10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A

(Amendment No. 2)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 000-56132

GREEN THUMB INDUSTRIES INC.

(Exact name of registrant as specified in its charter)

British Columbia	98-1437430
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification no.)
325 West Huron Street, Suite 700 Chicago, Illinois	60654
(Address of principal executive offices)	(zip code)

Registrant’s telephone number, including area code - (312) 471-6720

Securities registered pursuant to Section 12(g) of the Act:

Subordinate Voting Shares

Multiple Voting Shares

Super Voting Shares

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒

As of April 23, 2021, there were 185,423,900 shares of the registrant’s Subordinate Voting Shares, 3,965,400 shares of the registrant’s Multiple Voting Shares (on an as converted basis) and 30,103,100 shares of the registrant’s Super Voting Shares (on an as converted basis).

The aggregate market value of the Subordinate Voting Shares, and Multiple Voting Shares and Super Voting Shares (on an as converted basis, based on the closing price of these shares on the Canadian Stock Exchange) on June 30, 2020, the last business day of the registrant’s most recently completed second fiscal quarter, held by nonaffiliates was $1,794,774,660.

DOCUMENTS INCORPORATED BY REFERENCE

None.

EXPLANATORY NOTE

This Amendment No. 2 on Form 10-K/A (this “Amendment”) amends the Annual Report on Form 10-K of Green Thumb Industries Inc. (the “Company,” “Green Thumb,” “we” or “us”) for our fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2021 (the “March 18 10-K”), and amended by Amendment No. 1 on Form 10-K/A filed with the SEC on March 19, 2021 (the “First Amendment” and the March 18 10-K as amended by the First Amendment is referred to herein as the “Original 10-K”). This Amendment is being filed solely for the purpose of including the information required by Part III of Form 10-K. At the time the Company filed the Original 10-K, it intended to file a definitive proxy statement for its 2021 Annual General Meeting of Shareholders within 120 days after the end of the 2020 fiscal year pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended. However, as the Company will not file the definitive proxy statement within such 120-day period, the information required by Part III (Items 10-14) of Form 10-K is filed herewith and provided below.

As required by Rule 12b-15, in connection with this Amendment, the Company’s Chief Executive Officer and Chief Financial Officer are providing certifications pursuant to Rule 13a-14(a) as exhibits to this Form 10-K/A. Because no financial statements are contained with this Amendment, certifications pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 are not included.

Except as described above, this Amendment does not modify or update disclosure in, or exhibits to, the Original 10-K. Furthermore, this Amendment does not change any previously reported financial results, and we have not updated the disclosures contained in the Original 10-K to reflect any events that occurred subsequent to the date of the Original 10-K. The filing of this Amendment is not a representation that any statements contained in items of the Original 10-K other than Part III (Items 10-14) are true or complete as of any date subsequent to the Original Form 10-K.

TABLE OF CONTENTS

		Page
PART III
ITEM 10.	Directors and Executive Officers of Green Thumb Industries Inc. and Corporate Governance		1
ITEM 11.	Executive Compensation		10
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		15
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence		18
ITEM 14.	Principal Accounting Fees and Services		20
PART IV
ITEM 15.	Exhibits, Financial Statements, Schedules		21
Signatures			22

Use of Names

In this Annual Report on Form 10-K, unless the context otherwise requires, the terms “we,” “us,” “our,” “Company,” “Corporation” or “Green Thumb” refer to Green Thumb Industries Inc. together with its wholly-owned subsidiaries.

Part III

Item 10. Directors, Executive Officers and Corporate Governance.

DIRECTORS

The Amended and Restated Articles of Green Thumb Industries Inc. (our “Articles”) provide that the number of directors should not be fewer than three directors. Each director shall hold office until the close of our next annual general meeting, or until his or her successor is duly elected or appointed, unless his or her office is earlier vacated. As of the date of this Amendment, our Board of Directors (our “Board”) consists of seven directors, of whom four are considered to be independent persons. See Item 13 “Certain Relationships and Related Transactions and Director Independence – Director Independence” below for details on the independence of our directors.

The following table sets forth our directors and their respective positions.

Name	Age	Position
Wendy Berger	55	Director
Anthony Georgiadis	43	Director and Chief Financial Officer
William Gruver	76	Director, Chair of Audit Committee
Benjamin Kovler	42	Founder, Chairman of the Board and Chief Executive Officer
Westley Moore	42	Director
Swati Mylavarapu	37	Director
Glen Senk	65	Director, Chair of Compensation Committee

The following is biographical information and a summary of our directors’ key experience, qualifications, attributes and skills. We believe these qualifications bring a broad set of complementary experience to the Board’s discharge of its responsibilities.

Director Biographies and Qualifications

Wendy Berger, Director. Wendy Berger has served as a Director since February 2015. Since 2004, Wendy has served as a principal of WBS Equities, LLC, a real estate development company that specializes in ground-up construction, renovation, development, sale and leaseback transactions and acquisitions. From 2000 to 2004, Wendy held leadership positions in enterprise planning and program management at Orbitz, the Travel website founded in 2000. From 1995 to 1999, Wendy co-founded and was Chief Operating Officer of Neoglyphics Media Corporation, one of the country’s first website development companies. For over 25 years, Wendy has been involved in the real estate business as a lender, property manager, broker and consultant, as well as an investor. She began her career at American National Bank and Trust Company of Chicago (a subsidiary of First Chicago, now JP Morgan Chase) in Commercial Lending and spent several years as a principal with Berger Realty Group, an 80-year-old family-owned real estate business, where she focused on residential and industrial property management and development. Wendy brings decades of experience in strategic planning, execution and exits for rapid growth start-ups, in addition to a tenured career in real estate, development and transactions. Wendy earned her Master of Business Administration in Finance and Real Estate from Northwestern University’s Kellogg School of Management. She received a Bachelor of Science, cum laude, in Finance and Marketing from Syracuse University.

Key experience, qualifications, attributes and skills: Ms. Berger’s specific qualifications, experience, skills and expertise include:

• Core business skills, including financial and strategic planning;

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• A deep understanding of real estate planning, development and transactions; and

• Operating and management experience.

Anthony Georgiadis, Chief Financial Officer and Director. Anthony Georgiadis joined us in May 2015 as a managing partner and in January 2017 became Chief Financial Officer and Director. In 2005, Anthony co-founded and, until he joined our company, acted as Chief Operating Officer of Wendover Art Group, one of the largest domestic wall décor manufacturers in North America. Previously, he worked as an investment associate for CIVC Partners, a $1.5 billion private equity firm, and as a mergers and acquisitions analyst for Bowles Hollowell Conner & Co. Anthony became involved in the cannabis industry in 2014 after exploring CBD for treatment of his Swiss mountain dog who suffered from epilepsy. Anthony is an avid supporter of Students for Sensible Drug Policy, the Drug Policy Alliance, the Marijuana Policy Project and the Special Operations Warriors Foundation. Anthony graduated magna cum laude from Bucknell University with a degree in finance and a minor in mathematics.

Key experience, qualifications, attributes and skills: Mr. Georgiadis’ specific qualifications, experience, skills and expertise include:

• Core business skills, including financial and strategic planning;

• A deep understanding of the cannabis industry; and

• Finance, financial reporting and analysis expertise.

William Gruver, Director, Chair of the Audit Committee. William Gruver has served as a Director since April 2019. William currently is a Senior Fellow at the Open Discourse Coalition and a Professor Emeritus at Bucknell University, having previously held the Howard I. Scott Chair in Global Commerce, Strategy and Leadership and serving as a professor since 1993. In addition, for the last 25 years, William has been a consultant retained by clients to provide strategic consulting and advisory services. From 1972 to 1992, William worked at Goldman, Sachs & Co., the international investment banking firm. In the wake of the 1987 stock market crash, in 1988, he was named a General Partner and Chief Administrative Officer of that firm’s largest division—the equities division—which, under his leadership, reorganized and redeployed its people and capital to become one of the firm’s most profitable areas. Prior to his tenure with Goldman, Sachs & Co., he served as a qualified officer of the deck in the nuclear submarine force of the United States Navy. William currently serves on the audit committee of Private Client Bank, a multi-billion-dollar Swiss institution. From October 2003 to June 2013, he was a director of TheStreet, Inc. (NASDAQ: TST), a leading financial news and information company, where he was also a member of the audit committee and served as chair of the compensation committee. He previously served as director and audit committee chair for Geisinger Health, a $7 billion integrated health care system, from 2005 to 2020, and as audit committee chair of Berea College, the first interracial and coeducational college in the South, from 1996 to 2008. He is also a national arbitrator of the Financial Industry Regulatory Authority. He has received the Lindback Award for distinguished teaching and the Eastern College Athletic Conference Award for his contributions to inter-collegiate athletics at Bucknell University. His thinking and writing have been widely published in outlets such as the Financial Times, the Los Angeles Times, the New York Times, the New Republic, Finanz und Wirtschaft and Public Radio International, as well as several academic journals. William received his Bachelor of Arts with distinction from Dartmouth College and his Master of Business Administration from Columbia University.

Key experience, qualifications, attributes and skills: Mr. Gruver’s specific qualifications, experience, skills and expertise include:

• Core business skills, including financial and strategic planning;

• Finance and financial reporting expertise; and

• Operating and management experience.

Benjamin Kovler, Founder, Chief Executive Officer and Chairman. Benjamin Kovler founded Green Thumb Industries Inc. in 2014. He has been Chairman since 2014 and Chief Executive Officer from 2014 through year-end 2017 and since August 2018. Benjamin is frequently featured as a cannabis industry thought leader in media outlets such as Bloomberg, Barron’s, Business Insider, CNBC and Forbes. He has served on the boards of directors of Springbig, Inc., a cannabis marketing platform since January 2018, and The Cann + Botl Company, a privately held cannabis-infused beverage company, since December 2020. He is also co-founder

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and Chief Executive Officer since 2009 of Invest For Kids, an annual forum bringing together portfolio managers, family offices and analysts to share investment ideas to benefit children in Illinois. In its first 11 years, Invest For Kids generated more than $16 million to benefit 75 youth organizations that have helped 80,000 children. Benjamin is also on the board of the Providence St. Mel School and the Academy for Global Citizenship. Benjamin brings his extensive experience managing complex operating companies and deep commitment to philanthropy. He earned a Bachelor of Arts in philosophy, politics and economics from Pomona College and a Master of Business Administration in accounting and finance from The University of Chicago.

Key experience, qualifications, attributes and skills: Mr. Kovler’s specific qualifications, experience, skills and expertise include:

• Core business skills, including financial and strategic planning;

• A deep understanding of our company and the industry; and

• Operating and management experience.

Westley Moore, Director. Westley Moore has served as a Director since July 2018. From March 2017 until his planned resignation in May 2021, Westley has been the Chief Executive Officer at Robin Hood, New York City’s largest poverty-fighting organization, where he previously served on its Veterans Advisory Board. He became a director of IAC/Interactive Corp (NASDAQ: IAC) in July 2020 and of Under Armour, Inc. (NYSE UA, UAA) in October 2020. In 2014, Wes founded BridgeEdU, an innovative platform addressing the college completion and job placement crisis, where he was Chief Executive until June 2017 and Chairman from June 2017 to June 2019, when it was acquired by Edquity, a Brooklyn-based student financial success and emergency aid firm. Prior to founding BridgeEdU, Westley worked as an investment banker with Citigroup in New York and Deutsche Bank in London. Wes also hosted Oprah Winfrey Network’s “Beyond Belief” (January 2012) and the Public Broadcasting Service’s “American Graduate Day” (since September 2014) and has served as the Executive Producer and host of the Public Broadcasting Service’s “Coming Back with Wes Moore” (since May 2014), focusing on the reintegration of Iraq and Afghanistan veterans. Westley is the New York Times and Wall Street Journal bestselling author of “The Other Wes Moore” and “The Work,” which capture the fine line between success and failure in our communities, as well as “Five Days: The Fiery Reckoning of an American City.” Wes graduated Phi Theta Kappa from Valley Forge Military College in 1998 and Phi Beta Kappa from Johns Hopkins University in 2001. While at Johns Hopkins, Westley founded STAND!, working with Baltimore youth involved in the criminal justice system. Wes brings a lifetime’s commitment to social impact and entrepreneurship. He earned a Magister Litterarum in International Relations from Oxford University as a Rhodes Scholar in 2004. He then served as a Captain and paratrooper with the U.S. Army’s 82nd Airborne, including a combat deployment to Afghanistan. Later, Westley served as a White House Fellow to Secretary of State Condoleezza Rice. Wes has also served on the boards of Iraq Afghanistan Veterans of America and Johns Hopkins University.

Key experience, qualifications, attributes and skills: Mr. Moore’s specific qualifications, experience, skills and expertise include:

• Core business skills, including financial and strategic planning;

• A deep understanding of social impact and entrepreneurship; and

• Operating and management experience.

Swati Mylavarapu, Director. Swati Mylavarapu joined as a Director in April 2021. Swati brings a career-long focus on the intersection of social impact, entrepreneurship and technology. Since 2017, Swati has served as Founder and Managing Partner of Incite.org, a hybrid incubator and investment fund that combines venture capital, philanthropy, and civic advocacy to accelerate bold ideas and solve some of the world’s most pressing challenges. Swati has spent over a decade investing, advising and building mission-driven technology companies. From 2015 to 2017, Swati was an investment Partner at venture capital firm Kleiner Perkins Caufield & Byers, where she focused on early-stage consumer and enterprise software opportunities. From 2012 to 2015, Swati served at financial services and digital payments company Square (NYSE: SQ), where she helped build the company’s international efforts in the roles of International Lead and Product Marketing Manager. During the course of her tenure at Square, Swati helped Square grow its efforts in Canada, Japan and other markets, and transition to an EMV standard payment technology. She brings to our Board broad experience in technology product development, innovation, and consumer engagement, as well as her deep understanding of the mobile and Internet industries. In addition, as a venture investor, Ms. Mylavarapu brings entrepreneurial experience through advising emerging technology companies on strategy development and execution. Swati earned an MPhil in Economic History from the University of Oxford and graduated from Harvard with an AB, magna cum laude (highest honors). She is a Rhodes Scholar, a member of Phi Beta Kappa, and a Truman Scholar. Swati is currently serving on the boards of the Rhodes Trust, and Vote.org. She previously served on the boards of B Lab, and Paid Leave for the U.S.

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Key experience, qualifications, attributes and skills: Ms. Mylavarapu’s specific qualifications, experience, skills and expertise include:

• Core business skills, including financial and strategic planning;

• An understanding of technology-enabled product development, innovation and consumer engagement;

• Entrepreneurial experience in advising and building emerging technology companies; and

• Operating and management experience.

Glen Senk, Director. Glen Senk has served as a Director since June 2018. Glen founded Front Row Partners in April 2014, where he currently serves as Chairman and Chief Executive Officer. From 2017, Glen has served as an Advisory Director to Berkshire Partners, a private equity firm. From 2012 to 2014, he served as Chief Executive Officer for America’s leading fine jewelry brand, David Yurman. Glen joined Urban Outfitters, Inc. (NASDAQ: URBN) in 1994 as President of Anthropologie, which was then a single-store prototype. During the course of growing Anthropologie into a billion-dollar brand, Glen was named Executive Vice President of URBN in 2002, elected to the company’s board of directors in 2004 and named Chief Executive Officer of URBN in 2007, a position he held until 2012. In 1992, Glen joined Williams-Sonoma as Senior Vice President and General Merchandise Manager, where he supervised Williams-Sonoma, Pottery Barn, Hold Everything, Chambers and Gardener’s Eden and, most notably, set the strategy and groundwork for Pottery Barn’s rapid expansion and sales growth. In 1989, Glen became Chief Executive of the London-based Habitat International Merchandise and Marketing Group. Glen is a creative leader who has worked with several of the world’s most iconic brands, beginning with Bloomingdale’s in 1981, where he rose to Senior Vice President and Managing Director of Bloomingdale’s by Mail. Glen currently serves on the board of directors of Aritzia Inc. (TSE: ATZ) and Boden. Glen has previously served on the boards of Urban Outfitters, Inc. (NASDAQ: URBN), Bare Escentuals, Inc. (NASDAQ: BARE), Melissa & Doug, Tory Burch, David Yurman, Kendra Scott, Opening Ceremony and Cooking.com. Glen holds a Bachelor of Arts, magna cum laude, in psychology, computer science and mathematics from New York University and a Master of Business Administration in marketing and finance from the University of Chicago Booth School of Business. He is a member of Phi Beta Kappa and Psi Chi.

Key experience, qualifications, attributes and skills: Mr. Senk’s specific qualifications, experience, skills and expertise include:

• Core business skills, including financial and strategic planning;

• A deep understanding of our company and the retail industry; and

• Operating and management experience.

EXECUTIVE OFFICERS

Our Articles provide that the directors may, from time to time, appoint such officers as the directors determine. The directors may, at any time, terminate any such appointment. All members of management devote full time to our business and have entered into a non-competition or non-disclosure agreements with us. The following table sets forth our executive officers and their respective positions, followed by their biographies.

Name	Age	Position
Beth Burk	57	General Counsel and Secretary
Jennifer Dooley	34	Chief Strategy Officer
Anthony Georgiadis	43	Director and Chief Financial Officer
Benjamin Kovler	42	Founder, Chairman of the Board and Chief Executive Officer

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Executive Officer Biographies

The biographies of Benjamin Kovler and Anthony Georgiadis can be found under “— Directors” above. The following is biographical information for our other executive officers:

Beth Burk, General Counsel and Secretary. Beth Burk joined as Interim Chief Legal and Compliance Officer in November 2019 and became General Counsel in January 2020. She was appointed as Secretary of the Company on March 20, 2020. She was previously at Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, where she served as Global Chief Compliance Officer from July 2015 to June 2019 and Chief Counsel, Global Employment from October 2010 to July 2015. During her 14-year tenure with Aon plc, she served the company in its Chicago and London offices in a variety of key leadership roles. Prior to joining Aon plc, Beth was a partner in the Chicago office of the global law firm Winston & Strawn LLP, where she advised businesses in a variety of industries from early stage to maturity. Beth brings over 30 years of broad legal experience and earned her Juris Doctor from Chicago-Kent College of Law and a Bachelor of General Studies degree, with a concentration in Economics, from the University of Michigan.

Jennifer Dooley, Chief Strategy Officer. Jennifer Dooley has been our Chief Strategy Officer since April 2018. In addition to her responsibilities in strategy, on an interim basis she has led marketing since October 2019 and led information technology from October to December 2019. Jennifer joined us in March 2016 and was Vice President of Marketing and Brand Development until April 2017 and Chief Marketing Officer from April 2017 to April 2018. Prior to joining Green Thumb, from June 2008 to March 2016, Jennifer held various marketing leadership roles at Storck USA, a top 10 global confectioner, known for brands Werther’s Original, Toffifay, Mamba, merci and RIESEN. Jennifer has a Master of Business Administration from Northwestern University Kellogg School of Management with emphases in Marketing, Entrepreneurship and Innovation. Jennifer joined the board of Petalfast Inc., a privately-held cannabis marketing company, in April 2021. Jennifer graduated summa cum laude from the College of Charleston with a Bachelor of Science in Business Administration and English. Jennifer brings a decade of experience building consumer brands. In 2019, Jennifer was named to Marijuana Venture’s “40 Under 40” list.

Familial Relationships

As of January 1, 2021, there are no familial relationships among any of our officers or directors.

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CORPORATE GOVERNANCE

Board of Directors

Our business and affairs are managed, and all corporate powers are exercised, under the direction of our Board. Our Board establishes fundamental corporate policies and oversees our performance and the performance of our Chief Executive Officer and the other officers to whom our Board has delegated authority to manage day-to-day business operations.

The Board has adopted a Code of Business Conduct for directors, officers and employees (the “Code of Conduct”). The Code of Conduct has been filed on and is accessible through Canada’s System for Electronic Document Analysis and Retrieval (“SEDAR”) and is also available on our website at https://investors.gtigrows.com. The Company will, upon request at investorrelations@gtigrows.com, provide a copy of the Code of Conduct free of charge to any shareholder. Further, the Board has adopted a Disclosure and Insider Trading Policy and Related Party Transactions Policy. The information on our website is not deemed to be incorporated in this Amendment or to be part of this Amendment.

The Board expects its directors, officers and employees to act ethically at all times and to acknowledge their adherence to the policies comprising the Code of Conduct. Any material issues regarding compliance with the Code of Conduct are required to be brought forward by management at either the Board or appropriate Board committee meetings, or are referred to the executive officers of the Company, as may be appropriate in the circumstances. The Board and/or appropriate committee or executive officers determine what remedial steps, if any, are required. Any waivers from the Code of Conduct that are granted for the benefit of a director or executive officer may be granted only by the Board (or a committee thereof, as designated by the Board). No material waiver has ever been granted under the Code of Conduct.

Each of our directors must disclose all actual or potential conflicts of interest and refrain from voting on matters in which such director has a conflict of interest. In addition, the director must excuse himself or herself from any discussion or decision on any matter in which the director is precluded from voting as a result of a conflict of interest.

Our Articles provide that the quorum necessary for the transaction of the business of the Board may be set by the directors and, if not so set, is deemed to be set at two (2) directors or, if the number of directors is set at one (1), is deemed to be set at one (1) director, and that director may constitute a meeting.

The Canadian Securities Administrators has issued corporate governance guidelines pursuant to Canadian National Policy 58-201 – Corporate Governance Guidelines (the “Corporate Governance Guidelines”), together with certain related disclosure requirements pursuant to Canadian National Instrument 58-101 – Disclosure of Corporate Governance Practices (“NI 58-101”). The Corporate Governance Guidelines are recommended as “best practices” for issuers to follow. We recognize that good corporate governance plays an important role in our overall success and in enhancing shareholder value and, accordingly, we have adopted certain corporate governance policies and practices which reflect our consideration of the recommended Corporate Governance Guidelines.

Role of the Board of Directors

Our Board is responsible for the stewardship of the Company and managing and supervising management of our business and affairs, including providing guidance and strategic oversight to management. Our Board has the authority to exercise all such powers of the Company as are not, by the BCBCA or by our Articles, required to be exercised by the shareholders of the Company.

Nomination of Directors

There have been no material changes to the process by which our shareholders may recommend candidates to be considered for nomination to our Board.

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Board Leadership

Our Board has a Chair, currently our Chief Executive Officer, Mr. Kovler, who has authority, among other things, to call and preside over Board meetings. Our Board has concluded that our current leadership structure is appropriate at this time. However, our Board will continue to periodically review our leadership structure and may make changes in the future as it deems appropriate.

Risk Oversight

Our Board is responsible for the general oversight of risks that affect us and for providing oversight of our enterprise risk management. Our Board receives regular reports on our operations from our Chief Executive Officer, as well as other members of management. Our Board reviews these reports and makes inquiries in their business judgment.

Our Board also fulfills its oversight role through the operations of its various committees, including our Audit Committee, Executive Committee and Compensation Committee. Our Board receives periodic reports on each committee’s activities. Our Audit Committee has responsibility for risk oversight in connection with its review of our financial reports filed with the SEC and on SEDAR. Our Audit Committee receives reports from our Chief Financial Officer and our independent auditors in connection with the review of our quarterly and annual financial statements regarding significant financial transactions, accounting and reporting matters, critical accounting estimates and management’s exercise of judgment in accounting matters. When reporting on such matters, our independent auditors also provide their assessment of management’s report and conclusions.

Board and Committee Meetings; Executive Sessions

At regularly scheduled Board and committee meetings, directors review and discuss management reports regarding our performance, prospects and plans, as well as significant opportunities and immediate issues facing us. At least once a year, our Board also reviews management’s long-term strategic and financial plans. The Chair, in consultation with the chair of any applicable committee and other directors, as appropriate, establishes the agenda for meetings of the Board. Committee agendas and schedules are set by or in consultation with the committee chair. During the year ended December 31, 2020, our Board held six meetings, and all directors attended at least 75% of all applicable Board and committee meetings during their respective tenures.

Board members are permitted to attend our annual general meeting. All members of our Board except Mr. Moore (and Ms. Mylavarapu, who had not yet joined the Board) attended our 2020 annual general meeting, held on June 23, 2020.

Board Committees

Our Board currently has an Executive Committee, Audit Committee and Compensation Committee. A brief description of each committee is set out below. The Audit Committee held 10 meetings, and Compensation Committee held 5 meetings during the year ended December 31, 2020. The Executive Committee was formed on August 6, 2020, and has held only informal meetings.

Executive Committee

The Board formed the Executive Committee on August 6, 2020 to assist the Board with overseeing and/or administering any matters as the Board may delegate to it from time to time. Wendy Berger, William Gruver and Glen Senk serve on the Executive Committee.

Audit Committee

The Audit Committee assists the Board in fulfilling its responsibilities for oversight of financial, audit and accounting matters, as well as providing oversight on matters related to legal and regulatory compliance and risk management. The Audit Committee reviews the financial reports and other financial information that we provide to regulatory authorities and our shareholders, as well as reviews our system of internal controls regarding finance and accounting, including auditing, accounting and financial reporting processes.

Our Audit Committee consists of Mr. Gruver, Mr. Moore and Mr. Senk. Mr. Gruver serves as the chair of our Audit Committee and has been identified as an “audit committee financial expert” as that term is defined in the rules and regulations established by the SEC. The members of our audit committee are “financially literate” and “independent” within the meaning of NYSE rules. The following chart sets forth the composition of our Audit Committee:

Name of Member	Independent(1)	Financially Literate(2)
Glen Senk	Yes	Yes
Westley Moore	Yes	Yes
William Gruver (Chair)	Yes	Yes

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Notes:

(1) A member of the Audit Committee is independent if he or she has no direct or indirect ‘material relationship’ with the Company. A material relationship is a relationship which could, in the view of the Company’s Board, reasonably interfere with the exercise of a member’s independent judgment. An executive officer of the Company, such as the President or Secretary, is deemed to have a material relationship with the Company.

(2) A member of the Audit Committee is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company’s financial statements.

The education and experience of each member of the Audit Committee that is relevant to the performance of his or her responsibilities as a member of the Audit Committee is described above in Item 10 under the heading “Director Biographies and Qualifications.”

The Audit Committee’s principal duties and responsibilities include assisting the Board in discharging the oversight of: (i) the Company’s internal audit function; (ii) the integrity of our consolidated financial statements and accounting and financial processes and the audits of our consolidated financial statements; (iii) compliance with legal and regulatory requirements; (iv) external auditors’ qualifications and independence; (v) the work and performance of financial management and external auditors; and (vi) system of disclosure controls and procedures and system of internal controls regarding finance, accounting, legal, compliance and risk management established by management and the Board.

Our Board has adopted a written charter for the Audit Committee, which sets out the Audit Committee’s responsibilities, consistent with the rules of the SEC and Canadian National Instrument 52-110, a current copy of which is available on our website at investors.gtigrows.com. The Audit Committee has access to all books, records, facilities and personnel and may request any information about us as it may deem appropriate. It has the authority to retain and compensate special legal, accounting, financial and other consultants or advisors to advise the Audit Committee.

Both our independent auditors and internal financial personnel regularly meet privately with the Audit Committee and have unrestricted access to this committee. At no time since the commencement of the Company’s most recently completed fiscal year was a recommendation of the Audit Committee to nominate or compensate an external auditor not adopted by the Board. Our Audit Committee held 10 meetings during the year ended December 31, 2020.

Compensation Committee

The Compensation Committee consists of Mr. Senk, Mr. Moore, Ms. Berger and, beginning on April 7, 2021, Ms. Mylavarapu. Mr. Senk serves as the Chair of our Compensation Committee. Our Compensation Committee assists the Board in fulfilling its responsibilities for compensation philosophy and guidelines. The Compensation Committee also has responsibility for fixing compensation levels for the Company’s executive officers. In addition, the Compensation Committee is charged with reviewing the Green Thumb Industries Inc. 2018 Stock and Incentive Plan (as amended to date, the “Stock and Incentive Plan”) and proposing changes thereto, approving any awards of options under the Stock and Incentive Plan and recommending any other employee benefit plans, incentive awards and perquisites with respect to the Company’s executive officers. The Compensation Committee is also responsible for reviewing, approving and reporting to the Company’s Board annually (or more frequently as required) on the Company’s succession plans for its executive officers.

Additional discussion of the role and responsibilities of the compensation committee is set forth below under Item 11, “Executive Compensation.”

Our Board has adopted a written charter setting forth the purpose, composition, authority and responsibility of our Compensation Committee consistent with the rules of the SEC and the guidance of the Canadian Securities Administrators, a current copy of which is available on our website at investors.gtigrows.com.

Our Board has determined that Mr. Senk, Mr. Moore and Ms. Mylavarapu are independent as defined by NYSE rules. Our Compensation Committee held 5 meetings during the year ended December 31, 2020.

8

Communications with the Board of Directors

Shareholders and other interested parties may contact any member (or all members) of our Board (including, without limitation, the non-management directors as a group), any committee of our Board or the chair of any such committee. Written correspondence may be sent addressed to our Board, any committee or any individual director, c/o Corporate Secretary, Green Thumb Industries Inc., 325 West Huron Street, Suite 700, Chicago, Illinois 60654.

Delinquent Section 16(a) Reports

Section 16(a) of the Exchange Act requires our directors, executive officers, and persons holding more than 10% of our common stock to report their initial ownership of the common stock and other equity securities and any changes in that ownership in reports that must be filed with the SEC. The SEC has designated specific deadlines for these reports, and we must identify in this proxy statement those persons who did not file these reports when due.

Based solely on a review of reports furnished to us, or written representations from reporting persons, we believe all directors, executive officers, and 10% owners timely filed all reports regarding transactions in our securities required to be filed for 2020 by Section 16(a) under the Exchange Act, except Julie Knudson, a former executive officer, who filed one late report on Form 4 in 2020 due to an administrative error.

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Item 11. Executive Compensation.

EXECUTIVE COMPENSATION

Overview of Executive Compensation

The Board is authorized to review and approve annually all compensation decisions relating to our executive officers. In accordance with reduced disclosure rules applicable to emerging growth companies as set forth in Item 402 of Regulation S-K, this section explains how our compensation program is structured for our Chief Executive Officer and the other executive officers named in the Summary Compensation Table, which we refer to as the named executive officers.

Compensation Governance

The Board has not adopted any formal policies or procedures to determine the compensation of our directors or executive officers. The compensation of the directors is determined by the Board, based on the recommendations of the Compensation Committee. Recommendations of the Compensation Committee are made giving consideration to the objectives discussed below and, if applicable, considering applicable industry data. The Compensation Committee is delegated the authority to determine and approve the compensation of the Company’s named executive officers.

The Compensation Committee currently consists of four directors; Glen Senk (Chair), Westley Moore, Wendy Berger and Swati Mylavarapu. Glen Senk, Westley Moore and Swati Mylavarapu are independent director members of the Compensation Committee. For details regarding the experience of the members of the Compensation Committee, see Item 10, “Director Biographies and Qualifications” above.

The role and responsibility of the Compensation Committee is to assist the Board in fulfilling its responsibilities for establishing compensation philosophy and guidelines. Additionally, the Compensation Committee has responsibility for recommending to the Board compensation levels for directors, fixing compensation levels, perquisites and supplemental benefits for the executive officers and for entering into employment, severance protection, change in control and related agreements and plans for the Chief Executive Officer and other executive officers, provided that any agreements with the Chief Executive Officer are subject to Board approval. In addition, the Compensation Committee is charged with reviewing the Stock and Incentive Plan and proposing changes thereto and recommending any other employee benefit plans, incentive awards and perquisites with respect to the directors and executive officers. The independent directors on the Compensation Committee are responsible for approving any equity or incentive awards under the Stock and Incentive Plan. The Compensation Committee is also responsible for reviewing, approving and reporting to the Board annually (or more frequently as required) on our succession plans for our executive officers, and for overseeing our Board annual self-evaluation process.

The Compensation Committee endeavors to ensure that the philosophy and operation of our compensation program reinforces our culture and values, creates a balance between risk and reward, attracts, motivates and retains executive officers over the long-term and aligns their interests with those of our shareholders. In addition, the Compensation Committee is to review our annual disclosure regarding executive compensation for inclusion where appropriate in our disclosure documents.

Elements of Compensation

Base Salary. Base salary is the fixed portion of each executive officer’s total compensation. It is designed to provide income certainty. In determining the base level of compensation for the executive officers, weight is placed on the following factors: the particular responsibilities related to the position, salaries or fees paid by companies of similar size in the industry, level of experience of the executive and overall performance and the time which the executive officer is required to devote to fulfill his or her responsibilities.

Short-Term Incentive Awards. A cash incentive payment or bonus is a short-term incentive that is intended to reward each executive officer for his or her individual contribution and performance of personal objectives as well as overall corporate performance. Cash bonuses are designed to motivate executive officers to achieve personal business objectives and to be accountable for our performance, as well as to attract and retain executives. The Compensation Committee may also determine that it is appropriate to pay all or a portion of such officers’ cash bonus in equity.

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Long-Term Equity Incentive Awards. Long-term incentives granted under the Stock and Incentive Plan are intended to align the interests of our directors and executive officers with those of the shareholders and to provide a long-term incentive that rewards these parties for their contribution to the creation of shareholder value. In establishing the number of nonqualified stock options, incentive stock options (which we refer to collectively as Options) and restricted stock units (which we refer to as RSUs) to be granted, reference is made to the recommendations made by the Compensation Committee as well as, from time to time, the number of similar awards granted to officers and directors of other publicly-traded companies of similar size in the same business as us. The Compensation Committee also considers previous grants of Options or RSUs to such executive officer and the overall number of Options or RSUs that are outstanding relative to the number of outstanding securities in determining whether to make any new grants of Options or RSUs and the size and terms of any such grants. With respect to executive officers, the Compensation Committee and the Board also consider the level of effort, time, responsibility, ability, experience and level of commitment of the executive officer in determining the level of long-term equity incentive awards. With respect to directors, the Compensation Committee and the Board also consider committee assignments and committee chair responsibilities, as well as the overall time requirements of the Board members in determining the level of long-term equity incentive awards. For a more detailed description of the Stock and Incentive Plan, see Item 12, “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters”—Equity Compensation Plans.

SUMMARY COMPENSATION TABLE

The following table sets forth all compensation paid to or earned by our named executive officers in the last two (2) fiscal years except for Ms. Burk, who became a named executive officer for 2020.

Name and Principal Position	Year		Salary ($)		Bonus ($)(1)		Stock Awards ($)(2)		Option Awards ($)(2)		Non-Equity Incentive Plan Compensation ($)		Nonqualified Deferred Compensation Earnings ($)		All Other Compensation ($)(3)		Total ($)
Benjamin Kovler,		2020	$	307,500	$	972,881	$	—	$	339,127	$	—	$	—	$	39,930	$	1,659,438
Chief Executive Officer and Chairman		2019	$	295,000	$	400,000	$	1,404,000	$	1,764,000	$	—	$	—	$	52,943	$	3,585,943
Anthony Georgiadis,		2020	$	322,500	$	634,496	$	—	$	339,127	$	—	$	—	$	39,873	$	1,335,996
Chief Financial Officer and Director		2019	$	297,500	$	400,000	$	1,053,000	$	1,764,000	$	—	$	—	$	52,878	$	3,237,378
Beth Burk		2020	$	320,000	$	150,386	$	454,100	$	533,084	$	—	$	—	$	140	$	1,457,710
General Counsel and Secretary

Notes:

(1) Each of our named executive officers was eligible to earn a short-term cash incentive award for 2020 based upon company and individual performance for the year. Bonus amounts reflect short-term incentive awards based upon performance in the applicable year and paid in the subsequent year, as described above. The amounts include in the above table represent the total amounts earned, but a portion was paid in cash and a portion in immediately vested shares, as highlighted below.

Name	2020 Target Bonus		2020 Earned Bonus		Paid in Cash		Delivered in Vested RSUs
Benjamin Kovler	$	690,000	$	972,900	$	690,000	$	282,881
Anthony Georgiadis	$	540,000	$	634,500	$	540,000	$	94,496
Beth Burk	$	128,000	$	150,400	$	128,000	$	22,286

The total earned bonus does not exactly match the amount paid in cash and delivered in vested RSUs, due to minor rounding and the fact that we do not issue partial shares.

(2) The amounts reported in the Stock Awards and the Option Awards columns reflect aggregate grant date fair value computed in accordance with ASC Topic 718, Compensation—Stock Compensation. These amounts reflect our calculation of the value of these awards at the grant date and do not necessarily correspond to the actual value that may ultimately be realized by the named executive officer. Assumptions used in the calculation of these amounts are included in Note 13 to our audited consolidated financial statements for the fiscal year ended December 31, 2020, which are included in the Original 10-K.

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On March 27, 2020, Mr. Kovler and Mr. Georgiadis were each awarded 81,521 options and Ms. Burk was awarded 54,347 options, in each case with an exercise price of C$9.22. One-third of each such award vests on each of the first three anniversaries of the grant date. In addition, on January 31, 2020, Ms. Burk received an award of 40,000 RSUs and an award of 50,000 options with an exercise price of C$12.65 in connection with her appointment as General Counsel, after previously joining Green Thumb as Interim Chief Legal and Compliance Officer in November 2019. One-third of each of those awards vests on each of the first three anniversaries of the grant date. On May 6, 2020, Ms. Burk received an award of 10,000 fully-vested RSUs as part of her compensation for her role as Interim Chief Legal and Compliance Officer.

(3) The amounts included for 2020 include $37,500 in director fees for each of Benjamin Kovler and Anthony Georgiadis, and for each named executive officer, the applicable costs of the Company’s executive lunch program, which was terminated in March 2020.

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OUTSTANDING EQUITY AWARDS TABLE

The following table sets forth outstanding equity awards for our named executive officers at fiscal 2020 year end.

		Option Awards										Stock Awards
Name	Grant Date	Number of Securities Underlying Unexercised Options (#) Exercisable		Number of Securities Underlying Unexercised Options (#) Unexercisable		Equity Incentive Plan Awards; Number  of Securities Underlying Unexercised Unearned Options (#)		Option Exercise Price (C$)		Option Expiration Date		Number of Shares or Units  of Stock That Have Not Vested (#)		Market Value of Shares or  Units of Stock That Have Not Vested ($)		Equity Incentive Plan Awards: Number of Unearned Shares, Units  or Other Rights That Have Not Vested (#)		Equity Incentive Plan Awards: Market or Payout Value  of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1)
Ben Kovler	8/30/2018(2)		33,333		16,667		—	C$	14.64		8/30/2028		—		—		—		—
	4/12/2019(3)		—		—		—		—		—		—		—		66,667	$	1,632,675
	7/26/2019(2)		100,000		200,000		—	C$	12.07		7/26/2024		—		—		—		—
	3/27/2020(2)		0		81,521		—	C$	9.22		3/27/2025		—		—		—		—
Anthony Georgiadis	8/30/2018(2)		33,333		16,667		—	C$	14.64		8/30/2028		—		—		—		—
	4/12/2019(3)		—		—		—		—		—		—		—		50,000	$	1,224,500
	7/26/2019(2)		100,000		200,000		—	C$	12.07		7/26/2024		—		—		—		—
	3/27/2020(2)		0		81,521		—	C$	9.22		3/27/2025		—		—		—		—
Beth Burk	1/31/2020(2)		0		50,000		—	C$	12.65		1/31/2025		—		—		—		—
	1/31/2020(3)		—		—		—		—		—		—		—		40,000	$	979,600
	3/27/2020(2)		0		54,347		—	C$	9.22		3/27/2025		—		—		—		—

Notes:

(1) Based on the closing price of C$31.18 of a subordinate voting share on the Canadian Securities Exchange on December 31, 2020, or US$24.49 (based on the exchange rate for such date as reported by the Bank of Canada).

(2) Option award that vests in one-third increments on each of the first three anniversaries of the grant date.

(3) RSU award that vests in one-third increments on each of the first three anniversaries of the grant date.

Retirement Benefit Plans

Effective August 1, 2019, each named executive officer is eligible to participate in the Vision Management Services, LLC 401(k) Plan, a tax-qualified, defined contribution retirement plan. The Vision Management Services, LLC 401(k) Plan is generally available to eligible employees of our operating subsidiary, Vision Management Services, LLC, and other subsidiaries that have elected to participate in the Vision Management Services, LLC 401(k) Plan. Participants in the Vision Management Services, LLC 401(k) Plan are eligible to make before-tax contributions and Roth contributions and, if Vision Management Services, LLC elects, to receive discretionary matching and/or profit-sharing contributions.

