Ascend Wellness (AAWH) 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 09, 2021
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	333-254800
Entity Registrant Name	ASCEND WELLNESS HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0602006
Entity Address, Address Line One	1411 Broadway
Entity Address, Address Line Two	16th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	646
Local Phone Number	661-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001756390
Current Fiscal Year End Date	--12-31
Class A common stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		172,595,306
Class B common stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		65,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 204,510	$ 56,547
Restricted cash	0	1,550
Accounts receivable, net	8,577	6,227
Inventory	56,007	28,997
Notes receivable	7,274	8,259
Other current assets	23,298	32,598
Total current assets	299,666	134,178
Property and equipment, net	210,749	120,540
Operating lease right-of-use assets	104,248	84,642
Intangible assets, net	50,835	50,461
Goodwill	30,316	22,798
Deferred tax assets, net	1,309	2,395
Other noncurrent assets	19,760	12,734
TOTAL ASSETS	716,883	427,748
Current liabilities
Accounts payable and accrued liabilities	30,395	31,224
Current portion of debt, net	25,073	59,330
Operating lease liabilities, current	2,369	2,128
Income taxes payable	42,057	18,275
Other current liabilities	4,994	4,328
Total current liabilities	104,888	115,285
Long-term debt, net	230,498	152,277
Operating lease liabilities, noncurrent	197,460	156,400
Total liabilities	532,846	423,962
Commitments and contingencies (Note 15)
Stockholders' Equity
Membership units, no par value; none authorized, issued, and outstanding as of September 30, 2021; 106,082 issued and outstanding as of December 31, 2020 (Note 12)	0	0
Preferred stock, $0.001 par value per share; 10,000 shares authorized, none issued and outstanding as of September 30, 2021; none authorized, issued, and outstanding as of December 31, 2020 (Note 12)	0	0
Additional paid-in capital	353,605	67,378
Accumulated deficit	(169,738)	(63,592)
Total stockholders' equity	184,037	3,786
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	716,883	427,748
Class A common stock
Stockholders' Equity
Class A and Class B common stock	170	0
Class B common stock
Stockholders' Equity
Class A and Class B common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Common units authorized (in shares)	0
Common units issued (in shares)	0	106,082,000
Common units outstanding (in shares)	0	106,082,000
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	0
Common stock shares issued (in shares)	170,945,000	0
Common stock, shares outstanding (in shares)	170,945,000	0
Class B common stock
Common stock, par value (in dollars per share)	$ 0.001
Common stock, shares authorized (in shares)	100,000	0
Common stock shares issued (in shares)	65,000	0
Common stock, shares outstanding (in shares)	65,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue, net	$ 94,382	$ 41,473	$ 243,886	$ 89,449
Cost of goods sold	(53,428)	(23,121)	(138,749)	(51,427)
Gross profit	40,954	18,352	105,137	38,022
Operating expenses
General and administrative expenses	29,341	15,000	85,099	34,624
Settlement expense	0	0	36,511	0
Total operating expenses	29,341	15,000	121,610	34,624
Operating profit (loss)	11,613	3,352	(16,473)	3,398
Other (expense) income
Interest expense	(12,376)	(2,627)	(56,601)	(8,030)
Other, net	44	3	206	6
Total other expense	(12,332)	(2,624)	(56,395)	(8,024)
(Loss) income before income taxes	(719)	728	(72,868)	(4,626)
Income tax expense	(12,307)	(5,643)	(33,278)	(11,712)
Net loss	(13,026)	(4,915)	(106,146)	(16,338)
Less: net income attributable to non-controlling interests	0	501	0	1,598
Net loss attributable to Ascend Wellness Holdings, Inc.	$ (13,026)	$ (5,416)	$ (106,146)	$ (17,936)
Net loss per share attributable to Class A and Class B stockholders of Ascend Wellness Holdings, Inc. — basic (in dollars per share)	$ (0.08)	$ (0.06)	$ (0.75)	$ (0.19)
Net loss per share attributable to Class A and Class B stockholders of Ascend Wellness Holdings, Inc. — diluted (in dollars per share)	$ (0.08)	$ (0.06)	$ (0.75)	$ (0.19)
Weighted-average common shares outstanding — basic (in shares)	169,879	96,515	142,221	92,052
Weighted-average common shares outstanding —diluted (in shares)	169,879	96,515	142,221	92,052

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)	Total	Common Units	Historical preferred units	Stockholders’ Equity	Historical LLC Units	Historical LLC UnitsCommon Units	Historical LLC UnitsHistorical preferred units	Class A and Class B Common Stock	Class A and Class B Common StockCommon Units	Class A and Class B Common StockHistorical preferred units	Additional Paid-In Capital	Additional Paid-In CapitalCommon Units	Additional Paid-In CapitalHistorical preferred units	Accumulated Deficit	Non- Controlling Interests
Historical LLC units, beginning balance (in shares) at Dec. 31, 2019					89,821,000
Beginning balance at Dec. 31, 2019	$ 34,840,000			$ 33,794,000							$ 71,947,000			$ (38,153,000)	$ 1,046,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	185,000			185,000							185,000
Issuance of warrants	147,000			147,000							147,000
Net income (loss)	(7,118,000)			(7,478,000)										(7,478,000)	360,000
Historical LLC units, ending balance (in shares) at Mar. 31, 2020					89,821,000
Ending balance at Mar. 31, 2020	28,054,000			26,648,000							72,279,000			(45,631,000)	1,406,000
Historical LLC units, beginning balance (in shares) at Dec. 31, 2019					89,821,000
Beginning balance at Dec. 31, 2019	34,840,000			33,794,000							71,947,000			(38,153,000)	1,046,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(16,338,000)
Historical LLC units, ending balance (in shares) at Sep. 30, 2020					103,456,000
Ending balance at Sep. 30, 2020	10,873,000			10,873,000							66,962,000			(56,089,000)	0
Historical LLC units, beginning balance (in shares) at Mar. 31, 2020					89,821,000
Beginning balance at Mar. 31, 2020	28,054,000			26,648,000							72,279,000			(45,631,000)	1,406,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	85,000			85,000							85,000
Issuance of warrants	16,000			16,000							16,000
Net income (loss)	(4,305,000)			(5,042,000)										(5,042,000)	737,000
Historical LLC units, ending balance (in shares) at Jun. 30, 2020					89,821,000
Ending balance at Jun. 30, 2020	23,850,000			21,707,000							72,380,000			(50,673,000)	2,143,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Units issued in acquisitions or asset purchases (in shares)					10,000,000
Units issued in acquisitions or asset purchases	2,800,000			2,800,000							2,800,000
Purchase of non-controlling interests (in shares)					3,635,000
Purchase of non-controlling interests	(10,973,000)			(8,329,000)							(8,329,000)				(2,644,000)
Equity-based compensation expense	71,000			71,000							71,000
Issuance of warrants	40,000			40,000							40,000
Net income (loss)	(4,915,000)			(5,416,000)										(5,416,000)	501,000
Historical LLC units, ending balance (in shares) at Sep. 30, 2020					103,456,000
Ending balance at Sep. 30, 2020	$ 10,873,000			10,873,000							66,962,000			(56,089,000)	0
Historical LLC units, beginning balance (in shares) at Dec. 31, 2020	106,082,000				106,082,000
Beginning balance (in shares) at Dec. 31, 2020								0
Beginning balance at Dec. 31, 2020	$ 3,786,000			3,786,000				$ 0			67,378,000			(63,592,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity-based payment awards (in shares)					1,033,000
Equity-based compensation expense (in shares)					50,000
Equity-based compensation expense	2,487,000			2,487,000							2,487,000
Reserve for equity issued in litigation settlement	27,431,000			27,431,000							27,431,000
Net income (loss)	(48,223,000)			(48,223,000)										(48,223,000)
Historical LLC units, ending balance (in shares) at Mar. 31, 2021					107,165,000
Ending balance (in shares) at Mar. 31, 2021								0
Ending balance at Mar. 31, 2021	$ (14,519,000)			(14,519,000)				$ 0			97,296,000			(111,815,000)	0
Historical LLC units, beginning balance (in shares) at Dec. 31, 2020	106,082,000				106,082,000
Beginning balance (in shares) at Dec. 31, 2020								0
Beginning balance at Dec. 31, 2020	$ 3,786,000			3,786,000				$ 0			67,378,000			(63,592,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of warrants	0
Net income (loss)	$ (106,146,000)
Historical LLC units, ending balance (in shares) at Sep. 30, 2021	0				0
Ending balance (in shares) at Sep. 30, 2021	171,010,000							171,010,000
Ending balance at Sep. 30, 2021	$ 184,037,000			184,037,000				$ 170,000			353,605,000			(169,738,000)	0
Historical LLC units, beginning balance (in shares) at Mar. 31, 2021					107,165,000
Beginning balance (in shares) at Mar. 31, 2021								0
Beginning balance at Mar. 31, 2021	(14,519,000)			(14,519,000)				$ 0			97,296,000			(111,815,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of reserve for equity issued in litigation settlement	(27,431,000)			(27,431,000)							(27,431,000)
Equity issued in litigation settlement (in shares)					5,025,000
Equity issued in litigation settlement	27,431,000			27,431,000							27,431,000
Conversion of historical common and preferred units (in shares)						(55,330,000)	(58,036,000)		55,330,000	58,036,000
Conversion of historical common and preferred units		$ 0	$ 0						$ 55,000	$ 58,000		$ (55,000)	$ (58,000)
Issuance of common stock in public offerings, net of underwriting commissions and discounts and offering costs (in shares)								11,500,000
Issuance of common stock in public offerings, net of underwriting commissions and discounts and offering expenses	86,065,000			86,065,000				$ 12,000			86,053,000
Conversion of convertible notes upon initial public offering (in shares)								37,388,000
Conversion of convertible notes upon initial public offering	137,755,000			137,755,000				$ 37,000			137,718,000
Beneficial conversion feature associated with conversion of preferred units upon initial public offering (in shares)								3,420,000
Beneficial conversion feature associated with conversion of preferred units upon initial public offering	27,361,000			27,361,000				$ 3,000			27,358,000
Vesting of equity-based payment awards (in shares)					1,176,000			3,155,000
Vesting of equity-based payment awards	0							$ 3,000			(3,000)
Equity-based compensation expense	1,711,000			1,711,000							1,711,000
Repurchase of warrants	(4,156,000)			(4,156,000)							(4,156,000)
Net income (loss)	(44,897,000)			(44,897,000)										(44,897,000)
Historical LLC units, ending balance (in shares) at Jun. 30, 2021					0
Ending balance (in shares) at Jun. 30, 2021								168,829,000
Ending balance at Jun. 30, 2021	189,320,000			189,320,000				$ 168,000			345,864,000			(156,712,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in public offerings, net of underwriting commissions and discounts and offering costs (in shares)								1,986,000
Issuance of common stock in public offerings, net of underwriting commissions and discounts and offering expenses	3,750,000			3,750,000				$ 2,000			3,748,000
Vesting of equity-based payment awards (in shares)								195,000
Vesting of equity-based payment awards	0
Equity-based compensation expense	3,993,000			3,993,000							3,993,000
Net income (loss)	$ (13,026,000)			(13,026,000)										(13,026,000)
Historical LLC units, ending balance (in shares) at Sep. 30, 2021	0				0
Ending balance (in shares) at Sep. 30, 2021	171,010,000							171,010,000
Ending balance at Sep. 30, 2021	$ 184,037,000			$ 184,037,000				$ 170,000			$ 353,605,000			$ (169,738,000)	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income (loss)	$ (106,146)	$ (16,338)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	16,692	10,085
Amortization of operating lease assets	1,034	660
Non-cash interest expense	41,506	2,993
Equity-based compensation expense	8,191	341
Equity issued in litigation settlement	27,431	0
Deferred income taxes	(1,889)	(899)
Loss on sale of assets	649	286
Changes in operating assets and liabilities, net of effects of acquisitions
Accounts receivable	(2,309)	(4,042)
Inventory	(27,904)	(9,554)
Other current assets	(6,099)	(2,281)
Other noncurrent assets	(7,026)	(4,785)
Accounts payable and accrued liabilities	8,505	3,998
Other current liabilities	612	2,711
Lease liabilities	676	1,999
Income taxes payable	23,783	9,158
Net cash used in operating activities	(22,294)	(5,668)
Cash flows from investing activities
Additions to capital assets	(70,918)	(18,065)
Investments in notes receivable	(2,185)	(682)
Collection of notes receivable	245	0
Proceeds from sale of assets	930	26,750
Acquisition of businesses, net of cash acquired	(13,630)	(23,327)
Purchases of intangible assets	0	(127)
Net cash used in investing activities	(85,558)	(15,451)
Cash flows from financing activities
Proceeds from issuance of common stock in public offerings, net of underwriting discounts and commissions and offering expenses	86,065	0
Proceeds from issuance of debt	259,500	49,262
Repayments of debt	(78,413)	(18,806)
Repurchase of warrants	(4,156)	0
Proceeds from finance leases	0	3,750
Repayments under finance leases	0	(337)
Debt issuance costs	(8,731)	(206)
Net cash provided by financing activities	254,265	33,663
Net increase in cash, cash equivalents, and restricted cash	146,413	12,544
Cash, cash equivalents, and restricted cash at beginning of period	58,097	12,805
Cash, cash equivalents, and restricted cash at end of period	204,510	25,349
Supplemental Cash Flow Information
Interest paid	14,618	4,839
Income taxes paid	11,400	2,398
Non-cash investing and financing activities
Fixed asset purchases	7,656	17,535
Conversion of preferred units into Class A common stock upon initial public offering	70,660	0
Beneficial conversion feature associated with conversion of preferred units upon initial public offering	27,361	0
Issuance of shares in business acquisitions	0	2,319
Issuance of shares for intangible assets	0	481
Issuance of shares in purchase of non-controlling interests	0	1,018
Warrants issued with notes payable	0	203
Conversion of convertible notes and accrued interest upon initial public offering
Non-cash investing and financing activities
Debt instrument converted to shares, amount	137,755	0
Shares issued for share-settled debt
Non-cash investing and financing activities
Debt instrument converted to shares, amount	$ 3,750	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)
Statement of Stockholders' Equity [Abstract]
Underwriting discounts	$ 5,935

