Sincerely, /s/ Dr. Kyle E. Kingsley Dr. Kyle E. Kingsley Chief Executive Officer and Chair of the Board |
| | Important Notice Regarding the Availability of Proxy Materials for the Shareholders Meeting to Be Held on | | |
| | The Notice of Meeting, the Circular, and form of proxy are available on the internet at the following website: investors.vireohealth.com/financials/regulatory-filings/ | | |
/s/ Dr. Kyle E. Kingsley Name: Dr. Kyle E. Kingsley Title: Chief Executive Officer and Chair of the Board |
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| | This Circular includes forward-looking statements. These statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. For a discussion of some of the risks and important factors that could affect the Goodness Growth’s business, operations, future results and financial condition, see “Risk Factors” in Goodness Growth’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2022, as amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on April 29, 2022 (collectively, the “2021 Annual Report”). | | |
| Proposal 1 | | | To fix the number of directors for the ensuing year at seven, subject to such increases as may be permitted by Goodness Growth’s articles of incorporation (the “Goodness Articles”) | |
| Proposal 2 | | | To elect the seven nominees proposed by management of Goodness Growth as directors of Goodness Growth for the ensuing year | |
| Proposal 3 | | | To appoint Davidson & Company LLP as the auditors of Goodness Growth for the ensuing year and to authorize the Board to fix their remuneration; and | |
| Proposal 4 | | | To transact such further or other business as may properly come before the Meeting or any other adjournments or postponements thereof. | |
| No. | | | Proposal | | | Votes Necessary | |
| ||||||||
| | Setting the Number of Directors Proposal | | | Approval requires the affirmative vote of a majority of the votes cast by the holders of Goodness Shares present in person or represented by proxy and entitled to vote at the Meeting, voting together as a single class. Abstentions and broker non-votes will not be counted as votes cast and will have no effect on the outcome of the voting on the Setting the Number of Directors Proposal. | | ||
2. | | | Director Election Proposal | | | Approval requires the affirmative vote of a majority of the votes cast by the holders of Goodness Shares present in person or represented by proxy and entitled to vote at the Meeting, voting together as a single class. Abstentions and broker non-votes will not be counted as votes cast and will have no effect on the outcome of the voting on the Director Election Proposal. | | |
3. | | | Auditors Appointment Proposal | | | Approval requires the affirmative vote of a majority of the votes cast by the holders of Goodness Shares present in person or represented by proxy and entitled to vote at the Meeting, voting together as a single class. Abstentions and broker non-votes will not be counted as votes cast and will have no effect on the outcome of the voting on the Auditors Appointment Proposal. | |
| | Important Notice Regarding the Availability of Proxy Materials for the Meeting of Shareholders to Be Held on November 18, 2022: | | |
| | This Circular and the 2021 Annual Report are available free of charge at: investors.vireohealth.com/financials/regulatory-filings/. | | |
Year Ended December 31 | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | |||||||||
| | | (C$) | | | (C$) | | | (C$) | | |||||||||
Highest rate during the period | | | | | 1.29 | | | | | | 1.45 | | | | | | 1.36 | | |
Lowest rate during the period | | | | | 1.20 | | | | | | 1.27 | | | | | | 1.30 | | |
Average rate for the period | | | | | 1.25 | | | | | | 1.34 | | | | | | 1.33 | | |
Rate at the end of the period | | | | | 1.27 | | | | | | 1.27 | | | | | | 1.30 | | |
(In U.S. Dollars, except per share amounts) | | | Quarter Ended March 31, 2022 | | | Year Ended December 31, 2021 | | ||||||
Summary Pro Forma Balance Sheet | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 148,238,217 | | | | | $ | 114,273,279 | | |
Total assets | | | | $ | 2,800,768,422 | | | | | $ | 2,712,693,311 | | |
Long-term debt, net of current portion | | | | $ | 405,068,645 | | | | | $ | 303,483,907 | | |
Total liabilities | | | | $ | 1,275,018,795 | | | | | $ | 1,190,952,408 | | |
Total stockholders’ equity | | | | $ | 1,525,749,627 | | | | | $ | 1,521,740,903 | | |
Pro Forma Statement of Operations | | | | | | | | | | | | | |
Revenue | | | | $ | 217,873,572 | | | | | $ | 792,296,168 | | |
Gross profit | | | | $ | 102,157,678 | | | | | $ | 354,361,685 | | |
Net income (loss) after non-controlling interest | | | | $ | (24,697,782) | | | | | $ | (48,366,475) | | |
Net income (loss) per share – basic | | | | $ | (0.07) | | | | | $ | (0.15) | | |
Net income (loss) per share – diluted | | | | $ | (0.07) | | | | | $ | (0.15) | | |
Weighted average shares used in computation of net income (loss) per share – basic | | | | | 355,305,592 | | | | | | 318,489,897 | | |
Weighted average shares used in computation of net income (loss) per share – diluted | | | | | 355,305,592 | | | | | | 318,489,897 | | |
