Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-56248 | |
Entity Registrant Name | TRULIEVE CANNABIS CORP. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Tax Identification Number | 84-2231905 | |
Entity Address, Address Line One | 6749 Ben Bostic Road | |
Entity Address, City or Town | Quincy | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32351 | |
City Area Code | 850 | |
Local Phone Number | 298-8866 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001754195 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Subordinate Voting Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 164,063,460 | |
Multiple Voting Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 23,226,386 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | ||
Current Assets: | ||||
Cash and cash equivalents | $ 320,313 | [1],[2] | $ 201,372 | [3],[4] |
Restricted cash | 6,607 | 6,607 | ||
Accounts receivable, net | 5,934 | 6,703 | ||
Inventories | 209,404 | 213,120 | ||
Prepaid expenses | 17,447 | 17,620 | ||
Other current assets | 20,299 | 23,735 | ||
Notes receivable - current portion, net | 4,375 | 6,233 | ||
Assets associated with discontinued operations | 887 | 1,958 | ||
Total current assets | 585,266 | 477,348 | ||
Property and equipment, net | 672,105 | 676,352 | ||
Right of use assets - operating, net | 97,239 | 95,910 | ||
Right of use assets - finance, net | 57,984 | 58,537 | ||
Intangible assets, net | 901,681 | 917,191 | ||
Goodwill | 483,905 | 483,905 | ||
Notes receivable, net | 6,266 | 7,423 | ||
Other assets | 12,828 | 10,379 | ||
Long-term assets associated with discontinued operations | 2,010 | 2,010 | ||
TOTAL ASSETS | 2,819,284 | 2,729,055 | ||
Current Liabilities: | ||||
Accounts payable and accrued liabilities | 82,799 | 83,162 | ||
Income tax payable | 1,156 | 0 | ||
Deferred revenue | 2,098 | 1,335 | ||
Notes payable - current portion | 3,793 | 3,759 | ||
Operating lease liabilities - current portion | 10,465 | 10,068 | ||
Finance lease liabilities - current portion | 7,817 | 7,637 | ||
Construction finance liabilities - current portion | 1,574 | 1,466 | ||
Contingencies | 4,433 | 4,433 | ||
Liabilities associated with discontinued operations | 3,051 | 2,989 | ||
Total current liabilities | 117,186 | 114,849 | ||
Long-Term Liabilities: | ||||
Private placement notes, net | 363,605 | 363,215 | ||
Notes payable, net | 115,009 | 115,855 | ||
Operating lease liabilities | 93,609 | 92,235 | ||
Finance lease liabilities | 61,627 | 61,676 | ||
Construction finance liabilities | 136,400 | 136,659 | ||
Deferred tax liabilities | 216,980 | 206,964 | ||
Uncertain tax position liabilities | 277,966 | 180,350 | ||
Other long-term liabilities | 4,999 | 7,086 | ||
Long-term liabilities associated with discontinued operations | 40,895 | 41,553 | ||
TOTAL LIABILITIES | 1,428,276 | 1,320,442 | ||
Commitments and contingencies | ||||
MEZZANINE EQUITY | ||||
Redeemable non-controlling interest | 7,671 | 0 | ||
SHAREHOLDERS' EQUITY | ||||
Common stock, no par value; unlimited shares authorized. $187,253,410 and 186,235,818 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. | 0 | 0 | ||
Additional paid-in-capital | 2,054,070 | 2,055,112 | ||
Accumulated deficit | (663,718) | (640,639) | ||
Non-controlling interest | (7,015) | (5,860) | ||
TOTAL SHAREHOLDERS' EQUITY | 1,383,337 | 1,408,613 | ||
TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY | $ 2,819,284 | $ 2,729,055 | ||
[1] Excludes $2.5 million attributable to discontinued operations. Excludes zero attributable to discontinued operations. Excludes $0.3 million attributable to discontinued operations. Excludes $5.7 million attributable to discontinued operations. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Statement of Financial Position [Abstract] | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized, unlimited (in shares) [Fixed List] | Unlimited | Unlimited |
Common stock, shares issued (in shares) | 187,253,410 | 186,235,818 |
Common stock, shares outstanding (in shares) | 187,253,410 | 186,235,818 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 297,619 | $ 285,214 |
Cost of goods sold | 123,817 | 135,022 |
Gross profit | 173,802 | 150,192 |
Expenses: | ||
Sales and marketing | 61,107 | 60,733 |
General and administrative | 40,200 | 39,312 |
Depreciation and amortization | 27,755 | 29,614 |
Impairment and disposal of long-lived assets, net of (recoveries) | (1,360) | 3,379 |
Total expenses | 127,702 | 133,038 |
Income from operations | 46,100 | 17,154 |
Other expense: | ||
Interest expense, net | (14,669) | (21,160) |
Interest income | 3,258 | 1,062 |
Other (expense) income, net | (2,743) | 4,108 |
Total other expense, net | (14,154) | (15,990) |
Income before provision for income taxes | 31,946 | 1,164 |
Provision for income taxes | 55,435 | 35,464 |
Net loss from continuing operations | (23,489) | (34,300) |
Net loss from discontinued operations, net of tax benefit of zero and $(514), respectively | (1,358) | (31,331) |
Net loss | (24,847) | (65,631) |
Less: net loss attributable to non-controlling interest from continuing operations | (1,439) | (984) |
Less: net loss attributable to redeemable non-controlling interest from continuing operations | (329) | 0 |
Less: net loss attributable to non-controlling interest from discontinued operations | 0 | (523) |
Net loss attributable to common shareholders | (23,079) | (64,124) |
EPS Numerator Reconciliation | ||
Net loss attributable to common shareholders | (23,079) | (64,124) |
Net loss from discontinued operations excluding non-controlling interest | 1,358 | 30,808 |
Adjustment of redeemable non-controlling interest to maximum redemption value | (8,836) | 0 |
Net loss from continuing operations available to common shareholders of Trulieve Cannabis Corp. | $ (30,557) | $ (33,316) |
Net loss per share - Continuing operations: | ||
Basic (in dollars per share) | $ (0.16) | $ (0.18) |
Diluted (in dollars per share) | (0.16) | (0.18) |
Net loss per share - Discontinued operations: | ||
Basic (in dollars per share) | (0.01) | (0.16) |
Diluted (in dollars per share) | $ (0.01) | $ (0.16) |
Weighted average number of common shares used in computing net loss per share: | ||
Basic (in shares) | 189,493,134 | 188,899,309 |
Diluted (in shares) | 189,493,134 | 188,899,309 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net (income) loss from discontinued operations, net of tax (benefit) | $ 0 | $ (514,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Multiple Voting Shares | Subordinate Voting Shares | Total Common Shares | Additional Paid-in-Capital | Accumulated Deficit | Non-Controlling Interest |
Beginning Balance (in shares) at Dec. 31, 2022 | 26,226,386 | 159,761,126 | 185,987,512 | ||||
Beginning balance at Dec. 31, 2022 | $ 1,927,704 | $ 2,045,003 | $ (113,843) | $ (3,456) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation | 2,401 | 2,401 | |||||
Distributions to subsidiary non-controlling interest | (50) | (50) | |||||
Value of shares earned for purchase of variable interest entity | 1,643 | 1,643 | |||||
Net income (loss) | (67,138) | (65,631) | (1,507) | ||||
Ending Balance (in shares) at Mar. 31, 2023 | 26,226,386 | 159,761,126 | 185,987,512 | ||||
Ending balance at Mar. 31, 2023 | 1,864,560 | 2,049,047 | (179,474) | (5,013) | |||
Beginning Balance (in shares) at Dec. 31, 2023 | 26,226,386 | 160,009,432 | 186,235,818 | ||||
Beginning balance at Dec. 31, 2023 | 1,408,613 | 2,055,112 | (640,639) | (5,860) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation | $ 5,153 | 5,153 | |||||
Exercise of stock options (in shares) | 42,662 | 42,662 | 42,662 | ||||
Exercise of stock options | $ 170 | 170 | |||||
Distributions to subsidiary non-controlling interest | (1,081) | (1,081) | |||||
Conversion of Multiple Voting to Subordinate Voting Shares (in shares) | (3,000,000) | 3,000,000 | |||||
Redeemable non-controlling interest mezzanine equity | 1,365 | 1,365 | |||||
Adjustment of redeemable non-controlling interest to maximum redemption value | (8,836) | (8,836) | |||||