THE COMPANY AND NATURE OF OPERA

THE COMPANY AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND NATURE OF OPERATIONS	THE COMPANY AND NATURE OF OPERATIONS Ascend Wellness Holdings, Inc., which operates through its subsidiaries (collectively referred to as “Ascend Wellness,” “AWH,” “we,” “us,” “our,” or the “Company”), is a multi-state operator in the United States cannabis industry. AWH owns, manages, and operates cannabis cultivation facilities and dispensaries in several states across the United States, including Illinois, Massachusetts, Michigan, New Jersey, and Ohio. AWH is headquartered in New York, New York. The Company was originally formed on May 15, 2018 as Ascend Group Partners, LLC, and changed its name to “Ascend Wellness Holdings, LLC” on September 10, 2018. On April 22, 2021, Ascend Wellness Holdings, LLC converted into a Delaware corporation and changed its name to “Ascend Wellness Holdings, Inc.” and effected a 2-for-1 reverse stock split (the “Reverse Split”), which is retrospectively presented for all periods in these financial statements. We refer to this conversion throughout this filing as the “Conversion.” As a result of the Conversion, the members of Ascend Wellness Holdings, LLC became holders of shares of stock of Ascend Wellness Holdings, Inc. Following the Conversion, the Company has authorized 750,000 shares of Class A common stock with a par value of $0.001 per share, 100 shares of Class B common stock with a par value of $0.001 per share and 10,000 shares of preferred stock with a par value of $0.001 per share. The rights of the holders of Class A common stock and Class B common stock are identical, except for voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 1,000 votes per share and is convertible at any time into one share of Class A common stock at the option of the holder. See Note 12, “Stockholders’ Equity,” for additional details. Initial Public Offering On May 4, 2021, the Company completed an Initial Public Offering (“IPO”) of its Class A common stock, in which it issued and sold 10,000 shares of Class A common stock at a price of $8.00 per share. On May 7, 2021, the underwriters exercised their over-allotment option in full and we issued and sold an additional 1,500 shares of Class A common stock. We received total net proceeds of approximately $86,065 after deducting underwriting discounts and commissions and certain other direct offering expenses paid by us. In connection with the IPO, the historical common units, Series Seed Preferred Units, Series Seed+ Preferred Units, and Real Estate Preferred Units then-outstanding automatically converted into a total of 113,301 shares of Class A common stock and 65 historical common units were allocated as shares of Class B common stock. Additionally, 3,420 shares of Class A common stock were issued for a beneficial conversion feature associated with the conversion of certain historical preferred units and the Company’s convertible notes, plus accrued interest, converted into 37,388 shares of Class A common stock. See Note 12, “Equity,” for additional details.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with (i) United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, and (ii) the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of our management, our unaudited condensed consolidated financial statements and accompanying notes (the “Financial Statements”) include all normal recurring adjustments that are necessary for the fair statement of the interim periods presented. Interim results of operations are not necessarily indicative of results for the full year, or any other period. The Financial Statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) for the year ended December 31, 2020 (the “Annual Financial Statements”) which are included in our Registration Statement on Form S-1, as amended, filed with the U.S. Securities and Exchange Commission on April 26, 2021. Except as noted below, there have been no material changes to the Company’s significant accounting policies and estimates during the nine months ended September 30, 2021. The Financial Statements include the accounts of Ascend Wellness Holdings, Inc. and its subsidiaries. Refer to Note 8, “Variable Interest Entities,” for additional information regarding certain entities that are not wholly-owned by the Company. We include the results of acquired businesses in the consolidated statements of operations from their respective acquisition dates. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts. We base our estimates on historical experience, known or expected trends, independent valuations, and various other measurements that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. We round amounts in the Financial Statements to thousands, except per unit or per share amounts or as otherwise stated. We calculate all percentages, per-unit, and per-share data from the underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. Unless otherwise indicated, all references to years are to our fiscal year, which ends on December 31. Liquidity As reflected in the Financial Statements, the Company had an accumulated deficit as of September 30, 2021 and December 31, 2020, as well as a net loss for the three and nine months ended September 30, 2021 and 2020, and negative cash flows from operating activities during the nine months ended September 30, 2021 and 2020, which are indicators that raise substantial doubt of our ability to continue as a going concern. Management believes that substantial doubt of our ability to continue as a going concern for at least one year from the issuance of these Financial Statements has been alleviated due to: (i) cash on hand, including capital raised from the Company’s IPO in May 2021 and proceeds received under our new credit agreement in August 2021, and (ii) continued growth of sales and gross profit from our consolidated operations. Management plans to continue to access capital markets for additional funding through debt and/or equity financings to supplement future cash needs, as may be required. However, management cannot provide any assurances that the Company will be successful in accomplishing its business plans. If the Company is unable to raise additional capital whenever necessary, it may be forced to decelerate or curtail certain of its operations until such time as additional capital becomes available. Reclassifications Certain prior year amounts have been reclassified to conform with our current period presentation. These changes had no impact on our previously reported net loss. Variable Interest Entities In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we assess whether we have the power to direct matters that most significantly impact the activities of the VIE and the obligation to absorb losses or the right to receive the benefits from the VIE that could potentially be significant to the VIE. A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured that such equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains or losses of the entity. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. We assess all variable interests in the entity and use our judgment when determining if we are the primary beneficiary. Other qualitative factors that are considered include decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights, and level of involvement of other parties. We assess the primary beneficiary determination for a VIE on an ongoing basis if there are any changes in the facts and circumstances related to a VIE. Where we determine we are the primary beneficiary of a VIE, we consolidate the accounts of that VIE. The equity owned by other stockholders is shown as non-controlling interests in the accompanying unaudited Condensed Consolidated Balance Sheets, Statements of Operations, and Statements of Changes in Stockholders’ Equity. The assets of the VIE can only be used to settle obligations of that entity, and any creditors of that entity generally have no recourse to the assets of other entities or the Company unless the Company separately agrees to be subject to such claims. Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the unaudited Condensed Consolidated Statements of Cash Flows: (in thousands) September 30, 2021 December 31, 2020 Cash and cash equivalents $ 204,510 $ 56,547 Restricted cash — 1,550 Total cash, cash equivalents, and restricted cash $ 204,510 $ 58,097 As of September 30, 2021 and December 31, 2020, we did not hold significant cash equivalents. Fair Value of Financial Instruments During the nine months ended September 30, 2021 and 2020, we had no transfers of assets or liabilities between any of the hierarchy levels. In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain assets at fair value on a non-recurring basis that are subject to fair value adjustments in specific circumstances. These assets can include: goodwill; intangible assets; property and equipment; and lease related right-of use assets. We estimate the fair value of these assets using primarily unobservable Level 3 inputs. Basic and Diluted Loss per Share The Company computes earnings (loss) per share (“EPS”) using the two-class method required for multiple classes of common stock. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, except for voting and conversion rights. As the liquidation and dividend rights are identical, undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis. EPS and weighted-average shares outstanding for the three and nine months ended September 30, 2021 and 2020 have been computed on the basis of treating the historical common unit equivalents previously outstanding as shares of Class A common stock, as such historical units converted into shares of Class A common stock in the Conversion. Basic EPS is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if all potential common shares had been issued and were dilutive. However, potentially dilutive securities are excluded from the computation of diluted EPS to the extent that their effect is anti-dilutive. Potential dilutive securities in the current year include incremental shares of common stock issuable upon the exercise of warrants, unvested restricted stock awards, and unvested restricted stock units. Potential dilutive securities in the prior year periods include incremental shares of common stock issuable upon the exercise of warrants, vested incentive units, and the conversion of convertible notes. As of September 30, 2021 and 2020, 10,827 and 30,545 shares of common stock equivalents, respectively, were excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive. Shares of restricted stock granted by us are considered to be legally issued and outstanding as of the date of grant, notwithstanding that the shares remain subject to the risk of forfeiture if the vesting conditions for such shares are not met, and are included in the number of shares of Class A common stock outstanding disclosed on the cover page of this Quarterly Report on Form 10-Q. Weighted-average common shares outstanding excludes time-based and performance-based unvested shares of restricted Class A common stock, as restricted shares are treated as issued and outstanding for financial statement presentation purposes only after such shares have vested and, therefore, have ceased to be subject to a risk of forfeiture. Recently Adopted Accounting Standards Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes , (“ASU 2019-12”) which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 became effective for the Company beginning on January 1, 2021 and did not have a significant impact on our Financial Statements. Investments In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This ASU provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities and became effective for the Company beginning on January 1, 2021. Adoption of this guidance did not have a material impact on our Financial Statements. Reference Rate Reform In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , (“ASU 2021-01”), which clarifies certain optional expedients and exceptions in Topic 848 when accounting for derivative contracts and certain hedging relationships affected by changes in interest rates. ASU 2021-01 was effective upon issuance and the amendments within are applied either prospectively or retrospectively. ASU 2021-01 did not have a significant impact on our Financial Statements. Recently Issued Accounting Pronouncements The following standards have been recently issued by the FASB. Pronouncements that are not applicable to the Company or where it has been determined do not have a significant impact on us have been excluded herein. Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , (“ASU 2016-13”). ASU 2016-13 replaces the existing guidance surrounding measurement and recognition of credit losses on financial assets measured at amortized cost, including trade receivables and investments in certain debt securities, by requiring recognition of an allowance for credit losses expected to be incurred over an asset’s life based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability. This current expected credit losses (“CECL”) model will result in earlier recognition of credit losses than the current “as incurred” model, under which losses are recognized only upon the occurrence of an event that gives rise to the incurrence of a probable loss. ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief , was issued in May 2019 to provide target transition relief allowing entities to make an irrevocable one-time election upon adoption of the new credit losses standard to measure financial assets previously measured at amortized cost (except held-to-maturity securities) using the fair value option. ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses , was issued in November 2019 to clarify, improve, and amend certain aspects of ASU 2016-13, such as disclosures related to accrued interest receivables and the estimation of credit losses associated with financial assets secured by collateral. ASU 2020-03, Codification Improvements to Financial Instruments , was issued in March 2020 to improve and clarify various financial instruments topics, including the CECL standard issued in 2016. The ASU includes seven different issues that describe the areas of improvement and the related amendments to U.S. GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. Certain amendments contained within this update were effective upon issuance and had no material impact on our Financial Statements. The amendments related to ASU 2019-05 and ASU 2016-13 will be adopted in conjunction with ASU 2016-13. ASU 2016-13 and its related ASUs are effective for us beginning January 1, 2023. We are currently evaluating the impact of this guidance on our consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This new guidance can be adopted prospectively no later than December 1, 2022, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements. Debt In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. This guidance will be effective for us January 1, 2022 on a full modified or modified retrospective basis, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Modification or Exchanges of Freestanding Equity-Classified Written Call Options In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting For Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options,

REPORTABLE SEGMENTS AND REVENUE

REPORTABLE SEGMENTS AND REVENUE	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
REPORTABLE SEGMENTS AND REVENUE	REPORTABLE SEGMENTS AND REVENUE The Company operates under one operating segment, which is its only reportable segment: the production and sale of cannabis products. The Company prepares its segment reporting on the same basis that its Chief Operating Decision Maker manages the business and makes operating decisions. The Company’s measure of segment performance is net income and derives its revenue primarily from the sale of cannabis products. All of the Company’s operations are located in the United States. Disaggregation of Revenue The Company disaggregates its revenue from the direct sale of cannabis to customers as retail revenue and wholesale revenue. We have determined that disaggregating revenue into these categories best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Retail revenue $ 63,517 $ 27,938 $ 167,076 $ 65,925 Wholesale revenue 41,526 17,449 111,341 35,349 105,043 45,387 278,417 101,274 Elimination of inter-company revenue (10,661) (3,914) (34,531) (11,825) Total revenue, net $ 94,382 $ 41,473 $ 243,886 $ 89,449 Sales discounts were not material during the three and nine months ended September 30, 2021 and 2020. The liability related to the loyalty program we offer dispensary customers at certain locations was $949 and $219 at September 30, 2021 or December 31, 2020, respectively, and is included in “Other current liabilities” on the accompanying unaudited condensed consolidated balance sheets.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS The Company has determined that the acquisitions discussed below are considered business combinations under ASC Topic 805, Business Combinations , (“ASC Topic 805”) and are accounted for by applying the acquisition method, whereby the assets acquired and the liabilities assumed are recorded at their fair values with any excess of the aggregate consideration over the fair values of the identifiable net assets allocated to goodwill. Operating results have been included in these Financial Statements from the date of the acquisition. The Company allocates the purchase price of each of its acquisitions to the assets acquired and liabilities assumed at fair value. The preliminary purchase price allocation for each acquisition reflects various preliminary fair value estimates and analyses, including certain tangible assets acquired and liabilities assumed, the valuation of intangible assets acquired, and goodwill, which are subject to change within the measurement period as preliminary valuations are finalized (generally one year from the acquisition date). Measurement period adjustments are recorded in the reporting period in which the estimates are finalized and adjustment amounts are determined. 2021 Acquisition Effective May 5, 2021, the Company completed the acquisition of the parent company of Hemma, LLC (“Hemma”), the owner of a medical cultivation site in Ohio, for total consideration of $10,381, subject to customary working capital adjustments. Acquisition-related costs incurred during the three and nine months ended September 30, 2021 were not material. Preliminary Purchase Price Allocation The Company allocated the purchase price of the Hemma acquisition as summarized in the table below. The purchase price allocation reflects various preliminary fair value estimates and analyses, including certain tangible assets acquired and liabilities assumed, the valuation of intangible assets acquired, and goodwill, which are subject to change within the measurement period as preliminary valuations are finalized. (in thousands) Assets acquired (liabilities assumed): Cash $ 44 Accounts receivable 41 Inventory 188 Property and equipment 153 Intangible assets (1) 6,928 Goodwill (2) 3,039 Accounts payable and accrued liabilities (12) Net assets acquired $ 10,381 Consideration transferred: Cash (3) $ 7,212 Settlement of note and working capital loan (4) 3,169 Total consideration $ 10,381 (1) The amortization period for the acquired intangible assets is 10 years. (2) Goodwill is largely attributable to the value we expect to obtain from long-term business growth and buyer-specific synergies. The Company is evaluating whether the goodwill is deductible for tax purposes under the limitations imposed under Internal Revenue Code (“IRC”) Section 280E. See Note 14, “Income Taxes,” for additional information. (3) Total cash consideration includes a $4,712 sellers’ note. See Note 11, “Debt,” for additional information. (4) Includes settlement of $2,500 due under a note receivable and settlement of $669 due under a working capital line of credit. 2020 Acquisitions Effective August 1, 2020, the Company acquired MOCA LLC (“MOCA”), a dispensary operator in the Chicago, Illinois area, which was consolidated as a VIE from the signing date until the final closing date in December 2020. Effective September 29, 2020, the Company’s subsidiary, Ascend New Jersey, acquired the assets and liabilities of Greenleaf Compassion Center (“GCC”), a vertically integrated operator in New Jersey with licenses for three retail locations and one cultivation and manufacturing facility. Additionally, effective December 15, 2020, the Company acquired Chicago Alternative Health Center, LLC and Chicago Alternative Health Center Holdings, LLC (together, “Midway”), a medical and adult use dispensary operator in the Chicago, Illinois area. Midway is consolidated as a VIE from the signing date through the final closing date, which is pending the state’s approval of the license transfer. During the nine months ended September 30, 2021, we recorded measurement period purchase accounting adjustments based on changes to certain estimates and assumptions and their related impact to goodwill. The MOCA license was revised from $10,661 to $9,755; the GCC license was revised from $11,845 to $11,501; the Midway license was revised from $15,108 to $14,684; and the Midway trade name was revised from $10 to $180. Additionally, during the three and nine months ended September 30, 2021, we recorded a measurement period adjustment to goodwill of $2,975 related to the MOCA acquisition for a deferred tax liability associated with the acquired intangible assets. The measurement period for the MOCA acquisition ended one year after the August 1, 2020 acquisition date. Financial and Pro Forma Information The following tables summarize the revenue and net income related to MOCA, GCC, Midway, and Hemma included in our consolidated results for the three and nine months ended September 30, 2021. Three Months Ended September 30, 2021 (in thousands) MOCA GCC Midway Hemma Revenue, net $ 11,371 $ 2,577 $ 6,948 $ 126 Net income (loss) 2,075 (252) 350 (204) Nine Months Ended September 30, 2021 (in thousands) MOCA GCC Midway Hemma Revenue, net $ 32,360 $ 7,634 $ 15,526 $ 126 Net income (loss) 3,969 (1,194) (556) (305) Our consolidated results for the three and nine months ended September 30, 2020 include $4,103 of revenue, net, and $314 of net income related to MOCA. The tables below summarize the unaudited pro forma combined revenue and net income (loss) of AWH, MOCA, GCC, and Midway for the three and nine months ended September 30, 2020 as if the respective acquisitions had occurred on January 1, 2019. The results for MOCA and GCC are through their respective acquisition dates, as the results for each were included in our consolidated financial statements after such dates. These results do not reflect the cost of integration activities or benefits from expected revenue enhancements and synergies. Accordingly, the unaudited pro forma information is not necessarily indicative of the results that would have been achieved if the acquisitions had been effective on January 1, 2019. Pro forma financial information is not presented for Hemma, as such results are immaterial to both the current and prior periods. Three Months Ended September 30, 2020 (in thousands) AWH MOCA GCC Midway Pro Forma Adjustments (1) Pro Forma Revenue, net $ 41,473 $ 1,577 $ 1,025 $ 3,199 $ — $ 47,274 Net income (loss) (4,915) 378 11 650 (3,001) (6,877) (1) These adjustments include estimated additional amortization expense of $736 on intangible assets acquired as part of the acquisitions as follows: $81 related to MOCA, $288 related to GCC, and $367 related to Midway. These adjustments also include additional estimated interest expense of $2,557 and an adjustment to exclude $292 of acquisition-related costs incurred during the three months ended September 30, 2020, which are included in “General and administrative expenses” in the accompanying unaudited Condensed Consolidated Statements of Operations. These adjustments are not tax-effected, as the related expenses are not deductible for tax purposes due to the limitations imposed on marijuana dispensaries under IRC Section 280E. Nine Months Ended September 30, 2020 (in thousands) AWH MOCA GCC Midway Pro Forma Adjustments (1) Pro Forma Revenue, net $ 89,449 $ 8,612 $ 3,036 $ 7,840 $ — $ 108,937 Net income (loss) (16,338) 2,398 526 1,556 (9,795) (21,653) (1) These adjustments include estimated additional amortization expense of $2,533 on intangible assets acquired as part of the acquisitions as follows: $569 related to MOCA, $863 related to GCC, and $1,101 related to Midway. These adjustments also include additional estimated interest expense of $7,625 and an adjustment to exclude $363 of acquisition-related costs incurred during the nine months ended September 30, 2020, which are included in “General and administrative expenses” in the accompanying unaudited Condensed Consolidated Statements of Operations. These adjustments are not tax-effected, as

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY The components of inventory are as follows: (in thousands) September 30, 2021 December 31, 2020 Materials and supplies $ 7,806 $ 7,756 Work in process 27,180 13,615 Finished goods 21,021 7,626 Total $ 56,007 $ 28,997

