XML 52 R28.htm IDEA: XBRL DOCUMENT v3.23.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Subsidiaries
Subsidiaries
Entity NameJurisdictionDoing Business As (if applicable)Percentage
Interest
102 Chester, LLCPennsylvaniaN/A100%
1090 Longwood, LLCFloridaN/A100%
11340 Fort Myers, LLCFloridaN/A100%
1200 Sharon, LLCMassachusetts N/A100%
12395 North Miami, LLCFloridaN/A100%
130 Monroeville, LLCPennsylvaniaN/A100%
1325 Coolidge, LLCArizonaN/A100%
1387 & 1391 Meriden, LLCConnecticutN/A100%
16 Magothy Road Beach, LLCMarylandN/A100%
1728 & 52 Old York Road, LLCPennsylvaniaN/A100%
1851 Canton, LLCOhioN/A100%
2000-2015 W. 3rd Street, LLCArizonaN/A100%
2030 Highland Park, LLCDelawareN/A100%
22627 Port Charlotte, LLCFloridaN/A100%
257 Wynnewood, LLCPennsylvaniaN/A100%
270 Cranberry, LLCPennsylvaniaN/A100%
2900 Lone Mountain, LLCNevadaN/A100%
42 Capital Management, LLCIllinoisN/A100%
420 Capital Management, LLCIllinoisZen Leaf Rogers Park; Zen Leaf Lombard100%
4444 W. Craig Road, LLCNevadaN/A100%
4450 New Haven, LLCFloridaN/A100%
4674 JAX, LLCFloridaN/A100%
5335 Las Vegas, LLCNevadaN/A100%
5409 S. Power Road, LLCArizonaN/A100%
6944 Apollo Beach, LLCFloridaN/A100%
7220 Palatka, LLCFloridaN/A100%
7221 Jessup, LLCMarylandN/A100%
783 Butterfield Road, LLCIllinoisN/A100%
799 Washington, LLCPennsylvaniaN/A100%
A&T SPV II LLCTexasN/A100%
AGG Wellness, LLCMarylandZen Leaf Towson100%
AGOZ Redevelopment, LPPennsylvaniaN/A100%
Agri-Kind, LLCPennsylvaniaN/A100%
Agronomed Biologics Holdings Inc.PennsylvaniaN/A100%
Agronomed Biologics LLCPennsylvaniaZen Leaf Chester; Zen Leaf West Chester; Zen Leaf Pittsburgh – Robinson; Zen Leaf Pittsburgh – McKnight; Zen Leaf New Kensington100%
Agronomed Holdings, Inc.PennsylvaniaN/A100%
Agronomed IP LLCPennsylvaniaN/A15%
Albion MM, LLCIllinoisN/A100%
Ataraxia, LLCIllinoisN/A100%
Entity NameJurisdictionDoing Business As (if applicable)Percentage
Interest
AZGM 3, LLCArizonaZen Leaf Chandler100%
Branchburg Rte. 22, LLCNew JerseyN/A100%
Caring Nature, LLCConnecticutN/A100%
Caring Nature EJV1, LLCDelawareN/A50%
Caring Nature EJV2, LLCDelawareCaring Nature Dispensary50%
Cave Creek RE, LLCArizonaN/A100%
ChiVegas Real Estate, LLCNevadaN/A100%
Connecticut Pharmaceutical Solutions, LLCConnecticutN/A100%
CTPharma Newington, LLCDelawareN/A50%
CTPharma Norwich, LLCDelawareN/A50%
CTPharma Real Estate Inc.ConnecticutN/A100%
CTPharma Research Solutions, LLCDelawareN/A10%
Cultivation Real Estate Holdings, LLCDelawareN/A100%
Custom Strains, LLCIllinoisN/A100%
DGV Group, LLCDelawareN/A62.50%
Elevele LLCIllinoisZen Leaf Highland Park; Zen Leaf Prospect Heights100%
FGM Processing, LLCMarylandN/A100%
Fort Consulting, LLCArizonaZen Leaf Phoenix – N. Cave Creek100%
Four Daughters Compassionate Care, Inc.MassachusettsZen Leaf Sharon; Zen Leaf Plymouth100%
Freestate Wellness, LLCMarylandZen Leaf Elkridge100%
Glass City Alternatives, LLCOhioZen Leaf Bowling Green100%
Green RX, LLCOhioZen Leaf Cincinnati 100%
Healthway Services of Illinois, LLCIllinoisZen Leaf St. Charles; Zen Leaf Naperville100%