Termination and Change of Control Benefits

Except as described below, we do not have any contract, agreement, plan or arrangement that provides for payments to a named executive officer at, following or in connection with a termination (whether voluntary, involuntary or constructive), resignation, retirement, a change of control or a change in a named executive officer’s responsibilities. The services of each of Benjamin Kovler, Anthony Georgiadis and Beth Burk are provided on an at-will basis.

The restricted stock unit and stock option awards granted pursuant to the Stock and Incentive Plan, as amended, provide for full vesting in the event the awardee is terminated without cause (as defined in the applicable award agreements) within 12 months following a change of control (as defined in the applicable award agreements). Options that are vested due to such a termination are exercisable for the duration of the option’s original term. Further, we, acting through our Board or our Compensation Committee, have broad discretion in how to treat awards under the Stock and Incentive Plan in the event of a change of control. Such discretion includes the ability to fully vest and cash-out awards, arrange for awards to be assumed by a buyer, provide for economically equivalent replacement awards or eliminate future vesting or exercisability as of, or following, a change of control.

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DIRECTOR COMPENSATION

Prior to our annual meeting of shareholders on June 23, 2020, all of our directors, including our employee directors, received quarterly retainers of $12,500 in cash. Equity compensation awards were made to our directors when they joined the Board and from time-to-time as the Board determined appropriate. Following the Compensation Committee’s recommendation, on August 6, 2020, the Board eliminated director compensation fees for employee directors and approved the following compensation program for non-employee directors, with all elements to be paid in quarterly installments:

• $50,000 annual cash retainer;

• $40,000 additional annual cash retainer for the chair of the Audit Committee;

• $25,000 additional annual cash retainer for the chair of the Compensation Committee;

• $250,000 annual award of fully-vested RSUs; and

• $100,000 additional annual award of fully-vested RSUs for each member of the Executive Committee.

In addition, effective September 1, 2020, the Board granted Mr. Gruver a one-time award of fully-vested RSUs with a grant date fair value of $160,000 for his service to date.

The following table sets forth all compensation paid to or earned by each of our non-employee directors during fiscal year 2020 other than the two named executive officers who also serve as directors.

Name	Fees Earned or Paid in Cash ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Nonqualified Deferred Compensation Earnings ($)		All Other Compensation ($)		Total ($)
Wendy Berger(1)	$	50,000	$	174,982	$	—	$	—	$	—	$	—	$224,982
William Gruver(2)	$	70,000	$	334,979	$	—	$	—	$	—	$	—	$404,979
Glen Senk(3)	$	62,500	$	174,982	$	—	$	—	$	—	$	—	$237,482
Westley Moore	$	50,000	$	124,976	$	—	$	—	$	—	$	—	$174,976
Alejandro Yemenidjian(4)	$	50,000	$	124,976	$	—	$	—	$	—	$	—	$174,976

(1) Ms. Berger’s 2020 compensation includes amounts for her service as a member of the Executive Committee.

(2) Mr. Gruver’s 2020 compensation includes amounts for his service as chair of the Audit Committee and as a member of the Executive Committee, and the one-time award described above.

(3) Mr. Senk’s 2020 compensation includes amounts for his service as chair of the Compensation Committee and as a member of the Executive Committee.

(4) Mr. Yemenidjian also served as the Managing Director, Integral Associates from June 29, 2019 to April 6, 2020, for which he received salary of $74,769 during fiscal 2020. Mr. Yemenidjian resigned from the Board effective December 31, 2020.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

During fiscal year 2020, Glen Senk (Chair), Wendy Berger and Westley Moore served as members of the Compensation Committee. Wendy Berger has relationships requiring disclosure with respect to related party transactions, as described in Item 13 “Certain Relationships and Related Transactions, Director Independence” – Related Party Transactions, below.

None of our executive officers served as a member of the compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of another entity, one of whose executive officers served as our director or on the Compensation Committee, during fiscal 2020. None of our executive officers served as a director of another entity, one of whose executive officers served on our Compensation Committee, during fiscal 2020.

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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth the beneficial ownership of the Company’s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares as of April 23, 2021 for (i) each member of the Board of Directors, (ii) each named executive officer (as defined below), (iii) each person known to the Company and expected to be the beneficial owner of more than 5% of the Company’s securities and (iv) the members of the Board and the named executive officers of the Company as a group. Beneficial ownership is determined according to the rules of the SEC. Generally, a person has beneficial ownership of a security if the person possesses sole or shared voting or investment power of that security, including any securities that a person has the right to acquire beneficial ownership of within 60 days. Except as indicated, all shares of the Company’s securities will be owned directly, and the person or entity listed as the beneficial owner has sole voting and investment power. The address for each director and executive officer is c/o Green Thumb Industries Inc., 325 West Huron Street, Suite 700, Chicago, Illinois 60654.

	Subordinate Voting Shares(1)					Multiple Voting Shares					Super Voting Shares					Total(2)					Voting(3)
Name, Position and Address of Beneficial Owner	Number Beneficially Owned		% of Total Subordinate Voting Shares			Number Beneficially Owned		% of Total Multiple Voting Shares			Number Beneficially Owned		% of Total Super Voting Shares			Total Number of Capital Stock Beneficially Owned		% of Total Capital Stock			% of Voting Capital Stock
Wendy Berger(4),		2,044,725		1.10	%		—		—			—		—			2,044,725			*			*
Director
Anthony Georgiadis(5),		254,637			*		—		—			45,604		15.15	%		4,815,037		2.19	%		9.35	%
Director and Chief Financial Officer
William Gruver(5),		67,844			*		—		—			1,589			*		231,853			*			*
Director
Benjamin Kovler(6),		2,762,747		1.49	%		—		—			183,254		60.88	%		21,088,147		9.61	%		37.93	%
Chairman and Chief Executive Officer
Westley Moore,
Director		160,005			*		—		—			—		—			160,005			*			*
Swati Mylavarapu,
Director		—		—			—		—			—		—			—		—			—
Glen Senk,
Director		302,112			*		—		—			—		—			302,112			*			*
Beth Burk,
General Counsel and Corporate Secretary		50,423			*		—		—			—		—			50,423			*			*
All Board directors and named executive officers as a group		5,624,533		3.04	%		—		—			230,447		76.55	%		26,687,233		13.07	%		48.14	%
Peter Kadens(7)		1,177,395			*		—		—			44,341		14.73	%		5,611,495		2.56	%		9.28	%
Andrew Grossman(8)		281,956			*		—		—			27,832		9.25	%		3,162,469		1.44	%		5.75	%
BF CA Holdings 2016 LLC(9)		—		—			2,246		5.66	%		—		—			224,600			*			*
BF REMS Holdings 2016 LLC(9)		—		—			9,704		24.47	%		—		—			970,400			*			*
Donald Russell Capital LLC(10)		—		—			11,911		30.04	%		—		—			1,191,100			*			*
Medical Herbal Solutions LLC(11)		—		—			5,700		14.37	%		—		—			570,000			*			*
ZLD Capital LLC(12)		—		—			2,264		5.71	%		—		—			226,400			*			*

* Less than 1%

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Notes:

(1) Includes Subordinate Voting Shares subject to Options that are or become exercisable within 60 days of April 23, 2021, and shares underlying restricted stock units that are scheduled to vest within 60 days of April 23, 2021, and shares underlying warrants exercisable within 60 days of April 23, 2021 as follows:

	Stock Options		RSUs		Warrants
Wendy Berger		—		—		—
Anthony Georgiadis		160,506		—		7,590
William Gruver		—		—		5,925
Benjamin Kovler		160,506		—		6,256
Westley Moore		—		—		—
Swati Mylavarapu		—		—		—
Glen Senk		—		—		—
Beth Burk		34,781		—		—
Andrew Grossman		169,456		—		6,245

The warrants to purchase Subordinate Voting Shares reported for Mr. Kovler are held by KP Capital, LLC. 5,925 of the warrants to purchase Subordinate Voting Shares reported for Mr. Georgiadis and Mr. Gruver are held by ABG LLC, and 1,665 of the warrants to purchase Subordinate Voting Shares reported for Mr. Georgiadis are held by Three One Four Holdings LLC.

(2) Total share values are on an as-converted basis.

(3) The voting percentages differ from the beneficial ownership percentages in the total capital stock because the Company’s classes of securities have different voting rights.

(4) Includes 422,573 Subordinate Voting Shares held by NEP 13, LLC and 1,172,543 Subordinate Voting Shares held through a revocable trust.

(5) Includes 16,715 Subordinate Voting Shares and 1,589 Super Voting Shares held by ABG LLC that are beneficially owned both by Mr. Georgiadis and Mr. Gruver.

(6) Includes the following: 2,509,881 Subordinate Voting Shares held by RCP23 LLC, and 188 Subordinate Voting Shares and 80,642 Super Voting Shares held by Outsiders Capital LLC.

(7) Based on reporting from the Company’s transfer agent. Address: 1001 Green Bay Road, Unit 248, Winnetka, Illinois 60093.

(8) Mr. Grossman is the Company’s Head of Capital Markets. Address: c/o Green Thumb Industries Inc., 325 West Huron Street, Suite 700, Chicago, Illinois 60654.

(9) Based on reporting from the Company’s transfer agent. Address: 2010 – 300 E. Lombard Street, Baltimore, Maryland 22012.

(10) Based on reporting from the Company’s transfer agent. Address: 3313 NE 40^th Street, Fort Lauderdale, Florida 33308.

(11) Based on reporting from the Company’s transfer agent. Address: PH 60 – 60 Hendricks Isle, Fort Lauderdale, Florida 33301.

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(12) Based on reporting from the Company’s transfer agent. Address: 2311 North Andrews Avenue, Fort Lauderdale, Florida 33311.

EQUITY COMPENSATION PLANS

The shareholders and the Board approved the Stock and Incentive Plan on June 11, 2018, and the Board further amended the Stock and Incentive Plan effective August 30, 2019. The granting of awards under the Stock and Incentive Plan is intended to promote our interests and the interests of our shareholders by aiding us in attracting and retaining persons capable of assuring our future success, to offer such persons incentives to put forth maximum efforts for the success of our business and to compensate such persons through various stock and cash-based arrangements and provide them with opportunities for stock ownership, thereby aligning the interests of such persons with our shareholders. Eligible participants under the Stock and Incentive Plan include non-employee directors, officers (including the named executive officers), employees, and our consultants and advisors. The Stock and Incentive Plan will be administered by the Board or a committee thereof appointed by the Board (which we refer to as the Stock and Incentive Plan Committee).

Pursuant to the Stock and Incentive Plan, we may issue equity-based compensation (denominated in Subordinate Voting Shares) in the form of Options, stock appreciation rights, restricted stock awards, RSUs, performance shares, performance units and dividend equivalent awards to eligible participants. The Stock and Incentive Plan Committee or its permitted delegates has the power and discretionary authority to determine the amount, terms and conditions of the Stock and Incentive Plan awards, including, without limitation, (i) the exercise price of any Options or stock appreciation rights, (ii) the method of payment for shares purchased pursuant to any award, (iii) the method for satisfying any tax withholding obligation arising in connection with any award, including by net exercise or the withholding or delivery of shares, (iv) the timing, terms and conditions of the exercisability, vesting or payout of any award or any shares acquired pursuant thereto, (v) the performance criteria, if any, applicable to any award and the extent to which such performance criteria have been attained, (vi) the time of the expiration of any award, (vii) the effect of the participant’s termination of service on any of the foregoing, and (viii) all other terms, conditions and restrictions applicable to any award or shares acquired pursuant thereto as the Board shall consider to be appropriate and not inconsistent with the terms of the Stock and Incentive Plan. A non-employee director may not be granted Stock and Incentive Plan awards that exceed in the aggregate $1,500,000 in any calendar year. The foregoing limit does not apply to any award made pursuant to any election by the director to receive an award in lieu of all or a portion of annual and committee retainers and meeting fees.

The following table sets forth securities authorized for issuance under the Stock and Incentive Plan as of December 31, 2020.

Plan Category	Number of securities to be issued upon exercise of outstanding options, warrant and rights		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans
Equity compensation plans approved by security holders(1)		5,658,773	C$	11.88		12,728,505
Equity compensation plans not approved by security holders		—	C$	—		—
Total		5,658,773	C$	11.88		12,728,505

Note:

(1) The maximum number of Subordinate Voting Shares issuable under the Stock and Incentive Plan of the Company as of December 31, 2020 was 21,334,522, representing 10% of the number of the issued and outstanding Subordinate Voting Shares (including, for these purposes, the number of Subordinate Voting Shares underlying the Multiple Voting Shares and the Super Voting Shares on an “as if converted” basis), which we refer to as the Outstanding Share Number.

As of December 31, 2020, the following Awards were outstanding under the Stock and Incentive Plan: (i) a total of 5,658,773 Options, representing approximately 3% of the then Outstanding Share Number; and (ii) a total of 688,340 RSUs, representing less than 1% of the then Outstanding Share Number. As of December 31, 2020, an aggregate of 12,728,505 Subordinate Voting Shares remained available for issuance under the Stock and Incentive Plan, representing approximately 6% of the then Outstanding Share Number.

17

Item 13. Certain Relationships and Related Transactions, and Director Independence.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE

Related Party Transaction Policy

Our Board has adopted a Related Party Transactions Policy, which requires that employees, officers and directors report to the General Counsel (or chief legal officer) any activity that would cause or appear to cause a conflict of interest on his or her part.

Under the Related Party Transactions Policy, a related party transaction includes any transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships, in which:

• we or any of our subsidiaries are or will be a participant;

• the aggregate amount involved will or may be expected to exceed $120,000 in any fiscal year; and

• any related party has or will have a direct or indirect material interest.

Related parties include any person who is or was (since the beginning of the last fiscal year, even if such person does not presently serve in that role) an executive officer, director or nominee for director of the Green Thumb Industries Inc., any shareholder owning more than 5% of any class of our voting securities or an immediate family member, as defined in the Related Party Transactions Policy, of any such person.

Pursuant to the Related Party Transactions Policy, any potential related party transaction that requires approval will be reviewed by the Audit Committee, and the Audit Committee will consider such factors as it deems appropriate to determine whether to approve, ratify or disapprove the related party transaction. The Audit Committee may approve the related party transaction only if it determines in good faith that, under all of the circumstances, the transaction is in the best interests of us and our shareholders.

Director Independence

The Board determines the independence of our directors under the corporate governance rules of the New York Stock Exchange (“NYSE”). The independence rules of the NYSE include a series of objective tests, including that an “independent” person will not be employed by us and will not be engaged in various types of business dealings with us. In addition, the Board is required to make a subjective determination as to each person that no material relationship exists with the Company either directly or as a partner, shareholder or officer of an organization that has a relationship with the Company. It has been determined that four of our current directors are independent persons under the independence rules of the NYSE as well as within the meaning of NI 58-101: Glen Senk, Westley Moore, Swati Mylavarapu and William Gruver.

The following directors are presently directors of other reporting issuers, as set out below:

Director	Reporting Issuer (Exchange)
Westley Moore	IAC/Interactive Corp (NASDAQ) and Under Armour, Inc. (NYSE)
Glen Senk	Aritzia Inc. (TSE)

Transactions with Related Parties

Lease Agreements. Since 2017, we have entered into several related party transactions with respect to lease agreements as follows:

• Mosaic Real Estate, LLC owns a building located at 7900 Fenton Street, Silver Spring, Maryland and leased to GTI Maryland, LLC, which operates a Rise dispensary in the building. The lease commenced on June 14, 2017 for a 7-year term, which was extended to 10 years in March of 2021, and rent payments were approximately $177,760, $53,500, $216,500 and $220,850 for the nine months ended September 30, 2020 and the years ended

18

December 31, 2017, 2018 and 2019, respectively. Our director, Wendy Berger, is a principal of WBS Equities, LLC, which is the Manager of Mosaic Real Estate, LLC. Additionally, Mosaic Real Estate, LLC is owned in part by Ms. Berger (through a revocable trust), Benjamin Kovler, our Chief Executive Officer and director (through a wholly-owned entity), and Anthony Georgiadis, our Chief Financial Officer and director (through a wholly-owned entity).

• Mosaic Real Estate Sparks, LLC owns a building located at 9650 Pyramid Highway, Sparks, Nevada and leased to JG Retail Services NV, LLC, an entity that has entered into a services agreement for GTI Nevada, LLC to operate a Rise dispensary in the building. The lease commenced on July 21, 2017 for a 15-year term, and rent payments were approximately $193,460, $25,500, $231,000 and $235,600 for the nine months ended September 30, 2020 and the years ended December 31, 2017, 2018 and 2019, respectively. Ms. Berger is a principal of WBS Equities, LLC, which is the Manager of Mosaic Real Estate Sparks, LLC. Additionally, Mosaic Real Estate Sparks, LLC is owned in part by Ms. Berger (through a revocable trust) and Mr. Georgiadis (through a wholly-owned entity). We have an option to purchase the building at a pre-determined price.

• On June 12, 2020, Mosaic Real Estate Joliet, LLC sold a building located at 2903 Colorado Avenue, Joliet, Illinois to a wholly-owned subsidiary of the Company, which, until that date it had leased to 3C Compassionate Care Center, LLC, which operates a dispensary in the building. The purchase price was $1,814,000, including transaction costs, and was completed following the Company’s exercise of a purchase option for the property. Prior to this purchase, we were party to a lease for this property with Mosaic Real Estate Joliet, LLC that commenced on January 23, 2019 for a 15-year term, and rent payments were approximately $128,700 for the nine months ended September 30, 2020 and $200,170 for the year ended December 31, 2019. Ms. Berger was a principal of South Creek 15, LLC, which is the Manager of Mosaic Real Estate Joliet, LLC, until she resigned from that position on May 20, 2020. Additionally, Mosaic Real Estate Joliet, LLC is owned in part by Ms. Berger (through a revocable trust).

• Mosaic Real Estate Ocala, LLC owns a building located at 5401 Northwest 44^th Avenue, Ocala, Florida and leased to GTI Florida, LLC, to operate a cultivation and processing facility in the building. The lease commenced on March 19, 2019 for a 15-year term, and rent payments were approximately $428,200 for the nine months ended September 30, 2020 and $393,530 for the year ended December 31, 2019. Ms. Berger is a Co-Manager of Mosaic Real Estate Ocala, LLC. Additionally, Mosaic Real Estate Ocala, LLC is owned in part by Ms. Berger (through a revocable trust). We have an option to purchase the building at a pre-determined price.

• Durango Teco Partners, LLC owns a building located at 6410 South Durango Drive, Las Vegas, Nevada and leased to Essence Henderson, LLC, a subsidiary of Integral Associates, LLC, to operate an Essence dispensary in the building. The lease commenced on June 27, 2020 for a 10-year term, and rent payments were approximately $59,700 for the nine months ended September 30, 2020. Our former director, Alejandro Yemenidjian, who resigned from the Board effective December 31, 2020, owns 50% of Armenco Capital LLC, which owns 50% of Durango Teco Partners, LLC.

For the three and nine months ended September 30, 2020 the Company recorded lease expense of $353,535 and $1,146,246, respectively, associated with these lease arrangements. For the three and nine months ended September 30, 2019, we recorded lease expense of $321,793 and $789,783, respectively, associated with these lease arrangements.

Notes. On May 21, 2019, as amended on November 19, 2019, we closed a $105 million senior secured non-brokered private placement financing which bears interest of 12% per annum and matures on May 22, 2023, which we refer to as the Note Purchase Agreement. Separately, pursuant to the terms of the Note Purchase Agreement, we issued warrants to the Note holders, some of whom were related parties. As of September 30, 2020 and December 31, 2019:

• KP Capital, LLC, which is owned by Mr. Kovler, held $290,334 of the original private placement debt amount, and related warrants valued at $48,017 and $39,894, respectively;

• AG Funding Group, LLC, which is owned by Andrew Grossman, our Executive Vice President of Capital Markets, held $289,876 of the original private placement debt amount, and related warrants valued at $47,931 and $39,829, respectively;

19

• ABG, LLC, which is owned jointly by Mr. Georgiadis and our director William Gruver, held $275,000 of the original private placement debt amount, and related warrants valued at $45,475 and $37,788, respectively; and

• Three One Four Holdings, LLC, which is owned by Mr. Georgiadis, held $77,300 of the original private placement debt amount, and related warrants valued at $12,779 and $10,620, respectively.

Springbig, Inc. In June 2019, GTI Core, LLC entered into an agreement with Springbig, Inc. for Springbig Inc.’s loyalty and digital communications platform for retail organization. Payments to Springbig Inc. totaled approximately $378,524, $2,800, $35,400 and $155,300 for the nine months ended September 30, 2020 and the years ended December 31, 2017, 2018 and 2019, respectively. The parties agreed to expand the services under this arrangement in March 2020. Springbig Inc. is owned in part by Mr. Kovler, Mr. Georgiadis and Mr. Gruver. Mr. Kovler is also a director of Springbig Inc.

Employment. Alejandro Yemenidjian, a director of the Company from June 2019 to December 2020, is the father of Armen Yemenidjian, who served as our President from June 2019 to April 2020. Alejandro Yemenidjian was also employed as our Managing Director of Integral Associates from June 29, 2019 until his resignation from that role on April 6, 2020. In addition to his compensation for his role on our Board, with respect to his employment he received salary of $138,456 in fiscal 2020.

Item 14. Principal Accounting Fees and Services.

PRINCIPAL INDEPENDENT ACCOUNTANT FEES AND SERVICES

MGO has served as our independent registered public accounting firm since October 17, 2019. The engagement of MGO was approved by the Audit Committee and the Board. MGO completed an audit of the Company for the year ended December 31, 2019 and 2020.

Aggregate fees billed by our independent auditors, MGO, for the years ended December 31, 2020 and December 31, 2019 are detailed in the table below.

	2020 ($)		2019 ($)
Audit Fees(1)		721,880		798,249
Audit Related Fees(2)		57,617		537,172
Tax Fees(3)		—		—
All Other Fees(4)		31,740		166,381
Total Fees Paid		811,237		1,501,802

(1) Fees for audit service on an accrued basis.

(2) Fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit of the financial statements.

(3) Fees for professional services rendered for tax compliance, tax advice and tax planning.

(4) All other fees billed by the auditor for products and services not included in the foregoing categories.

Pre-approval Policies and Procedures

Our Audit Committee has established a policy of reviewing, in advance, and either approving or not approving, all audit, audit-related, tax and other non-audit services that our independent registered public accounting firm provides to us. This policy requires that all services received from independent registered public accounting firms be approved in advance by the Audit Committee. The Audit Committee has delegated pre-approval responsibility to the Chair of the Audit Committee with respect to non-audit related fees and services.

Our Audit Committee has determined that the provision of the services as set out above is compatible with the maintaining of MGO’s independence in the conduct of their auditing functions.

20

Audit Committee Report

The material in this report is not “soliciting material,” is not deemed “filed” with the SEC, and is not to be incorporated by reference into any filing by Green Thumb Industries Inc. under the Securities Act of 1933, as amended, or the Exchange Act.

The primary purpose of the Audit Committee is to assist the Company’s Board in fulfilling its responsibilities for oversight of financial, audit and accounting matters. The Audit Committee reviews the financial reports and other financial information provided by the Company to regulatory authorities and its shareholders, as well as reviews the Company’s system of internal controls regarding finance and accounting, including auditing, accounting and financial reporting processes.

The Audit Committee has discussed with Macias Gini & O’Connell LLP (“MGO”), the Company’s independent registered public accounting firm, the matters required to be discussed under applicable auditing standards, including Auditing Standard No. 1301. In addition, the Audit Committee discussed with MGO its independence, and received from MGO the written disclosures and the letter required by applicable requirements of the Public Company Accounting Oversight Board. Finally, the Audit Committee discussed with MGO, with and without management present, the scope and results of MGO’s audit of such financial statements.

Based on these reviews and discussions, the Audit Committee recommended to the Board that such audited financial statements be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Audit Committee of the Board

William Gruver (Chair)

Westley Moore

Glen Senk

Part IV

Item 15. Exhibits and Financial Statement Schedules.

(a) The consolidated financial statements and financial statement schedule filed as part of the Original 10-K are listed in the Index accompanying the Consolidated Financial Statements in the Original 10-K.

(b) The exhibits listed in Part IV, Item 15(b) of the Original 10-K and the exhibits listed below are filed with, or incorporated by reference into, this report.

31.3	Certification of Chief Executive Officer required by Rule 13a-14(a) of the Exchange Act
31.4	Certification of Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act

21

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

April 30, 2021
	GREEN THUMB INDUSTRIES INC.
	/s/ Benjamin Kovler
By:	Benjamin Kovler
Title:	Chief Executive Officer

EX-31.3

Exhibit 31.3

CERTIFICATION PURSUANT TO RULE 13A-14(A) OR 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Benjamin Kovler, certify that:

1. I have reviewed this Amendment No. 2 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 of Green Thumb Industries Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

GREEN THUMB INDUSTRIES INC.
/s/ Benjamin Kovler
By:	Benjamin Kovler
Title:	Chief Executive Officer

Date: April 30, 2021

EX-31.4

Exhibit 31.4

CERTIFICATION PURSUANT TO RULE 13A-14(A) OR 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Anthony Georgiadis, certify that:

1. I have reviewed this Amendment No. 2 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 of Green Thumb Industries Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

GREEN THUMB INDUSTRIES INC.
/s/ Anthony Georgiadis
By:	Anthony Georgiadis
Title:	Chief Financial Officer

Date: April 30, 2021

XML

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Apr. 23, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K/A
Entity Interactive Data Current	Yes
Amendment Flag	true
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	GREEN THUMB INDUSTRIES INC.
Entity Central Index Key	0001795139
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Voluntary Filers	No
Entity Address, State or Province	BC
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 1,794,774,660
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	false
Amendment Description	This Amendment No. 2 on Form 10-K/A (this “Amendment”) amends the Annual Report on Form 10-K of Green Thumb Industries Inc. (the “Company,” “Green Thumb,” “we” or “us”) for our fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2021 (the “March 18 10-K”), and amended by Amendment No. 1 on Form 10-K/A filed with the SEC on March 19, 2021 (the “First Amendment” and the March 18 10-K as amended by the First Amendment is referred to herein as the “Original 10-K”). This Amendment is being filed solely for the purpose of including the information required by Part III of Form 10-K. At the time the Company filed the Original 10-K, it intended to file a definitive proxy statement for its 2021 Annual General Meeting of Shareholders within 120 days after the end of the 2020 fiscal year pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended. However, as the Company will not file the definitive proxy statement within such 120-day period, the information required by Part III (Items 10-14) of Form 10-K is filed herewith and provided below. As required by Rule 12b-15, in connection with this Amendment, the Company’s Chief Executive Officer and Chief Financial Officer are providing certifications pursuant to Rule 13a-14(a) as exhibits to this Form 10-K/A. Because no financial statements are contained with this Amendment, certifications pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 are not included. Except as described above, this Amendment does not modify or update disclosure in, or exhibits to, the Original 10-K. Furthermore, this Amendment does not change any previously reported financial results, and we have not updated the disclosures contained in the Original 10-K to reflect any events that occurred subsequent to the date of the Original 10-K. The filing of this Amendment is not a representation that any statements contained in items of the Original 10-K other than Part III (Items 10-14) are true or complete as of any date subsequent to the Original Form 10-K.
Subordinate Voting Shares [Member]
Document Information [Line Items]
Title of 12(g) Security	Subordinate Voting Shares
Entity Common Stock, Shares Outstanding		185,423,900
Super Voting Shares [Member]
Document Information [Line Items]
Title of 12(g) Security	Super Voting Shares
Entity Common Stock, Shares Outstanding		30,103,100
Multiple Voting Shares [Member]
Document Information [Line Items]
Title of 12(g) Security	Multiple Voting Shares
Entity Common Stock, Shares Outstanding		3,965,400

XML

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and Cash Equivalents	$ 83,757,785	$ 46,667,334
Accounts Receivable	21,414,987	7,530,253
Inventories	69,542,953	46,034,481
Prepaid Expenses	6,445,393	6,780,657
Other Current Assets	2,782,887	2,049,886
Total Current Assets	183,944,005	109,062,611
Property and Equipment, Net	189,925,877	155,596,675
Right of Use Assets, Net	140,382,781	63,647,812
Investments	40,794,806	14,068,821
Investment in Associate	12,669,963	10,350,000
Note Receivable		815,937
Intangible Assets, Net	406,242,034	435,246,898
Goodwill	382,697,467	375,084,991
Deposits and Other Assets	1,892,229	3,662,879
TOTAL ASSETS	1,358,549,162	1,167,536,624
Current Liabilities:
Accounts Payable	20,503,572	8,745,821
Accrued Liabilities	56,288,729	37,184,406
Current Portion of Notes Payable	341,983	206,675
Current Portion of Lease Liabilities	3,862,110	3,833,268
Liability for Acquisition of Noncontrolling Interest	0	5,500,000
Contingent Consideration Payable	22,150,000	50,391,181
Income Tax Payable	16,142,041	5,505,904
Total Current Liabilities	119,288,435	111,367,255
Long-Term Liabilities:
Lease Liabilities, Net of Current Portion	146,426,760	61,115,737
Notes Payable, Net of Current Portion and Debt Discount	98,712,996	91,140,194
Contingent Consideration Payable	4,950,000	8,545,558
Warrant Liability	39,454,000	15,879,843
Deferred Income Taxes	35,557,630	36,279,361
TOTAL LIABILITIES	444,389,821	324,327,948
COMMITMENTS AND CONTINGENCIES
SHARE HOLDERS' EQUITY
Share Capital	1,048,640,398	980,638,701
Contributed Surplus	4,893,153	3,960,854
Deferred Share Issuances	2,587,317	16,587,798
Accumulated Deficit	(145,498,623)	(160,491,590)
Equity of Green Thumb Industries Inc.	910,622,245	840,695,763
Noncontrolling interests	3,537,096	2,512,913
TOTAL SHAREHOLDERS' EQUITY	914,159,341	843,208,676
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,358,549,162	1,167,536,624
Subordinate Voting Shares [Member]
SHARE HOLDERS' EQUITY
Share Capital	0	0
Multiple Voting Shares [Member]
SHARE HOLDERS' EQUITY
Share Capital	0	0
Super Voting Shares [Member]
SHARE HOLDERS' EQUITY
Share Capital	$ 0	$ 0

XML

Condensed Consolidated Balance Sheets (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Subordinate Voting Shares [Member]
Common Stock, Shares Authorized	Unlimited	Unlimited
Common Stock, Shares, Issued	178,113,221	128,999,964
Common Stock, Shares, Outstanding	178,113,221	128,999,964
Multiple Voting Shares [Member]
Common Stock, Shares Authorized	Unlimited	Unlimited
Common Stock, Shares, Issued	40,289	373,350
Common Stock, Shares, Outstanding	40,289	373,350
Super Voting Shares [Member]
Common Stock, Shares Authorized	Unlimited	Unlimited
Common Stock, Shares, Issued	312,031	402,289
Common Stock, Shares, Outstanding	312,031	402,289

XML

Condensed Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues, net of discounts	$ 556,572,889	$ 216,432,605	$ 62,493,680
Cost of Goods Sold, net	(252,404,301)	(109,401,914)	(34,177,259)
Gross Profit	304,168,588	107,030,691	28,316,421
Expenses:
Selling, General, and Administrative	198,061,759	134,721,393	54,656,579
Total Expenses	198,061,759	134,721,393	54,656,579
Income (Loss) From Operations	106,106,829	(27,690,702)	(26,340,158)
Other Income (Expense):
Other Income (Expense), net	15,376,746	(10,318,936)	56,417,421
Interest Income, net	113,667	1,465,705	1,952,945
Interest Expense, net	(18,666,520)	(13,658,904)	(2,278,834)
Total Other Income (Expense)	(3,176,107)	(22,512,135)	56,091,532
Income (Loss) Before Provision for Income Taxes And Non-Controlling Interest	102,930,722	(50,202,837)	29,751,374
Provision For Income Taxes	83,852,802	9,344,033	7,183,595
Net Income (Loss) Before Non-Controlling Interest	19,077,920	(59,546,870)	22,567,779
Net Income Attributable to Non-Controlling Interest	4,084,953	(430,463)	27,811,696
Net Income (Loss) Attributable To Green Thumb Industries Inc.	$ 14,992,967	$ (59,116,407)	$ (5,243,917)
Net Income (Loss) per share—basic	$ 0.07	$ (0.31)	$ (0.04)
Net Income (Loss) per share—diluted	$ 0.07	$ (0.31)	$ (0.04)
Weighted average number of shares outstanding—basic	210,988,259	190,602,400	130,102,523
Weighted average number of shares outstanding—diluted	212,531,188	190,602,400	130,102,523

XML

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Share Capital [Member]	Shares To Be Issued [Member]	Contributed Surplus [Member]	Deferred Share Issuance [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2017	$ 64,424,815	$ 65,308,240	$ 0	$ 0	$ 0	$ (4,249,775)	$ 3,366,350
Conversion of notes payable into share capital	8,613,740					3,927,483	4,686,257
Reverse takeover	3,002,634	3,002,634
Shares issued pursuant to private placement, net of issuance costs and issuance of options as settlement of services provided	59,788,076	58,881,710		906,366
Purchase accounting adjustments for 2017 acquisitions	(2,800,000)					(2,800,000)
Conversion of exchange note	44,140,526	44,140,526
Issuance of shares upon fundraise transaction, August 2018, net of costs	58,592,775	58,592,775	0	0	0	0	0
Issuance of shares upon fundraise transaction, October 2018, net of costs	75,083,480	75,083,480	0	0	0	0	0
Noncontrolling interests adjustment for change in ownership	(36,970,608)	35,940,000	27,773,234	0	0	(90,244,101)	(10,439,741)
Contributions from limited liability company unit holders	18,934,973			1,637,479			17,297,494
Issuance of shares under business combinations and investments	51,151,649	51,151,649	0	0	0	0	0
Issuance of shares for redemption of noncontrolling interests	4,093,718	4,093,718	0	0	0	0	0
Exercise of options and warrants	906,296	1,395,733	0	(489,437)	0	0	0
Stock based compensation	12,148,251	0	0	12,148,251	0	0	0
Control acquired through management service agreement	(164,635)						(164,635)
Noncontrolling interest under business combination	1,896,546						1,896,546
Distributions of investments	(26,134,851)						(26,134,851)
Distributions to limited liability company unit holders	(17,088,284)	0	0	0	0	(2,266,627)	(14,821,657)
Net (loss) income	22,567,779	0	0	0	0	(5,243,917)	27,811,696
Ending balance at Dec. 31, 2018	342,186,880	397,590,465	27,773,234	14,202,659	0	(100,876,937)	3,497,459
Adoption of ASC 842, Leases	(498,246)	0	0	0	0	(498,246)	0
Noncontrolling interests adjustment for change in ownership	(1,128,776)	22,461,256	(27,773,234)	(1,128,776)	0	0	5,311,978
Contributions from limited liability company unit holders	1,650,000	0	0	0	0	0	1,650,000
Issuance of shares under business combinations and investments	506,999,712	530,697,606	0	(23,697,894)	0	0	0
Issuance of shares for redemption of noncontrolling interests	25,420,009	29,889,374	0	(4,469,365)	0	0	0
Deferred share issuances	16,587,798	0	0	0	16,587,798	0	0
Stock based compensation	18,285,377	0	0	18,285,377	0	0	0
Issueance of warrants	0	0	0	0	0	0	0
Shares withheld in lieu of cash	(125,060)	0	0	(125,060)	0	0	0
Distributions to third party and limited liability company unit holders	(7,516,061)	0	0	0	0	0	(7,516,061)
Shares issued in consideration of professional fees	228,761			228,761
Issuance of shares upon Exercise of broker options	665,152			665,152
Net (loss) income	(59,546,870)	0	0	0	0	(59,116,407)	(430,463)
Ending balance at Dec. 31, 2019	843,208,676	980,638,701	0	3,960,854	16,587,798	(160,491,590)	2,512,913
Noncontrolling interests adjustment for change in ownership	0	322,270	0	0	0	0	(322,270)
Contributions from limited liability company unit holders	50,000	0	0	0	0	0	50,000
Issuance of shares under business combinations and investments	9,815,308	27,222,737	0	(17,407,429)	0	0	0
Exercise of options and warrants	1,640,147	2,818,409	0	(1,178,262)	0	0	0
Stock based compensation	19,336,718	0	0	19,336,718	0	0	0
Contingent Consideration And Other Adjustments To Purchase Accounting	22,885,813	22,885,813	0	0	0	0	0
Distribution of contingent consideration	0	14,752,468	0	0	(14,752,468)	0	0
Issuance of deferred shares	751,987	0	0	0	751,987	0	0
Issueance of warrants	181,272	0	0	181,272	0	0	0
Distributions to limited liability company unit holders	(2,788,500)	0	0	0	0	0	(2,788,500)
Net (loss) income	19,077,920	0	0	0	0	14,992,967	4,084,953
Ending balance at Dec. 31, 2020	$ 914,159,341	$ 1,048,640,398	$ 0	$ 4,893,153	$ 2,587,317	$ (145,498,623)	$ 3,537,096

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Condensed Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) attributable to Green Thumb Industries Inc.	$ 14,992,967	$ (59,116,407)	$ (5,243,917)
Net income (loss) attributable to non-controlling interest	4,084,953	(430,463)	27,811,696
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	52,505,575	31,482,340	5,183,980
Amortization of operating lease assets	26,287,253	7,291,154
Loss on disposal of property and equipment	31,340		667,837
Loss from investment in associate		56,423	55,750
Bad debt expense	367,400
Deferred rent			(20,978)
Deferred income taxes	2,094,504	(13,680,913)	4,061,000
Stock based compensation	19,336,718	18,285,377	12,148,251
Decrease (increase) in fair value of investments	(28,690,766)	5,586,480	(51,942,861)
Decrease in fair value conversion feature			(1,293,474)
Changes in value of liabilities related to put option and purchase of noncontrolling interests		132,523	(2,518,180)
Interest on convertible note payable			434,000
Gain on settlement of contingent consideration	(9,877,014)
Interest on contingent consideration payable and acquisition liabilities	1,235,072	3,908,529	178,030
Increase (decrease) in fair value of warrant liability	23,001,771	(4,159,687)
Decrease in fair value of note receivable	815,937	6,608,790
Amortization of debt discount	5,158,618	5,177,775
Changes in operating assets and liabilities:
Accounts receivable	(14,252,134)	(791,709)	(3,682,031)
Inventories	(23,377,268)	(19,928,761)	(7,441,790)
Prepaid expenses and other current assets	230,406	(5,656,786)	(2,092,697)
Deposits and other assets	755,630	(306,795)	(679,072)
Accounts payable	11,674,295	(1,398,269)	4,725,096
Accrued liabilities	18,683,963	10,366,677	1,722,772
Operating lease liabilities	(17,682,357)	(6,488,207)	0
Income tax payable	8,540,102	5,048,319	243,585
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	95,916,965	(18,013,610)	(17,683,003)
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of property and equipment	(59,796,992)	(88,557,016)	(27,432,847)
Proceeds from disposal of assets	11,799,025	20,325,557
Investments in securities	(525,000)		(42,550,000)
Proceeds from repayment or sale of securities	169,818		20,000,000
Investment in associates			(4,387,500)
Advances to related parties			(2,750,000)
Repayments from related parties			583,686
Repayment of note receivable		3,000,000
Issuance of notes receivable			(3,500,000)
Consolidation of variable interest entities			154,776
Purchases of licenses			(49,999)
Purchase of businesses, net of cash acquired	(8,921,162)	(109,439,921)	(51,489,384)
NET CASH USED IN INVESTING ACTIVITIES	(57,274,311)	(174,671,380)	(111,421,268)
CASH FLOW FROM FINANCING ACTIVITIES
Contributions from limited liability company unit holders	50,000	1,650,000	21,748,211
Distributions to third parties and limited liability company unit holders	(2,788,500)	(7,516,061)	(17,368,034)
Payment for change in ownership interests of subsidiary			(700,000)
Proceeds from shares issued pursuant to private placement			66,805,295
Proceeds from exchangeable notes payable			45,000,000
Proceeds from fundraiser transactions			140,289,093
Proceeds from exercise of options and warrants	1,640,147	540,089	906,296
Reverse takeover, private placement, and fundraise transaction financing costs			(10,627,423)
Proceeds from issuance of notes payable		117,435,724	825,000
Principal repayment of notes payable	(303,850)	(18,743,500)	(1,353,592)
Payment for purchase of noncontrolling interest	(150,000)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(1,552,203)	93,366,252	245,524,846
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	37,090,451	(99,318,738)	116,420,575
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	46,667,334	145,986,072	29,565,497
CASH AND CASH EQUIVALENTS, END OF PERIOD	83,757,785	46,667,334	145,986,072
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	12,761,513	5,019,465	874,298
NONCASH INVESTING AND FINANCING ACTIVITIES
Purchase of property and equipment with cancellation of note receivable			605,000
Conversion of notes payable into equity			8,613,740
Compensation options issued for reverse takeover services			906,366
Initial consolidation of variable interest entities, net of cash			(319,411)
Accrued capital expenditures	(2,029,105)	14,949,980	2,710,085
Distributions of investments			26,134,851
Liability related to put option of convertible note payable			7,108,043
Noncash increase in right of use asset	(79,084,799)	(63,477,013)
Noncash increase in lease liability	$ 79,084,799	63,975,259
Net liability upon adoption of ASC 842, Leases		(498,246)
Exercise of put options		$ (1,128,776)
Warrants attributable to debt issuance	753,658	20,039,530
Mortgages associated with dispensaries	$ 3,607,000
Liability for purchase of noncontrolling interest	(5,350,000)	$ (25,420,009)	25,068,847
Liability associated with acquisition agreement	2,000,000
Issuance of contingent shares under acquisition agreement	22,485,670	10,999,040
Deferred share issuances	751,987	16,587,798
Deferred share distributions	(14,752,468)
Issuance of shares under business combinations	4,619,237	495,737,729	51,151,649
Inventory	131,204	13,746,656	975,329
Accounts receivable		2,164,140
Prepaid assets	17,280	531,276	26,635
Property and equipment	263,860	16,628,952	3,938,703
Investments		9,900,000
Right of use assets	119,313	7,461,953
Identifiable intangible assets	6,181,523	377,163,592	76,650,639
Goodwill	7,612,476	331,208,108	39,016,100
Deposits and other assets	610,863	1,171,667	239,808
Liabilities assumed	(1,519,596)	(9,729,371)	(2,088,369)
Lease liabilities	(119,313)	(7,461,953)
Contingent liabilities		(56,992,000)	(8,857,220)
Equity interests issued	(5,096,648)	(495,806,400)	(49,689,149)
Conversion of note receivable previously issued		(27,121,559)
Acquisition liability		(17,378,866)
Deferred income taxes	720,200	(36,046,274)	(6,680,000)
Noncontrolling interests			(2,043,092)
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed)	$ 8,921,162	$ 109,439,921	$ 51,489,384

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Nature of Operations

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

1. NATURE OF OPERATIONS

Green Thumb Industries Inc. (“Green Thumb” or the “Company”) is promoting well-being through the power of Cannabis through branded consumer packaged goods and people-first retail experiences, while being committed to community and sustainable profitable growth. Green Thumb owns, manufactures, and distributes a portfolio of cannabis consumer packaged goods brands including Beboe, Dogwalkers, Dr. Solomon’s, incredibles, Rhythm and The Feel Collection, to third-party retail stores across the United States as well as to Green Thumb owned retail stores. The Company also owns and operates retail cannabis stores that include a rapidly growing national chain called RiseTM and a Las Vegas, Nevada area chain of retail cannabis stores named Essence. As of December 31, 2020, Green Thumb has revenue in twelve markets (California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, and Pennsylvania).