NOTES RECEIVABLE

NOTES RECEIVABLE	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
NOTES RECEIVABLE	NOTES RECEIVABLE On February 25, 2021, the Company entered into a working capital advance agreement with MedMen NY, Inc. (“MMNY”), an unrelated third party, in conjunction with an Investment Agreement (as defined in Note 15, “Commitments and Contingencies”). The working capital advance agreement allows for initial maximum borrowings of up to $10,000, which may be increased to $17,500, and was issued to provide MMNY with additional funding for operations in conjunction with the Investment Agreement. Borrowings do not bear interest, but may be subject to a financing fee. The outstanding balance, which totaled $2,172 as of September 30, 2021, is due and payable at the earlier of the initial closing of the Investment Agreement or, if the Investment Agreement is terminated, three As discussed in Note 4, “Acquisitions,” the Company settled a total of $3,169 due under the Hemma note receivable and working capital loan agreement as part of consideration upon the closing of the acquisition. Additionally, a total of $4,375 is outstanding at September 30, 2021 related to a promissory note issued to the owner of a property the Company is leasing, of which $155 and $4,220 is included in “Other current assets” and “Other noncurrent assets,” respectively, on the unaudited Condensed Consolidated Balance Sheet. At December 31, 2020, $4,473 was outstanding, of which $151 and $4,322 is included in “Other current assets” and “Other noncurrent assets,” respectively, on the unaudited Condensed Consolidated Balance Sheet. The Company has not identified any collectability concerns as of September 30, 2021 for the amounts due under notes receivable. No impairment losses on notes receivable were recognized during the nine months ended September 30, 2021 or 2020.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment and related depreciation consist of the following: (in thousands) September 30, 2021 December 31, 2020 Leasehold improvements $ 91,409 $ 33,931 Construction in progress 50,541 25,139 Furniture, fixtures, and equipment 42,930 28,554 Buildings 41,949 38,561 Land 1,002 894 Property and equipment, gross 227,831 127,079 Less: accumulated depreciation 17,082 6,539 Property and equipment, net $ 210,749 $ 120,540 Total depreciation expense was $4,100 and $1,324 during the three months ended September 30, 2021 and 2020, respectively, and $10,560 and $3,361 during the nine months ended September 30, 2021 and 2020, respectively. Total depreciation expense capitalized to inventory was $2,851 and $1,106 during the three months ended September 30, 2021 and 2020, respectively, and $7,185 and $2,948 during the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 and December 31, 2020, $2,226 and $602, respectively, of depreciation expense remained capitalized as part of inventory. During the three and nine months ended September 30, 2021, we recognized a loss of $664 related to the sale of a property, which is included in “General and administrative expenses” on the unaudited Condensed Consolidated Statement of Operations and wrote-off $17 of accumulated depreciation.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The following tables present the summarized financial information about the Company’s consolidated VIEs which are included in the unaudited Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 and unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020. These entities were determined to be VIEs since the Company possesses the power to direct the significant activities of the VIEs and has the obligation to absorb losses or the right to receive benefits from the VIE. September 30, 2021 December 31, 2020 (in thousands) Ascend Illinois Ascend Illinois Ascend Michigan Current assets $ 104,290 $ 54,787 $ 11,355 Other noncurrent assets 174,480 151,449 58,516 Current liabilities 77,154 62,508 5,553 Noncurrent liabilities 124,813 134,792 37,809 Equity (deficit) attributable to AWH 29,330 9,322 (23,822) Three Months Ended Three Months Ended (in thousands) Ascend Illinois Ascend Illinois Ascend Michigan (2) Revenue, net $ 75,470 $ 34,788 $ 3,022 Net income attributable to non-controlling interests (1) — 501 — Net income (loss) attributable to AWH 9,167 6,177 (4,945) Net income (loss) $ 9,167 $ 6,678 $ (4,945) Nine Months Ended Nine Months Ended (in thousands) Ascend Illinois Ascend Illinois Ascend Michigan (2) Revenue, net $ 198,291 $ 77,757 $ 6,260 Net income attributable to non-controlling interests (1) — 1,598 — Net income (loss) attributable to AWH 25,590 10,564 (13,038) Net income (loss) $ 25,590 $ 12,162 $ (13,038) (1) Effective July 30, 2020, the Company purchased the non-controlling interests of Ascend Illinois; therefore, there are no non-controlling interests as of and for the three and nine months ended September 30, 2021. (2) In December 2020, the sole member of FPAW Michigan 2, Inc. (“Ascend Michigan”) assigned his interests to AWH, thereby making AWH the majority member, retaining 99.9% of the membership interests in Ascend Michigan. Following this assignment, Ascend Michigan is no longer considered a VIE.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL Intangible Assets (in thousands) September 30, 2021 December 31, 2020 Finite-lived intangible assets Licenses and permits (1) $ 45,142 $ 39,888 In-place leases 19,963 19,963 Trade names (1) 380 210 65,485 60,061 Accumulated amortization: Licenses and permits (4,260) (1,080) In-place leases (10,010) (8,362) Trade names (380) (158) (14,650) (9,600) Total intangible assets, net $ 50,835 $ 50,461 (1) During the nine months ended September 30, 2021, we recorded measurement period purchase accounting adjustments related to our 2020 acquisitions based on changes to certain estimates and assumptions and their related impact to goodwill. Additionally, during the three months ended September 30, 2021 we recorded a license of $6,928 related to the Hemma acquisition. See Note 4, “Acquisitions,” for additional information. Amortization expense was $1,678 and $2,084 during the three months ended September 30, 2021 and 2020, respectively, and $5,050 and $5,830 during the nine months ended September 30, 2021 and 2020, respectively. Total amortization expense capitalized to inventory was $407 and $3 during three months ended September 30, 2021 and 2020, respectively, and $1,016 and $24 during the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 and December 31, 2020, $446 and $564, respectively, of amortization expense remained capitalized as part of inventory. No impairment indicators were noted during the nine months ended September 30, 2021 or 2020 and, as such, w e did not record any impairment charges during either period. Goodwill (in thousands) Balance, December 31, 2020 $ 22,798 Acquisitions 3,039 Adjustments to purchase price allocation (1) 4,479 Balance, September 30, 2021 $ 30,316

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
LEASES	LEASES The Company leases land, buildings, equipment, and other capital assets which it plans to use for corporate purposes and the production and sale of cannabis products. We determine if an arrangement is a lease at inception and begin recording lease activity at the commencement date, which is generally the date in which we take possession of or control the physical use of the asset. Right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of lease payments over the lease term with lease expense recognized on a straight-line basis. We use our incremental borrowing rate to determine the present value of future lease payments unless the implicit rate is readily determinable. Our incremental borrowing rate is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. This incremental borrowing rate is applied to the minimum lease payments within each lease agreement to determine the amounts of our ROU assets and lease liabilities. Our lease terms range from 1 to 20 years. Some leases include one or more options to renew, with renewal terms that can extend the lease terms. We typically exclude options to extend the lease in a lease term unless it is reasonably certain that we will exercise the option and when doing so is at our sole discretion. The depreciable lives of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Typically, if we decide to cancel or terminate a lease before the end of its term, we would owe the lessor the remaining lease payments under the term of such lease. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. We may rent or sublease to third parties certain real property assets that we no longer use. Lease agreements may contain rent escalation clauses, rent holidays, or certain landlord incentives, including tenant improvement allowances. ROU assets include amounts for scheduled rent increases and are reduced by lease incentive amounts. Certain of our lease agreements include variable rent payments, consisting primarily of rental payments adjusted periodically for inflation and amounts paid to the lessor based on cost or consumption, such as maintenance and utilities. Variable rent lease components are not included in the lease liability. The components of lease assets and lease liabilities and their classification on our unaudited Condensed Consolidated Balance Sheets were as follows: (in thousands) Classification September 30, 2021 December 31, 2020 Lease assets Operating leases Operating lease right-of-use assets $ 104,248 $ 84,642 Lease liabilities Current liabilities Operating leases Operating lease liabilities, current $ 2,369 $ 2,128 Noncurrent liabilities Operating leases Operating lease liabilities, noncurrent 197,460 156,400 Total lease liabilities $ 199,829 $ 158,528 The components of lease costs and classification within the unaudited Condensed Consolidated Statements of Operations were as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Operating lease costs Capitalized to inventory $ 5,040 $ 3,472 $ 14,154 $ 8,025 General and administrative expenses 1,316 1,324 3,906 3,151 Total operating lease costs $ 6,356 $ 4,796 $ 18,060 $ 11,176 At September 30, 2021 and December 31, 2020, $3,878 and $4,913, respectively, of lease costs remained capitalized in inventory. We recognized a gain of $15 during the three and nine months ended September 30, 2021 related to the termination of one of our leases, which is included in “General and administrative expenses” on the unaudited Condensed Consolidated Statement of Operations. The following table presents information on short-term and variable lease costs: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Total short-term and variable lease costs $ 839 $ 784 $ 1,665 $ 1,968 Sublease income generated during the three and nine months ended September 30, 2021 and 2020 was immaterial. The following table includes supplemental cash and non-cash information related to our leases: Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 16,310 $ 8,672 Lease assets obtained in exchange for new operating lease liabilities $ 41,498 $ 88,690 The weighted-average remaining lease term for our operating leases is 16.0 years and 17.3 years at September 30, 2021 and December 31, 2020, respectively, and the weighted-average discount rate is 12.7% and 13.1% at September 30, 2021 and December 31, 2020, respectively. The amounts of future undiscounted cash flows related to the lease payments over the lease terms and the reconciliation to the present value of the lease liabilities as recorded on our unaudited Condensed Consolidated Balance Sheet as of September 30, 2021 are as follows: (in thousands) Operating Lease Liabilities Remainder of 2021 $ 6,138 2022 26,171 2023 26,981 2024 27,752 2025 28,556 Thereafter 376,406 Total lease payments 492,004 Less: imputed interest 292,175 Present value of lease liabilities $ 199,829 As of September 30, 2021, we entered into operating lease arrangements which are effective for future periods. The total amount of ROU lease assets and lease liabilities related to these arrangements is approximately $500. Lease Amendment Effective September 15, 2021, we amended the lease of our Barry, Illinois cultivation facility to increase the tenant improvement allowance to $52,000 and to increase the rent amounts. We accounted for the amendment as a lease modification and remeasured the ROU asset and liability as of the amendment date, which resulted in an additional ROU asset of $2,750, an additional tenant improvement allowance of $20,000, and an additional lease liability of $22,750. Sale Leaseback Transactions The following table presents cash payments due under transactions that did not qualify for sale-leaseback treatment. The cash payments are allocated between interest and liability reduction, as applicable. The “sold” assets remain within land, buildings, and leasehold improvements, as appropriate, for the duration of the lease and a financing liability equal to the amount of proceeds received is recorded within “Long-term debt, net” on the accompanying unaudited Condensed Consolidated Balance Sheets. (in thousands) Remainder of 2021 2022 2023 2024 2025 Thereafter Total Cash payments due under financing liabilities $ 514 $ 2,082 $ 2,143 $ 2,206 $ 2,271 $ 9,149 $ 18,365