Name and Province or State and Country of Residence | | | Positions(s)/Title | | | Goodness Shares(1) | | | Goodness Options(2) | | | Goodness RSUs | | |||||||||
Kyle E. Kingsley Minnesota, USA | | | Chief Executive Officer, Chair, Director | | | | | 11,641,921 | | | | | | 5,734,176 | | | | | | 262,708 | | |
John A. Heller Minnesota, USA | | | Chief Financial Officer | | | | | 493,103 | | | | | | 1,602,829 | | | | | | 119,413 | | |
Christian Gonzalez Ocasio Puerto Rico | | | Chief Operating Officer | | | | | 521,907 | | | | | | 1,264,943 | | | | | | 99,511 | | |
Amber H. Shimpa Minnesota, USA | | | Chief Administrative Officer and Director | | | | | 3,786,098 | | | | | | 3,159,971 | | �� | | | | 103,491 | | |
J. Michael Schroeder Florida, USA | | | General Counsel, Chief Compliance Officer, and Secretary | | | | | 943,885 | | | | | | 1,450,168 | | | | | | 99,511 | | |
Stephen Dahmer New York, USA | | | Chief Medical Officer | | | | | 1,237,699 | | | | | | 1,500,241 | | | | | | 99,511 | | |
Harris Rabin New York, USA | | | Chief Marketing Officer | | | | | 115,000 | | | | | | 507,997 | | | | | | 81,201 | | |
Patrick Peters New Jersey, USA | | | Senior Vice President, Retail | | | | | 156,233 | | | | | | 562,465 | | | | | | 79,609 | | |
Chelsea A. Grayson California, USA | | | Director | | | | | 308,189 | | | | | | 505,321 | | | | | | 33,170 | | |
Ross M. Hussey Minnesota, USA | | | Director | | | | | 1,680,300 | | | | | | 132,154 | | | | | | 33,170 | | |
Victor E. Mancebo Florida, USA | | | Director | | | | | — | | | | | | 66,538 | | | | | | 33,170 | | |
Name and Province or State and Country of Residence | | | Positions(s)/Title | | | Goodness Shares(1) | | | Goodness Options(2) | | | Goodness RSUs | | |||||||||
Judd T. Nordquist Minnesota, USA | | | Director | | | | | 392,689 | | | | | | 487,728 | | | | | | 33,170 | | |
Josh Rosen Arizona, USA | | | Director | | | | | 750,014 | | | | | | 39,985 | | | | | | 16,585 | | |
CSE | | | High Trading Price | | | Low Trading Price | | | Volume | | |||||||||
July 2021 | | | | $ | 2.39 | | | | | $ | 1.90 | | | | | | 4,185,208 | | |
August 2021 | | | | $ | 2.16 | | | | | $ | 1.71 | | | | | | 1,641,386 | | |
September 2021 | | | | $ | 2.18 | | | | | $ | 1.67 | | | | | | 1,520,550 | | |
October 2021 | | | | $ | 2.15 | | | | | $ | 1.73 | | | | | | 1,605,131 | | |
November 2021 | | | | $ | 1.99 | | | | | $ | 1.46 | | | | | | 4,089,409 | | |
December 2021 | | | | $ | 2.18 | | | | | $ | 1.56 | | | | | | 2,748,854 | | |
January 2022 | | | | $ | 2.19 | | | | | $ | 1.95 | | | | | | 1,614,857 | | |
February 2022 | | | | $ | 3.37 | | | | | $ | 2.45 | | | | | | 10,301,460 | | |
March 2022 | | | | $ | 2.82 | | | | | $ | 2.28 | | | | | | 2,765,359 | | |
April 2022 | | | | $ | 2.70 | | | | | $ | 2.00 | | | | | | 1,670,663 | | |
May 2022 | | | | $ | 2.29 | | | | | $ | 1.81 | | | | | | 1,734,280 | | |
June 2022 | | | | $ | 2.29 | | | | | $ | 1.37 | | | | | | 1,165,892 | | |
July 1 – 18, 2022 | | | | $ | 1.70 | | | | | $ | 1.44 | | | | | | 378,478 | | |
OTCQX | | | High Trading Price | | | Low Trading Price | | | Volume | | |||||||||
July 2021 | | | | $ | 1.90 | | | | | $ | 1.51 | | | | | | 4,332,791 | | |
August 2021 | | | | $ | 1.80 | | | | | $ | 1.32 | | | | | | 2,653,946 | | |
September 2021 | | | | $ | 1.73 | | | | | $ | 1.31 | | | | | | 2,541,442 | | |
October 2021 | | | | $ | 1.75 | | | | | $ | 1.40 | | | | | | 2,553,971 | | |
November 2021 | | | | $ | 1.60 | | | | | $ | 1.22 | | | | | | 7,691,804 | | |
December 2021 | | | | $ | 1.72 | | | | | $ | 1.20 | | | | | | 6,624,405 | | |
January 2022 | | | | $ | 1.79 | | | | | $ | 1.52 | | | | | | 5,001,336 | | |
February 2022 | | | | $ | 2.65 | | | | | $ | 1.92 | | | | | | 11,593,887 | | |
March 2022 | | | | $ | 2.31 | | | | | $ | 1.78 | | | | | | 5,823,900 | | |
April 2022 | | | | $ | 2.15 | | | | | $ | 1.57 | | | | | | 2,252,500 | | |
May 2022 | | | | $ | 1.76 | | | | | $ | 1.41 | | | | | | 1,750,600 | | |
June 2022 | | | | $ | 1.83 | | | | | $ | 1.10 | | | | | | 1,365,600 | | |
July 1 – 18, 2022 | | | | $ | 1.30 | | | | | $ | 1.11 | | | | | | 1,099,400 | | |
| Date of Issuance | | | Type of Security | | | Description | | | Issue/Exercise Price | | | Number of Securities | |
| July 9, 2021 | | | Subordinate Voting Shares | | | Option Exercise(4) | | | $0.33 | | | 82,137 | |
| July 22, 2021 | | | Subordinate Voting Shares | | | MVS Conversion(2) | | | N/A | | | 720,100 | |
| September 29, 2021 | | | Subordinate Voting Shares | | | MVS Conversion(2) | | | N/A | | | 1,222,900 | |
| November 19, 2021 | | | Subordinate Voting Shares | | | Option Exercise(4) | | | $0.19 | | | 300,048 | |
| November 22, 2021 | | | Subordinate Voting Shares | | | Charm Acquisition(5) | | | N/A | | | 1,459,803 | |
| February 2, 2022 | | | Subordinate Voting Shares | | | MVS Conversion(2) | | | N/A | | | 536,100 | |
| February 3, 2022 | | | Subordinate Voting Shares | | | MVS Conversion(2) | | | N/A | | | 28,900 | |
| February 10, 2022 | | | Subordinate Voting Shares | | | MVS Conversion(2) | | | N/A | | | 974,300 | |