In addition to the States listed above, the Company also conducts pre-licensing activities in other markets. In these markets, the Company has either applied for licenses, or plans on applying for licenses, but does not currently own any cultivation, production or retail licenses. The Company also provides management services and solutions to state licensed cannabis cultivators and dispensaries.

On June 12, 2018, the Company completed a reverse takeover transaction (“RTO”) further described in Note 3. Following the RTO, the Company is listed on the Canadian Securities Exchange (the “CSE”) under ticker symbol “GTII” and on the OTCQX, part of the OTC Markets Group, under the ticker “GTBIF”.

The Company’s registered office is located at 250 Howe Street, 20th Floor, Vancouver, British Columbia, V6C 3R8. The Company’s U.S. headquarters are at 325 W. Huron St., Suite 700, Chicago, IL 60654.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation and Statement of Compliance

The consolidated financial statements as of December 31, 2020, 2019 and 2018 (the “Consolidated Financial Statements”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

(b) Basis of Measurement

These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein.

(c) Functional and Presentation Currency

The Company’s functional currency, as determined by management, is the United States (“U.S.”) dollar. These consolidated financial statements are presented in U.S. dollars.

(d) Basis of Consolidation

The consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 include the accounts of the Company, its wholly-owned subsidiaries, its partially-owned subsidiaries, and those controlled by the Company by virtue of agreements, on a consolidated basis after elimination of intercompany transactions and balances.

Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee, and when the Company has the ability to affect those returns through its power over the investee. The financial statements of entities controlled by the Company by virtue of agreements are fully consolidated from the date that control commences and deconsolidated from the date control ceases.

On January 1, 2018, the members of GTI-Clinic Illinois Holdings, LLC (representing Green Thumb’s Illinois operations and ownership) and RCP23, LLC (representing Green Thumb’s non-Illinois operations that included Nevada, Pennsylvania, Massachusetts, and Maryland ownership) closed on a restructuring, that combined all of Green Thumb’s operational and ownership structure within VCP23, LLC. Prior to January 1, 2018, these businesses were managed and controlled by Green Thumb senior management. Subsequent to January 1, 2018, VCP23, LLC was controlled by the members of GTI-Clinic Illinois Holdings, LLC and RCP23, LLC.

On June 12, 2018, the Company completed a reverse takeover transaction with Bayswater Uranium Corporation (“Bayswater”) which we refer to as the “Transaction” or “RTO”. The Transaction was structured as a series of transactions, including a Canadian three-cornered amalgamation transaction and a series of U.S. reorganization steps as explained further in Note 3.

The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2020 and 2019:

Subsidiaries	Jurisdiction		Interest
GTI23, Inc.		Delaware		100	%
VCP23, LLC		Delaware		100	%
GTI Core, LLC		Delaware		100	%

The following are VCP23, LLC’s and GTI Core, LLC’s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the year ended December 31, 2020:

Subsidiaries	Ownership			Jurisdiction	Purpose
JB17, LLC		100	%	Maryland	Management company
GTI-Clinic Illinois Holdings, LLC		100	%	Illinois	License holder
IL Disp, LLC		50	%	Illinois	License holder
RISE Holdings, Inc.		100	%	Massachusetts	License holder
GTI Maryland, LLC		100	%	Maryland	License holder
Ohio Investors 2017, LLC		99	%	Ohio	Holding Company
GTI Ohio, LLC		99	%	Ohio	License holder
GTI Nevada, LLC		100	%	Nevada	License holder
GTI Pennsylvania, LLC		100	%	Pennsylvania	License holder
GTI Florida, LLC		100	%	Florida	Holding company
KSGNF, LLC		100	%	Florida	License holder
GTI New Jersey, LLC		100	%	New Jersey	License holder
KW Ventures Holdings, LLC		100	%	Pennsylvania	License holder
Chesapeake Alternatives, LLC		100	%	Maryland	License holder
Meshow, LLC		0	%	Maryland	License holder
Advanced Grow Labs, LLC		100	%	Connecticut	License holder
Bluepoint Wellness of Westport, LLC		46	%	Connecticut	License holder
Bluepoint Apothecary, LLC		100	%	Connecticut	License holder
Southern CT Wellness and Healing		100	%	Connecticut	License Holder
Integral Associates, LLC		100	%	Nevada	License holder
Integral Associates CA, LLC		100	%	California	License holder
Fiorello Pharmaceuticals, Inc.		100	%	New York	License holder
MC Brands, LLC		100	%	Colorado	Intellectual property
For Success Holding Company		100	%	California	Intellectual property
VCP IP Holdings, LLC		100	%	Delaware	Intellectual property
Vision Management Services, LLC		100	%	Delaware	Management company
TWD18, LLC		100	%	Delaware	Investment company
VCP Real Estate Holdings, LLC		100	%	Delaware	Real Estate holding company

(e) Investment in Associates

Associates are all entities over which the Company has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. Unrealized gains on transactions between the Company and its associates are eliminated to the extent of the Company’s interest in the associates. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Company.

Dilution gains and losses arising in investments in associates are recognized in the consolidated statements of operations.

The Company assesses annually whether there is any objective evidence that its interest in associates is impaired. If impaired, the carrying value of the Company’s share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal or value in use) and charged to the consolidated statement of operations. If the financial statements of an associate are prepared on a date different from that used by the Company, adjustments are made for the effects of significant transactions or events that occur between that date and the date of these consolidated financial statements.

(f) Non-controlling Interests

Non-controlling interests (“NCI”) represent equity interests owned by outside parties. NCI may be initially measured at fair value or at the NCI’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement is made on a transaction by transaction basis. Green Thumb elected to measure each NCI at its proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The share of net assets attributable to NCI are presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Total comprehensive income or loss of subsidiaries is attributed to the shareholders of the Company and to the NCI, even if this results in the NCI having a deficit balance.

(g) Cash and Cash Equivalents

Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash, with original maturities of three months or less, and cash held at retail locations.

(h) Accounts Receivable

Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based on existing contractual payment terms, actual payment patterns of its customers and individual customer circumstances. For the years ended December 31, 2020 and 2019 the Company recorded approximately $223,200 and $139,000, respectively, in allowance for doubtful accounts and wrote off approximately $367,400 and $161,700 during each respective period.

(i) Inventories

Inventories of purchased finished goods and packing materials are initially valued at cost and subsequently at the lower of cost and net realizable value.

Costs incurred during the growing and production process are capitalized as incurred to the extent that cost is less than net realizable value. These costs include materials, labor and manufacturing overhead used in the growing and production processes.

Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the weighted average cost basis. Products for resale and supplies and consumables are valued at lower of cost and net realizable value. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such inventories are written down to net realizable value.

(j) Property and Equipment

Property and equipment are stated at cost, including capitalized borrowing costs, net of accumulated depreciation and impairment losses, if any. Expenditures that materially increase the life of the assets are capitalized. Ordinary repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:

Land	Not Depreciated
Buildings and Improvements	39 Years
Furniture and Fixtures	5 – 7 Years
Computer Equipment and Software	5 Years
Leasehold Improvements	Remaining Life of Lease
Production and Processing Equipment	5 – 7 Years
Assets Under Construction	Not Depreciated

The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively if appropriate. An item of equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in operations in the year the asset is derecognized.

The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value. There were no impairment charges or disposals related to intangible assets or property, plant and equipment for the year ended December 31, 2020 and 2019, respectively.

(k) Note Receivable and Investments 

Convertible notes investments and investments in equity of private companies are classified as financial assets at fair value through profit or loss. Upon initial recognition, the investment is recognized at fair value with directly attributable transaction costs expensed as incurred. Subsequent changes in fair value are recognized in profit or loss.

(l) Intangible Assets

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2020:

Licenses and Permits	7-15 years
Tradenames	3-15 years
Customer Relationships	3-7 years
Non-competition Agreement	2-5 years

Intangible assets with finite lives are amortized over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

(m) Goodwill

Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit.

Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. The Company reviews indefinite-lived intangible assets, which includes goodwill, annually, as of September 30, for impairment or more frequently if events or circumstances indicate that the carrying value may not be recoverable. An impaired asset is written down to its estimated fair value based on the most recent information available. The Company assesses the fair values of its intangible assets, and its reporting unit for goodwill testing purposes, using an income-based approach. Under the income approach, fair value is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including forecasted revenues and expenses, appropriate discount rates and other variables. The annual impairment review utilizes the estimated fair value of the intangible assets and the overall reporting unit and compares the estimated fair values to the carrying values as of the testing date. If the carrying value of these intangible assets or the reporting unit exceeds the fair values, the Company would then use the fair values to measure the amount of any required impairment charge. No impairment charge was recognized for intangible assets for any of the fiscal periods presented.

(n) Income Taxes

Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Deferred tax assets and liabilities are measured using the enacted taxes rates. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs. As discussed further in Note 14—Income Taxes, the Company is subject to the limitations of IRC Section 280E.

(o) Revenue Recognition

Revenue is recognized by the Company in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

In order to recognize revenue under ASU 2014-09, the Company applies the following five (5) steps:

• Identify a customer along with a corresponding contract;

• Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer;

• Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer;

• Allocate the transaction price to the performance obligation(s) in the contract; and

• Recognize revenue when or as the Company satisfies the performance obligation(s).

Revenues consist of Consumer Packaged Goods and Retail sales of cannabis, which are generally recognized at a point in time when control over the goods have been transferred to the customer and is recorded net of sales discounts. Payment is typically due upon transferring the goods to the customer or within a specified time period permitted under the Company’s credit policy. Sales discounts were not material during the years ended December 31, 2020, 2019 and 2018.

Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer.

For some of its locations, the Company offers a loyalty reward program to its dispensary customers. A portion of the revenue generated in a sale must be allocated to the loyalty points earned. The amount allocated to the points earned is deferred until the loyalty points are redeemed or expire. As of December 31, 2020 and 2019, the loyalty liability totaled $2,876,683 and $1,000,010, respectively, and is included in accrued liabilities on the consolidated balance sheets.

(p) Stock-Based Payments

The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted.

Equity settled stock-based payments under stock-based payments plans are ultimately recognized as an expense in profit or loss with a corresponding credit to reserve for stock-based payments, in equity.

The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in prior period if share options ultimately exercised are different to that estimated on vesting.

(q) Fair Value of Financial Instruments

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2—Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3—Inputs for the asset or liability that are not based on observable market data.

For further details, see Note 17—Fair Value Measurements.

(r) Commitments and Contingencies

The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities.

Contingent liabilities are measured at management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify onerous contracts and, where applicable, records contingent liabilities for such contracts.

Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation are recognized in the Company’s consolidated statement of operations.

(s) Share Capital

Common shares are classified as equity (the Company’s Super Voting Shares, Multiple Voting Shares and Subordinate Voting Shares are all considered Common Shares). Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with Accounting Standards Codification (“ASC”) 740, Income Taxes.

(t) Earnings (Loss) per Share

Basic earnings (loss) per share is calculated using the treasury stock method, by dividing the net earnings (loss) attributable to shareholders by the weighted average number of common shares outstanding during each of the years presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the loss per share calculations. Diluted income per share is calculated by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: RSUs, stock options and warrants. As of December 31, 2020, 2019 and 2018, the Company had 5,664,406, 3,839,017, and 1,677,192 options outstanding, 689,340, 1,399,762 and 1,589,000 RSUs outstanding, and 2,520,794, 2,406,811 and no warrants outstanding during each respective period.

In order to determine diluted income per share, it is assumed that any proceeds from the exercise of dilutive stock options would be used to repurchase common shares at the average market price during the period. The diluted income per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the year ended December 31, 2020, the computation of diluted earnings per share included 1,307,421 options, 134,254 RSUs and 101,254 warrants. No potentially dilutive common share equivalents were included in the computation of diluted loss per share for the years ended December 31, 2019 and 2018 because their impact would have been anti-dilutive.

(u) Business Combinations

Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition related transaction costs are expensed as incurred. Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair value at the date of acquisition. When the Company acquires control of a business, any previously held equity interest also is remeasured to fair value. The excess of the purchase consideration and any previously held equity interest over the fair value of identifiable net assets acquired is goodwill. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously held equity interest, the difference is recognized in the Consolidated Statements of Operations immediately as a gain or loss on acquisition.

Contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with ASC 450, Contingencies, as appropriate, with the corresponding gain or loss being recognized in profit or loss.

(v) Foreign Currency

Assets and liabilities denominated in currencies other than Green Thumb’s functional currency are initially measured in the functional currencies at the transaction date exchange rate. Monetary assets are remeasured at the rate of exchange in effect as of the balance sheet date. Revenues and expenses are translated at the transaction date exchange rate. Foreign currency gains and losses resulting from translation are reflected in net comprehensive income (loss) for the period. During the year ended December 31, 2020, 2019 and 2018, there were no transactions in currencies other than US Dollars.

(w) Impairment of Other Long-Lived Assets

The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends.

When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value. There was no impairment charge related to intangible assets or property, plant and equipment for the years ended December 31, 2020, 2019 and 2018.

(x) Significant Accounting Judgments, Estimates and Assumptions

The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and revenue and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below.

(i) Estimated Useful Lives and Amortization of Intangible Assets (Also see Note 8—Intangible Asset and Goodwill)

Amortization of intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any.

(ii) Business Combinations

Classification of an acquisition as a business combination or an asset acquisition depends on whether the assets acquired constitute a business, which can be a complex judgment. Whether an acquisition is classified as a business combination or asset acquisition can have a significant impact on the entries made on and after acquisition.

In determining the fair value of all identifiable assets, liabilities and contingent liabilities acquired, the most significant estimates relate to contingent consideration and intangible assets. Management exercises judgement in estimating the probability and timing of when earn-outs are expected to be achieved which is used as the basis for estimating fair value. For any intangible asset identified, depending on the type of intangible asset and the complexity of determining its fair value, an independent valuation expert or management may develop the fair value, using appropriate valuation techniques, which are generally based on a forecast of the total expected future net cash flows. The evaluations are linked closely to the assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied. See Note 7—Acquisitions for details.

(iii) Inventories

The net realizable value of inventories represents the estimated selling price for inventories in the ordinary course of business, less all estimated costs of completion and costs necessary to make the sale. The determination of net realizable value requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expected future selling price the Company expects to realize by selling the inventory, and the contractual arrangements with customers. Reserves for excess and obsolete inventory are based upon quantities on hand, projected volumes from demand forecasts and net realizable value. The estimates are judgmental in nature and are made at a point in time, using available information, expected business plans, and expected market conditions. As a result, the actual amount received on sale could differ from the estimated value of inventory. Periodic reviews are performed on the inventory balance. The impact of changes in inventory reserves is reflected in cost of goods sold.

(iv) Investments in Private Holdings

Investments include private company investments which are carried at fair value based on the value of the Company’s interests in the private companies determined from financial information provided by management of the companies, which may include operating results, subsequent rounds of financing and other appropriate information. Any change in fair value is recognized on the consolidated statement of operations.

(v) Goodwill Impairment

Goodwill is tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of goodwill has been impaired. In order to determine if the value of goodwill has been impaired, the reporting unit to which goodwill has been assigned or allocated must be valued using present value techniques. When applying this valuation technique, the Company relies on a number of factors, including historical results, business plans, forecasts and market data. Changes in the conditions for these judgments and estimates can significantly affect the assessed value of goodwill.

As described in Notes 2(l) and 2(m), a two-step method was used for determining goodwill impairment. In the first step (“Step One”), the Company compared the estimated fair value of each reporting unit to its carrying value, including goodwill. If the carrying value of a reporting unit exceeded the estimated fair value, the second step (“Step Two”) is completed to determine the amount of the impairment charge. Step Two requires the allocation of the estimated fair value of the reporting unit to the assets, including any unrecognized intangible assets, and liabilities in a hypothetical purchase price allocation. Any remaining unallocated fair value represents the implied fair value of goodwill, which is compared to the corresponding carrying value of goodwill to compute the goodwill impairment charge. The results of Step One of the goodwill impairment test indicated that the estimated fair values for all reporting units exceed their respective carrying values. The Company’s reporting unit’s to which goodwill has been assigned include California Consumer Packaged Goods, Connecticut Retail and Consumer Packaged Goods, Florida Retail and Consumer Packaged Goods, Illinois Retail, Massachusetts Retail, Nevada Retail and Consumer Packaged Goods and New York Retail and Consumer Packaged Goods.

(vi) Determination of Reporting Units

The Company’s assets are aggregated into two reportable segments (Retail and Consumer packaged goods). For the purposes of testing goodwill, Green Thumb has identified 22 reporting units. The Company analyzed it’s reporting units by first reviewing the operating segments based on the geographic areas in which Green Thumb conducts business (or each market). The markets were then further divided into reporting units based on the market operations (Retail and Consumer Packaged Goods) which were primarily determined based on the licenses each market holds. The following represent the markets in which Green Thumb operates as of December 31, 2020: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania.

(vii) Consolidation

Judgment is applied in assessing whether the Company exercises control and has significant influence over entities in which the Company directly or indirectly owns an interest. The Company has control when it has the power over the subsidiary, has exposure or rights to variable returns, and has the ability to use its power to affect the returns. Significant influence is defined as the power to participate in the financial and operating decisions of the subsidiaries. Where the Company is determined to have control, these entities are consolidated. Additionally, judgment is applied in determining the effective date on which control was obtained.

(viii) Allowance for Uncollectible Accounts

Management determines the allowance for uncollectible accounts by evaluating individual receivable balances and considering accounts and other receivable financial condition and current economic conditions. Accounts receivable and financial assets recorded in other receivables are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. All receivables are expected to be collected within one year of the balance sheet date.

(ix) Stock-Based Payments

Valuation of stock-based compensation and warrants requires management to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of the Company’s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates are considered for each new grant of stock options or warrants.

(x) Fair Value of Financial Instruments

The individual fair values attributed to the different components of a financing transaction, derivative financial instruments, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and in performing the fair value calculations in order to determine (a) the values attributed to each component of a transaction at the time of their issuance; (b) the fair value measurements for certain instruments that require subsequent measurement at fair value on a recurring basis; and (c) for disclosing the fair value of financial instruments. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market.

(y) New and Revised Standards

(i) In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss model with a current expected credit loss (“CECL”) model and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. This standard applies to financial assets, measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases and trade accounts receivable. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The Company adopted the new standard in the first quarter of 2020. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

(ii) In January 2017, the FASB issued ASU No. 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which simplifies the accounting for goodwill impairment. ASU 2017-04 requires entities to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (Step 1 under the current impairment test). The standard eliminates Step 2 from the current goodwill impairment test, which included determining the implied fair value of goodwill and comparing it with the carrying amount of that goodwill. ASU 2017-04 must be applied prospectively and is effective in the first quarter of 2020. Early adoption is permitted. The Company adopted the new standard in the first quarter of 2020. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

(iii) In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820)(“ASU 2018-13”). ASU 2018-13 adds, modifies, and removes certain fair value measurement disclosure requirements. ASU 2018-13 is effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new standard in the first quarter of 2020. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

(iv) In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning January 1, 2021. We do not expect the adoption of this guidance will have a material impact on the Company’s consolidated financial statements.

(v) In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”), which is intended to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. ASU 2020-01 is effective for the Company beginning January 1, 2021. We do not expect the adoption of this guidance will have a material impact on the Company’s consolidated financial statements.

(vi) On August 5, 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We do not expect the adoption of this guidance will have a material impact on the Company’s consolidated financial statements.

(z) Coronavirus Pandemic

In March 2020, the World Health Organization categorized coronavirus disease 2019 (“COVID-19”) as a pandemic. COVID-19 continues to spread throughout the U.S. and other countries across the world, and the duration and severity of its effects are currently unknown. The Company continues to implement and evaluate actions to strengthen its financial position and support the continuity of its business and operations.

The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived assets and intangible assets; operating lease right of use assets and operating lease liabilities; assessment of the annual effective tax rate; valuation of deferred income taxes; the allowance for doubtful accounts; assessment of the Company’s lease and non-lease contract expenses; and measurement of compensation cost for bonus and other compensation plans. While the Company’s revenue, gross profit and operating income were not impacted during 2020, the uncertain nature of the spread of COVID-19 and its variants and the uncertainty of the impact of nationwide vaccine programs may impact the Company’s business operations for reasons including the potential quarantine of the Company’s employees or those of its supply chain partners, and the Company’s continued designation as an “essential” business in states where the Company does business that currently or in the future impose restrictions on business operations. The estimates and assumptions used in the consolidated financial statements for the year ended December 31, 2020 include, but are not limited to certain judgmental reserves requiring management to make estimates based on current information. The carrying value of the Company’s goodwill and other long-lived assets, may change in future periods as the expected impacts from COVID-19 are revised, resulting in further potential impacts to the Company’s financial statements.

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Reverse Takeover Transaction

12 Months Ended

Dec. 31, 2020

Reverse Takeover Transaction [Abstract]

Reverse Takeover Transaction

3. REVERSE TAKEOVER TRANSACTION

In April 2018, the Company raised approximately $65.1 million in subscription receipts, gross of approximately $4.0 million in transaction costs. The subscription receipts were for the potential purchase of shares in GTI Finco Inc. (“GTI Finco”) and were held in an escrow account until the reverse takeover transaction. Additionally, the Company issued 285,000 options to consultants with a strike prices of C$7.75 per option. The value of the options was approximately $900,000 under the Black-Scholes option pricing model.

At a meeting of shareholders on June 11, 2018, the Company’s shareholders approved a resolution to restructure the Company’s share capital to, among other things, re-designate its existing common shares as subordinate voting shares (“Subordinate Voting Shares”) and create a class of multiple voting shares (“Multiple Voting Shares”) and super voting shares (“Super Voting Shares”).

On June 12, 2018, Green Thumb Industries Inc., 1165318 B.C. Ltd. (a wholly-owned subsidiary of Bayswater) (“Subco”), VCP23, LLC (“VCP”), GTI23, Inc. (“GTI23”) and GTI Finco entered into a Business Combination Agreement whereby the Company, Subco, VCP, GTI23 and GTI Finco combined their respective businesses (the “Transaction”). The Transaction was structured as a series of transactions, including a Canadian three-cornered amalgamation transaction and a series of U.S. reorganization steps. The subscription receipts of GTI Finco were then released from escrow.

In connection with the Transaction completed on June 12, 2018, the Company changed its name from “Bayswater Uranium Corporation” to “Green Thumb Industries Inc.” and consolidated its existing common shares on the basis of one Subordinate Voting Share for each 368 existing common shares of the Company. Such share consolidation has been reflected retrospectively in these consolidated financial statements.

The Company, Subco and GTI Finco were parties to a three-cornered amalgamation (“Amalgamation”) whereby GTI Finco shareholders received Subordinate Voting Shares of the Company on a one-for-one basis and members of VCP contributed their membership interests to GTI23 for shares of GTI23 and then contributed their shares of GTI23 to GTI in exchange for Super Voting Shares and Multiple Voting Shares of Green Thumb.

Green Thumb was the acquirer for accounting purposes and the net assets of Bayswater acquired were nil.

Pursuant to the reverse merger, the historical financial statements of Green Thumb Industries, Inc. (the accounting acquirer) become the historical financial statements of Bayswater Uranium Corporation (legal acquirer) on a go forward basis. As a result, Green Thumb Industries, Inc. has retroactively restated its share capital on a per share basis pursuant to ASC 805, Business Combinations to reflect that of the legal acquirer.

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Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

4. INVENTORIES

The Company’s inventories include the following at December 31, 2020 and December 31, 2019:

	December 31, 2020			December 31, 2019
Raw Material	$	6,372,659		$	6,375,032
Packaging and Miscellaneous		8,592,153			4,887,970
Work in Process		25,488,806			20,162,723
Finished Goods		30,821,392			16,640,629
Reserve for Obsolete Inventory		(1,732,057	)		(2,031,873	)
Total Inventories	$	69,542,953		$	46,034,481

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Note Receivable

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Note Receivable

5. NOTE RECEIVABLE

On October 16, 2018, the Company executed a promissory note to an unrelated third party. The value of the note was secured by warrants of the third party which expire in January 2021. The maturity date of the note was tied directly to the expiration date of the warrants, both being January 2021. The initial fair value upon execution of the note was $11,630,867. The fair value as of December 31, 2020, 2019 and 2018 was $0, $815,937, and $7,424,727 respectively. For the years ended December 31, 2020, 2019 and 2018, the Company recorded adjustments to the fair value of the note of ($815,937), ($6,608,790), and $(4,206,141), respectively, in other income (expense) on the consolidated statement of operations. 

The note receivable was categorized as a financial instrument measured at fair value. As the note was determined to have no value as of December 31, 2020, due to the significant decline in the value of the underlying warrants, it was written off and thus no valuation was performed. For the year ended December 31, 2019, the Company used the Black Scholes option pricing model to estimate the fair value of the note receivable. The following represents the significant assumptions used in that valuation:

	2019
Risk-free Rate	1.90%
Exercise Price of Underlying Securities	$1.998
Share Price of Underlying Security	1.90
Volatility	71.50%
Remaining Life (in years)	1.0

At each reporting date, the Company applies its judgment to evaluate the collectability of the note receivable and makes a provision based on the assessed amount of expected credit loss. This judgment is based on parameters such as interest rates, specific country risk factors, and creditworthiness of the creditor.

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Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

6. PROPERTY AND EQUIPMENT

At December 31, 2020, property and equipment consisted of the following:

Cost	Land			Buildings and Improvements			Equipment, Computers and Furniture			Leasehold Improvements		Capitalized Interest		Assets Under Construction			Total
As at January 1, 2020	$	3,272,439		$	33,377,471		$	35,509,871		$	68,681,497	$	2,500,000	$	21,372,116		$	164,713,394
Additions		586,867			22,687,020			13,587,238			19,925,755		488,681		4,595,227			61,870,788
Disposals		(979,930	)		(4,507,086	)		—			—		—		(6,978,389	)		(12,465,405	)
As at December 31, 2020	$	2,879,376		$	51,557,405		$	49,097,109		$	88,607,252	$	2,988,681	$	18,988,954		$	214,118,777
Accumulated Depreciation
As at January 1, 2020	$	—		$	2,236,254		$	3,882,178		$	2,998,287	$	—	$	—		$	9,116,719
As at December 31, 2020	$	—		$	3,357,360		$	10,344,829		$	10,264,683	$	226,028	$	—		$	24,192,900
Net book value
As at January 1, 2020	$	3,272,439		$	31,141,217		$	31,627,693		$	65,683,210	$	2,500,000	$	21,372,116		$	155,596,675
As at December 31, 2020	$	2,879,376		$	48,200,045		$	38,752,280		$	78,342,569	$	2,762,653	$	18,988,954		$	189,925,877
At December 31, 2019, property and equipment consisted of the following:
Cost	Land			Buildings and Improvements			Equipment, Computers and Furniture			Leasehold Improvements		Capitalized Interest		Assets Under Construction			Total
As at January 1, 2019	$	2,243,085		$	20,861,988		$	11,001,498		$	18,435,893	$	—	$	16,664,958		$	69,207,422
Additions		4,393,030			28,217,500			23,109,209			38,002,678		2,500,000		4,678,084			100,900,501
Additions from acquisitions		—			—			4,253,362			12,242,926		—		29,074			16,525,362
Disposals		(3,363,676	)		(15,702,017	)		(2,854,198	)		—		—		—			(21,919,891	)
As at December 31, 2019	$	3,272,439		$	33,377,471		$	35,509,871		$	68,681,497	$	2,500,000	$	21,372,116		$	164,713,394
Accumulated Depreciation
As at January 1, 2019	$	—		$	1,351,230		$	1,524,114		$	1,007,998	$	—	$	—		$	3,883,342
As at December 31, 2019	$	—		$	2,236,254		$	3,882,178		$	2,998,287	$	—	$	—		$	9,116,719
Net book value
As at January 1, 2019	$	2,243,085		$	19,510,758		$	9,477,384		$	17,427,895	$	—	$	16,664,958		$	65,324,080
As at December 31, 2019	$	3,272,439		$	31,141,217		$	31,627,693		$	65,683,210	$	2,500,000	$	21,372,116		$	155,596,675

Assets under construction represent construction in progress related to both cultivation and dispensary facilities not yet completed or otherwise not ready for use.

Depreciation expense for the year ended December 31, 2020, 2019 and 2018 totaled $15,479,179, $6,827,711 and $2,687,025, respectively of which $8,283,206, $4,246,524 and $1,346,632, respectively, is included in cost of goods sold.

On March 6, 2020, the Company closed a sale and lease back transaction to sell its Oglesby, Illinois cultivation and processing facility to Innovative Industrial Properties (“IIP”). Under the long-term agreement, the Company leased back the facility and continues to operate and manage it. As a result of the sale, the Company disposed of $774,930 of land, $4,507,086 of buildings and improvements and $3,813,636 of construction in progress. The Company recognized a gain on the sale of Oglesby facility of $239,096 which was recorded within other income (expense) within the consolidated statement of operations.

On January 31, 2020, the Company closed a sale and lease back transaction to sell its Toledo, Ohio processing facility to IIP. Under the long-term agreement, the Company leased back the facility and continues to operate and manage it. As a result of the sale, the Company disposed of $205,000 of land and $2,695,000 of construction in progress. There was no gain or loss on the sale.

On November 12, 2019, the Company closed on a sale and lease back transaction to sell its Danville Pennsylvania cultivation and processing facility to IIP. Under the long-term agreement, the Company will lease back the facility and continue to operate and manage it. As a result of the sale, the Company disposed of $3,363,676 of land, $15,702,017 of buildings and improvements, and $2,854,198 in production and processing equipment. There was no gain or loss on the sale.

For further information regarding these transactions, see Note 10—Leases.

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Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Acquisitions

7. ACQUISITIONS

The Company has determined that the below acquisitions are business combinations under ASC 805, Business Combinations. They are accounted for by applying the acquisition method, whereby the assets acquired and the liabilities assumed are recorded at their fair values with any excess of the aggregate consideration over the fair values of the identifiable net assets allocated to goodwill. Operating results have been included in these consolidated financial statements from the date of the acquisition. Any goodwill recognized is attributed based on reporting units.

(a) 2020 Business Acquisitions

(i) Acquisition of Southern CT Wellness and Healing

On December 18, 2020, the Company acquired 100% of the ownership interests of a Connecticut-based dispensary. The total consideration paid was approximately $14.4 million which included cash of approximately $9.0 million and 230,031 Subordinate Voting Shares valued at approximately $5.4 million based on the fair value of the securities on the date of issuance, which was the closing price of Green Thumb’s Subordinate Voting Shares as traded on the CSE on the date of the transaction.

The assets acquired and liabilities assumed as part of the acquisition were not material. The Company recorded $9,615,751 and $6,326,523 in Goodwill and Intangible assets, respectively as part of the preliminary purchase price allocation. The preliminary valuation was based on Management’s estimates and assumptions which are subject to change within the purchase price allocation period (generally one year from the acquisition date). The primary areas of the purchase price allocation that are not yet finalized relate to the valuation of the tangible and intangible assets acquired and the residual goodwill. Acquisition related costs associated with the transaction were not material. 

(b) 2019 Business Acquisitions

During the prior year, the Company closed on a number of business acquisitions. As of December 31, 2019, the Company completed preliminary allocations of the purchase prices of the assets acquired and liabilities assumed with the assistance of an independent valuation firm. During 2020, the purchase price allocations were finalized and adjustments, primarily to Goodwill and Intangible assets, were recorded by the Company. The following table summarizes the final acquisition-date fair value of the consideration transferred for each acquisition:

	Advanced Grow Labs, LLC		Integral Associates, LLC		Other Acquisitions
Cash Paid	$	15,481,967	$	52,807,500	$	44,147,694
Shares of the Company Issued		79,959,170		273,146,014		142,607,973
Deferred Share Issuance		5,380,000		—		11,207,798
Conversion of Previous Notes Receivable		—		—		27,121,559
Acquisition Liability		—		791,068		—
Contingent Consideration		7,831,000		39,985,000		8,926,000
Total Consideration	$	108,652,137	$	366,729,582	$	234,011,024

The Following table summarizes the final accounting estimates for each acquisition:

	Advanced Grow Labs, LLC			Integral Associates, LLC			Other Acquisitions
Cash	$	1,406,377		$	744,825		$	777,371
Inventory		1,906,828			10,107,303			1,732,525
Accounts Receivable		420,649			1,477,535			265,956
Prepaid Expenses		—			492,571			38,705
Property and Equipment		5,934,295			8,107,836			2,667,436
Right-of-Use Asset		565,336			4,840,609			2,056,008
Investment in CAL Funding		9,900,000			—			—
Deposits and Other Assets		246,843			122,826			1,405,986
Intangible Assets:
Licenses and Permits		28,920,000			175,845,000			48,155,000
Tradename		930,000			57,425,000			38,740,592
Customer Relationships		12,462,000			2,678,000			9,298,000
Non-competition Agreements		100,000			—			2,465,000
Liabilities Assumed		(1,230,441	)		(11,091,246	)		(6,172,243	)
Deferred Tax Liabilities		(12,731,349	)		—			(20,823,225	)
Total Identifiable Net Assets		48,830,538			250,750,259			80,607,111
Goodwill		59,821,599			115,979,323			153,403,913
Net Assets	$	108,652,137		$	366,729,582		$	234,011,024

Other Acquisitions consists of For Success Holding Company, Fiorello Pharmaceuticals, Inc., MC Brands, LLC as well as two dispensaries. The details of the transactions are discussed below. The Company also incurred approximately $812,000 of acquisition related costs which were expensed during the year ended December 31, 2019. 

(i) Acquisition of Advanced Grow Labs, LLC

On February 12, 2019, the Company acquired 100% of the ownership interests of Connecticut-based Advanced Grow Labs, LLC (“AGL”). AGL is licensed in Connecticut to grow and process cannabis. The acquisition included a manufacturing license and an ownership stake in a Connecticut-based dispensary. The transaction consideration included $15.5 million of cash and approximately 7.3 million Subordinate Voting Shares of Green Thumb which were valued at approximately $85.1 million, based on the fair value of the securities on their date of issuance, which was the closing price of Green Thumb’s Subordinate Voting Shares as traded on the CSE on the date of the transaction. The purchase agreement also included contingent consideration ranging from $0 to $15 million in shares of Green Thumb and was dependent upon the EBITDA results of AGL over the twelve-month period following the close of the transaction.

During the year ended December 31, 2020, the Company issued 1,396,533 Subordinate Voting Shares of Green Thumb representing the full settlement of the contingent consideration. The shares had a fair value of $11,544,855 at the date of issuance. As of December 31, 2020 and 2019, the estimated fair value of the contingent consideration associated with the acquisition of AGL, which was valued using a probability weighting of the potential payouts, was $0 and $8,654,623, respectively on the consolidated balance sheets. 

In addition, on August 12, 2020, the Company issued 472,500 deferred shares to the former owners of AGL. The deferred shares had a value of $5,380,000 and were valued as of the date of the initial transaction. As of December 31, 2020 and 2019, the Company had deferred shares associated with the acquisition of AGL of $0 and $5,380,000, respectively, recorded on the consolidated balance sheets. 

(ii) Acquisition of Integral Associates, LLC

On June 5, 2019, the Company acquired 100% of the ownership interests of Integral Associates, LLC (“Integral Associates”). The acquisition included Integral Associate’s retail brand Essence, three retail locations, as well as two cultivation and processing facilities. The transaction consideration included $52.8 million paid in cash and approximately 20.8 million in Subordinate Voting Shares which were valued at $235.4 million, and an additional 3.3 million milestone shares with a fair value of $37.7 million, for a total value of $273.1 million in share issuances. The fair value of the securities was based upon the closing price of Green Thumb’s Subordinate Voting Shares as traded on the CSE on the date of the transaction. The purchase agreement included additional consideration of up to $57 million in shares of Green Thumb depending upon the EBITDA results of Integral Associates over the twelve-month period following the close of the transaction along with awarding of conditional and/or final dispensary operating licenses.

During the year ended December 31, 2020, the Company issued 537,240 Subordinate Voting Shares to the former owners of Integral Associates in connection with the awarding of final operating licenses for two Nevada dispensaries. The shares had a fair value of $4,654,526 at the date of issuance. Additionally, the Company wrote off a portion of the contingent consideration in the amount of $7,582,001 associated with Integral Associates unsuccessful attainment of the EBTIDA targets over the first twelve months of operations, which was recorded through other income and expense on the consolidated statement of operations. As of December 31, 2020 and 2019, the estimated fair value of the contingent consideration associated with the acquisition of Integral Associates, which was valued using a probability weighting of the potential payouts, was $27,100,000 and $39,554,185, respectively of which $4,950,000 and $0, respectively, was recorded as a non-current liability. 