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT (in thousands) September 30, 2021 December 31, 2020 2021 Credit Facility (1) $ 210,000 $ — Sellers’ Notes (2) 37,039 45,782 Finance liabilities 17,129 17,129 Capital Construction Loan (3) — 11,624 AWH Convertible Promissory Notes (4) — 75,484 July 2019 Notes (3) — 10,000 Ann Arbor Note (3) — 5,250 October 2020 Credit Facility (3) — 25,260 NJ Term Loan (3) — 20,000 NJ Real Estate Loan (3) — 4,500 Total debt $ 264,168 $ 215,029 Current portion of debt $ 25,120 $ 60,357 Less: unamortized deferred financing costs 47 1,027 Current portion of debt, net $ 25,073 $ 59,330 Long-term debt $ 239,048 $ 154,672 Less: unamortized deferred financing costs 8,550 2,395 Long-term debt, net $ 230,498 $ 152,277 (1) On August 27, 2021, the Company entered into a credit agreement with a group of lenders (the “2021 Credit Agreement”) that provides for a term loan of $210,000 (the “2021 Credit Facility”), which was borrowed in full. The 2021 Credit Facility matures on August 27, 2025 and does not require scheduled principal amortization payments. Borrowings under the 2021 Credit Facility bear interest at a rate of 9.5% per annum, payable quarterly and, as to any portion of the term loan that is prepaid, on the date of prepayment. We incurred total financing costs of $8,731, that are being amortized to interest expense over the term of 2021 Credit Facility using the straight-line method which approximates the interest rate method. Mandatory prepayments are required from the proceeds of (i) indebtedness that is not permitted by the 2021 Credit Agreement, and (ii) asset sales and casualty events, subject to customary reinvestment rights. The Company may prepay the 2021 Credit Facility at any time, subject to (a) a customary make-whole payment if paid prior to February 27, 2023, (b) a prepayment premium equal to 4.75% of the principal amount prepaid if paid after February 27, 2023 but prior February 27, 2024, and (c) a prepayment premium of 2.375% if paid after February 27, 2024 but prior to February 27, 2025. No prepayment premium is required for prepayment on or after February 27, 2025. Once repaid, amounts borrowed under the 2021 Credit Facility may not be re-borrowed. The 2021 Credit Agreement permits the company to request an extension of the maturity date for 364 days, in the lenders’ discretion, and to increase the 2021 Credit Facility up to $275,000 if the then-existing lenders (or other lenders) agree to provide such additional term loans. The Company is required to comply with two financial covenants under the 2021 Credit Agreement, commencing with the quarter ending December 31, 2021. The Company may not permit its liquidity (defined as unrestricted cash and cash equivalents pledged under the 2021 Credit Facility plus any future revolving credit availability) to be below $20,000 as of the last day of any fiscal quarter. Additionally, the Company may not permit the ratio of Consolidated EBITDA (as defined in the 2021 Credit Agreement) to consolidated cash interest expense for any period of four consecutive fiscal quarters to be less than 2.00:1.00 for the period ending December 31, 2021, less than 2.25:1.00 for the period ending March 31, 2022, and less than 2.50:1.00 for the period ending June 30, 2022 and thereafter. The Company has a customary equity cure right for each of these financial covenants. The 2021 Credit Agreement requires the Company to make certain representations and warranties and to comply with customary covenants, including restrictions on the payment of dividends, repurchase of stock, incurrence of indebtedness, dispositions, and acquisitions. The 2021 Credit Agreement also contains customary events of default including: non-payment of principal or interest; violations of covenants; bankruptcy; change of control; cross defaults to other debt; and material judgments. The 2021 Credit Facility is guaranteed by all of the Company’s subsidiaries and is secured by substantially all of the assets of the Company and its subsidiaries. (2) Sellers’ Notes consist of amounts owed for acquisitions or other purchases. A total of $11,174 was paid to the former owners of MOCA in January 2021, which amount is included in “Current portion of debt, net” on the unaudited Condensed Consolidated Balance Sheet at December 31, 2020. A total of $25,200 remains due to the former owners of Midway, of which $17,200 is included in “Current portion of debt, net” on the unaudited Condensed Consolidated Balance Sheet at September 30, 2021 and December 31, 2020 and $8,000 is included in “Long-term debt, net” on the unaudited Condensed Consolidated Balance Sheet at September 30, 2021 and December 31, 2020. Additionally, at September 30, 2021, $7,127 remains due under the purchase of a non-controlling interest, of which $3,208 and $3,919 is included in “Current portion of debt, net” and “Long-term debt, net” respectively on the unaudited Condensed Consolidated Balance Sheet. At December 31, 2020, $3,140 and $6,268 is included in “Current portion of debt, net” and “Long-term debt, net” respectively. As discussed in Note 4, “Acquisitions,” the Company issued a $4,712 sellers’ note in connection with the Hemma acquisition. The note accrues interest at a rate of 12% per annum. The outstanding principal plus accrued interest is due on December 5, 2021, but may be prepaid without premium or penalty. (3) Borrowings under the 2021 Credit Facility were used to prepay total principal of $75,624 that was outstanding under the Capital Construction Loan, July 2019 Notes, Ann Arbor Note, October 2020 Credit Facility, NJ Term Loan, and NJ Real Estate Loan, which prepayments were considered debt extinguishments. We recognized a total net loss on extinguishment of $6,637, which is recorded within “Interest expense” on the unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021. The net loss on extinguishment includes prepayment penalties on certain loans, make-whole interest payments on certain loans, the write-off of the remaining unamortized deferred financing costs on certain loans, and a gain on settlement of $290 related to forgiveness of principal and interest under the Ann Arbor Note. The net loss on extinguishment also includes a true-up of $2,656 related to the additional maturity payment due under the October 2020 Credit Facility. The lenders elected to receive the $3,750 additional maturity payment in equity and received 1,986 shares in accordance with the settlement terms of the original agreement. (4) On April 22, 2021 the convertible note purchase agreement entered in June 2019 (the “2019 Convertible Note Purchase Agreement”) was amended (the “Amended Notes Consent”) to clarify the conversion rate of the underlying convertible promissory notes (the “AWH Convertible Promissory Notes”). Prior to the Amended Notes Consent, the conversion feature in connection with a going public transaction specified that the holders would receive a number of shares of Class A common stock equal to the outstanding principal and accrued and unpaid interest under the notes divided by a price per share equal to the lesser of (a)(i) a 20% discount to the price per share of Class A common stock offered pursuant to an offering in the event such offering occurs on or before 12 months from the closing date; (ii) a 25% discount to the price per share of Class A common stock offered pursuant to an offering in the event such offering occurs after 12 months from the closing date, but before the maturity date; and (b) the price per security, which equals the price per share resulting from a pre-money valuation of the company of $295,900, which was determined by the Company to be $2.96. The Amended Notes Consent was solely made to clarify the conversion price in connection with a going public transaction. The 2019 Convertible Note Purchase Agreement includes provisions to the effect that the notes may be amended with the written consent of the holders of a majority of the outstanding principal amount of all such notes, and which such consent was obtained, and any amendment so approved is binding on all holders of the notes. Refer to Note 15, “Commitments and Contingencies,” for information regarding a stockholder dispute related to this agreement. In conjunction with the Company’s IPO on May 4, 2021, the total principal outstanding under the AWH Convertible Promissory Notes, plus accrued interest thereon, automatically converted into 28,478 shares of Class A common stock based on a conversion price of $2.96 per share in accordance with the terms of the Amended Notes Consent. Per the terms of the notes, any AWH Convertible Promissory Notes outstanding for less than twelve months received a full twelve months of interest at conversion. $1,000 of these notes were with related party entities that are managed by one of the founders of the Company. In addition to the activity described above, in January 2021 the Company entered into a convertible note purchase agreement under which the Company issued $49,500 notes (the “2021 AWH Convertible Promissory Notes”). Each note bears interest at 8% for the first twelve months, 10% for months thirteen through fifteen, and 13% thereafter through maturity. Interest is paid-in-kind and added to the outstanding balance of the note, to be paid at maturity or upon conversion. Prior to the Conversion, the 2021 AWH Convertible Promissory Notes were convertible into common units of the Company on occurrence of certain events, such as a change of control or an initial public offering. Pursuant to the terms of the notes, upon the occurrence of an initial public offering, each note, including interest thereon less applicable withholding taxes, automatically converts into equity securities issued in connection with such initial public offering, with the number of securities issued on the basis of a price equal to the lesser of: (a)(i) a 20% discount to the issue price if an initial public offering occurs on or before 12 months from each note issuance; (ii) a 25% discount to the issue price if an initial public offering occurs after 12 months of each note issuance, but before maturity; and (b) the conversion price then in effect based on a defined pre-money valuation of the Company. In conjunction with the Company’s IPO on May 4, 2021, the total principal outstanding under the 2021 AWH Convertible Promissory Notes, plus accrued interest thereon, automatically converted into 8,910 shares of Class A common stock based on a conversion price of $6.00 per share in accordance with the terms of the agreement. Per the terms of the notes, the 2021 AWH Convertible Promissory Notes received a full twelve months of interest at conversion. Debt Maturities During the nine months ended September 30, 2021, we repaid: $76,124 of principal under our term notes; $11,174 of sellers’ notes related to the MOCA acquisition; and $2,289 of sellers’ notes related to the former owners of HCI. At September 30, 2021, the following cash payments are required under our debt arrangements: (in thousands) Remainder of 2021 2022 2023 2024 2025 Total Term note maturities $ — $ — $ — $ — $ 210,000 $ 210,000 Sellers’ notes (1) 22,766 11,143 3,143 — — 37,052 (1) Certain cash payments include an interest accretion component. Interest Expense Interest expense during 2021 and 2020 consisted of the following: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Cash interest $ 4,623 $ 936 $ 11,948 $ 4,004 Accretion 610 1,330 9,148 2,993 Loss on extinguishment of debt (1) 6,637 — 6,637 — Non-cash interest related to beneficial conversion feature (2) — — 27,361 — Interest on financing liability (3) 506 361 1,507 1,033 Total $ 12,376 $ 2,627 $ 56,601 $ 8,030 (1) Includes $1,656 of pre-payment fees and additional cash interest payments and $4,981 of non-cash components, including the write-off of unamortized deferred financing costs. (2) See Note 12, “Stockholders’ Equity,” for additional details. (3) Interest on financing liability related to failed sale leasebacks. See Note 10, “Leases,” for additional details.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Following the Conversion, the Company has authorized 750,000 shares of Class A common stock with a par value of $0.001 per share, 100 shares of Class B common stock with a par value of $0.001 per share, and 10,000 shares of preferred stock with a par value of $0.001 per share. Each share of Class A common stock is entitled to one vote per share and holders of Class B common stock are entitled to 1,000 votes per share. Holders of Class A common stock and Class B common stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law or our certificate of incorporation. Each share of Class B common stock is convertible at any time into one share of Class A common stock at the option of the holder. In addition, each share of Class B common stock will automatically convert into one share of Class A common stock on the final conversion date (May 4, 2026). Each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, except for certain transfers described in our certificate of incorporation, including, without limitation, transfers for tax and estate planning purposes, so long as the transferring holder of Class B common stock continues to hold exclusive voting and dispositive power with respect to the shares transferred. Once converted into a share of Class A common stock, a converted share of Class B common stock will not be reissued, and following the conversion of all outstanding shares of Class B common stock, no further shares of Class B common stock will be issued. Subject to preferences that may apply to any shares of preferred stock outstanding at the time and any contractual limitations, such as our credit agreements, the holders of our common stock will be entitled to receive dividends out of funds then legally available, if any, if our board of directors (the “Board”), in its discretion, determines to issue dividends and then only at the times and in the amounts that our Board may determine. If a dividend is paid in the form of a Class A common stock or Class B common stock, then holders of Class A common stock shall receive Class A common stock and holders of Class B common stock shall receive Class B common stock. In the event of a liquidation, dissolution, or winding up, holders of Class A common stock and Class B common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then-outstanding shares of preferred stock. In the event of any change of control transaction in respect of the Company, shares of our Class A common stock and Class B common stock shall be treated equally, ratably, and identically, on a per share basis, with respect to any consideration into which such shares are converted or any consideration paid or otherwise distributed to stockholders of the Company, unless different treatment of the shares of each class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock, each voting separately as a class. The following table summarizes the total shares of Class A common stock and Class B common stock outstanding as of September 30, 2021: (in thousands) September 30, 2021 Shares of Class A common stock 170,945 Shares of Class B common stock 65 Total 171,010 Immediately prior to the Conversion, the Company was authorized to issue Common Units, Preferred Units, and Restricted Common Units (see Note 13, “Equity-Based Compensation Expense”), all with no par value. Preferred Units collectively included Series Seed Preferred Units, Series Seed+ Preferred Units, and Real Estate Preferred Units, unless otherwise specified. These share classes are included within “Additional Paid-In Capital” in the unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity on an as-converted to historical common units basis. The following table summarizes the historical units outstanding as of December 31, 2020: (in thousands) December 31, 2020 Common Units 48,047 Real Estate Preferred Units 22,801 Series Seed Preferred Units 14,252 Series Seed+ Preferred Units 20,982 Total 106,082 In conjunction with the Conversion, each historical common unit then-outstanding converted into one share of Class A common stock, except 65 units that were allocated to shares of Class B common stock. In conjunction with the IPO, each Real Estate Preferred Unit converted into Class A common stock at a rate of one plus 1.5x, divided by the IPO price of $8.00 per share, for a total of 26,221 shares of Class A common stock. The additional 3,420 shares issued per the conversion feature was considered a contingent beneficial conversion feature and was recognized when the conversion event occurred and the contingency was resolved, for a total non-cash interest charge of $27,361. Each Series Seed Preferred Unit and Series Seed+ Preferred Unit converted into shares of Class A common stock on a one-for-one basis. As discussed in Note 11, “Debt,” the AWH Promissory Notes, plus accrued interest, converted into 28,478 shares of Class A common stock and the 2021 AWH Convertible Promissory Notes, plus accrued interest, converted into 8,910 shares of Class A common stock. In August 2021, the Company issued 1,986 shares of Class A common stock in conjunction with the prepayment of the October 2020 Credit Facility. Per the terms of the original credit agreement, an additional maturity payment was due to the lenders at maturity, as further discussed in Note 11, “Debt,” that the lenders elected to receive in shares. The share total was calculated in accordance with the settlement terms of the original agreement and is accounted for as share-settled debt. The share issuance is included within “Issuance of common stock” on the unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2021. Warrants In conjunction with the Conversion, the holders of warrants to acquire 3,531 common units at an exercise price of $4.00 received warrants to acquire an equal number of shares of Class A common stock. On April 14, 2021, the Company entered into a warrant cancellation agreement with One Tower Atlantic, LLC, the holder of warrants to acquire 1,094 common units of AWH at an exercise price of $3.20 per unit (the “$3.20 Warrants”). Upon the completion of the IPO, the $3.20 Warrants were cancelled in exchange for a payment of $4,156 (or $7.00 per share calculated in accordance with the cashless exercise provisions of the warrant agreement) that was paid in May 2021 and is reflected within “Additional paid-in capital” on the unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity. As of September 30, 2021, warrants to acquire a total of 3,531 shares of Class A common stock at an exercise price of $4.00 per share were outstanding. No warrants were issued during the nine months ended September 30, 2021. The warrants had an estimated total fair value of $237 at issuance, which was calculated using a Black-Scholes model. The fair value per warrant at issuance ranged from $0.02 to $0.10 and significant assumptions used in the calculation model included volatility ranging from 69.2% to 108.4% and risk-free rates ranging from 0.17% to 2.17%. The weighted-average remaining contractual life of the warrants outstanding as of September 30, 2021 is 2.3 years and the outstanding warrants had an intrinsic value of $19,245 at that date.

EQUITY-BASED COMPENSATION EXPEN

EQUITY-BASED COMPENSATION EXPENSE	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION EXPENSE	EQUITY-BASED COMPENSATION EXPENSE The Company adopted an incentive plan in November 2020 (the “2020 Plan”) which authorized the issuance of incentive common unit options and restricted common units (collectively, “Awards”). The maximum number of Awards to be issued under the 2020 Plan is 10,031 and any Awards that expire or are forfeited may be re-issued. A total of 9,994 Awards were issued under the plan as of September 30, 2021. The Awards generally vest over two In conjunction with the Conversion, the holders of the restricted common units issued under the 2020 Plan received one restricted share of Class A common stock (a “Restricted Common Share”) for each restricted common unit held immediately prior to the Conversion. Unless otherwise specified, the Awards may not be exercised for six months following the IPO. The following table summarizes the restricted common shares activity during the nine months ended September 30, 2021: Restricted Common Shares Unvested, December 31, 2020 7,280 Granted 50 Vested (5,510) Forfeited (124) Unvested, September 30, 2021 1,696 The Company recognized $266 and $4,464 as compensation expense in connection with the restricted common shares during the three and nine months ended September 30, 2021, respectively. This expense is included in “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations and includes additional compensation charges of approximately $733 recognized with the closing of the IPO related to restricted common shares that became fully vested at that time due to acceleration clauses. During the three and nine months ended September 30, 2020, the Company recognized $71 and $341, respectively, as compensation expense in connection with the Company’s previous incentive units that were outstanding at that time. As of September 30, 2021, total unrecognized compensation cost related to the restricted common shares was $349, which is expected to be recognized over the weighted-average remaining vesting period of 0.5 years. In July 2021, the Company adopted a new stock incentive plan (the “2021 Plan”), pursuant to which 17,000 shares of Class A common stock are reserved for issuance thereunder, subject to certain adjustments and other terms. Following the adoption of the 2021 Plan, no additional awards are expected to be issued under the 2020 Plan. The 2021 Plan authorized the issuance of options, stock appreciation rights, restricted stock, and restricted stock units, and other stock-based awards (collectively the “2021 Plan Awards”). Any 2021 Plan Awards that expire or are forfeited may be re-issued. The estimated fair value of the 2021 Plan Awards at issuance is recognized as compensation expense over the related vesting, exercise, or service periods, as applicable. As of September 30, 2021, there were 11,351 shares of Class A common stock available for grant for future equity-based compensation awards under the 2021 Plan. Stock Options Stock option grants provide for an exercise price as determined at issuance, but not less than the closing market value of the Company’s Class A common stock on the date of grant, except in certain circumstances. The term and exercise provisions of each option are determined at issuance and the term is not to exceed 10 years. The exercise price for any options that are considered incentive stock options shall not be less than the closing market value of the Company’s Class A common stock on the date of grant; however, if granted to a participant who owns stock possessing more than 10% of the total combined voting power of all classes of the Company’s stock, the exercise price shall not be less than 110% of the closing market value on the date of grant. We determine the fair value of stock options on the grant date using an option pricing model. As of the date of this filing, no stock option grants have been awarded. Stock Appreciation Rights Stock appreciation rights (“SAR Awards”) provide the holder a right to receive upon exercise the excess of (i) the fair market value of one share of common stock on the date of exercise over (ii) the grant price of the SAR Awards as specified, which price shall not be less than the closing market value of one share of common stock on the date of grant, except in certain circumstances. The grant price, term, methods of exercise, dates of exercise, methods of settlement, and any other terms and conditions of any SAR Awards are determined at issuance. We determine the fair value of SAR Awards on the grant date using an option pricing model. As of the date of this filing, no SAR Awards have been granted. Restricted Stock Awards and Restricted Stock Units Restricted Stock Awards (“RSAs”) represent fully issued shares of common stock that may not be sold or otherwise transferred for a period of time and are subject to forfeiture in certain circumstances. The fair value of RSAs is based on the closing price of the common stock on the grant date. Restricted Stock Units (“RSUs”) entitle the grantee to receive shares of our common stock (or a cash payment equal to the market value of a share) as the units vest. The vesting period, generally a period of two RSAs and RSUs may be credited with dividends or dividend equivalents, which entitle the grantee to receive payments (in cash, shares, other securities, other awards, or other property, as determined by the Company) equivalent to the amount of cash dividends paid by the Company, as applicable. Any dividend and dividend equivalents may be accrued but not paid to the grantee until all conditions or restrictions on the related RSAs or RSUs have been satisfied, waived, or lapsed. No RSAs have been granted under the 2021 Plan as of September 30, 2021. The following table summarizes the RSU activity during the nine months ended September 30, 2021: Number of Shares (in thousands) Weighted-Average Grant Date Fair Value per Share Unvested, December 31, 2020 — $ — Granted 5,662 10.88 Vested (49) 11.00 Forfeited (13) 11.00 Unvested, September 30, 2021 5,600 $ 10.88 Gross compensation expense related to the RSUs was $3,727 during the three and nine months ended September 30, 2021. Of this total, $1,406 was capitalized to inventory and $1,057 remains capitalized as of September 30, 2021. We recognized $2,321 within “General and administrative expenses” and $349 within “Cost of goods sold” on the unaudited Condensed Consolidated Statements of Operations. As of September 30, 2021, total unrecognized compensation cost related to the RSUs was $57,748, which is expected to be recognized over the weighted-average remaining vesting period of 2.0 years. Employee Stock Purchase Plan In July 2021, the Company also adopted an employee stock purchase plan (the “2021 ESPP”), pursuant to which 4,000 shares of Class A common stock are reserved for issuance thereunder, subject to certain adjustments and other terms. As of the date of this filing, no shares have been issued under the 2021 ESPP.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Three Months Ended Nine Months Ended ($ in thousands) 2021 2020 2021 2020 (Loss) income before income taxes $ (719) $ 728 $ (72,868) $ (4,626) Income tax expense 12,307 5,643 33,278 11,712 Effective tax rate (1,711.7) % 775.1 % (45.7) % (253.2) % Gross profit $ 40,954 $ 18,352 $ 105,137 $ 38,022 Effective tax rate on gross profit 30.1 % 30.7 % 31.7 % 30.8 % The Company’s quarterly tax provision is calculated under the discrete method which treats the interim period as if it were the annual period and determines the income tax expense or benefit on that basis. The discrete method is applied when application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The Company believes, at this time, the use of this discrete method is more appropriate than the annual effective tax rate method due to the high degree of uncertainty in estimating annual pre-tax income due to the early growth stage of the business.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company does not have significant future annual commitments, other than related to leases and debt, which are disclosed in Notes 10 and 11, respectively. During the three months ended September 30, 2021, we entered into agreements to purchase two properties to further expand our cultivation facility in New Jersey and one additional retail property in Illinois for a combined total purchase price of $14,000, subject to closing adjustments. One of the New Jersey properties, with a purchase price of $2,500, closed on November 4, 2021. The closing of the other two properties is expected during the fourth quarter of 2021, but each is dependent on certain conditions, including inspection. Legal and Other Matters The Company’s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, restrictions on its operations, or losses of permits that could result in the Company ceasing operations. While management believes that the Company is in compliance with applicable local and state regulations as of September 30, 2021, cannabis regulations continue to evolve and are subject to differing interpretations, and accordingly, the Company may be subject to regulatory fines, penalties, or restrictions in the future. State laws that permit and regulate the production, distribution, and use of cannabis for adult use or medical purposes are in direct conflict with the Controlled Substances Act (21 U.S.C. § 811) (the “CSA”), which makes cannabis use and possession federally illegal. Although certain states and territories of the U.S. authorize medical and/or adult use cannabis production and distribution by licensed or registered entities, under U.S. federal law, the possession, use, cultivation, and transfer of cannabis and any related drug paraphernalia is illegal and any such acts are criminal acts under federal law under the CSA. Although the Company’s activities are believed to be compliant with applicable state and local laws, strict compliance with state and local laws with respect to cannabis may neither absolve the Company of liability under U.S. federal law, nor may it provide a defense to any federal proceeding which may be brought against the Company. The Company may be, from time to time, subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. Contingent liabilities associated with legal proceedings are recorded when a liability is probable and the contingent liability can be estimated. We do not accrue for contingent losses that, in our judgment, are considered to be reasonably possible but not probable. At September 30, 2021 there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on our consolidated results of operations, other than as disclosed below. Legal Settlement In December 2020, TVP, LLC, TVP Grand Rapids, LLC and, TVP Alma, LLC (collectively, the “TVP Parties”) filed a claim alleging breach of contract against FPAW Michigan, LLC (“FPAW”), a VIE of the Company through FPAW Michigan 2, Inc., and AWH related to a purchase agreement for the Company’s potential acquisition of certain locations in Michigan. The TVP Parties asked the court to grant specific performance of the contracts between the Company and the TVP Parties, which, if granted, would have resulted in AWH issuing approximately 4,770 common units as originally agreed in September 2019 and paying approximately $16,500 in cash to the TVP parties in exchange for the entities holding the properties subject to the agreements. AWH and FPAW filed an answer to the complaint on January 28, 2021 and believed there existed valid defenses to the demand for specific performance due to lack of suitability of three of the six properties subject to the original transaction agreements. On April 14, 2021, FPAW and AWH entered into a settlement agreement with TVP Parties (the “Settlement Agreement”). The Settlement Agreement provides for, among other items, the dismissal of all claims brought by the TVP Parties against FPAW and AWH upon performance of each parties’ obligations under the Settlement Agreement. Pursuant to the Settlement Agreement, FPAW and AWH were required to deliver a cash payment of $9,000 to TVP, LLC on the date of the Settlement Agreement, with an additional cash payment of $5,480 due on or before January 1, 2022, or approximately $2,000 less than would have otherwise been payable under the agreements. In addition, on April 14, 2021, upon the execution of the Settlement Agreement, AWH issued 4,770 common units of AWH with a fair value of $26,041 to an escrow account, to be held in the name of the escrow agent (the “Escrow Units”). Also as part of the Settlement Agreement and in order to avoid further potential litigation, AWH issued 255 common units of AWH with a fair value of $1,390 to a party to one of the September 2019 agreements that was not a party to the litigation matter. Upon the receipt of the initial cash payment of $9,000 and the issuance of the Escrow Units, the TVP Parties filed a stipulated order dismissing all lawsuits, with prejudice and without costs, against FPAW and AWH. The Escrow Units are issued and outstanding and will remain in the escrow account until such time as the TVP Parties exercise an option to hold the Escrow Units directly (the “Put Option”). Upon their exercise of the Put Option, the Escrow Units shall be released to the TVP Parties and the TVP Parties shall transfer to FPAW the equity interests of the entities that hold the three real estate properties in Grand Rapids, which are the three remaining properties that remain suitable for the original business purposes. The Put Option is required to be exercised by the TVP Parties within three years of the date of the Settlement Agreement. Of the total settlement liability, $5,480 is included within “Accounts payable and accrued expenses” on the accompanying unaudited Condensed Consolidated Balance Sheet as of September 30, 2021 and the fair value of the share issuance of $27,431 is reflected within “Reserve for equity issued in litigation settlement” and “Equity issued in litigation settlement” on the unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity. The fair value of the three properties to be acquired per the settlement of $5,400 is recorded within “Other noncurrent assets” as of September 30, 2021, and will remain until the time such property titles transfer to the Company. The settlement charge of $36,511 is reflected within “Settlement expense” on the unaudited Condensed Consolidated Statements of Operations. The settlement charge is not expected to be deductible for tax purposes. Stockholder Dispute On May 28, 2021, Senvest Management, LLC, Hadron Capital (Cayman) LTD., and Measure8 Venture Partners, LLC (collectively, the “Claimants”), as former holders of the AWH Convertible Promissory Notes issued and sold by the Company pursuant to the 2019 Convertible Note Purchase Agreement, filed an arbitration demand, which was subsequently amended on July 28, 2021 (the “Arbitration Demand”), against the Company and its Chief Executive Officer, Abner Kurtin, before the American Arbitration Association. In their Arbitration Demand, the Claimants take issue with the Amended Notes Consent, which was approved by holders of approximately 66% of the principal amount of the AWH Convertible Promissory Notes, in excess of the simple majority required to amend the AWH Convertible Promissory Notes. The Amended Notes Consent set the conversion price of the AWH Convertible Promissory Notes at $2.96 per share. The Claimants allege that the Amended Notes Consent was obtained improperly and is void, and seek damages in excess of $20,000. The Company disputes the Claimants’ allegations and believes the Amended Notes Consent was properly obtained in accordance with the terms of the AWH Convertible Promissory Notes and 2019 Convertible Note Purchase Agreement and the Amended Notes are binding on all holders of the AWH Convertible Promissory Notes. The Company intends to vigorously defend against what it views as meritless claims. Investments On February 25, 2021, we entered into a definitive investment agreement (the “Investment Agreement”) with MedMen Enterprises Inc. (“MedMen”), under which we will, subject to regulatory approval, complete an investment (the “Investment”) of approximately $73,000 in MMNY, a licensed medical cannabis operator in New York. In connection with the investment, and subject to regulatory approval, MMNY will engage our services pursuant to a management agreement (the “Management Agreement”) under which we will advise on MMNY’s operations pending regulatory approval of the Investment transaction. Under the terms of the Investment, at closing, MMNY will assume approximately $73,000 of MedMen’s existing secured debt, AWH will invest $35,000 in cash in MMNY, and AWH New York, LLC will issue a senior secured promissory note in favor of MMNY’s senior secured lender in the principal amount of $28,000, guaranteed by AWH, which cash investment and note will be used to reduce the amounts owed to MMNY’s senior secured lender. Following its investment, AWH will hold a controlling interest in MMNY equal to approximately 86.7% of the equity in MMNY, and be provided with an option to acquire MedMen’s remaining interest in MMNY in the future. AWH must also make an additional investment of $10,000 in exchange for additional equity in MMNY, which investment will also be used to repay MMNY’s senior secured lender if adult-use cannabis sales commence in MMNY’s dispensaries. The transactions contemplated by the Investment Agreement are subject to customary closing conditions, including approval from the New York State Department of Health and other applicable regulatory bodies. Other Transactions On August 20, 2021, we entered into a definitive agreement to acquire Ohio Cannabis Clinic LLC (“OCC”), a medical dispensary license holder in Ohio, for a total purchase price of approximately $16,200, subject to customary working capital and closing adjustments. The purchase price consists of a cash payment of approximately $12,400 and shares of Class A common stock with a value of approximately $3,800 at a price per share equal to the volume weighted average price per share of the Class A common stock as reported on the CSE for the ten consecutive trading days ending on the date immediately preceding the closing date. The transaction is subject to customary closing conditions, including approval from the applicable regulatory bodies.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS AWH had a management services agreement (“MSA”) with AGP Partners, LLC (“AGP”) under which AGP provided management services to AWH in connection with the monitoring and oversight of AWH’s financial and business functions. The founder of AGP is the Chief Executive Officer and one of the founders of AWH. Pursuant to the MSA, AWH paid AGP a quarterly fee of $100. Pursuant to the terms of the agreement, the MSA was terminated following the Company’s IPO in May 2021. Upon termination, AGP was entitled to receive a $2,000 payout that was contingent upon the beneficial owners of AGP who serve as officers of the Company entering into lock-up agreements that extend for 360 days following the Company’s IPO. Pursuant to the MSA, each such lock-up agreement contains a provision whereby AWH’s Board may waive, in whole or in part, such extended lock-up thereto if AWH’s Board determines, in its sole discretion and in accordance with AWH’s governing documents and applicable law, that such waiver will not have an adverse effect on AWH and its equity holders, business, financial condition, and prospects. We recognized expenses related to the MSA of $2,124 during the nine months ended September 30, 2021, and $100 and $300 during the three and nine months ended September 30, 2020, respectively, that are included in “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations. A total of $100 of these fees are included in “Accounts payable and other accrued expenses” on the unaudited Condensed Consolidated Balance Sheets as of December 31, 2020. The final payment was made in July 2021. As discussed in Note 11, “Debt,” certain of the previously outstanding AWH Convertible Promissory Notes were with related party entities that are managed by one of the founders of the Company.

SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL INFORMATION	SUPPLEMENTAL INFORMATION The following table presents supplemental information regarding our other current assets: (in thousands) September 30, 2021 December 31, 2020 Tenant improvement allowance $ 9,182 $ 24,349 Deposits and other receivables 5,041 4,021 Prepaid expenses 3,872 2,311 Construction deposits 2,551 712 Other 2,652 1,205 Total $ 23,298 $ 32,598 The following table presents supplemental information regarding our accounts payable and accrued liabilities: (in thousands) September 30, 2021 December 31, 2020 Accounts payable $ 10,885 $ 7,363 Fixed asset purchases 7,656 11,572 Litigation settlement 5,480 — Accrued payroll and related expenses 3,324 2,762 Accrued interest 416 7,723 Other 2,634 1,804 Total $ 30,395 $ 31,224 The following table presents supplemental information regarding our general and administrative expenses: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Compensation $ 13,434 $ 4,520 $ 37,140 $ 9,794 Rent and utilities 6,443 4,166 16,089 9,599 Professional services 3,158 2,693 12,945 5,599 Depreciation and amortization 2,520 2,299 7,409 6,219 Insurance 1,127 389 3,165 958 Marketing 783 511 2,188 1,136 Loss on sale of assets 649 — 649 286 Other 1,227 422 5,514 1,033 Total $ 29,341 $ 15,000 $ 85,099 $ 34,624

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Management has evaluated subsequent events to determine if events or transactions occurring through the filing date of this Quarterly Report on Form 10-Q require adjustment to or disclosure in the Company’s Financial Statements. There were no events that require adjustment to or disclosure in the Financial Statements, except as disclosed. Acquisition On October 1, 2021, the Company closed on the previously disclosed acquisition of BCCO, LLC (“BCCO”), a medical dispensary license holder in Ohio for a purchase price of $3,740, subject to customary working capital and closing adjustments. The Company settled $1,750 due under a note receivable at closing. A total of $1,799 due under the previous working capital loan was considered additional consideration at closing.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with (i) United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, and (ii) the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of our management, our unaudited condensed consolidated financial statements and accompanying notes (the “Financial Statements”) include all normal recurring adjustments that are necessary for the fair statement of the interim periods presented. Interim results of operations are not necessarily indicative of results for the full year, or any other period. The Financial Statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) for the year ended December 31, 2020 (the “Annual Financial Statements”) which are included in our Registration Statement on Form S-1, as amended, filed with the U.S. Securities and Exchange Commission on April 26, 2021. Except as noted below, there have been no material changes to the Company’s significant accounting policies and estimates during the nine months ended September 30, 2021.
Principles of Consolidation	The Financial Statements include the accounts of Ascend Wellness Holdings, Inc. and its subsidiaries. Refer to Note 8, “Variable Interest Entities,” for additional information regarding certain entities that are not wholly-owned by the Company. We include the results of acquired businesses in the consolidated statements of operations from their respective acquisition dates. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts. We base our estimates on historical experience, known or expected trends, independent valuations, and various other measurements that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform with our current period presentation. These changes had no impact on our previously reported net loss.
Variable Interest Entities	Variable Interest Entities In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we assess whether we have the power to direct matters that most significantly impact the activities of the VIE and the obligation to absorb losses or the right to receive the benefits from the VIE that could potentially be significant to the VIE. A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured that such equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains or losses of the entity. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. We assess all variable interests in the entity and use our judgment when determining if we are the primary beneficiary. Other qualitative factors that are considered include decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual
Fair Value of Financial Instruments	Fair Value of Financial Instruments During the nine months ended September 30, 2021 and 2020, we had no transfers of assets or liabilities between any of the hierarchy levels.
Basic and Diluted Loss per Share	Basic and Diluted Loss per Share The Company computes earnings (loss) per share (“EPS”) using the two-class method required for multiple classes of common stock. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, except for voting and conversion rights. As the liquidation and dividend rights are identical, undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis. EPS and weighted-average shares outstanding for the three and nine months ended September 30, 2021 and 2020 have been computed on the basis of treating the historical common unit equivalents previously outstanding as shares of Class A common stock, as such historical units converted into shares of Class A common stock in the Conversion. Basic EPS is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if all potential common shares had been issued and were dilutive. However, potentially dilutive securities are excluded from the computation of diluted EPS to the extent that their effect is anti-dilutive. Potential dilutive securities in the current year include incremental shares of common stock issuable upon the exercise of warrants, unvested restricted stock awards, and unvested restricted stock units. Potential dilutive securities in the prior year periods include incremental shares of common stock issuable upon the exercise of warrants, vested incentive units, and the conversion of convertible notes. As of September 30, 2021 and 2020, 10,827 and 30,545 shares of common stock equivalents, respectively, were excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive.
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted Accounting Standards Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes , (“ASU 2019-12”) which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 became effective for the Company beginning on January 1, 2021 and did not have a significant impact on our Financial Statements. Investments In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This ASU provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities and became effective for the Company beginning on January 1, 2021. Adoption of this guidance did not have a material impact on our Financial Statements. Reference Rate Reform In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , (“ASU 2021-01”), which clarifies certain optional expedients and exceptions in Topic 848 when accounting for derivative contracts and certain hedging relationships affected by changes in interest rates. ASU 2021-01 was effective upon issuance and the amendments within are applied either prospectively or retrospectively. ASU 2021-01 did not have a significant impact on our Financial Statements. Recently Issued Accounting Pronouncements The following standards have been recently issued by the FASB. Pronouncements that are not applicable to the Company or where it has been determined do not have a significant impact on us have been excluded herein. Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , (“ASU 2016-13”). ASU 2016-13 replaces the existing guidance surrounding measurement and recognition of credit losses on financial assets measured at amortized cost, including trade receivables and investments in certain debt securities, by requiring recognition of an allowance for credit losses expected to be incurred over an asset’s life based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability. This current expected credit losses (“CECL”) model will result in earlier recognition of credit losses than the current “as incurred” model, under which losses are recognized only upon the occurrence of an event that gives rise to the incurrence of a probable loss. ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief , was issued in May 2019 to provide target transition relief allowing entities to make an irrevocable one-time election upon adoption of the new credit losses standard to measure financial assets previously measured at amortized cost (except held-to-maturity securities) using the fair value option. ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses , was issued in November 2019 to clarify, improve, and amend certain aspects of ASU 2016-13, such as disclosures related to accrued interest receivables and the estimation of credit losses associated with financial assets secured by collateral. ASU 2020-03, Codification Improvements to Financial Instruments , was issued in March 2020 to improve and clarify various financial instruments topics, including the CECL standard issued in 2016. The ASU includes seven different issues that describe the areas of improvement and the related amendments to U.S. GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. Certain amendments contained within this update were effective upon issuance and had no material impact on our Financial Statements. The amendments related to ASU 2019-05 and ASU 2016-13 will be adopted in conjunction with ASU 2016-13. ASU 2016-13 and its related ASUs are effective for us beginning January 1, 2023. We are currently evaluating the impact of this guidance on our consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This new guidance can be adopted prospectively no later than December 1, 2022, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements. Debt In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. This guidance will be effective for us January 1, 2022 on a full modified or modified retrospective basis, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Modification or Exchanges of Freestanding Equity-Classified Written Call Options In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting For Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options,

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the unaudited Condensed Consolidated Statements of Cash Flows: (in thousands) September 30, 2021 December 31, 2020 Cash and cash equivalents $ 204,510 $ 56,547 Restricted cash — 1,550 Total cash, cash equivalents, and restricted cash $ 204,510 $ 58,097
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the unaudited Condensed Consolidated Statements of Cash Flows: (in thousands) September 30, 2021 December 31, 2020 Cash and cash equivalents $ 204,510 $ 56,547 Restricted cash — 1,550 Total cash, cash equivalents, and restricted cash $ 204,510 $ 58,097

REPORTABLE SEGMENTS AND REVEN_2

REPORTABLE SEGMENTS AND REVENUE (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Disaggregation of Revenue	The Company disaggregates its revenue from the direct sale of cannabis to customers as retail revenue and wholesale revenue. We have determined that disaggregating revenue into these categories best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Retail revenue $ 63,517 $ 27,938 $ 167,076 $ 65,925 Wholesale revenue 41,526 17,449 111,341 35,349 105,043 45,387 278,417 101,274 Elimination of inter-company revenue (10,661) (3,914) (34,531) (11,825) Total revenue, net $ 94,382 $ 41,473 $ 243,886 $ 89,449

