Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

17. SEGMENT REPORTING

The Company operates in two segments: the cultivation, production and sale of cannabis products to retail stores (“Consumer Packaged Goods”) and retailing of cannabis to patients and consumers (“Retail”). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the Chief Operating Decision Maker does not review total assets or net income (loss) by segments; therefore, such information is not presented below.

The below table presents revenues by type for the years ended December 31, 2022, 2021 and 2020:

		Years Ended December 31,
		2022		2021		2020
		(in thousands)
Revenues, Net of Discounts
Retail	$	763,166	$	614,739	$	396,372
Consumer Packaged Goods		495,101		467,258		273,977
Intersegment Eliminations		(240,892)		(188,437)		(113,776)
Total Revenues, Net of Discounts	$	1,017,375	$	893,560	$	556,573
Depreciation and Amortization
Retail	$	43,498	$	31,619	$	24,299
Consumer Packaged Goods		53,166		36,839		28,207
Intersegment Eliminations		—		—		—
Total Depreciation and Amortization	$	96,664	$	68,458	$	52,506
Income Taxes
Retail	$	53,869	$	66,908	$	49,888
Consumer Packaged Goods		40,908		57,704		33,965
Intersegment Eliminations		—		—		—
Total Income Taxes	$	94,777	$	124,612	$	83,853

Goodwill assigned to the Consumer Packaged Goods segment as of December 31, 2022 and 2021 was $315,889 thousand and $358,038 thousand, respectively. Intangible assets, net assigned to the Consumer Packaged Goods segment as of December 31, 2022 and 2021 was $286,922 thousand and $317,454 thousand, respectively.

Goodwill assigned to the Retail segment as of December 31, 2022 and 2021 was $273,802 thousand and $274,811 thousand, respectively. Intangible assets, net assigned to the Retail segment as of December 31, 2022 and 2021 was $302,597 thousand and $358,037 thousand, respectively.

The Company’s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, effective October 1, 2022, Green Thumb has identified two reporting units which align with our reportable segments (Retail and Consumer Packaged Goods). All revenues are derived from customers domiciled in the United States and all assets are located in the United States.