| February 18, 2022 | | | Subordinate Voting Shares | | | MVS Conversion(2) | | | N/A | | | 200,000 | |
| March 15, 2022 | | | Goodness Options | | | Option Issuance(1) | | | $1.77 | | | 3,248,108 | |
| March 15, 2022 | | | Goodness RSUs | | | RSU Issuance(3) | | | N/A | | | 1,094,220 | |
| March 29, 2022 | | | Subordinate Voting Shares | | | MVS Conversion(2) | | | N/A | | | 74,100 | |
| March 31, 2022 | | | Subordinate Voting Shares | | | MVS Conversion(2) | | | N/A | | | 1,000,000 | |
| Date of Issuance | | | Type of Security | | | Issue/Exercise Price | | | Number of Securities | |
| July 1, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 647,351.41 | |
| July 2, 2021 | | | Verano Proportionate Voting Shares | | | $1,998.9729 | | | 310 | |
| July 8, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 488,861 | |
| July 9, 2021 | | | Verano RSUs(1) | | | N/A | | | 20,000 | |
| July 12, 2021 | | | Verano Subordinate Voting Shares | | | C$19.12 | | | 6,448,471 | |
| July 14, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 12,473,214.01 | |
| July 23, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 16,284,588.72 | |
| August 2, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 19,059,369.14 | |
| August 6, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 14,468,594.22 | |
| August 9, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 9,974,253.54 | |
| August 11, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 2,098,242.34 | |
| August 16, 2021 | | | Verano Proportionate Voting Shares | | | N/A(4) | | | 145,584.1270 | |
| August 18, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 500,000 | |
| August 20, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 41,039.81 | |
| August 24, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 9,696,873.86 | |
| August 30, 2021 | | | Verano Subordinate Voting Shares | | | N/A(6) | | | 785,468 | |
| September 2, 2021 | | | Verano Subordinate Voting Shares | | | C$14.315 | | | 14,400 | |
| September 10, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 2,181,818.09 | |
| September 20, 2021 | | | Verano Subordinate Voting Shares | | | $15.20 | | | 37,657 | |
| September 20, 2021 | | | Verano Proportionate Voting Shares | | | $1,520.16 | | | 376.56 | |
| September 24, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 498,104.96 | |
| September 28, 2021 | | | Verano Subordinate Voting Shares | | | C$15.08 | | | 132,657 | |
| Date of Issuance | | | Type of Security | | | Issue/Exercise Price | | | Number of Securities | |
| October 5, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 237,281.85 | |
| October 14, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 59,054,573.51 | |
| October 18, 2021 | | | Verano Subordinate Voting Shares | | | N/A(6) | | | 1,332 | |
| October 22, 2021 | | | Verano Subordinate Voting Shares | | | C$13.625 | | | 39,167 | |
| October 25, 2021 | | | Verano Subordinate Voting Shares | | | $13.5789 | | | 727,934 | |
| October 25, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 3,171,303.43 | |
| October 28, 2021 | | | Verano Proportionate Voting Shares | | | C$1,387.00 | | | 1,855.1763 | |
| October 29, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 463,433.31 | |
| November 5, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 222,841.01 | |
| November 8, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 167,522.7 | |
| November 9, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 4,723,063.51 | |
| November 11, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 3,146,986.95 | |
| November 16, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 35,408.62 | |
| November 18, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 210,407.52 | |
| November 22, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 378,877.73 | |
| November 24, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 76,919.58 | |
| December 3, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 1,946,227.76 | |
| December 3, 2021 | | | Verano Subordinate Voting Shares | | | C$9.98 | | | 1,215,035 | |
| December 10, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 126,766.01 | |
| December 17, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 1,827,097.51 | |
| December 28, 2021 | | | Verano Subordinate Voting Shares | | | C$14.07 | | | 4,104,787 | |
| December 28, 2021 | | | Verano Subordinate Voting Shares | | | C$14.68 | | | 4,040,355 | |
| December 30, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 6,861,500.48 | |
| December 31, 2021 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 14,218 | |
| January 4, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 8,300 | |
| January 5, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 1,753,484.38 | |
| January 12, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 2,584,308.27 | |
| January 17, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 2,101,394.97 | |
| January 18, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 159,100 | |
| January 24, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 98,449.45 | |