Local Dispensaries, LLCPennsylvaniaZen Leaf Harrisburg; Zen Leaf York; Zen Leaf Altoona100%
Lone Mountain Partners, LLCNevadaZen Leaf North Las Vegas; Zen Leaf Flamingo Road100%
Mad River Remedies, LLCOhioZen Leaf Dayton100%
MD MM Logistics, LLCMarylandN/A100%
Mikran, LLCMarylandZen Leaf Germantown100%
MME Aurora Retail, LLCIllinoisZen Leaf Aurora100%
MME Evanston Retail, LLCIllinoisZen Leaf Evanston100%
Mother Grows Best, LLCOhioN/A100%
Mother Know’s Best, LLCOhioZen Leaf Canton100%
NatureX, LLCNevadaZen Leaf Las Vegas100%
NSE Pennsylvania LLCPennsylvaniaZen Leaf Philadelphia; Zen Leaf Wynnewood; Zen Leaf Clifton Heights100%
NuTrae, LLCFloridaN/A100%
Nuuvn Holdings, LLCDelawareN/A100%
NV MM Logistics, LLCNevadaN/A100%
OH MM Logistics, LLCOhioN/A100%
Ohio Natural Treatment Solutions, LLCDelawareZen Leaf Newark100%
Patient Alternative Relief Center, LLCArizonaZen Leaf Phoenix – University Dr.100%
Perpetual Healthcare, LLCArizonaZen Leaf Phoenix – W. Dunlap100%
Entity NameJurisdictionDoing Business As (if applicable)Percentage
Interest
Plants of Ruskin, LLCFloridaMÜV Apollo Beach; MÜV Auburndale; MÜV Bonita Springs; MÜV Boynton; MÜV Bradenton – 75th West; MÜV Bradenton – Heritage West; MÜV Brandon; MÜV Cape Coral; MÜV Clearwater – 19 North; MÜV Clearwater – Roosevelt; MÜV Deerfield Beach; MÜV Fort Myers; MÜV Fort Myers Beach; MÜV Fort Myers-Cypress; MÜV Gainesville; MÜV Hobe Sound; MÜV Hollywood; MÜV Jacksonville; MÜV Jacksonville Beach; MÜV Jacksonville – Skymarks; MÜV Key West; MÜV Lady Lake; MÜV Lakeland; MÜV Longwood; MÜV Lutz; MÜV Marco Island; MÜV Merrit Island; MÜV New Tampa; MÜV North Port; MÜV Ocala; MÜV Orange City; MÜV Orlando – Garland; MÜV Orland – Vineland; MÜV Ormond Beach; MÜV Palatka; MÜV Panama City Beach; MÜV Pensacola; MÜV Pinellas Park; MÜV Port Charlotte; MÜV Port Orange; MÜV Port St. Lucie; MÜV Sarasota; MÜV Sarasota-Main; MÜV Sebastian; MÜV Sebring; MÜV Shalimar; MÜV Spring Hill; MÜV St. Augustine; MÜV St. Petersburg; MÜV Stuart; MÜV Tallahassee; MÜV Tamarac; MÜV Tampa – Dale Mabry; MÜV Tampa-Himes; MÜV Tampa – West Kennedy; MÜV Titusville; MÜV Wellington; MÜV West Melbourne; MÜV West Palm Beach; MÜV Winter Haven100%
Prospect Heights RE, LLCIllinoisN/A100%
RedMed, LLCDelawareN/A100%
Retail and Office Real Estate Holdings, LLCDelawareN/A100%
RVC 360, LLCDelawareN/A100%
SG1 LLCDelawareN/A100%
TerraVida Holistic Centers LLCPennsylvaniaZen Leaf Sellersville; Zen Leaf Abington; Zen Leaf Malvern100%
The Healing Center LLCPennsylvaniaZen Leaf Cranberry; Zen Leaf Washington; Zen Leaf Monroeville100%
The Herbal Care Center, Inc.IllinoisZen Leaf Pilsen; Zen Leaf West Loop100%
The Medicine Room, LLCArizonaZen Leaf Mesa100%
Vehicle and Logistics Holdings, LLCDelawareN/A100%
Vending Logistics, LLCArizonaZen Leaf Gilbert100%
Verano Alabama Holdings, LLCDelawareN/A100%
Verano Alabama, LLCAlabamaN/A49%
Verano Arizona, LLCDelawareN/A100%
Verano Connecticut, LLCDelawareN/A100%
Verano El Dorado, LLCArkansasN/A100%
