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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOW FROM OPERATING ACTIVITIES      
Net income (loss) attributable to Verano Holdings Corp.and Subsidiaries $ (269,164,000) $ (57,507,000) $ 38,401,000
Net income attributable to non-controlling interest 291,000 2,509,000 1,755,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 141,387,000 96,244,000 7,866,000
ROU amortization 8,938,000 0 0
Non-cash interest expense 1,185,000 5,727,000 1,074,000
Non-cash interest income 0 (166,000) (935,000)
Non-cash inventory step-up expense on acquisitions 7,513,000 80,988,000 0
Loss on disposal of property, plant and equipment 157,000 1,085,000 1,655,000
Loss on disposition of VIE 0 0 2,202,000
(Gain) Loss on deconsolidation of subsidiary (9,560,000) 0 159,000
Gain from investment in associates (14,103,000) 0 0
Gain on previously held equity interest 0 0 (458,000)
Bad debt expense 9,000 1,701,000 300,000
Loss on Impairment of Intangibles – Goodwill 113,031,000 0 0
Loss on Impairment of Intangibles – License 116,151,000 0 0
Loss on debt extinguishment 4,551,000 0 0
Unrealized gain on foreign currency translation (27,000) 0 0
Amortization of loan issuance costs – warrants 0 0 3,018,000
Amortization of debt issuance costs 6,625,000 2,566,000 235,000
Amortization of convertible debt discount 0 0 2,912,000
Unrealized loss on marketable securities 1,971,000 0 0
Income from underlying investees (36,000) (4,544,000) (2,608,000)
Contingent consideration compensation 0 4,170,000 0
Decrease in fair value of contingent consideration (14,669,000) (12,469,000) 0
Stock based compensation 39,054,000 45,250,000 0
Changes in operating assets and liabilities:      
Accounts receivable 821,000 (6,673,000) (2,506,000)
Inventories (24,233,000) (59,506,000) (22,873,000)
Held for sale assets (3,433,000) 0 0
Prepaid expenses and other current assets (25,490,000) (6,252,000) (3,043,000)
Deposits and other assets (7,096,000) 8,553,000 3,008,000
Investment in associates 0 1,675,000 0
Accounts payable (7,582,000) 9,920,000 1,777,000
Accrued liabilities 2,463,000 1,670,000 10,508,000
Lease liabilities (7,479,000) (7,743,000) (1,717,000)
Income tax payable 96,145,000 109,452,000 29,952,000
Deferred taxes (62,142,000) (32,810,000) (557,000)
Other, net (931,000) (968,000) 1,502,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 94,347,000 182,872,000 71,627,000
CASH FLOW FROM INVESTING ACTIVITIES      
Purchases of property, plant and equipment (119,174,000) (141,265,000) (60,153,000)
Proceeds from disposal of property, plant and equipment 6,249,000 1,894,000 0
Distributions to minority holders 0 (1,675,000) 0
Purchases of intangible assets 0 (8,374,000) (7,010,000)
Purchase of non-controlling interest 0 (7,840,000) 0
Acquisition of businesses, net of cash acquired (114,752,000) (309,815,000) (21,902,000)
Proceeds from sale of deconsolidation and investment in associates 19,826,000 0 0
Payment of acquisition price payable 0 0 (1,544,000)
Purchase of interest in investment in associates 0 (3,350,000) 0
Dividend received from investments in associates 0 10,275,000 1,867,000
Proceeds from note receivable 0 4,215,000 1,875,000
Other, net 0 103,000 (41,000)
NET CASH USED IN INVESTING ACTIVITIES (207,851,000) (455,832,000) (86,908,000)
CASH FLOW FROM FINANCING ACTIVITIES      
Distributions to members 0 0 (46,000)
Proceeds from exercise of warrants 0 0 2,191,000
Proceeds from issuance of debt 497,386,000 224,725,000 33,943,000
Principal repayments of debt (373,899,000) (10,757,000) (9,754,000)
Debt issuance costs paid (20,806,000) (8,812,000) (1,068,000)
Payment of debt extinguishment (3,436,000) 0 0
Proceeds received from RTO financing 0 75,420,000 0
Cash received in warrant private placement 0 75,100,000 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 99,245,000 355,676,000 25,266,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (14,259,000) 82,716,000 9,985,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 99,118,000 16,402,000 6,417,000
Effects of exchange rate fluctuations on cash and cash equivalents (8,000)
CASH AND CASH EQUIVALENTS, END OF PERIOD 84,851,000 99,118,000 16,402,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest paid 48,246,000 18,709,000 1,761,000
Cash paid for taxes 70,666,000 27,962,000 10,237,000
NONCASH INVESTING AND FINANCING ACTIVITIES      
Accrued capital expenditures 6,008,000 8,512,000 1,860,000
Issuance of shares under business combinations 85,232,000 1,148,127,000 0
Acquisitions      
Tangible and intangible assets acquired, net of cash 31,841,000 1,638,726,000 50,925,000
Liabilities assumed (8,735,000) (354,933,000) (17,872,000)
Acquisition consideration payable 77,657,000 (1,324,914,000) (21,186,000)
Issuance of debt 0 0 (350,000)
Goodwill 13,989,000 350,936,000 10,965,000
Previously held equity interest 0 0 (580,000)
Total $ 114,752,000 $ 309,815,000 $ 21,902,000