| February 4, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 164,885.49 | |
| February 16, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 833,272.3 | |
| February 16, 2022 | | | Verano RSUs(1) | | | N/A | | | 253,177 | |
| February 22, 2022 | | | Verano Subordinate Voting Shares | | | C$15.85 | | | 166,297 | |
| February 23, 2022 | | | Verano Subordinate Voting Shares | | | N/A(6) | | | 34,320 | |
| February 25, 2022 | | | Verano Subordinate Voting Shares | | | N/A(6) | | | 525,287 | |
| February 25, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 530,679.86 | |
| March 1, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 26,500 | |
| March 7, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 68,860.65 | |
| March 10, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 17,664 | |
| March 11, 2022 | | | Verano Subordinate Voting Shares | | | C$12.58 | | | 1,403,067 | |
| March 22, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 133,856.92 | |
| April 8, 2022 | | | Verano Subordinate Voting Shares | | | N/A(5) | | | 2,914.34 | |
Name of Nominee | | | Director Since | | | Residency | | | Principal Occupation(1) | |
Dr. Kyle E. Kingsley | | | March 2019 | | | Minnesota, USA | | | Founder and Chief Executive Officer of Goodness Growth and Chair of the Board | |
Chelsea A. Grayson(2)(3)(4) | | | March 2019 | | | California, USA | | | Executive-in-Residence, Wunderkind (formerly BounceX) | |
Ross M. Hussey(3)(4) | | | July 2020 | | | Minnesota, USA | | | Attorney, Smith Jadin Johnson, PLLC | |
Victor E. Mancebo(2)(3)(4) | | | January 2021 | | | Florida, USA | | | Chief Executive Officer, TheraTrue, Inc. | |
Judd T. Nordquist(2) | | | March 2019 | | | Minnesota, USA | | | CPA and Partner, Abdo L.L.P. | |
Josh Rosen | | | August 2021 | | | Arizona, USA | | | Managing Partner, Bengal Capital | |
Amber H. Shimpa(4) | | | March 2019 | | | Minnesota, USA | | | Chief Administrative Officer of Goodness Growth | |
Name | | | Age* | | | Position | |
Dr. Kyle E. Kingsley | | | | | Chief Executive Officer and Chair of the Board | | |
Chelsea A. Grayson | | | 50 | | | Director | |
Ross M. Hussey | | | | | Director | | |
Victor E. Mancebo | | | 38 | | | Director | |
Judd T. Nordquist | | | 52 | | | Director | |
Josh Rosen | | | | | Director | | |
Amber H. Shimpa | | | 43 | | | Chief Administrative Officer and Director | |
Dr. Stephen Dahmer | | | 47 | | | Chief Medical Officer | |
John A. Heller | | | | | Chief Financial Officer | | |
Christian Gonzalez | | | 41 | | | Chief Operating Officer | |
Patrick Peters | | | 48 | | | Executive Vice President, Retail | |
Harris Rabin | | | 47 | | | Chief Marketing Officer | |
J. Michael Schroeder | | | | | General Counsel, Chief Compliance Officer, and Secretary | |
Director Name | | | Audit Committee | | | Compensation Committee | | | N&G Committee | |
Dr. Kyle | | | | | | | | | | |
Chelsea | | | Member | | | Member | | | Chair | |
Ross | | | | | | Chair | | | Member | |
Victor | | | Member | | | Member | | | Member | |
Judd | | | Chair | | | | | | | |
Josh Rosen | | | | | | | | | | |
Amber | | | | | | | | | Member | |
Name and Principal Position | | Fees Earned or Paid in Cash ($) | | Option Awards ($)(1) | | Stock Awards ($) | | Total ($) | | | Fees Earned or Paid in Cash ($) | | Option Awards ($)(1) | | Stock Awards ($) | | Total ($) | | ||||||||||||||||||||||||||||||||
Chelsea A. Grayson | | | | 71,000 | | | | | 98,683 | | | | | 58,711 | | | | | 228,394 | | | | | | 71,000 | | | | | 98,683 | | | | | 58,711 | | | | | 228,394 | | | ||||||||
Ross M. Hussey | | | | 71,000 | | | | | 37,580 | | | | | 58,711 | | | | | 167,291 | | | | | | 71,000 | | | | | 37,580 | | | | | 58,711 | | | | | 167,291 | | | ||||||||
Victor E. Mancebo(2) | | | | 68,042 | | | | | 37,507 | | | | | 58,711 | | | | | 164,260 | | | | | | 68,042 | | | | | 37,507 | | | | | 58,711 | | | | | 164,260 | | | ||||||||
Judd T. Nordquist | | | | 71,000 | | | | | 87,683 | | | | | 58,711 | | | | | 217,394 | | | | | | 71,000 | | | | | 87,683 | | | | | 58,711 | | | | | 217,394 | | | ||||||||
Josh Rosen(3) | | | | 27,204 | | | | | 25,000 | | | | | 29,320 | | | | | 81,524 | | | | | | 27,204 | | | | | 25,000 | | | | | 29,320 | | | | | 81,524 | | |
Plan Category | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | Weighted-average exercise price of outstanding options, warrants and rights | | Number of securities remaining available for future issuance under equity compensation plans | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | Weighted- average exercise price of outstanding options, warrants and rights | | Number of securities remaining available for future issuance under equity compensation plans | | ||||||||||||||||||||||||
Equity compensation plans approved by security holders | | | | 7,205,496 | | | | $ | 1.14 | | | | | 5,605,637 | | | | | | 7,205,496 | | | | $ | 1.14 | | | | | 5,605,637 | | | ||||||
Equity compensation plans not approved by security holders | | | | 16,020,842 | | | | $ | 0.30 | | | | | — | | | | | | 16,020,842 | | | | $ | 0.30 | | | | | — | | | ||||||
Total | | | | 23,226,338 | | | | $ | 0.47 | | | | | 5,605,637 | | | | | | 23,226,338 | | | | $ | 0.47 | | | | | 5,605,637 | | |