(iii) Acquisition of For Success Holding Company

On February 21, 2019, the Company acquired 100% of the ownership interests of For Success Holding Company, the Los Angeles-based creator of the lifestyle suite of Beboe branded products. Beboe is currently available in certain retail locations in California, Colorado and Illinois and via home delivery across California. The acquisition was an all stock transaction whereby consideration was satisfied through the issuance 6,463,553 of Green Thumb’s Subordinate Voting Shares (including 793,448 deferred shares) which were valued at $94.5 million, based on the fair value of the securities on their date of issuance, which was the closing price of Green Thumb’s Subordinate Voting Shares as traded on the CSE on the date of the transaction. The purchase agreement also included additional consideration ranging from $0 to $15 million in cash or shares of Green Thumb subject to Beboe achieving the placement of its products in specified retailers during the twelve months post acquisition of which $6.9 million was earned and paid during 2019 in the form of 808,614 Subordinated Voting Shares.

During the year ended December 31, 2020, the Company issued 779,690 Subordinate Voting Shares of Green Thumb representing the full settlement of the remaining contingent consideration. The shares had a fair value of $6,686,432 at the date of issuance.

As of December 31, 2020 and 2019, the estimated fair value of the contingent consideration associated with the acquisition of For Success Holding Company, which was valued using a probability weighting of the potential payouts, was $0 and $2,432,373, respectively, on the consolidated balance sheets.

In addition, on August 26, 2020, the Company issued 646,353 deferred shares to the former owners of For Success Holding Company. The deferred shares associated with the acquisition of For Success Holding Company had a value of $8,064,668 and were valued as of the date of the initial transaction. As of December 31, 2020 and 2019, the Company had deferred shares of $1,835,332 and $9,900,000, respectively, recorded on the consolidated balance sheets.

(iv) Acquisition of Fiorello Pharmaceuticals, Inc

On August 23, 2019, the Company acquired 100% of the ownership interests of New York-based Fiorello Pharmaceuticals, Inc. The acquisition consideration paid included $42.6 million of cash and 1.7 million of the Company’s Subordinate Voting Shares which were valued at $14.1 million, based on the fair value of the securities on the date of issuance, which was the closing price of Green Thumb’s Subordinate Voting Shares as traded on the CSE on the date of the transaction. The acquisition included the license and assets for one cultivation, one processing, and four retail facilities in New York.

(v) MC Brands, LLC

On June 12, 2019, the Company acquired the remaining 75% interest in MC Brands, LLC which is based in Colorado through the issuance of 1.7 million Subordinate Voting Shares valued at $19.4 million. The transaction was accounted for as an asset acquisition.

(c) Pro Forma Financial Information—Significant 2019 Acquisitions

The following unaudited financial information reflects the results of operations of AGL and Integral Associates from the transaction date (the date of acquisition for AGL of February 12, 2019 and for Integral Associates of June 5, 2019) through the year ended December 31, 2019 and the results of operations for AGL and Integral Associates for the year ended December 31, 2018:

	Transaction Date through December 31, 2019					For the Year Ended December 31, 2018
	Advanced Grow Labs, LLC		Integral Associates, LLC			Advanced Grow Labs, LLC		Integral Associates, LLC
Revenues, net of discounts	$	16,377,199	$	39,246,745		$	17,016,743	$	60,261,432
Net income (loss)		3,612,455		(6,375,800	)		7,497,696		13,218,159

The following unaudited pro forma financial information reflects the combined results of operations of Green Thumb, AGL and Integral Associates for the period from January 1, 2019 through December 31, 2019 (presented as if the acquisitions had occurred at January 1, 2019):

	For the Year Ended December 31, 2019
	Green Thumb Industries Inc.			Advanced Grow Labs, LLC		Integral Associates, LLC			Pro Forma Adjustments			Notes		Pro Forma Combined
				Unaudited		Unaudited
Revenues, net of discounts	$	160,808,662		$	18,516,074	$	79,146,937		$	—				$	258,471,673
Net income (loss) attributable to Green Thumb Industries Inc.		(56,353,062	)		4,586,122		(1,110,610	)		(8,394,854	)		(a), (b)		(61,272,404	)

(a) Includes estimated amortization expense on intangible assets acquired as part of the acquisition of AGL and Integral Associates of $327,302 representing one month of amortization expense and $6,639,127 representing five months of amortization expense, respectively.

(b) Includes estimated income tax expense of AGL of $164,780 and Integral Associates of $1,263,645 based on a 24% effective tax rate.

The following unaudited pro forma financial information reflects the combined results of operations of Green Thumb, AGL and Integral Associates for the period from January 1, 2018 through December 31, 2018 (presented as if the acquisitions had occurred at January 1, 2018):

	For the Year Ended December 31, 2018
	Green Thumb Industries Inc.			Advanced Grow Labs, LLC		Integral Associates, LLC		Pro Forma Adjustments			Notes		Pro Forma Combined
				Unaudited		Unaudited
Revenues, net of discounts	$	62,493,680		$	17,016,743	$	60,261,432	$	—				$	139,771,855
Net income (loss) attributable to Green Thumb Industries Inc.		(5,243,917	)		7,497,696		13,218,159		(24,006,529	)		(a), (b)		(8,534,591	)

(a) Includes estimated amortization expense on intangible assets acquired as part of the acquisition of AGL and Integral Associates of $3,927,619 and $15,933,905 each representing twelve months of amortization expense, respectively.

(b) Includes estimated income tax expense of AGL of $972,647 and Integral Associates of $3,172,358 based on a 24% effective tax rate.

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Intangible Assets And Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

8. INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

At December 31, 2020, intangible assets consisted of the following:

	Licenses and Permits			Tradenames		Customer Relationships		Non-Competition Agreements		Total
Cost
As at January 1, 2020	$	336,954,213		$	97,455,590	$	25,258,000	$	2,585,480	$	462,253,283
Adjustments to Purchase Price Allocation		(145,000	)		1,840,009		—		—		1,695,009
Additions from acquisitions		6,326,523			—		—		—		6,326,523
As at December 31, 2020	$	343,135,736		$	99,295,599	$	25,258,000	$	2,585,480	$	470,274,815
Accumulated Amortization
As at January 1, 2020	$	18,477,500		$	4,121,800	$	3,932,416	$	474,669	$	27,006,385
Amortization		23,516,095			9,333,378		3,650,589		526,334		37,026,396
As at December 31, 2020	$	41,993,595		$	13,455,178	$	7,583,005	$	1,001,003	$	64,032,781
Net book value
As at January 1, 2020	$	318,476,713		$	93,333,790	$	21,325,584	$	2,110,811	$	435,246,898
As at December 31, 2020	$	301,142,141		$	85,840,421	$	17,674,995	$	1,584,477	$	406,242,034

At December 31, 2019, intangible assets consisted of the following:

	Licenses and Permits		Tradenames		Customer Relationships		Non-Competition Agreements		Total
Cost
As at January 1, 2019	$	89,705,213	$	360,000	$	820,000	$	20,480	$	90,905,693
Additions from acquisitions		247,249,000		97,095,590		24,438,000		2,565,000		371,347,590
As at December 31, 2019	$	336,954,213	$	97,455,590	$	25,258,000	$	2,585,480	$	462,253,283
Accumulated Amortization
As at January 1, 2019	$	2,322,715	$	—	$	204,500	$	12,800	$	2,540,015
Amortization		16,154,785		4,121,800		3,727,916		461,869		24,466,370
As at December 31, 2019	$	18,477,500	$	4,121,800	$	3,932,416	$	474,669	$	27,006,385
Net book value
As at January 1, 2019	$	87,382,498	$	360,000	$	615,500	$	7,680	$	88,365,678
As at December 31, 2019	$	318,476,713	$	93,333,790	$	21,325,584	$	2,110,811	$	435,246,898

The Company recorded amortization expense for the years ended December 31, 2020, 2019 and 2018 of $37,026,396, $24,466,370 and $2,496,955, respectively.

During 2020, the Company recorded a measurement period adjustment in connection with its June 27, 2019 acquisition of MC Brands, LLC of $1,840,009 which increased intangible assets and share capital. The remainder of the adjustments to purchase price allocations were not significant and related to the finalization of several 2019 acquisitions. The Company also recorded an increase of $6,326,523 from the acquisition of a Connecticut-based dispensary during 2020 (see Note 7—Acquisitions for additional details).

In addition, the Company reviewed the estimated useful lives of its intangible assets as part of the Company’s plans to rebrand one of its retail stores. Based on that review, the Company determined that certain intangible assets associated with the Company’s retail tradenames have a useful life shorter than initially estimated.

Beginning July 1, 2020, the Company adjusted the useful life of its retail tradename associated with the acquisition of Essence from 15 years to 7 years. The change in useful life was made as a prospective adjustment and resulted in an increase in amortization expense of $5,161,946 annually for years 2021 through 2025, and a net reduction in amortization expense of $25,809,730 thereafter.

The following table outlines the estimated annual amortization expense related to intangible assets as of December 31, 2020 and illustrates the effect of the change in useful life of the Essence tradename discussed above:

Year Ending December 31,	Estimated Amortization (Prior to Change in Useful Life)		Increase (Decrease) from Change in Useful Life			Estimated Amortization (After Change in Useful Life)
2021	$	34,032,387	$	5,161,946		$	39,194,333
2022		33,601,647		5,161,946			38,763,593
2023		33,518,831		5,161,946			38,680,777
2024		32,937,498		5,161,946			38,099,444
2025		32,839,831		5,161,946			38,001,777
Thereafter		239,311,840		(25,809,730	)		213,502,110
	$	406,242,034	$	—		$	406,242,034

Goodwill

At December 31, 2020, Goodwill consisted of the following:

	Retail		Consumer Packaged Goods			Total
As at January 1, 2020	$	119,873,759	$	255,211,232		$	375,084,991
Acquisitions		9,615,751		—			9,615,751
Adjustments to Purchase Price Allocations		1,191,425		(3,194,700	)		(2,003,275	)
As at December 31, 2020	$	130,680,935	$	252,016,532		$	382,697,467

At December 31, 2019, Goodwill consisted of the following:

	Retail		Consumer Packaged Goods			Total
As at January 1, 2019	$	15,286,360	$	23,918,000		$	39,204,360
Acquisition of Advanced Grow Labs, LLC		16,756,250		44,572,349			61,328,599
Acquisition of Integral Associates, LLC		46,655,753		69,323,570			115,979,323
Other Acquisitions		32,936,590		120,963,598			153,900,188
Adjustments to Purchase Price Allocations		8,238,806		(3,566,285	)		4,672,521
As at December 31, 2019	$	119,873,759	$	255,211,232		$	375,084,991

For the year ended December 31, 2020, the Company recorded measurement period adjustments resulting in a net decrease in goodwill of $2,003,275 associated with various acquisitions. In regard to the Consumer Packaged Goods segment, the Company recorded measurement period adjustments associated with its acquisition of For Success Holding Company and Advanced Grow Labs, LLC of $1,687,700 and $1,507,000, respectively, which represented a reduction in the value of goodwill and deferred tax liabilities. 

Regarding the Retail segment, the Company recorded an increase of $9,615,751 from the acquisition of a Connecticut-based dispensary during 2020. The Company also recorded measurement period adjustments associated with its 2019 acquisition of Fiorello Pharmaceuticals, Inc. of $1,000,000 which represented an increase in the value of goodwill and corresponding adjustment to current liabilities. The remainder of the adjustments to the Retail segment represent the finalization of purchase price allocations related to other 2019 acquisitions. 

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Investments

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Investments

9. INVESTMENTS

As of December 31, 2020 and 2019, the Company held various equity interests in privately held cannabis companies, which had a fair value of $40,794,806 and $14,068,821 as of each period end, respectively. The Company measures its equity interests that do not have readily determinable fair value, at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.

The following table summarizes the change in the Company’s investments as of December 31, 2020:

	Convertible Notes Receivable			Equity			Total
Balance at January 1, 2020	$	7,533,000		$	6,535,821		$	14,068,821
Additions		—			525,000			525,000
Disposals		—			(169,818	)		(169,818	)
Conversion of notes receivable		(7,533,000	)		7,533,000			—
Fair value adjustments		—			26,370,803			26,370,803
Balance at December 31, 2020	$	—		$	40,794,806		$	40,794,806

The following table summarizes the change in the Company’s investments as of December 31, 2019:

	Convertible Notes Receivable			Equity			Total
Balance at January 1, 2019	$	30,336,000		$	10,597,283		$	40,933,283
Fair value adjustment		(1,398,000	)		(4,061,462	)		(5,459,462	)
Applied to consideration in business combination		(21,405,000	)		—			(21,405,000	)
Balance at December 31, 2019	$	7,533,000		$	6,535,821		$	14,068,821

During the year ended December 31, 2020, the Company recorded fair value adjustments on a privately held equity interests which resulted in the Company recording a gain of $32,349,189 in other income (expense) during the period then ended. In January 2021, the Company sold approximately half of its equity interest in a privately held entity for $18,112,500 in cash. As of December 31, 2020 and 2019, the fair value of the equity interest was $37,249,189 and $4,900,000, respectively.

As of December 31, 2019, the Company held an investment in a convertible note which carried simple interest of 6.00% per annum. The fair value of this investment (which was considered a Level 3 investment) was $7,533,000, and was valued using the Binomial Lattice Model, which was based on a generalized binomial option pricing formula, using the following assumptions:

	December 31, 2019
Risk free rate	1.58% – 2.46%
Equity Volatility *	58% – 106%
Market Yield	15% – 18%
Probability of Qualified Financing	0%
Probability of Sale	30%
Probability of No Event	70%

* Management estimated that market interest rates on similar borrowings without the conversion feature to be approximately 18% and used an implied volatility of 58% in measuring the fair value of the convertible note.

On August 1, 2020, the note matured and was converted into 613,875 preferred units of the privately held Company. During the year ended December 31, 2020, and as a result of the conversion, the Company, with the assistance of an independent valuation firm, measured the fair value of the preferred shares which resulted in the Company recording a loss of ($6,503,711) in other income (expense). As of December 31, 2020, the fair value of the preferred shares (which are considered a Level 3 investment) was $1,029,289.

For the years ended December 31, 2020, 2019 and 2018, the Company recorded fair value adjustments, net of $26,370,803, ($4,061,462) and $4,797,283, respectively, within other income (expense) on the consolidated statements of operations.

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Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

10. LEASES

(a) Operating Leases

The Company has operating leases for certain Rise, Essence and other retail dispensaries located throughout the US and processing and cultivation facilities in Connecticut, Florida, Illinois, Massachusetts, Maryland, Nevada, New York, New Jersey and Pennsylvania as well as corporate office space in Illinois and Nevada. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.

All real estate leases are recorded on the balance sheet. Equipment and other non-real estate leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease agreements for some locations provide for rent escalations and renewal options. Certain real estate leases require payment for taxes, insurance and maintenance which are considered non-lease components. The Company accounts for real estate leases and the related fixed non-lease components together as a single component.

The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract.

For the years ended December 31, 2020, 2019 and 2018, the Company recorded $26,287,253, $7,291,154 and $1,901,000 respectively, in operating lease expense. 

Other information related to operating leases as of and for the years ended December 31, 2020 and 2019 were as follows:

	Year Ended
	December 31, 2020			December 31, 2019
Weighted average remaining lease term		12.10			7.42
Weighted average discount rate		13.7	%		12.0	%

Maturities of lease liabilities for operating leases as of December 31, 2020 were as follows:

Year Ending December 31	Third Party			Related Party			Total
2021	$	24,009,579		$	1,307,183		$	25,316,762
2022		25,487,123			1,337,130			26,824,253
2023		25,360,510			1,367,771			26,728,281
2024		24,856,882			1,255,714			26,112,596
2025		22,834,433			1,182,489			24,016,922
2026 and Thereafter		242,729,225			9,162,841			251,892,066
Total Lease Payments		365,277,752			15,613,128			380,890,880
Less: Interest		(223,015,394	)		(7,586,616	)		(230,602,010	)
Present Value of Lease Liability	$	142,262,358		$	8,026,512		$	150,288,870

(b) Related Party Operating Leases

The Company entered into related party transactions with respect to its leasing arrangements for facilities in Florida, Illinois, Maryland, Massachusetts and Nevada.

Wendy Berger, a director of the Company, is a principal of WBS Equities, LLC, which is the Manager of Mosaic Real Estate, LLC, which owns the facilities leased by the Company. Additionally, Mosaic Real Estate, LLC is owned in part by Ms. Berger (through the Wendy Berger 1998 Revocable Trust), Benjamin Kovler, the Chief Executive Officer and a director of the Company (through KP Capital, LLC), and Anthony Georgiadis, the Chief Financial Officer and a director of the Company (through Three One Four Holdings, LLC). The terms of these leases range from 7 years to 15 years. For the years ended December 31, 2020, 2019 and 2018, the Company recorded lease expense of $1,363,673, $1,230,350 and $515,064 respectively, associated with these leasing arrangements.

On June 5, 2020, a wholly owned subsidiary of the Company purchased the building and building improvements of the Company’s dispensary located in Joliet, Illinois for $1,814,000 from Mosaic Real Estate Joliet, LLC. The transaction resulted in the termination of the Illinois related party leasing arrangement. For additional information see Note 11—Notes Payable.

In connection with the Company’s acquisition of Integral Associates, the Company, through a subsidiary, leases property from Durango Teco Partners, LLC, which commenced on June 27, 2020 for an Essence retail

store in Nevada. Durango Teco Partners, LLC is owned in part by Armenco Capital LLC, which is in turn owned in part by Alejandro Yemenidjian, a former director of the Company who resigned from the Board effective December 31, 2020. The lease commenced on June 27, 2020 and has a ten-year term. For year ended December 31, 2020, the Company recorded lease expense of $136,107 associated with this lease.

(c) Sales Lease Back Transactions

(i) Toledo, Ohio Cultivation and Processing Facility

On January 31, 2020, the Company closed on a sale and lease back transaction to sell its Toledo, Ohio processing facility to IIP. Under a long-term agreement, the Company has leased back the facility and continues to operate and manage it. The purchase price for the property was $2,900,000, excluding transaction costs.

On October 1, 2020, the Company and IIP agreed to amend the lease on the Toledo, Ohio processing facility. Under the amendment, IIP will provide an additional $25,000,000 in funding to be used for the construction of a cannabis cultivation facility. Assuming full payment of the additional funding, IIP’s total investment in the property pursuant to the sale and leaseback transaction and related amendment will be $32,200,000. The amended lease has a term of 20 years and was recorded as an operating lease which resulted in a right of use asset and related lease liability of $28,134,327.

(ii) Oglesby Cultivation and Processing Facility

On March 6, 2020, the Company closed on a sale and lease back transaction to sell its Oglesby, Illinois cultivation and processing facility to IIP. Under a long-term agreement, the Company has leased back the facility and continues to operate and manage it. The purchase price for the property was $9,000,000, excluding transaction costs. The Company is making certain improvements to the property that will significantly enhance production capacity, for which IIP has agreed to provide reimbursement of up to $41,000,000. Assuming full reimbursement for such improvements, IIP’s total investment in the property will be $50,000,000. The lease has a term of 16 years and was recorded as an operating lease which resulted in a right of use asset and related lease liability of $42,235,807.

(iii) Danville Cultivation and Processing Facility

On November 12, 2019, the Company closed on a sale and lease back transaction to sell its Danville, Pennsylvania cultivation and processing facility to IIP. Under a long-term agreement, the Company will lease back the facility and continue to operate and manage it. The purchase price for the property was $20,300,000, excluding transaction costs. The Company is also expected to make certain improvements to the property that will significantly enhance production capacity, for which IIP has agreed to provide reimbursement of up to $19,300,000. Assuming full reimbursement for such improvements, IIP’s total investment in the property will be $39,600,000. The lease was recorded as an operating lease and resulted in a right of use asset and related lease liability of $28,927,235.

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Notes Payable

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Notes Payable

11. NOTES PAYABLE

At December 31, 2020 and 2019, notes payable consisted of the following:

	December 31, 2020			December 31, 2019
In connection with an acquisition completed in 2017, the Company is required to make quarterly charitable contributions of $50,000 through October 2024. The net present value of these required payments has been recorded as a liability with an interest rate of 2.17%.	$	717,430		$	970,957
Private placement debt dated May 22, 2019, in the original amount of $105,466,429 with an interest rate of 12.00%, matures on May 22, 2023. The debt was issued at a discount, the carrying value of which is $10,511,335 and $15,090,517 as of December 31, 2020 and 2019, respectively.		94,955,094			90,375,912
Rise Joliet mortgage dated June 5, 2020, in the original amount of $1,814,000 with an interest rate of 5.00%, matures on June 5, 2035. The debt was issued at a discount, the carrying value of which is $174,222, and is presented net of principal payments of $40,806 as of December 31, 2020.		1,598,972			—
Rise Lakewood mortgage dated August 20, 2020, in the original amount of $833,000 with an interest rate of 7.25%, matures on August 20, 2025, and is presented net of principal payments of $9,517 as of December 31, 2020.		823,483			—
Rise Mundelein mortgage dated December 6, 2020, in the original amount of $960,000 with an interest rate of 6.95%, matures on December 06, 2025.		960,000			—
Total notes payable		99,054,979			91,346,869
Less: current portion of notes payable		(341,983	)		(206,675	)
Notes payable, net of current portion	$	98,712,996		$	91,140,194

(a) Bridge Financing

On April 12, 2019, the Company completed a private placement financing of $12,500,000 in six-month senior secured promissory notes (the “Bridge Notes”). As part of the transaction, the Company issued 218,964 warrants to the private lenders allowing the holder to purchase Subordinate Voting Shares at an exercise price of C$22.90. The warrants may be exercised anytime during the first 42 months after the closing of the transaction. On the date of issuance, the Company recorded a warrant liability, and debt discount of $2,291,189 which was measured at fair value using a Monte Carlo simulation. See Note 12—Warrants for details.

On May 22, 2019, the Company repaid the full principal amount and accrued interest of $12,645,833 for the Bridge Notes. The Company recognized $2,291,189 in interest expense for accretion of the debt discount upon repayment of the April 12, 2019 Bridge Notes.

(b) Private Placement Financing

On May 22, 2019, the Company closed a $105,66,429 senior secured non-brokered private placement financing (the “Private Placement Financing”) through the issuance of three-year senior secured notes pursuant to the Note Purchase Agreement (the “Note Purchase Agreement”). The financing generated funds for general working capital purposes and various growth initiatives and to retire the Company’s existing debt, including the April 12, 2019 Bridge Notes. The notes initially accrued interest at an annual rate of 12.16%, and were subsequently amended on November 9, 2019 to 12.0%, (see additional discussion under the heading “Modification of Private Placement Financing” below). Interest on the note is payable on a quarterly basis with the principal due at the maturity date. The Note Purchase Agreement provided the Company the sole discretion to extend the financing an additional twelve months (see additional discussion under the heading “Extension of Private Placement Financing” below).

As part of the transactions, the Company issued 1,822,771 warrants to the private lenders which allow the holder to purchase Subordinate Voting Shares at an exercise price of C$19.39. The warrants may be exercised at any time during the first 60 months after the closing of the transaction. Upon issuance, the Company recorded a warrant liability, and debt discount of $16,202,934 which was measured at fair value using a Monte Carlo simulation. See Note 12—Warrants for details.

In addition to the value of warrants, the debt discount included $228,761 of professional fees, and transaction related fees of $430,704 and is being accreted to interest expense over the term of the debt which approximates the effective interest method. As of December 31, 2020, and 2019, the carrying value of the debt discount, net of amortization was $8,604,784 and $12,885,643, respectively.

The notes contain certain covenants which require the Company to maintain (on a daily basis) unrestricted cash and cash equivalents in an amount greater than or equal to the amount of interest that is scheduled to become due in the next 365-days and to not permit the ratio of net debt to stockholders’ equity to exceed 0.6 to 1.0 as of the last day of any quarter. In addition, beginning June 30, 2020, an additional covenant became effective which requires the Company to maintain a debt to EBITDA ratio of 4.5 to 1.0 as of the last day of each quarter. As of December 31, 2020 and 2019, the Company was in compliance with all covenants.

(c) Modification of Private Placement Financing

On November 9, 2019, the Company amended the May 22, 2019 Private Placement Financing to allow for additional financing through sales lease back arrangements and to clarify certain aspects of the financing agreement with the private lenders. Specifically, the calculation of the effective interest rate on the note was clarified to refer to a 365-day calendar year rather than LIBOR-based 360-day year. The result of this change was a reduction in the effective interest rate by approximately 16 basis points (from 12.16% to 12.0%). The Amendment also reduced the borrowing capacity from $150,000,000 to $130,000,000, which allows the Company to borrow an additional $24,533,571 over a period of 12 months from the closing date of the Note Purchase Agreement.

As part of the amendment, the Company issued 365,076 warrants to the private lenders allowing the holder to purchase Subordinate Voting Shares at an exercise price of C$12.04. The warrants may be exercised anytime during the first 60 months following the close of the transaction. The Company evaluated the terms of the November 9, 2019 amendment and concluded that the transaction resulted in a debt modification requiring the Company to recognize the value of the warrants as additional debt discount.

Upon issuance, the Company recorded an additional amount to warrant liability, and debt discount of $2,304,874 which was measured at fair value using a Monte Carlo simulation. See Note 12 – Warrants for details. The Company did not incur any other fees related to the amendment. As of December 31, 2020 and 2019, the carrying value of the debt discount, net of amortization was $1,450,591 and $2,204,874, respectively.

(d) Extension of Private Placement Financing

On May 21, 2020, the Company exercised its option to extend the maturity date of the Private Placement Financing pursuant to the Note Purchase Agreement, dated May 22, 2019, as amended for an additional year. Following this exercise, which was in the Company’s sole discretion under the Note Purchase Agreement, the new maturity date for the Notes is May 22, 2023. As part of the transaction, the Company issued an additional 84,924 warrants to the private lenders allowing the holder to purchase Subordinate Voting Shares at an exercise price of C$14.03. Upon issuance, the Company recorded a warrant liability, and debt discount of $572,386 which was measured at fair value using a Monte Carlo simulation. See Note 12—Warrants for details. As of December 31, 2020, the carrying value of the debt discount, net of amortization was $455,960.

(e) Mortgage on Joliet, Illinois Dispensary

On June 5, 2020, the Company closed on a secured promissory note (the “Joliet Mortgage”) of $1,814,000. The Joliet Mortgage bears interest of 5% per annum and matures on June 5, 2035. The Joliet Mortgage provided by the lender was used to purchase the building and building improvements of one of the Company’s dispensaries located in Joliet, Illinois that the Company previously leased from Mosaic Real Estate Joliet, LLC, a related party. As part of the transaction, the Company issued 35,000 warrants valued at $181,272 using a Black Scholes Option Pricing model which were accounted for as equity and recorded as a discount on the Mortgage.

(f) Mortgage on Lakewood, Ohio Dispensary

On August 20, 2020, the Company closed on a secured promissory note (the “Lakewood Mortgage”) of $833,000. The Lakewood Mortgage bears interest of 7.25% per annum and matures on August 20, 2025. The Lakewood Mortgage provided by the lender was used to purchase the land, building and building improvements of one of the Company’s dispensaries located in Lakewood, Ohio that the Company previously leased.

(g) Mortgage on Mundelein, Illinois Property

On December 6, 2020, the Company closed on a secured promissory note (the “Mundelein Mortgage”) of $960,000. The Mundelein Mortgage bears interest of 6.95% per annum and matures on December 6, 2025. The Mundelein Mortgage provided by the lender was used to acquire real estate located in Mundelein, Illinois adjacent to our existing retail dispensary. The Company anticipates using the additional space to expand current operations at the existing Mundelein dispensary.

(h) Related Parties

The private placement debt and related warrant liability are held by related parties of the Company as well as unrelated third parties at a percentage of approximately 1% and 99%. The related parties consist of Benjamin Kovler, the Chief Executive Officer and a director of the Corporation (through KP Capital, LLC); Andrew Grossman, the Executive Vice President of Capital Markets (through AG Funding Group, LLC) and Anthony Georgiadis, the Chief Financial Officer and a director of the Corporation (through Three One Four Holdings, LLC and ABG, LLC) all of whom participated in the private placement financing.

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Warrants

12 Months Ended

Dec. 31, 2020

Warrants and Rights Note Disclosure [Abstract]

Warrants

12. WARRANTS

As part of the Company’s private placement financing and Mortgage on the Joliet, Illinois dispensary, the Company issued warrants to related parties, as well as unrelated third parties, which allow the holders to purchase Subordinate Voting Shares at an exercise price determined at the time of issuance.

The following table summarizes the number warrants outstanding as of December 31, 2020:

	Number of Shares			Weighted Average Exercise Price (C$)		Weighted Average Contractual Life		Number of Shares		Weighted Average Exercise Price (USD)		Weighted Average Contractual Life
	Liability Classified							Equity Classified
Balance as at January 1, 2020		2,406,811		C$	18.59		4.86		—	$	—		—
Additional Modification Warrants		84,924			14.03		5.00		—		—		—
Dispensary Mortgage Warrants		—			—		—		35,000		9.10		5.00
Warrants Exercised		(5,941	)		12.42		5.00		—		—		—
Balance as at December 31, 2020		2,485,794		C$	18.45		4.87		35,000	$	9.10		5.00

The following table summarizes the number of warrants outstanding as of December 31, 2019:

	Number of Shares		Weighted Average Exercise Price (C$)		Weighted Average Contractual Life		Number of Shares		Weighted Average Exercise Price (USD)		Weighted Average Contractual Life
	Liability Classified						Equity Classified
Balance as at January 1, 2019		—	C$	—		—		—	$	—		—
Bridge Financing Warrants		218,964		22.90		0.32		—		—		—
Private Placement Financing Warrants		1,822,771		19.39		3.79		—		—		—
Modification Warrants		365,076		12.04		0.75		—		—		—
Warrants Exercised		—		—		—		—		—		—
Balance as at December 31, 2019		2,406,811	C$	18.59		4.86		—	$	—		—

(a) Liability Classified Warrants

The following table summarizes the fair value of the liability classified warrants at December 31, 2020 and 2019:

Warrant Liability	Strike Price		Warrants Outstanding		December 31, 2020		December 31, 2019
Bridge Financing Warrants	C$	22.90		218,964	$	2,544,500	$	1,385,400
Private Placement Financing Warrants	C$	19.39		1,822,771		28,756,500		12,189,169
Modification Warrants	C$	12.04		360,256		6,630,000		2,305,274
Additional Modification Warrants	C$	14.03		83,803		1,523,000		—
Totals				2,485,794	$	39,454,000	$	15,879,843

(i) Note Purchase Agreement Warrants

During the years ended December 31, 2020 and 2019, the Company issued warrants associated with each closing and amendment of the Bridge Notes and related Private Placement Financing under the Note Purchase Agreement (as amended) for a total of 2,491,735 warrants (collectively the “Note Purchase Agreement Warrants”) of which 2,485,794 were outstanding as of December 31, 2020. The exercise price of these warrants is denominated in Canadian dollars whereas the Company’s functional currency is USD. As such, upon issuance and at each reporting date, the Company measures the fair value of the warrants using a Monte Carlo Simulation model. For the year ended December 31, 2020 and 2019, the Company recorded a loss of $23,001,771 and a gain of $4,159,687, respectively, on the change in the fair value of the warrant liability within other income (expense) on the consolidated statements of operations.

The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date:

Significant Assumptions	December 31, 2020		December 31, 2019
Volatility		72.19% – 79.10%		117.43% – 123.64%
Remaining Term		1.78 – 4.39 years		2.78 – 4.86 years
Risk Free Rate		0.20% – 0.28%		1.68% – 1.69%

(b) Equity Classified Warrants

The following table summarizes the fair value of the equity classified warrants at December 31, 2020 and 2019:

Warrants Included in Contributed Surplus	Strike Price		Warrants Outstanding		December 31, 2020		December 31, 2019
Dispensary Mortgage Warrants	$	9.10		35,000	$	181,272	$	—

(i) Dispensary Mortgage Warrants

On June 5, 2020, as part of the $1,814,000 promissory note, the Company issued warrants that allow the promissory noteholder to purchase 35,000 Subordinate Voting Shares. These warrants are denominated in USD, which is the Company’s functional currency. As such, upon issuance, the Company recorded a debt discount of $181,272 which was measured at fair value using a Black Scholes Options Pricing model. The Company did not incur any other material fees related to the promissory note. 

The following table summarizes the significant assumptions used in determining the fair value of the equity classified warrants as of each reporting date:

Significant Assumptions	December 31, 2020			December 31, 2019
Volatility		80	%		—
Remaining Term		5 years			—
Risk Free Rate		0.37	%		—

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Share Capital

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Share Capital

13. SHARE CAPITAL

Common shares, which include the Company’s Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares, are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.

(a) Authorized

(i) Subordinate Voting Shares

The holders of the Subordinate Voting shares are entitled to receive dividends which may be declared from time to time and are entitled to one vote per share at meetings of the Company’s shareholders. All Subordinate Voting shares are ranked equally with regard to the Company’s residual assets. The Company is authorized to issue an unlimited number of no par value Subordinate Voting shares. During the year ended December 31, 2020, the shareholders of the Company converted 333,061 Multiple Voting Shares into 33,306,100 Subordinate Voting Shares and 90,258 Super Voting Shares into 9,025,800 Subordinate Voting Shares.

(ii) Multiple Voting Shares

Each Multiple Voting share is entitled to 100 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting shares. At December 31, 2020, the Company had 40,289 issued and outstanding Multiple Voting Shares, which convert into 4,028,900 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Multiple Voting shares. During the year ended December 31, 2020, the shareholders of the Company converted 333,061 Multiple Voting Shares into 33,306,100 Subordinate Voting Shares.

(iii) Super Voting Shares

Each Super Voting share is entitled to 1,000 votes per share at shareholder meetings of the Company and is exchangeable for 100 Subordinate Voting Shares or one Multiple Voting Share. At December 31, 2020, the Company had 312,031 issued and outstanding Super Voting Shares which convert into 31,203,100 Subordinate Voting Shares. The Company is authorized to issue an unlimited number of Super Voting Shares. During the year ended December 31, 2020, the shareholders of the Company converted 90,258 Super Voting Shares into 9,025,800 Subordinate Voting Shares.

(b) Issued and Outstanding

A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:

	Issued and Outstanding
	Subordinate Voting Shares		Multiple Voting Shares			Super Voting Shares
As at January 1, 2019		43,920,131		677,230			424,513
Issuance of shares under business combinations and investments		45,571,444		—			—
Noncontrolling Interests adjustment for change in ownership		—		31,000			—
Issuance of shares for redemption of noncontrolling interest		2,498,404		—			—
Issuance of shares upon vesting of RSUs		1,165,630		—			—
Issuance of shares upon exercise of broker options		114,080		—			—
Issuance of shares for professional fees		19,875		—			—
Exchange of shares		35,710,400		(334,880	)		(22,224	)
As at December 31, 2019		128,999,964		373,350			402,289
As at January 1, 2020		128,999,964		373,350			402,289
Issuance of shares under business combinations and investments		1,752,065		—			—
Distribution of contingent consideration		2,713,463		—			—
Distribution of deferred shares		1,220,548		—			—
Issuance of shares upon exercise of options and warrants		171,813		—			—
Issuances of shares upon vesting of RSUs		923,468		—			—
Exchange of shares		42,331,900		(333,061	)		(90,258	)
As at December 31, 2020		178,113,221		40,289			312,031

(i) Issuance of Shares Under Business Combinations and Investments

(1) Southern CT Wellness and Healing

On December 18, 2020, the Company issued 197,826 Subordinate Voting Shares with a value of $4,619,237 in connection with the Company’s acquisition of Southern CT Wellness and Healing, a Connecticut-based dispensary. The shares issued resulted in an increase in share capital and a corresponding increase in the net assets acquired. See Note 7—Acquisitions for details.

(2) MC Brands, LLC

On June 29, 2020, the Company issued 190,000 Subordinate Voting Shares with a value of $1,840,009 in connection with the Company’s June 27, 2019 acquisition of MC Brands, LLC. Such shares were held back as part of the transaction and resulted in an increase in share capital and a corresponding increase to intangible assets on the Company’s consolidated balance sheets. 

See also Note 7—Acquisitions for details.

(ii) Distribution of Contingent Consideration

As of December 31 2020, the Company issued 2,713,463 Subordinate Voting Shares to the previous owners of several entities in connection with acquisitions completed during 2019. Upon issuance, the Company recorded a reduction to contingent consideration payable and an increase in share capital. The following table represents the contingent shares issued during the year ended December 31, 2020 in relation to each acquisition:

Contingent Shares Issued
			December 31, 2020
Transaction	Date of Transaction		Units		Value
Advanced Grow Labs, LLC		February 12, 2019		1,396,533	$	11,544,855
For Success Holding Company		February 21, 2019		779,690		6,686,432
Integral Associates, LLC		June 5, 2019		537,240		4,654,526
				2,713,463	$	22,885,813

(iii) Deferred Shares—Issuances and Distributions

As part of the consideration exchanged in the Company’s acquisitions, Subordinate Voting Shares are held back or deferred until a specific date post acquisition. The deferred shares are issued to the former owners of the acquired entity upon the passage of twelve to twenty-four months from the close of each transaction as defined within each respective acquisition agreement. The following table summarizes the deferred shares held by the Company as of December 31, 2020 and 2019:

Deferred Shares Outstanding
			December 31, 2020				December 31, 2019
Transaction	Date of Transaction		Units		Value		Units		Value
Advanced Grow Labs, LLC		February 12, 2019		—	$	—		472,500	$	5,380,000
For Success Holding Company		February 21, 2019		147,095		1,835,330		793,448		9,900,000
Rise Canton		May 15, 2019		—		—		101,695		1,307,798
Southern CT Wellness and Healing		December 18, 2020		32,205		751,987		—		—
				179,300	$	2,587,317		1,367,643	$	16,587,798

On December 18, 2020, the Company issued 32,205 Subordinate Voting Shares with a value of $751,987 in connection with the Company’s acquisition of Southern CT Wellness and Healing. The issuance resulted in an increase in deferred share issuances on the Company’s consolidated statement of changes in shareholders’ equity and a corresponding increase in the net assets acquired.

On May 15, 2020, Green Thumb distributed 101,695 Subordinate Voting Shares with a value of $1,307,798 in connection with the Company’s May 15, 2019 acquisition of Rise Canton. On August 12, 2020, the Company distributed 472,500 Subordinate Voting Shares with a value of $5,380,00 in connection with the Company’s February 12, 2019 acquisition of Advanced Grow Labs, LLC. Additionally, on August 26, 2020, the Company distributed 646,353 Subordinate Voting Shares with a value of $8,064,668 in connection with the Company’s February 21, 2019 acquisition of For Success Holding Company. The three distributions discussed above resulted in a reduction to deferred share issuances and a corresponding increase to share capital on the Company’s consolidated statement of changes in shareholders’ equity. 

See also Note 7—Acquisitions for details.

(iv) Changes in Ownership and Noncontrolling Interests

(1.) Acquisition of Noncontrolling Interest in KW Ventures Holdings, LLC

Prior to January 1, 2019, KW Ventures Holdings, LLC (“Firefly”), which holds 100% of the equity interests in four Pennsylvania-based dispensaries, was owned by the noncontrolling interest members. However, Green Thumb controlled all the operating activities of the entity and was exposed to variable returns and losses through a management services agreement. As a result, the Company concluded that Firefly represented a variable interest entity and consolidated the entity in Green Thumb’s financial results.

On January 1, 2019, the Company acquired the noncontrolling interest members equity in Firefly through an all-stock transaction whereby consideration was satisfied through the issuance of 542,416 Subordinate Voting Shares at a fair value of $4,355,078. In addition to the shares issued on January 1, 2019; 48,450 Subordinate Voting Shares were held back as part of the closing agreement. On February 10, 2020, the remaining shares were issued at a fair value of $400,413. As control over the entity existed prior to the acquisition date, no gain or loss was recognized nor was there any excess purchase price recorded as a result of the transaction.

As of December 31, 2020, the transaction resulted in an increase in share capital and a corresponding reduction in accrued liabilities of $400,413.

