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Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss attributable to Verano Holdings Corp. and Subsidiaries $ (53,054) $ (50,087)
Net income attributable to non-controlling interest 291 1,915
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 106,230 65,620
Right of use assets amortization 6,465 3,643
Non-cash interest expense 2,183 5,082
Non-cash interest income 0 (145)
Non-cash inventory step-up expense on acquisitions 6,818 80,907
(Gain) Loss on disposal of property, plant and equipment (251) 438
Gain on deconsolidation (9,560) 0
Gain on investments in associates (14,103) (1,475)
Bad debt expense 152 85
Amortization of debt issuance costs 5,039 1,248
Unrealized gain on foreign currency translation (26) 0
Unrealized loss on marketable securities 1,781 0
Income from underlying investees (101) (1,408)
Stock earnout for acquisitions 0 2,084
Increase (decrease) in fair value of contingent consideration (13,925) 1,212
Stock based compensation 34,225 31,722
Changes in operating assets and liabilities:    
Accounts receivable 2,056 (14,263)
Inventory (28,997) (49,175)
Prepaid expenses and other current assets (13,306) (1,546)
Deposits and other assets (299) (1,147)
Accounts payable 6,152 (541)
Accrued liabilities (17,356) (8,851)
Lease liabilities (5,634) (2,514)
Income tax payable 65,701 57,723
Deferred taxes (14,199) 0
Other, net (971) (662)
NET CASH PROVIDED BY OPERATING ACTIVITIES 65,311 119,865
CASH FLOW FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (109,720) (91,952)
Proceeds from disposal of assets 6,006 896
Distributions to minority members 0 (1,475)
Purchases of intangible assets 0 (8,374)
Purchase of non-controlling interest 0 (7,840)
Acquisition of business, net of cash acquired (101,396) (217,372)
Proceeds from sale of deconsolidation and investment in associates 19,826 0
Purchase of interest in investment in associates 0 (3,350)
Dividend received from investments in associates 0 10,275
Proceeds from note receivable 0 4,215
Other, net 0 103
NET CASH USED IN INVESTING ACTIVITIES (185,284) (314,874)
CASH FLOW FROM FINANCING ACTIVITIES    
Proceeds from issuance of notes payable 122,057 100,000
Principal repayments of notes payable (21,901) (9,843)
Debt issuance costs paid (2,986) (5,132)
Proceeds received from RTO Financing, net 0 75,420
Cash received from warrant private placement 0 75,100
NET CASH PROVIDED BY FINANCING ACTIVITIES 97,170 235,545
Effects of exchange rate fluctuations on cash and cash equivalents 103 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (22,700) 40,536
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 99,118 16,402
CASH AND CASH EQUIVALENTS, END OF PERIOD 76,418 56,938
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 31,899 10,378
NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 5,875 7,928
Issuance of shares under business combinations 76,010 1,007,322
Acquisitions    
Tangible and intangible assets acquired, net of cash 35,713 1,428,910
Liabilities assumed (10,616) (302,437)
Acquisition consideration payable 64,021 (1,208,143)
Goodwill 12,278 299,042
Total $ 101,396 $ 217,372