Name and Principal Position | | Year | | Salary ($) | | Option Awards ($) | | All Other Compensation ($)(1) | | Total ($) | | | Year | | Salary ($) | | Option Awards ($) | | All Other Compensation ($)(1) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||
Dr. Kyle E. Kingsley Chief Executive Officer | | | | | 2021 | | | | | 360,000 | | | | | — | | | | | 176 | | | | | 360,176 | | | | | | | 2021 | | | | | 360,000 | | | | | — | | | | | 176 | | | | | 360,176 | | | ||||||||
| | | 2020 | | | | | 295,269 | | | | | — | | | | | 176 | | | | | 295,445 | | | | | | 2020 | | | | | 295,269 | | | | | — | | | | | 176 | | | | | 295,445 | | | |||||||||||
John A. Heller Chief Financial Officer | | | | | 2021 | | | | | 300,000 | | | | | — | | | | | 176 | | | | | 300,176 | | | | | | | 2021 | | | | | 300,000 | | | | | — | | | | | 176 | | | | | 300,176 | | | ||||||||
| | | 2020 | | | | | 133,333 | | | | | 827,249 | | | | | 176 | | | | | 960,758 | | | | | | 2020 | | | | | 133,333 | | | | | 827,249 | | | | | 176 | | | | | 960,758 | | | |||||||||||
Christian Gonzalez Chief Operating Officer | | | | | 2021 | | | | | 250,000 | | | | | — | | | | | 176 | | | | | 250,176 | | | | | | | 2021 | | | | | 250,000 | | | | | — | | | | | 176 | | | | | 250,176 | | | ||||||||
| | | 2020 | | | | | 217,150 | | | | | 486,783 | | | | | — | | | | | 703,933 | | | | | | 2020 | | | | | 217,150 | | | | | 486,783 | | | | | — | | | | | 703,933 | | |
Name | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | Option Exercise Price ($) | | Option Expiration Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | Option Exercise Price ($) | | Option Expiration Date | | ||||||||||||||||||||||||||||||||||
Dr. Kyle E. Kingsley | | | | 5,063,315 | | | | | 37,506(1) | | | | | — | | | | $ | 0.33 | | | May 1, 2023 | | | | | 5,063,315 | | | | | 37,506(1) | | | | | — | | | | $ | 0.33 | | | May 1, 2023 | | ||||||||||
John A. Heller | | | | 410,919 | | | | | 904,022(2) | | | | | — | | | | $ | 0.77 | | | September 10, 2030 | | | | | 410,919 | | | | | 904,022(2) | | | | | — | | | | $ | 0.77 | | | September 10, 2030 | | ||||||||||
Christian Gonzalez | | | | 125,000 | | | | | 375,000(3) | | | | | — | | | | $ | 1.19 | | | November 29, 2030 | | | | | 125,000 | | | | | 375,000(3) | | | | | — | | | | $ | 1.19 | | | November 29, 2030 | | ||||||||||
| | | | 150,000 | | | | | 150,000(4) | | | | | — | | | | $ | 1.13 | | | December 2, 2029 | | | | | 150,000 | | | | | 150,000(4) | | | | | — | | | | $ | 1.13 | | | December 2, 2029 | | ||||||||||
| | | | 112,518 | | | | | 37,506(5) | | | | | — | | | | $ | 0.33 | | | December 21, 2028 | | | | | 112,518 | | | | | 37,506(5) | | | | | — | | | | $ | 0.33 | | | December 21, 2028 | | ||||||||||
| | | | 70,324 | | | | | 4,688(1) | | | | | — | | | | $ | 0.33 | | | May 1, 2028 | | | | | 70,324 | | | | | 4,688(1) | | | | | — | | | | $ | 0.33 | | | May 1, 2028 | |
| | Subordinate Voting Shares | | Multiple Voting Shares | | Super Voting Shares | | Total(1) | | Voting(2) | | | Subordinate Voting Shares | | Multiple Voting Shares | | Super Voting Shares | | Total(1) | | Voting(2) Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner | | Number Beneficially Owned | | % of Total Subordinate Voting Shares | | Number Beneficially Owned | | % of Total Multiple Voting Shares | | Number Beneficially Owned | | % of Total Super Voting Shares | | Total Number of Capital Stock Beneficially Owned | | % of Total Capital Stock | | % of Voting Capital Stock | | | Number Beneficially Owned | | % of Total Subordinate Voting Shares | | Number Beneficially Owned | | % of Total Multiple Voting Shares | | Number Beneficially Owned | | % of Total Super Voting Shares | | Number of Capital Stock Beneficially Owned | | % of Total Capital Stock | | % of Voting Capital Stock | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dumont Global LP(3) | | | | 4,545,000 | | | | | 5.4% | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,545,000 | | | | | 3.5% | | | | | 2.4% | | | | | | 4,545,000 | | | | | 5.2% | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,545,000 | | | | | 3.5% | | | | | 2.4% | | | ||||||||||||||||||
NEOs and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Dr. Kyle E. Kingsley(4) | | | | 5,100,821(3) | | | | | 6.1% | | | | | — | | | | | — | | | | | 65,411 | | | | | 100% | | | | | 11,641,921 | | | | | 9.1% | | | | | 37.7% | | | | | | 5,100,821(3) | | | | | 5.9% | | | | | — | | | | | — | | | | | 65,411 | | | | | 100% | | | | | 11,641,921 | | | | | 9.1% | | | | | 37.7% | | | ||||||||||||||||||
John A. Heller(4) | | | | 575,287 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 575,287 | | | | | * | | | | | * | | | | | | 657,471 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 575,287 | | | | | * | | | | | * | | | ||||||||||||||||||
Christian Gonzalez(4) | | | | 581,283 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 581,283 | | | | | * | | | | | * | | | | | | 640,660 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 581,283 | | | | | * | | | | | * | | | ||||||||||||||||||