Verano Florida, LLCDelawareN/A100%
Entity NameJurisdictionDoing Business As (if applicable)Percentage
Interest
Verano Four Daughters Holdings, LLCDelawareN/A100%
Verano Holdings, LLCDelawareN/A100%
Verano Holdings USA Corp.DelawareN/A100%
Verano Illinois, LLCIllinoisN/A100%
Verano IP, LLCDelawareN/A100%
Verano Michigan, LLCDelawareN/A100%
Verano Nevada, LLCNevadaN/A100%
Verano NJ Holdings, LLCDelawareN/A100%
Verano NJ LLCNew JerseyZen Leaf Elizabeth; Zen Leaf Neptune; Zen Leaf Lawrence100%
Verano Ohio, LLCDelawareN/A100%
Verano Pennsylvania, LLCDelawareN/A100%
Verano Virginia, LLCDelawareN/A100%
VZL Staffing Services, LLCIllinoisN/A100%
West Capital, LLCIllinoisN/A100%
Willow Brook Enfield, LLCDelawareN/A50%
Willow Brook Stratford, LLCDelawareN/A50%
Willow Brook Wellness, LLCConnecticutWillow Brook Wellness100%
WSCC Property LLCNevadaN/A100%
WSCC, Inc.NevadaZen Leaf Reno; Zen Leaf Carson City100%
Zen Leaf Retail, LLCMarylandN/A100%
Zen Leaf Technologies, LLCDelawareN/A100%
ZenNorth, LLCDelawareN/A100%
ZNN Holdings, LLCDelawareN/A100%
Schedule of Controlled Entities
Controlled Entities
Entity NameJurisdiction of OrganizationDoing Business As (if applicable)Percentage Interest
Buchanan Development, LLCMichiganZen Leaf Buchanan100%
Maryland Natural Treatment Solutions, LLCMarylandZen Leaf Pasadena100%
Natural Treatment Solutions, LLCMarylandN/A100%
Noah’s Ark, LLCArkansasZen Leaf El Dorado100%
Verano MI2, LLCMichiganN/A100%
Verano MO Holdings, LLCDelawareN/A100%
Verano MO, LLCMissouriN/A100%
Verano WV, LLCWest VirginiaZen Leaf Oak Hill; Zen Leaf Clarksburg; Zen Leaf Dunbar; Zen Leaf Morgantown; Zen Leave Westover; Zen Leaf Wheeling; Zen Leaf Buckhannon99%
VMO Processing, LLCMissouriN/A100%
VMO Retail, LLCMissouriN/A100%
Property, Plant and Equipment The Company’s estimated depreciable lives of operating assets and facilities are as follows:
LandNot Applicable
Building30 years
Construction in Progress (“CIP”)Not Applicable
Leasehold ImprovementsShorter of: remaining lease term or
10 years
Tools & Equipment7 years
Kitchen & Lab Equipment7 years
Other Machinery & Equipment7 years
Furniture & Fixtures7 years
Electronic & Security Equipment5 years
Vehicles7 years
Land Improvements15 years
Property, plant and equipment and related accumulated depreciation consists of the following at December 31, 2022 and December 31, 2021:
December 31,
2022		December 31,
2021
Land$31,877 $29,399 
Buildings and Improvements197,819 126,020 
Furniture and Fixtures16,189 13,259 
Computer Equipment and Software21,478 14,078 
Leasehold Improvements211,785 182,514 
Tools and Equipment88,507 65,774 
Vehicles4,992 3,229 
Assets Under Construction (1)
41,800 64,107 
Total Property, Plant and Equipment, Gross614,447 498,380 
Less: Accumulated Depreciation(88,542)(46,148)
Property, Plant and Equipment, Net$525,905 $452,232 
(1)Assets under construction represent construction in progress related to facilities not yet completed or otherwise not placed in service.