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired	The Company allocated the purchase price of the Hemma acquisition as summarized in the table below. The purchase price allocation reflects various preliminary fair value estimates and analyses, including certain tangible assets acquired and liabilities assumed, the valuation of intangible assets acquired, and goodwill, which are subject to change within the measurement period as preliminary valuations are finalized. (in thousands) Assets acquired (liabilities assumed): Cash $ 44 Accounts receivable 41 Inventory 188 Property and equipment 153 Intangible assets (1) 6,928 Goodwill (2) 3,039 Accounts payable and accrued liabilities (12) Net assets acquired $ 10,381 Consideration transferred: Cash (3) $ 7,212 Settlement of note and working capital loan (4) 3,169 Total consideration $ 10,381 (1) The amortization period for the acquired intangible assets is 10 years. (2) Goodwill is largely attributable to the value we expect to obtain from long-term business growth and buyer-specific synergies. The Company is evaluating whether the goodwill is deductible for tax purposes under the limitations imposed under Internal Revenue Code (“IRC”) Section 280E. See Note 14, “Income Taxes,” for additional information. (3) Total cash consideration includes a $4,712 sellers’ note. See Note 11, “Debt,” for additional information. (4) Includes settlement of $2,500 due under a note receivable and settlement of $669 due under a working capital line of credit.
Business Acquisition, Pro Forma Information	The following tables summarize the revenue and net income related to MOCA, GCC, Midway, and Hemma included in our consolidated results for the three and nine months ended September 30, 2021. Three Months Ended September 30, 2021 (in thousands) MOCA GCC Midway Hemma Revenue, net $ 11,371 $ 2,577 $ 6,948 $ 126 Net income (loss) 2,075 (252) 350 (204) Nine Months Ended September 30, 2021 (in thousands) MOCA GCC Midway Hemma Revenue, net $ 32,360 $ 7,634 $ 15,526 $ 126 Net income (loss) 3,969 (1,194) (556) (305) The tables below summarize the unaudited pro forma combined revenue and net income (loss) of AWH, MOCA, GCC, and Midway for the three and nine months ended September 30, 2020 as if the respective acquisitions had occurred on January 1, 2019. The results for MOCA and GCC are through their respective acquisition dates, as the results for each were included in our consolidated financial statements after such dates. These results do not reflect the cost of integration activities or benefits from expected revenue enhancements and synergies. Accordingly, the unaudited pro forma information is not necessarily indicative of the results that would have been achieved if the acquisitions had been effective on January 1, 2019. Pro forma financial information is not presented for Hemma, as such results are immaterial to both the current and prior periods. Three Months Ended September 30, 2020 (in thousands) AWH MOCA GCC Midway Pro Forma Adjustments (1) Pro Forma Revenue, net $ 41,473 $ 1,577 $ 1,025 $ 3,199 $ — $ 47,274 Net income (loss) (4,915) 378 11 650 (3,001) (6,877) (1) These adjustments include estimated additional amortization expense of $736 on intangible assets acquired as part of the acquisitions as follows: $81 related to MOCA, $288 related to GCC, and $367 related to Midway. These adjustments also include additional estimated interest expense of $2,557 and an adjustment to exclude $292 of acquisition-related costs incurred during the three months ended September 30, 2020, which are included in “General and administrative expenses” in the accompanying unaudited Condensed Consolidated Statements of Operations. These adjustments are not tax-effected, as the related expenses are not deductible for tax purposes due to the limitations imposed on marijuana dispensaries under IRC Section 280E. Nine Months Ended September 30, 2020 (in thousands) AWH MOCA GCC Midway Pro Forma Adjustments (1) Pro Forma Revenue, net $ 89,449 $ 8,612 $ 3,036 $ 7,840 $ — $ 108,937 Net income (loss) (16,338) 2,398 526 1,556 (9,795) (21,653) (1) These adjustments include estimated additional amortization expense of $2,533 on intangible assets acquired as part of the acquisitions as follows: $569 related to MOCA, $863 related to GCC, and $1,101 related to Midway. These adjustments also include additional estimated interest expense of $7,625 and an adjustment to exclude $363 of acquisition-related costs incurred during the nine months ended September 30, 2020, which are included in “General and administrative expenses” in the accompanying unaudited Condensed Consolidated Statements of Operations. These adjustments are not tax-effected, as

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The components of inventory are as follows: (in thousands) September 30, 2021 December 31, 2020 Materials and supplies $ 7,806 $ 7,756 Work in process 27,180 13,615 Finished goods 21,021 7,626 Total $ 56,007 $ 28,997

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment and related depreciation consist of the following: (in thousands) September 30, 2021 December 31, 2020 Leasehold improvements $ 91,409 $ 33,931 Construction in progress 50,541 25,139 Furniture, fixtures, and equipment 42,930 28,554 Buildings 41,949 38,561 Land 1,002 894 Property and equipment, gross 227,831 127,079 Less: accumulated depreciation 17,082 6,539 Property and equipment, net $ 210,749 $ 120,540

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following tables present the summarized financial information about the Company’s consolidated VIEs which are included in the unaudited Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 and unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020. These entities were determined to be VIEs since the Company possesses the power to direct the significant activities of the VIEs and has the obligation to absorb losses or the right to receive benefits from the VIE. September 30, 2021 December 31, 2020 (in thousands) Ascend Illinois Ascend Illinois Ascend Michigan Current assets $ 104,290 $ 54,787 $ 11,355 Other noncurrent assets 174,480 151,449 58,516 Current liabilities 77,154 62,508 5,553 Noncurrent liabilities 124,813 134,792 37,809 Equity (deficit) attributable to AWH 29,330 9,322 (23,822) Three Months Ended Three Months Ended (in thousands) Ascend Illinois Ascend Illinois Ascend Michigan (2) Revenue, net $ 75,470 $ 34,788 $ 3,022 Net income attributable to non-controlling interests (1) — 501 — Net income (loss) attributable to AWH 9,167 6,177 (4,945) Net income (loss) $ 9,167 $ 6,678 $ (4,945) Nine Months Ended Nine Months Ended (in thousands) Ascend Illinois Ascend Illinois Ascend Michigan (2) Revenue, net $ 198,291 $ 77,757 $ 6,260 Net income attributable to non-controlling interests (1) — 1,598 — Net income (loss) attributable to AWH 25,590 10,564 (13,038) Net income (loss) $ 25,590 $ 12,162 $ (13,038) (1) Effective July 30, 2020, the Company purchased the non-controlling interests of Ascend Illinois; therefore, there are no non-controlling interests as of and for the three and nine months ended September 30, 2021. (2) In December 2020, the sole member of FPAW Michigan 2, Inc. (“Ascend Michigan”) assigned his interests to AWH, thereby making AWH the majority member, retaining 99.9% of the membership interests in Ascend Michigan. Following this assignment, Ascend Michigan is no longer considered a VIE.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible Assets (in thousands) September 30, 2021 December 31, 2020 Finite-lived intangible assets Licenses and permits (1) $ 45,142 $ 39,888 In-place leases 19,963 19,963 Trade names (1) 380 210 65,485 60,061 Accumulated amortization: Licenses and permits (4,260) (1,080) In-place leases (10,010) (8,362) Trade names (380) (158) (14,650) (9,600) Total intangible assets, net $ 50,835 $ 50,461
Schedule of Goodwill	Goodwill (in thousands) Balance, December 31, 2020 $ 22,798 Acquisitions 3,039 Adjustments to purchase price allocation (1) 4,479 Balance, September 30, 2021 $ 30,316

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Components of Lease Assets and Lease Liabilities	The components of lease assets and lease liabilities and their classification on our unaudited Condensed Consolidated Balance Sheets were as follows: (in thousands) Classification September 30, 2021 December 31, 2020 Lease assets Operating leases Operating lease right-of-use assets $ 104,248 $ 84,642 Lease liabilities Current liabilities Operating leases Operating lease liabilities, current $ 2,369 $ 2,128 Noncurrent liabilities Operating leases Operating lease liabilities, noncurrent 197,460 156,400 Total lease liabilities $ 199,829 $ 158,528
Lease Cost	The components of lease costs and classification within the unaudited Condensed Consolidated Statements of Operations were as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Operating lease costs Capitalized to inventory $ 5,040 $ 3,472 $ 14,154 $ 8,025 General and administrative expenses 1,316 1,324 3,906 3,151 Total operating lease costs $ 6,356 $ 4,796 $ 18,060 $ 11,176 The following table presents information on short-term and variable lease costs: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Total short-term and variable lease costs $ 839 $ 784 $ 1,665 $ 1,968
Supplemental Cash and Non-Cash Information for Leases	The following table includes supplemental cash and non-cash information related to our leases: Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 16,310 $ 8,672 Lease assets obtained in exchange for new operating lease liabilities $ 41,498 $ 88,690
Operating Lease, Liability Maturity Schedule	The amounts of future undiscounted cash flows related to the lease payments over the lease terms and the reconciliation to the present value of the lease liabilities as recorded on our unaudited Condensed Consolidated Balance Sheet as of September 30, 2021 are as follows: (in thousands) Operating Lease Liabilities Remainder of 2021 $ 6,138 2022 26,171 2023 26,981 2024 27,752 2025 28,556 Thereafter 376,406 Total lease payments 492,004 Less: imputed interest 292,175 Present value of lease liabilities $ 199,829
Financing Liability, Maturity Schedule	The following table presents cash payments due under transactions that did not qualify for sale-leaseback treatment. The cash payments are allocated between interest and liability reduction, as applicable. The “sold” assets remain within land, buildings, and leasehold improvements, as appropriate, for the duration of the lease and a financing liability equal to the amount of proceeds received is recorded within “Long-term debt, net” on the accompanying unaudited Condensed Consolidated Balance Sheets. (in thousands) Remainder of 2021 2022 2023 2024 2025 Thereafter Total Cash payments due under financing liabilities $ 514 $ 2,082 $ 2,143 $ 2,206 $ 2,271 $ 9,149 $ 18,365

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt Instruments	(in thousands) September 30, 2021 December 31, 2020 2021 Credit Facility (1) $ 210,000 $ — Sellers’ Notes (2) 37,039 45,782 Finance liabilities 17,129 17,129 Capital Construction Loan (3) — 11,624 AWH Convertible Promissory Notes (4) — 75,484 July 2019 Notes (3) — 10,000 Ann Arbor Note (3) — 5,250 October 2020 Credit Facility (3) — 25,260 NJ Term Loan (3) — 20,000 NJ Real Estate Loan (3) — 4,500 Total debt $ 264,168 $ 215,029 Current portion of debt $ 25,120 $ 60,357 Less: unamortized deferred financing costs 47 1,027 Current portion of debt, net $ 25,073 $ 59,330 Long-term debt $ 239,048 $ 154,672 Less: unamortized deferred financing costs 8,550 2,395 Long-term debt, net $ 230,498 $ 152,277 (1) On August 27, 2021, the Company entered into a credit agreement with a group of lenders (the “2021 Credit Agreement”) that provides for a term loan of $210,000 (the “2021 Credit Facility”), which was borrowed in full. The 2021 Credit Facility matures on August 27, 2025 and does not require scheduled principal amortization payments. Borrowings under the 2021 Credit Facility bear interest at a rate of 9.5% per annum, payable quarterly and, as to any portion of the term loan that is prepaid, on the date of prepayment. We incurred total financing costs of $8,731, that are being amortized to interest expense over the term of 2021 Credit Facility using the straight-line method which approximates the interest rate method. Mandatory prepayments are required from the proceeds of (i) indebtedness that is not permitted by the 2021 Credit Agreement, and (ii) asset sales and casualty events, subject to customary reinvestment rights. The Company may prepay the 2021 Credit Facility at any time, subject to (a) a customary make-whole payment if paid prior to February 27, 2023, (b) a prepayment premium equal to 4.75% of the principal amount prepaid if paid after February 27, 2023 but prior February 27, 2024, and (c) a prepayment premium of 2.375% if paid after February 27, 2024 but prior to February 27, 2025. No prepayment premium is required for prepayment on or after February 27, 2025. Once repaid, amounts borrowed under the 2021 Credit Facility may not be re-borrowed. The 2021 Credit Agreement permits the company to request an extension of the maturity date for 364 days, in the lenders’ discretion, and to increase the 2021 Credit Facility up to $275,000 if the then-existing lenders (or other lenders) agree to provide such additional term loans. The Company is required to comply with two financial covenants under the 2021 Credit Agreement, commencing with the quarter ending December 31, 2021. The Company may not permit its liquidity (defined as unrestricted cash and cash equivalents pledged under the 2021 Credit Facility plus any future revolving credit availability) to be below $20,000 as of the last day of any fiscal quarter. Additionally, the Company may not permit the ratio of Consolidated EBITDA (as defined in the 2021 Credit Agreement) to consolidated cash interest expense for any period of four consecutive fiscal quarters to be less than 2.00:1.00 for the period ending December 31, 2021, less than 2.25:1.00 for the period ending March 31, 2022, and less than 2.50:1.00 for the period ending June 30, 2022 and thereafter. The Company has a customary equity cure right for each of these financial covenants. The 2021 Credit Agreement requires the Company to make certain representations and warranties and to comply with customary covenants, including restrictions on the payment of dividends, repurchase of stock, incurrence of indebtedness, dispositions, and acquisitions. The 2021 Credit Agreement also contains customary events of default including: non-payment of principal or interest; violations of covenants; bankruptcy; change of control; cross defaults to other debt; and material judgments. The 2021 Credit Facility is guaranteed by all of the Company’s subsidiaries and is secured by substantially all of the assets of the Company and its subsidiaries. (2) Sellers’ Notes consist of amounts owed for acquisitions or other purchases. A total of $11,174 was paid to the former owners of MOCA in January 2021, which amount is included in “Current portion of debt, net” on the unaudited Condensed Consolidated Balance Sheet at December 31, 2020. A total of $25,200 remains due to the former owners of Midway, of which $17,200 is included in “Current portion of debt, net” on the unaudited Condensed Consolidated Balance Sheet at September 30, 2021 and December 31, 2020 and $8,000 is included in “Long-term debt, net” on the unaudited Condensed Consolidated Balance Sheet at September 30, 2021 and December 31, 2020. Additionally, at September 30, 2021, $7,127 remains due under the purchase of a non-controlling interest, of which $3,208 and $3,919 is included in “Current portion of debt, net” and “Long-term debt, net” respectively on the unaudited Condensed Consolidated Balance Sheet. At December 31, 2020, $3,140 and $6,268 is included in “Current portion of debt, net” and “Long-term debt, net” respectively. As discussed in Note 4, “Acquisitions,” the Company issued a $4,712 sellers’ note in connection with the Hemma acquisition. The note accrues interest at a rate of 12% per annum. The outstanding principal plus accrued interest is due on December 5, 2021, but may be prepaid without premium or penalty. (3) Borrowings under the 2021 Credit Facility were used to prepay total principal of $75,624 that was outstanding under the Capital Construction Loan, July 2019 Notes, Ann Arbor Note, October 2020 Credit Facility, NJ Term Loan, and NJ Real Estate Loan, which prepayments were considered debt extinguishments. We recognized a total net loss on extinguishment of $6,637, which is recorded within “Interest expense” on the unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021. The net loss on extinguishment includes prepayment penalties on certain loans, make-whole interest payments on certain loans, the write-off of the remaining unamortized deferred financing costs on certain loans, and a gain on settlement of $290 related to forgiveness of principal and interest under the Ann Arbor Note. The net loss on extinguishment also includes a true-up of $2,656 related to the additional maturity payment due under the October 2020 Credit Facility. The lenders elected to receive the $3,750 additional maturity payment in equity and received 1,986 shares in accordance with the settlement terms of the original agreement.
Schedule of Maturities of Debt	At September 30, 2021, the following cash payments are required under our debt arrangements: (in thousands) Remainder of 2021 2022 2023 2024 2025 Total Term note maturities $ — $ — $ — $ — $ 210,000 $ 210,000 Sellers’ notes (1) 22,766 11,143 3,143 — — 37,052 (1) Certain cash payments include an interest accretion component.
Schedule of Interest Expense	Interest expense during 2021 and 2020 consisted of the following: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Cash interest $ 4,623 $ 936 $ 11,948 $ 4,004 Accretion 610 1,330 9,148 2,993 Loss on extinguishment of debt (1) 6,637 — 6,637 — Non-cash interest related to beneficial conversion feature (2) — — 27,361 — Interest on financing liability (3) 506 361 1,507 1,033 Total $ 12,376 $ 2,627 $ 56,601 $ 8,030 (1) Includes $1,656 of pre-payment fees and additional cash interest payments and $4,981 of non-cash components, including the write-off of unamortized deferred financing costs. (2) See Note 12, “Stockholders’ Equity,” for additional details. (3) Interest on financing liability related to failed sale leasebacks. See Note 10, “Leases,” for additional details.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Common Stock Outstanding	The following table summarizes the total shares of Class A common stock and Class B common stock outstanding as of September 30, 2021: (in thousands) September 30, 2021 Shares of Class A common stock 170,945 Shares of Class B common stock 65 Total 171,010
Schedule of Member Units	The following table summarizes the historical units outstanding as of December 31, 2020: (in thousands) December 31, 2020 Common Units 48,047 Real Estate Preferred Units 22,801 Series Seed Preferred Units 14,252 Series Seed+ Preferred Units 20,982 Total 106,082

EQUITY-BASED COMPENSATION EXP_2

EQUITY-BASED COMPENSATION EXPENSE (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Units Roll Forward	The following table summarizes the restricted common shares activity during the nine months ended September 30, 2021: Restricted Common Shares Unvested, December 31, 2020 7,280 Granted 50 Vested (5,510) Forfeited (124) Unvested, September 30, 2021 1,696 Number of Shares (in thousands) Weighted-Average Grant Date Fair Value per Share Unvested, December 31, 2020 — $ — Granted 5,662 10.88 Vested (49) 11.00 Forfeited (13) 11.00 Unvested, September 30, 2021 5,600 $ 10.88

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Three Months Ended Nine Months Ended ($ in thousands) 2021 2020 2021 2020 (Loss) income before income taxes $ (719) $ 728 $ (72,868) $ (4,626) Income tax expense 12,307 5,643 33,278 11,712 Effective tax rate (1,711.7) % 775.1 % (45.7) % (253.2) % Gross profit $ 40,954 $ 18,352 $ 105,137 $ 38,022 Effective tax rate on gross profit 30.1 % 30.7 % 31.7 % 30.8 %

