REPORTABLE SEGMENTS AND REVENUE

3 Months Ended

Mar. 31, 2024

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 March 31,
(in thousands)	2024		2023
Retail revenue	$	95,205	$	82,745
Wholesale revenue	78,954		58,414
	174,159		141,159
Elimination of inter-company revenue	(31,749)		(26,983)
Total revenue, net	$	142,410	$	114,176

The liability related to the loyalty program we offer dispensary customers at certain locations was $1,401 and $1,317 at March 31, 2024 and December 31, 2023, respectively, and is included within “Other current liabilities” on the unaudited Condensed Consolidated Balance Sheets. The Company recorded $1,926 and $1,939 in allowance for doubtful accounts as of March 31, 2024 and December 31, 2023, respectively. Write-offs were not significant during the three months ended March 31, 2024 and 2023.