Subordinate Voting Shares issued pursuant to redemption of non-controlling interest (in shares) | 974,930 | 974,930 | |||||
Subordinate Voting Shares issued pursuant to redemption of non-controlling interest | 2,471 | 2,471 | |||||
Net income (loss) | (24,518) | (23,079) | (1,439) | ||||
Ending Balance (in shares) at Mar. 31, 2024 | 23,226,386 | 164,027,024 | 187,253,410 | ||||
Ending balance at Mar. 31, 2024 | $ 1,383,337 | $ 2,054,070 | $ (663,718) | $ (7,015) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Cash flows from operating activities | |||
Net loss | $ (24,847) | $ (65,631) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 27,755 | 30,371 | |
Depreciation included in cost of goods sold | 13,477 | 13,551 | |
Non-cash interest expense, net | 394 | 1,372 | |
Impairment and disposal of long-lived assets, net of (recoveries) | (1,360) | 31,015 | |
Amortization of operating lease right of use assets | 2,596 | 2,634 | |
Accretion of construction finance liabilities | 194 | 389 | |
Share-based compensation | 5,153 | 2,401 | |
Proceeds received from insurance | 1,473 | 0 | |
Change in fair value of derivative liabilities - warrants | 0 | (252) | |
Non-cash change in contingencies | 0 | (3,725) | |
Allowance for credit losses | 2,960 | (159) | |
Deferred income tax expense (benefit) | 10,016 | (7,896) | |
Changes in operating assets and liabilities: | |||
Inventories | 3,522 | 260 | |
Accounts receivable | 1,493 | 1,565 | |
Prepaid expenses and other current assets | 1,049 | (1,776) | |
Other assets | (2,448) | 1,888 | |
Accounts payable and accrued liabilities | 1,040 | 9,177 | |
Income tax payable | 2,663 | (13,383) | |
Other current liabilities | 0 | (5,448) | |
Operating lease liabilities | (2,239) | (2,523) | |
Deferred revenue | 762 | (4,452) | |
Uncertain tax position liabilities | 97,616 | 9,797 | |
Other long-term liabilities | (2,115) | 1,235 | |
Net cash provided by operating activities | 139,154 | 410 | |
Cash flows from investing activities | |||
Purchases of property and equipment | (15,555) | (13,731) | |
Capitalized interest | 61 | (582) | |
Purchases of internal use software | (5,008) | (2,046) | |
Proceeds received from insurance recoveries on property and equipment | 527 | 0 | |
Cash paid for licenses | 0 | (3,500) | |
Proceeds from sales of long-lived assets | 0 | 287 | |
Payments received from notes receivable | 266 | 180 | |
Proceeds from sale of held for sale assets | 748 | 580 | |
Net cash used in investing activities | (18,961) | (18,812) | |
Cash flows from financing activities | |||
Proceeds from redemption of non-controlling interest | 3,000 | 0 | |
Proceeds from equity exercises | 170 | 0 | |
Payments on notes payable | (923) | (3,442) | |
Payments on finance lease obligations | (1,916) | (2,040) | |
Payments on construction finance liabilities | (803) | (278) | |
Distributions to subsidiary non-controlling interest | (1,081) | (50) | |
Net cash used in financing activities | (1,553) | (5,810) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 118,640 | (24,212) | |
Cash, cash equivalents, and restricted cash, beginning of period | 207,979 | 213,792 | |
Cash and cash equivalents of discontinued operations, beginning of period | 301 | 5,702 | |
Less: cash and cash equivalents of discontinued operations, end of period | 0 | (2,486) | |
Cash, cash equivalents, and restricted cash, end of period | 326,920 | 192,796 | |
Supplemental disclosure of cash flow information | |||
Interest | 8,939 | 9,618 | |
Income taxes paid, net of (refunds) | (54,859) | 46,775 | |
Noncash investing and financing activities | |||
ASC 842 lease additions - operating and finance leases | 5,967 | 4,544 | |
Purchases of property and equipment in accounts payable and accrued liabilities | 484 | 2,197 | |
Subordinate Voting Shares issued pursuant to redemption of non-controlling interest | 2,471 | 0 | |
Value of shares earned for purchase of variable interest entity | 0 | 1,643 | |
Cash and cash equivalents, beginning balance | [1],[2] | 201,372 | 207,185 |
Restricted cash, beginning balance | 6,607 | 6,607 | |
Cash and cash equivalents, ending balance | [3],[4] | 320,313 | 185,642 |
Restricted cash, ending balance | $ 6,607 | $ 7,154 | |
[1] Excludes $0.3 million attributable to discontinued operations. Excludes $5.7 million attributable to discontinued operations. Excludes $2.5 million attributable to discontinued operations. Excludes zero attributable to discontinued operations. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents, attributable to discontinued operations | $ 0.3 | $ 5.7 | $ 0 | $ 2.5 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Trulieve Cannabis Corp., ("Trulieve" and, together with its subsidiaries and variable interest entities, the "Company," "our," or "us") has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and, therefore, do not include all financial information and footnotes required by GAAP for complete financial statements. In management's opinion, the condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company's financial position as of March 31, 2024, and the results of its operations and cash flows for the periods ended March 31, 2024 and 2023. The results of the Company's operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full 2024 fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for Trulieve Cannabis Corp. and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on February 29, 2024 (the "2023 Form 10-K"). Discontinued Operations In June 2023, the Company exited operations in Massachusetts and in July 2022, the Company discontinued its Nevada operations. Both actions represented a strategic shift in business; therefore, the related assets and liabilities associated with the discontinued operations are classified as discontinued operations on the consolidated balance sheets and the results of the discontinued operations have been presented as discontinued operations within the consolidated statements of operations for all periods presented. Unless specifically noted otherwise, footnote disclosures only reflect the results of continuing operations. Basis of Measurement These condensed consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein. Functional Currency The functional currency of the Company and its subsidiaries, as determined by management, is the United States (“U.S.”) dollar. These condensed consolidated financial statements are presented in U.S. dollars. Reclassifications |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are described in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 29, 2024. Our management has reviewed these significant accounting policies and related disclosures and determined that there were no significant changes to our critical accounting policies during the three month period ended March 31, 2024. |
Supplementary Financial Informa
Supplementary Financial Information | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Financial Information | NOTE 3. SUPPLEMENTARY FINANCIAL INFORMATION Inventories March 31, December 31, (in thousands) Raw material Cannabis plants $ 20,005 $ 21,429 Packaging and supplies 30,544 36,472 Total raw material 50,549 57,901 Work in process 107,985 104,428 Finished goods - unmedicated 5,231 6,516 Finished goods - medicated 45,639 44,275 Total inventories $ 209,404 $ 213,120 Notes Receivable The fair values of financial instruments by class are as follows: March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Financial Assets (1) : Money market funds (2) $ 282,814 $ — $ — $ 282,814 $ 145,995 $ — $ — $ 145,995 Financial Liabilities: Interest rate swap (3) $ — $ 1,043 $ — $ 1,043 $ — $ 2,341 $ — $ 2,341 (1) There were no transfers between hierarchy levels during the periods ending March 31, 2024 or December 31, 2023. (2) Money market funds are included within cash and cash equivalents on the Company’s condensed consolidated balance sheets. Interest income from money market funds was $2.9 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively. (3) The fair value of the interest rate swap liability is recorded in other long-term liabilities on the condensed consolidated