Ascend Wellness (AAWH) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	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	2023
Document Fiscal Period Focus	Q1
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		194,850,072
Class B common stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		65,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 73,296	$ 74,146
Accounts receivable, net	19,475	14,101
Inventory	98,360	97,532
Notes receivable	4,154	3,423
Other current assets	8,923	9,541
Total current assets	204,208	198,743
Property and equipment, net	280,906	279,860
Operating lease right-of-use assets	106,050	108,810
Intangible assets, net	214,942	221,093
Goodwill	44,370	44,370
Other noncurrent assets	19,612	19,284
TOTAL ASSETS	870,088	872,160
Current liabilities
Accounts payable and accrued liabilities	52,996	56,595
Current portion of debt, net	2,629	11,329
Operating lease liabilities, current	2,819	2,633
Income taxes payable	46,818	34,678
Other current liabilities	4,550	5,714
Total current liabilities	109,812	110,949
Long-term debt, net	321,417	319,297
Operating lease liabilities, noncurrent	242,888	229,816
Deferred tax liabilities, net	31,442	33,607
Other non-current liabilities	15,568	15,076
Total liabilities	721,127	708,745
Commitments and contingencies (Note 15)
Stockholders' Equity
Preferred stock, $0.001 par value per share; 10,000 shares authorized, none issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Additional paid-in capital	434,392	430,375
Accumulated deficit	(285,620)	(267,148)
Total stockholders' equity	148,961	163,415
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	870,088	872,160
Class A common stock
Stockholders' Equity
Class A and Class B common stock	$ 189	$ 188
Common stock, shares outstanding (in shares)	189,501	187,999
Common stock shares issued (in shares)	189,501	187,999
Class B common stock
Stockholders' Equity
Class A and Class B common stock	$ 0	$ 0
Common stock, shares outstanding (in shares)	65	65
Common stock shares issued (in shares)	65	65

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
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	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock shares issued (in shares)	189,501,000	187,999,000
Common stock, shares outstanding (in shares)	189,501,000	187,999,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000	100,000
Common stock shares issued (in shares)	65,000	65,000
Common stock, shares outstanding (in shares)	65,000	65,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue, net	$ 114,176	$ 85,090
Cost of goods sold	(78,472)	(61,643)
Gross profit	35,704	23,447
Operating expenses
General and administrative expenses	35,449	33,227
Settlement expense	0	5,000
Total operating expenses	35,449	38,227
Operating profit (loss)	255	(14,780)
Other (expense) income
Interest expense	(8,975)	(6,031)
Other, net	265	103
Total other expense	(8,710)	(5,928)
Loss before income taxes	(8,455)	(20,708)
Income tax expense	(10,017)	(7,107)
Net loss	$ (18,472)	$ (27,815)
Net loss per share attributable to Class A and Class B stockholders of Ascend Wellness Holdings, Inc. — basic (in dollars per share)	$ (0.10)	$ (0.16)
Net loss per share attributable to Class A and Class B stockholders of Ascend Wellness Holdings, Inc. — diluted (in dollars per share)	$ (0.10)	$ (0.16)
Weighted-average common shares outstanding — basic (in shares)	188,487	172,494
Weighted-average common shares outstanding —diluted (in shares)	188,487	172,494

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		171,586
Beginning balance at Dec. 31, 2021	$ 176,477	$ 171	$ 362,555	$ (186,249)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity-based payment awards (in shares)		4,131
Vesting of equity-based payment awards	0	$ 4	(4)
Equity-based compensation expense	14,306		14,306
Taxes withheld under equity-based compensation plans, net (in shares)		(1,260)
Taxes withheld under equity-based compensation plans, net	(4,942)	$ (1)	(4,941)
Net loss	(27,815)			(27,815)
Ending balance (in shares) at Mar. 31, 2022		174,457
Ending balance at Mar. 31, 2022	$ 158,026	$ 174	371,916	(214,064)
Beginning balance (in shares) at Dec. 31, 2022	188,064	188,064
Beginning balance at Dec. 31, 2022	$ 163,415	$ 188	430,375	(267,148)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity-based payment awards (in shares)		2,023
Vesting of equity-based payment awards	0	$ 2	(2)
Equity-based compensation expense	4,555		4,555
Taxes withheld under equity-based compensation plans, net (in shares)		(521)
Taxes withheld under equity-based compensation plans, net	(537)	$ (1)	(536)
Net loss	$ (18,472)			(18,472)
Ending balance (in shares) at Mar. 31, 2023	189,566	189,566
Ending balance at Mar. 31, 2023	$ 148,961	$ 189	$ 434,392	$ (285,620)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (18,472)	$ (27,815)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	21,941	9,918
Amortization of operating lease assets	264	291
Non-cash interest expense	1,919	571
Equity-based compensation expense	4,555	5,715
Deferred income taxes	(2,165)	(1,147)
(Gain) loss on sale of assets	(442)	818
Other	4,433	2,204
Changes in operating assets and liabilities, net of effects of acquisitions
Accounts receivable	(5,374)	(2,759)
Inventory	(12,415)	(17,421)
Other current assets	2,001	3,031
Other noncurrent assets	(328)	(353)
Accounts payable and accrued liabilities	(802)	9,950
Other current liabilities	(1,163)	(1,099)
Lease liabilities	(314)	244
Income taxes payable	12,140	7,607
Net cash provided by (used in) operating activities	5,778	(10,245)
Cash flows from investing activities
Reimbursements for (additions to) capital assets	3,442	(10,214)
Investments in notes receivable	(731)	(1,000)
Collection of notes receivable	82	82
Proceeds from sale of assets	0	35,400
Acquisition of businesses, net of cash acquired	(8,000)	(24,890)
Purchase of intangible assets	(472)	0
Net cash used in investing activities	(5,679)	(622)
Cash flows from financing activities
Repayments of debt	(786)	(786)
Repayments under finance leases	(63)	0
Debt issuance costs	0	(31)
Taxes withheld under equity-based compensation plans, net	(100)	0
Net cash used in financing activities	(949)	(817)
Net decrease in cash, cash equivalents, and restricted cash	(850)	(11,684)
Cash, cash equivalents, and restricted cash at beginning of period	74,146	155,481
Cash, cash equivalents, and restricted cash at end of period	73,296	143,797
Supplemental Cash Flow Information
Interest paid	7,551	5,133
Income taxes paid	0	650
Non-cash investing and financing activities
Capital expenditures incurred but not yet paid	4,015	10,695
Taxes withheld under equity-based compensation plans, net	$ 537	$ 4,942

THE COMPANY AND NATURE OF OPERA

THE COMPANY AND NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND NATURE OF OPERATIONS	THE COMPANY AND NATURE OF OPERATIONSAscend Wellness Holdings, Inc., which operates through its subsidiaries (collectively referred to as “AWH,” “Ascend,” “we,” “us,” “our,” or the “Company”), is a vertically integrated 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, Ohio, New Jersey, and Pennsylvania. Our core business is the cultivation, manufacturing, and distribution of cannabis consumer packaged goods, which are sold through company-owned retail stores and to third-party licensed retail cannabis stores. AWH is headquartered in New York, New York. Shares of the Company’s Class A common stock are listed on the Canadian Securities Exchange (the “CSE”) under the ticker symbol “AAWH.U” and are quoted on the OTCQX ®

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 interim 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) in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”), as filed with the United States Securities and Exchange Commission (“SEC”) and with the relevant Canadian securities regulatory authorities under its profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”). Except as noted below, there have been no material changes to the Company’s significant accounting policies and estimates during the three months ended March 31, 2023. 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. 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. We are an emerging growth company under federal securities laws and as such we are able to elect to follow scaled disclosure requirements for this filing and can delay adopting new or revised accounting standards until such time as those standards apply to private companies. 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 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. Liquidity As reflected in the Financial Statements, the Company had an accumulated deficit as of March 31, 2023 and December 31, 2022, as well as a net loss for the three months ended March 31, 2023 and 2022, 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 and (ii) continued growth of sales 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. Cash and Cash Equivalents and Restricted Cash As of March 31, 2023 and December 31, 2022, we did not hold significant restricted cash or cash equivalents. Fair Value of Financial Instruments During the three months ended March 31, 2023 and 2022, 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. 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 include incremental shares of common stock issuable upon the exercise of warrants, unvested restricted stock awards, unvested restricted stock units, and outstanding stock options. At March 31, 2023 and 2022, 14,976 and 11,447 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 The following standards have been recently adopted by the Company. Recently effective standards 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 On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , (“ASU 2016-13”) and the related subsequent amendments, transitional guidance, and other interpretive guidance within ASU 2019-05, ASU 2019-11, ASU 2020-03, and ASU 2022-02 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 replaces the 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 results in earlier recognition of credit losses than the previous “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. Following the adoption of this guidance, the Company’s estimation of allowance for doubtful accounts related to trade receivables considers factors such as historical credit loss experience, age of receivable balances, current market conditions, and an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. Additionally, the Company’s estimation of allowances on notes receivable, as applicable, incorporates historical loss information, the financial condition of loan recipients, and various other economic conditions. The adoption of this guidance did not have a significant impact on our consolidated financial statements. Recently Issued Accounting Pronouncements The following standards have been recently issued by the Financial Accounting Standards Board (“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. 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 guidance was effective upon issuance as of March 12, 2020 and could be adopted as reference rate reform activities occurred through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , to extend the