(2.) Acquisition of Noncontrolling Interest in Ohio Investors 2017, LLC

On April 19, 2019, GTI Core, LLC, a wholly owned subsidiary of the Company entered into a membership interest purchase agreement with George Management Ltd. (George Management) to acquire 59% of the 60% interest that George Management held in the Retail and Processing License. On June 7, 2019, Green Thumb consummated the acquisitions through the issuance of 1,233,014 Subordinate Voting shares with a fair value of $13,854,550 as well as a $5,150,000 in cash of which $1,650,000 was contributed by George Management during 2019 as part of a capital call.

As part of the purchase agreement, and in consideration of the cultivation license for which Green Thumb held a 40% interest as of the date of the purchase agreement, the Company and George

(2.) Acquisition of Noncontrolling Interest in Ohio Investors 2017, LLC (Continued)

Management entered into a reciprocal purchase agreement that would allow Green Thumb to purchase the remaining 59% interest through a call option or, alternatively, allow George Management to put the 59% interest to Green Thumb. The exercise of the option was contingent upon the Ohio Department of Commerce’s approval of Green Thumb’s cultivation license application.

Green Thumb evaluated the reciprocal purchase option and determined that it represented a derivative liability that required remeasurement on a periodic basis with changes in value recorded through the statement of operations. As of the transaction date, the Company recorded a derivative liability of $4,526,401 using a Black Scholes option pricing model. During 2019, the Company recognized nominal gains as a result of changes in the fair value of the liability.

On December 29, 2019, subsequent to the Ohio Department of Commerce’s approval of Green Thumb’s license application, George Management exercised their put option allowing Green Thumb to purchase 59% of the remaining 60% interest in the cultivation license. As of December 31, 2019, the Company and George Management were unable to agree upon the value of the Ohio cultivation license. The Company derecognized the derivative liability and recorded a current liability of $5,500,000 representing management’s estimate of the expected value to be paid to George Management as of December 31, 2019.

As of December 31, 2019, the transactions resulted in an increase to share capital and a reduction to noncontrolling interest of $4,198,173.

On August 8, 2020, the Company and George Management reached an agreement allowing Green Thumb to purchase the remaining noncontrolling interest in Ohio Investors 2017, LLC. As a result, on August 31, 2020, the Company issued 1,315,789 Subordinate Voting Shares with a value of $20,078,940 in consideration for the noncontrolling partner’s interest in Ohio Investors 2017, LLC. Upon the closing of the transaction, the Company recorded a reduction to the current liability established for the purchase of the noncontrolling interest of $11,200,000, an increase in share capital for the fair value of the noncontrolling partners interest of $20,078,940 and a reduction to contributed capital of $8,878,940.

(3.) Acquisition of Noncontrolling Interest in GTI New Jersey, LLC

On April 23, 2019, the Company closed on its acquisition of GTI New Jersey, LLC to acquire the remaining 33% interest held by unrelated third parties. The acquisition was an all stock transaction whereby consideration was satisfied through the issuance of 671,317 Subordinate Voting Shares at a fair value of $5,766,613. Prior to April 23, 2019, 33% of GTI-NJ was owned by the noncontrolling interest members. However, Green Thumb considered GTI-NJ to be a variable interest entity and accordingly, consolidated GTI-NJ within Green Thumb’s consolidated financial statements as Green Thumb was determined to be the primary beneficiary of the operations of GTI-NJ and Green Thumb possessed the power to direct the activities of GTI-NJ through a management services agreement. Consequently, when Green Thumb acquired the noncontrolling interest, there was no change in control, and as a result, no gain or loss was

(3.) Acquisition of Noncontrolling Interest in GTI New Jersey, LLC (Continued)

recognized nor was there any excess purchase price recorded as a result of the transaction. The transaction resulted in an increase to share capital and a reduction to noncontrolling interest of $570,078.

As part of the acquisition of GTI New Jersey, LLC, the Company agreed to award the previous owners of the entity $1,000,000 in Subordinate Voting Shares for each additional dispensary successfully opened, up to a $3,000,000 cap. On May 7, 2020, the Company received approval from the New Jersey Department of Health to begin buildout of an additional retail dispensary. As a result, the Company recorded a current obligation and corresponding reduction to contributed surplus of $2,000,000 representing the maximum value of the shares to be issuable to the former minority shareholders of GTI New Jersey, LLC.

(c) Stock-Based Compensation

The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted. Equity settled stock-based payments under stock-based payments plans are ultimately recognized as an expense in profit or loss with a corresponding credit to reserve for stock-based payments, in equity.

In June 2018, the Company established the Green Thumb Industries Inc. 2018 Stock and Incentive Plan, which was amended by Amendment No. 1 thereto (as amended, the “Plan”). The maximum number of RSUs and options issued under the Plan shall not exceed 10% of the Company’s issued and outstanding shares on an as-converted basis.

The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized.

Option and RSU grants generally vest over three years, and Options typically have a life of five or ten years. Option grants are determined by the Compensation Committee of the Company’s Board of Directors with the option price set at no less than 100% of the fair market value of a share on the date of grant.

Stock option activity is summarized as follows:

	Number of Shares			Weighted Average Exercise Price (C$)		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance as at December 31, 2019		3,839,017			13.21		5.57	$	218,234
Granted		2,604,511			10.36
Exercised		(165,872	)		12.72
Forfeited		(613,250	)		13.27
Balance as at December 31, 2020		5,664,406			11.91		4.39	$	85,408,034
Vested		1,749,365			13.37
Exercisable at December 31, 2020		1,532,282			13.22		5.07	$	21,590,351

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2020 and December 31, 2019, respectively, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on December 31, 2020 and December 31, 2019. This amount will change in future periods based on the fair market value of the Company’s stock and the number of options outstanding.

The following table summarizes the weighted average grant date fair value and intrinsic value of options exercised for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31,
	2020		2019		2018
Weighted average grant date fair value (per share) of stock option units granted (C$)		6.58		8.06		10.85
Intrinsic value of stock option units exercised, using market price at exercise date (USD)	$	1,184,089	$	88,010	$	31,604

The Company used the Black-Scholes option pricing model to estimate the fair value of the options at the grant dates during the years ended December 31, 2020 and 2019 using the following ranges of assumptions:

	Year Ended December 31,
	2020		2019
Risk-free interest rate		0.31% – 1.37%		1.18% – 1.84%
Expected dividend yield		0%		0%
Expected volatility		80%		80% – 100%
Expected option life		3 – 5 years		3 – 5 years

As the Company became publicly traded in June 2018, sufficient historical trading information was not available to determine an expected volatility rate. The volatility rate was based on comparable companies within the same industry. As permitted under ASC 718, the Company has made an accounting policy choice to account for forfeitures when they occur.

The following table summarizes the number of nonvested RSU awards as of December 31, 2020 and 2019 and the changes during the year ended December 31, 2020:

	Number of Shares			Weighted Average Grant Date Fair Value (C$)
Nonvested Shares at December 31, 2019		1,399,762			9.30
Granted		286,880			13.90
Forfeited		(73,834	)		15.85
Vested		(923,468	)		15.21
Nonvested Shares at December 31, 2020		689,340			16.77

The following table summarizes the weighted average grant date fair value and total fair value of RSUs vested for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31,
	2020		2019		2018
Weighted average grant date fair value (per share) of RSUs granted (C$)		13.90		11.70		10.28
Total fair value of RSUs vested, using market price at vest date (USD)	$	9,076,673	$	13,522,284	$	—

The stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 was as follows:

	For the Year Ended December 31,
	2020		2019		2018
Stock Options Expense	$	10,937,768	$	6,393,277	$	1,876,627
RSU Expense		8,398,950		11,892,100		4,748,444
Total Stock-Based Compensation Expense	$	19,336,718	$	18,285,377	$	6,625,071

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Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

14.   INCOME TAXES

On January 1, 2018, the Company, through a tax-free transfer under IRC Section 351, transferred ownership in GTI-Clinic Illinois Holdings, LLC (taxed as a partnership) to GTI Core, LLC (taxed as a “C” corporation). As a result of the transaction, the Company now accounts for income taxes in accordance with ASC 740—Income Taxes, under which deferred tax assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and the respective tax bases.

Taxable income is computed for GTI Core, LLC and its respective LLC ownership interests up through the RTO date of June 12, 2018 and for all subsidiaries from this date forward. Effective with the Company’s reverse takeover transaction on June 12, 2018, all subsidiaries have elected to be taxed as “C” corporations.

Green Thumb Industries Inc. is organized in Canada but maintains all of its operations in the United States. Due to this inverted entity structure, the Company is subject to both US and Canadian taxation, however the Company has no operations in Canada and thus files a nil return with the Canadian tax authorities.

For the years ended December 31, 2020, 2019 and 2018, income taxes expense consisted of:

	Year Ended December 31,
	2020			2019			2018
Current:
Federal	$	65,118,212		$	18,095,946		$	2,842,696
State		16,640,086			4,665,000			279,899
Foreign		—			—			—
Total Current		81,758,298			22,760,946			3,122,595
Deferred:
Federal		3,520,293			(12,535,000	)		3,330,000
State		(1,425,789	)		(881,913	)		731,000
Foreign		—			—			—
Total Deferred		2,094,504			(13,416,913	)		4,061,000
Total	$	83,852,802		$	9,344,033		$	7,183,595

The difference between the income tax expense for the years ended December 31, 2020, 2019 and 2018 and the expected income taxes based on the statutory tax rate applied to pre-tax earnings (loss) arises as follows:

	2020			2019			2018
Income/(Loss) before Income Taxes	$	102,930,722		$	(50,202,837	)	$	29,751,374
Statutory Tax Rates		21	%		21	%		21	%
Expense/(Recovery) based on Statutory Rates		21,615,452			(10,542,596	)		6,247,788
Pass-throughs and Non-controlling Interests		—			49,203			(1,062,111	)
State Taxes		14,836,807			(1,536,694	)		(279,899	)
Provision to Return Adjustment		5,299,091			(1,209,592	)		53,304
Adjustments for Stock Compensation		(211,132	)		(1,952,083	)		—
Non-deductible Expenses		27,570,364			14,166,223			2,263,978
Change in State Rate Reconciliation		(2,535,415	)		513,338			—
Change in Valuation Allowance		7,705,790			7,604,098			—
Change in Uncertain Tax Position		9,918,112			2,113,263			—
Other Differences		(346,267	)		138,873			(39,465	)
Income Tax Expense	$	83,852,802		$	9,344,033		$	7,183,595

Income taxes paid for the years ended December 31, 2020, 2019 and 2018 were $72,574,675, $18,510,094 and $2,879,010, respectively. 

As the Company operates in the cannabis industry, it is subject to the limitations of IRC Section 280E under which the Company is only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income or loss.

Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized based on the rates at which they are expected to reverse in the future. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs. 

At December 31, 2020 and December 31, 2019, the components of deferred tax assets and liabilities were as follows:

	Year Ended December 31,
	2020			2019
Deferred Tax Assets
Operating Lease Liabilities	$	33,641,132		$	10,483,126
Net Operating Losses		13,236,414			12,997,199
163(j) Interest Limitation		5,481,144			—
Warrant Fair Value Derivative		5,251,087			—
Stock-based Compensation		7,096,512			4,592,242
Other		3,453,748			519,437
Valuation Allowance		(17,033,118	)		(7,604,098	)
Total Deferred Tax Assets		51,126,919			20,987,906
Deferred Tax Liabilities
Operating Right of Use Assets	$	(31,211,307	)	$	(10,176,807	)
Fair Value Investments		(7,734,744	)		(1,080,760	)
Intangibles		(37,398,110	)		(43,896,437	)
Total Deferred Tax Liabilities		(76,344,161	)		(55,154,005	)
Net Deferred Tax Liabilities	$	(25,217,242	)	$	(34,166,099	)

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. We assess the positive and negative evidence to determine if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance in the amount of $17 million is maintained as of December 31, 2020.

As of December 31, 2020, we had $57 million of gross federal net operating loss carryforwards which will not expire. Additionally, the Company had $18 million of gross state net operating loss carryforwards, if not claimed, begin to expire in 2031. Our evaluation of evidence resulted in management concluding that the majority of our net operating losses will not be realized.

Pursuant to Section 382 and 383 of the Internal Revenue Code of 1986, as amended, utilization of our net operating losses and credits may be subject to annual limitations in the event of any significant future changes in its ownership structure. These annual limitations may result in the expiration of net operating losses and credits prior to utilization.

The Company operates in a number of tax jurisdictions and are subject to examination of its income tax returns by tax authorities in those jurisdictions who may challenge any item on these returns. Because the tax

matters challenged by tax authorities are typically complex, the ultimate outcome of these challenges is uncertain. In accordance with ASC 740—Income Taxes, the Company recognizes the benefits of uncertain tax positions in our consolidated financial statements only after determining that it is more likely than not that the uncertain tax positions will be sustained.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Balance as of December 31, 2018	$	—
Additions for current year		1,720,865
Additions for prior year		392,398
Subtractions for current year		—
Balance as of December 31, 2019	$	2,113,263
Additions for current year		7,536,097
Additions for prior year		2,382,014
Subtractions for current year		(1,690,986	)
Balance as of December 31, 2020	$	10,340,388

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of December 31, 2020 and 2019, we recognized $554,000 and an immaterial amount of interest and penalties, respectively. There are no positions for which it is reasonably possible that the uncertain tax benefit will significantly increase or decrease within twelve months. We file income tax returns in the United States, various state jurisdictions, and Canada, which jurisdictions have varying statutes of limitations. The U.S. federal statute of limitation remains open for the 2016 tax year to the present. The state income tax returns generally remain open for the 2016 tax year through the present. Net operating loss arising prior to these years are also open to examination if and when utilized.

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Other Income (Expense)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other Income (Expense)

15. OTHER INCOME (EXPENSE)

For the years ended December 31, 2020, 2019 and 2018 other income (expense) was comprised of the following:

	For the Years Ended December 31,
	2020			2019			2018
Fair value adjustments on equity investments	$	26,370,803		$	(3,530,969	)	$	4,797,283
Fair value adjustments on convertible notes receivable		—			(1,771,420	)		13,586,000
Fair value adjustment on put and call options		—			(132,523	)		2,869,342
Fair value adjustments on warrants received		—			—			37,765,718
Fair value adjustments on variable note receivable		(815,937	)		(6,608,790	)		(4,206,141	)
Fair value adjustment on convertible note payable in connection with RTO		—			—			1,981,358
Fair value adjustments on warrants issued		(23,001,771	)		4,159,687			—
Fair value adjustments on contingent consideration		9,877,013			(3,686,921	)		—
Equity earnings in joint ventures		2,319,963			450,000
Other		626,675			802,000			(376,139	)
Total Other Income (Expense)	$	15,376,746		$	(10,318,936	)	$	56,417,421

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. COMMITMENTS AND CONTINGENCIES

The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities.

Contingent liabilities are measured at management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify onerous contracts and, where applicable, records contingent liabilities for such contracts.

Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation are recognized in the Company’s consolidated statement of operations.

(a) Contingencies

The Company’s operations are subject to a variety of local and state regulation. Failure to comply with one or more of those regulations could result in fines, restrictions on its operations, or losses of permits that could result in the Company ceasing operations in that specific state or local jurisdiction. While management of the Company believes that the Company is in compliance with applicable local and state regulations at December 31, 2020, cannabis regulations continue to evolve and are subject to differing interpretations. As a result, the Company may be subject to regulatory fines, penalties, or restrictions in the future.

(b) Claims and Litigation

From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. At December 31, 2020 there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s consolidated operations. There are also no proceedings in which any of the Company’s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company’s interest.

(c) Construction Commitments

As of December 31, 2020, the Company held approximately $520,252 of open commitments to contractors on work being performed.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Disclosure Text Block Supplement [Abstract]

Fair Value Measurements

17. FAIR VALUE MEASUREMENTS

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2—Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3—Inputs for the asset or liability that are not based on observable market data.

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, member contribution receivable, notes receivable, due from related parties, investments, accounts payable and accrued liabilities, notes payable, derivative liability, liability for acquisition of noncontrolling interest and contingent consideration payable.

The following tables summarizes the Company’s financial instruments which are measured at fair value as of December 31, 2020:

	As of December 31, 2020
	Level 1		Level 2		Level 3			Total
Cash and Cash Equivalents	$	83,757,785	$	—	$	—		$	83,757,785
Investments		923,581		—		39,871,225			40,794,806
Contingent Consideration Payable		—		—		(27,100,000	)		(27,100,000	)
Warrant Liability		—		—		(39,454,000	)		(39,454,000	)
	$	84,681,366	$	—	$	(26,682,775	)	$	57,998,591

The following tables summarizes the Company’s financial instruments which are measured at fair value as of December 31, 2019:

	As of December 31, 2019
	Level 1		Level 2		Level 3			Total
Cash and Cash Equivalents	$	46,667,334	$	—	$	—		$	46,667,334
Notes Receivable		—		—		815,937			815,937
Investments		—		—		14,068,821			14,068,821
Liability of Redemption of Noncontrolling Interest		—		—		(5,500,000	)		(5,500,000	)
Contingent Consideration Payable		—		—		(58,936,739	)		(58,936,739	)
Warrant Liability		—		—		(15,879,843	)		(15,879,843	)
	$	46,667,334	$	—	$	(65,431,824	)	$	(18,764,490	)

As of December 31, 2019, the Company held an equity investment in a privately held entity that was acquired by a publicly traded entity during 2020. As a result of the acquisition, the Company received shares of the acquiring entity in exchange for the shares in the privately held entity. Further, the transaction resulted in a transfer of the investment from Level 3 to Level 1. As of December 31, 2020, the value of the Level 1 investment was $923,581.

There were no transfers between fair value levels during the period ended December 31, 2019.

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Variable Interest Entities

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

18. 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, 2020 and 2019. All of these entities were determined to be VIEs as the Company possesses the power to direct activities through management services agreements (“MSAs”):

	December 31, 2020						December 31, 2019
	Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non-material VIEs		Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non-material VIEs
Current assets	$	32,307,718	$	3,738,868	$	2,362,572	$	19,455,533	$	1,381,716	$	1,352,935
Non-current assets		3,367,360		3,657,392		2,281,839		22,384,663		3,083,659		2,534,297
Current liabilities		23,362,255		336,970		1,563,224		14,219,204		149,498		783,682
Non-current liabilities		768,573		461,926		783,356		1,169,989		137,736		855,440
Noncontrolling interests		—		3,173,683		267,289		350,206		2,089,071		(22,488	)
Equity attributable to Green Thumb Industries Inc.		11,544,250		3,173,683		2,030,542		6,645,263		2,089,070		2,270,598

The following table presents the summarized financial information about the Company’s consolidated VIEs which are included in the and statements of operations for the years ended December 31, 2020, 2019 and 2018:

	For the Year Ended December 31, 2020						For the Year Ended December 31, 2019							For the Year Ended December 31, 2018
	Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non-material VIEs		Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non- material VIEs			Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non-material VIEs
Revenues	$	19,724,513	$	18,693,964	$	10,011,729	$	16,056,521	$	5,857,946	$	3,516,164		$	13,783,876	$	643,898	$	4,555,543
Net income (loss) attributable to noncontrolling interests		411,162		3,034,612		639,179		—		699,624		(112,245	)		1,407,266		60,601		(582,280	)
Net income (loss) attributable to Green Thumb Industries Inc.		4,576,717		3,034,612		574,941		1,807,229		699,625		(79,402	)		—		60,600		(102,037	)
Net income (loss)	$	4,987,879	$	6,069,224	$	1,214,120	$	1,807,229	$	1,399,249	$	(191,647	)	$	1,407,266	$	121,201	$	(684,317	)

As of December 31, 2020, VIEs included in the Other Non-material VIEs are Bluepoint Wellness of Westport LLC and Meshow, LLC. As of December 31, 2019, VIEs included in the Other Non-material VIEs are Bluepoint Wellness of Westport, LLC, Meshow, LLC and Ohio Investors 2017, LLC. As of December 31, 2018, VIEs included in the Other Non-material VIEs are Meshow, LLC, KW Ventures Holdings, LLC and Ohio Investors 2017, LLC

The net change in the consolidated VIEs and Other Noncontrolling Interest are as follows for the years ended December 31, 2020 and 2019:

	Variable Interest Entities
	Chesapeake Alternatives, LLC			IL Disp, LLC			Other Non-material VIEs			Other Noncontrolling Interests			Total
Balance as at January 1, 2019	$	1,486,062		$	1,957,147		$	89,757		$	(35,507	)	$	3,497,459
Contributions		—			—			—			1,650,000			1,650,000
Distributions		(1,135,856	)		(567,700	)		—			(5,812,505	)		(7,516,061	)
Net income (loss)		—			699,624			(112,245	)		(1,017,842	)		(430,463	)
Changes in ownership		—			—			—			5,311,978			5,311,978
Balance as at December 31, 2019		350,206			2,089,071			(22,488	)		96,124			2,512,913
Contributions		—			—			50,000			—			50,000
Distributions		(439,098	)		(1,950,000	)		(399,402	)		—			(2,788,500	)
Net income (loss)		411,162			3,034,612			639,179			—			4,084,953
Changes in ownership		(322,270	)		—			—			—			(322,270	)
Balance as at December 31, 2020	$	—		$	3,173,683		$	267,289		$	96,124		$	3,537,096

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 noncontrolling interest was closed to share capital of Green Thumb as of December 31, 2020.

During 2019, the Company acquired the noncontrolling interests for Ohio Investors 2017, LLC; KW Ventures Holdings, LLC (Firefly); and GTI New Jersey, LLC. The activity for these entities is included within the Other Noncontrolling Interests column in the above table. See Note 13—Share Capital for additional discussion.

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Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

19. 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 below table presents revenues by type for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31,
	2020			2019			2018
Revenues, Net of Discounts
Consumer Packaged Goods	$	273,977,174		$	109,930,160		$	25,706,134
Retail		396,371,725			137,809,904			41,994,791
Intersegment Eliminations		(113,776,010	)		(31,307,459	)		(5,207,245	)
Total Revenues, net of discounts	$	556,572,889		$	216,432,605		$	62,493,680
Depreciation and Amortization
Consumer Packaged Goods	$	28,207,195		$	17,792,040		$	2,666,603
Retail		24,298,380			13,690,300			2,461,117
Intersegment Eliminations		—			—			56,260
Total Depreciation and Amortization	$	52,505,575		$	31,482,340		$	5,183,980
Income Taxes
Consumer Packaged Goods	$	33,964,636		$	3,727,292		$	2,245,450
Retail		49,888,166			9,905,876			4,938,145
Intersegment Eliminations		—			(4,289,135	)		—
Total Income Taxes	$	83,852,802		$	9,344,033		$	7,183,595

Goodwill assigned to the Consumer Packaged Goods segment as of December 31, 2020 and December 31, 2019 was $252,016,532 and $255,211,232, respectively. Intangible assets, net assigned to the Consumer Packaged Goods segment as of December 31, 2020 and December 31, 2019 was $211,303,718 and $228,244,254, respectively.

Goodwill assigned to the Retail segment as of December 31, 2020 and December 31, 2019 was $130,680,935 and $119,873,759, respectively. Intangible assets, net assigned to the Retail segment as of December 31, 2020 and December 31, 2019 was $194,938,316 and $207,002,644, respectively.

The Company’s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, Green Thumb has identified 22 reporting units. The Company determined its reporting units by first reviewing the operating segments based on the geographic areas in which Green Thumb conducts business (or each market). The markets were then further divided into reporting units based on the market operations (Retail and Consumer Packaged Goods) which were primarily determined based on the licenses each market holds. All revenues are derived from customers domiciled in the United States and all assets are located in the United States.

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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

20. QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table contains selected quarterly data for 2020 and 2019. The information should be read in conjunction with the Company’s financial statements and related notes included elsewhere in this report. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
2020
Net Sales	$	102,602,602		$	119,639,924		$	157,103,841		$	177,226,522		$	556,572,889
Income from operations		7,552,657			14,050,703			37,211,186			47,292,283			106,106,829
Net Income (loss) attributable to Green Thumb Industries Inc.		(4,206,264	)		(12,909,505	)		9,643,929			22,464,807			14,992,967
Net Income (loss) per share—basic		(0.02	)		(0.06	)		0.04			0.11			0.07
Net Income (loss) per share—diluted		(0.02	)		(0.06	)		0.04			0.11			0.07
Weighted average number of common shares outstanding—basic		208,468,356			209,902,732			211,990,405			213,249,477			210,988,259
Weighted average number of common shares outstanding—diluted		208,468,356			209,902,732			214,212,292			217,178,771			212,531,188
2019
Net Sales	$	27,913,163		$	44,726,777		$	67,990,907		$	75,801,758		$	216,432,605
(Loss) Income from operations		(13,629,660	)		(9,326,730	)		1,376,718			(6,111,030	)		(27,690,702	)
Net loss attributable to Green Thumb Industries Inc.		(9,563,056	)		(20,892,049	)		(14,590,793	)		(14,070,509	)		(59,116,407	)
Net loss per share—basic		(0.06	)		(0.11	)		(0.07	)		(0.07	)		(0.31	)
Net loss per share—diluted		(0.06	)		(0.11	)		(0.07	)		(0.07	)		(0.31	)
Weighted average number of common shares outstanding—basic		167,171,886			182,261,947			204,709,085			207,666,666			190,602,400
Weighted average number of common shares outstanding—diluted		167,171,886			182,261,947			204,709,085			207,666,666			190,602,400

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Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

21. SUBSEQUENT EVENTS

On February 8, 2021, the SEC declared effective, the Company’s Registration Statement No. 333-248213 on Form S-1 filed on February 2, 2021. Shortly thereafter, the Company received an offer from a single institutional investor to purchase 3,122,073 of the Subordinate Voting Shares registered on the Form S-1 at a price of $32.03 per share for a total of $100,000,030. The transaction closed on February 9, 2021. On February 23, 2021, the Company accepted additional offers to purchase a total of 1,571,917 Subordinate Voting Shares at a price of $35.50 per share, for a total of $55,803,054.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Preparation and Statement of Compliance

(a) Basis of Preparation and Statement of Compliance

The consolidated financial statements as of December 31, 2020, 2019 and 2018 (the “Consolidated Financial Statements”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Basis of Measurement

(b) Basis of Measurement

These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein.

Functional and Presentation Currency

(c) Functional and Presentation Currency

The Company’s functional currency, as determined by management, is the United States (“U.S.”) dollar. These consolidated financial statements are presented in U.S. dollars.

Basis of Consolidation

(d) Basis of Consolidation

The consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 include the accounts of the Company, its wholly-owned subsidiaries, its partially-owned subsidiaries, and those controlled by the Company by virtue of agreements, on a consolidated basis after elimination of intercompany transactions and balances.

Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee, and when the Company has the ability to affect those returns through its power over the investee. The financial statements of entities controlled by the Company by virtue of agreements are fully consolidated from the date that control commences and deconsolidated from the date control ceases.

On January 1, 2018, the members of GTI-Clinic Illinois Holdings, LLC (representing Green Thumb’s Illinois operations and ownership) and RCP23, LLC (representing Green Thumb’s non-Illinois operations that included Nevada, Pennsylvania, Massachusetts, and Maryland ownership) closed on a restructuring, that combined all of Green Thumb’s operational and ownership structure within VCP23, LLC. Prior to January 1, 2018, these businesses were managed and controlled by Green Thumb senior management. Subsequent to January 1, 2018, VCP23, LLC was controlled by the members of GTI-Clinic Illinois Holdings, LLC and RCP23, LLC.

On June 12, 2018, the Company completed a reverse takeover transaction with Bayswater Uranium Corporation (“Bayswater”) which we refer to as the “Transaction” or “RTO”. The Transaction was structured as a series of transactions, including a Canadian three-cornered amalgamation transaction and a series of U.S. reorganization steps as explained further in Note 3.

The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2020 and 2019:

Subsidiaries	Jurisdiction		Interest
GTI23, Inc.		Delaware		100	%
VCP23, LLC		Delaware		100	%
GTI Core, LLC		Delaware		100	%

The following are VCP23, LLC’s and GTI Core, LLC’s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the year ended December 31, 2020:

Subsidiaries	Ownership			Jurisdiction	Purpose
JB17, LLC		100	%	Maryland	Management company
GTI-Clinic Illinois Holdings, LLC		100	%	Illinois	License holder
IL Disp, LLC		50	%	Illinois	License holder
RISE Holdings, Inc.		100	%	Massachusetts	License holder
GTI Maryland, LLC		100	%	Maryland	License holder
Ohio Investors 2017, LLC		99	%	Ohio	Holding Company
GTI Ohio, LLC		99	%	Ohio	License holder
GTI Nevada, LLC		100	%	Nevada	License holder
GTI Pennsylvania, LLC		100	%	Pennsylvania	License holder
GTI Florida, LLC		100	%	Florida	Holding company
KSGNF, LLC		100	%	Florida	License holder
GTI New Jersey, LLC		100	%	New Jersey	License holder
KW Ventures Holdings, LLC		100	%	Pennsylvania	License holder
Chesapeake Alternatives, LLC		100	%	Maryland	License holder
Meshow, LLC		0	%	Maryland	License holder
Advanced Grow Labs, LLC		100	%	Connecticut	License holder
Bluepoint Wellness of Westport, LLC		46	%	Connecticut	License holder
Bluepoint Apothecary, LLC		100	%	Connecticut	License holder
Southern CT Wellness and Healing		100	%	Connecticut	License Holder
Integral Associates, LLC		100	%	Nevada	License holder
Integral Associates CA, LLC		100	%	California	License holder
Fiorello Pharmaceuticals, Inc.		100	%	New York	License holder
MC Brands, LLC		100	%	Colorado	Intellectual property
For Success Holding Company		100	%	California	Intellectual property
VCP IP Holdings, LLC		100	%	Delaware	Intellectual property
Vision Management Services, LLC		100	%	Delaware	Management company
TWD18, LLC		100	%	Delaware	Investment company
VCP Real Estate Holdings, LLC		100	%	Delaware	Real Estate holding company

Investment in Associates

(e) Investment in Associates

Associates are all entities over which the Company has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. Unrealized gains on transactions between the Company and its associates are eliminated to the extent of the Company’s interest in the associates. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Company.

Dilution gains and losses arising in investments in associates are recognized in the consolidated statements of operations.

The Company assesses annually whether there is any objective evidence that its interest in associates is impaired. If impaired, the carrying value of the Company’s share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal or value in use) and charged to the consolidated statement of operations. If the financial statements of an associate are prepared on a date different from that used by the Company, adjustments are made for the effects of significant transactions or events that occur between that date and the date of these consolidated financial statements.

Non-controlling Interests

(f) Non-controlling Interests

Non-controlling interests (“NCI”) represent equity interests owned by outside parties. NCI may be initially measured at fair value or at the NCI’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement is made on a transaction by transaction basis. Green Thumb elected to measure each NCI at its proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The share of net assets attributable to NCI are presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Total comprehensive income or loss of subsidiaries is attributed to the shareholders of the Company and to the NCI, even if this results in the NCI having a deficit balance.

Cash and Cash Equivalents

(g) Cash and Cash Equivalents

Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash, with original maturities of three months or less, and cash held at retail locations.

Accounts Receivable

(h) Accounts Receivable

Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based on existing contractual payment terms, actual payment patterns of its customers and individual customer circumstances. For the years ended December 31, 2020 and 2019 the Company recorded approximately $223,200 and $139,000, respectively, in allowance for doubtful accounts and wrote off approximately $367,400 and $161,700 during each respective period.

Inventories

(i) Inventories

Inventories of purchased finished goods and packing materials are initially valued at cost and subsequently at the lower of cost and net realizable value.

Costs incurred during the growing and production process are capitalized as incurred to the extent that cost is less than net realizable value. These costs include materials, labor and manufacturing overhead used in the growing and production processes.

Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the weighted average cost basis. Products for resale and supplies and consumables are valued at lower of cost and net realizable value. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such inventories are written down to net realizable value.

Property and Equipment

(j) Property and Equipment

Property and equipment are stated at cost, including capitalized borrowing costs, net of accumulated depreciation and impairment losses, if any. Expenditures that materially increase the life of the assets are capitalized. Ordinary repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:

Land	Not Depreciated
Buildings and Improvements	39 Years
Furniture and Fixtures	5 – 7 Years
Computer Equipment and Software	5 Years
Leasehold Improvements	Remaining Life of Lease
Production and Processing Equipment	5 – 7 Years
Assets Under Construction	Not Depreciated

The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively if appropriate. An item of equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in operations in the year the asset is derecognized.

The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value. There were no impairment charges or disposals related to intangible assets or property, plant and equipment for the year ended December 31, 2020 and 2019, respectively.

Note Receivable and Investments

(k) Note Receivable and Investments 

Convertible notes investments and investments in equity of private companies are classified as financial assets at fair value through profit or loss. Upon initial recognition, the investment is recognized at fair value with directly attributable transaction costs expensed as incurred. Subsequent changes in fair value are recognized in profit or loss.

Intangible Assets

(l) Intangible Assets

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2020:

Licenses and Permits	7-15 years
Tradenames	3-15 years
Customer Relationships	3-7 years
Non-competition Agreement	2-5 years

Intangible assets with finite lives are amortized over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

Goodwill

(m) Goodwill

Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit.

Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. The Company reviews indefinite-lived intangible assets, which includes goodwill, annually, as of September 30, for impairment or more frequently if events or circumstances indicate that the carrying value may not be recoverable. An impaired asset is written down to its estimated fair value based on the most recent information available. The Company assesses the fair values of its intangible assets, and its reporting unit for goodwill testing purposes, using an income-based approach. Under the income approach, fair value is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including forecasted revenues and expenses, appropriate discount rates and other variables. The annual impairment review utilizes the estimated fair value of the intangible assets and the overall reporting unit and compares the estimated fair values to the carrying values as of the testing date. If the carrying value of these intangible assets or the reporting unit exceeds the fair values, the Company would then use the fair values to measure the amount of any required impairment charge. No impairment charge was recognized for intangible assets for any of the fiscal periods presented.

Income Taxes

(n) Income Taxes

Deferred taxes are provided using an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Deferred tax assets and liabilities are measured using the enacted taxes rates. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that enactment occurs. As discussed further in Note 14—Income Taxes, the Company is subject to the limitations of IRC Section 280E.

Revenue Recognition

(o) Revenue Recognition

Revenue is recognized by the Company in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

In order to recognize revenue under ASU 2014-09, the Company applies the following five (5) steps:

• Identify a customer along with a corresponding contract;

• Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer;

• Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer;

• Allocate the transaction price to the performance obligation(s) in the contract; and

• Recognize revenue when or as the Company satisfies the performance obligation(s).

Revenues consist of Consumer Packaged Goods and Retail sales of cannabis, which are generally recognized at a point in time when control over the goods have been transferred to the customer and is recorded net of sales discounts. Payment is typically due upon transferring the goods to the customer or within a specified time period permitted under the Company’s credit policy. Sales discounts were not material during the years ended December 31, 2020, 2019 and 2018.

Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer.

For some of its locations, the Company offers a loyalty reward program to its dispensary customers. A portion of the revenue generated in a sale must be allocated to the loyalty points earned. The amount allocated to the points earned is deferred until the loyalty points are redeemed or expire. As of December 31, 2020 and 2019, the loyalty liability totaled $2,876,683 and $1,000,010, respectively, and is included in accrued liabilities on the consolidated balance sheets.

Stock-Based Payments

(p) Stock-Based Payments

The Company operates equity settled stock-based remuneration plans for its eligible directors, officers, employees and consultants. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For transactions with employees and others providing similar services, the Company measures the fair value of the services by reference to the fair value of the equity instruments granted.

Equity settled stock-based payments under stock-based payments plans are ultimately recognized as an expense in profit or loss with a corresponding credit to reserve for stock-based payments, in equity.

The Company recognizes compensation expense for RSUs and options on a straight-line basis over the requisite service period of the award. Non-market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in prior period if share options ultimately exercised are different to that estimated on vesting.

Fair Value of Financial Instruments

(q) Fair Value of Financial Instruments

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2—Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3—Inputs for the asset or liability that are not based on observable market data.

For further details, see Note 17—Fair Value Measurements.

Commitments and Contingencies

(r) Commitments and Contingencies

The Company is subject to lawsuits, investigations and other claims related to employment, commercial and other matters that arise out of operations in the normal course of business. Periodically, the Company reviews the status of each significant matter and assesses the potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, such amount is recognized in other liabilities.

Contingent liabilities are measured at management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. The Company performs evaluations to identify onerous contracts and, where applicable, records contingent liabilities for such contracts.

Contingent consideration is measured upon acquisition and is estimated using probability weighting of potential payouts. Subsequent changes in the estimated contingent consideration from the final purchase price allocation are recognized in the Company’s consolidated statement of operations.

Share Capital

(s) Share Capital

Common shares are classified as equity (the Company’s Super Voting Shares, Multiple Voting Shares and Subordinate Voting Shares are all considered Common Shares). Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with Accounting Standards Codification (“ASC”) 740, Income Taxes.

Earnings (Loss) per Share

(t) Earnings (Loss) per Share

Basic earnings (loss) per share is calculated using the treasury stock method, by dividing the net earnings (loss) attributable to shareholders by the weighted average number of common shares outstanding during each of the years presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding common shares and consequently are not included in the loss per share calculations. Diluted income per share is calculated by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares. The Company has three categories of potentially dilutive common share equivalents: RSUs, stock options and warrants. As of December 31, 2020, 2019 and 2018, the Company had 5,664,406, 3,839,017, and 1,677,192 options outstanding, 689,340, 1,399,762 and 1,589,000 RSUs outstanding, and 2,520,794, 2,406,811 and no warrants outstanding during each respective period.

In order to determine diluted income per share, it is assumed that any proceeds from the exercise of dilutive stock options would be used to repurchase common shares at the average market price during the period. The diluted income per share calculation excludes any potential conversion of stock options and convertible debt that would increase earnings per share or decrease loss per share. For the year ended December 31, 2020, the computation of diluted earnings per share included 1,307,421 options, 134,254 RSUs and 101,254 warrants. No potentially dilutive common share equivalents were included in the computation of diluted loss per share for the years ended December 31, 2019 and 2018 because their impact would have been anti-dilutive.

Business Combinations

(u) Business Combinations

Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition related transaction costs are expensed as incurred. Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair value at the date of acquisition. When the Company acquires control of a business, any previously held equity interest also is remeasured to fair value. The excess of the purchase consideration and any previously held equity interest over the fair value of identifiable net assets acquired is goodwill. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously held equity interest, the difference is recognized in the Consolidated Statements of Operations immediately as a gain or loss on acquisition.

Contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with ASC 450, Contingencies, as appropriate, with the corresponding gain or loss being recognized in profit or loss.

Foreign Currency

(v) Foreign Currency

Assets and liabilities denominated in currencies other than Green Thumb’s functional currency are initially measured in the functional currencies at the transaction date exchange rate. Monetary assets are remeasured at the rate of exchange in effect as of the balance sheet date. Revenues and expenses are translated at the transaction date exchange rate. Foreign currency gains and losses resulting from translation are reflected in net comprehensive income (loss) for the period. During the year ended December 31, 2020, 2019 and 2018, there were no transactions in currencies other than US Dollars.

Impairment of Other Long-Lived Assets

(w) Impairment of Other Long-Lived Assets

The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment, and certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company performs impairment tests of indefinite-lived intangible assets on an annual basis or more frequently in certain circumstances. Factors which could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends.

When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value. There was no impairment charge related to intangible assets or property, plant and equipment for the years ended December 31, 2020, 2019 and 2018.

Significant Accounting Judgments, Estimates and Assumptions

(x) Significant Accounting Judgments, Estimates and Assumptions

The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and revenue and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below.

(i) Estimated Useful Lives and Amortization of Intangible Assets (Also see Note 8—Intangible Asset and Goodwill)

Amortization of intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any.

(ii) Business Combinations

Classification of an acquisition as a business combination or an asset acquisition depends on whether the assets acquired constitute a business, which can be a complex judgment. Whether an acquisition is classified as a business combination or asset acquisition can have a significant impact on the entries made on and after acquisition.

In determining the fair value of all identifiable assets, liabilities and contingent liabilities acquired, the most significant estimates relate to contingent consideration and intangible assets. Management exercises judgement in estimating the probability and timing of when earn-outs are expected to be achieved which is used as the basis for estimating fair value. For any intangible asset identified, depending on the type of intangible asset and the complexity of determining its fair value, an independent valuation expert or management may develop the fair value, using appropriate valuation techniques, which are generally based on a forecast of the total expected future net cash flows. The evaluations are linked closely to the assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied. See Note 7—Acquisitions for details.