balance sheets. One of the Company’s consolidated variable interest entities is party to a shareholder agreement which provides certain of the non-controlling interest holders with optional redemption rights where they may put their shares in the consolidated subsidiary to the Company in exchange for a fixed number of Company shares. The non-controlling interest is redeemable at the option of the shareholder and is therefore recorded in temporary or "mezzanine" equity on the consolidated balance sheet in accordance with ASC Topic 480-10-S99. Certain put holders are required to pay a subscription fee prior to their put right becoming exercisable. During the first quarter of 2024, certain redeemable non-controlling interest holders executed their put rights following the payment of their subscription amount to the consolidated subsidiary, resulting in the issuance of 974,930 of Company Shares. This redemption resulted in an increase in the Company's ownership interest to 65% from 46%. At March 31, 2024, the redeemable non-controlling interest that is currently redeemable was recorded based on its redemption value of $8.1 million. The following table presents the components of the change in redeemable non-controlling interest for the three months ended March 31, 2024: Redeemable Non-Controlling Interest Balance, beginning of period $ — Reclassification to mezzanine equity (1,365) Redemption 529 Adjustment to maximum redemption value 8,836 Allocation of net loss (329) Balance, end of period $ 7,671 Stock Options The following table summarizes the Company's stock option activity for the three months ended March 31, 2024: Number of options Outstanding options, beginning of period 4,197,058 Granted (1) 992,166 Exercised (42,662) Forfeited (64,805) Outstanding options, end of period 5,081,757 Vested and exercisable options, end of period 3,323,425 (1) The weighted average exercise price for stock options granted was $10.00 . Restricted Stock Units The following table summarizes the Company's RSU activity for the three months ended March 31, 2024: Number of Unvested balance, beginning of period 2,686,216 Granted (1) 2,194,918 Vested (41,165) Forfeited (68,745) Unvested balance, end of period 4,771,224 (1) The weighted average grant date fair value of RSUs granted was $10.00 . Three Months Ended 2024 2023 (in thousands) Retail $ 284,994 $ 274,846 Wholesale 12,179 9,692 Licensing and Other 446 676 Total Revenue $ 297,619 $ 285,214 From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of March 31, 2024, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s condensed consolidated statements of 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. Contingencies |
Financing Arrangements
Financing Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | NOTE 4. FINANCING ARRANGEMENTS Private Placement Notes notes payable consisted of the following: March 31, December 31, Stated Interest Rate Effective Interest Rate Maturity Date (in thousands) 2026 Notes - Tranche One $ 293,000 $ 293,000 8.00% 8.52% 10/6/2026 2026 Notes - Tranche Two 75,000 75,000 8.00% 8.43% 10/6/2026 Total private placement notes 368,000 368,000 Less: unamortized debt discount and issuance costs (4,395) (4,785) Less: current portion of private placement notes — — Private placement notes, net $ 363,605 $ 363,215 The fair value of the private placement notes was approximately $341.8 million as of March 31, 2024. Notes Payable March 31, December 31, Stated Interest Rate Effective Interest Maturity Date (in thousands) Mortgage Notes Payable Notes dated December 21, 2022 $ 69,631 $ 70,046 7.53% 7.87% 1/1/2028 Notes dated December 22, 2023 24,871 25,000 8.31% 8.48% 12/23/2028 Notes dated December 22, 2022 18,357 18,470 7.30% 7.38% 12/22/2032 Notes dated October 1, 2021 5,534 5,645 8.14% 8.29% 10/1/2027 Total mortgage notes payable 118,393 119,161 Promissory Notes Payable Notes acquired in Harvest Acquisition in October 2021 (1) 1,684 1,707 (1) (1) (1) Notes of consolidated variable-interest entity dated February 1, 2022 753 885 8.00% 8.00% 12/31/2025 Total promissory notes payable 2,437 2,592 Total notes payable (2) 120,830 121,753 Less: unamortized debt discount and issuance costs (2,028) (2,139) Less: current portion of notes payable (3,793) (3,759) Notes payable, net $ 115,009 $ 115,855 (1) Interest rates range from 0.00% to 7.50%, with a weighted average interest rate of 6.63% as of March 31, 2024. Maturity dates range from October 4, 2024 to October 24, 2026. (2) Notes payable are subordinated to the private placement notes. Construction Finance Liabilities Total construction finance liabilities were $138.0 million and $138.1 million as of March 31, 2024 and December 31, 2023, respectively. The contractual terms range from 10.0 years to 25.0 years with a weighted average remaining lease term of 16.6 years. Maturities Stated maturities of the principal portion of private placement and notes payable outstanding and future minimum lease payments for the construction finance liabilities, including interest, as of March 31, 2024 are as follows: Private Placement Notes Notes Payable Construction Finance Liabilities Total Maturities Year (in thousands) Remainder of 2024 $ — $ 2,950 $ 12,801 $ 15,751 2025 — 4,232 17,521 21,753 2026 368,000 4,632 18,013 390,645 2027 — 70,034 18,519 88,553 2028 — 23,199 19,039 42,238 Thereafter — 15,783 283,384 299,167 Total $ 368,000 $ 120,830 369,277 858,107 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 5. EARNINGS PER SHARE The following is a reconciliation for the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended 2024 2023 Numerator (in thousands, except for share data) Continuing operations Net loss from continuing operations $ (23,489) $ (34,300) Less: net loss attributable to non-controlling interest (1,439) (984) Less: net loss attributable to redeemable non-controlling interest from continuing operations (329) — Less: adjustment of redeemable non-controlling interest to maximum redemption value 8,836 — Net loss from continuing operations available to common shareholders of Trulieve Cannabis Corp. $ (30,557) $ (33,316) Discontinued operations Net loss from discontinued operations $ (1,358) $ (31,331) Less: net loss attributable to non-controlling interest — (523) Net loss from discontinued operations excluding non-controlling interest $ (1,358) $ (30,808) Denominator Weighted average number of common shares outstanding - Basic and diluted (1) 189,493,134 188,899,309 Loss per Share - Continuing operations Basic and diluted loss per share $ (0.16) $ (0.18) Loss per Share - Discontinued operations Basic and diluted loss per share $ (0.01) $ (0.16) (1) Potentially dilutive securities representing 11.0 million and 4.0 million shares of common stock were excluded from the computation of diluted earnings per share for the three months ended March 31, 2024 and 2023, respectively, as their effect would have been antidilutive. As of March 31, 2024, there were approximately 187.3 million shares issued and outstanding, which excluded approximately 2.9 million fully vested RSUs which are not contractually issuable until September 2024 and approximately 0.1 million fully vested RSUs which are not contractually issuable until the earlier of a triggering event, as defined, or December 1, 2030. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6. INCOME TAXES The following table summariz es the Company’s income tax expense and effective tax rate for the periods presented: Three Months Ended 2024 2023 (in thousands) Income before provision for income taxes $31,946 $1,164 Provision for income taxes $55,435 $35,464 Effective tax rate 174% 3047% The Company has computed its provision for income taxes based on the actual effective tax rate for the quarter as the Company believes this is the best estimate for the annual effective tax rate. The Company is subject to income taxes in the United States and Canada. Significant judgment is required in evaluating the Company’s uncertain tax positions and determining the provision for income taxes. The Company recognizes benefits from uncertain tax positions based on the cumulative probability method whereby the largest benefit with a cumulative probability of greater than 50% is recorded. An uncertain tax position is not recognized if it has less than a 50% likelihood of being sustained. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the period presented: Three Months Ended March 31, 2024 (in thousands) Balance, beginning of period $ 542,762 Reductions based on tax positions related to the prior year (870) Reductions based on refunds requested but not received related to the prior year (44,677) Additions based on tax positions related to the current year 32,236 Additions based on refunds received related to prior years 50,344 Balance, end of period $ 579,795 A reconciliation of the beginning and ending amount of uncertain tax liabilities for the period presented: Three Months Ended March 31, 2024 (in thousands) Balance, beginning of period $ 180,350 Reductions based on tax positions related to the prior year (731) Additions based on tax positions related to the current year 42,095 Additions based on refunds received related to prior years 50,344 Reclass tax payment on deposit 2,321 Interest recorded in income tax expense, net of reversals (1) 3,587 Balance, end of period (2) $ 277,966 (2) Of the $278.0 million in uncertain tax liabilities, $247.3 million are related to our tax positions based on legal interpretations that challenge the Company's tax liability under IRC Section 280E. The Company’s net uncertain tax liabilities, inclusive of interest and tax payments on deposit, were approximately $278.0 million and $180.4 million as of March 31, 2024 and December 31, 2023, respectively, which is recorded in other long-term liabilities in the condensed consolidated balance sheets. The increase of $97.6 million in uncertain tax positio ns is primarily due to activity related to tax positions based on legal interpretations that challenge the Company's tax liability under IRC Section 280E. During the three months ended March 31, 2024 , the Company recorded interest of $3.6 million on uncertain tax liabilities in the consolidated statements of operations and comprehensive income, which is primarily related to the tax positions based on legal interpretations that challenge the Company's tax liability under IRC Section 280E. During the three months ended March 31, 2023, the Company recorded interest of $0.8 million on uncertain tax liabilities in the consolidated statements of operations and comprehensive income, which primarily related to a tax position taken relating to our inventory costs for tax purposes in our Florida dispensaries. As of March 31, 2024, the Company has tax payments on deposit of $154.7 million that would reduce the uncertain tax liability when ultimately paid to the tax jurisdictions. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE 7. VARIABLE INTEREST ENTITIES The Company has entered into certain agreements in several states with various entities related to the purchase and operation of cannabis dispensary, cultivation, and production licenses, and has determined these to be variable interest entities for which it is the primary beneficiary and/or holds a controlling voting equity position. The Company holds ownership interests in these entities ranging from 49% to 95% either directly or through a proxy as of March 31, 2024. The Company's VIEs are not material to the consolidated financial position or operations as of March 31, 2024 and December 31, 2023 or for the three months ended March 31, 2024 and 2023. The following table presents the summarized assets and liabilities of the Company’s consolidated VIEs in which the Company does not hold a majority interest as of March 31, 2024 and December 31, 2023. The assets and liabilities in the table below include third-party assets and liabilities of our VIEs only and exclude intercompany balances that are eliminated in consolidation as included on our condensed consolidated balance sheets. As outlined within Note 3. Supplementary Financial Information , the redemption of a redeemable non-controlling interest resulted in an increase in the Company's ownership interest in one of the Company’s consolidated variable interest entities to 65% as of March 31, 2024 from 46% as of December 31, 2023 . This increased the ownership in this consolidated variable interest entity wher e the Company holds a majority interest as of March 31, 2024. March 31, December 31, (in thousands) Current assets: Cash $ 881 $ 9,491 Accounts receivable, net — 1,308 Inventories 874 8,341 Prepaid expenses 291 423 Other current assets 16 7 Total current assets 2,062 19,570 Property and equipment, net 560 28,068 Right of use asset - operating, net — 2,744 Right of use asset - finance, net — 259 Intangible assets, net 5,750 17,162 Other assets 31 140 Total assets $ 8,403 $ 67,943 Current liabilities: Accounts payable and accrued liabilities $ 1,756 $ 1,939 Income tax payable — 2,017 Deferred revenue — 2 Operating lease liability - current portion — 63 Finance lease liability - current portion — 60 Total current liabilities 1,756 4,081 Notes payable 753 885 Operating lease liability — 2,926 Finance lease liability — 210 Deferred tax liabilities — 3,638 Other long-term liabilities — 671 Total liabilities $ 2,509 $ 12,411 |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 8. RELATED PARTIES In the third quarter of 2023, the Company entered into an agreement to rent a piece of equipment from an entity that is directly owned in part by the Company’s Chief Executive Officer and Chair of the board of directors. The expense related to the use of this asset was $0.1 million for the three months ended March 31, 2024. The Company leases a cultivation facility and corporate office facility from an entity that is directly or indirectly owned by the Company's Chief Executive Officer and Chair of the board of directors, a former member of the Company's board of directors, and another member of the Company's board of directors. The Company had the following related party operating leases on the condensed consolidated balance sheets, under ASC 842, as of: March 31, December 31, (in thousands) Right-of-use assets, net $ 676 $ 706 Lease liabilities: Lease liabilities - current portion $ 130 $ 127 Lease liabilities 590 624 Total related parties lease liabilities $ 720 $ 751 Lease expense recognized on related party leases was less than $0.1 million and less than $0.1 million for the three months ended March 31, 2024 and 2023, respectively. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 9. DISCONTINUED OPERATIONS The assets and liabilities associated with discontinued operations consisted of the following as of: March 31, December 31, (in thousands) Assets associated with discontinued operations Cash $ — $ 301 Accounts receivable, net 42 841 Prepaid expenses 845 816 Other assets 2,010 2,010 Total assets associated with discontinued operations $ 2,897 $ 3,968 Liabilities associated with discontinued operations Accounts payable and accrued liabilities $ 456 $ 530 Operating lease liabilities - current portion 183 165 Finance lease liabilities - current portion 299 291 Construction finance liability - current portion 2,113 2,003 Operating lease liabilities 15,295 15,332 Finance lease liabilities 1,995 2,048 Construction finance liability 23,599 24,167 Other long-term liabilities 6 6 Total liabilities associated with discontinued operations $ 43,946 $ 44,542 The following table summarizes the Company's loss from discontinued operations for the periods presented. Three Months Ended 2024 2023 (in thousands) Revenue $ — $ 3,875 Cost of goods sold — 4,129 Gross margin — (254) Expenses: Operating expenses 435 2,388 Impairment and disposal of long-lived assets, net — 27,636 Total expenses 435 30,024 Loss from operations (435) (30,278) Other expense: Other expense, net (923) (1,567) Total other expense, net (923) (1,567) Loss before income taxes (1,358) (31,845) Income tax benefit — (514) Net loss from discontinued operations, net of tax benefit (1,358) (31,331) Less: net loss