REPORTABLE SEGMENTS AND REVENUE

REPORTABLE SEGMENTS AND REVENUE	3 Months Ended
	Mar. 31, 2023
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 (in thousands) 2023 2022 Retail revenue $ 82,745 $ 63,290 Wholesale revenue 58,414 37,933 141,159 101,223 Elimination of inter-company revenue (26,983) (16,133) Total revenue, net $ 114,176 $ 85,090 The liability related to the loyalty program we offer dispensary customers at certain locations was $604 and $672 at March 31, 2023 and December 31, 2022, respectively, and is included within “Other current liabilities” on the accompanying unaudited Condensed Consolidated Balance Sheets. The Company recorded $1,048 and $493 in allowance for doubtful accounts as of March 31, 2023 and December 31, 2022, respectively. Write-offs were not significant during the three months ended March 31, 2023 and 2022.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Business Combinations The Company has determined that the acquisition discussed below is considered a business combination under ASC Topic 805, Business Combinations , and is 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 are included in these Financial Statements from the date of the acquisition. The 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. 2022 Acquisitions Effective October 14, 2022, the Company acquired Marichron Pharma LLC (“Marichron”), a medical cannabis processor in Ohio. The purchase price allocation remains preliminary as the Company finalizes certain estimates of the fair value of the net assets acquired within the measurement period. Our results of operations for the three months ended March 31, 2023 include $257 of net revenue and $338 of net loss related to Marichron. Asset Acquisitions The Company determined the acquisitions below did not meet the definition of a business and are therefore accounted for as asset acquisitions. When the Company acquires assets and liabilities that do not constitute a business or variable interest entity (“VIE”) of which the Company is the primary beneficiary, the cost of each acquisition, including certain transaction costs, is allocated to the assets acquired and liabilities assumed on a relative fair value basis. Contingent consideration associated with the acquisition is generally recognized only when the contingency is resolved. When the Company acquires assets and liabilities that do not constitute a business but meet the definition of a VIE of which the Company is the primary beneficiary, the purchase is accounted for using the acquisition method described above for business combinations, except that no goodwill is recognized. To the extent there is a difference between the purchase consideration, including the estimated fair value of contingent consideration, plus the estimated fair value of any non-controlling interest and the VIE’s identifiable assets and liabilities recorded and measured at fair value, the difference is recognized as a gain or loss. A non-controlling interest represents the non-affiliated equity interest in the underlying entity. Transaction costs are expensed. 2022 Asset Acquisitions Story of PA On April 19, 2022, the Company acquired Story of PA CR, LLC (“Story of PA”). Total consideration for the acquisition of the outstanding equity interests in Story of PA was $53,127, consisting of 12,900 shares of Class A common stock with a fair value of $42,957 and cash consideration of $10,170. Story of PA received a clinical registrant permit from the Pennsylvania Department of Health on March 1, 2022. Through a research collaboration agreement with the Geisinger Commonwealth School of Medicine (“Geisinger”), a Pennsylvania Department of Health-Certified Medical Marijuana Academic Clinical Research Center, the Company intends to open a cultivation and processing facility and up to six medical dispensaries throughout the Commonwealth of Pennsylvania. The Company will help fund clinical research to benefit the patients of Pennsylvania by contributing $30,000 to Geisinger over the two years following the transaction date and up to an additional total of $10,000 over the course of ten years following the transaction date. The total acquisition cost in respect of the Story of PA acquisition was $137,594 and was allocated to the license intangible asset acquired. The total cost consists of the equity consideration, cash consideration, Geisinger funding commitment, other liabilities related to consulting agreements, forgiveness of the previously outstanding bridge loan, transaction costs, the initial cost of the investment, and an acquisition-related deferred tax liability of $37,391 that was recorded during the fourth quarter of 2022. Of the total funding commitment, $15,000 was paid in April 2022 and $15,000 is due in 2023 and is included within “Accounts payable and other accrued liabilities” on the unaudited Condensed Consolidated Balance Sheet at March 31, 2023. The additional $10,000 is included within “Other non-current liabilities” on the unaudited Condensed Consolidated Balance Sheet at March 31, 2023. A total of $472 due under one of the consulting agreements was paid during the three months ended March 31, 2023, and $471 remains due in June 2023 and is included within “Accounts payable and other accrued liabilities” on the unaudited Condensed Consolidated Balance Sheet at March 31, 2023. Ohio Patient Access On August 12, 2022, the Company entered into a definitive agreement (the “Ohio Agreement”) that provides the Company the option to acquire 100% of the equity of Ohio Patient Access LLC (“OPA”), the holder of a license that grants it the right to operate three medical dispensaries in Ohio, which operations have not yet commenced. The Ohio Agreement is subject to regulatory review and approval. Once the regulatory approval is received, the Company may exercise the option, and the exercise is solely within the Company’s control. The Company may exercise the option until the fifth anniversary of the agreement date or can elect to extend the exercise period for an additional year. Under the Ohio Agreement, the Company will also acquire the real property of the three dispensary locations. In conjunction with the Ohio Agreement, the parties also entered into a support services agreement under which the Company will provide management and advisory services to OPA for a set monthly fee. The parties also entered into a working capital loan agreement under which the Company may, at its full discretion, loan OPA up to $10,000 for general working capital needs. The purchase price per the Ohio Agreement consists of total cash consideration of $22,300. The Ohio Agreement also includes an earn-out provision of $7,300 that is dependent upon the commencement of adult-use cannabis sales in Ohio. The sellers may elect to receive the earn-out payment as either cash or shares of the Company’s Class A common stock, or a combination thereof. If the sellers elect to receive any or all of the payment in shares, the number of shares issued will be equal to the earn-out payment amount, or portion thereof, divided by the thirty-day volume weighted average price of the Class A shares immediately preceding the date the earn-out provision is achieved. If the sellers elect to receive Class A shares for the earn-out, those shares would be issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The Company determined OPA is a VIE and the Company became the primary beneficiary as of the signing date; therefore, OPA is consolidated as a VIE. To account for the initial consolidation of OPA, management applied the acquisition method discussed above. The total estimated fair value of the transaction consideration was determined to be $24,132 and consists of the fair value of the cash consideration of $19,290 plus the initial estimated fair value of the contingent consideration of $4,842. Of the total cash consideration, $11,300 was funded at signing pursuant to note agreements. The $11,000 payment that is due at final closing was recorded net of a discount of $3,010 based on the estimated payment date utilizing the Company’s incremental borrowing rate. This discounted payment is included within “Long-term debt, net” on the accompanying unaudited Condensed Consolidated Balance Sheet at March 31, 2023; refer to Note 11, “Debt,” for additional information. The license intangible asset acquired was determined to have an estimated fair value of $21,684 and the three properties had an estimated fair value of $2,448, which was determined using a market approach based on the total transaction consideration. The license acquired will be amortized in accordance with the Company’s policy once operations commence. The estimated fair value of the contingent consideration was determined utilizing an income approach based on a probability-weighted estimate of the future payment discounted using the Company’s estimated incremental borrowing rate and is classified within Level 3 of the fair value hierarchy. As of March 31, 2023 and December 31, 2022, the estimated fair value of this contingent consideration was $5,567 and $5,076, respectively, and is included within “Other non-current liabilities” on the accompanying unaudited Condensed Consolidated Balance Sheets. The $491 change in fair value during the three months ended March 31, 2023 is included within “General and administrative expenses” on the unaudited Condensed Consolidated Statement of Operations. Direct transaction expenses of $224 were incurred in the year ended December 31, 2022. The Company determined the fair value of any noncontrolling interest is de minimis . Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs. Illinois Licenses In August 2022, the Company entered into definitive agreements to acquire two additional licenses in Illinois. Neither of these licenses were associated with active operations at signing and the transfer of each license is subject to regulatory review and approval. The licenses acquired will be amortized in accordance with the Company’s policy once the related operations commence. One transaction was entered on August 11, 2022 for total cash consideration of $5,500. The Company accounted for this transaction as an asset acquisition and allocated the cash consideration as the cost of the license acquired. Of the total cash consideration, $3,000 was paid at signing and $2,500 is due at final closing and is included as a sellers’ note within “Long-term debt, net” on the accompanying unaudited Condensed Consolidated Balance Sheet at March 31, 2023 and December 31, 2022; refer to Note 11, “Debt,” for additional information.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY The components of inventory are as follows: (in thousands) March 31, 2023 December 31, 2022 Materials and supplies $ 16,417 $ 16,115 Work in process 49,553 49,586 Finished goods 32,390 31,831 Total $ 98,360 $ 97,532 Total compensation expense capitalized to inventory was $17,121 and $13,134 during the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022, $10,988 and $15,920, respectively, of compensation expense remained capitalized as part of inventory. The Company recognized, as a component of cost of goods sold, total write-downs of $3,942 and $2,204 during the three months ended March 31, 2023 and 2022, respectively, related to net realizable value adjustments, expired products, and obsolete packaging. These amounts are included within “Other” on the unaudited Condensed Consolidated Statements of Cash Flows.

NOTES RECEIVABLE

NOTES RECEIVABLE	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
NOTES RECEIVABLE	NOTES RECEIVABLE (in thousands) March 31, 2023 December 31, 2022 MMNY - working capital loan (1) $ 2,422 $ 2,422 Massachusetts Note (2) 1,732 1,001 Total $ 4,154 $ 3,423 (1) 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 is due and payable at the earlier of the initial closing of the Investment Agreement or, if the Investment Agreement is terminated for certain specified reasons, three (2) In May 2022 the Company issued a secured promissory note to a retail dispensary license holder in Massachusetts providing up to $3,500 of funding (the “Massachusetts Note”). The Massachusetts Note accrues interest at a fixed annual rate of 11.5%. Following the opening of the borrower’s retail dispensary, which had not occurred as of March 31, 2023, the principal amount is due monthly through the maturity date of May 25, 2026. The borrower may prepay the outstanding principal amount, plus accrued interest thereon. Borrowings under the Massachusetts Note are secured by the assets of the borrower. The borrower is partially owned by an entity that is managed, in part, by one of the founders of the Company. Additionally, the Company transacts with the retail dispensary in the ordinary course of business. Additionally, a total of $4,141 is outstanding at March 31, 2023 related to a promissory note issued to the owner of a property the Company is leasing, of which $165 and $3,976 is included in “Other current assets” and “Other noncurrent assets,” respectively, on the unaudited Condensed Consolidated Balance Sheet. At December 31, 2022, $4,181 was outstanding, of which $163 and $4,018 is included in “Other current assets” and “Other noncurrent assets,” respectively, on the unaudited Condensed Consolidated Balance Sheet. No impairment losses on notes receivable were recognized during the three months ended March 31, 2023 or 2022.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment consists of the following: (in thousands) March 31, 2023 December 31, 2022 Leasehold improvements $ 175,599 $ 174,099 Buildings 75,868 71,951 Furniture, fixtures, and equipment 66,332 63,974 Construction in progress 11,050 9,633 Land 6,505 6,505 Property and equipment, gross 335,354 326,162 Less: accumulated depreciation 54,448 46,302 Property and equipment, net $ 280,906 $ 279,860 Total depreciation expense was $8,146 and $5,378 during the three months ended March 31, 2023 and 2022, respectively. Total depreciation expense capitalized to inventory was $6,170 and $4,208 during the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022, $6,887 and $6,548, respectively, of depreciation expense remained capitalized as part of inventory. The table above includes equipment with a gross value of $1,480 and $1,086 as of March 31, 2023 and December 31, 2022, respectively, and accumulated amortization of $163 and $89, respectively, that the Company is renting under finance leases pursuant to a master lease agreement that was entered into in June 2022 and allows for an aggregate of $15,000 of such leases. Refer to Note 10, “Leases,” for additional information regarding our lease arrangements.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES 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. 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 March 31, 2023 and December 31, 2022 and in the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, as applicable. 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 VIEs. The information below excludes intercompany balances and activity that eliminate in consolidation. Ohio Patient Access (in thousands) March 31, 2023 December 31, 2022 Other noncurrent assets $ 25,039 $ 24,675 Current liabilities 3,012 1,675 Deficit (1,187) (588) Three Months Ended March 31, 2023 2022 (in thousands) Ohio Patient Access Ascend Illinois (1) Revenue, net $ — $ 63,892 Net income (loss) (598) 7,298 (1) In December 2022, following regulatory approvals for the title transfer of certain licenses, Ascend Illinois (including its subsidiaries) is wholly-owned by Ascend Wellness Holdings, Inc. and therefore is no longer considered a VIE as of December 31, 2022.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL (in thousands) March 31, 2023 December 31, 2022 Intangible Assets Licenses and permits $ 226,919 $ 226,919 In-place leases 19,963 19,963 Trade names 380 380 247,262 247,262 Accumulated amortization: Licenses and permits (18,636) (13,035) In-place leases (13,304) (12,754) Trade names (380) (380) (32,320) (26,169) Total intangible assets, net $ 214,942 $ 221,093 Goodwill $ 44,370 $ 44,370 Amortization expense related to intangible assets was $6,151 and $1,970 during the three months ended March 31, 2023 and 2022, respectively. Total amortization expense capitalized to inventory was $735 and $408 during the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022, $1,335 and $1,101, respectively, of amortization expense remained capitalized as part of inventory. No impairment indicators were noted during the three months ended March 31, 2023 or 2022 and, as such, w