A reconciliation of the beginning and ending balances of property, plant and equipment is as follows:
Property, Plant and
Equipment,
Gross		Accumulated
Depreciation		Property, Plant and
Equipment,
Net
Balance as of January 1, 2021$162,153 $(17,971)$144,182 
Additions164,940 — 164,940 
Property, plant and equipment from
business combination		175,172 — 175,172 
Disposals and other(3,885)15 (3,870)
Depreciation— (28,192)(28,192)
Balance as of December 31, 2021$498,380 $(46,148)$452,232 
Additions122,626 — 122,626 
Property, plant and equipment from business combination5,891 (229)5,662 
Disposals and other(11,196)1,596 (9,600)
Deconsolidation from disposition of business combination(1,254)281 (973)
Depreciation— (44,042)(44,042)
Balance as December 31, 2022$614,447 $(88,542)$525,905 
Schedule of Finite-Lived Intangible Assets Amortization periods by class of intangible assets with finite lives were as follows as of December 31, 2022:
Licenses
9-15 years
Tradenames
5-10 years
Technology
5-20 years
As of December 31, 2022 and December 31, 2021, intangible assets consisted of the following:
LicensesTradenamesTechnologyTotal
Cost
Balance as of January 1, 2022$1,386,131 $54,166 $11,603 $1,451,900 
Purchases— — — — 
Additions from business combination21,545 — — 21,545 
Adjustments to purchase price allocation(2,025)— (5,172)(7,197)
Impairment(130,670)— — (130,670)
Balance as of December 31, 2022$1,274,981 $54,166 $6,431 $1,335,578 
Accumulated Amortization
Balance as of January 1, 202266,703 4,158 1,126 71,987 
Amortization91,062 5,421 861 97,344 
Impairment$(14,519)$— $— $(14,519)
Balance as of December 31, 2022$143,246 $9,579 $1,987 $154,812 
Net Book Value
Balance as of January 1, 20221,319,428 50,008 10,477 1,379,913 
Balance as of December 31, 2022$1,131,735 $44,587 $4,444 $1,180,766 
LicensesTradenamesTechnologyTotal
Cost
Balance as of January 1, 2021$76,375 $78 $— $76,453 
Purchases55,776 — 115 55,891 
Additions from business combination1,254,781 54,088 11,488 1,320,357 
Adjustments to purchase price allocation(801)— — (801)
Disposals— — — — 
Balance as of December 31, 2021$1,386,131 $54,166 $11,603 $1,451,900 
Accumulated Amortization
Balance as of January 1, 20214,034 — — 4,034 
Amortization62,669 4,158 1,126 67,953 
Balance as of December 31, 2021$66,703 $4,158 $1,126 $71,987 
Net Book Value
Balance as of January 1, 202172,341 78 — 72,419 
Balance as of December 31, 2021$1,319,428 $50,008 $10,477 $1,379,913