(iii) Inventories

The net realizable value of inventories represents the estimated selling price for inventories in the ordinary course of business, less all estimated costs of completion and costs necessary to make the sale. The determination of net realizable value requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expected future selling price the Company expects to realize by selling the inventory, and the contractual arrangements with customers. Reserves for excess and obsolete inventory are based upon quantities on hand, projected volumes from demand forecasts and net realizable value. The estimates are judgmental in nature and are made at a point in time, using available information, expected business plans, and expected market conditions. As a result, the actual amount received on sale could differ from the estimated value of inventory. Periodic reviews are performed on the inventory balance. The impact of changes in inventory reserves is reflected in cost of goods sold.

(iv) Investments in Private Holdings

Investments include private company investments which are carried at fair value based on the value of the Company’s interests in the private companies determined from financial information provided by management of the companies, which may include operating results, subsequent rounds of financing and other appropriate information. Any change in fair value is recognized on the consolidated statement of operations.

(v) Goodwill Impairment

Goodwill is tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of goodwill has been impaired. In order to determine if the value of goodwill has been impaired, the reporting unit to which goodwill has been assigned or allocated must be valued using present value techniques. When applying this valuation technique, the Company relies on a number of factors, including historical results, business plans, forecasts and market data. Changes in the conditions for these judgments and estimates can significantly affect the assessed value of goodwill.

As described in Notes 2(l) and 2(m), a two-step method was used for determining goodwill impairment. In the first step (“Step One”), the Company compared the estimated fair value of each reporting unit to its carrying value, including goodwill. If the carrying value of a reporting unit exceeded the estimated fair value, the second step (“Step Two”) is completed to determine the amount of the impairment charge. Step Two requires the allocation of the estimated fair value of the reporting unit to the assets, including any unrecognized intangible assets, and liabilities in a hypothetical purchase price allocation. Any remaining unallocated fair value represents the implied fair value of goodwill, which is compared to the corresponding carrying value of goodwill to compute the goodwill impairment charge. The results of Step One of the goodwill impairment test indicated that the estimated fair values for all reporting units exceed their respective carrying values. The Company’s reporting unit’s to which goodwill has been assigned include California Consumer Packaged Goods, Connecticut Retail and Consumer Packaged Goods, Florida Retail and Consumer Packaged Goods, Illinois Retail, Massachusetts Retail, Nevada Retail and Consumer Packaged Goods and New York Retail and Consumer Packaged Goods.

(vi) Determination of Reporting Units

The Company’s assets are aggregated into two reportable segments (Retail and Consumer packaged goods). For the purposes of testing goodwill, Green Thumb has identified 22 reporting units. The Company analyzed it’s reporting units by first reviewing the operating segments based on the geographic areas in which Green Thumb conducts business (or each market). The markets were then further divided into reporting units based on the market operations (Retail and Consumer Packaged Goods) which were primarily determined based on the licenses each market holds. The following represent the markets in which Green Thumb operates as of December 31, 2020: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania.

(vii) Consolidation

Judgment is applied in assessing whether the Company exercises control and has significant influence over entities in which the Company directly or indirectly owns an interest. The Company has control when it has the power over the subsidiary, has exposure or rights to variable returns, and has the ability to use its power to affect the returns. Significant influence is defined as the power to participate in the financial and operating decisions of the subsidiaries. Where the Company is determined to have control, these entities are consolidated. Additionally, judgment is applied in determining the effective date on which control was obtained.

(viii) Allowance for Uncollectible Accounts

Management determines the allowance for uncollectible accounts by evaluating individual receivable balances and considering accounts and other receivable financial condition and current economic conditions. Accounts receivable and financial assets recorded in other receivables are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. All receivables are expected to be collected within one year of the balance sheet date.

(ix) Stock-Based Payments

Valuation of stock-based compensation and warrants requires management to make estimates regarding the inputs for option pricing models, such as the expected life of the option, the volatility of the Company’s stock price, the vesting period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates are considered for each new grant of stock options or warrants.

(x) Fair Value of Financial Instruments

The individual fair values attributed to the different components of a financing transaction, derivative financial instruments, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and in performing the fair value calculations in order to determine (a) the values attributed to each component of a transaction at the time of their issuance; (b) the fair value measurements for certain instruments that require subsequent measurement at fair value on a recurring basis; and (c) for disclosing the fair value of financial instruments. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market.

New and Revised Standards

(y) New and Revised Standards

(i) In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss model with a current expected credit loss (“CECL”) model and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. This standard applies to financial assets, measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases and trade accounts receivable. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The Company adopted the new standard in the first quarter of 2020. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

(ii) In January 2017, the FASB issued ASU No. 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which simplifies the accounting for goodwill impairment. ASU 2017-04 requires entities to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (Step 1 under the current impairment test). The standard eliminates Step 2 from the current goodwill impairment test, which included determining the implied fair value of goodwill and comparing it with the carrying amount of that goodwill. ASU 2017-04 must be applied prospectively and is effective in the first quarter of 2020. Early adoption is permitted. The Company adopted the new standard in the first quarter of 2020. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

(iii) In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820)(“ASU 2018-13”). ASU 2018-13 adds, modifies, and removes certain fair value measurement disclosure requirements. ASU 2018-13 is effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new standard in the first quarter of 2020. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

(iv) In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning January 1, 2021. We do not expect the adoption of this guidance will have a material impact on the Company’s consolidated financial statements.

(v) In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”), which is intended to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. ASU 2020-01 is effective for the Company beginning January 1, 2021. We do not expect the adoption of this guidance will have a material impact on the Company’s consolidated financial statements.

(vi) On August 5, 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We do not expect the adoption of this guidance will have a material impact on the Company’s consolidated financial statements.

Coronavirus Pandemic

(z) Coronavirus Pandemic

In March 2020, the World Health Organization categorized coronavirus disease 2019 (“COVID-19”) as a pandemic. COVID-19 continues to spread throughout the U.S. and other countries across the world, and the duration and severity of its effects are currently unknown. The Company continues to implement and evaluate actions to strengthen its financial position and support the continuity of its business and operations.

The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived assets and intangible assets; operating lease right of use assets and operating lease liabilities; assessment of the annual effective tax rate; valuation of deferred income taxes; the allowance for doubtful accounts; assessment of the Company’s lease and non-lease contract expenses; and measurement of compensation cost for bonus and other compensation plans. While the Company’s revenue, gross profit and operating income were not impacted during 2020, the uncertain nature of the spread of COVID-19 and its variants and the uncertainty of the impact of nationwide vaccine programs may impact the Company’s business operations for reasons including the potential quarantine of the Company’s employees or those of its supply chain partners, and the Company’s continued designation as an “essential” business in states where the Company does business that currently or in the future impose restrictions on business operations. The estimates and assumptions used in the consolidated financial statements for the year ended December 31, 2020 include, but are not limited to certain judgmental reserves requiring management to make estimates based on current information. The carrying value of the Company’s goodwill and other long-lived assets, may change in future periods as the expected impacts from COVID-19 are revised, resulting in further potential impacts to the Company’s financial statements.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of subsidiaries

The following are the Company’s wholly owned subsidiaries that are included in these consolidated financial statements as of and for the years ended December 31, 2020 and 2019:

Subsidiaries	Jurisdiction		Interest
GTI23, Inc.		Delaware		100	%
VCP23, LLC		Delaware		100	%
GTI Core, LLC		Delaware		100	%

The following are VCP23, LLC’s and GTI Core, LLC’s wholly owned subsidiaries and entities over which the Company has control, that are included in these consolidated financial statements for the year ended December 31, 2020:

Subsidiaries	Ownership			Jurisdiction	Purpose
JB17, LLC		100	%	Maryland	Management company
GTI-Clinic Illinois Holdings, LLC		100	%	Illinois	License holder
IL Disp, LLC		50	%	Illinois	License holder
RISE Holdings, Inc.		100	%	Massachusetts	License holder
GTI Maryland, LLC		100	%	Maryland	License holder
Ohio Investors 2017, LLC		99	%	Ohio	Holding Company
GTI Ohio, LLC		99	%	Ohio	License holder
GTI Nevada, LLC		100	%	Nevada	License holder
GTI Pennsylvania, LLC		100	%	Pennsylvania	License holder
GTI Florida, LLC		100	%	Florida	Holding company
KSGNF, LLC		100	%	Florida	License holder
GTI New Jersey, LLC		100	%	New Jersey	License holder
KW Ventures Holdings, LLC		100	%	Pennsylvania	License holder
Chesapeake Alternatives, LLC		100	%	Maryland	License holder
Meshow, LLC		0	%	Maryland	License holder
Advanced Grow Labs, LLC		100	%	Connecticut	License holder
Bluepoint Wellness of Westport, LLC		46	%	Connecticut	License holder
Bluepoint Apothecary, LLC		100	%	Connecticut	License holder
Southern CT Wellness and Healing		100	%	Connecticut	License Holder
Integral Associates, LLC		100	%	Nevada	License holder
Integral Associates CA, LLC		100	%	California	License holder
Fiorello Pharmaceuticals, Inc.		100	%	New York	License holder
MC Brands, LLC		100	%	Colorado	Intellectual property
For Success Holding Company		100	%	California	Intellectual property
VCP IP Holdings, LLC		100	%	Delaware	Intellectual property
Vision Management Services, LLC		100	%	Delaware	Management company
TWD18, LLC		100	%	Delaware	Investment company
VCP Real Estate Holdings, LLC		100	%	Delaware	Real Estate holding company

Schedule of estimated useful life of Property and Equipment

Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms and methods:

Land	Not Depreciated
Buildings and Improvements	39 Years
Furniture and Fixtures	5 – 7 Years
Computer Equipment and Software	5 Years
Leasehold Improvements	Remaining Life of Lease
Production and Processing Equipment	5 – 7 Years
Assets Under Construction	Not Depreciated

Schedule of estimated useful lives of Finite Lived Intangible Assets

Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition and were as follows for each class of intangible asset as of December 31, 2020:

Licenses and Permits	7-15 years
Tradenames	3-15 years
Customer Relationships	3-7 years
Non-competition Agreement	2-5 years

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Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Summary of inventory

The Company’s inventories include the following at December 31, 2020 and December 31, 2019:

	December 31, 2020			December 31, 2019
Raw Material	$	6,372,659		$	6,375,032
Packaging and Miscellaneous		8,592,153			4,887,970
Work in Process		25,488,806			20,162,723
Finished Goods		30,821,392			16,640,629
Reserve for Obsolete Inventory		(1,732,057	)		(2,031,873	)
Total Inventories	$	69,542,953		$	46,034,481

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Note Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

As of December 31, 2019, the Company held an investment in a convertible note which carried simple interest of 6.00% per annum. The fair value of this investment (which was considered a Level 3 investment) was $7,533,000, and was valued using the Binomial Lattice Model, which was based on a generalized binomial option pricing formula, using the following assumptions:

	December 31, 2019
Risk free rate	1.58% – 2.46%
Equity Volatility *	58% – 106%
Market Yield	15% – 18%
Probability of Qualified Financing	0%
Probability of Sale	30%
Probability of No Event	70%

* Management estimated that market interest rates on similar borrowings without the conversion feature to be approximately 18% and used an implied volatility of 58% in measuring the fair value of the convertible note.

Notes Receivable [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

For the year ended December 31, 2019, the Company used the Black Scholes option pricing model to estimate the fair value of the note receivable. The following represents the significant assumptions used in that valuation:

	2019
Risk-free Rate	1.90%
Exercise Price of Underlying Securities	$1.998
Share Price of Underlying Security	1.90
Volatility	71.50%
Remaining Life (in years)	1.0

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Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

At December 31, 2020, property and equipment consisted of the following:

Cost	Land			Buildings and Improvements			Equipment, Computers and Furniture			Leasehold Improvements		Capitalized Interest		Assets Under Construction			Total
As at January 1, 2020	$	3,272,439		$	33,377,471		$	35,509,871		$	68,681,497	$	2,500,000	$	21,372,116		$	164,713,394
Additions		586,867			22,687,020			13,587,238			19,925,755		488,681		4,595,227			61,870,788
Disposals		(979,930	)		(4,507,086	)		—			—		—		(6,978,389	)		(12,465,405	)
As at December 31, 2020	$	2,879,376		$	51,557,405		$	49,097,109		$	88,607,252	$	2,988,681	$	18,988,954		$	214,118,777
Accumulated Depreciation
As at January 1, 2020	$	—		$	2,236,254		$	3,882,178		$	2,998,287	$	—	$	—		$	9,116,719
As at December 31, 2020	$	—		$	3,357,360		$	10,344,829		$	10,264,683	$	226,028	$	—		$	24,192,900
Net book value
As at January 1, 2020	$	3,272,439		$	31,141,217		$	31,627,693		$	65,683,210	$	2,500,000	$	21,372,116		$	155,596,675
As at December 31, 2020	$	2,879,376		$	48,200,045		$	38,752,280		$	78,342,569	$	2,762,653	$	18,988,954		$	189,925,877
At December 31, 2019, property and equipment consisted of the following:
Cost	Land			Buildings and Improvements			Equipment, Computers and Furniture			Leasehold Improvements		Capitalized Interest		Assets Under Construction			Total
As at January 1, 2019	$	2,243,085		$	20,861,988		$	11,001,498		$	18,435,893	$	—	$	16,664,958		$	69,207,422
Additions		4,393,030			28,217,500			23,109,209			38,002,678		2,500,000		4,678,084			100,900,501
Additions from acquisitions		—			—			4,253,362			12,242,926		—		29,074			16,525,362
Disposals		(3,363,676	)		(15,702,017	)		(2,854,198	)		—		—		—			(21,919,891	)
As at December 31, 2019	$	3,272,439		$	33,377,471		$	35,509,871		$	68,681,497	$	2,500,000	$	21,372,116		$	164,713,394
Accumulated Depreciation
As at January 1, 2019	$	—		$	1,351,230		$	1,524,114		$	1,007,998	$	—	$	—		$	3,883,342
As at December 31, 2019	$	—		$	2,236,254		$	3,882,178		$	2,998,287	$	—	$	—		$	9,116,719
Net book value
As at January 1, 2019	$	2,243,085		$	19,510,758		$	9,477,384		$	17,427,895	$	—	$	16,664,958		$	65,324,080
As at December 31, 2019	$	3,272,439		$	31,141,217		$	31,627,693		$	65,683,210	$	2,500,000	$	21,372,116		$	155,596,675

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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Summary of Fair Value of the Consideration Transferred for Each Acquisition

The following table summarizes the final acquisition-date fair value of the consideration transferred for each acquisition:

	Advanced Grow Labs, LLC		Integral Associates, LLC		Other Acquisitions
Cash Paid	$	15,481,967	$	52,807,500	$	44,147,694
Shares of the Company Issued		79,959,170		273,146,014		142,607,973
Deferred Share Issuance		5,380,000		—		11,207,798
Conversion of Previous Notes Receivable		—		—		27,121,559
Acquisition Liability		—		791,068		—
Contingent Consideration		7,831,000		39,985,000		8,926,000
Total Consideration	$	108,652,137	$	366,729,582	$	234,011,024

Summary of Final Accounting Estimates For Each Acquisition

The Following table summarizes the final accounting estimates for each acquisition:

	Advanced Grow Labs, LLC			Integral Associates, LLC			Other Acquisitions
Cash	$	1,406,377		$	744,825		$	777,371
Inventory		1,906,828			10,107,303			1,732,525
Accounts Receivable		420,649			1,477,535			265,956
Prepaid Expenses		—			492,571			38,705
Property and Equipment		5,934,295			8,107,836			2,667,436
Right-of-Use Asset		565,336			4,840,609			2,056,008
Investment in CAL Funding		9,900,000			—			—
Deposits and Other Assets		246,843			122,826			1,405,986
Intangible Assets:
Licenses and Permits		28,920,000			175,845,000			48,155,000
Tradename		930,000			57,425,000			38,740,592
Customer Relationships		12,462,000			2,678,000			9,298,000
Non-competition Agreements		100,000			—			2,465,000
Liabilities Assumed		(1,230,441	)		(11,091,246	)		(6,172,243	)
Deferred Tax Liabilities		(12,731,349	)		—			(20,823,225	)
Total Identifiable Net Assets		48,830,538			250,750,259			80,607,111
Goodwill		59,821,599			115,979,323			153,403,913
Net Assets	$	108,652,137		$	366,729,582		$	234,011,024

Summary of Pro Forma Financial Information

The following unaudited financial information reflects the results of operations of AGL and Integral Associates from the transaction date (the date of acquisition for AGL of February 12, 2019 and for Integral Associates of June 5, 2019) through the year ended December 31, 2019 and the results of operations for AGL and Integral Associates for the year ended December 31, 2018:

	Transaction Date through December 31, 2019					For the Year Ended December 31, 2018
	Advanced Grow Labs, LLC		Integral Associates, LLC			Advanced Grow Labs, LLC		Integral Associates, LLC
Revenues, net of discounts	$	16,377,199	$	39,246,745		$	17,016,743	$	60,261,432
Net income (loss)		3,612,455		(6,375,800	)		7,497,696		13,218,159

The following unaudited pro forma financial information reflects the combined results of operations of Green Thumb, AGL and Integral Associates for the period from January 1, 2019 through December 31, 2019 (presented as if the acquisitions had occurred at January 1, 2019):

	For the Year Ended December 31, 2019
	Green Thumb Industries Inc.			Advanced Grow Labs, LLC		Integral Associates, LLC			Pro Forma Adjustments			Notes		Pro Forma Combined
				Unaudited		Unaudited
Revenues, net of discounts	$	160,808,662		$	18,516,074	$	79,146,937		$	—				$	258,471,673
Net income (loss) attributable to Green Thumb Industries Inc.		(56,353,062	)		4,586,122		(1,110,610	)		(8,394,854	)		(a), (b)		(61,272,404	)

(a) Includes estimated amortization expense on intangible assets acquired as part of the acquisition of AGL and Integral Associates of $327,302 representing one month of amortization expense and $6,639,127 representing five months of amortization expense, respectively.

(b) Includes estimated income tax expense of AGL of $164,780 and Integral Associates of $1,263,645 based on a 24% effective tax rate.

The following unaudited pro forma financial information reflects the combined results of operations of Green Thumb, AGL and Integral Associates for the period from January 1, 2018 through December 31, 2018 (presented as if the acquisitions had occurred at January 1, 2018):

	For the Year Ended December 31, 2018
	Green Thumb Industries Inc.			Advanced Grow Labs, LLC		Integral Associates, LLC		Pro Forma Adjustments			Notes		Pro Forma Combined
				Unaudited		Unaudited
Revenues, net of discounts	$	62,493,680		$	17,016,743	$	60,261,432	$	—				$	139,771,855
Net income (loss) attributable to Green Thumb Industries Inc.		(5,243,917	)		7,497,696		13,218,159		(24,006,529	)		(a), (b)		(8,534,591	)

(a) Includes estimated amortization expense on intangible assets acquired as part of the acquisition of AGL and Integral Associates of $3,927,619 and $15,933,905 each representing twelve months of amortization expense, respectively.

(b) Includes estimated income tax expense of AGL of $972,647 and Integral Associates of $3,172,358 based on a 24% effective tax rate.

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Intangible Assets And Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets

At December 31, 2020, intangible assets consisted of the following:

	Licenses and Permits			Tradenames		Customer Relationships		Non-Competition Agreements		Total
Cost
As at January 1, 2020	$	336,954,213		$	97,455,590	$	25,258,000	$	2,585,480	$	462,253,283
Adjustments to Purchase Price Allocation		(145,000	)		1,840,009		—		—		1,695,009
Additions from acquisitions		6,326,523			—		—		—		6,326,523
As at December 31, 2020	$	343,135,736		$	99,295,599	$	25,258,000	$	2,585,480	$	470,274,815
Accumulated Amortization
As at January 1, 2020	$	18,477,500		$	4,121,800	$	3,932,416	$	474,669	$	27,006,385
Amortization		23,516,095			9,333,378		3,650,589		526,334		37,026,396
As at December 31, 2020	$	41,993,595		$	13,455,178	$	7,583,005	$	1,001,003	$	64,032,781
Net book value
As at January 1, 2020	$	318,476,713		$	93,333,790	$	21,325,584	$	2,110,811	$	435,246,898
As at December 31, 2020	$	301,142,141		$	85,840,421	$	17,674,995	$	1,584,477	$	406,242,034

At December 31, 2019, intangible assets consisted of the following:

	Licenses and Permits		Tradenames		Customer Relationships		Non-Competition Agreements		Total
Cost
As at January 1, 2019	$	89,705,213	$	360,000	$	820,000	$	20,480	$	90,905,693
Additions from acquisitions		247,249,000		97,095,590		24,438,000		2,565,000		371,347,590
As at December 31, 2019	$	336,954,213	$	97,455,590	$	25,258,000	$	2,585,480	$	462,253,283
Accumulated Amortization
As at January 1, 2019	$	2,322,715	$	—	$	204,500	$	12,800	$	2,540,015
Amortization		16,154,785		4,121,800		3,727,916		461,869		24,466,370
As at December 31, 2019	$	18,477,500	$	4,121,800	$	3,932,416	$	474,669	$	27,006,385
Net book value
As at January 1, 2019	$	87,382,498	$	360,000	$	615,500	$	7,680	$	88,365,678
As at December 31, 2019	$	318,476,713	$	93,333,790	$	21,325,584	$	2,110,811	$	435,246,898

Summary of estimated annual amortization expense related to intangible assets

The following table outlines the estimated annual amortization expense related to intangible assets as of December 31, 2020 and illustrates the effect of the change in useful life of the Essence tradename discussed above:

Year Ending December 31,	Estimated Amortization (Prior to Change in Useful Life)		Increase (Decrease) from Change in Useful Life			Estimated Amortization (After Change in Useful Life)
2021	$	34,032,387	$	5,161,946		$	39,194,333
2022		33,601,647		5,161,946			38,763,593
2023		33,518,831		5,161,946			38,680,777
2024		32,937,498		5,161,946			38,099,444
2025		32,839,831		5,161,946			38,001,777
Thereafter		239,311,840		(25,809,730	)		213,502,110
	$	406,242,034	$	—		$	406,242,034

Summary of Goodwill And Intangible Assets Disclosure

At December 31, 2020, Goodwill consisted of the following:

	Retail		Consumer Packaged Goods			Total
As at January 1, 2020	$	119,873,759	$	255,211,232		$	375,084,991
Acquisitions		9,615,751		—			9,615,751
Adjustments to Purchase Price Allocations		1,191,425		(3,194,700	)		(2,003,275	)
As at December 31, 2020	$	130,680,935	$	252,016,532		$	382,697,467

At December 31, 2019, Goodwill consisted of the following:

	Retail		Consumer Packaged Goods			Total
As at January 1, 2019	$	15,286,360	$	23,918,000		$	39,204,360
Acquisition of Advanced Grow Labs, LLC		16,756,250		44,572,349			61,328,599
Acquisition of Integral Associates, LLC		46,655,753		69,323,570			115,979,323
Other Acquisitions		32,936,590		120,963,598			153,900,188
Adjustments to Purchase Price Allocations		8,238,806		(3,566,285	)		4,672,521
As at December 31, 2019	$	119,873,759	$	255,211,232		$	375,084,991

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Investments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Investments [Line Items]

Schedule Of Long Term Investments

The following table summarizes the change in the Company’s investments as of December 31, 2020:

	Convertible Notes Receivable			Equity			Total
Balance at January 1, 2020	$	7,533,000		$	6,535,821		$	14,068,821
Additions		—			525,000			525,000
Disposals		—			(169,818	)		(169,818	)
Conversion of notes receivable		(7,533,000	)		7,533,000			—
Fair value adjustments		—			26,370,803			26,370,803
Balance at December 31, 2020	$	—		$	40,794,806		$	40,794,806

The following table summarizes the change in the Company’s investments as of December 31, 2019:

	Convertible Notes Receivable			Equity			Total
Balance at January 1, 2019	$	30,336,000		$	10,597,283		$	40,933,283
Fair value adjustment		(1,398,000	)		(4,061,462	)		(5,459,462	)
Applied to consideration in business combination		(21,405,000	)		—			(21,405,000	)
Balance at December 31, 2019	$	7,533,000		$	6,535,821		$	14,068,821

Schedule Of Fair Value Measurement Inputs and Valuation Techniques

As of December 31, 2019, the Company held an investment in a convertible note which carried simple interest of 6.00% per annum. The fair value of this investment (which was considered a Level 3 investment) was $7,533,000, and was valued using the Binomial Lattice Model, which was based on a generalized binomial option pricing formula, using the following assumptions:

	December 31, 2019
Risk free rate	1.58% – 2.46%
Equity Volatility *	58% – 106%
Market Yield	15% – 18%
Probability of Qualified Financing	0%
Probability of Sale	30%
Probability of No Event	70%

* Management estimated that market interest rates on similar borrowings without the conversion feature to be approximately 18% and used an implied volatility of 58% in measuring the fair value of the convertible note.

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Leases (Table)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule Of Other Information Related To Operating Leases

Other information related to operating leases as of and for the years ended December 31, 2020 and 2019 were as follows:

	Year Ended
	December 31, 2020			December 31, 2019
Weighted average remaining lease term		12.10			7.42
Weighted average discount rate		13.7	%		12.0	%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities for operating leases as of December 31, 2020 were as follows:

Year Ending December 31	Third Party			Related Party			Total
2021	$	24,009,579		$	1,307,183		$	25,316,762
2022		25,487,123			1,337,130			26,824,253
2023		25,360,510			1,367,771			26,728,281
2024		24,856,882			1,255,714			26,112,596
2025		22,834,433			1,182,489			24,016,922
2026 and Thereafter		242,729,225			9,162,841			251,892,066
Total Lease Payments		365,277,752			15,613,128			380,890,880
Less: Interest		(223,015,394	)		(7,586,616	)		(230,602,010	)
Present Value of Lease Liability	$	142,262,358		$	8,026,512		$	150,288,870

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Notes Payable (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

At December 31, 2020 and 2019, notes payable consisted of the following:

	December 31, 2020			December 31, 2019
In connection with an acquisition completed in 2017, the Company is required to make quarterly charitable contributions of $50,000 through October 2024. The net present value of these required payments has been recorded as a liability with an interest rate of 2.17%.	$	717,430		$	970,957
Private placement debt dated May 22, 2019, in the original amount of $105,466,429 with an interest rate of 12.00%, matures on May 22, 2023. The debt was issued at a discount, the carrying value of which is $10,511,335 and $15,090,517 as of December 31, 2020 and 2019, respectively.		94,955,094			90,375,912
Rise Joliet mortgage dated June 5, 2020, in the original amount of $1,814,000 with an interest rate of 5.00%, matures on June 5, 2035. The debt was issued at a discount, the carrying value of which is $174,222, and is presented net of principal payments of $40,806 as of December 31, 2020.		1,598,972			—
Rise Lakewood mortgage dated August 20, 2020, in the original amount of $833,000 with an interest rate of 7.25%, matures on August 20, 2025, and is presented net of principal payments of $9,517 as of December 31, 2020.		823,483			—
Rise Mundelein mortgage dated December 6, 2020, in the original amount of $960,000 with an interest rate of 6.95%, matures on December 06, 2025.		960,000			—
Total notes payable		99,054,979			91,346,869
Less: current portion of notes payable		(341,983	)		(206,675	)
Notes payable, net of current portion	$	98,712,996		$	91,140,194

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Warrants (Tables)

12 Months Ended

Dec. 31, 2020

Class of Warrant or Right [Line Items]

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes the number warrants outstanding as of December 31, 2020:

	Number of Shares			Weighted Average Exercise Price (C$)		Weighted Average Contractual Life		Number of Shares		Weighted Average Exercise Price (USD)		Weighted Average Contractual Life
	Liability Classified							Equity Classified
Balance as at January 1, 2020		2,406,811		C$	18.59		4.86		—	$	—		—
Additional Modification Warrants		84,924			14.03		5.00		—		—		—
Dispensary Mortgage Warrants		—			—		—		35,000		9.10		5.00
Warrants Exercised		(5,941	)		12.42		5.00		—		—		—
Balance as at December 31, 2020		2,485,794		C$	18.45		4.87		35,000	$	9.10		5.00

The following table summarizes the number of warrants outstanding as of December 31, 2019:

	Number of Shares		Weighted Average Exercise Price (C$)		Weighted Average Contractual Life		Number of Shares		Weighted Average Exercise Price (USD)		Weighted Average Contractual Life
	Liability Classified						Equity Classified
Balance as at January 1, 2019		—	C$	—		—		—	$	—		—
Bridge Financing Warrants		218,964		22.90		0.32		—		—		—
Private Placement Financing Warrants		1,822,771		19.39		3.79		—		—		—
Modification Warrants		365,076		12.04		0.75		—		—		—
Warrants Exercised		—		—		—		—		—		—
Balance as at December 31, 2019		2,406,811	C$	18.59		4.86		—	$	—		—

Liability Classified Warrant [member]

Class of Warrant or Right [Line Items]

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes the fair value of the liability classified warrants at December 31, 2020 and 2019:

Warrant Liability	Strike Price		Warrants Outstanding		December 31, 2020		December 31, 2019
Bridge Financing Warrants	C$	22.90		218,964	$	2,544,500	$	1,385,400
Private Placement Financing Warrants	C$	19.39		1,822,771		28,756,500		12,189,169
Modification Warrants	C$	12.04		360,256		6,630,000		2,305,274
Additional Modification Warrants	C$	14.03		83,803		1,523,000		—
Totals				2,485,794	$	39,454,000	$	15,879,843

Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Warrant Liability

The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date:

Significant Assumptions	December 31, 2020		December 31, 2019
Volatility		72.19% – 79.10%		117.43% – 123.64%
Remaining Term		1.78 – 4.39 years		2.78 – 4.86 years
Risk Free Rate		0.20% – 0.28%		1.68% – 1.69%

Equity Classified Warrant [member]

Class of Warrant or Right [Line Items]

Schedule Of Fair Value Of Warrant Liability

The following table summarizes the fair value of the equity classified warrants at December 31, 2020 and 2019:

Warrants Included in Contributed Surplus	Strike Price		Warrants Outstanding		December 31, 2020		December 31, 2019
Dispensary Mortgage Warrants	$	9.10		35,000	$	181,272	$	—

Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Warrant Liability

The following table summarizes the significant assumptions used in determining the fair value of the equity classified warrants as of each reporting date:

Significant Assumptions	December 31, 2020			December 31, 2019
Volatility		80	%		—
Remaining Term		5 years			—
Risk Free Rate		0.37	%		—

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Share Capital (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of Share Capital [Line Items]

Schedule of Common Stock Outstanding Roll Forward

A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:

	Issued and Outstanding
	Subordinate Voting Shares		Multiple Voting Shares			Super Voting Shares
As at January 1, 2019		43,920,131		677,230			424,513
Issuance of shares under business combinations and investments		45,571,444		—			—
Noncontrolling Interests adjustment for change in ownership		—		31,000			—
Issuance of shares for redemption of noncontrolling interest		2,498,404		—			—
Issuance of shares upon vesting of RSUs		1,165,630		—			—
Issuance of shares upon exercise of broker options		114,080		—			—
Issuance of shares for professional fees		19,875		—			—
Exchange of shares		35,710,400		(334,880	)		(22,224	)
As at December 31, 2019		128,999,964		373,350			402,289
As at January 1, 2020		128,999,964		373,350			402,289
Issuance of shares under business combinations and investments		1,752,065		—			—
Distribution of contingent consideration		2,713,463		—			—
Distribution of deferred shares		1,220,548		—			—
Issuance of shares upon exercise of options and warrants		171,813		—			—
Issuances of shares upon vesting of RSUs		923,468		—			—
Exchange of shares		42,331,900		(333,061	)		(90,258	)
As at December 31, 2020		178,113,221		40,289			312,031

Schedule of Business Acquisitions of Contingent Consideration

The following table represents the contingent shares issued during the year ended December 31, 2020 in relation to each acquisition:

Contingent Shares Issued
			December 31, 2020
Transaction	Date of Transaction		Units		Value
Advanced Grow Labs, LLC		February 12, 2019		1,396,533	$	11,544,855
For Success Holding Company		February 21, 2019		779,690		6,686,432
Integral Associates, LLC		June 5, 2019		537,240		4,654,526
				2,713,463	$	22,885,813

Share-based Payment Arrangement, Option, Activity

Stock option activity is summarized as follows:

	Number of Shares			Weighted Average Exercise Price (C$)		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance as at December 31, 2019		3,839,017			13.21		5.57	$	218,234
Granted		2,604,511			10.36
Exercised		(165,872	)		12.72
Forfeited		(613,250	)		13.27
Balance as at December 31, 2020		5,664,406			11.91		4.39	$	85,408,034
Vested		1,749,365			13.37
Exercisable at December 31, 2020		1,532,282			13.22		5.07	$	21,590,351

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Company used the Black-Scholes option pricing model to estimate the fair value of the options at the grant dates during the years ended December 31, 2020 and 2019 using the following ranges of assumptions:

	Year Ended December 31,
	2020		2019
Risk-free interest rate		0.31% – 1.37%		1.18% – 1.84%
Expected dividend yield		0%		0%
Expected volatility		80%		80% – 100%
Expected option life		3 – 5 years		3 – 5 years

Non-vested Restricted Stock Shares Activity

The following table summarizes the number of nonvested RSU awards as of December 31, 2020 and 2019 and the changes during the year ended December 31, 2020:

	Number of Shares			Weighted Average Grant Date Fair Value (C$)
Nonvested Shares at December 31, 2019		1,399,762			9.30
Granted		286,880			13.90
Forfeited		(73,834	)		15.85
Vested		(923,468	)		15.21
Nonvested Shares at December 31, 2020		689,340			16.77

Summary of Deferred Shares Held By The Company

The following table summarizes the deferred shares held by the Company as of December 31, 2020 and 2019:

Deferred Shares Outstanding
			December 31, 2020				December 31, 2019
Transaction	Date of Transaction		Units		Value		Units		Value
Advanced Grow Labs, LLC		February 12, 2019		—	$	—		472,500	$	5,380,000
For Success Holding Company		February 21, 2019		147,095		1,835,330		793,448		9,900,000
Rise Canton		May 15, 2019		—		—		101,695		1,307,798
Southern CT Wellness and Healing		December 18, 2020		32,205		751,987		—		—
				179,300	$	2,587,317		1,367,643	$	16,587,798

Summary Of Weighted Average Grant Date Fair Value And Intrinsic Value Of Options Exercised

The following table summarizes the weighted average grant date fair value and intrinsic value of options exercised for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31,
	2020		2019		2018
Weighted average grant date fair value (per share) of stock option units granted (C$)		6.58		8.06		10.85
Intrinsic value of stock option units exercised, using market price at exercise date (USD)	$	1,184,089	$	88,010	$	31,604

Restricted Stock Units

Disclosure of Share Capital [Line Items]

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 was as follows:

	For the Year Ended December 31,
	2020		2019		2018
Stock Options Expense	$	10,937,768	$	6,393,277	$	1,876,627
RSU Expense		8,398,950		11,892,100		4,748,444
Total Stock-Based Compensation Expense	$	19,336,718	$	18,285,377	$	6,625,071

Summary Of Weighted Average Grant Date Fair Value And Intrinsic Value Of Options Exercised

The following table summarizes the weighted average grant date fair value and total fair value of RSUs vested for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31,
	2020		2019		2018
Weighted average grant date fair value (per share) of RSUs granted (C$)		13.90		11.70		10.28
Total fair value of RSUs vested, using market price at vest date (USD)	$	9,076,673	$	13,522,284	$	—

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

For the years ended December 31, 2020, 2019 and 2018, income taxes expense consisted of:

	Year Ended December 31,
	2020			2019			2018
Current:
Federal	$	65,118,212		$	18,095,946		$	2,842,696
State		16,640,086			4,665,000			279,899
Foreign		—			—			—
Total Current		81,758,298			22,760,946			3,122,595
Deferred:
Federal		3,520,293			(12,535,000	)		3,330,000
State		(1,425,789	)		(881,913	)		731,000
Foreign		—			—			—
Total Deferred		2,094,504			(13,416,913	)		4,061,000
Total	$	83,852,802		$	9,344,033		$	7,183,595

Summary of Difference Between the Income Tax Expense

The difference between the income tax expense for the years ended December 31, 2020, 2019 and 2018 and the expected income taxes based on the statutory tax rate applied to pre-tax earnings (loss) arises as follows:

	2020			2019			2018
Income/(Loss) before Income Taxes	$	102,930,722		$	(50,202,837	)	$	29,751,374
Statutory Tax Rates		21	%		21	%		21	%
Expense/(Recovery) based on Statutory Rates		21,615,452			(10,542,596	)		6,247,788
Pass-throughs and Non-controlling Interests		—			49,203			(1,062,111	)
State Taxes		14,836,807			(1,536,694	)		(279,899	)
Provision to Return Adjustment		5,299,091			(1,209,592	)		53,304
Adjustments for Stock Compensation		(211,132	)		(1,952,083	)		—
Non-deductible Expenses		27,570,364			14,166,223			2,263,978
Change in State Rate Reconciliation		(2,535,415	)		513,338			—
Change in Valuation Allowance		7,705,790			7,604,098			—
Change in Uncertain Tax Position		9,918,112			2,113,263			—
Other Differences		(346,267	)		138,873			(39,465	)
Income Tax Expense	$	83,852,802		$	9,344,033		$	7,183,595

Summary Of The Components Of Deferred Tax Assets And Liabilities Were as Follows

At December 31, 2020 and December 31, 2019, the components of deferred tax assets and liabilities were as follows:

	Year Ended December 31,
	2020			2019
Deferred Tax Assets
Operating Lease Liabilities	$	33,641,132		$	10,483,126
Net Operating Losses		13,236,414			12,997,199
163(j) Interest Limitation		5,481,144			—
Warrant Fair Value Derivative		5,251,087			—
Stock-based Compensation		7,096,512			4,592,242
Other		3,453,748			519,437
Valuation Allowance		(17,033,118	)		(7,604,098	)
Total Deferred Tax Assets		51,126,919			20,987,906
Deferred Tax Liabilities
Operating Right of Use Assets	$	(31,211,307	)	$	(10,176,807	)
Fair Value Investments		(7,734,744	)		(1,080,760	)
Intangibles		(37,398,110	)		(43,896,437	)
Total Deferred Tax Liabilities		(76,344,161	)		(55,154,005	)
Net Deferred Tax Liabilities	$	(25,217,242	)	$	(34,166,099	)

Summary of The Reconciliation of The Beginning and Ending Amount of Unrecogized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Balance as of December 31, 2018	$	—
Additions for current year		1,720,865
Additions for prior year		392,398
Subtractions for current year		—
Balance as of December 31, 2019	$	2,113,263
Additions for current year		7,536,097
Additions for prior year		2,382,014
Subtractions for current year		(1,690,986	)
Balance as of December 31, 2020	$	10,340,388

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Other Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

For the years ended December 31, 2020, 2019 and 2018 other income (expense) was comprised of the following:

	For the Years Ended December 31,
	2020			2019			2018
Fair value adjustments on equity investments	$	26,370,803		$	(3,530,969	)	$	4,797,283
Fair value adjustments on convertible notes receivable		—			(1,771,420	)		13,586,000
Fair value adjustment on put and call options		—			(132,523	)		2,869,342
Fair value adjustments on warrants received		—			—			37,765,718
Fair value adjustments on variable note receivable		(815,937	)		(6,608,790	)		(4,206,141	)
Fair value adjustment on convertible note payable in connection with RTO		—			—			1,981,358
Fair value adjustments on warrants issued		(23,001,771	)		4,159,687			—
Fair value adjustments on contingent consideration		9,877,013			(3,686,921	)		—
Equity earnings in joint ventures		2,319,963			450,000
Other		626,675			802,000			(376,139	)
Total Other Income (Expense)	$	15,376,746		$	(10,318,936	)	$	56,417,421

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Text Block Supplement [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables summarizes the Company’s financial instruments which are measured at fair value as of December 31, 2020:

	As of December 31, 2020
	Level 1		Level 2		Level 3			Total
Cash and Cash Equivalents	$	83,757,785	$	—	$	—		$	83,757,785
Investments		923,581		—		39,871,225			40,794,806
Contingent Consideration Payable		—		—		(27,100,000	)		(27,100,000	)
Warrant Liability		—		—		(39,454,000	)		(39,454,000	)
	$	84,681,366	$	—	$	(26,682,775	)	$	57,998,591

The following tables summarizes the Company’s financial instruments which are measured at fair value as of December 31, 2019:

	As of December 31, 2019
	Level 1		Level 2		Level 3			Total
Cash and Cash Equivalents	$	46,667,334	$	—	$	—		$	46,667,334
Notes Receivable		—		—		815,937			815,937
Investments		—		—		14,068,821			14,068,821
Liability of Redemption of Noncontrolling Interest		—		—		(5,500,000	)		(5,500,000	)
Contingent Consideration Payable		—		—		(58,936,739	)		(58,936,739	)
Warrant Liability		—		—		(15,879,843	)		(15,879,843	)
	$	46,667,334	$	—	$	(65,431,824	)	$	(18,764,490	)

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Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

	December 31, 2020						December 31, 2019
	Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non-material VIEs		Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non-material VIEs
Current assets	$	32,307,718	$	3,738,868	$	2,362,572	$	19,455,533	$	1,381,716	$	1,352,935
Non-current assets		3,367,360		3,657,392		2,281,839		22,384,663		3,083,659		2,534,297
Current liabilities		23,362,255		336,970		1,563,224		14,219,204		149,498		783,682
Non-current liabilities		768,573		461,926		783,356		1,169,989		137,736		855,440
Noncontrolling interests		—		3,173,683		267,289		350,206		2,089,071		(22,488	)
Equity attributable to Green Thumb Industries Inc.		11,544,250		3,173,683		2,030,542		6,645,263		2,089,070		2,270,598

The following table presents the summarized financial information about the Company’s consolidated VIEs which are included in the and statements of operations for the years ended December 31, 2020, 2019 and 2018:

	For the Year Ended December 31, 2020						For the Year Ended December 31, 2019							For the Year Ended December 31, 2018
	Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non-material VIEs		Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non- material VIEs			Chesapeake Alternatives, LLC		IL Disp, LLC		Other Non-material VIEs
Revenues	$	19,724,513	$	18,693,964	$	10,011,729	$	16,056,521	$	5,857,946	$	3,516,164		$	13,783,876	$	643,898	$	4,555,543
Net income (loss) attributable to noncontrolling interests		411,162		3,034,612		639,179		—		699,624		(112,245	)		1,407,266		60,601		(582,280	)
Net income (loss) attributable to Green Thumb Industries Inc.		4,576,717		3,034,612		574,941		1,807,229		699,625		(79,402	)		—		60,600		(102,037	)
Net income (loss)	$	4,987,879	$	6,069,224	$	1,214,120	$	1,807,229	$	1,399,249	$	(191,647	)	$	1,407,266	$	121,201	$	(684,317	)

Schedule Of consolidated VIEs and Other Non controlling Interest

The net change in the consolidated VIEs and Other Noncontrolling Interest are as follows for the years ended December 31, 2020 and 2019:

	Variable Interest Entities
	Chesapeake Alternatives, LLC			IL Disp, LLC			Other Non-material VIEs			Other Noncontrolling Interests			Total
Balance as at January 1, 2019	$	1,486,062		$	1,957,147		$	89,757		$	(35,507	)	$	3,497,459
Contributions		—			—			—			1,650,000			1,650,000
Distributions		(1,135,856	)		(567,700	)		—			(5,812,505	)		(7,516,061	)
Net income (loss)		—			699,624			(112,245	)		(1,017,842	)		(430,463	)
Changes in ownership		—			—			—			5,311,978			5,311,978
Balance as at December 31, 2019		350,206			2,089,071			(22,488	)		96,124			2,512,913
Contributions		—			—			50,000			—			50,000
Distributions		(439,098	)		(1,950,000	)		(399,402	)		—			(2,788,500	)
Net income (loss)		411,162			3,034,612			639,179			—			4,084,953
Changes in ownership		(322,270	)		—			—			—			(322,270	)
Balance as at December 31, 2020	$	—		$	3,173,683		$	267,289		$	96,124		$	3,537,096

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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Revenues

The below table presents revenues by type for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31,
	2020			2019			2018
Revenues, Net of Discounts
Consumer Packaged Goods	$	273,977,174		$	109,930,160		$	25,706,134
Retail		396,371,725			137,809,904			41,994,791
Intersegment Eliminations		(113,776,010	)		(31,307,459	)		(5,207,245	)
Total Revenues, net of discounts	$	556,572,889		$	216,432,605		$	62,493,680
Depreciation and Amortization
Consumer Packaged Goods	$	28,207,195		$	17,792,040		$	2,666,603
Retail		24,298,380			13,690,300			2,461,117
Intersegment Eliminations		—			—			56,260
Total Depreciation and Amortization	$	52,505,575		$	31,482,340		$	5,183,980
Income Taxes
Consumer Packaged Goods	$	33,964,636		$	3,727,292		$	2,245,450
Retail		49,888,166			9,905,876			4,938,145
Intersegment Eliminations		—			(4,289,135	)		—
Total Income Taxes	$	83,852,802		$	9,344,033		$	7,183,595

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Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Information

The following table contains selected quarterly data for 2020 and 2019. The information should be read in conjunction with the Company’s financial statements and related notes included elsewhere in this report. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
2020
Net Sales	$	102,602,602		$	119,639,924		$	157,103,841		$	177,226,522		$	556,572,889
Income from operations		7,552,657			14,050,703			37,211,186			47,292,283			106,106,829
Net Income (loss) attributable to Green Thumb Industries Inc.		(4,206,264	)		(12,909,505	)		9,643,929			22,464,807			14,992,967
Net Income (loss) per share—basic		(0.02	)		(0.06	)		0.04			0.11			0.07
Net Income (loss) per share—diluted		(0.02	)		(0.06	)		0.04			0.11			0.07
Weighted average number of common shares outstanding—basic		208,468,356			209,902,732			211,990,405			213,249,477			210,988,259
Weighted average number of common shares outstanding—diluted		208,468,356			209,902,732			214,212,292			217,178,771			212,531,188
2019
Net Sales	$	27,913,163		$	44,726,777		$	67,990,907		$	75,801,758		$	216,432,605
(Loss) Income from operations		(13,629,660	)		(9,326,730	)		1,376,718			(6,111,030	)		(27,690,702	)
Net loss attributable to Green Thumb Industries Inc.		(9,563,056	)		(20,892,049	)		(14,590,793	)		(14,070,509	)		(59,116,407	)
Net loss per share—basic		(0.06	)		(0.11	)		(0.07	)		(0.07	)		(0.31	)
Net loss per share—diluted		(0.06	)		(0.11	)		(0.07	)		(0.07	)		(0.31	)
Weighted average number of common shares outstanding—basic		167,171,886			182,261,947			204,709,085			207,666,666			190,602,400
Weighted average number of common shares outstanding—diluted		167,171,886			182,261,947			204,709,085			207,666,666			190,602,400

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Significant Accounting Policies - Schedule of subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage		6.00%
GTI23 Inc [Member] | DE | Reportable Legal Entities [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
VCP23, LLC [Member] | DE | Reportable Legal Entities [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
GTI Core, LLC [Member] | DE | Reportable Legal Entities [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
JB17, LLC [Member] | MD | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Management company
GTI-Clinic Illinois Holdings, LLC [Member] | IL | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
IL Disp, LLC [Member] | IL | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	50.00%
Description of Principal Activities	License holder
RISE Holdings, Inc. [Member] | MA | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI Maryland, LLC [Member] | MD | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Ohio Investors 2017, LLC [Member] | OH | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	99.00%
Description of Principal Activities	Holding Company
GTI Ohio, LLC [Member] | OH | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	99.00%
Description of Principal Activities	License holder
GTI Nevada, LLC [Member] | NV | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI Pennsylvania, LLC [Member] | PA | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI Florida, LLC [Member] | FL | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Holding company
KSGNF, LLC [Member] | FL | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
GTI New Jersey, LLC [Member] | NJ | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
KW Ventures Holdings, LLC [Member] | PA | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Chesapeake Alternatives, LLC [Member] | MD | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Meshow, LLC [Member] | MD | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	0.00%
Description of Principal Activities	License holder
Advanced Grow Labs, LLC [member] | CT | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Bluepoint Wellness of Westport, LLC [Member] | CT | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	46.00%
Description of Principal Activities	License holder
Bluepoint Apothecary, LLC [Member] | CT | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Southern CT Wellness and Healing [member] | CT | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License Holder
Integral Associates, LLC [Member] | NV | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Integral Associates CA, LLC [Member] | CA | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
Fiorello Pharmaceuticals, Inc. [Member] | NY | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	License holder
MC Brands, LLC [Member] | CO | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Intellectual property
For Success Holding Company [Member] | CA | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Intellectual property
VCP IP Holdings, LLC [Member] | DE | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Intellectual property
Vision Management Services, LLC [Member] | DE | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Management company
TWD18, LLC [Member] | DE | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Investment company
VCP Real Estate Holdings, LLC [Member] | DE | Consolidation, Eliminations [Member]
Schedule of Subsidiaries [Line Items]
Ownership, in Percentage	100.00%
Description of Principal Activities	Real Estate holding company

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Significant Accounting Policies - Schedule of estimated useful life of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2020
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Not Depreciated
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	39 years
Furniture and Fixtures [Member] | Minimum [member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Furniture and Fixtures [Member] | Maximum [member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Computer Equipment and Software [member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Leasehold Improvements [member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Remaining Life of Lease
Production and Processing Equipment [member] | Minimum [member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Production and Processing Equipment [member] | Maximum [member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Asset under Construction [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Not Depreciated

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Significant Accounting Policies - Schedule of estimated useful lives of Finite Lived Intangible Assets (Detail)	12 Months Ended
	Dec. 31, 2020
Licenses And Permits [Member] | Minimum [member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Licenses And Permits [Member] | Maximum [member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Trade Names [Member] | Minimum [member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Trade Names [Member] | Maximum [member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Customer Relationships [Member] | Minimum [member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Customer Relationships [Member] | Maximum [member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Non Competition Agreement [Member] | Minimum [member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
Non Competition Agreement [Member] | Maximum [member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years

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Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares
Allowance for doubtful accounts | $	$ 223,200	$ 139,000
Accounts receivable write offs | $	367,400	161,700
Goodwill impairment charge | $	$ 0	$ 0
No of Options outstanding	5,664,406	3,839,017	1,677,192
Number of warrants outstanding	2,520,794	2,406,811	0
Weighted average number diluted shares outstanding adjustments	1,307,421
Weighted average number diluted shares outstanding adjustments related to warrants	101,254
Weighted average number diluted shares outstanding adjustments		0	0
Impairment charge | $	$ 0	$ 0	$ 0
No of reporting units	22
Loyalty liability | $	$ 2,876,683	$ 1,000,010
Restricted Stock Units (RSUs) [Member]
No restricted stock units outstanding	689,340	1,399,762	1,589,000
Weighted average number diluted shares outstanding adjustments	134,254

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Reverse Takeover Transaction - Additional Information (Detail) - USD ($)		1 Months Ended
	Apr. 30, 2018	Jun. 30, 2018	Jun. 05, 2020
Reverse Takeover Transaction [Abstract]
Subscription receipts, gross	$ 65.1
Transaction costs	$ 4.0
Warrants Issued | shares	285,000		35,000
Strike Price	$ 7.75
Warrant Liability | $	$ 900,000
Voting Rights		consolidated its existing common shares on the basis of one Subordinate Voting Share for each 368 existing common shares of the Company.

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Inventories - Summary of inventory (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Raw Material	$ 6,372,659	$ 6,375,032
Packaging and Miscellaneous	8,592,153	4,887,970
Work in Process	25,488,806	20,162,723
Finished Goods	30,821,392	16,640,629
Reserve for Obsolete Inventory	(1,732,057)	(2,031,873)
Total Inventories	$ 69,542,953	$ 46,034,481

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Note Receivable - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Detail)	Dec. 31, 2020	Dec. 31, 2019 yr
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument Interest Rate	2.17%
Notes Receivable | Risk-free Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument Interest Rate		1.90%
Notes Receivable | Exercise Price of Underlying Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments Measurement Input		1.998
Notes Receivable | Share Price of Underlying Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments Measurement Input		1.90
Notes Receivable | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument Interest Rate		71.50%
Notes Receivable | Remaining Life (in years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments Measurement Input		1.0

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Note Receivable - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 16, 2018
Debt Disclosure [Abstract]
Notes Receivable	$ 0	$ 815,937	$ 7,424,727	$ 11,630,867
Fair value adjustments on variable note receivable	$ (815,937)	$ (6,608,790)	$ (4,206,141)

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Property and Equipment - Property, Plant and Equipment (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cost
Beginning balance	$ 164,713,394	$ 69,207,422
Additions	61,870,788	100,900,501
Additions from acquisitions		16,525,362
Disposals	(12,465,405)	(21,919,891)
Ending balance	214,118,777	164,713,394
Accumulated Depreciation
Beginning balance	9,116,719	3,883,342
Ending balance	24,192,900	9,116,719
Net book value [Abstract]
Beginning balance	155,596,675	65,324,080
Ending balance	189,925,877	155,596,675
Land [member]
Cost
Beginning balance	3,272,439	2,243,085
Additions	586,867	4,393,030
Disposals	(979,930)	(3,363,676)
Ending balance	2,879,376	3,272,439
Accumulated Depreciation
Beginning balance	0
Ending balance	0	0
Net book value [Abstract]
Beginning balance	3,272,439	2,243,085
Ending balance	2,879,376	3,272,439
Buildings and Improvements [member]
Cost
Beginning balance	33,377,471	20,861,988
Additions	22,687,020	28,217,500
Disposals	(4,507,086)	(15,702,017)
Ending balance	51,557,405	33,377,471
Accumulated Depreciation
Beginning balance	2,236,254	1,351,230
Ending balance	3,357,360	2,236,254
Net book value [Abstract]
Beginning balance	31,141,217	19,510,758
Ending balance	48,200,045	31,141,217
Equipment Computers And Furniture [Member]
Cost
Beginning balance	35,509,871	11,001,498
Additions	13,587,238	23,109,209
Additions from acquisitions		4,253,362
Disposals	0	(2,854,198)
Ending balance	49,097,109	35,509,871
Accumulated Depreciation
Beginning balance	3,882,178	1,524,114
Ending balance	10,344,829	3,882,178
Net book value [Abstract]
Beginning balance	31,627,693	9,477,384
Ending balance	38,752,280	31,627,693
Leasehold Improvements [member]
Cost
Beginning balance	68,681,497	18,435,893
Additions	19,925,755	38,002,678
Additions from acquisitions		12,242,926
Disposals	0
Ending balance	88,607,252	68,681,497
Accumulated Depreciation
Beginning balance	2,998,287	1,007,998
Ending balance	10,264,683	2,998,287
Net book value [Abstract]
Beginning balance	65,683,210	17,427,895
Ending balance	78,342,569	65,683,210
Assets Under Construction [member]
Cost
Beginning balance	21,372,116	16,664,958
Additions	4,595,227	4,678,084
Additions from acquisitions		29,074
Disposals	(6,978,389)	0
Ending balance	18,988,954	21,372,116
Accumulated Depreciation
Beginning balance	0
Ending balance	0	0
Net book value [Abstract]
Beginning balance	21,372,116	16,664,958
Ending balance	18,988,954	21,372,116
Capitalized Interest [Member]
Cost
Beginning balance	2,500,000
Additions	488,681	2,500,000
Disposals	0
Ending balance	2,988,681	2,500,000
Accumulated Depreciation
Beginning balance	0
Ending balance	226,028	0
Net book value [Abstract]
Beginning balance	2,500,000
Ending balance	$ 2,762,653	$ 2,500,000

XML

Property and Equipment - Additional Information (Detail) - USD ($)		12 Months Ended
	Mar. 06, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2020	Nov. 12, 2019
Disclosure of Property of Equipment [Line Items]
Depreciation expense		$ 15,479,179	$ 6,827,711	$ 2,687,025
Ohio Cultivation And Processing Facility [member] | Innovative Industrial Properties [member] | Land [Member]
Disclosure of Property of Equipment [Line Items]
Sale Leaseback Transaction, Net Book Value					$ 205,000
Ohio Cultivation And Processing Facility [member] | Innovative Industrial Properties [member] | Asset under Construction [Member]
Disclosure of Property of Equipment [Line Items]
Sale Leaseback Transaction, Net Book Value					$ 2,695,000
Illinois Cultivation And Processing Facility [member] | Innovative Industrial Properties [member]
Disclosure of Property of Equipment [Line Items]
Sale Leaseback Transaction, Net Book Value						$ 2,854,198
Illinois Cultivation And Processing Facility [member] | Innovative Industrial Properties [member] | Land [Member]
Disclosure of Property of Equipment [Line Items]
Sale Leaseback Transaction, Net Book Value	$ 774,930					3,363,676
Illinois Cultivation And Processing Facility [member] | Innovative Industrial Properties [member] | Asset under Construction [Member]
Disclosure of Property of Equipment [Line Items]
Sale Leaseback Transaction, Net Book Value	3,813,636
Illinois Cultivation And Processing Facility [member] | Innovative Industrial Properties [member] | Other Operating Income (Expense) [Member]
Disclosure of Property of Equipment [Line Items]
Sale and Leaseback Transaction, Gain, Net	239,096
Illinois Cultivation And Processing Facility [member] | Innovative Industrial Properties [member] | Building and Building Improvements [Member]
Disclosure of Property of Equipment [Line Items]
Sale Leaseback Transaction, Net Book Value	$ 4,507,086					$ 15,702,017
Cost of Sales [member]
Disclosure of Property of Equipment [Line Items]
Depreciation expense		$ 8,283,206	$ 4,246,524	$ 1,346,632

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Acquisitions - Summary of Pro Forma Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Revenues									$ 556,572,889	$ 216,432,605	$ 62,493,680
Net income (loss)	$ 22,464,807	$ 9,643,929	$ (12,909,505)	$ (4,206,264)	$ (14,070,509)	$ (14,590,793)	$ (20,892,049)	$ (9,563,056)	$ 14,992,967	(59,116,407)	(5,243,917)
Revenues, net of discounts										258,471,673	139,771,855
Net income (loss) attributable to Green Thumb Industries Inc.										(8,394,854)	(24,006,529)
Advanced Grow Labs LLC [Member]
Business Acquisition [Line Items]
Revenues										16,377,199	17,016,743
Net income (loss)										3,612,455	7,497,696
Revenues, net of discounts										18,516,074	17,016,743
Net income (loss) attributable to Green Thumb Industries Inc.										4,586,122	7,497,696
Integral Associates, LLC [Member]
Business Acquisition [Line Items]
Revenues										39,246,745	60,261,432
Net income (loss)										(6,375,800)	13,218,159
Revenues, net of discounts										79,146,937	60,261,432
Net income (loss) attributable to Green Thumb Industries Inc.										(1,110,610)	13,218,159
Green Thumb Industries [Member]
Business Acquisition [Line Items]
Revenues, net of discounts										160,808,662	62,493,680
Net income (loss) attributable to Green Thumb Industries Inc.										(56,353,062)	(5,243,917)
Pro Forma [Member]
Business Acquisition [Line Items]
Net income (loss) attributable to Green Thumb Industries Inc.										$ (61,272,404)	$ (8,534,591)

XML

Acquisitions - Summary of Pro Forma Financial Information (Details) (Paranthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Income Taxes	$ 83,852,802	$ 9,344,033	$ 7,183,595
Effective Income Tax Rate Reconciliation, Percent		24.00%	24.00%
Amortization	$ 37,026,396	$ 24,466,370	$ 2,496,955
Advanced Grow Labs LLC [Member]
Business Acquisition [Line Items]
Income Taxes		164,780	972,647
Amortization		327,302	3,927,619
Integral Associates, LLC [Member]
Business Acquisition [Line Items]
Income Taxes		1,263,645	3,172,358
Amortization		$ 6,639,127	$ 15,933,905

XML

Acquisitions - Summary of Fair Value of the Consideration Transferred for Each Acquisition (Details) - USD ($)		12 Months Ended
	Feb. 12, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Contingent Consideration		$ 9,877,013	$ (3,686,921)
Advanced Grow Labs LLC [Member]
Business Acquisition [Line Items]
Cash Paid	$ 15,500,000	15,481,967
Shares of the Company Issued		79,959,170
Deferred Share Issuance		5,380,000
Contingent Consideration		7,831,000
Total Consideration		108,652,137
Intergral Associates LLC [Member]
Business Acquisition [Line Items]
Cash Paid		52,807,500
Shares of the Company Issued		273,146,014
Acquisition Liability		791,068
Contingent Consideration		39,985,000
Total Consideration		366,729,582
Other Acquisitions [Member]
Business Acquisition [Line Items]
Cash Paid		44,147,694
Shares of the Company Issued		142,607,973
Deferred Share Issuance		11,207,798
Conversion of Previous Notes Receivable		27,121,559
Contingent Consideration		8,926,000
Total Consideration		$ 234,011,024

XML

Acquisitions - Summary of Final Accounting Estimates For Each Acquisition (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets:
Goodwill	$ 382,697,467	$ 382,697,467	$ 375,084,991	$ 39,204,360
Advanced Grow Labs LLC [Member]
Business Acquisition [Line Items]
Cash	1,406,377
Inventory	1,906,828
Accounts Receivable	420,649
Property and Equipment	5,934,295
Right-of-Use Asset	565,336
Investment in CAL Funding	9,900,000
Deposits and Other Assets	246,843
Intangible Assets:
Licenses and Permits	28,920,000
Tradename	930,000
Customer Relationships	12,462,000
Non-competition Agreements	100,000
Liabilities Assumed	(1,230,441)
Deferred Tax Liabilities	(12,731,349)
Total Identifiable Net Assets	48,830,538
Goodwill	59,821,599
Net Assets	108,652,137
Integral Associates, LLC [Member]
Business Acquisition [Line Items]
Cash	744,825
Inventory	10,107,303
Accounts Receivable	1,477,535
Prepaid Expenses	492,571
Property and Equipment	8,107,836
Right-of-Use Asset	4,840,609
Deposits and Other Assets	122,826
Intangible Assets:
Licenses and Permits	175,845,000
Tradename	57,425,000
Customer Relationships	2,678,000
Liabilities Assumed	(11,091,246)
Total Identifiable Net Assets	250,750,259
Goodwill	115,979,323
Net Assets	366,729,582
Other Acquisitions [Member]
Business Acquisition [Line Items]
Cash	777,371
Inventory	1,732,525
Accounts Receivable	265,956
Prepaid Expenses	38,705
Property and Equipment	2,667,436
Right-of-Use Asset	2,056,008
Deposits and Other Assets	1,405,986
Intangible Assets:
Licenses and Permits	48,155,000
Tradename	38,740,592
Customer Relationships	9,298,000
Non-competition Agreements	2,465,000
Liabilities Assumed	(6,172,243)
Deferred Tax Liabilities	(20,823,225)
Total Identifiable Net Assets	80,607,111
Goodwill	153,403,913
Net Assets	$ 234,011,024

XML

Acquisitions - Summary of Final Accounting Estimates For Each Acquisition (Details) (Paranthetical)	Dec. 31, 2019 USD ($)
Business Combinations [Abstract]
Acquisition related costs	$ 812,000

XML

Acquisitions - Additional Information (Detail) - USD ($)											7 Months Ended	10 Months Ended	12 Months Ended
	Dec. 18, 2020	Aug. 26, 2020	Aug. 12, 2020	Aug. 23, 2019	Jun. 12, 2019	Jun. 07, 2019	Jun. 05, 2019	Feb. 21, 2019	Feb. 12, 2019	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2020
Issuance of shares under business combinations and investments, Value															$ 2,800,000
Goodwill											$ 375,084,991	$ 375,084,991	$ 382,697,467	$ 375,084,991	39,204,360	$ 382,697,467
Issuance of shares under contingent consideration, Value													22,885,813
Non Current Contingent consideration											8,545,558	8,545,558	4,950,000	8,545,558
Placement of produCts in specified retailers														258,471,673	$ 139,771,855
Southern CT Wellness and Healing [member]
Percentage of voting rights acquired	100.00%
Total Consideration	$ 14,400,000
Cash Paid	$ 9,000,000
Issuance of shares under business combinations and investments	197,826
Issuance of shares under business combinations and investments, Value	$ 751,987
Goodwill	9,615,751
Intangible assets acquired	6,326,523
Advanced Grow Labs LLC [Member]
Percentage of voting rights acquired									100.00%
Total Consideration													108,652,137
Cash Paid									$ 15,500,000				15,481,967
Goodwill													59,821,599
Contigent considerarion minimum									0
Contigent considerarion maximum									$ 15,000,000
Issuance of shares under contingent consideration, Value													11,544,855
Fair value of the contingent consideration											8,654,623	8,654,623	0	8,654,623
Distribution of deferred shares			472,500
Distribution of deferred shares, value			$ 5,380,000										0	5,380,000
Integral Associates, LLC [Member]
Percentage of voting rights acquired							100.00%
Cash Paid							$ 52,800,000
Goodwill													115,979,323
Issuance of shares under contingent consideration, Value													4,654,526
Fair value of the contingent consideration											39,554,185	39,554,185	27,100,000	39,554,185
Total value of shares issued under business acquisitions							$ 273,100,000
Write Off of portion of contingent consideration													7,582,001
Non Current Contingent consideration											0	0	4,950,000	0
Integral Associates, LLC [Member] | Maximum [member]
Additonal consideration transferred											57,000,000
Success Holding Company [Member]
Percentage of voting rights acquired								100.00%
Fair value of the contingent consideration											$ 2,432,373	2,432,373	0	2,432,373
Distribution of deferred shares		646,353						793,448
Distribution of deferred shares, value		$ 8,064,668											$ 1,835,332	$ 9,900,000
Total value of shares issued under business acquisitions								$ 94,500,000
Placement of produCts in specified retailers												6,900,000
Success Holding Company [Member] | Maximum [member]
Additonal consideration transferred												15,000,000
Success Holding Company [Member] | Minimum [member]
Additonal consideration transferred												$ 0
Fiorello Pharmaceuticals, Inc. [Member]
Percentage of voting rights acquired				100.00%
Cash Paid				$ 42,600,000
Issuance of shares under business combinations and investments				1,700,000
Issuance of shares under business combinations and investments, Value				$ 14,100,000
MC Brands LLC [Member]
Percentage of voting rights acquired					75.00%
Subordinate Voting Shares [Member]
Issuance of shares under business combinations and investments						1,233,014				542,416			1,752,065	45,571,444
Issuance of shares under business combinations and investments, Value	$ 5,400,000					$ 13,854,550				$ 4,355,078
Distribution of deferred shares													1,220,548
Subordinate Voting Shares [Member] | Southern CT Wellness and Healing [member]
Issuance of shares under business combinations and investments	230,031
Issuance of shares under business combinations and investments, Value	$ 4,619,237
Subordinate Voting Shares [Member] | Advanced Grow Labs LLC [Member]
Issuance of shares under business combinations and investments			472,500						7,300,000
Issuance of shares under business combinations and investments, Value			$ 538,000						$ 85,100,000
Issuance of shares under contingent consideration													1,396,533
Issuance of shares under contingent consideration, Value													$ 11,544,855
Subordinate Voting Shares [Member] | Integral Associates, LLC [Member]
Issuance of shares under business combinations and investments							20,800,000						537,240
Issuance of shares under business combinations and investments, Value							$ 235,400,000						$ 4,654,526
Subordinate Voting Shares [Member] | Success Holding Company [Member]
Issuance of shares under business combinations and investments								6,463,553				808,614
Issuance of shares under contingent consideration													779,690
Issuance of shares under contingent consideration, Value													$ 6,686,432
Subordinate Voting Shares [Member] | MC Brands LLC [Member]
Issuance of shares under business combinations and investments					1,700,000
Issuance of shares under business combinations and investments, Value					$ 19,400,000
Milestone Shares [Member] | Integral Associates, LLC [Member]
Issuance of shares under business combinations and investments							3,300,000
Issuance of shares under business combinations and investments, Value							$ 37,700,000

XML

Intangible Assets And Goodwill - Summary Of Intangible Assets (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2020	Jan. 01, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 462,253,283	$ 90,905,693
Adjustments to Purchase Price Allocation	1,695,009
Additions from acquisitions	6,326,523	371,347,590
Finite-Lived Intangible Assets, Gross	470,274,815	462,253,283	$ 90,905,693
Finite-Lived Intangible Assets, Accumulated Amortization	27,006,385	2,540,015
Amortization	37,026,396	24,466,370	2,496,955
Finite-Lived Intangible Assets, Accumulated Amortization	64,032,781	27,006,385	2,540,015
Finite-Lived Intangible Assets, Net	406,242,034	435,246,898		$ 435,246,898	$ 88,365,678
Licenses And Permits [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	336,954,213	89,705,213
Adjustments to Purchase Price Allocation	(145,000)
Additions from acquisitions	6,326,523	247,249,000
Finite-Lived Intangible Assets, Gross	343,135,736	336,954,213	89,705,213
Finite-Lived Intangible Assets, Accumulated Amortization	18,477,500	2,322,715
Amortization	23,516,095	16,154,785
Finite-Lived Intangible Assets, Accumulated Amortization	41,993,595	18,477,500	2,322,715
Finite-Lived Intangible Assets, Net	301,142,141	318,476,713		318,476,713	87,382,498
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	97,455,590	360,000
Adjustments to Purchase Price Allocation	1,840,009
Additions from acquisitions		97,095,590
Finite-Lived Intangible Assets, Gross	99,295,599	97,455,590	360,000
Finite-Lived Intangible Assets, Accumulated Amortization	4,121,800
Amortization	9,333,378	4,121,800
Finite-Lived Intangible Assets, Accumulated Amortization	13,455,178	4,121,800
Finite-Lived Intangible Assets, Net	85,840,421	93,333,790		93,333,790	360,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	25,258,000	820,000
Adjustments to Purchase Price Allocation
Additions from acquisitions		24,438,000
Finite-Lived Intangible Assets, Gross	25,258,000	25,258,000	820,000
Finite-Lived Intangible Assets, Accumulated Amortization	3,932,416	204,500
Amortization	3,650,589	3,727,916
Finite-Lived Intangible Assets, Accumulated Amortization	7,583,005	3,932,416	204,500
Finite-Lived Intangible Assets, Net	17,674,995	21,325,584		21,325,584	615,500
Non Competition Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	2,585,480	20,480
Adjustments to Purchase Price Allocation
Additions from acquisitions		2,565,000
Finite-Lived Intangible Assets, Gross	2,585,480	2,585,480	20,480
Finite-Lived Intangible Assets, Accumulated Amortization	474,669	12,800
Amortization	526,334	461,869
Finite-Lived Intangible Assets, Accumulated Amortization	1,001,003	474,669	$ 12,800
Finite-Lived Intangible Assets, Net	$ 1,584,477	$ 2,110,811		$ 2,110,811	$ 7,680

XML

Intangible Assets And Goodwill - Additional Information (Detail) - USD ($)			12 Months Ended
	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amortization			$ 37,026,396	$ 24,466,370	$ 2,496,955
Measurement period adjustment in intangible assets			1,840,009
Increased in Intangible assets			6,326,523
Adjustments to Purchase Price Allocations			(2,003,275)	4,672,521
Goodwil acquired			9,615,751
Advanced Grow Labs LLC [Member]
Goodwil acquired				61,328,599
RetailSegment [Member] | Fiorello Pharmaceuticals Inc [Member]
Adjustments to Purchase Price Allocations			1,000,000
Consumer Packaged Goods Segments [Member] | For Success Holdings Companys [Member]
Adjustments to Purchase Price Allocations			1,687,700
Consumer Packaged Goods Segments [Member] | Advanced Grow Labs LLC [Member]
Adjustments to Purchase Price Allocations			1,507,000
Trade Names [Member]
Amortization			9,333,378	$ 4,121,800
Trade Names [Member] | RetailSegment [Member]
Acquired Finite-Lived Intangible Asset, Useful Life	7 years	15 years
Finite-Lived Intangible Asset, Amortization Expense From Year Two To Five			5,161,946
Finite Lived Intangible Assets, Reduction In amortization expense			$ 25,809,730

XML

Intangible Assets And Goodwill - Summary Of Estimated Annual Amortization Expense Related To Intangible Assets (Detail) - USD ($)	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019
Finite Lived Intangible Assets Future Amortization Expense [Line Items]
2021	$ 39,194,333
2022	38,763,593
2023	38,680,777
2024	38,099,444
2025	38,001,777
Thereafter	213,502,110
Finite-Lived Intangible Assets, Net	406,242,034	$ 435,246,898	$ 435,246,898	$ 88,365,678
Previously Reported [Member]
Finite Lived Intangible Assets Future Amortization Expense [Line Items]
2021	34,032,387
2022	33,601,647
2023	33,518,831
2024	32,937,498
2025	32,839,831
Thereafter	239,311,840
Finite-Lived Intangible Assets, Net	406,242,034
Intangible Assets, Amortization Period [Member] | Restatement Adjustment [Member]
Finite Lived Intangible Assets Future Amortization Expense [Line Items]
2021	5,161,946
2022	5,161,946
2023	5,161,946
2024	5,161,946
2025	5,161,946
Thereafter	$ (25,809,730)

XML

Intangible Assets And Goodwill - Summary Of Goodwill And Intangible Assets Disclosure (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Balance at beginning	$ 375,084,991	$ 39,204,360
Acquisitions	9,615,751
Adjustments to Purchase Price Allocations	(2,003,275)	4,672,521
Balance at end	382,697,467	375,084,991
Advanced Grow Labs LLC [Member]
Goodwill [Line Items]
Acquisitions		61,328,599
Balance at end	59,821,599
Integral Associates LLC [member]
Goodwill [Line Items]
Acquisitions		115,979,323
Balance at end	115,979,323
Other Acquisitions [Member]
Goodwill [Line Items]
Acquisitions		153,900,188
Balance at end	153,403,913
Retail Segment [Member]
Goodwill [Line Items]
Balance at beginning	119,873,759	15,286,360
Acquisitions	9,615,751
Adjustments to Purchase Price Allocations	1,191,425	8,238,806
Balance at end	130,680,935	119,873,759
Retail Segment [Member] | Advanced Grow Labs LLC [Member]
Goodwill [Line Items]
Acquisitions		16,756,250
Retail Segment [Member] | Integral Associates LLC [member]
Goodwill [Line Items]
Acquisitions		46,655,753
Retail Segment [Member] | Other Acquisitions [Member]
Goodwill [Line Items]
Acquisitions		32,936,590
Consumer Packaged Goods Segment [Member]
Goodwill [Line Items]
Balance at beginning	255,211,232	23,918,000
Adjustments to Purchase Price Allocations	(3,194,700)	(3,566,285)
Balance at end	$ 252,016,532	255,211,232
Consumer Packaged Goods Segment [Member] | Advanced Grow Labs LLC [Member]
Goodwill [Line Items]
Acquisitions		44,572,349
Consumer Packaged Goods Segment [Member] | Integral Associates LLC [member]
Goodwill [Line Items]
Acquisitions		69,323,570
Consumer Packaged Goods Segment [Member] | Other Acquisitions [Member]
Goodwill [Line Items]
Acquisitions		$ 120,963,598

XML

Investments - Schedule Of Long Term Investments (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Longterm Investments [Line Items]
Beginning balance	$ 14,068,821	$ 40,933,283
Additions	525,000
Disposals	(169,818)
Fair value adjustments	26,370,803	(5,459,462)	$ 4,797,283
Applied to consideration in business combination		(21,405,000)
Ending balance	40,794,806	14,068,821	40,933,283
Convertible Debt Securities [member]
Longterm Investments [Line Items]
Beginning balance	7,533,000	30,336,000
Conversion of notes receivable	(7,533,000)
Fair value adjustments		(1,398,000)
Applied to consideration in business combination		(21,405,000)
Ending balance		7,533,000	30,336,000
Equity Securities [member]
Longterm Investments [Line Items]
Beginning balance	6,535,821	10,597,283
Additions	525,000
Disposals	(169,818)
Conversion of notes receivable	7,533,000
Fair value adjustments	26,370,803	(4,061,462)
Ending balance	$ 40,794,806	$ 6,535,821	$ 10,597,283

XML

Investments - Schedule Of Fair Value Measurement Inputs and Valuation Techniques (Detail)	Dec. 31, 2019
Risk free rate | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	2.46
Risk free rate | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	1.58
Equity Volatility | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	106
Equity Volatility | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	58
Market Yield | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	18
Market Yield | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	15
Probability of Qualified Financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	0
Probability of Sale
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	30
Probability of No Event
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment, measurement input	70

XML

Investments - Additional Information (Detail) - USD ($)		1 Months Ended	12 Months Ended
	Aug. 01, 2020	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)			$ 26,370,803	$ (5,459,462)	$ 4,797,283
Equity method investment, ownership percentage				6.00%
Stock Issued During Period, Shares, Conversion of Units	613,875
Loss on the fair value of the preferred shares	$ (6,503,711)
Equity Securities, FV-NI, Gain (Loss)			26,370,803	$ (4,061,462)	$ 4,797,283
Equity interest, fair value disclosure			37,249,189	4,900,000
Cannabis Companies [Member]
Investments [Line Items]
Equity interest, fair value disclosure			40,794,806	$ 14,068,821
Market Interest Rate [member]
Investments [Line Items]
Alternative investment, measurement input				18
Implied Volatility [member]
Investments [Line Items]
Alternative investment, measurement input				58
Fair Value, Inputs, Level 3 [member]
Investments [Line Items]
Preferred stock fair value disclosure			1,029,289
Investment in convertible note, Fair value disclosure				$ 7,533,000
Subsequent Event [member]
Investments [Line Items]
Proceeds from sale of equity interest in privately held entity		$ 18,112,500
Other Operating Income Expense [member]
Investments [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)			$ 32,349,189

XML

Leases - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 05, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 01, 2020	Mar. 06, 2020	Jan. 31, 2020	Nov. 12, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease expense		$ 26,287,253	$ 7,291,154	$ 1,901,000
Operating lease right of use asset		140,382,781	63,647,812
Operating lease liability		150,288,870
Payments to acquire property plant and equipment		$ 59,796,992	88,557,016	27,432,847
Danville Cultivation and Processing Facility [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Sale Leaseback Transaction, Net Book Value								$ 20,300,000
Sale leaseback certain improvements agreed to provide reimbursement								19,300,000
Sale leaseback investment amount								39,600,000
Operating lease right of use asset								28,927,235
Operating lease liability								$ 28,927,235
Toledo Ohio Cultivation and Processing Facility [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease term		20 years
Sale Leaseback Transaction, Net Book Value					$ 32,200,000		$ 2,900,000
Operating lease right of use asset					28,134,327
Operating lease liability					28,134,327
Sale leaseback investment additional amount					$ 25,000,000
Lessee, Operating Lease, Term of Contract		20 years
Oglesby Cultivation and Processing Facility [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease term						16 years
Sale Leaseback Transaction, Net Book Value						$ 9,000,000
Sale leaseback certain improvements agreed to provide reimbursement						41,000,000
Sale leaseback investment amount						50,000,000
Operating lease right of use asset						42,235,807
Operating lease liability						$ 42,235,807
Lessee, Operating Lease, Term of Contract						16 years
Mosaic Real Estate Joliet LLC [Member] | Building and Building Improvements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Payments to acquire property plant and equipment	$ 1,814,000
Florida And Lllinois [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease expense		$ 1,363,673	$ 1,230,350	$ 515,064
NV
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease expense		$ 136,107
Maximum [Member] | Florida And Lllinois [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease term		15 years
Lessee, Operating Lease, Term of Contract		15 years
Maximum [Member] | Maryland Nevada and Massachusetts [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease term		15 years
Lessee, Operating Lease, Term of Contract		15 years
Minimum [Member] | Florida And Lllinois [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease term		7 years
Lessee, Operating Lease, Term of Contract		7 years
Minimum [Member] | Maryland Nevada and Massachusetts [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease term		7 years
Lessee, Operating Lease, Term of Contract		7 years