Chelsea A. Grayson(4) | | | | 347,489 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 347,489 | | | | | * | | | | | * | | | | | | 347,489 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 347,489 | | | | | * | | | | | * | | | ||||||||||||||||||
Ross M. Hussey | | | | 72,049(3) | | | | | — | | | | | 16,803 | | | | | 4.5% | | | | | — | | | | | — | | | | | 1,752,349 | | | | | 1.4% | | | | | * | | | | | | 72,049 | | | | | * | | | | | 16,803 | | | | | 4.8% | | | | | — | | | | | — | | | | | 1,752,349 | | | | | 1.4% | | | | | * | | | ||||||||||||||||||
Victor E. Mancebo(4) | | | | 6,550 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,550 | | | | | * | | | | | * | | | | | | 6,550 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,550 | | | | | * | | | | | * | | | ||||||||||||||||||
Judd T. Nordquist | | | | 347,489(3) | | | | | * | | | | | 845 | | | | | * | | | | | — | | | | | — | | | | | 431,989 | | | | | * | | | | | * | | | | | | 347,489 | | | | | * | | | | | 845 | | | | | * | | | | | — | | | | | — | | | | | 431,989 | | | | | * | | | | | * | | | ||||||||||||||||||
Josh Rosen(5) | | | | 750,014 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 750,014 | | | | | * | | | | | * | | | | | | 750,014 | | | | | * | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 750,014 | | | | | * | | | | | * | | | ||||||||||||||||||
Amber H. Shimpa(6) | | | | 2,933,998 | | | | | 3.5% | | | | | 8,521 | | | | | 2.3% | | | | | — | | | | | — | | | | | 3,786,098 | | | | | 3.0% | | | | | 2.0% | | | | | | 2,933,998 | | | | | 3.4% | | | | | 8,521 | | | | | 2.4% | | | | | — | | | | | — | | | | | 3,786,098 | | | | | 3.0% | | | | | 2.0% | | | ||||||||||||||||||
Directors and executive officers as a group (13 persons) (7) | | | | 13,935,673 | | | | | 16.6% | | | | | 26,169 | | | | | 7.0% | | | | | 65,411 | | | | | 100% | | | | | 23,093,673 | | | | | 18.0% | | | | | 43.8% | | | | | | 14,255,715 | | | | | 16.4% | | | | | 26,169 | | | | | 7.4% | | | | | 65,411 | | | | | 100% | | | | | 23,093,673 | | | | | 18.3% | | | | | 44.0% | | |
| | | 2021 | | | 2020 | | ||||||
Audit Fees | | | | $ | 718,120 | | | | | $ | 428,140 | | |
Audit-Related Fees(1) | | | | $ | — | | | | | $ | 175,364 | | |
Tax Fees(2) | | | | $ | 28,622 | | | | | $ | 28,489 | | |
All Other Fees | | | | | — | | | | | | — | | |
Total | | | | $ | 746,742 | | | | | $ | 641,993 | | |
Month | | | High | | | Low | | | Aggregate Volume | | |||||||||
July 2021 | | | | C$ | 20.80 | | | | | C$ | 17.29 | | | | | | 3,292,432 | | |
August 2021 | | | | C$ | 20.96 | | | | | C$ | 13.89 | | | | | | 7,753,398 | | |
September 2021 | | | | C$ | 16.30 | | | | | C$ | 13.90 | | | | | | 6,236,784 | | |
October 2021 | | | | C$ | 14.49 | | | | | C$ | 12.75 | | | | | | 6,453,306 | | |
November 2021 | | | | C$ | 18.78 | | | | | C$ | 12.30 | | | | | | 12,949,376 | | |
December 2021 | | | | C$ | 15.99 | | | | | C$ | 12.64 | | | | | | 7,777,047 | | |
January 2022 | | | | C$ | 17.45 | | | | | C$ | 12.78 | | | | | | 6,443,985 | | |
February 2022 | | | | C$ | 16.65 | | | | | C$ | 12.81 | | | | | | 11,053,470 | | |
March, 2022 | | | | C$ | 13.57 | | | | | C$ | 11.22 | | | | | | 5,945,872 | | |
April, 2022 | | | | C$ | 12.64 | | | | | C$ | 9.45 | | | | | | 7,633,717 | | |
May, 2022 | | | | C$ | 10.46 | | | | | C$ | 8.70 | | | | | | 5,211,592 | | |
June, 2022 | | | | C$ | 10.76 | | | | | C$ | 7.15 | | | | | | 5,563,948 | | |
July 1 – 18, 2022 | | | | C$ | 8.70 | | | | | C$ | 6.76 | | | | | | 1,367,102 | | |
| | | Goodness Growth | | | Verano | | | Pro Forma Combined | | |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 8,601,217 | | | | | $ | 139,637,000 | | | | | $ | 148,238,217 | | |
Accounts receivable, net of allowance for doubtful accounts | | | | | 6,267,347 | | | | | | 17,676,000 | | | | | | 23,943,347 | | |
Inventory | | | | | 18,259,329 | | | | | | 159,883,000 | | | | | | 178,142,329 | | |
Prepayments and other current assets | | | | | 3,437,124 | | | | | | 22,583,000 | | | | | | 26,020,124 | | |
Assets Held for Sale | | | | | 2,185,523 | | | | | | — | | | | | | 2,185,523 | | |
Total current assets | | | | | 38,750,540 | | | | | | 339,779,000 | | | | | | 378,529,540 | | |
Property and equipment, net | | | | | 93,307,000 | | | | | | 479,747,000 | | | | | | 573,054,000 | | |
Operating lease, right-of-use asset | | | | | 8,187,410 | | | | | | 66,522,000 | | | | | | 74,709,410 | | |
Notes receivable, long-term | | | | | 3,750,000 | | | | | | — | | | | | | 3,750,000 | | |
Intangible assets, net | | | | | 9,943,746 | | | | | | 1,368,358,000 | | | | | | 1,378,301,746 | | |
Goodwill | | | | | 183,836 | | | | | | 375,725,000 | | | | | | 375,908,836 | | |
Deposits | | | | | 1,994,890 | | | | | | 2,514,000 | | | | | | 4,508,890 | | |
Investment in Associates | | | | | — | | | | | | 7,396,000 | | | | | | 7,396,000 | | |
Deferred tax assets | | | | | 4,610,000 | | | | | | — | | | | | | 4,610,000 | | |
Total assets | | | | $ | 160,727,422 | | | | | $ | 2,640,041,000 | | | | | $ | 2,800,768,422 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Accounts Payable and Accrued liabilities | | | | | 17,685,524 | | | | | | 290,321,000 | | | | | | 308,006,524 | | |
