Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

16. VARIABLE INTEREST ENTITIES

The following table presents the summarized financial information about the Company’s consolidated variable interest entities (“VIEs”) which are included in the consolidated balance sheets as of December 31, 2022 and 2021. All of these entities were determined to be VIEs as the Company possesses the power to direct activities through management services agreements (“MSAs”):


		ILDISP			Other Non-material VIEs			ILDISP				Other Non-material VIEs
		December 31, 2022						December 31, 2021
		(in thousands)						(in thousands)
Current assets	$		—	$		1,294	$		4,118		$		1,033
Non-current assets		—				1,909			3,290				1,761
Current liabilities		—				592			10,719				854
Non-current liabilities		—				593			413				696
Noncontrolling interests		—				516			(1,862	)			224
Equity attributable to Green Thumb Industries Inc.		—				1,502			(1,862	)			1,020

On March 1, 2022, the Company acquired the remaining 50% minority interest in ILDISP, for $11,857 thousand in cash and the issuance of 128,218 shares of Green Thumb, which had a fair value of $2,379 thousand. As a result, the remaining equity associated with the noncontrolling interest was closed to accumulated surplus (deficit) of Green Thumb as of March 1, 2022.

See Note 5—Acquisitions for additional details.

On September 1, 2021, the Company acquired the remaining minority interest in Meshow, LLC, a retail store located in Maryland, for $950 thousand in cash and the issuance of 136,075 shares of Green Thumb, which had a fair value of $4,070 thousand, based on the closing price of Green Thumb’s Subordinate Voting Shares as traded on the CSE on the date of the transaction. As a result, the remaining equity associated with the non controlling interest was closed to share capital of Green Thumb as of September 1, 2021.

On December 31, 2020, the MSA for Chesapeake Alternatives, LLC was amended and restated to make GTI Maryland, LLC, the sole member of the entity. As a result, the remaining equity associated with the non controlling interest was closed to share capital of Green Thumb as of December 31, 2020.

16. VARIABLE INTEREST ENTITIES (Continued)

The following tables present the summarized financial information about the Company’s VIEs which are included in the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020:


		Years Ended December 31,
		2022						2021						2020
		ILDISP			Other Non-material VIEs			ILDISP			Other Non-material VIEs			Chesapeake Alternatives, LLC			ILDISP			Other Non-material VIEs
		(in thousands)						(in thousands)						(in thousands)
Revenues, Net of Discounts	$		3,543	$		9,077	$		24,420	$		12,914	$		19,725	$		18,694	$		10,012
Net income attributable to noncontrolling interests			462			1,215			3,565			1,362			411			3,035			639
Net income attributable to Green Thumb Industries Inc.			462			1,032			3,565			1,713			4,577			3,035			575
Net income	$		924	$		2,247	$		7,130	$		3,075	$		4,988	$		6,069	$		1,214

As of December 31, 2022 and 2021, VIEs included in the Other Non-material VIEs are Bluepoint Wellness of Westport LLC. As of December 31, 2020, VIEs included in the Other Non-material VIEs are Bluepoint Wellness of Westport, LLC and Meshow, LLC.

The net change in the consolidated VIEs and Other Noncontrolling Interest are as follows for the years ended December 31, 2022 and 2021:


		ILDISP		Other Non-material VIEs		Total

Balance as at January 1, 2021	$	3,174	$	363	$	3,537
Distributions		(8,600)		(2,428)		(11,028)
Net income (loss)		3,565		1,362		4,927
Changes in ownership		—		926		926
Balance as at December 31, 2021		(1,861)		223		(1,638)
Distributions		(13,957)		(922)		(14,879)
Net income (loss)		462		1,215		1,677
Changes in ownership		15,356		—		15,356
Balance as at December 31, 2022	$	—	$	516	$	516