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company leases land, buildings, equipment, and other capital assets which it uses for corporate purposes and the production and sale of cannabis products with terms generally ranging from 1 to 20 years. 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. 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. 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. 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. The components of lease assets and lease liabilities and their classification on our unaudited Condensed Consolidated Balance Sheets were as follows: (in thousands) Classification March 31, 2023 December 31, 2022 Lease assets Operating leases Operating lease right-of-use assets $ 106,050 $ 108,810 Finance leases Property and equipment, net 1,317 997 Total lease assets $ 107,367 $ 109,807 Lease liabilities Current liabilities Operating leases Operating lease liabilities, current $ 2,819 $ 2,633 Finance leases Current portion of debt, net 287 207 Noncurrent liabilities Operating leases Operating lease liabilities, noncurrent 242,888 229,816 Finance leases Long-term debt, net 903 695 Total lease liabilities $ 246,897 $ 233,351 The components of lease costs and classification within the unaudited Condensed Consolidated Statements of Operations were as follows: Three Months Ended (in thousands) 2023 2022 Operating lease costs Capitalized to inventory $ 8,227 $ 7,058 General and administrative expenses 340 332 Total operating lease costs $ 8,567 $ 7,390 Finance lease costs Amortization of leased assets (1) $ 74 $ — Interest on lease liabilities 36 — Total finance lease costs $ 110 $ — (1) Included as a component of depreciation expense within “General and administrative expenses” on the accompanying unaudited Condensed Consolidated Statements of Operations. At March 31, 2023 and December 31, 2022, $4,305 and $6,660, respectively, of lease costs remained capitalized in inventory. The following table presents information on short-term and variable lease costs: Three Months Ended (in thousands) 2023 2022 Total short-term and variable lease costs $ 1,135 $ 1,206 Sublease income generated during the three months ended March 31, 2023 and 2022 was immaterial. The following table includes supplemental cash and non-cash information related to our leases: Three Months Ended (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,604 $ 6,829 Operating cash flows from finance leases 36 — Financing cash flows from finance leases 63 — ROU assets obtained in exchange for new lease obligations Operating leases $ 13,571 $ 30,746 Finance leases 351 — The following table summarizes the weighted-average remaining lease term and discount rate: March 31, 2023 December 31, 2022 Weighted-average remaining term (years) Operating leases 15.0 15.1 Finance leases 3.5 3.7 Weighted-average discount rate Operating leases 15.0 % 14.8 % Finance leases 13.5 % 13.6 % 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 March 31, 2023 are as follows: (in thousands) Operating Lease Liabilities Finance Lease Liabilities Remainder of 2023 $ 27,180 $ 321 2024 37,124 428 2025 38,173 428 2026 38,859 307 2027 39,885 9 Thereafter 483,648 — Total lease payments 664,869 1,493 Less: imputed interest 419,162 303 Present value of lease liabilities $ 245,707 $ 1,190 As of March 31, 2023, we have 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 $1,900. Lease Amendments In February 2023, we amended the lease related to our Franklin, New Jersey cultivation facility to increase the tenant improvement allowance, which resulted in increased rent amounts. We accounted for the amendment as a lease modification and remeasured the ROU asset and lease liability as of the amendment date, which resulted in a total additional tenant improvement allowance of $15,000, a reduction of $2,254 to the ROU asset, and an increase of $12,746 to the lease liability. During the three months ended March 31, 2023, we received a total of $1,510 under the capital expenditure allowance associated with two leases in Pennsylvania that was recorded as a tenant improvement allowance, which, based on the modified lease terms, resulted in $825 of additional lease liabilities, a reduction of $243 to the ROU asset, and a net gain of $442 during the three months ended March 31, 2023, which is included in “General and administrative expenses” on the unaudited Condensed Consolidated Statement of Operations. 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 2023 2024 2025 2026 2027 Thereafter Total Cash payments due under financing liabilities $ 1,738 $ 2,416 $ 2,525 $ 2,599 $ 2,676 $ 9,477 $ 21,431
LEASES	LEASES The Company leases land, buildings, equipment, and other capital assets which it uses for corporate purposes and the production and sale of cannabis products with terms generally ranging from 1 to 20 years. 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. 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. 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. 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. The components of lease assets and lease liabilities and their classification on our unaudited Condensed Consolidated Balance Sheets were as follows: (in thousands) Classification March 31, 2023 December 31, 2022 Lease assets Operating leases Operating lease right-of-use assets $ 106,050 $ 108,810 Finance leases Property and equipment, net 1,317 997 Total lease assets $ 107,367 $ 109,807 Lease liabilities Current liabilities Operating leases Operating lease liabilities, current $ 2,819 $ 2,633 Finance leases Current portion of debt, net 287 207 Noncurrent liabilities Operating leases Operating lease liabilities, noncurrent 242,888 229,816 Finance leases Long-term debt, net 903 695 Total lease liabilities $ 246,897 $ 233,351 The components of lease costs and classification within the unaudited Condensed Consolidated Statements of Operations were as follows: Three Months Ended (in thousands) 2023 2022 Operating lease costs Capitalized to inventory $ 8,227 $ 7,058 General and administrative expenses 340 332 Total operating lease costs $ 8,567 $ 7,390 Finance lease costs Amortization of leased assets (1) $ 74 $ — Interest on lease liabilities 36 — Total finance lease costs $ 110 $ — (1) Included as a component of depreciation expense within “General and administrative expenses” on the accompanying unaudited Condensed Consolidated Statements of Operations. At March 31, 2023 and December 31, 2022, $4,305 and $6,660, respectively, of lease costs remained capitalized in inventory. The following table presents information on short-term and variable lease costs: Three Months Ended (in thousands) 2023 2022 Total short-term and variable lease costs $ 1,135 $ 1,206 Sublease income generated during the three months ended March 31, 2023 and 2022 was immaterial. The following table includes supplemental cash and non-cash information related to our leases: Three Months Ended (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,604 $ 6,829 Operating cash flows from finance leases 36 — Financing cash flows from finance leases 63 — ROU assets obtained in exchange for new lease obligations Operating leases $ 13,571 $ 30,746 Finance leases 351 — The following table summarizes the weighted-average remaining lease term and discount rate: March 31, 2023 December 31, 2022 Weighted-average remaining term (years) Operating leases 15.0 15.1 Finance leases 3.5 3.7 Weighted-average discount rate Operating leases 15.0 % 14.8 % Finance leases 13.5 % 13.6 % 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 March 31, 2023 are as follows: (in thousands) Operating Lease Liabilities Finance Lease Liabilities Remainder of 2023 $ 27,180 $ 321 2024 37,124 428 2025 38,173 428 2026 38,859 307 2027 39,885 9 Thereafter 483,648 — Total lease payments 664,869 1,493 Less: imputed interest 419,162 303 Present value of lease liabilities $ 245,707 $ 1,190 As of March 31, 2023, we have 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 $1,900. Lease Amendments In February 2023, we amended the lease related to our Franklin, New Jersey cultivation facility to increase the tenant improvement allowance, which resulted in increased rent amounts. We accounted for the amendment as a lease modification and remeasured the ROU asset and lease liability as of the amendment date, which resulted in a total additional tenant improvement allowance of $15,000, a reduction of $2,254 to the ROU asset, and an increase of $12,746 to the lease liability. During the three months ended March 31, 2023, we received a total of $1,510 under the capital expenditure allowance associated with two leases in Pennsylvania that was recorded as a tenant improvement allowance, which, based on the modified lease terms, resulted in $825 of additional lease liabilities, a reduction of $243 to the ROU asset, and a net gain of $442 during the three months ended March 31, 2023, which is included in “General and administrative expenses” on the unaudited Condensed Consolidated Statement of Operations. 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 2023 2024 2025 2026 2027 Thereafter Total Cash payments due under financing liabilities $ 1,738 $ 2,416 $ 2,525 $ 2,599 $ 2,676 $ 9,477 $ 21,431