Right of use liability | | | | | 1,702,825 | | | | | | 7,427,000 | | | | | | 9,129,825 | | |
Long-Term debt, current portion | | | | | — | | | | | | 10,386,000 | | | | | | 10,386,000 | | |
Liabilities held for sale | | | | | 1,129,249 | | | | | | — | | | | | | 1,129,249 | | |
Acquisition Price Payable | | | | | — | | | | | | 142,543,000 | | | | | | 142,543,000 | | |
Total current liabilities | | | | | 20,517,598 | | | | | | 450,677,000 | | | | | | 471,194,598 | | |
Right-of-use liability, net of current portion | | | | | 79,917,552 | | | | | | 61,458,000 | | | | | | 141,375,552 | | |
Deferred Revenue | | | | | — | | | | | | 1,068,000 | | | | | | 1,068,000 | | |
Deferred Income Taxes | | | | | — | | | | | | 256,312,000 | | | | | | 256,312,000 | | |
Long-Term debt, net of current portion | | | | | 31,210,645 | | | | | | 373,858,000 | | | | | | 405,068,645 | | |
Total liabilities | | | | $ | 131,645,795 | | | | | $ | 1,143,373,000 | | | | | $ | 1,275,018,795 | | |
Stockholders’ equity | | | | | 29,081,627 | | | | | | 1,496,668,000 | | | | | | 1,525,749,627 | | |
Non-controlling interest | | | | | — | | | | | | — | | | | | | — | | |
Total liabilities and stockholders’ equity | | | | | 160,727,422 | | | | | | 2,640,041,000 | | | | | | 2,800,768,422 | | |
| | | Goodness Growth | | | Verano | | | Pro Forma Combined | | |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 15,155,279 | | | | | $ | 99,118,000 | | | | | $ | 114,273,279 | | |
Accounts receivable, net of allowance for doubtful accounts | | | | | 4,502,469 | | | | | | 17,410,000 | | | | | | 21,912,469 | | |
Inventory | | | | | 20,422,061 | | | | | | 137,634,000 | | | | | | 158,056,061 | | |
Prepayments and other current assets | | | | | 1,560,113 | | | | | | 19,528,000 | | | | | | 21,088,113 | | |
Notes receivable | | | | | — | | | | | | 285,000 | | | | | | 285,000 | | |
Total current assets | | | | | 41,639,922 | | | | | | 273,975,000 | | | | | | 315,614,922 | | |
Property and equipment, net | | | | | 99,488,559 | | | | | | 452,232,000 | | | | | | 551,720,559 | | |
Operating lease, right-of-use asset | | | | | 8,510,499 | | | | | | 61,346,000 | | | | | | 69,856,499 | | |
Notes receivable, long-term | | | | | 3,750,000 | | | | | | — | | | | | | 3,750,000 | | |
Intangible assets, net | | | | | 10,184,289 | | | | | | 1,379,913,000 | | | | | | 1,390,097,289 | | |
Goodwill | | | | | 183,836 | | | | | | 368,130,000 | | | | | | 368,313,836 | | |
Investments in associates | | | | | — | | | | | | 7,628,000 | | | | | | 7,628,000 | | |
Deposits | | | | | 1,718,206 | | | | | | 2,499,000 | | | | | | 4,217,206 | | |
Deferred tax assets | | | | | 1,495,000 | | | | | | — | | | | | | 1,495,000 | | |
Total assets | | | | $ | 166,970,311 | | | | | $ | 2,545,723,000 | | | | | $ | 2,712,693,311 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Accounts Payable and Accrued liabilities | | | | | 14,805,473 | | | | | | 241,172,000 | | | | | | 255,977,473 | | |
Right of use liability | | | | | 1,600,931 | | | | | | 6,563,000 | | | | | | 8,163,931 | | |
Long-Term debt, current portion | | | | | — | | | | | | 13,771,000 | | | | | | 13,771,000 | | |
Acquisition price payable | | | | | — | | | | | | 208,349,000 | | | | | | 208,349,000 | | |
Total current liabilities | | | | | 16,406,404 | | | | | | 469,855,000 | | | | | | 486,261,404 | | |
Right-of-use liability, net of current portion | | | | | 80,228,097 | | | | | | 56,812,000 | | | | | | 137,040,097 | | |
Deferred income taxes | | | | | — | | | | | | 262,984,000 | | | | | | 262,984,000 | | |
Deferred revenue | | | | | — | | | | | | 1,183,000 | | | | | | 1,183,000 | | |
Long-term debt, net of current portion | | | | | 27,329,907 | | | | | | 276,154,000 | | | | | | 303,483,907 | | |
Total liabilities | | | | $ | 123,964,408 | | | | | $ | 1,066,988,000 | | | | | $ | 1,190,952,408 | | |
Stockholders’ equity | | | | | 43,005,903 | | | | | | 1,475,784,000 | | | | | | 1,518,789,903 | | |
Non-controlling interest | | | | | — | | | | | | 2,951,000 | | | | | | 2,951,000 | | |
Total liabilities and stockholders’ equity | | | | $ | 166,970,311 | | | | | $ | 2,545,723,000 | | | | | $ | 2,712,693,311 | | |
| | | Goodness Growth | | | Verano | | | Pro Forma Combined | | |||||||||
Revenue | | | | $ | 15,638,572 | | | | | $ | 202,235,000 | | | | | $ | 217,873,572 | | |
Cost of sales | | | | | 13,149,894 | | | | | | 102,566,000 | | | | | | 115,715,894 | | |
Gross profit | | | | | 2,488,678 | | | | | | 99,669,000 | | | | | | 102,157,678 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 9,277,969 | | | | | | 64,990,000 | | | | | | 74,267,969 | | |
Stock-based compensation expenses | | | | | 642,506 | | | | | | 289,000 | | | | | | 931,506 | | |
Depreciation & Amortization | | | | | 328,363 | | | | | | 14,709,000 | | | | | | 15,037,363 | | |
Total operating expenses | | | | | 10,248,838 | | | | | | 79,988,000 | | | | | | 90,236,838 | | |
(Loss) income from investments in associates | | | | | — | | | | | | 367,000 | | | | | | 367,000 | | |