SUPPLEMENTAL INFORMATION (Table

SUPPLEMENTAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Current Assets	The following table presents supplemental information regarding our other current assets: (in thousands) September 30, 2021 December 31, 2020 Tenant improvement allowance $ 9,182 $ 24,349 Deposits and other receivables 5,041 4,021 Prepaid expenses 3,872 2,311 Construction deposits 2,551 712 Other 2,652 1,205 Total $ 23,298 $ 32,598
Schedule of Accounts Payable and Accrued Liabilities	The following table presents supplemental information regarding our accounts payable and accrued liabilities: (in thousands) September 30, 2021 December 31, 2020 Accounts payable $ 10,885 $ 7,363 Fixed asset purchases 7,656 11,572 Litigation settlement 5,480 — Accrued payroll and related expenses 3,324 2,762 Accrued interest 416 7,723 Other 2,634 1,804 Total $ 30,395 $ 31,224
Schedule of General and Administrative Expenses	The following table presents supplemental information regarding our general and administrative expenses: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Compensation $ 13,434 $ 4,520 $ 37,140 $ 9,794 Rent and utilities 6,443 4,166 16,089 9,599 Professional services 3,158 2,693 12,945 5,599 Depreciation and amortization 2,520 2,299 7,409 6,219 Insurance 1,127 389 3,165 958 Marketing 783 511 2,188 1,136 Loss on sale of assets 649 — 649 286 Other 1,227 422 5,514 1,033 Total $ 29,341 $ 15,000 $ 85,099 $ 34,624

THE COMPANY AND NATURE OF OPE_2

THE COMPANY AND NATURE OF OPERATIONS (Details) $ / shares in Units, $ in Thousands	May 07, 2021shares	May 04, 2021USD ($)$ / sharesshares	Apr. 22, 2021vote	Sep. 30, 2021vote$ / sharesshares	Dec. 31, 2020shares
Subsidiary, Sale of Stock [Line Items]
Stock split, conversion ratio			2
Preferred stock, shares authorized (in shares)				10,000,000	0
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.001
Class A common stock
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)				750,000,000	0
Common stock, par value (in dollars per share) | $ / shares				$ 0.001
Number of votes per common share | vote			1	1
Shares issued upon conversion of preferred units (in shares)		113,301,000
Shares issued upon conversion of convertible notes (in shares)		37,388,000
Class A common stock | Real Estate Preferred Units, Beneficial Conversion Feature
Subsidiary, Sale of Stock [Line Items]
Shares issued in conversion (in shares)		3,420,000
Class B common stock
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)				100,000	0
Common stock, par value (in dollars per share) | $ / shares				$ 0.001
Number of votes per common share | vote				1,000
Shares issued upon conversion of preferred units (in shares)		65,000
IPO | Class A common stock
Subsidiary, Sale of Stock [Line Items]
Shares issued and sold (in shares)		10,000,000
Shares issued and sold, price per share (in dollars per share) | $ / shares		$ 8
Shares issued and sold, net proceeds | $		$ 86,065
Over-Allotment Option | Class A common stock
Subsidiary, Sale of Stock [Line Items]
Shares issued and sold (in shares)	1,500,000

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 204,510		$ 56,547
Restricted cash	0		1,550
Total cash, cash equivalents, and restricted cash	$ 204,510	$ 25,349	$ 58,097	$ 12,805
Anti-dilutive units excluded from the calculation of earnings per share (in shares)	10,827	30,545

REPORTABLE SEGMENTS AND REVEN_3

REPORTABLE SEGMENTS AND REVENUE (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Number of reportable segments | segment			1
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net	$ 94,382	$ 41,473	$ 243,886	$ 89,449
Customer loyalty program liability	949		949		$ 219
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net	105,043	45,387	278,417	101,274
Operating Segments | Retail revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net	63,517	27,938	167,076	65,925
Operating Segments | Wholesale revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net	41,526	17,449	111,341	35,349
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net	$ (10,661)	$ (3,914)	$ (34,531)	$ (11,825)

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	May 05, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Hemma
Business Acquisition [Line Items]
Consideration transferred	$ 10,381
Intangible assets	$ 6,928
Revenue, net		$ 126		$ 126
Net income (loss)		(204)		(305)
MOCA
Business Acquisition [Line Items]
Adjustment to goodwill		2,975		2,975
Revenue, net		11,371	$ 4,103	32,360	$ 4,103
Net income (loss)		2,075	$ 314	3,969	$ 314
MOCA | Licenses and permits
Business Acquisition [Line Items]
Intangible assets		9,755		9,755		$ 10,661
GCC
Business Acquisition [Line Items]
Revenue, net		2,577		7,634
Net income (loss)		(252)		(1,194)
GCC | Licenses and permits
Business Acquisition [Line Items]
Intangible assets		11,501		11,501		11,845
Midway
Business Acquisition [Line Items]
Revenue, net		6,948		15,526
Net income (loss)		350		(556)
Midway | Licenses and permits
Business Acquisition [Line Items]
Intangible assets		14,684		14,684		15,108
Midway | Trade names
Business Acquisition [Line Items]
Intangible assets		$ 180		$ 180		$ 10

ACQUISITIONS - Schedule of Net

ACQUISITIONS - Schedule of Net Assets Acquired (Details) - USD ($) $ in Thousands	May 05, 2021	Sep. 30, 2021	Dec. 31, 2020
Assets acquired (liabilities assumed):
Goodwill		$ 30,316	$ 22,798
Hemma
Assets acquired (liabilities assumed):
Cash	$ 44
Accounts receivable	41
Inventory	188
Property and equipment	153
Intangible assets	6,928
Goodwill	3,039
Accounts payable and accrued liabilities	(12)
Net assets acquired	10,381
Consideration transferred:
Cash	7,212
Settlement of note and working capital loan	3,169
Total consideration	$ 10,381
Acquired assets, amortization period	10 years
Hemma | Notes Receivable
Consideration transferred:
Settlement of note and working capital loan	$ 2,500
Hemma | Working Capital Loan
Consideration transferred:
Settlement of note and working capital loan	669
Hemma | Sellers' Notes
Consideration transferred:
Sellers' note	$ 4,712

ACQUISITIONS - Schedule of Reve

ACQUISITIONS - Schedule of Revenue and Income from Acquired Businesses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
MOCA
Disaggregation of Revenue [Line Items]
Revenue, net	$ 11,371	$ 4,103	$ 32,360	$ 4,103
Net income (loss)	2,075	$ 314	3,969	$ 314
GCC
Disaggregation of Revenue [Line Items]
Revenue, net	2,577		7,634
Net income (loss)	(252)		(1,194)
Midway
Disaggregation of Revenue [Line Items]
Revenue, net	6,948		15,526
Net income (loss)	350		(556)
Hemma
Disaggregation of Revenue [Line Items]
Revenue, net	126		126
Net income (loss)	$ (204)		$ (305)

ACQUISITIONS - Pro Forma Inform

ACQUISITIONS - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Revenue, net	$ 94,382			$ 41,473			$ 243,886	$ 89,449
Net income (loss)	$ (13,026)	$ (44,897)	$ (48,223)	(4,915)	$ (4,305)	$ (7,118)	$ (106,146)	(16,338)
Revenue, pro forma adjustments				0				0
Net income (loss) pro forma adjustments				(3,001)				(9,795)
Pro forma revenue				47,274				108,937
Pro forma net income (loss)				(6,877)				(21,653)
Pro forma adjustment, additional intangible asset amortization expense				736				2,533
Pro forma adjustment, additional interest expense for sellers' notes				2,557				7,625
Acquisition-related costs				292				363
MOCA
Business Acquisition [Line Items]
Revenue, net				1,577				8,612
Net income (loss)				378				2,398
Pro forma adjustment, additional intangible asset amortization expense				81				569
GCC
Business Acquisition [Line Items]
Revenue, net				1,025				3,036
Net income (loss)				11				526
Pro forma adjustment, additional intangible asset amortization expense				288				863
Midway
Business Acquisition [Line Items]
Revenue, net				3,199				7,840
Net income (loss)				650				1,556
Pro forma adjustment, additional intangible asset amortization expense				$ 367				$ 1,101

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Inventory Disclosure [Abstract]
Materials and supplies	$ 7,806		$ 7,806		$ 7,756
Work in process	27,180		27,180		13,615
Finished goods	21,021		21,021		7,626
Total	56,007		56,007		28,997
Compensation costs capitalized during the period	10,860	$ 3,903	25,381	$ 10,502
Capitalized compensation costs included in inventory	$ 8,607		$ 8,607		$ 5,909

NOTES RECEIVABLE (Details)

NOTES RECEIVABLE (Details) - USD ($)	May 05, 2021	Feb. 25, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of notes receivable			$ 0	$ 0
Hemma
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement of note and working capital loan	$ 3,169,000
MedMen NY, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Working capital line of credit, maximum borrowing amount		$ 10,000,000
Working capital line of credit, maximum borrowing amount if amended		$ 17,500,000
Period due following investment agreement termination		3 days
Working Capital Loan | Hemma
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement of note and working capital loan	$ 669,000
Working Capital Loan | MedMen NY, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and working capital receivables			2,172,000
Promissory Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory note receivable			4,375,000		$ 4,473,000
Promissory note receivable, current			155,000		151,000
Promissory note receivable, noncurrent			$ 4,220,000		$ 4,322,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 227,831		$ 227,831		$ 127,079
Less: accumulated depreciation	17,082		17,082		6,539
Property and equipment, net	210,749		210,749		120,540
Depreciation	4,100	$ 1,324	10,560	$ 3,361
Depreciation capitalized during the period	2,851	$ 1,106	7,185	$ 2,948
Inventory, depreciation costs	2,226		2,226		602
Loss on sale of property	664		664
Accumulated depreciation written off	17		17
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	91,409		91,409		33,931
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	50,541		50,541		25,139
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	42,930		42,930		28,554
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	41,949		41,949		38,561
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,002		$ 1,002		$ 894

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Current assets	$ 299,666						$ 299,666		$ 134,178
Other noncurrent assets	19,760						19,760		12,734
Current liabilities	104,888						104,888		115,285
Equity (deficit) attributable to AWH	184,037						184,037		$ 3,786
Revenue, net	94,382			$ 41,473			243,886	$ 89,449
Net income attributable to non-controlling interests	0			501			0	1,598
Net income (loss) attributable to AWH	(13,026)			(5,416)			(106,146)	(17,936)
Net income (loss)	(13,026)	$ (44,897)	$ (48,223)	(4,915)	$ (4,305)	$ (7,118)	(106,146)	(16,338)
Ascend Michigan
Variable Interest Entity [Line Items]
Ownership interest percentage									99.90%
Variable Interest Entity, Primary Beneficiary | Ascend Michigan
Variable Interest Entity [Line Items]
Equity (deficit) attributable to AWH									$ (23,822)
Variable Interest Entity, Primary Beneficiary | Ascend Illinois
Variable Interest Entity [Line Items]
Current assets	104,290						104,290		54,787
Other noncurrent assets	174,480						174,480		151,449
Current liabilities	77,154						77,154		62,508
Noncurrent liabilities	124,813						124,813		134,792
Equity (deficit) attributable to AWH	29,330						29,330		9,322
Revenue, net	75,470			34,788			198,291	77,757
Net income attributable to non-controlling interests	0			501			0	1,598
Net income (loss) attributable to AWH	9,167			6,177			25,590	10,564
Net income (loss)	$ 9,167			6,678			$ 25,590	12,162
Variable Interest Entity, Primary Beneficiary | Ascend Michigan
Variable Interest Entity [Line Items]
Current assets									11,355
Other noncurrent assets									58,516
Current liabilities									5,553
Noncurrent liabilities									$ 37,809
Revenue, net				3,022				6,260
Net income attributable to non-controlling interests				0				0
Net income (loss) attributable to AWH				(4,945)				(13,038)
Net income (loss)				$ (4,945)				$ (13,038)

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 65,485,000		$ 65,485,000		$ 60,061,000
Accumulated amortization	(14,650,000)		(14,650,000)		(9,600,000)
Total intangible assets, net	50,835,000		50,835,000		50,461,000
Amortization expense	1,678,000	$ 2,084,000	5,050,000	$ 5,830,000
Amortization expense capitalized to inventory during the period	407,000	$ 3,000	1,016,000	24,000
Inventory, capitalized amortization	446,000		446,000		564,000
Intangible asset impairment			0	$ 0
Licenses and permits
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	45,142,000		45,142,000		39,888,000
Accumulated amortization	(4,260,000)		(4,260,000)		(1,080,000)
Licenses and permits | Hemma
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	6,928,000		6,928,000
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	19,963,000		19,963,000		19,963,000
Accumulated amortization	(10,010,000)		(10,010,000)		(8,362,000)
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	380,000		380,000		210,000
Accumulated amortization	$ (380,000)		$ (380,000)		$ (158,000)

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance, December 31, 2020	$ 22,798
Acquisitions	3,039
Adjustments to purchase price allocation(1)	4,479
Balance, September 30, 2021	$ 30,316

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	Sep. 15, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 29, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Capitalized lease costs		$ 3,878	$ 3,878			$ 4,913
Gain termination of lease		$ 15	$ 15
Weighted average remaining lease term		16 years	16 years			17 years 3 months 18 days
Weighted average discount rate		12.70%	12.70%			13.10%
Operating lease not yet commenced, right-of-use asset		$ 500	$ 500
Operating lease not yet commenced, liability		$ 500	500
Lease assets obtained in exchange for new operating lease liabilities			41,498	$ 88,690
Increase in lease liability			$ 676	$ 1,999
Commercial property sale agreement price					$ 350
Barry, IL
Lessee, Lease, Description [Line Items]
Tenant imprvement allowance	$ 52,000
Lease assets obtained in exchange for new operating lease liabilities	2,750
Increase in tenant improvement allowance	20,000
Increase in lease liability	$ 22,750
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term		1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term		20 years	20 years

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lease assets
Operating lease right-of-use assets	$ 104,248	$ 84,642
Lease liabilities
Operating lease liabilities, current	2,369	2,128
Operating lease liabilities, noncurrent	197,460	156,400
Total lease liabilities	$ 199,829	$ 158,528

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 6,356	$ 4,796	$ 18,060	$ 11,176
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	1,316	1,324	3,906	3,151
Capitalized to inventory
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 5,040	$ 3,472	$ 14,154	$ 8,025

LEASES - Short-term and Variabl

LEASES - Short-term and Variable Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Total short-term and variable lease costs	$ 839	$ 784	$ 1,665	$ 1,968

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 16,310	$ 8,672
Increase in right-of-use asset	$ 41,498	$ 88,690

LEASES - Lease Liability Maturi

LEASES - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 6,138
2022	26,171
2023	26,981
2024	27,752
2025	28,556
Thereafter	376,406
Total lease payments	492,004
Less: imputed interest	292,175
Present value of lease liabilities	$ 199,829	$ 158,528

LEASES - Financing Liability Ma

LEASES - Financing Liability Maturity (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
Remainder of 2021	$ 514
2022	2,082
2023	2,143
2024	2,206
2025	2,271
Thereafter	9,149
Total	$ 18,365