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT (in thousands) March 31, 2023 December 31, 2022 2021 Credit Facility (1) $ 275,000 $ 275,000 Sellers’ Notes (2) 19,149 27,606 Financing Agreement (3) 19,975 19,364 Finance liabilities (4) 18,100 18,100 Finance leases (5) 1,190 902 Total debt $ 333,414 $ 340,972 Current portion of debt 2,642 11,347 Less: unamortized deferred financing costs 13 18 Current portion of debt, net $ 2,629 $ 11,329 Long-term debt 330,772 329,625 Less: unamortized deferred financing costs 9,355 10,328 Long-term debt, net $ 321,417 $ 319,297 (1) On August 27, 2021, the Company entered into a credit agreement with a group of lenders (the “2021 Credit Agreement”) that provided for an initial term loan of $210,000 (the “2021 Credit Facility”), which was borrowed in full. The 2021 Credit Agreement provided for an expansion feature that allowed the Company to request an increase in the 2021 Credit Facility up to $275,000 if the then-existing lenders (or other lenders) agreed to provide such additional term loans. During the second quarter of 2022, the Company borrowed an additional $65,000 pursuant to the expansion feature (the “2022 Loans”) for total borrowings of $275,000 under the 2021 Credit Facility. 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. The 2021 Credit Agreement permits the Company to request an extension of the maturity date for 364 days, subject to the lenders’ discretion. We incurred initial financing costs of $8,806 and additional financing costs of $7,606 related to the 2022 Loans, which includes warrants issued to certain lenders to acquire 3,130 shares of Class A common stock that had a fair value of $2,639 at issuance. The financing costs are being amortized to interest expense over the term of 2021 Credit Facility using the straight-line method which approximates the interest rate method. The 2022 Loans were funded by a combination of new and existing lenders. Borrowings from the existing lenders were accounted for as a modification of existing debt, with the exception of one lender that was considered an extinguishment. We recognized a loss on extinguishment of $2,180 as a component of interest expense during the second quarter of 2022, which was comprised of the write-off of $337 related to the lender’s initial term loan and $1,843 related to the lender’s new loan, which included the estimated fair value of the warrants issued to the lender. The 2021 Credit Agreement requires mandatory prepayments from proceeds of certain events, including the proceeds of indebtedness that is not permitted under the agreement and asset sales and casualty events, subject to customary reinvestment rights. The Company may prepay the 2021 Credit Facility at any time, subject to a customary make-whole payment or prepayment penalty, as applicable. Once repaid, amounts borrowed under the 2021 Credit Facility may not be re-borrowed. The Company is required to comply with two financial covenants under the 2021 Credit Agreement. 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 2.50:1.00. The Company has a customary equity cure right for each of these financial covenants. The Company is in compliance with these covenants as of March 31, 2023. 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. During the three months ended March 31, 2023, we repaid $8,000 to the former owners of one entity that we previously acquired, which is included in “Current portion of debt, net” on the unaudited Condensed Consolidated Balance Sheet at December 31, 2022. Additionally, as further described in Note 4, “Acquisitions,” a total of $8,100 of sellers’ notes related to the acquisition of two additional licenses in Illinois is included in “Long-term debt, net” at each of March 31, 2023 and December 31, 2022, and $8,694 and $8,366, respectively, related to the OPA acquisition are included in Long-term debt, net at March 31, 2023 and December 31, 2022. The $11,000 OPA sellers’ note was recorded net of a discount of $3,010 that was calculated utilizing the Company’s estimated incremental borrowing rate based on the anticipated close date and is being accreted to interest expense over the expected term. Additionally, as of March 31, 2023 and December 31, 2022, $2,355 and $3,140, respectively, remains due under the purchase of a previous non-controlling interest and are included in “Current portion of debt, net” on the unaudited Condensed Consolidated Balance Sheet at each date. (3) In December 2022, the Company received $19,364 pursuant to a financing agreement with a third-party lender (the “Financing Agreement”), which is included in “Long-term debt, net” at March 31, 2023 and December 31, 2022. The Company assigned to the lender its interests in an employee retention tax credit claim (the “ERTC Claim”) that it submitted in November 2022 for approximately $22,800. If the Company does not receive the ERTC Claim, in whole or in part, the Company is required to repay the related portion of the funds received plus interest of 10% accrued from the date of the Financing Agreement through the repayment date. The Financing Agreement does not have a stated maturity date and the discount is being accreted to interest expense over an expected term. The Company’s obligations under the Financing Agreement will be satisfied upon receipt of the ERTC Claim or other full repayment. The Company determined the ERTC Claim did not meet the criteria to record as a receivable as of March 31, 2023 because of the uncertain nature of the ERTC Claim. (4) Finance liabilities related to failed sale leaseback transactions. See Note 10, “Leases,” for additional information. (5) Liabilities related to finance leases. See Note 10, “Leases,” for additional information. Debt Maturities During the three months ended March 31, 2023, we repaid $8,000 of sellers’ notes related to one previous acquisition and $786 of sellers’ notes related to the former owners of a previous non-controlling interest. At March 31, 2023, the following cash payments are required under our debt arrangements: (in thousands) Remainder of 2023 2024 2025 Total Sellers’ notes (1) $ 2,357 $ 8,100 $ 11,000 $ 21,457 Term note maturities — — 275,000 275,000 (1) Certain cash payments include an interest accretion component. The timing of certain payments may vary based on regulatory approval of the underlying transactions. Interest Expense Interest expense during the three months ended March 31, 2023 and 2022 consisted of the following: Three Months Ended (in thousands) 2023 2022 Cash interest $ 6,450 $ 4,943 Accretion 1,919 573 Interest on financing liabilities (1) 570 515 Interest on finance leases 36 — Total $ 8,975 $ 6,031 (1) Interest on financing liability related to failed sale leaseback transactions. See Note 10, “Leases,” for additional details.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY 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. Holders of each share of Class A common stock are 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 May 4, 2026, the final conversion date. 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 any such transferred shares. 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. The following table summarizes the total shares of Class A common stock and Class B common stock outstanding as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 December 31, 2022 Shares of Class A common stock 189,501 187,999 Shares of Class B common stock 65 65 Total 189,566 188,064 Warrants The following table summarizes the warrants activity during the three months ended March 31, 2023: Number of Warrants (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Exercise Period (years) Aggregate Intrinsic Value (in thousands) (1) Outstanding, December 31, 2022 5,740 $ 3.46 2.7 $ — Outstanding, March 31, 2023 (2) 5,740 $ 3.46 2.5 $ — (1) Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated. (2) The warrants outstanding as of March 31, 2023 are equity-classified instruments, are subject to customary anti-dilution adjustments, and are stand-alone instruments. The fair value per warrant is calculated at issuance using a Black-Scholes model and ranged from $0.02 to $0.84. Significant assumptions used in the calculations included volatility ranging from 70.0% to 108.4% and risk-free rates ranging from 0.17% to 4.20%. No warrants were exercised during the three months ended March 31, 2023.

EQUITY-BASED COMPENSATION EXPEN

EQUITY-BASED COMPENSATION EXPENSE	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION EXPENSE	EQUITY-BASED COMPENSATION EXPENSE Equity Incentive Plans 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 had been issued under the plan as of March 31, 2023. The Awards generally vest over two The following table summarizes the restricted common shares activity during the three months ended March 31, 2023: (in thousands) Restricted Common Shares Unvested, December 31, 2022 617 Vested (492) Unvested, March 31, 2023 125 As of March 31, 2023, total unrecognized compensation cost related to the restricted common shares was $17, which is expected to be recognized over a weighted-average remaining 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 stock options, stock appreciation rights (“SAR Awards”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), 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 March 31, 2023, there were 4,242 shares of Class A common stock available for grant for future equity-based compensation awards under the 2021 Plan. Activity related to awards issued under the 2021 Plan is further described below. As of March 31, 2023, no SAR Awards and no RSAs have been granted under the 2021 Plan. On March 9, 2023, the Company’s board of directors unanimously approved, subject to stockholder approval, an amendment to the 2021 Plan (the “Amendment”) to increase the maximum number of shares of Class A common stock available for issuance under the 2021 Plan to an amount not to exceed 10% of the total number of issued and outstanding shares of Class A common stock, on a non-diluted basis, as constituted on the grant date of an award pursuant to the 2021 Plan. On May 5, 2023, the stockholders of the Company voted to approve the Amendment. Stock Options The following table summarizes stock option activity during the three months ended March 31, 2023: Options Outstanding (in thousands, except per share amounts) Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (1) Outstanding, December 31, 2022 2,042 $ 3.29 4.4 $ — Forfeited (109) $ 3.36 Outstanding, March 31, 2023 1,933 $ 3.29 4.2 $ — Exercisable at March 31, 2023 261 $ 4.10 4.1 $ — (1) Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated. No options were exercised and no options were granted during the three months ended March 31, 2023. Total unrecognized stock-based compensation expense related to unvested options was $2,441 as of March 31, 2023, which is expected to be recognized over a weighted-average remaining period of 3.1 years. Restricted Stock Units The following table summarizes the RSU activity during the three months ended March 31, 2023: Number of Shares (in thousands) Weighted-Average Grant Date Fair Value per Share Unvested, December 31, 2022 6,462 $ 7.62 Granted 2,486 1.28 Vested (1) (1,531) 8.49 Forfeited (239) 5.04 Unvested, March 31, 2023 7,178 $ 5.33 (1) Includes 521 vested shares that were withheld to cover tax obligations and were subsequently cancelled. As of March 31, 2023, total unrecognized compensation cost related to the RSUs was $35,939, which is expected to be recognized over a weighted-average remaining period of 2.1 years. Compensation Expense by Type of Award The following table details the equity-based compensation expense by type of award for the periods presented: Three Months Ended (in thousands) 2023 2022 RSUs $ 4,328 $ 5,533 Stock Options 177 27 Restricted Common Shares 50 155 Total equity-based compensation expense $ 4,555 $ 5,715 Of the total equity-based compensation expense, $1,600 and $3,211 was capitalized to inventory during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, $2,086 and $536, respectively, remains capitalized in inventory. During the three months ended March 31, 2023 and 2022, we recognized $2,955 and $2,504, respectively, within “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations and we recognized $50 and $3,995, respectively, within “Cost of goods sold.” 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. No shares have been issued under the 2021 ESPP as of March 31, 2023.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Three Months Ended ($ in thousands) 2023 2022 Loss before income taxes $ (8,455) $ (20,708) Income tax expense 10,017 7,107 Effective tax rate (118.5) % (34.3) % Gross profit $ 35,704 $ 23,447 Effective tax rate on gross profit 28.1 % 30.3 % Since the Company operates in the cannabis industry, it is subject to the limitations of Internal Revenue Code (“IRC”) Section 280E, which prohibits businesses engaged in the trafficking of Schedule I or Schedule II controlled substances from deducting ordinary and necessary business expenses from gross profit. Cannabis businesses operating in states that align their tax codes with IRC Section 280E are also unable to deduct ordinary and necessary business expenses for state tax purposes. Ordinary and necessary business expenses deemed non-deductible under IRC Section 280E are treated as permanent book-to-tax differences. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income or loss. As such, the effective tax rate for the three months ended March 31, 2023 varies from the effective tax rate for the three months ended March 31, 2022 due to the tax-effected change in nondeductible expenses under IRC Section 280E as a proportion of pre-tax loss during the period.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
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, and certain payments related to acquisitions, as disclosed in Note 4. 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 March 31, 2023 in all material respects, 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 United States authorize medical and/or adult use cannabis production and distribution by licensed or registered entities, under United States 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 United States 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 March 31, 2023 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. MedMen NY Litigation On February 25, 2021, the Company entered into a definitive investment agreement (the “Investment Agreement”) with subsidiaries of MedMen Enterprises Inc. (“MedMen”), under which we would have, subject to regulatory approval, completed an investment (the “Investment”) of approximately $73,000 in MedMen NY, Inc. (“MMNY”), a licensed medical cannabis operator in the state of New York. Following the completion of the transactions contemplated by the Investment Agreement, we were expected to hold all the outstanding equity of MMNY. Specifically, the Investment Agreement provided that at closing, the Company was going to pay to MedMen’s senior lenders $35,000, less certain transaction costs and a prepaid deposit of $4,000, and AWH New York, LLC was going to 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 would be used to reduce the amounts owed to MMNY’s senior secured lender. Following its investment, AWH would 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 for a nominal additional payment, which option the Company intended to exercise. The Investment Agreement also required AWH to make an additional investment of $10,000 in MMNY, which investment would also be used to repay MMNY’s senior secured lender, if adult-use cannabis sales commenced in MMNY’s dispensaries. The Company contends that, in December 2021, the parties to the Investment Agreement received the required approvals from the State of New York to close the transactions contemplated by the Investment Agreement, but MedMen has disputed the adequacy of the approvals provided by the State of New York. The Company delivered notice to MedMen in December 2021 that it wished to close the transactions as required by the Investment Agreement. Nevertheless, MedMen, on January 2, 2022, gave notice to the Company that MedMen purported to terminate the Investment Agreement. Following receipt of such notice, on January 13, 2022, the Company filed a complaint against MedMen and others in the Commercial Division of the Supreme Court of the State of New York (the “Court”), requesting specific performance that the transactions contemplated by the Investment Agreement must move forward, and such other relief as the Court may deem appropriate. The Company simultaneously moved for a temporary restraining order and preliminary injunction (the “Motion”) requiring MedMen to operate its New York business in the ordinary course of business and to refrain from any activities or transactions that might impair, encumber, or dissipate MedMen’s New York assets. The parties resolved the Motion via a “Stipulation and Order” entered by the Court on January 21, 2022 that requires that MMNY operate only in compliance with the law and in a manner consistent with its ordinary course of business that preserves all assets of MMNY. It further requires MMNY to not take certain actions, including any actions that would have a material adverse effect on MedMen’s NY business. On March 27, 2023, the parties entered a further stipulation that would modify the January 21, 2022 Stipulation and Order, but that modification has not been approved by the Court. Accordingly, the Stipulation and Order remains in place until trial. The Stipulation and Order also set an initial schedule for the litigation. On January 24, 2022, MedMen filed counterclaims against the Company, alleging that Ascend had breached the Investment Agreement, and seeking declaratory relief that MedMen had properly terminated the Investment Agreement. On February 14, 2022, the Company moved to dismiss MedMen’s counterclaims and filed an amended complaint (the “First Amended Complaint”) that included additional claims against MedMen for breach of contract. The First Amended Complaint contained several causes of action, including for breach of contract and breach of the covenant of good faith and fair dealing. The First Amended Complaint sought damages in addition to continuing to seek injunctive and declaratory relief. On March 7, 2022, MedMen filed amended counterclaims, an answer, and affirmative defenses to the First Amended Counterclaim. On March 28, 2022, the Company moved to dismiss MedMen’s amended counterclaims. On April 20, 2022, the parties entered into a stipulation extending the time for MedMen to oppose the Company’s motion to dismiss until May 5, 2022. In addition, the parties agreed to stay all discovery, including both party and non-party discovery. On May 5, 2022, the parties filed another stipulation order with the Court adjourning until further notice from the Court MedMen’s time to oppose the Company’s motion to dismiss MedMen’s amended counterclaims. The parties again stipulated that all discovery remains stayed pending further order from the Court. On May 10, 2022, the Company and MedMen signed a term sheet (the “Term Sheet”), pursuant to which the parties agreed to use best efforts to enter into a settlement agreement and enter into new or amended transactional documents. Specifically, if consummated, the agreements contemplated by the Term Sheet would entail, among other things, the Company paying MedMen $15,000 in additional transaction consideration, and MedMen withdrawing its counterclaims against the Company. Per the amended transaction terms contemplated in the Term Sheet, upon closing, the Company would receive a 99.99% controlling interest in MMNY and the Company would pay MedMen $74,000, which reflected the original transaction consideration plus an additional $11,000 per the parties’ term sheet, less a $4,000 deposit that the Company already paid. The amended transaction terms contemplated in the Term Sheet also would have required MedMen to provide a representation and warranty that the status of the MMNY assets has not materially changed since December 31, 2021 and an acknowledgement that the representations and warranties from the Investment Agreement will survive for three months after the closing of the contemplated transactions. After the Company determined that MedMen cannot make or provide the representations and warranties MedMen would have been required to make as part of the contemplated transactions, the Company determined that it no longer intends to consummate the contemplated transactions. On September 30, 2022, the Company sought leave from the Court to file a second amended complaint (the “Second Amended Complaint”). The Second Amended Complaint contains breach of contract claims against MedMen, as well as a claim for the breach of the implied covenant of good faith and fair dealing, and a claim for anticipatory breach of contract. In connection with those claims, the Company is no longer seeking injunctive or declaratory relief; however, the Company continues to seek damages from MedMen, including, but not limited to, the return of the $4,000 deposit, approximately $2,400 of advances pursuant to a working capital loan agreement (as described in Note 6, “Notes Receivable”) and other capital expenditure advances paid to MMNY by the Company. On November 21, 2022, the parties entered into a stipulation whereby MedMen agreed to the filing of the Second Amended Complaint, which is now the operative pleading in the litigation. In addition, in the stipulation, the Company agreed that it would not contest MedMen’s filing of second amended counterclaims against the Company while reserving all rights with respect to any such counterclaims, including the right to move to dismiss any amended counterclaims. Because the parties agreed to the filing of each side’s amended pleadings, on November 28, 2022, the Court determined that Ascend’s March 2022 motion to dismiss was moot. On December 21, 2022, MedMen filed amended counterclaims, an answer, and affirmative defenses to the Company’s Second Amended Complaint. In addition to the allegations in MedMen’s earlier pleadings, MedMen now also alleges that the Company breached the Term Sheet. On January 20, 2023, the Company moved to dismiss MedMen’s amended counterclaims. The briefing on the Company’s motion to dismiss was completed as of March 3, 2023. The parties are awaiting a decision from the Court on the motion to dismiss. Following the Company’s decision to no longer consummate the contemplated transactions, during the third quarter of 2022, the Company expensed a total of $1,704 of capitalized costs, primarily consisting of capital expenditures or deposits that were incurred for certain locations. Additionally, during the fourth quarter of 2022, the Company established an estimated reserve of $3,700 related to the remaining amounts that it is actively pursuing collecting. The Company determined that the estimated reserve remained adequate as of March 31, 2023 and is included within “Other current assets” on the unaudited Condensed Consolidated Balance Sheets at March 31, 2023 and December 31, 2022.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSThere were no significant related party transactions during the three months ended March 31, 2023, other than as disclosed in Note 6, “Notes Receivable.”

SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 December 31, 2022 Deposits and other receivables $ 3,232 $ 3,170 Prepaid expenses 2,937 4,765 Tenant improvement allowance 1,965 500 Construction deposits 538 863 Other 251 243 Total $ 8,923 $ 9,541 The following table presents supplemental information regarding our accounts payable and accrued liabilities: (in thousands) March 31, 2023 December 31, 2022 Accounts payable $ 20,940 $ 17,065 Acquisition-related liabilities 15,471 15,943 Accrued payroll and related expenses 4,367 7,549 Fixed asset purchases 4,015 6,777 Accrued interest — 1,100 Other 8,203 8,161 Total $ 52,996 $ 56,595 The following table presents supplemental information regarding our general and administrative expenses: Three Months Ended (in thousands) 2023 2022 Compensation $ 16,488 $ 14,500 Depreciation and amortization 7,392 2,732 Rent and utilities 4,511 5,986 Professional services 3,372 5,864 Insurance 1,419 1,339 Marketing 1,014 675 (Gain) loss on sale of assets (442) 818 Other 1,695 1,313 Total $ 35,449 $ 33,227

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
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 April 27, 2023, the Company acquired 100% of the membership interests of certain entities related to Devi Holdings, Inc. (“Devi”), pursuant to a definitive agreement that was entered into on January 25, 2023 (the “Maryland Agreement”). Through the Maryland Agreement, the Company acquired the four licensed medical cannabis dispensaries that Devi owned and operated in Maryland. Total consideration at closing consisted of cash consideration of $12,000, subject to customary closing conditions and working capital adjustments, and 5,185 shares of Class A common stock with an estimated fair value of $4,770. The Company anticipates accounting for this transaction as a business combination and is in the process of completing the preliminary purchase price allocation of the net assets acquired.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated interim 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) in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”), as filed with the United States Securities and Exchange Commission (“SEC”) and with the relevant Canadian securities regulatory authorities under its profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”). Except as noted below, there have been no material changes to the Company’s significant accounting policies and estimates during the three months ended March 31, 2023.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. We are an emerging growth company under federal securities laws and as such we are able to elect to follow scaled disclosure requirements for this filing and can delay adopting new or revised accounting standards until such time as those standards apply to private companies.
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	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	ReclassificationsCertain prior year amounts have been reclassified to conform with our current period presentation. These changes had no impact on our previously reported net loss.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted CashAs of March 31, 2023 and December 31, 2022, we did not hold significant restricted cash or cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments During the three months ended March 31, 2023 and 2022, 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. 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 include incremental shares of common stock issuable upon the exercise of warrants, unvested restricted stock awards, unvested restricted stock units, and outstanding stock options. At March 31, 2023 and 2022, 14,976 and 11,447 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
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Standards The following standards have been recently adopted by the Company. Recently effective standards 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 On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , (“ASU 2016-13”) and the related subsequent amendments, transitional guidance, and other interpretive guidance within ASU 2019-05, ASU 2019-11, ASU 2020-03, and ASU 2022-02 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 replaces the 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 results in earlier recognition of credit losses than the previous “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. Following the adoption of this guidance, the Company’s estimation of allowance for doubtful accounts related to trade receivables considers factors such as historical credit loss experience, age of receivable balances, current market conditions, and an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. Additionally, the Company’s estimation of allowances on notes receivable, as applicable, incorporates historical loss information, the financial condition of loan recipients, and various other economic conditions. The adoption of this guidance did not have a significant impact on our consolidated financial statements. Recently Issued Accounting Pronouncements The following standards have been recently issued by the Financial Accounting Standards Board (“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. 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 guidance was effective upon issuance as of March 12, 2020 and could be adopted as reference rate reform activities occurred through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , to extend the

REPORTABLE SEGMENTS AND REVEN_2

REPORTABLE SEGMENTS AND REVENUE (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule Of 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 (in thousands) 2023 2022 Retail revenue $ 82,745 $ 63,290 Wholesale revenue 58,414 37,933 141,159 101,223 Elimination of inter-company revenue (26,983) (16,133) Total revenue, net $ 114,176 $ 85,090

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The components of inventory are as follows: (in thousands) March 31, 2023 December 31, 2022 Materials and supplies $ 16,417 $ 16,115 Work in process 49,553 49,586 Finished goods 32,390 31,831 Total $ 98,360 $ 97,532

NOTES RECEIVABLE (Tables)

NOTES RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Notes Receivable	(in thousands) March 31, 2023 December 31, 2022 MMNY - working capital loan (1) $ 2,422 $ 2,422 Massachusetts Note (2) 1,732 1,001 Total $ 4,154 $ 3,423 (1) 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 is due and payable at the earlier of the initial closing of the Investment Agreement or, if the Investment Agreement is terminated for certain specified reasons, three (2) In May 2022 the Company issued a secured promissory note to a retail dispensary license holder in Massachusetts providing up to $3,500 of funding (the “Massachusetts Note”). The Massachusetts Note accrues interest at a fixed annual rate of 11.5%. Following the opening of the borrower’s retail dispensary, which had not occurred as of March 31, 2023, the principal amount is due monthly through the maturity date of May 25, 2026. The borrower may prepay the outstanding principal amount, plus accrued interest thereon. Borrowings under the Massachusetts Note are secured by the assets of the borrower. The borrower is partially owned by an entity that is managed, in part, by one of the founders of the Company. Additionally, the Company transacts with the retail dispensary in the ordinary course of business.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following: (in thousands) March 31, 2023 December 31, 2022 Leasehold improvements $ 175,599 $ 174,099 Buildings 75,868 71,951 Furniture, fixtures, and equipment 66,332 63,974 Construction in progress 11,050 9,633 Land 6,505 6,505 Property and equipment, gross 335,354 326,162 Less: accumulated depreciation 54,448 46,302 Property and equipment, net $ 280,906 $ 279,860

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 and in the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, as applicable. 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 VIEs. The information below excludes intercompany balances and activity that eliminate in consolidation. Ohio Patient Access (in thousands) March 31, 2023 December 31, 2022 Other noncurrent assets $ 25,039 $ 24,675 Current liabilities 3,012 1,675 Deficit (1,187) (588) Three Months Ended March 31, 2023 2022 (in thousands) Ohio Patient Access Ascend Illinois (1) Revenue, net $ — $ 63,892 Net income (loss) (598) 7,298 (1) In December 2022, following regulatory approvals for the title transfer of certain licenses, Ascend Illinois (including its subsidiaries) is wholly-owned by Ascend Wellness Holdings, Inc. and therefore is no longer considered a VIE as of December 31, 2022.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	(in thousands) March 31, 2023 December 31, 2022 Intangible Assets Licenses and permits $ 226,919 $ 226,919 In-place leases 19,963 19,963 Trade names 380 380 247,262 247,262 Accumulated amortization: Licenses and permits (18,636) (13,035) In-place leases (13,304) (12,754) Trade names (380) (380) (32,320) (26,169) Total intangible assets, net $ 214,942 $ 221,093 Goodwill $ 44,370 $ 44,370