attributable to non-controlling interest from discontinued operations — (523) Net loss from discontinued operations excluding non-controlling interest $ (1,358) $ (30,808) months ended March 31, 2024 was nominal. Three Months Ended (in thousands) Depreciation and amortization $ 2,226 Purchases of property and equipment 67 Loss on impairment of long-lived assets 27,636 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10. SUBSEQUENT EVENTS The Company’s management evaluates subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require adjustment to or disclosure in the condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The accompanying unaudited condensed consolidated financial statements of Trulieve Cannabis Corp., ("Trulieve" and, together with its subsidiaries and variable interest entities, the "Company," "our," or "us") has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and, therefore, do not include all financial information and footnotes required by GAAP for complete financial statements. In management's opinion, the condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company's financial position as of March 31, 2024, and the results of its operations and cash flows for the periods ended March 31, 2024 and 2023. The results of the Company's operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full 2024 fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for Trulieve Cannabis Corp. and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on February 29, 2024 (the "2023 Form 10-K"). |
Discontinued Operations | Discontinued Operations |
Basis of Measurement | Basis of Measurement These condensed consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein. |
Functional Currency | Functional Currency The functional currency of the Company and its subsidiaries, as determined by management, is the United States (“U.S.”) dollar. These condensed consolidated financial statements are presented in U.S. dollars. |
Reclassifications | Reclassifications |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Inventories | March 31, December 31, (in thousands) Raw material Cannabis plants $ 20,005 $ 21,429 Packaging and supplies 30,544 36,472 Total raw material 50,549 57,901 Work in process 107,985 104,428 Finished goods - unmedicated 5,231 6,516 Finished goods - medicated 45,639 44,275 Total inventories $ 209,404 $ 213,120 |
Schedule of Fair Value of Financial Instruments by Class | The fair values of financial instruments by class are as follows: March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Financial Assets (1) : Money market funds (2) $ 282,814 $ — $ — $ 282,814 $ 145,995 $ — $ — $ 145,995 Financial Liabilities: Interest rate swap (3) $ — $ 1,043 $ — $ 1,043 $ — $ 2,341 $ — $ 2,341 (1) There were no transfers between hierarchy levels during the periods ending March 31, 2024 or December 31, 2023. (2) Money market funds are included within cash and cash equivalents on the Company’s condensed consolidated balance sheets. Interest income from money market funds was $2.9 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively. (3) |
Redeemable Noncontrolling Interest | The following table presents the components of the change in redeemable non-controlling interest for the three months ended March 31, 2024: Redeemable Non-Controlling Interest Balance, beginning of period $ — Reclassification to mezzanine equity (1,365) Redemption 529 Adjustment to maximum redemption value 8,836 Allocation of net loss (329) Balance, end of period $ 7,671 |
Schedule of Stock Option Activity | The following table summarizes the Company's stock option activity for the three months ended March 31, 2024: Number of options Outstanding options, beginning of period 4,197,058 Granted (1) 992,166 Exercised (42,662) Forfeited (64,805) Outstanding options, end of period 5,081,757 Vested and exercisable options, end of period 3,323,425 (1) The weighted average exercise price for stock options granted was $10.00 . |
Schedule of Restricted Stock Units Activity | The following table summarizes the Company's RSU activity for the three months ended March 31, 2024: Number of Unvested balance, beginning of period 2,686,216 Granted (1) 2,194,918 Vested (41,165) Forfeited (68,745) Unvested balance, end of period 4,771,224 (1) The weighted average grant date fair value of RSUs granted was $10.00 . |
Schedule of Net Revenues Comprised | Three Months Ended 2024 2023 (in thousands) Retail $ 284,994 $ 274,846 Wholesale 12,179 9,692 Licensing and Other 446 676 Total Revenue $ 297,619 $ 285,214 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Private Placement Notes Payable | notes payable consisted of the following: March 31, December 31, Stated Interest Rate Effective Interest Rate Maturity Date (in thousands) 2026 Notes - Tranche One $ 293,000 $ 293,000 8.00% 8.52% 10/6/2026 2026 Notes - Tranche Two 75,000 75,000 8.00% 8.43% 10/6/2026 Total private placement notes 368,000 368,000 Less: unamortized debt discount and issuance costs (4,395) (4,785) Less: current portion of private placement notes — — Private placement notes, net $ 363,605 $ 363,215 |
Schedule of Notes Payable | March 31, December 31, Stated Interest Rate Effective Interest Maturity Date (in thousands) Mortgage Notes Payable Notes dated December 21, 2022 $ 69,631 $ 70,046 7.53% 7.87% 1/1/2028 Notes dated December 22, 2023 24,871 25,000 8.31% 8.48% 12/23/2028 Notes dated December 22, 2022 18,357 18,470 7.30% 7.38% 12/22/2032 Notes dated October 1, 2021 5,534 5,645 8.14% 8.29% 10/1/2027 Total mortgage notes payable 118,393 119,161 Promissory Notes Payable Notes acquired in Harvest Acquisition in October 2021 (1) 1,684 1,707 (1) (1) (1) Notes of consolidated variable-interest entity dated February 1, 2022 753 885 8.00% 8.00% 12/31/2025 Total promissory notes payable 2,437 2,592 Total notes payable (2) 120,830 121,753 Less: unamortized debt discount and issuance costs (2,028) (2,139) Less: current portion of notes payable (3,793) (3,759) Notes payable, net $ 115,009 $ 115,855 (1) Interest rates range from 0.00% to 7.50%, with a weighted average interest rate of 6.63% as of March 31, 2024. Maturity dates range from October 4, 2024 to October 24, 2026. (2) Notes payable are subordinated to the private placement notes. |
Schedule of Stated Maturities of Notes Payable | Stated maturities of the principal portion of private placement and notes payable outstanding and future minimum lease payments for the construction finance liabilities, including interest, as of March 31, 2024 are as follows: Private Placement Notes Notes Payable Construction Finance Liabilities Total Maturities Year (in thousands) Remainder of 2024 $ — $ 2,950 $ 12,801 $ 15,751 2025 — 4,232 17,521 21,753 2026 368,000 4,632 18,013 390,645 2027 — 70,034 18,519 88,553 2028 — 23,199 19,039 42,238 Thereafter — 15,783 283,384 299,167 Total $ 368,000 $ 120,830 369,277 858,107 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation For Calculation of Basic And Diluted Earnings Per Share | The following is a reconciliation for the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended 2024 2023 Numerator (in thousands, except for share data) Continuing operations Net loss from continuing operations $ (23,489) $ (34,300) Less: net loss attributable to non-controlling interest (1,439) (984) Less: net loss attributable to redeemable non-controlling interest from continuing operations (329) — Less: adjustment of redeemable non-controlling interest to maximum redemption value 8,836 — Net loss from continuing operations available to common shareholders of Trulieve Cannabis Corp. $ (30,557) $ (33,316) Discontinued operations Net loss from discontinued operations $ (1,358) $ (31,331) Less: net loss attributable to non-controlling interest — (523) Net loss from discontinued operations excluding non-controlling interest $ (1,358) $ (30,808) Denominator Weighted average number of common shares outstanding - Basic and diluted (1) 189,493,134 188,899,309 Loss per Share - Continuing operations Basic and diluted loss per share $ (0.16) $ (0.18) Loss per Share - Discontinued operations Basic and diluted loss per share $ (0.01) $ (0.16) (1) Potentially dilutive securities representing 11.0 million and 4.0 million shares of common stock were excluded from the computation of diluted earnings per share for the three months ended March 31, 2024 and 2023, respectively, as their effect would have been antidilutive. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense and Effective Tax Rate | The following table summariz es the Company’s income tax expense and effective tax rate for the periods presented: Three Months Ended 2024 2023 (in thousands) Income before provision for income taxes $31,946 $1,164 Provision for income taxes $55,435 $35,464 Effective tax rate 174% 3047% |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the period presented: Three Months Ended March 31, 2024 (in thousands) Balance, beginning of period $ 542,762 Reductions based on tax positions related to the prior year (870) Reductions based on refunds requested but not received related to the prior year (44,677) Additions based on tax positions related to the current year 32,236 Additions based on refunds received related to prior years 50,344 Balance, end of period $ 579,795 A reconciliation of the beginning and ending amount of uncertain tax liabilities for the period presented: Three Months Ended March 31, 2024 (in thousands) Balance, beginning of period $ 180,350 Reductions based on tax positions related to the prior year (731) Additions based on tax positions related to the current year 42,095 Additions based on refunds received related to prior years 50,344 Reclass tax payment on deposit 2,321 Interest recorded in income tax expense, net of reversals (1) 3,587 Balance, end of period (2) $ 277,966 (2) Of the $278.0 million in uncertain tax liabilities, $247.3 million are related to our tax positions based on legal interpretations that challenge the Company's tax liability under IRC Section 280E. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Assets and Liabilities of Company's VIEs | March 31, December 31, (in thousands) Current assets: Cash $ 881 $ 9,491 Accounts receivable, net — 1,308 Inventories 874 8,341 Prepaid expenses 291 423 Other current assets 16 7 Total current assets 2,062 19,570 Property and equipment, net 560 28,068 Right of use asset - operating, net — 2,744 Right of use asset - finance, net — 259 Intangible assets, net 5,750 17,162 Other assets 31 140 Total assets $ 8,403 $ 67,943 Current liabilities: Accounts payable and accrued liabilities $ 1,756 $ 1,939 Income tax payable — 2,017 Deferred revenue — 2 Operating lease liability - current portion — 63 Finance lease liability - current portion — 60 Total current liabilities 1,756 4,081 Notes payable 753 885 Operating lease liability — 2,926 Finance lease liability — 210 Deferred tax liabilities — 3,638 Other long-term liabilities — 671 Total liabilities $ 2,509 $ 12,411 |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Right of Use Assets and Lease Liabilities under ASC 842 | The Company had the following related party operating leases on the condensed consolidated balance sheets, under ASC 842, as of: March 31, December 31, (in thousands) Right-of-use assets, net $ 676 $ 706 Lease liabilities: Lease liabilities - current portion $ 130 $ 127 Lease liabilities 590 624 Total related parties lease liabilities $ 720 $ 751 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Assets and Liabilities, Loss from Discontinued Operations and Cash Flow Including Continuing from Discontinued Operations | The assets and liabilities associated with discontinued operations consisted of the following as of: March 31, December 31, (in thousands) Assets associated with discontinued operations Cash $ — $ 301 Accounts receivable, net 42 841 Prepaid expenses 845 816 Other assets 2,010 2,010 Total assets associated with discontinued operations $ 2,897 $ 3,968 Liabilities associated with discontinued operations Accounts payable and accrued liabilities $ 456 $ 530 Operating lease liabilities - current portion 183 165 Finance lease liabilities - current portion 299 291 Construction finance liability - current portion 2,113 2,003 Operating lease liabilities 15,295 15,332 Finance lease liabilities 1,995 2,048 Construction finance liability 23,599 24,167 Other long-term liabilities 6 6 Total liabilities associated with discontinued operations $ 43,946 $ 44,542 The following table summarizes the Company's loss from discontinued operations for the periods presented. Three Months Ended 2024 2023 (in thousands) Revenue $ — $ 3,875 Cost of goods sold — 4,129 Gross margin — (254) Expenses: Operating expenses 435 2,388 Impairment and disposal of long-lived assets, net — 27,636 Total expenses 435 30,024 Loss from operations (435) (30,278) Other expense: Other expense, net (923) (1,567) Total other expense, net (923) (1,567) Loss before income taxes (1,358) (31,845) Income tax benefit — (514) Net loss from discontinued operations, net of tax benefit (1,358) (31,331) Less: net loss attributable to non-controlling interest from discontinued operations — (523) Net loss from discontinued operations excluding non-controlling interest $ (1,358) $ (30,808) months ended March 31, 2024 was nominal. Three Months Ended (in thousands) Depreciation and amortization $ 2,226 Purchases of property and equipment 67 Loss on impairment of long-lived assets 27,636 |
Supplementary Financial Infor_3
Supplementary Financial Information - Schedule of inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory [Line Items] | ||
Total raw material | $ 50,549 | $ 57,901 |
Work in process | 107,985 | 104,428 |
Total inventories | 209,404 | 213,120 |
Cannabis plants | ||
Inventory [Line Items] | ||
Total raw material | 20,005 | 21,429 |
Packaging and supplies | ||
Inventory [Line Items] | ||
Total raw material | 30,544 | 36,472 |
Finished goods - unmedicated | ||
Inventory [Line Items] | ||
Finished goods - unmedicated and medicated | 5,231 | 6,516 |
Finished goods - medicated | ||
Inventory [Line Items] | ||
Finished goods - unmedicated and medicated | $ 45,639 | $ 44,275 |
Supplementary Financial Infor_4
Supplementary Financial Information - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Inventory [Line Items] | ||
Allowance for credit loss | $ 2,900,000 | $ 0 |
Redemption | 529,000 | |
Redemption value | 8,100,000 | |
Redeemable noncontrolling interest, adjustment to APIC | $ 8,836,000 | |
Consolidated Subsidiary | ||
Inventory [Line Items] | ||
Subsidiary, ownership percentage, parent (in percent) | 65% | 46% |
Subordinate Voting Shares | ||
Inventory [Line Items] | ||
Subordinate Voting Shares issued pursuant to redemption of non-controlling interest (in shares) | 974,930 | |
Contingent Liabilities | Pending Litigation | ||
Inventory [Line Items] | ||
Contingent liabilities | $ 4,200,000 | $ 4,200,000 |
Supplementary Financial Infor_5
Supplementary Financial Information - Schedule of Fair Value Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value liabilities transfers amount | $ 0 | $ 0 | |
Interest income | 2,900 | $ 700 | |
Interest rate swap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Liabilities | 1,043 | 2,341 | |
Level 1 | Interest rate swap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Liabilities | 0 | 0 | |
Level 2 | Interest rate swap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Liabilities | 1,043 | 2,341 | |
Level 3 | Interest rate swap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Liabilities | 0 | 0 | |
Money Market Funds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Assets | 282,814 | 145,995 | |
Money Market Funds | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Assets | 282,814 | 145,995 | |
Money Market Funds | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Assets | 0 | 0 | |
Money Market Funds | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Assets | $ 0 | $ 0 |
Supplementary Financial Infor_6
Supplementary Financial Information - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Equity, Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, beginning of period | $ 7,671 | $ 0 | |