XML

Leases - Schedule Of Other Information Related To Operating Leases (Detail)	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	12 years 1 month 6 days	7 years 5 months 1 day
Weighted average discount rate	13.70%	12.00%

XML

Leases - Lessee Operating Lease Liability Maturity (Detail)	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
2021	$ 25,316,762
2022	26,824,253
2023	26,728,281
2024	26,112,596
2025	24,016,922
2026 and Thereafter	251,892,066
Total Lease Payments	380,890,880
Less: Interest	(230,602,010)
Present Value of Lease Liability	150,288,870
Third Party [Member]
Lessee, Lease, Description [Line Items]
2021	24,009,579
2022	25,487,123
2023	25,360,510
2024	24,856,882
2025	22,834,433
2026 and Thereafter	242,729,225
Total Lease Payments	365,277,752
Less: Interest	(223,015,394)
Present Value of Lease Liability	142,262,358
Related Party [Member]
Lessee, Lease, Description [Line Items]
2021	1,307,183
2022	1,337,130
2023	1,367,771
2024	1,255,714
2025	1,182,489
2026 and Thereafter	9,162,841
Total Lease Payments	15,613,128
Less: Interest	(7,586,616)
Present Value of Lease Liability	$ 8,026,512

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Notes Payable - Schedule of Debt (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total notes payable	$ 99,054,979	$ 91,346,869
Less: current portion of notes payable	(341,983)	(206,675)
Notes payable, net of current portion	98,712,996	91,140,194
Acquired Debt [member]
Debt Instrument [Line Items]
Total notes payable	717,430	970,957
Private Placement Debt [member]
Debt Instrument [Line Items]
Total notes payable	94,955,094	$ 90,375,912
Rise Joliet Mortgage [Member]
Debt Instrument [Line Items]
Total notes payable	1,598,972
Rise Lakewood mortgage [member]
Debt Instrument [Line Items]
Total notes payable	823,483
Rise Mundelein Mortgage [member]
Debt Instrument [Line Items]
Total notes payable	$ 960,000

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Notes Payable - Schedule of Debt (Parenthetical) (Detail) - USD ($)					12 Months Ended
	Dec. 06, 2020	Aug. 20, 2020	Jun. 05, 2020	May 22, 2019	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Charitable Contribution Quarterly Payment					$ 50,000
Charitable Contribution, Date Of Last Payment					October 2024
Debt Instrument Interest Rate						2.17%
Private Placement Debt [member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate						12.00%
Debt Issuance Date				May 22, 2019
Debt face value				$ 105,466,429
Debt Maturity Date				May 22, 2023
Debt Instrument Carrying Amount						$ 10,511,335	$ 15,090,517
Rise Joliet Mortgage [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate						5.00%
Debt Issuance Date			Jun. 05, 2020
Debt face value			$ 1,814,000
Debt Maturity Date			Jun. 05, 2035
Debt Instrument Carrying Amount						$ 174,222
Debt Instrument, Annual Principal Payment						$ 40,806
Rise Lakewood mortgage [member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate						7.25%
Debt Issuance Date		Aug. 20, 2020
Debt face value		$ 833,000
Debt Maturity Date		Aug. 20, 2025
Debt Instrument, Annual Principal Payment						$ 9,517
Rise Mundelein Mortgage [member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate						6.95%
Debt Issuance Date	Dec. 06, 2020
Debt face value	$ 960,000
Debt Maturity Date	Dec. 06, 2025

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Notes Payable - Additional Information (Detail)								12 Months Ended
	Dec. 06, 2020 USD ($)	Aug. 20, 2020 USD ($)	Jun. 05, 2020 USD ($) shares	May 21, 2020 USD ($) $ / shares shares	Nov. 09, 2019 USD ($) $ / shares shares	May 22, 2019 USD ($) $ / shares shares	Apr. 12, 2019 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares
Mortage loan interest rate								2.17%
Debt held by related parties								1.00%
Debt held by unrelated third-parties								99.00%
Proceeds from Issuance of Private Placement										$ 66,805,295
Number of warrants or rights outstanding | shares								2,520,794	2,406,811	0
Amortization of Debt Issuance Costs and Discounts								$ 5,158,618	$ 5,177,775
Number of Shares, Granted | shares				84,924
Weighted Average Exercise Price, Granted | $ / shares				$ 14.03
Mortgage On Joliet Illinois Dispensary [Member]
Mortgage Loans			$ 1,814,000
Mortage loan interest rate			5.00%
Maturity date			Jun. 05, 2035
Mortgage On Lakewood Ohio Dispensary [Member]
Mortgage Loans		$ 833,000
Mortage loan interest rate		7.25%
Maturity date		Aug. 20, 2025
Mortgage On Mundelein Lllinois Property [member]
Mortgage Loans	$ 960,000
Mortage loan interest rate	6.95%
Maturity date	Dec. 06, 2025
Bridge Notes [member]
Proceeds from Issuance of Private Placement							$ 12,500,000
Warrants and Rights Outstanding, Term							42 months
Debt Instrument, Unamortized Discount							$ 2,291,189
Debt Instrument, Periodic Payment						$ 12,645,833
Line of Credit Facility, Increase, Accrued Interest						$ 2,291,189
Modification of Private Placement Financing [member]
Mortage loan interest rate					12.16%	12.00%
Warrants and Rights Outstanding, Term						60 months
Debt Instrument, Unamortized Discount						$ 2,304,874
LIBOR Interest Rate period					360 days
Number of Base Points					16
Debt Instrument, Face Amount					$ 150,000,000	130,000,000
Debt Instrument, Repurchase Amount						$ 24,533,571
Debt Instrument, Payment Terms						12 months
Amortization of Debt Issuance Costs and Discounts								1,450,591	2,204,874
Extension of Private Placement Financing [member]
Maturity date				May 22, 2023
Debt Instrument, Unamortized Discount				$ 572,386
Amortization of Debt Issuance Costs and Discounts								455,960
Private Placement Financing [member]
Accretion Expense					$ 430,704
Mortage loan interest rate					12.00%	12.16%
Proceeds from Issuance of Private Placement						$ 10,566,429
Number of warrants or rights outstanding | shares					1,822,771
Exercise price per share | $ / shares					$ 19.39
Warrants and Rights Outstanding, Term					60 months
Debt Instrument, Unamortized Discount					$ 16,202,934
Amortization of Debt Issuance Costs and Discounts								$ 8,604,784	$ 12,885,643
Professional Fees					$ 228,761
Debt Instrument, Term					365 days
Private Placement Financing [member] | Maximum [member]
Debt to equity ratio					1.0
Debt to EBITDA ratio					1.0
Private Placement Financing [member] | Minimum [member]
Debt to equity ratio					0.6
Debt to EBITDA ratio					4.5
Warrant | Mortgage On Joliet Illinois Dispensary [Member]
Warrants issued | shares			35,000
Warrants issued, Value			$ 181,272
Subordinate Voting Shares [Member] | Bridge Notes [member]
Number of warrants or rights outstanding | shares							218,964
Exercise price per share | $ / shares							$ 22.90
Subordinate Voting Shares [Member] | Modification of Private Placement Financing [member]
Number of warrants or rights outstanding | shares						365,076
Exercise price per share | $ / shares						$ 12.04

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Warrants - Schedule of Stockholders' Equity Note, Warrants or Rights (Detail)		12 Months Ended
	May 21, 2020 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares
Class of Warrant or Right [Line Items]
Number of Shares, Beginning Balance		2,406,811	2,406,811	0
Number of Shares, Granted	84,924
Number of Shares, Exercised	84,924
Number of Shares, Ending Balance		2,520,794	2,520,794	2,406,811
Weighted Average Exercise Price, Granted | $ / shares	$ 14.03
Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of Shares, Beginning Balance		2,406,811	2,406,811
Number of Shares, Ending Balance		2,485,794	2,485,794	2,406,811
Weighted Average Exercise Price, Beginning Balance | $ / shares		$ 18.59
Weighted Average Exercise Price, Ending Balance | $ / shares		$ 18.45		$ 18.59
Weighted Average Contractual Life, Beginning Balance		4 years 10 months 9 days	4 years 10 months 9 days
Weighted Average Contractual Life, Ending Balance		4 years 10 months 13 days	4 years 10 months 13 days	4 years 10 months 9 days
Equity Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of Shares, Ending Balance		35,000	35,000
Weighted Average Exercise Price, Ending Balance | $ / shares			$ 9.10
Weighted Average Contractual Life, Ending Balance		5 years	5 years
Additional Modification Warrants [member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of Shares, Granted		84,924	84,924
Number of Shares, Exercised		84,924	84,924
Weighted Average Exercise Price, Granted | $ / shares		$ 14.03
Weighted Average Contractual Life, Granted		5 years	5 years
Dispensary Mortgage Warrants [member] | Equity Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of Shares, Granted		35,000	35,000
Number of Shares, Exercised		35,000	35,000
Number of Shares, Ending Balance		35,000	35,000
Weighted Average Exercise Price, Granted | $ / shares			$ 9.10
Weighted Average Contractual Life, Granted		5 years	5 years
Warrants Exercised [Member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of Shares, Granted		(5,941)	(5,941)
Number of Shares, Exercised		(5,941)	(5,941)
Weighted Average Exercise Price, Granted | $ / shares		$ 12.42
Weighted Average Contractual Life, Granted		5 years	5 years
Bridge Financing Warrants [member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of Shares, Granted				218,964
Number of Shares, Exercised				218,964
Number of Shares, Ending Balance		218,964	218,964
Weighted Average Exercise Price, Granted | $ / shares				$ 22.90
Weighted Average Contractual Life, Granted				3 months 25 days
Private Placement Financing Warrants [member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of Shares, Granted				1,822,771
Number of Shares, Exercised				1,822,771
Number of Shares, Ending Balance		1,822,771	1,822,771
Weighted Average Exercise Price, Granted | $ / shares				$ 19.39
Weighted Average Contractual Life, Granted				3 years 9 months 14 days
Modification Warrants [member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of Shares, Granted				365,076
Number of Shares, Exercised				365,076
Number of Shares, Ending Balance		360,256	360,256
Weighted Average Exercise Price, Granted | $ / shares				$ 12.04
Weighted Average Contractual Life, Granted				9 months

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Warrants - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 05, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018
Class of Warrant or Right [Line Items]
Warrants Issued	35,000				285,000
Warrant Liability					$ 900,000
Proceeds from issuance of notes payable			$ 117,435,724	$ 825,000
Number of warrants or rights outstanding		2,520,794	2,406,811	0
Fair Value Adjustment of Warrants		$ (23,001,771)	$ 4,159,687	$ 37,765,718
Note Purchase Agreement Warrants [Member]
Class of Warrant or Right [Line Items]
Stock issued during period, shares, new issues		2,491,735	2,491,735
Number of warrants or rights outstanding		2,485,794
Rise Joliet Mortgage [Member]
Class of Warrant or Right [Line Items]
Proceeds from issuance of notes payable	$ 1,814,000
Equity Classified Warrant [member]
Class of Warrant or Right [Line Items]
Number of warrants or rights outstanding		35,000
Equity Classified Warrant [member] | Additional Modification Warrants [member]
Class of Warrant or Right [Line Items]
Warrant Liability		$ 181,272

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Warrants - Schedule Of Fair Value Of Warrant Liability (Detail)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 shares	Apr. 30, 2018 $ / shares
Class of Warrant or Right [Line Items]
Strike Price | $ / shares					$ 7.75
Warrants Outstanding	2,520,794		2,406,811	0
Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Warrants Outstanding	2,485,794		2,406,811
Warrant Liability | $	$ 39,454,000		$ 15,879,843
Bridge Financing Warrants [member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Strike Price | $ / shares		$ 22.90
Warrants Outstanding	218,964
Warrant Liability | $	$ 2,544,500		1,385,400
Private Placement Financing Warrants [member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Strike Price | $ / shares		19.39
Warrants Outstanding	1,822,771
Warrant Liability | $	$ 28,756,500		12,189,169
Modification Warrants [member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Strike Price | $ / shares		12.04
Warrants Outstanding	360,256
Warrant Liability | $	$ 6,630,000		$ 2,305,274
Additional Modification Warrants [member] | Liability Classified Warrant [member]
Class of Warrant or Right [Line Items]
Strike Price | $ / shares		$ 14.03
Warrants Outstanding	83,803
Warrant Liability | $	$ 1,523,000

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Warrants - Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Warrant Liability (Detail) - Liability Classified Warrant [member]	Dec. 31, 2020	Dec. 31, 2019
Volatility | Maximum [member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	79.10	123.64
Volatility | Minimum [member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	72.19	117.43
Remaining Term | Maximum [member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.39	4.86
Remaining Term | Minimum [member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.78	2.78
Risk Free Rate | Maximum [member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.28	1.69
Risk Free Rate | Minimum [member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.20	1.68

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Warrants - Fair Value Of The Equity Classified Warrants (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018
Class of Warrant or Right [Line Items]
Strike Price				$ 7.75
Warrants Outstanding	2,520,794	2,406,811	0
Warrant Liability				$ 900,000
Equity Classified Warrant [member]
Class of Warrant or Right [Line Items]
Warrants Outstanding	35,000
Dispensary Mortgage Warrants [member] | Equity Classified Warrant [member]
Class of Warrant or Right [Line Items]
Strike Price	$ 9.10
Warrants Outstanding	35,000
Warrant Liability	$ 181,272

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Warrants - Summarizes The Significant Assumptions Used In Determining The Fair Value Of The Equity Classified Warrants (Detail) - Equity Classified Warrant [member]	Dec. 31, 2020 yr	Dec. 31, 2019 yr
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	80
Remaining Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	5
Risk Free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.37

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Share Capital - Schedule of Common Stock Outstanding Roll Forward (Detail) - USD ($)			12 Months Ended
	Jun. 07, 2019	Jan. 01, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Noncontrolling interests adjustment for change in ownership			$ 0	$ (1,128,776)	$ (36,970,608)
Distribution of contingent consideration			2,713,463
Issuance of shares for redemption of noncontrolling interests				$ 25,420,009	4,093,718
Issuance of shares upon exercise of options and warrants			$ 1,640,147		906,296
Issuance of shares for professional fees					$ 59,788,076
Subordinate Voting Shares [member]
Class of Stock [Line Items]
Beginning balance		43,920,131	128,999,964	43,920,131
Issuance of shares under business combinations and investments	1,233,014	542,416	1,752,065	45,571,444
Distribution of contingent consideration			2,713,463
Distribution of deferred shares			1,220,548
Issuance of shares for redemption of noncontrolling interests				$ 2,498,404
Issuance of shares upon exercise of options and warrants			$ 171,813	1,165,630
Issuances of shares upon vesting of RSUs			923,468
Issuance of shares upon exercise of broker options				114,080
Issuance of shares for professional fees				$ 19,875
Exchange of shares			42,331,900	35,710,400
Ending balance			178,113,221	128,999,964	43,920,131
Multiple Voting Shares [member]
Class of Stock [Line Items]
Beginning balance		677,230	373,350	677,230
Noncontrolling interests adjustment for change in ownership				$ 31,000
Exchange of shares			(333,061)	(334,880)
Ending balance			40,289	373,350	677,230
Super Voting Shares [member]
Class of Stock [Line Items]
Beginning balance		424,513	402,289	424,513
Exchange of shares			(90,258)	(22,224)
Ending balance			312,031	402,289	424,513

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Share Capital - Share-based Payment Arrangement, Option, Activity (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Balance | shares	3,839,017	1,677,192
Number of Share, Granted | shares	2,604,511
Number of Shares, Exercised | shares	(165,872)
Number of Shares, Forfeited | shares	(613,250)
Number of Share, Vested | shares	1,749,365
Number of Shares, Ending Balance | shares	5,664,406	3,839,017
Number of Share, Exercisable | shares	1,532,282
Weighted Average Exercise Price, Balance | $ / shares	$ 13.21
Weighted Average Exercise Price, Granted | $ / shares	10.36
Weighted Average Exercise Price, Exercised | $ / shares	12.72
Weighted Average Exercise Price, Forfeited | $ / shares	13.27
Weighted Average Exercise Price, Vested | $ / shares	13.37
Weighted Average Exercise Price, Ending Balance | $ / shares	$ 11.91	$ 13.21
Weighted Average Exercise Price, Exercisable | $ / shares			$ 13.22
Weighted Average Contractual Life, Balance	4 years 4 months 20 days	5 years 6 months 25 days
Weighted Average Contractual Life, Exercisable	5 years 25 days
Aggregate Intrinsic Value, Balance | $	$ 85,408,034	$ 218,234
Aggregate Intrinsic Value, Exercisable | $	$ 21,590,351

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Share Capital - summary of deferred shares held by the Company (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Units	179,300	1,367,643
Value	$ 2,587,317	$ 16,587,798
Advanced Grow Labs, LLC [member]
Date of Transaction	Feb. 12, 2019
Units		472,500
Value		$ 5,380,000
For Success Holding Company [member]
Date of Transaction	Feb. 21, 2019
Units	147,095	793,448
Value	$ 1,835,330	$ 9,900,000
Rise Canton [Member]
Date of Transaction	May 15, 2019
Units		101,695
Value		$ 1,307,798
Southern CT Wellness and Healing [Member]
Date of Transaction	Dec. 18, 2020
Units	32,205
Value	$ 751,987

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Share Capital - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Risk-free interest rate, Minumum	0.31%	1.18%
Risk-free interest rate, Maximum	1.37%	1.84%
Expected dividend yield	0.00%	0.00%
Expected volatility, Minumum		80.00%
Expected volatility, maximum		100.00%
Expected volatility	80.00%
Minimum [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expected option life	3 years	3 years
Maximum [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expected option life	5 years	5 years

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Share Capital - Non-vested Restricted Stock Shares Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Balance	1,399,762	1,589,000
Number of Shares, Granted	286,880
Number of Shares, Forfeited	(73,834)
Number of Shares, Vested	(923,468)
Number of Shares, Balance	689,340	1,399,762	1,589,000
Weighted Average Grant Date Fair Value, Balance	$ 9.30
Weighted Average Grant Date Fair Value, Granted	13.90	$ 11.70	$ 10.28
Weighted Average Grant Date Fair Value, Forfeited	15.85
Weighted Average Grant Date Fair Value, Vested	15.21
Weighted Average Grant Date Fair Value, Balance	$ 16.77	$ 9.30

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Share Capital - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	$ 19,336,718	$ 18,285,377	$ 6,625,071
Stock options expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	10,937,768	6,393,277	1,876,627
RSU Expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation Expense	$ 8,398,950	$ 11,892,100	$ 4,748,444

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Share Capital - Schedule of Business Acquisitions of Contingent Consideration (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($) shares
Issuance of shares under business combinations and investments | shares	2,713,463
Stock Issued During Period, Value, Acquisitions | $	$ 22,885,813
Advanced Grow Labs, LLC [member]
Business Acquisition, Date of Transaction	Feb. 12, 2019
Issuance of shares under business combinations and investments | shares	1,396,533
Stock Issued During Period, Value, Acquisitions | $	$ 11,544,855
For Success Holdings Company [Member]
Business Acquisition, Date of Transaction	Feb. 21, 2019
Issuance of shares under business combinations and investments | shares	779,690
Stock Issued During Period, Value, Acquisitions | $	$ 6,686,432
Integral Associates, LLC [Member]
Business Acquisition, Date of Transaction	Jun. 05, 2019
Issuance of shares under business combinations and investments | shares	537,240
Stock Issued During Period, Value, Acquisitions | $	$ 4,654,526

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Share Capital - Additional of Information (Detail) - USD ($)												1 Months Ended	12 Months Ended
	Dec. 18, 2020	Aug. 31, 2020	Aug. 26, 2020	Aug. 12, 2020	Jun. 29, 2020	May 15, 2020	May 07, 2020	Jun. 07, 2019	Apr. 23, 2019	Feb. 12, 2019	Jan. 01, 2019	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 10, 2020	Dec. 29, 2019	Apr. 22, 2019	Apr. 19, 2019
Voting Rights												consolidated its existing common shares on the basis of one Subordinate Voting Share for each 368 existing common shares of the Company.
Issuance of shares under business combinations and investments, Value															$ 2,800,000
Accrued liabilities													$ 400,413
Issuance of shares under contingent consideration													2,713,463
Redeemable Noncontrolling Interest, Equity, Fair Value		$ 11,200,000
Noncontrolling partners interest periodic increase decrease		(8,878,940)					$ (2,000,000)
Reduction of Non controlling interest													$ 2,788,500		17,088,284
Current liability													119,288,435	$ 111,367,255
Stock Issued During Period, Value, New Issues													751,987
Noncontrolling Interest [Member]
Reduction of Non controlling interest													2,788,500		$ 14,821,657
Percentage of voting equity interests acquired																		33.00%
Stock Issued During Period, Value, New Issues													$ 0
George Management Ltd [member]
Cash								$ 5,150,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable								1,650,000
Maximum [Member]
Noncontrolling partners interest periodic increase decrease		$ 20,078,940
Maximum [Member] | George Management Ltd [member]
Percentage of voting equity interests acquired																			60.00%
Ohio Investors 2017 LLC [Member]
Reduction of Non controlling interest														$ 4,198,173
Derivative liability								$ 4,526,401
Ohio Investors 2017 LLC [Member] | George Management Ltd [member]
Percentage of voting rights acquired								59.00%
Current liability																	$ 5,500,000
Ohio Investors 2017 LLC [Member] | Minimum [Member]
Percentage of voting rights acquired								40.00%									59.00%
Ohio Investors 2017 LLC [Member] | Maximum [Member]
Percentage of voting rights acquired								59.00%									60.00%
KW Ventures LLC [Member]
Percentage of voting rights acquired															100.00%
Advanced Grow Labs LLC [Member]
Issuance of shares under contingent consideration													1,396,533
Percentage of voting rights acquired										100.00%
Southern CT Wellness and Healing [member]
Issuance of shares under business combinations and investments	197,826
Issuance of shares under business combinations and investments, Value	$ 751,987
Percentage of voting rights acquired	100.00%
Stock issued during period deferred share acquisition	32,205
GTI Core LLC [Member] | Minimum [Member]
Percentage of voting rights acquired																			59.00%
GTI New Jersey, LLC [Member]
Percentage of voting rights acquired									33.00%
Reduction of Non controlling interest									$ 570,078
Multiple Voting Shares [Member]
Conversion of Stock, Shares Issued													(333,061)	(334,880)
Common Stock, Shares, Outstanding													40,289	373,350	677,230
Multiple Voting Shares [Member] | Conversion Of Multiple Voting Shares [member]
Conversion Of Stock, Shares Converted													333,061
Voting Rights													100
Subordinate Voting Shares [Member]
Conversion of Stock, Shares Issued													42,331,900	35,710,400
Common Stock, Shares, Outstanding													178,113,221	128,999,964	43,920,131
Issuance of shares under business combinations and investments								1,233,014			542,416		1,752,065	45,571,444
Issuance of shares under business combinations and investments, Value	$ 5,400,000							$ 13,854,550			$ 4,355,078
Issuance of shares under contingent consideration													2,713,463
Stock Repurchased During Period, Shares											48,450
Stock Issued During Period, Value, New Issues									$ 1,000,000
Shares, Issued, Value																$ 400,413
Subordinate Voting Shares [Member] | Rise Canton [Member]
Issuance of shares under business combinations and investments						101,695
Issuance of shares under business combinations and investments, Value						$ 1,307,798
Subordinate Voting Shares [Member] | MC Brands LLC [Member]
Issuance of shares under business combinations and investments					190,000
Issuance of shares under business combinations and investments, Value					$ 1,840,009
Subordinate Voting Shares [Member] | Ohio Investors 2017 LLC [Member]
Issuance of shares under business combinations and investments		1,315,789
Issuance of shares under business combinations and investments, Value		$ 20,078,940
Subordinate Voting Shares [Member] | Advanced Grow Labs LLC [Member]
Issuance of shares under business combinations and investments				472,500						7,300,000
Issuance of shares under business combinations and investments, Value				$ 538,000						$ 85,100,000
Subordinate Voting Shares [Member] | Success Holdings [Member]
Issuance of shares under business combinations and investments			646,353
Issuance of shares under business combinations and investments, Value			$ 8,064,668
Subordinate Voting Shares [Member] | Southern CT Wellness and Healing [member]
Issuance of shares under business combinations and investments	230,031
Issuance of shares under business combinations and investments, Value	$ 4,619,237
Subordinate Voting Shares [Member] | GTI New Jersey, LLC [Member]
Issuance of shares under business combinations and investments									671,317
Issuance of shares under business combinations and investments, Value									$ 5,766,613
Subordinate Voting Shares [Member] | GTII Stock and Incentive Plan [Member]
Percentage of maximum number of shares issued under the plan												10.00%
Subordinate Voting Shares [Member] | Conversion Of Multiple Voting Shares [member]
Conversion of Stock, Shares Issued													33,306,100
Shares Available For Conversion													4,028,900
Subordinate Voting Shares [Member] | Conversion Of Super Voting Shares [member]
Conversion of Stock, Shares Issued													9,025,800
Super Voting Shares [Member]
Conversion of Stock, Shares Issued													(90,258)	(22,224)
Common Stock, Shares, Outstanding													312,031	402,289	424,513
Super Voting Shares [Member] | Conversion Of Super Voting Shares [member]
Conversion Of Stock, Shares Converted													90,258
Voting Rights													1,000
Shares Available For Conversion													31,203,100

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Share Capital - Summary Of Weighted Average Grant Date Fair Value And Intrinsic Value Of Options Exercised (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 $ / shares	Dec. 31, 2019 USD ($)	Dec. 31, 2019 $ / shares	Dec. 31, 2018 USD ($)	Dec. 31, 2018 $ / shares
Stockholders' Equity Note [Abstract]
Weighted average grant date fair value (per share) of stock option units granted (CAD) | $ / shares		$ 6.58		$ 8.06		$ 10.85
Intrinsic value of stock option units exercised, using market price at exercise date (USD) | $	$ 1,184,089		$ 88,010		$ 31,604

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Share Capital - Summary Of Weighted Average Grant Date Fair Value And Total Fair Value Of RSUs Vested (Detail) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 $ / shares	Dec. 31, 2019 USD ($)	Dec. 31, 2019 $ / shares	Dec. 31, 2018 $ / shares
Weighted Average Grant Date Fair Value And Total Fair Value Of RSUs Vested [Line Items]
Weighted average grant date fair value (per share) of RSUs granted (CAD) | $ / shares		$ 13.90		$ 11.70	$ 10.28
Total fair value of RSUs vested, using market price at vest date (USD) | $	$ 9,076,673		$ 13,522,284

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Income Taxes - Summary of Income Tax Expenses (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 65,118,212	$ 18,095,946	$ 2,842,696
State	16,640,086	4,665,000	279,899
Foreign
Total Current	81,758,298	22,760,946	3,122,595
Deferred:
Federal	3,520,293	(12,535,000)	3,330,000
State	(1,425,789)	(881,913)	731,000
Foreign
Total Deferred	2,094,504	(13,416,913)	4,061,000
Total	$ 83,852,802	$ 9,344,033	$ 7,183,595

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Income Taxes - Summary of Difference Between The Income Tax Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income/(Loss) before Income Taxes	$ 102,930,722	$ (50,202,837)	$ 29,751,374
Statutory Tax Rates	21.00%	21.00%	21.00%
Expense/(Recovery) based on Statutory Rates	$ 21,615,452	$ (10,542,596)	$ 6,247,788
Pass-throughs and Non-controlling Interests		49,203	(1,062,111)
State Taxes	14,836,807	(1,536,694)	(279,899)
Provision to Return Adjustment	5,299,091	(1,209,592)	53,304
Adjustments for Stock Compensation	(211,132)	(1,952,083)
Non-deductible Expenses	27,570,364	14,166,223	2,263,978
Change in State Rate Reconciliation	(2,535,415)	513,338
Change in Valuation Allowance	7,705,790	7,604,098
Change in Uncertain Tax Position	9,918,112	2,113,263
Other Differences	(346,267)	138,873	(39,465)
Income Tax Expense	$ 83,852,802	$ 9,344,033	$ 7,183,595

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Income Taxes - Summary of The Components of Deferred Tax Assets and Liabilities Were as Follows (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets
Operating Lease Liabilities	$ 33,641,132	$ 10,483,126
Net Operating Losses	13,236,414	12,997,199
163(j) Interest Limitation	5,481,144	0
Warrant Fair Value Derivative	5,251,087	0
Stock-based Compensation	7,096,512	4,592,242
Other	3,453,748	519,437
Valuation Allowance	(17,033,118)	(7,604,098)
Total Deferred Tax Assets	51,126,919	20,987,906
Deferred Tax Liabilities
Operating Right of Use Assets	(31,211,307)	(10,176,807)
Fair Value Investments	(7,734,744)	(1,080,760)
Intangibles	(37,398,110)	(43,896,437)
Total Deferred Tax Liabilities	(76,344,161)	(55,154,005)
Net Deferred Tax Liabilities	$ (25,217,242)	$ (34,166,099)

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Income Taxes - Summary of The Reconciliation of The Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 2,113,263	$ 0
Additions for current year	7,536,097	1,720,865
Additions for prior year	2,382,014	392,398
Subtractions for current year	(1,690,986)
Ending Balance	$ 10,340,388	$ 2,113,263

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Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Income tax paid	$ 72,574,675	$ 18,510,094	$ 2,879,010
Operating Loss Carryforwards, Expiration Date	2031
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 554,000	$ 554,000
Federal Tax Authority [member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	57,000,000
State and Local Jurisdiction [member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 18,000,000

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Other Income (Expense) - Schedule of Other Nonoperating Income (Expense) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair value adjustments on equity investments	$ 26,370,803	$ (5,459,462)	$ 4,797,283
Fair value adjustments on convertible notes receivable		(1,771,420)	13,586,000
Fair value adjustment on put and call options		(132,523)	2,869,342
Fair value adjustments on warrants received	(23,001,771)	4,159,687	37,765,718
Fair value adjustments on variable note receivable	(815,937)	(6,608,790)	(4,206,141)
Fair value adjustment on convertible note payable in connection with RTO			1,981,358
Fair value adjustments on warrants issued	(23,001,771)	4,159,687
Fair value adjustments on contingent consideration	9,877,013	(3,686,921)
Equity earnings in joint ventures	2,319,963	450,000
Other	626,675	802,000	(376,139)
Total Other Income (Expense)	$ 15,376,746	$ (10,318,936)	$ 56,417,421

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Commitments and Contingencies - Additional of Information (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($)
Construction Commitments [member]
Disclosure of Commitments and Contingencies [Line Items]
Contractual Obligation	$ 520,252
Pending Litigation [member]
Disclosure of Commitments and Contingencies [Line Items]
Loss Contingency, Number of Plaintiffs	0
Threatened Litigation [member]
Disclosure of Commitments and Contingencies [Line Items]
Loss Contingency, Number of Plaintiffs	0

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Fair Value Measurements - Fair Value Measurements, Recurring and Nonrecurring (Detail) - USD ($)	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 16, 2018	Apr. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Receivable	$ 0		$ 815,937	$ 7,424,727	$ 11,630,867
Investments	923,581
Liability of Redemption of Noncontrolling Interest		$ (11,200,000)
Warrant Liability						$ (900,000)
Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	83,757,785		46,667,334
Notes Receivable			815,937
Investments	40,794,806		14,068,821
Liability of Redemption of Noncontrolling Interest			(5,500,000)
Contingent Consideration Payable	(27,100,000)		(58,936,739)
Warrant Liability	(39,454,000)		(15,879,843)
FairValueNetAssetLiability	57,998,591		(18,764,490)
Fair Value, Inputs, Level 1 [member] | Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	83,757,785		46,667,334
Investments	923,581
Contingent Consideration Payable
Warrant Liability
FairValueNetAssetLiability	84,681,366		46,667,334
Fair Value, Inputs, Level 2 [member] | Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents
Investments
Contingent Consideration Payable
Warrant Liability
FairValueNetAssetLiability
Fair Value, Inputs, Level 3 [member] | Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents
Notes Receivable			815,937
Investments	39,871,225		14,068,821
Liability of Redemption of Noncontrolling Interest			(5,500,000)
Contingent Consideration Payable	(27,100,000)		(58,936,739)
Warrant Liability	(39,454,000)		(15,879,843)
FairValueNetAssetLiability	$ (26,682,775)		$ (65,431,824)

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Fair Value Measurements - Additional of Information (Detail)	Dec. 31, 2020 USD ($)
Disclosure Text Block Supplement [Abstract]
Investments Fair Value	$ 923,581

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Variable Interest Entities - Schedule of Variable Interest Entities (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Current assets	$ 183,944,005	$ 109,062,611
Current liabilities	119,288,435	111,367,255
Chesapeake Alternatives LLC [member]
Variable Interest Entity [Line Items]
Net income (loss)	4,987,879	1,807,229	$ 1,407,266
Chesapeake Alternatives LLC [member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Current assets	32,307,718	19,455,533
Non-current assets	3,367,360	22,384,663
Current liabilities	23,362,255	14,219,204
Non-current liabilities	768,573	1,169,989
Noncontrolling interests		350,206
Equity attributable to Green Thumb Industries Inc.	11,544,250	6,645,263
Revenues	19,724,513	16,056,521	13,783,876
Net income (loss) attributable to noncontrolling interests	411,162	699,624	1,407,266
Net income (loss) attributable to Green Thumb Industries Inc.	4,576,717	1,807,229
Illinois Disp LLC [member]
Variable Interest Entity [Line Items]
Net income (loss)	6,069,224	1,399,249	121,201
Illinois Disp LLC [member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Current assets	3,738,868	1,381,716
Non-current assets	3,657,392	3,083,659
Current liabilities	336,970	149,498
Non-current liabilities	461,926	137,736
Noncontrolling interests	3,173,683	2,089,071
Equity attributable to Green Thumb Industries Inc.	3,173,683	2,089,070
Revenues	18,693,964	5,857,946	643,898
Net income (loss) attributable to noncontrolling interests	3,034,612	(112,245)	60,601
Net income (loss) attributable to Green Thumb Industries Inc.	3,034,612	699,625	60,600
Other Non material VIEs [member]
Variable Interest Entity [Line Items]
Net income (loss)	1,214,120	(191,647)	(684,317)
Other Non material VIEs [member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Current assets	2,362,572	1,352,935
Non-current assets	2,281,839	2,534,297
Current liabilities	1,563,224	783,682
Non-current liabilities	783,356	855,440
Noncontrolling interests	267,289	(22,488)
Equity attributable to Green Thumb Industries Inc.	2,030,542	2,270,598
Revenues	10,011,729	3,516,164	4,555,543
Net income (loss) attributable to noncontrolling interests	639,179		(582,280)
Net income (loss) attributable to Green Thumb Industries Inc.	$ 574,941	$ (79,402)	$ (102,037)

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Variable Interest Entities - Schedule Of consolidated VIEs and Other Non controlling Interest (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Opening balance	$ 2,512,913	$ 3,497,459
Contributions	50,000	1,650,000
Distributions	(2,788,500)	(7,516,061)
Net income (loss)	4,084,953	(430,463)
Changes in ownership	(322,270)	5,311,978
Ending balance	3,537,096	2,512,913
Chesapeake Alternatives, LLC [Member]
Opening balance	350,206	1,486,062
Distributions	(439,098)	(1,135,856)
Net income (loss)	411,162
Changes in ownership	(322,270)
Ending balance		350,206
Illinois Disp LLC [Member]
Opening balance	2,089,071	1,957,147
Distributions	(1,950,000)	(567,700)
Net income (loss)	3,034,612	699,624
Ending balance	3,173,683	2,089,071
Other Nonmaterial VIEs [Member]
Opening balance	(22,488)	89,757
Contributions	50,000
Distributions	(399,402)
Net income (loss)	639,179	(112,245)
Ending balance	267,289	(22,488)
Other Non controlling Interest [Member]
Opening balance	96,124	(35,507)
Contributions		1,650,000
Distributions		(5,812,505)
Net income (loss)		(1,017,842)
Changes in ownership		5,311,978
Ending balance	$ 96,124	$ 96,124

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Segment Reporting - Schedule of Revenues (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 556,572,889	$ 216,432,605	$ 62,493,680
Depreciation and Amortization	52,505,575	31,482,340	5,183,980
Income Taxes	83,852,802	9,344,033	7,183,595
Operating Segments [Member] | Consumer Packaged Goods Segment [Member]
Segment Reporting Information [Line Items]
Revenues	273,977,174	109,930,160	25,706,134
Depreciation and Amortization	28,207,195	17,792,040	2,666,603
Income Taxes	33,964,636	3,727,292	2,245,450
Operating Segments [Member] | Retail Segment [Member]
Segment Reporting Information [Line Items]
Revenues	396,371,725	137,809,904	41,994,791
Depreciation and Amortization	24,298,380	13,690,300	2,461,117
Income Taxes	49,888,166	9,905,876	4,938,145
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	$ (113,776,010)	(31,307,459)	(5,207,245)
Depreciation and Amortization			$ 56,260
Income Taxes		$ (4,289,135)

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Segment Reporting - Additional Information (Detail) - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill	$ 382,697,467	$ 382,697,467	$ 375,084,991	$ 39,204,360
Intangible Assets Net	406,242,034		435,246,898
Consumer Packaged Goods Segment [Member]
Goodwill	252,016,532		255,211,232	23,918,000
Retail Segment [Member]
Goodwill	130,680,935		119,873,759	$ 15,286,360
Operating Segments [Member] | Consumer Packaged Goods Segment [Member]
Goodwill	252,016,532		255,211,232
Intangible Assets Net	211,303,718		228,244,254
Operating Segments [Member] | Retail Segment [Member]
Goodwill	130,680,935		119,873,759
Intangible Assets Net	$ 194,938,316		$ 207,002,644

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Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net Sales	$ 177,226,522	$ 157,103,841	$ 119,639,924	$ 102,602,602	$ 75,801,758	$ 67,990,907	$ 44,726,777	$ 27,913,163	$ 556,572,889	$ 216,432,605
(Loss) Income from operations	47,292,283	37,211,186	14,050,703	7,552,657	(6,111,030)	1,376,718	(9,326,730)	(13,629,660)	106,106,829	(27,690,702)	$ (26,340,158)
Net Income (loss) attributable to Green Thumb Industries Inc.	$ 22,464,807	$ 9,643,929	$ (12,909,505)	$ (4,206,264)	$ (14,070,509)	$ (14,590,793)	$ (20,892,049)	$ (9,563,056)	$ 14,992,967	$ (59,116,407)	$ (5,243,917)
Net Income (loss) per share – basic	$ 0.11	$ 0.04	$ (0.06)	$ (0.02)	$ (0.07)	$ (0.07)	$ (0.11)	$ (0.06)	$ 0.07	$ (0.31)	$ (0.04)
Net Income (loss) per share – diluted	$ 0.11	$ 0.04	$ (0.06)	$ (0.02)	$ (0.07)	$ (0.07)	$ (0.11)	$ (0.06)	$ 0.07	$ (0.31)	$ (0.04)
Weighted average number of common shares outstanding - basic	213,249,477	211,990,405	209,902,732	208,468,356	207,666,666	204,709,085	182,261,947	167,171,886	210,988,259	190,602,400	130,102,523
Weighted average number of common shares outstanding - diluted	217,178,771	214,212,292	209,902,732	208,468,356	207,666,666	204,709,085	182,261,947	167,171,886	212,531,188	190,602,400	130,102,523

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Subsequent Events - Additional Information (Detail) - USD ($)			12 Months Ended
	Feb. 23, 2021	Feb. 08, 2021	Dec. 31, 2018
Subsequent Event [Line Items]
Stock issued during period, value, issued for services			$ 59,788,076
Subsequent Event [Member] | Subordinate Voting Share [Member] | February Nine Two Thousand Twenty One [Member]
Subsequent Event [Line Items]
Stock issued during period, shares, new issues		3,122,073
Shares issued, price per share		$ 32.03
Stock issued during period, value, issued for services		$ 100,000,030
Subsequent Event [Member] | Subordinate Voting Share [Member] | February Twenty Three Two Thousand Twenty One [Member]
Subsequent Event [Line Items]
Stock issued during period, shares, new issues	1,571,917
Shares issued, price per share	$ 35.50
Stock issued during period, value, issued for services	$ 55,803,054