Loss from operations | | | | | (7,760,160) | | | | | | 20,048,000 | | | | | | 12,287,840 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Impairment of long-lived assets | | | | | (5,313,176) | | | | | | — | | | | | | (5,313,176) | | |
Gain (loss) on disposal of assets | | | | | 168,359 | | | | | | (990,000) | | | | | | (821,641) | | |
Gain on deconsolidation | | | | | — | | | | | | 9,558,000 | | | | | | 9,558,000 | | |
Gain on Previously Held Equity Interest | | | | | — | | | | | | 17,275,000 | | | | | | 17,275,000 | | |
Interest expenses, net | | | | | (4,601,799) | | | | | | (10,672,000) | | | | | | (15,273,799) | | |
Other income (expenses) | | | | | 1,199,994 | | | | | | (2,226,000) | | | | | | (1,026,006) | | |
Other income (expenses), net | | | | | (8,546,622) | | | | | | 12,945,000 | | | | | | 4,398,378 | | |
Income (Loss) before provision for income taxes and non-controlling interest | | | | | (16,306,782) | | | | | | 32,993,000 | | | | | | 16,686,218 | | |
Provision for income taxes | | | | | 1,740,000 | | | | | | (42,833,000) | | | | | | (41,093,000) | | |
Net income (loss) before non-controlling interest | | | | | (14,566,782) | | | | | | (9,840,000) | | | | | | (24,406,782) | | |
Net income (loss) attributable to non-controlling interest | | | | | — | | | | | | 291,000 | | | | | | 291,000 | | |
Net income (loss) after non-controlling interest | | | | $ | (14,566,782) | | | | | $ | (10,131,000) | | | | | $ | (24,697,782) | | |
Net income (loss) per share – basic | | | | $ | (0.11) | | | | | $ | (0.03) | | | | | $ | (0.07) | | |
Net income (loss) per share – diluted | | | | $ | (0.11) | | | | | $ | (0.03) | | | | | $ | (0.07) | | |
Weighted average shares used in computation of net income (loss) per share – basic | | | | | 128,111,328 | | | | | | 326,285,814 | | | | | | 355,305,592 | | |
Weighted average shares used in computation of net income (loss) per share – diluted | | | | | 128,111,328 | | | | | | 326,285,814 | | | | | | 355,305,592 | | |
| | | Goodness Growth | | | Verano | | | Pro Forma Combined | | |||||||||
Revenue | | | | $ | 54,446,168 | | | | | $ | 737,850,000 | | | | | $ | 792,296,168 | | |
Cost of sales | | | | | 34,647,483 | | | | | | 403,287,000 | | | | | | 437,934,483 | | |
Gross profit | | | | | 19,798,685 | | | | | | 334,563,000 | | | | | | 354,361,685 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 33,655,780 | | | | | | 187,439,000 | | | | | | 221,094,780 | | |
Stock-based compensation expenses | | | | | 5,182,641 | | | | | | 742,000 | | | | | | 5,924,641 | | |
Depreciation & Amortization | | | | | 1,441,828 | | | | | | 41,784,000 | | | | | | 43,225,828 | | |
Total operating expenses | | | | | 40,280,249 | | | | | | 229,965,000 | | | | | | 270,245,249 | | |
(Loss) income from investments in associates | | | | | — | | | | | | 3,085,000 | | | | | | 3,085,000 | | |
Income (loss) from operations | | | | | (20,481,564) | | | | | | 107,683,000 | | | | | | 87,201,436 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Impairment of long-lived assets | | | | | (5,169,951) | | | | | | — | | | | | | (5,169,951) | | |
Loss on disposal of property and equipment | | | | | — | | | | | | (1,085,000) | | | | | | (1,085,000) | | |
Gain on disposal of assets | | | | | 6,903,039 | | | | | | — | | | | | | 6,903,039 | | |
Interest expenses, net | | | | | (10,575,370) | | | | | | (24,270,000) | | | | | | (34,845,370) | | |
Other income (expenses) | | | | | (244,629) | | | | | | 9,632,000 | | | | | | 9,387,371 | | |
Other income (expenses), net | | | | | (9,086,911) | | | | | | (15,723,000) | | | | | | (24,809,911) | | |
Income (Loss) before provision for income taxes and non-controlling interest | | | | | (29,568,475) | | | | | | 91,960,000 | | | | | | 62,391,525 | | |
Provision for income taxes | | | | | (4,122,000) | | | | | | (104,127,000) | | | | | | (108,249,000) | | |
Net income (loss) before non-controlling interest | | | | | (33,690,475) | | | | | | (12,167,000) | | | | | | (45,857,475) | | |
Net income (loss) attributable to non-controlling interest | | | | | — | | | | | | 2,509,000 | | | | | | 2,509,000 | | |
Net income (loss) after non-controlling interest | | | | $ | (33,690,475) | | | | | $ | (14,676,000) | | | | | $ | (48,366,475) | | |
Net income (loss) per share – basic | | | | $ | (0.27) | | | | | $ | (0.05) | | | | | $ | (0.15) | | |
Net income (loss) per share – diluted | | | | $ | (0.27) | | | | | $ | (0.05) | | | | | $ | (0.15) | | |
Weighted average shares used in computation of net income (loss) per share – basic | | | | | 123,814,521 | | | | | | 290,443,432 | | | | | | 318,489,897 | | |
Weighted average shares used in computation of net income (loss) per share – diluted | | | | | 123,814,521 | | | | | | 290,443,432 | | | | | | 318,489,897 | | |
| Subordinate Voting Shares at March 31, 2022 | | | | | 128,111,328 | | |
| Exchange Ratio | | | | | 0.22652 | | |
| Verano Subordinate Voting Shares hypothetically issued based on the Exchange Ratio | | | | | 29,019,778 | | |
| Price per Verano Subordinate Voting Share on Measurement Date (July 14, 2022) | | | | $ | 6.39 | | |
| Total estimated fair value of acquired Verano Subordinate Voting Shares | | | | $ | 185,436,382 | | |