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of 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 March 31, 2023 December 31, 2022 Lease assets Operating leases Operating lease right-of-use assets $ 106,050 $ 108,810 Finance leases Property and equipment, net 1,317 997 Total lease assets $ 107,367 $ 109,807 Lease liabilities Current liabilities Operating leases Operating lease liabilities, current $ 2,819 $ 2,633 Finance leases Current portion of debt, net 287 207 Noncurrent liabilities Operating leases Operating lease liabilities, noncurrent 242,888 229,816 Finance leases Long-term debt, net 903 695 Total lease liabilities $ 246,897 $ 233,351
Schedule of Lease Cost	The components of lease costs and classification within the unaudited Condensed Consolidated Statements of Operations were as follows: Three Months Ended (in thousands) 2023 2022 Operating lease costs Capitalized to inventory $ 8,227 $ 7,058 General and administrative expenses 340 332 Total operating lease costs $ 8,567 $ 7,390 Finance lease costs Amortization of leased assets (1) $ 74 $ — Interest on lease liabilities 36 — Total finance lease costs $ 110 $ — (1) Included as a component of depreciation expense within “General and administrative expenses” on the accompanying unaudited Condensed Consolidated Statements of Operations. The following table presents information on short-term and variable lease costs: Three Months Ended (in thousands) 2023 2022 Total short-term and variable lease costs $ 1,135 $ 1,206
Schedule of Supplemental Cash and Non-Cash Information for Leases	The following table includes supplemental cash and non-cash information related to our leases: Three Months Ended (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,604 $ 6,829 Operating cash flows from finance leases 36 — Financing cash flows from finance leases 63 — ROU assets obtained in exchange for new lease obligations Operating leases $ 13,571 $ 30,746 Finance leases 351 —
Schedule Of Weighted Average Remaining Lease Term and Discount Rate	The following table summarizes the weighted-average remaining lease term and discount rate: March 31, 2023 December 31, 2022 Weighted-average remaining term (years) Operating leases 15.0 15.1 Finance leases 3.5 3.7 Weighted-average discount rate Operating leases 15.0 % 14.8 % Finance leases 13.5 % 13.6 %
Schedule of Operating Lease, Liability Maturity	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 March 31, 2023 are as follows: (in thousands) Operating Lease Liabilities Finance Lease Liabilities Remainder of 2023 $ 27,180 $ 321 2024 37,124 428 2025 38,173 428 2026 38,859 307 2027 39,885 9 Thereafter 483,648 — Total lease payments 664,869 1,493 Less: imputed interest 419,162 303 Present value of lease liabilities $ 245,707 $ 1,190
Schedule of Finance Lease Liability Maturity	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 March 31, 2023 are as follows: (in thousands) Operating Lease Liabilities Finance Lease Liabilities Remainder of 2023 $ 27,180 $ 321 2024 37,124 428 2025 38,173 428 2026 38,859 307 2027 39,885 9 Thereafter 483,648 — Total lease payments 664,869 1,493 Less: imputed interest 419,162 303 Present value of lease liabilities $ 245,707 $ 1,190
Schedule of 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 2023 2024 2025 2026 2027 Thereafter Total Cash payments due under financing liabilities $ 1,738 $ 2,416 $ 2,525 $ 2,599 $ 2,676 $ 9,477 $ 21,431

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Instruments	(in thousands) March 31, 2023 December 31, 2022 2021 Credit Facility (1) $ 275,000 $ 275,000 Sellers’ Notes (2) 19,149 27,606 Financing Agreement (3) 19,975 19,364 Finance liabilities (4) 18,100 18,100 Finance leases (5) 1,190 902 Total debt $ 333,414 $ 340,972 Current portion of debt 2,642 11,347 Less: unamortized deferred financing costs 13 18 Current portion of debt, net $ 2,629 $ 11,329 Long-term debt 330,772 329,625 Less: unamortized deferred financing costs 9,355 10,328 Long-term debt, net $ 321,417 $ 319,297 (1) On August 27, 2021, the Company entered into a credit agreement with a group of lenders (the “2021 Credit Agreement”) that provided for an initial term loan of $210,000 (the “2021 Credit Facility”), which was borrowed in full. The 2021 Credit Agreement provided for an expansion feature that allowed the Company to request an increase in the 2021 Credit Facility up to $275,000 if the then-existing lenders (or other lenders) agreed to provide such additional term loans. During the second quarter of 2022, the Company borrowed an additional $65,000 pursuant to the expansion feature (the “2022 Loans”) for total borrowings of $275,000 under the 2021 Credit Facility. 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. The 2021 Credit Agreement permits the Company to request an extension of the maturity date for 364 days, subject to the lenders’ discretion. We incurred initial financing costs of $8,806 and additional financing costs of $7,606 related to the 2022 Loans, which includes warrants issued to certain lenders to acquire 3,130 shares of Class A common stock that had a fair value of $2,639 at issuance. The financing costs are being amortized to interest expense over the term of 2021 Credit Facility using the straight-line method which approximates the interest rate method. The 2022 Loans were funded by a combination of new and existing lenders. Borrowings from the existing lenders were accounted for as a modification of existing debt, with the exception of one lender that was considered an extinguishment. We recognized a loss on extinguishment of $2,180 as a component of interest expense during the second quarter of 2022, which was comprised of the write-off of $337 related to the lender’s initial term loan and $1,843 related to the lender’s new loan, which included the estimated fair value of the warrants issued to the lender. The 2021 Credit Agreement requires mandatory prepayments from proceeds of certain events, including the proceeds of indebtedness that is not permitted under the agreement and asset sales and casualty events, subject to customary reinvestment rights. The Company may prepay the 2021 Credit Facility at any time, subject to a customary make-whole payment or prepayment penalty, as applicable. Once repaid, amounts borrowed under the 2021 Credit Facility may not be re-borrowed. The Company is required to comply with two financial covenants under the 2021 Credit Agreement. 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 2.50:1.00. The Company has a customary equity cure right for each of these financial covenants. The Company is in compliance with these covenants as of March 31, 2023. 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. During the three months ended March 31, 2023, we repaid $8,000 to the former owners of one entity that we previously acquired, which is included in “Current portion of debt, net” on the unaudited Condensed Consolidated Balance Sheet at December 31, 2022. Additionally, as further described in Note 4, “Acquisitions,” a total of $8,100 of sellers’ notes related to the acquisition of two additional licenses in Illinois is included in “Long-term debt, net” at each of March 31, 2023 and December 31, 2022, and $8,694 and $8,366, respectively, related to the OPA acquisition are included in Long-term debt, net at March 31, 2023 and December 31, 2022. The $11,000 OPA sellers’ note was recorded net of a discount of $3,010 that was calculated utilizing the Company’s estimated incremental borrowing rate based on the anticipated close date and is being accreted to interest expense over the expected term. Additionally, as of March 31, 2023 and December 31, 2022, $2,355 and $3,140, respectively, remains due under the purchase of a previous non-controlling interest and are included in “Current portion of debt, net” on the unaudited Condensed Consolidated Balance Sheet at each date. (3) In December 2022, the Company received $19,364 pursuant to a financing agreement with a third-party lender (the “Financing Agreement”), which is included in “Long-term debt, net” at March 31, 2023 and December 31, 2022. The Company assigned to the lender its interests in an employee retention tax credit claim (the “ERTC Claim”) that it submitted in November 2022 for approximately $22,800. If the Company does not receive the ERTC Claim, in whole or in part, the Company is required to repay the related portion of the funds received plus interest of 10% accrued from the date of the Financing Agreement through the repayment date. The Financing Agreement does not have a stated maturity date and the discount is being accreted to interest expense over an expected term. The Company’s obligations under the Financing Agreement will be satisfied upon receipt of the ERTC Claim or other full repayment. The Company determined the ERTC Claim did not meet the criteria to record as a receivable as of March 31, 2023 because of the uncertain nature of the ERTC Claim. (4) Finance liabilities related to failed sale leaseback transactions. See Note 10, “Leases,” for additional information. (5) Liabilities related to finance leases. See Note 10, “Leases,” for additional information.
Schedule of Maturities of Debt	At March 31, 2023, the following cash payments are required under our debt arrangements: (in thousands) Remainder of 2023 2024 2025 Total Sellers’ notes (1) $ 2,357 $ 8,100 $ 11,000 $ 21,457 Term note maturities — — 275,000 275,000 (1) Certain cash payments include an interest accretion component. The timing of certain payments may vary based on regulatory approval of the underlying transactions.
Schedule of Interest Expense	Interest expense during the three months ended March 31, 2023 and 2022 consisted of the following: Three Months Ended (in thousands) 2023 2022 Cash interest $ 6,450 $ 4,943 Accretion 1,919 573 Interest on financing liabilities (1) 570 515 Interest on finance leases 36 — Total $ 8,975 $ 6,031 (1) Interest on financing liability related to failed sale leaseback transactions. See Note 10, “Leases,” for additional details.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 December 31, 2022 Shares of Class A common stock 189,501 187,999 Shares of Class B common stock 65 65 Total 189,566 188,064
Schedule of Warrants	The following table summarizes the warrants activity during the three months ended March 31, 2023: Number of Warrants (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Exercise Period (years) Aggregate Intrinsic Value (in thousands) (1) Outstanding, December 31, 2022 5,740 $ 3.46 2.7 $ — Outstanding, March 31, 2023 (2) 5,740 $ 3.46 2.5 $ — (1) Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated. (2) The warrants outstanding as of March 31, 2023 are equity-classified instruments, are subject to customary anti-dilution adjustments, and are stand-alone instruments. The fair value per warrant is calculated at issuance using a Black-Scholes model and ranged from $0.02 to $0.84. Significant assumptions used in the calculations included volatility ranging from 70.0% to 108.4% and risk-free rates ranging from 0.17% to 4.20%. No warrants were exercised during the three months ended March 31, 2023.

EQUITY-BASED COMPENSATION EXP_2

EQUITY-BASED COMPENSATION EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Units Roll Forward	The following table summarizes the restricted common shares activity during the three months ended March 31, 2023: (in thousands) Restricted Common Shares Unvested, December 31, 2022 617 Vested (492) Unvested, March 31, 2023 125 The following table summarizes the RSU activity during the three months ended March 31, 2023: Number of Shares (in thousands) Weighted-Average Grant Date Fair Value per Share Unvested, December 31, 2022 6,462 $ 7.62 Granted 2,486 1.28 Vested (1) (1,531) 8.49 Forfeited (239) 5.04 Unvested, March 31, 2023 7,178 $ 5.33
Schedule of Stock Options Roll Forward	The following table summarizes stock option activity during the three months ended March 31, 2023: Options Outstanding (in thousands, except per share amounts) Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (1) Outstanding, December 31, 2022 2,042 $ 3.29 4.4 $ — Forfeited (109) $ 3.36 Outstanding, March 31, 2023 1,933 $ 3.29 4.2 $ — Exercisable at March 31, 2023 261 $ 4.10 4.1 $ — (1) Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated.
Schedule of Share-based Compensation	The following table details the equity-based compensation expense by type of award for the periods presented: Three Months Ended (in thousands) 2023 2022 RSUs $ 4,328 $ 5,533 Stock Options 177 27 Restricted Common Shares 50 155 Total equity-based compensation expense $ 4,555 $ 5,715

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Three Months Ended ($ in thousands) 2023 2022 Loss before income taxes $ (8,455) $ (20,708) Income tax expense 10,017 7,107 Effective tax rate (118.5) % (34.3) % Gross profit $ 35,704 $ 23,447 Effective tax rate on gross profit 28.1 % 30.3 %

