

29,196,104

 

Distribution of deferred shares

 

 

3,144,485

 

 

 

 

 

 

(3,137,612

)

 

 

 

 

 

 

 

 

6,873

 

Issuance of registered shares pursuant to
   Form S-1

 

 

155,803,084

 

 

 

(304,944

)

 

 

 

 

 

 

 

 

 

 

 

155,498,140

 

Exercise of options, RSUs and warrants

 

 

39,220,813

 

 

 

(27,992,731

)