DEBT - Components of Debt (Deta

DEBT - Components of Debt (Details) $ / shares in Units, shares in Thousands	Aug. 27, 2021USD ($)quartercovenant	May 04, 2021$ / sharesshares	Apr. 22, 2021USD ($)$ / shares	Jan. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	May 05, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Total debt					$ 264,168,000		$ 264,168,000			$ 215,029,000
Current portion of debt					25,120,000		25,120,000			60,357,000
Less: unamortized deferred financing costs					47,000		47,000			1,027,000
Current portion of debt, net					25,073,000		25,073,000			59,330,000
Long-term debt					239,048,000		239,048,000			154,672,000
Less: unamortized deferred financing costs					8,550,000		8,550,000			2,395,000
Long-term debt, net					230,498,000		230,498,000			152,277,000
Repayments of debt							78,413,000	$ 18,806,000
Loss on extinguishment of debt					(6,637,000)	$ 0	(6,637,000)	$ 0
Class A common stock
Debt Instrument [Line Items]
Shares issued upon conversion of convertible notes (in shares) | shares		37,388
2021 Credit Facility
Debt Instrument [Line Items]
Total debt					210,000,000		210,000,000			0
Debt instrument, amount	$ 210,000,000
Interest rate	9.50%
Deferred finance costs gross	$ 8,731,000
Extension term	364 days
Maximum borrowing capacity if amended	$ 275,000,000
Number of financial covenants | covenant	2
Covenant, minimum liquidity at fiscal quarter end	$ 20,000,000
Number of consecutive quarters used for covenant measurement | quarter	4
2021 Credit Facility | Debt Instrument, Covenant, Period One
Debt Instrument [Line Items]
Covenant, maximum EBITDA to cash interest expense ratio	2
2021 Credit Facility | Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Covenant, maximum EBITDA to cash interest expense ratio	2.25
2021 Credit Facility | Debt Instrument, Covenant, Period Three
Debt Instrument [Line Items]
Covenant, maximum EBITDA to cash interest expense ratio	2.50
2021 Credit Facility | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Prepayment penalty, percent	4750.00%
2021 Credit Facility | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment penalty, percent	2375.00%
2021 Credit Facility | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Prepayment penalty, percent	0.00%
Sellers' Notes
Debt Instrument [Line Items]
Total debt					37,039,000		37,039,000			45,782,000
Long-term debt, net					37,052,000		37,052,000
Sellers' Notes | MOCA
Debt Instrument [Line Items]
Repayments of debt				$ 11,174,000
Sellers' Notes | Midway
Debt Instrument [Line Items]
Total debt					25,200,000		25,200,000			25,200,000
Current portion of debt, net					17,200,000		17,200,000			17,200,000
Long-term debt, net					8,000,000		8,000,000			8,000,000
Sellers' Notes | Noncontrolling Interest Acquired
Debt Instrument [Line Items]
Current portion of debt, net					3,208,000		3,208,000			3,140,000
Long-term debt, net					3,919,000		3,919,000			6,268,000
Long-term debt, net					7,127,000		7,127,000
Sellers' Notes | Hemma
Debt Instrument [Line Items]
Interest rate									12.00%
Sellers' note									$ 4,712,000
Finance liabilities
Debt Instrument [Line Items]
Total debt					17,129,000		17,129,000			17,129,000
Capital Construction Loan
Debt Instrument [Line Items]
Total debt					0		0			11,624,000
AWH Convertible Promissory Notes
Debt Instrument [Line Items]
Total debt					0		0			75,484,000
Shares issued upon conversion of convertible notes (in shares) | shares		28,478
Convertible debt, discount if offering occurs within 12 months of closing date			20.00%
Convertible debt, discount if offering occurs after 12 months of closing date			25.00%
Company valuation			$ 295,900,000
Company valuation per share (in dollars per share) | $ / shares			$ 2.96
Convertible promissory notes, period outstanding under which twelve months interest is due at conversion			12 months
AWH Convertible Promissory Notes | Affiliated Entity
Debt Instrument [Line Items]
Total debt			$ 1,000,000
July 2019 Notes
Debt Instrument [Line Items]
Total debt					0		0			10,000,000
Ann Arbor Note
Debt Instrument [Line Items]
Total debt					0		0			5,250,000
Loss on extinguishment of debt							290,000
October 2020 Credit Facility
Debt Instrument [Line Items]
Total debt					0		0			25,260,000
Extinguishment of debt net of tax							2,656,000
NJ Term Loan
Debt Instrument [Line Items]
Total debt					0		0			20,000,000
NJ Real Estate Loan
Debt Instrument [Line Items]
Total debt					$ 0		0			$ 4,500,000
Extinguished Debt
Debt Instrument [Line Items]
Repayments of debt							75,624,000
2020 Credit Agreement
Debt Instrument [Line Items]
Debt instrument converted to shares, amount							$ 3,750,000
Shares issued upon conversion of convertible notes (in shares) | shares							1,986
2019 AWH Convertible Notes
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares			$ 2.96
2019 AWH Convertible Notes | Class A common stock
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 2.96

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands	May 04, 2021	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Repayments of debt			$ 78,413,000	$ 18,806,000
Class A common stock
Debt Instrument [Line Items]
Shares issued upon conversion of convertible notes (in shares)	37,388
2021 AWH Convertible Promissory Notes
Debt Instrument [Line Items]
Notes issued		$ 49,500,000
Convertible debt, discount if IPO occurs within 12 months of note issuance		20.00%
Convertible debt, discount if IPO occurs after 12 months of debt issuance but before debt maturity		25.00%
Convertible promissory notes, period outstanding under which twelve months interest is due at conversion		12 months
2021 AWH Convertible Promissory Notes | Class A common stock
Debt Instrument [Line Items]
Shares issued upon conversion of convertible notes (in shares)	8,910
Conversion price (in dollars per share)	$ 6
2021 AWH Convertible Promissory Notes | Interest Rate Period One
Debt Instrument [Line Items]
Interest rate		8.00%
2021 AWH Convertible Promissory Notes | Interest Rate Period Two
Debt Instrument [Line Items]
Interest rate		10.00%
2021 AWH Convertible Promissory Notes | Interest Rate Period Three
Debt Instrument [Line Items]
Interest rate		13.00%
Term Notes
Debt Instrument [Line Items]
Repayments of debt			76,124,000
Sellers Note MOCA
Debt Instrument [Line Items]
Repayments of debt			11,174,000
HCI sellers' note
Debt Instrument [Line Items]
Repayments of debt			$ 2,289,000

DEBT - Maturities of Debt (Deta

DEBT - Maturities of Debt (Details) $ in Thousands	Sep. 30, 2021USD ($)
Term notes
Debt Instrument [Line Items]
Remainder of 2021	$ 0
2022	0
2023	0
2024	0
2025	210,000
Long-term debt, net	210,000
Sellers' notes
Debt Instrument [Line Items]
Remainder of 2021	22,766
2022	11,143
2023	3,143
2024	0
2025	0
Long-term debt, net	$ 37,052

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Cash interest	$ 4,623	$ 936	$ 11,948	$ 4,004
Accretion	610	1,330	9,148	2,993
Loss on extinguishment of debt	6,637	0	6,637	0
Non-cash interest related to beneficial conversion feature	0	0	27,361	0
Interest on financing liability	506	361	1,507	1,033
Total	12,376	$ 2,627	56,601	$ 8,030
Loss on extinguishment of debt, prepayment fees and additional cash interest payments	1,656		1,656
Loss on extinguishment of debt, write-off of unamortized deferred financing costs	$ 4,981		$ 4,981

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details)	May 04, 2021USD ($)$ / sharesshares	Aug. 31, 2021shares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)vote$ / sharesshares	Sep. 30, 2020USD ($)	Apr. 22, 2021vote	Apr. 14, 2021$ / sharesshares	Dec. 31, 2020shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)						10,000,000				0
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.001
Common unit, par value (in dollars per share) | $ / shares						0
Preferred unit, par value (in dollars per share) | $ / shares						0
Restricted common unit, par value (in dollars per share) | $ / shares						$ 0
Stock issued during period, shares, new issues (in shares)		1,986,000
Payments for repurchase of warrants | $						$ 4,156,000	$ 0
Issuance of warrants | $			$ 40,000	$ 16,000	$ 147,000	$ 0
Weighted average warrant term						2 years 3 months 18 days
Intrinsic value of warrants | $						$ 19,245,000
Warrants with $4.00 exercise price
Class of Stock [Line Items]
Number of warrants (in shares)						3,531,000
Exercise price of warrants (in dollars per share) | $ / shares						$ 4
Grant date fair value of warrants | $						$ 237,000
Warrants with $3.20 exercise price
Class of Stock [Line Items]
Number of warrants (in shares)									1,094,000
Exercise price of warrants (in dollars per share) | $ / shares									$ 3.20
Payments for repurchase of warrants | $	$ 4,156,000
Payments for repurchase of warrants, per warrant price (in dollars per share) | $ / shares	$ 7
Minimum | Warrants with $4.00 exercise price
Class of Stock [Line Items]
Grant date fair value per warrant (in dollars per share) | $ / shares						$ 0.02
Volatility rate						69.20%
Risk free interest rate						0.17%
Maximum | Warrants with $4.00 exercise price
Class of Stock [Line Items]
Grant date fair value per warrant (in dollars per share) | $ / shares						$ 0.10
Volatility rate						108.40%
Risk free interest rate						2.17%
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						750,000,000				0
Common stock, par value (in dollars per share) | $ / shares						$ 0.001
Number of votes per common share | vote						1		1
Common stock, shares outstanding (in shares)						170,945,000				0
Class A common stock | 2019 AWH Convertible Notes
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	28,478,000
Class A common stock | 2021 AWH Convertible Promissory Notes
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	8,910,000
Class A common stock | Common Units Converted
Class of Stock [Line Items]
Member units, conversion ratio	1
Class A common stock | Real Estate Preferred Units Converted
Class of Stock [Line Items]
Member units, conversion ratio	1
Conversion ratio multiplier	1.5
Shares issued in conversion (in shares)	26,221,000
Class A common stock | Real Estate Preferred Units, Beneficial Conversion Feature
Class of Stock [Line Items]
Shares issued in conversion (in shares)	3,420,000
Stock conversion, beneficial conversion feature charge | $	$ 27,361,000
Class A common stock | Series Seed+ Preferred Units Converted
Class of Stock [Line Items]
Member units, conversion ratio	1
Class A common stock | IPO
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 8
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						100,000				0
Common stock, par value (in dollars per share) | $ / shares						$ 0.001
Number of votes per common share | vote						1,000
Stock conversion ratio						1
Common stock, shares outstanding (in shares)						65,000				0
Class B common stock | Common Units Converted
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	65,000

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Shares Outstanding (Details) shares in Thousands	Sep. 30, 2021shares
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	171,010
Class A common stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	170,945
Class B common stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	65

STOCKHOLDERS_ EQUITY - Schedu_2

STOCKHOLDERS’ EQUITY - Schedule of Units Outstanding (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common units outstanding (in shares)	0	106,082,000
Common Units
Class of Stock [Line Items]
Common units outstanding (in shares)		48,047,000
Real Estate Preferred Units
Class of Stock [Line Items]
Common units outstanding (in shares)		22,801,000
Series Seed Preferred Units
Class of Stock [Line Items]
Common units outstanding (in shares)		14,252,000
Series Seed+ Preferred Units
Class of Stock [Line Items]
Common units outstanding (in shares)		20,982,000

EQUITY-BASED COMPENSATION EXP_3

EQUITY-BASED COMPENSATION EXPENSE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jul. 31, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense, cost not yet recognized, period for recognition			6 months
Ownership percentage to trigger increased exercise price requirement	10.00%		10.00%
Exercise price as a percentage of grant date closing stock price for individuals who own over 10% of voting power	110.00%		110.00%
Compensation costs capitalized during the period	$ 10,860	$ 3,903	$ 25,381	$ 10,502
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	266		4,464
Equity-based compensation, accelerated vesting expense			733
Equity-based compensation expense, cost not yet recognized	$ 349		$ 349
Previous Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 71		$ 341
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued to date (in shares)	0		0
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award term			10 years
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued to date (in shares)	0		0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 3,727		$ 3,727
Equity-based compensation expense, cost not yet recognized	57,748		$ 57,748
Equity-based compensation expense, cost not yet recognized, period for recognition			2 years
Compensation costs capitalized during the period	1,406		$ 1,406
Inventory, equity-based compensation cost	1,057		1,057
Restricted Stock Units (RSUs) | General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	2,321		2,321
Restricted Stock Units (RSUs) | Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 349		$ 349
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			2 years
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued to date (in shares)	0		0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock reserved for issuance under equity incentive plan (in shares)					4,000,000
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of awards to be issued (in shares)						10,031,000
Awards issued to date (in shares)	9,994,000		9,994,000
Restricted award exercise period following IPO			6 months
2020 Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			2 years
2020 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock reserved for issuance under equity incentive plan (in shares)	11,351,000		11,351,000		17,000,000

EQUITY-BASED COMPENSATION EXP_4

EQUITY-BASED COMPENSATION EXPENSE - Equity Award Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Restricted Stock
Number of Shares (in thousands)
Beginning balance (in shares)	7,280
Granted (in shares)	50
Vested (in shares)	(5,510)
Forfeited (in shares)	(124)
Ending balance (in shares)	1,696
Restricted Stock Units (RSUs)
Number of Shares (in thousands)
Beginning balance (in shares)	0
Granted (in shares)	5,662
Vested (in shares)	(49)
Forfeited (in shares)	(13)
Ending balance (in shares)	5,600
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	10.88
Vested (in dollars per share) | $ / shares	11
Forfeited (in dollars per share) | $ / shares	11
Ending balance (in dollars per share) | $ / shares	$ 10.88

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
(Loss) income before income taxes	$ (719)	$ 728	$ (72,868)	$ (4,626)
Income tax expense	$ 12,307	$ 5,643	$ 33,278	$ 11,712
Effective tax rate	(1711.70%)	775.10%	(45.70%)	(253.20%)
Gross profit	$ 40,954	$ 18,352	$ 105,137	$ 38,022
Effective tax rate on gross profit	30.10%	30.70%	31.70%	30.80%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Commitments (Details) - New Jersey And Illinois Properties $ in Thousands	Nov. 04, 2021USD ($)property	Sep. 30, 2021USD ($)property
Loss Contingencies [Line Items]
Asset acquisition, price of acquisition, expected | $		$ 14,000
Subsequent Event
Loss Contingencies [Line Items]
Asset acquisition, number of assets to be acquired	2
New Jersey
Loss Contingencies [Line Items]
Asset acquisition, number of assets to be acquired		2
New Jersey | Subsequent Event
Loss Contingencies [Line Items]
Asset acquisition, number of assets acquired	1
Purchase price | $	$ 2,500
Illinios
Loss Contingencies [Line Items]
Asset acquisition, number of assets to be acquired		1

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Legal Settlement (Details) shares in Thousands, $ in Thousands	Apr. 14, 2021USD ($)propertyshares	Jan. 28, 2021property	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)shares
Loss Contingencies [Line Items]
Settlement expense			$ 0	$ 0	$ 36,511	$ 0
TVP Parties Matter
Loss Contingencies [Line Items]
Potential common units awarded (in shares) | shares							4,770
Estimate of possible loss							$ 16,500
Number of properties to be acquired alleged not to be sustainable | property		3
Number of properties to be acquired | property	3	6
Settlement amount	$ 9,000
Settlement amount, additional cash payment	5,480
Amount not payable under agreements	$ 2,000
Common units awarded (in shares) | shares	4,770
Common units awarded, value	$ 26,041
Number of properties that remain suitable for original business purpose | property	3
Put option, term	3 years
Properties to be acquired	$ 5,400
Settlement expense					36,511
TVP Parties Matter | Accounts payable and accrued expenses
Loss Contingencies [Line Items]
Settlement liability			5,480		5,480
TVP Parties Matter | Stockholders’ Equity
Loss Contingencies [Line Items]
Settlement liability			$ 27,431		$ 27,431
TVP Parties Matter | Those not a party to litigation matter
Loss Contingencies [Line Items]
Common units awarded (in shares) | shares	255
Common units awarded, value	$ 1,390

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Shareholder Dispute (Details) - USD ($) $ / shares in Units, $ in Thousands	May 28, 2021	Apr. 22, 2021
Shareholder Litigation Matter
Loss Contingencies [Line Items]
Loss contingency, damages sought, value (in excess of)	$ 20,000
2019 AWH Convertible Notes
Loss Contingencies [Line Items]
Percentage of convertible noteholders that approved amendment of terms		66.00%
Conversion price (in dollars per share)		$ 2.96

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Feb. 25, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Total debt	$ 264,168		$ 215,029
MedMen NY, Inc.
Other Commitments [Line Items]
Ownership interest percentage		86.70%
Assumed debt | MedMen NY, Inc.
Other Commitments [Line Items]
Commitment		$ 73,000
MedMen NY, Inc.
Other Commitments [Line Items]
Commitment		73,000
MedMen NY, Inc. | MedMen NY Promissory Note
Other Commitments [Line Items]
Total debt		28,000
MedMen NY, Inc. | Cash investment
Other Commitments [Line Items]
Commitment		35,000
MedMen NY, Inc. | Additional investment amount
Other Commitments [Line Items]
Commitment		$ 10,000

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Other Transactions (Details) - Ohio Cannabis Clinic, LLC $ in Thousands	Aug. 20, 2021USD ($)
Other Commitments [Line Items]
Consideration transferred	$ 16,200
Cash payments to acquire business	12,400
Fair value of common stock transferred	$ 3,800

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 04, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
General and administrative expenses	$ 29,341	$ 15,000	$ 121,610	$ 34,624
Accounts payable and accrued liabilities	$ 30,395		30,395			$ 31,224
Affiliated Entity
Related Party Transaction [Line Items]
Quarterly management fee			$ 100
Management agreement termination fee					$ 2,000
Change of control, lock-up agreement term			360 days
General and administrative expenses		$ 100	$ 2,124	$ 300
Accounts payable and accrued liabilities						$ 100

SUPPLEMENTAL INFORMATION - Othe

SUPPLEMENTAL INFORMATION - Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Tenant improvement allowance	$ 9,182	$ 24,349
Deposits and other receivables	5,041	4,021
Prepaid expenses	3,872	2,311
Construction deposits	2,551	712
Other	2,652	1,205
Total	$ 23,298	$ 32,598

SUPPLEMENTAL INFORMATION - Acco

SUPPLEMENTAL INFORMATION - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 10,885	$ 7,363
Fixed asset purchases	7,656	11,572
Litigation settlement	5,480	0
Accrued payroll and related expenses	3,324	2,762
Accrued interest	416	7,723
Other	2,634	1,804
Total	$ 30,395	$ 31,224

SUPPLEMENTAL INFORMATION - Gene

SUPPLEMENTAL INFORMATION - General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Compensation	$ 13,434	$ 4,520	$ 37,140	$ 9,794
Rent and utilities	6,443	4,166	16,089	9,599
Professional services	3,158	2,693	12,945	5,599
Depreciation and amortization	2,520	2,299	7,409	6,219
Insurance	1,127	389	3,165	958
Marketing	783	511	2,188	1,136
Loss on sale of assets	649	0	649	286
Other	1,227	422	5,514	1,033
Total	$ 29,341	$ 15,000	$ 85,099	$ 34,624

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - BCCO, LLC - Subsequent Event $ in Thousands	Oct. 01, 2021USD ($)
Consideration transferred	$ 3,740
Note Receivable Settlement Consideration
Settlement of note and working capital loan	1,750
Working Capital Loan Settlement Consideration
Settlement of note and working capital loan	$ 1,799