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Segment reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment reporting Segment reporting
The Company operates through two distinct reportable segments: (i) Domestic Operations and (ii) International Operations. This segmentation reflects the point at which the Company’s business units no longer share similar economic characteristics and differ significantly in key areas, including:
(a)the nature of cultivation and manufacturing processes,
(b)the class of customer for products and services,
(c)distribution methods and
(d)the regulatory environments in which they operate.
In addition, this segmentation reflects the manner in which the Company’s chief operating decision maker (the “CODM”), its CEO, allocates resources and evaluates performance, and the manner in which the Company’s internal financial reporting is structured.
The Company’s reportable segments generate revenues from the cultivation, production and distribution of cannabis, including hemp-derived THC products. The Company’s Domestic Operations are organized on a region-level basis, vertically integrated in the majority of the domestic states in which the Company operates and derives the majority of its revenues from retail sales. In contrast, the Company’s International Operations are organized on a country-level basis, has centralized cultivation facilities in Portugal and Canada and derives the majority of its revenue from wholesale sales.
The Company’s CODM assesses the performance of each reportable segment and allocates resources based on Adjusted EBITDA and Adjusted EBITDA Margin. These non-GAAP financial measures and ratios are considered key financial and operational indicators. The CODM also reviews significant segment expenses within these measures, which consist primarily of Cost of goods sold as well as Total operating expenses.
•Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, less share-based compensation expense and other adjustments related to business development, acquisitions, financing and reorganization costs;
•Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total revenues, net.

Not only do these measures provide meaningful insights into the financial strength and performance of each reportable segment, the Company uses these measures to (i) clarify the Company’s operating performance for investors, (ii) enhance comparability across its industry peers and (iii) offer investors a view of the Company’s operations as analyzed internally by the CODM and other members of the Company’s executive leadership team. While these measures are useful supplemental indicators, they are non-GAAP financial measures and should not be considered in isolation or as alternatives to income from continuing operations (an indicator of operating performance), as determined in accordance with GAAP.
The accounting policies applied to the Company’s segments are the same as those described in Note 3 — Significant accounting policies. Due to the federal illegality of cannabis in the U.S., the Company does not engage in intersegment sales or transfers, nor does it allocate corporate overhead costs between its reportable segments.
The following table presents Adjusted EBITDA by reportable segment as of December 31, 2024 and December 31, 2023:
Domestic
International (1)
Total
For the year ended December 31,
202420232024202320242023
Income from continuing operations$44,840$71,728$(24,643)$(28,845)$20,197$42,883
Depreciation and amortization204,849173,86828,38422,012233,233195,880
Other add-backs, net (2)
45,18764,2822,1831,50247,37065,784
Adjusted EBITDA$294,876$309,878$5,924$(5,331)$300,800$304,547
Adjusted EBITDA Margin23.8%24.1%5.6%(8.7)%22.4%22.6%
Total Revenues$1,237,251$1,285,625$105,551$61,007$1,342,802$1,346,632
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segment results across quarters and year-over-year.
(2) Other add-backs in the current year ended December 31, 2024 primarily include costs related to salaries and benefits, inventory, legal and professional fees and lobbyist/PR spend. Other add-backs for the year ended December 31, 2023 primarily include inventory adjustments, costs related to legal and professional fees and license fees.
The following tables present certain financial information by reportable segment for the years ended December 31, 2024 and December 31, 2023:
For the year ended December 31, 2024Domestic
International (1)
Total
Revenues, net:
Retail and wholesale revenues$1,235,580 $101,126 $1,336,706 
Management fee income1,671 4,425 6,096 
Total revenues, net1,237,251 105,551 1,342,802 
Cost of goods sold641,817 61,737 703,554 
Gross profit595,434 43,814 639,248 
Total operating expenses550,594 68,457 619,051 
Income (loss) from continuing operations$44,840 $(24,643)$20,197 
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segment results across quarters and year-over-year.
For the year ended December 31, 2023Domestic
International (1)
Total
Revenues, net:
Retail and wholesale revenues$1,282,701 $58,077 $1,340,778 
Management fee income2,924 2,930 5,854 
Total revenues, net1,285,625 61,007 1,346,632 
Cost of goods sold693,717 38,466 732,183 
Gross profit591,908 22,541 614,449 
Total operating expenses520,180 51,386 571,566 
Income (loss) from continuing operations$71,728 $(28,845)$42,883 
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segment results across quarters and year-over-year.
As the CODM does not review total assets by reportable segment, the following table presents long-lived assets by reportable segment as of December 31, 2024 and December 31, 2023:
DomesticInternationalTotal
Long-lived assets as of December 31, 2024
$2,186,287 $333,568 $2,519,855 
Long-lived assets as of December 31, 2023
2,349,337 328,636 2,677,973