Reclassification to mezzanine equity | (1,365) | ||
Redemption | 529 | ||
Adjustment to maximum redemption value | 8,836 | ||
Allocation of net loss | (329) | $ 0 | |
Balance, end of period | $ 7,671 |
Supplementary Financial Infor_7
Supplementary Financial Information - Schedule of Stock Options (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning balance (in shares) | 4,197,058 |
Granted (in shares) | 992,166 |
Exercised (in shares) | (42,662) |
Forfeited (in shares) | (64,805) |
Outstanding, ending balance (in shares) | 5,081,757 |
Vested and exercisable options (in shares) | 3,323,425 |
Weighted average exercise price, Granted (usd per share) | $ / shares | $ 10 |
Supplementary Financial Infor_8
Supplementary Financial Information - Schedule of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of restricted stock units | |
Beginning balance (in shares) | 2,686,216 |
Granted (in shares) | 2,194,918 |
Vested (in shares) | (41,165) |
Forfeited (in shares) | (68,745) |
Ending balance (in shares) | 4,771,224 |
Weighted average grant price, Granted (usd per share) | $ / shares | $ 10 |
Supplementary Financial Infor_9
Supplementary Financial Information - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 297,619 | $ 285,214 |
Retail | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 284,994 | 274,846 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12,179 | 9,692 |
Licensing and Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 446 | $ 676 |
Financing Arrangements - Schedu
Financing Arrangements - Schedule of Private Placement Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total private placement notes | $ 368,000 | $ 368,000 |
Less: unamortized debt discount and issuance costs | (4,395) | (4,785) |
Less: current portion of private placement notes | 0 | 0 |
Private placement notes, net | 363,605 | 363,215 |
2026 Notes - Tranche One | ||
Debt Instrument [Line Items] | ||
Total private placement notes | $ 293,000 | 293,000 |
Stated Interest Rate | 8% | |
Effective Interest Rate | 8.52% | |
2026 Notes - Tranche Two | ||
Debt Instrument [Line Items] | ||
Total private placement notes | $ 75,000 | $ 75,000 |
Stated Interest Rate | 8% | |
Effective Interest Rate | 8.43% |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 341.8 | |
Construction finance liabilities | $ 138 | $ 138.1 |
Finance leases, weighted average remaining lease term (in years) | 16 years 7 months 6 days | |
Minimum | ||
Debt Instrument [Line Items] | ||
Finance lease liability, initial term | 10 years | |
Maximum | ||
Debt Instrument [Line Items] | ||
Finance lease liability, initial term | 25 years |
Financing Arrangements - Sche_2
Financing Arrangements - Schedule of Notes Payable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Notes Payable [Line Items] | ||
Total notes payable | $ 120,830 | $ 121,753 |
Less: unamortized debt discount and issuance costs | (2,028) | (2,139) |
Less: current portion of notes payable | (3,793) | (3,759) |
Notes payable, net | 115,009 | 115,855 |
Promissory Notes Payable | ||
Notes Payable [Line Items] | ||
Total notes payable | 2,437 | 2,592 |
Notes dated December 21, 2022 | Mortgage Notes Payable | ||
Notes Payable [Line Items] | ||
Total notes payable | $ 69,631 | 70,046 |
Stated Interest Rate | 7.53% | |
Effective Interest Rate | 7.87% | |
Notes dated December 22, 2023 | Mortgage Notes Payable | ||
Notes Payable [Line Items] | ||
Total notes payable | $ 24,871 | 25,000 |
Stated Interest Rate | 8.31% | |
Effective Interest Rate | 8.48% | |
Notes dated December 22, 2022 | Mortgage Notes Payable | ||
Notes Payable [Line Items] | ||
Total notes payable | $ 18,357 | 18,470 |
Stated Interest Rate | 7.30% | |
Effective Interest Rate | 7.38% | |
Notes dated October 1, 2021 | Mortgage Notes Payable | ||
Notes Payable [Line Items] | ||
Total notes payable | $ 5,534 | 5,645 |
Stated Interest Rate | 8.14% | |
Effective Interest Rate | 8.29% | |
Notes acquired in Harvest Acquisition in October 2021 | Mortgage Notes Payable | ||
Notes Payable [Line Items] | ||
Total notes payable | $ 118,393 | 119,161 |
Notes acquired in Harvest Acquisition in October 2021 | Promissory Notes Payable | ||
Notes Payable [Line Items] | ||
Total notes payable | $ 1,684 | 1,707 |
Notes acquired in Harvest Acquisition in October 2021 | Minimum | ||
Notes Payable [Line Items] | ||
Stated Interest Rate | 0% | |
Notes acquired in Harvest Acquisition in October 2021 | Maximum | ||
Notes Payable [Line Items] | ||
Stated Interest Rate | 7.50% | |
Notes acquired in Harvest Acquisition in October 2021 | Weighted Average | ||
Notes Payable [Line Items] | ||
Stated Interest Rate | 6.63% | |
Notes of consolidated variable-interest entity dated February 1, 2022 | Promissory Notes Payable | ||
Notes Payable [Line Items] | ||
Total notes payable | $ 753 | $ 885 |
Stated Interest Rate | 8% | |
Effective Interest Rate | 8% |
Financing Arrangements - Sche_3
Financing Arrangements - Schedule of Stated Maturities of Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Private Placement Notes | ||
Remainder of 2024 | $ 0 | |
2025 | 0 | |
2026 | 368,000 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total private placement notes | 368,000 | $ 368,000 |
Notes Payable | ||
Remainder of 2024 | 2,950 | |
2025 | 4,232 | |
2026 | 4,632 | |
2027 | 70,034 | |
2028 | 23,199 | |
Thereafter | 15,783 | |
Total | 120,830 | $ 121,753 |
Construction Finance Liabilities | ||
Remainder of 2024 | 12,801 | |
2025 | 17,521 | |
2026 | 18,013 | |
2027 | 18,519 | |
2028 | 19,039 | |
Thereafter | 283,384 | |
Total | 369,277 | |
Total Maturities | ||
Remainder of 2024 | 15,751 | |
2025 | 21,753 | |
2026 | 390,645 | |
2027 | 88,553 | |
2028 | 42,238 | |
Thereafter | 299,167 | |
Total | $ 858,107 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Reconciliation For Calculation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Continuing operations | ||
Net loss from continuing operations | $ (23,489) | $ (34,300) |
Less: net loss attributable to non-controlling interest | (1,439) | (984) |
Less: net loss attributable to redeemable non-controlling interest from continuing operations | (329) | 0 |
Less: adjustment of redeemable non-controlling interest to maximum redemption value | 8,836 | 0 |
Net loss from continuing operations available to common shareholders of Trulieve Cannabis Corp. | (30,557) | (33,316) |
Discontinued operations | ||
Net loss from discontinued operations | (1,358) | (31,331) |
Less: net loss attributable to non-controlling interest | 0 | (523) |
Net loss from discontinued operations excluding non-controlling interest | $ (1,358) | $ (30,808) |
Denominator | ||
Weighted average number of common shares outstanding, basic (in shares) | 189,493,134 | 188,899,309 |
Weighted average number of common shares outstanding, diluted (in shares) | 189,493,134 | 188,899,309 |
Loss per Share - Continuing operations | ||
Basic loss per share - continuing operations (in dollars per share) | $ (0.16) | $ (0.18) |
Diluted loss per share - continuing operations (in dollars per share) | (0.16) | (0.18) |
Loss per Share - Discontinued operations | ||
Basic loss per share - discontinued operations (in dollars per share) | (0.01) | (0.16) |
Diluted loss per share - discontinued operations (in dollars per share) | $ (0.01) | $ (0.16) |
Antidilutive securities excluded from computation of earnings per share, amount | 11,000,000 | 4,000,000 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock, shares issued (in shares) | 187,253,410 | 186,235,818 |
Common stock, shares outstanding (in shares) | 187,253,410 | 186,235,818 |
Not Contractually Issuable Until 2024 | Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares reserved for future instances (in shares) | 2,900,000 | |
Not Contractually Issuable Until the Earlier of December 1, 2030 | Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares reserved for future instances (in shares) | 100,000 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income before provision for income taxes | $ 31,946 | $ 1,164 |
Provision for income taxes | $ 55,435 | $ 35,464 |