SUPPLEMENTAL INFORMATION (Table

SUPPLEMENTAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 December 31, 2022 Deposits and other receivables $ 3,232 $ 3,170 Prepaid expenses 2,937 4,765 Tenant improvement allowance 1,965 500 Construction deposits 538 863 Other 251 243 Total $ 8,923 $ 9,541
Schedule of Accounts Payable and Accrued Liabilities	The following table presents supplemental information regarding our accounts payable and accrued liabilities: (in thousands) March 31, 2023 December 31, 2022 Accounts payable $ 20,940 $ 17,065 Acquisition-related liabilities 15,471 15,943 Accrued payroll and related expenses 4,367 7,549 Fixed asset purchases 4,015 6,777 Accrued interest — 1,100 Other 8,203 8,161 Total $ 52,996 $ 56,595
Schedule of General and Administrative Expenses	The following table presents supplemental information regarding our general and administrative expenses: Three Months Ended (in thousands) 2023 2022 Compensation $ 16,488 $ 14,500 Depreciation and amortization 7,392 2,732 Rent and utilities 4,511 5,986 Professional services 3,372 5,864 Insurance 1,419 1,339 Marketing 1,014 675 (Gain) loss on sale of assets (442) 818 Other 1,695 1,313 Total $ 35,449 $ 33,227

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Anti-dilutive units excluded from the calculation of earnings per share (in shares)	14,976	11,447

REPORTABLE SEGMENTS AND REVEN_3

REPORTABLE SEGMENTS AND REVENUE (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	1
Number of reportable segments | segment	1
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net	$ 114,176	$ 85,090
Customer loyalty program liability	604		$ 672
Allowance for doubtful accounts	1,048		$ 493
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net	141,159	101,223
Operating Segments | Retail revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net	82,745	63,290
Operating Segments | Wholesale revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net	58,414	37,933
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net	$ (26,983)	$ (16,133)

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) shares in Thousands, $ in Thousands				1 Months Ended	3 Months Ended			5 Months Ended	8 Months Ended
	Aug. 12, 2022 USD ($) dispensary	Aug. 11, 2022 USD ($) license	Apr. 19, 2022 USD ($) dispensary shares	Aug. 31, 2022 license	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Purchase of intangible assets					$ 472		$ 0
Story
Business Acquisition [Line Items]
Purchase price			$ 53,127
Acquisition, consideration, number of shares issued (in shares) | shares			12,900
Acquisition, consideration, number of shares issued, value			$ 42,957
Cash consideration			$ 10,170
Acquisition, number of locations to be opened | dispensary			6
Clinical funding commitment, initial commitment			$ 30,000
Clinical funding commitment, initial commitment term			2 years
Clinical funding commitment, additional commitment			$ 10,000
Clinical funding commitment, additional commitment term			10 years
Purchase price			$ 137,594
Asset acquisition, deferred tax liability						$ 37,391
Clinical funding commitment, amount funded			$ 15,000
Clinical funding commitment, additional commitment payable					15,000				$ 15,000
Assets acquired and liabilities assumed, current liabilities, other paid 1					472
Assets acquired and liabilities assumed, current liabilities, other payable					471				471
Ohio Patient Access LLC (“OPA”)
Business Acquisition [Line Items]
Cash consideration	$ 11,300
Purchase price	$ 24,132
Number of dispensary granted with right to operate | dispensary	3
Working capital requirements	$ 10,000
Purchase of intangible assets	22,300
Earn-out provisions	7,300
Fair value of cash consideration	19,290
Assets acquired long-term debt	11,000
Asset acquisition, net of discount	3,010				3,010
Intangible assets acquired	21,684
Properties acquired fair value	2,448
Asset acquisition contingent consideration, increase (decrease) in fair value					491
Transaction expenses	224
Illinois Licenses
Business Acquisition [Line Items]
Purchase of intangible assets		$ 5,500
Assets acquired long-term debt		$ 2,500
Number of licenses acquired | license		1		2
Purchase of intangible assets	5,600	$ 3,000
Estimated fair value
Business Acquisition [Line Items]
Earn-out provisions								$ 5,076	$ 5,567
Estimated fair value | Ohio Patient Access LLC (“OPA”)
Business Acquisition [Line Items]
Earn-out provisions	$ 4,842
Forecast | Ohio Patient Access LLC (“OPA”)
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100%
Marichron Pharma LLC
Business Acquisition [Line Items]
Net revenue					257
Net loss					$ (338)

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
Materials and supplies	$ 16,417		$ 16,115
Work in process	49,553		49,586
Finished goods	32,390		31,831
Total	98,360		97,532
Compensation costs capitalized during the period	17,121	$ 13,134
Capitalized compensation costs included in inventory	10,988		$ 15,920
Inventory write-down	$ 3,942	$ 2,204

NOTES RECEIVABLE - Schedule of

NOTES RECEIVABLE - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands		1 Months Ended
	Feb. 25, 2021	May 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and working capital receivables			$ 4,154	$ 3,423
MedMen NY, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Working capital line of credit, maximum borrowing amount if amended	$ 17,500
Working capital loan	$ 10,000
Period due following investment agreement termination	3 days
Massachusetts Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable interest rate		11.50%
MMNY - working capital loan | MedMen NY, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and working capital receivables			2,422	2,422
Massachusetts Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and working capital receivables			1,732	1,001
Promissory Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and working capital receivables			$ 4,141	$ 4,181
Promissory Notes Receivable | Massachusetts Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Working capital loan		$ 3,500

NOTES RECEIVABLE - Narrative (D

NOTES RECEIVABLE - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and working capital receivables	$ 4,154,000		$ 3,423,000
Impairment of notes receivable	0	$ 0
Promissory Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and working capital receivables	4,141,000		4,181,000
Promissory note receivable, current	165,000		163,000
Promissory note receivable, noncurrent	$ 3,976,000		$ 4,018,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 335,354		$ 326,162
Less: accumulated depreciation	54,448		46,302
Property and equipment, net	280,906		279,860
Depreciation	8,146	$ 5,378
Depreciation capitalized during the period	6,170	$ 4,208
Inventory, depreciation costs	6,887		6,548
Equipment rented under finance leases	1,480		1,086
Amortization of leased asset	163		89
Reimbursement of equipment purchase				$ 15,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	175,599		174,099
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	75,868		71,951
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	66,332		63,974
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,050		9,633
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,505		$ 6,505

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Other noncurrent assets	$ 19,612		$ 19,284
Current liabilities	109,812		110,949
Deficit	148,961		163,415
Revenue, net	114,176	$ 85,090
Net income (loss)	(18,472)	(27,815)
Variable Interest Entity, Primary Beneficiary | Ohio Patient Access
Variable Interest Entity [Line Items]
Other noncurrent assets	25,039		24,675
Current liabilities	3,012		1,675
Deficit	(1,187)		$ (588)
Revenue, net	0
Net income (loss)	$ (598)
Variable Interest Entity, Primary Beneficiary | Ascend Illinois
Variable Interest Entity [Line Items]
Revenue, net		63,892
Net income (loss)		$ 7,298

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets	$ 247,262,000		$ 247,262,000
Accumulated amortization	(32,320,000)		(26,169,000)
Total intangible assets, net	214,942,000		221,093,000
Goodwill	44,370,000		44,370,000
Amortization expense	6,151,000	$ 1,970,000
Amortization expense capitalized to inventory during the period	735,000	408,000
Inventory, capitalized amortization	1,335,000		1,101,000
Intangible asset impairment	0	$ 0
Licenses and permits
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets	226,919,000		226,919,000
Accumulated amortization	(18,636,000)		(13,035,000)
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets	19,963,000		19,963,000
Accumulated amortization	(13,304,000)		(12,754,000)
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets	380,000		380,000
Accumulated amortization	$ (380,000)		$ (380,000)

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 asset
Lessee, Lease, Description [Line Items]
Capitalized lease costs		$ 4,305		$ 6,660
ROU lease assets		1,900
Total lease liabilities		1,900
Increase in lease liability		(314)	$ 244
Net gain on lease modifications		442
Franklin, New Jersey
Lessee, Lease, Description [Line Items]
Increase in tenant improvement allowance	$ 15,000
Reduction in the total additional ROU asset	2,254	243
Increase in operating lease liability	$ 12,746
Pennsylvania
Lessee, Lease, Description [Line Items]
Lease payment under the capital expenditure		1,510
Number of leased assets | asset					2
Increase in lease liability		$ 825
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term		20 years

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lease assets
Operating lease right-of-use assets	$ 106,050	$ 108,810
Finance lease, right-of-use asset	1,317	997
Total lease assets	107,367	109,807
Lease liabilities
Operating lease liabilities, current	2,819	2,633
Finance lease, liability, current	287	207
Operating lease liabilities, noncurrent	242,888	229,816
Finance lease, liability, noncurrent	903	695
Total lease liabilities	$ 246,897	$ 233,351
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of debt, net	Current portion of debt, net
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 8,567	$ 7,390
Amortization of leased assets	74	0
Interest on lease liabilities	36	0
Total finance lease costs	110	0
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	340	332
Capitalized to inventory
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 8,227	$ 7,058

LEASES - Short-term and Variabl

LEASES - Short-term and Variable Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Total short-term and variable lease costs	$ 1,135	$ 1,206

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 8,604	$ 6,829
Operating cash flows from finance leases	36	0
Financing cash flows from finance leases	63	0
ROU assets obtained in exchange for new lease obligations - Operating leases	13,571	30,746
ROU assets obtained in exchange for new lease obligations - Finance leases	$ 351	$ 0

LEASES - Weighted Average Remai

LEASES - Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, weighted average remaining lease term	15 years	15 years 1 month 6 days
Finance lease, weighted average remaining lease term	3 years 6 months	3 years 8 months 12 days
Operating lease, weighted average discount rate	15%	14.80%
Finance lease, weighted average discount rate	13.50%	13.60%

LEASES - Lease Liability Maturi

LEASES - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Lease Liabilities
Remainder of 2023	$ 27,180
2024	37,124
2025	38,173
2026	38,859
2027	39,885
Thereafter	483,648
Total lease payments	664,869
Less: imputed interest	419,162
Present value of lease liabilities	245,707
Finance Lease Liabilities
Remainder of 2023	321
2024	428
2025	428
2026	307
2027	9
Thereafter	0
Total lease payments	1,493
Less: imputed interest	303
Present value of lease liabilities	$ 1,190	$ 902

LEASES - Financing Liability Ma

LEASES - Financing Liability Maturity (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 1,738
2024	2,416
2025	2,525
2026	2,599
2027	2,676
Thereafter	9,477
Total	$ 21,431

