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Segment reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment reporting
Note 25 — 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 as well as 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 products. The Company’s Domestic Operations are organized on a region-level basis, vertically integrated in the majority of the states in which the Company operates and derives the majority of its revenues from retail sales. In contrast, the Company’s International Operations is 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 and allocates resources to each reportable segment using Adjusted EBITDA1 as the primary measure of profitability. 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 and Total operating expenses.
Not only do these measures provide meaningful insights into the financial strength and performance of each reportable segment, they also serve to (i) clarify the Company’s operating performance for investors; (ii) enhance comparability across industry peers and (iii) offer investors a view of the Company’s operations as analyzed internally by the CODM and 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 measures determined in accordance with GAAP.
The accounting policies for each reportable segment are consistent with those described in Note 3 — Significant accounting policies. There are no intersegment sales or transfers between the Company’s reportable segments, and the Company does not allocate corporate overhead costs to its reportable segments, due to the illegality of cannabis activities under U.S. Federal law.
The following table presents Adjusted EBITDA by reportable segment as of December 31, 2025 and 2024:
Years ended December 31,
Domestic
International (1)
Total
202520242025202420252024
Income (loss) from continuing operations
$34,099$49,387$(8,649)$(24,644)$25,450$24,743
Depreciation and amortization171,772203,07624,83428,384196,606231,460
Other add-backs, net (2)
45,51344,8997,1052,18352,61847,082
Adjusted EBITDA$251,384$297,362$23,290$5,923$274,674$303,285
Adjusted EBITDA Margin23%24%14%6%22%23%
Total Revenues$1,095,657$1,228,749$172,478$105,550$1,268,135$1,334,299
(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 segmented results across quarters and year-over-year.
(2) Other add-backs for the year ended December 31, 2025 primarily include costs related to salaries and benefits, accounting, legal and professional fees as well as rent and other facility costs. Other add-backs for the year ended December 31, 2024 primarily include costs related to salaries and benefits, inventory, legal and professional fees and lobbyist/PR spend.
1 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.
The following table presents selected financial information by reportable segment for the years ended December 31, 2025 and 2024:
Years ended December 31,
Domestic
International (1)
Total
202520242025202420252024
Revenues, net:
Retail revenues$868,732 $994,715 $53,850 $38,047 $922,582 $1,032,762 
Wholesale revenues226,334 232,491 105,905 63,078 332,239 295,569 
Management fee income591 1,543 12,723 4,425 13,314 5,968 
Total revenues, net1,095,657 1,228,749 172,478 105,550 1,268,135 1,334,299 
Cost of goods sold541,458 631,785 95,655 61,737 637,113 693,522 
Gross Profit554,199 596,964 76,823 43,813 631,022 640,777 
Total operating expenses520,100 547,577 85,472 68,457 605,572 616,034 
Income (loss) from continuing operations
$34,099 $49,387$(8,649)$(24,644)$25,450 $24,743 
Capital expenditures$50,043 $81,891 $13,397 $10,547 $63,440 $92,438 
(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 segmented results across quarters and year-over-year.
The following table presents total assets by reportable segment as of December 31, 2025 and 2024:
Total assets:
DomesticInternationalTotal
December 31, 2025
$2,415,707 $429,608 $2,845,315 
December 31, 2024
2,574,687 375,021 2,949,708