Effective tax rate (as a percent) | 174% | 3,047% |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 180,350 | ||
Interest on income tax expense | 3,600 | $ 800 | |
Unrecognized tax benefits, ending balance | 277,966 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 180,400 | ||
Unrecognized Tax Benefits, Inventory Costs | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | 542,762 | ||
Reductions based on tax positions related to the prior year | (870) | ||
Reductions based on refunds requested but not received related to the prior year | (44,677) | ||
Additions based on tax positions related to the current year | 32,236 | ||
Additions based on refunds received related to prior years | 50,344 | ||
Unrecognized tax benefits, ending balance | 579,795 | ||
Uncertain Tax Liabilities | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | 180,350 | ||
Reductions based on tax positions related to the prior year | (731) | ||
Additions based on tax positions related to the current year | 42,095 | ||
Additions based on refunds received related to prior years | 50,344 | ||
Reclass tax payment on deposit | 2,321 | ||
Interest on income tax expense | 3,587 | ||
Unrecognized tax benefits, ending balance | 277,966 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 278,000 | ||
Increase resulting from tax position, IRC Section 280E | $ 247,300 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 180,400 | ||
Increase in uncertain tax positions | $ 97,600 | ||
Interest on income tax expense | 3,600 | $ 800 | |
Tax payments on deposits | 154,700 | ||
Uncertain Tax Liabilities | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 278,000 | ||
Increase resulting from tax position, IRC Section 280E | 247,300 | ||
Interest on income tax expense | $ 3,587 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | ||
Ownership interests (as a percent) | 65% | 46% |
Minimum | ||
Variable Interest Entity [Line Items] | ||
Ownership interests (as a percent) | 49% | |
Maximum | ||
Variable Interest Entity [Line Items] | ||
Ownership interests (as a percent) | 95% |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Assets and Liabilities of Company's VIEs (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Accounts receivable, net | $ 5,934 | $ 6,703 |
Inventories | 209,404 | 213,120 |
Prepaid expenses | 17,447 | 17,620 |
Other current assets | 20,299 | 23,735 |
Total current assets | 585,266 | 477,348 |
Property and equipment, net | 672,105 | 676,352 |
Right of use assets - operating, net | 97,239 | 95,910 |
Right of use assets - finance, net | 57,984 | 58,537 |
Intangible assets, net | 901,681 | 917,191 |
Other assets | 12,828 | 10,379 |
TOTAL ASSETS | 2,819,284 | 2,729,055 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 82,799 | 83,162 |
Income tax payable | 1,156 | 0 |
Operating lease liabilities - current portion | 10,465 | 10,068 |
Finance lease liabilities - current portion | 7,817 | 7,637 |
Total current liabilities | 117,186 | 114,849 |
Notes payable, net | 115,009 | 115,855 |
Operating lease liabilities | 93,609 | 92,235 |
Finance lease liabilities | 61,627 | 61,676 |
Deferred tax liabilities | 216,980 | 206,964 |
Other long-term liabilities | 4,999 | 7,086 |
TOTAL LIABILITIES | 1,428,276 | 1,320,442 |
Variable Interest Entity, Primary Beneficiary | ||
Current Assets: | ||
Cash | 881 | 9,491 |
Accounts receivable, net | 0 | 1,308 |
Inventories | 874 | 8,341 |
Prepaid expenses | 291 | 423 |
Other current assets | 16 | 7 |
Total current assets | 2,062 | 19,570 |
Property and equipment, net | 560 | 28,068 |
Right of use assets - operating, net | 0 | 2,744 |
Right of use assets - finance, net | 0 | 259 |
Intangible assets, net | 5,750 | 17,162 |
Other assets | 31 | 140 |
TOTAL ASSETS | 8,403 | 67,943 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 1,756 | 1,939 |
Income tax payable | 0 | 2,017 |
Deferred revenue | 0 | 2 |
Operating lease liabilities - current portion | 0 | 63 |
Finance lease liabilities - current portion | 0 | 60 |
Total current liabilities | 1,756 | 4,081 |
Notes payable, net | 753 | 885 |
Operating lease liabilities | 0 | 2,926 |
Finance lease liabilities | 0 | 210 |
Deferred tax liabilities | 0 | 3,638 |
Other long-term liabilities | 0 | 671 |
TOTAL LIABILITIES | $ 2,509 | $ 12,411 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Interest expense | $ 14,669 | $ 21,160 |
Related party, lease expense (less than) | 100 | $ 100 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Interest expense | $ 100 |
Related Parties - Right of Use
Related Parties - Right of Use Assets and Lease Liabilities under ASC 842 (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating | ||
Right-of-use assets, net | $ 97,239 | $ 95,910 |
Lease liabilities: | ||
Lease liabilities - current portion | 10,465 | 10,068 |
Lease liabilities | 93,609 | 92,235 |
Management | ||
Operating | ||
Right-of-use assets, net | 676 | 706 |
Lease liabilities: | ||
Lease liabilities - current portion | 130 | 127 |
Lease liabilities | 590 | 624 |
Total present value of minimum lease payments | $ 720 | $ 751 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Assets and Liabilities Associated with Discontinued Operations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||
Cash | $ 300 | $ 5,700 | $ 0 | $ 2,500 |
Massachusetts and Nevada Operations | Disposed of by Sale | ||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||
Cash | 0 | 301 | ||
Accounts receivable, net | 42 | 841 | ||
Prepaid expenses | 845 | 816 | ||
Other assets | 2,010 | 2,010 | ||
Total assets associated with discontinued operations | 2,897 | 3,968 | ||
Liabilities associated with discontinued operations | ||||
Accounts payable and accrued liabilities | 456 | 530 | ||
Operating lease liabilities - current portion | 183 | 165 | ||
Finance lease liabilities - current portion | 299 | 291 | ||
Construction finance liability - current portion | 2,113 | 2,003 | ||
Operating lease liabilities | 15,295 | 15,332 | ||
Finance lease liabilities | 1,995 | 2,048 | ||
Construction finance liability | 23,599 | 24,167 | ||
Other long-term liabilities | 6 | 6 | ||
Total liabilities associated with discontinued operations | $ 43,946 | $ 44,542 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Income (Loss) from Discontinued Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other expense: | ||
Income tax (provision) benefit | $ 0 | $ 514,000 |
Net loss from discontinued operations, net of tax (provision) benefit | (1,358,000) | (31,331,000) |
Less: net loss attributable to non-controlling interest from discontinued operations | 0 | (523,000) |
Net loss from discontinued operations excluding non-controlling interest | (1,358,000) | (30,808,000) |
Massachusetts and Nevada Operations | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 0 | 3,875,000 |
Cost of goods sold | 0 | 4,129,000 |
Gross margin | 0 | (254,000) |
Expenses: | ||
Operating expenses | 435,000 | 2,388,000 |
Impairment and disposal of long-lived assets, net | 0 | 27,636,000 |
Total Expenses | 435,000 | 30,024,000 |
Loss from operations | (435,000) | (30,278,000) |
Other expense: | ||
Other expense, net | (923,000) | (1,567,000) |
Total other expense, net | (923,000) | (1,567,000) |
Loss before provision for income taxes | (1,358,000) | (31,845,000) |
Income tax (provision) benefit | 0 | (514,000) |
Net loss from discontinued operations, net of tax (provision) benefit | (1,358,000) | (31,331,000) |
Less: net loss attributable to non-controlling interest from discontinued operations | 0 | (523,000) |
Net loss from discontinued operations excluding non-controlling interest | $ (1,358,000) | $ (30,808,000) |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Depreciation, Amortization, Loss on Impairment of Long-lived Assets, and Capital Expenditures of Discontinued Operations (Details) - Massachusetts and Nevada Operations - Disposed of by Sale $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Depreciation and amortization | $ 2,226 |
Purchases of property and equipment | 67 |
Loss on impairment of long-lived assets | $ 27,636 |