DEBT - Components of Debt (Deta

DEBT - Components of Debt (Details)				1 Months Ended		3 Months Ended
	Aug. 12, 2022 USD ($)	Aug. 11, 2022 USD ($) license	Aug. 27, 2021 USD ($) covenant quarter shares	Dec. 31, 2022 USD ($)	Aug. 31, 2022 license	Mar. 31, 2023 USD ($) entity	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Finance leases				$ 902,000		$ 1,190,000
Total debt				340,972,000		333,414,000
Current portion of debt				11,347,000		2,642,000
Less: unamortized deferred financing costs				18,000		13,000
Current portion of debt, net				11,329,000		2,629,000
Long-term debt				329,625,000		330,772,000
Less: unamortized deferred financing costs				10,328,000		9,355,000
Long-term debt, net				319,297,000		321,417,000
Loss on extinguishment of debt						2,180,000
Illinois Licenses
Debt Instrument [Line Items]
Number of licenses acquired | license		1			2
Assets acquired long-term debt		$ 2,500,000
Ohio Patient Access LLC (“OPA”)
Debt Instrument [Line Items]
Assets acquired long-term debt	$ 11,000,000
Asset acquisition, net of discount	$ 3,010,000					3,010,000
2021 Credit Facility
Debt Instrument [Line Items]
Debt				275,000,000		275,000,000
Debt instrument, amount			$ 210,000,000
Maximum borrowing capacity if amended			$ 275,000,000
Interest rate (percent)			9.50%
Extension term			364 days
Loss on extinguishment of debt, write-off of unamortized deferred financing costs							$ 337,000
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
Long-term debt, net				275,000,000		275,000,000
2021 Credit Facility | Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Covenant, maximum EBITDA to cash interest expense ratio			2.50
Sellers' Notes
Debt Instrument [Line Items]
Debt				27,606,000		19,149,000
Repayments of notes payable						$ 8,000,000
Number of acquired entitles associated with sellers notes repaid | entity						1
Long-term debt, net				27,606,000		$ 19,149,000
Sellers' Notes | Illinois Licenses
Debt Instrument [Line Items]
Current portion of debt, net						8,100,000
Sellers' Notes | Ohio Patient Access LLC (“OPA”)
Debt Instrument [Line Items]
Long-term debt, net				8,366,000		8,694,000
Sellers' Notes | Noncontrolling Interest Acquired
Debt Instrument [Line Items]
Debt				3,140,000		2,355,000
Long-term debt, net				3,140,000		2,355,000
Financing Agreement
Debt Instrument [Line Items]
Debt				19,364,000		$ 19,975,000
Interest rate (percent)						10%
Long-term debt, net				19,364,000		$ 19,975,000
Proceeds from issuance of debt				19,364,000
Interests in a retention tax credit claim				22,800,000
Finance liabilities
Debt Instrument [Line Items]
Debt				18,100,000		18,100,000
Long-term debt, net				$ 18,100,000		$ 18,100,000
2022 Loan
Debt Instrument [Line Items]
Line of credit facility, additional borrowing capacity if amended							65,000,000
Deferred finance costs gross			$ 8,806,000
Additional debt issuance cost			$ 7,606,000
Loss on extinguishment of debt, write-off of unamortized deferred financing costs							$ 1,843,000
Class A common stock
Debt Instrument [Line Items]
Stock and warrants issued during period shares preferred stock and warrants ( in shares) | shares			3,130,000
Stock and warrants issued during period, value, preferred stock and warrants			$ 2,639,000

DEBT - Debt Maturities - Narrat

DEBT - Debt Maturities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) entity
Sellers' Notes
Debt Instrument [Line Items]
Repayments of notes payable	$ 8,000
Number of acquired entitles associated with sellers notes repaid | entity	1
Sellers Note, Noncontrolling Interest
Debt Instrument [Line Items]
Repayments of notes payable	$ 786

DEBT - Maturities of Debt (Deta

DEBT - Maturities of Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Sellers' notes
Debt Instrument [Line Items]
Remainder of 2023	$ 2,357
2024	8,100
2025	11,000
Long-term debt, net	21,457
Term note maturities
Debt Instrument [Line Items]
Remainder of 2023	0
2024	0
2025	275,000
Long-term debt, net	$ 275,000

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Cash interest	$ 6,450	$ 4,943
Accretion	1,919	573
Interest on financing liabilities	570	515
Interest on lease liabilities	36	0
Total	$ 8,975	$ 6,031

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details)	Mar. 31, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares	750,000,000	750,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Number of votes per common share | vote	1
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares	100,000	100,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Number of votes per common share | vote	1,000
Stock conversion ratio	1

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Shares Outstanding (Details) - shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	189,566	188,064
Class A common stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	189,501	187,999
Class B common stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	65	65

STOCKHOLDERS_ EQUITY - Warrants

STOCKHOLDERS’ EQUITY - Warrants (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Warrants
Outstanding, beginning balance (in shares)	5,740
Outstanding, ending balance (in shares)	5,740	5,740
Weighted-Average Exercise Price
Exercise price of warrants, beginning (in dollars per share)	$ 3.46
Exercise price of warrants, ending (in dollars per share)	$ 3.46	$ 3.46
Weighted-Average Remaining Exercise Period (years)	2 years 6 months	2 years 8 months 12 days
Aggregate intrinsic value	$ 0	$ 0
Class of warrant exercised (in shares)	0
Warrants with $4.00 exercise price | Minimum
Weighted-Average Exercise Price
Grant date fair value per warrant (in dollars per share)	$ 0.02
Volatility rate (percent)	70%
Risk free rates (percent)	0.17%
Warrants with $4.00 exercise price | Maximum
Weighted-Average Exercise Price
Grant date fair value per warrant (in dollars per share)	$ 0.84
Volatility rate (percent)	108.40%
Risk free rates (percent)	4.20%

EQUITY-BASED COMPENSATION EXP_3

EQUITY-BASED COMPENSATION EXPENSE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	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	$ 2,441
Equity-based compensation expense, cost not yet recognized, period for recognition	3 years 1 month 6 days
Exercised (in shares)	0
Exercisable (in shares)	261,000
Equity-based compensation costs capitalized during the period	$ 1,600	$ 3,211
Inventory, equity-based compensation cost	2,086		$ 536
Total equity-based compensation expense	4,555	5,715
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	2,955	2,504
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	50	3,995
Restricted Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense, cost not yet recognized	$ 17
Equity-based compensation expense, cost not yet recognized, period for recognition	6 months
Total equity-based compensation expense	$ 50	155
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued to date (in shares)	0
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued to date (in shares)	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense, cost not yet recognized	$ 35,939
Equity-based compensation expense, cost not yet recognized, period for recognition	2 years 1 month 6 days
Total equity-based compensation expense	$ 4,328	$ 5,533
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
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)	4,242,000			17,000,000
2021 Plan | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of awards to be issued (in shares)	0
Minimum | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Maximum | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

EQUITY-BASED COMPENSATION EXP_4

EQUITY-BASED COMPENSATION EXPENSE - Equity Award Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Common Shares
Number of Shares (in thousands)
Beginning balance (in shares)	617,000
Vested (in shares)	(492,000)
Ending balance (in shares)	125,000
RSUs
Number of Shares (in thousands)
Beginning balance (in shares)	6,462,000
Granted (in shares)	2,486,000
Vested (in shares)	(1,531,000)
Forfeited (in shares)	(239,000)
Ending balance (in shares)	7,178,000
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 7.62
Granted (in dollars per share) | $ / shares	1.28
Vested (in dollars per share) | $ / shares	8.49
Forfeited (in dollars per share) | $ / shares	5.04
Ending balance (in dollars per share) | $ / shares	$ 5.33
Taxes withheld under equity-based compensation plans, net (in shares)	521,000

EQUITY-BASED COMPENSATION EXP_5

EQUITY-BASED COMPENSATION EXPENSE - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Options
Outstanding beginning balance (in shares)	2,042
Granted (in shares)	0
Forfeited (in shares)	(109)
Outstanding ending balance (in shares)	1,933	2,042
Exercisable (in shares)	261
Weighted-Average Exercise Price
Outstanding beginning balance (in dollars per share)	$ 3.29
Forfeited (in dollars per share)	3.36
Outstanding ending balance (in dollars per share)	3.29	$ 3.29
Exercisable (in dollars per share)	$ 4.10
Stock Options Additional Disclosures
Weighted average remaining contractual term (in years)	4 years 2 months 12 days	4 years 4 months 24 days
Exercisable, weighted average remaining contractual term (in years)	4 years 1 month 6 days
Outstanding aggregate intrinsic value	$ 0	$ 0
Exercisable, intrinsic value	$ 0

EQUITY-BASED COMPENSATION EXP_6

EQUITY-BASED COMPENSATION EXPENSE - Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	$ 4,555	$ 5,715
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	4,328	5,533
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	177	27
Restricted Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	$ 50	$ 155

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (8,455)	$ (20,708)
Income tax expense	$ 10,017	$ 7,107
Effective tax rate	(118.50%)	(34.30%)
Gross profit	$ 35,704	$ 23,447
Effective tax rate on gross profit	28.10%	30.30%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	May 10, 2022	Feb. 25, 2021
Loss Contingencies [Line Items]
Company expenses	$ 1,704
Med Men N Y Second Amended Complaint
Loss Contingencies [Line Items]
Loss contingency, damages sought, value (in excess of)	$ 2,400
Loss contingency, damages sought, reserve, value		$ 3,700
MedMen NY, Inc.
Loss Contingencies [Line Items]
Ownership interest percentage			99.99%	86.70%
MedMen NY, Inc.
Loss Contingencies [Line Items]
Commitment				$ 73,000
MedMen NY, Inc. | Cash investment
Loss Contingencies [Line Items]
Commitment				35,000
MedMen NY, Inc. | Prepaid deposit
Loss Contingencies [Line Items]
Commitment				4,000
MedMen NY, Inc. | Amount due upon first adult-use cannabis sale
Loss Contingencies [Line Items]
Commitment				10,000
MedMen NY, Inc. | Additional transaction consideration
Loss Contingencies [Line Items]
Commitment			$ 15,000
MedMen NY, Inc. | Original transaction consideration, cash at closing
Loss Contingencies [Line Items]
Commitment			74,000
MedMen NY, Inc. | Additional transaction consideration, cash at closing
Loss Contingencies [Line Items]
Commitment			$ 11,000
MedMen NY Promissory Note | MedMen NY, Inc.
Loss Contingencies [Line Items]
Total debt				$ 28,000

SUPPLEMENTAL INFORMATION - Othe

SUPPLEMENTAL INFORMATION - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deposits and other receivables	$ 3,232	$ 3,170
Prepaid expenses	2,937	4,765
Tenant improvement allowance	1,965	500
Construction deposits	538	863
Other	251	243
Total	$ 8,923	$ 9,541

SUPPLEMENTAL INFORMATION - Acco

SUPPLEMENTAL INFORMATION - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 20,940	$ 17,065
Acquisition-related liabilities	15,471	15,943
Accrued payroll and related expenses	4,367	7,549
Fixed asset purchases	4,015	6,777
Accrued interest	0	1,100
Other	8,203	8,161
Total	$ 52,996	$ 56,595

SUPPLEMENTAL INFORMATION - Gene

SUPPLEMENTAL INFORMATION - General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Compensation	$ 16,488	$ 14,500
Depreciation and amortization	7,392	2,732
Rent and utilities	4,511	5,986
Professional services	3,372	5,864
Insurance	1,419	1,339
Marketing	1,014	675
(Gain) loss on sale of assets	(442)	818
Other	1,695	1,313
Total	$ 35,449	$ 33,227

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - Devi Holdings Inc shares in Thousands, $ in Thousands	Apr. 27, 2023 USD ($) dispensary shares
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired	100%
Business acquisition, number of dispensaries acquired | dispensary	4
Cash payments	$ 12,000
Shares issued in business combination (in shares) | shares	5,185
Business acquisition common stock with an estimated fair value	$ 4,770