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Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss attributable to Verano Holdings Corp. and Subsidiaries $ (9,237) $ (214)
Net income attributable to non-controlling interest 0 291
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 35,056 34,434
Right of use assets amortization 2,609 1,959
Non-cash interest expense 593 674
Non-cash inventory step-up expense on acquisitions 0 4,612
(Gain) Loss on disposal of property, plant and equipment (67) 990
Gain on deconsolidation 0 (9,558)
Gain on investments in associates 0 (14,099)
Amortization of debt issuance costs 1,033 1,514
Loss on debt extinguishment 663 0
Unrealized (gain) loss on marketable securities 256 (66)
(Income) Loss from underlying investees 160 (455)
Increase (decrease) in fair value of contingent consideration (3,466) 1,125
Stock based compensation 544 10,912
Changes in operating assets and liabilities:    
Accounts receivable (1,670) (269)
Inventory 10,885 (26,595)
Prepaid expenses and other current assets 1,586 1,117
Deposits and other assets (563) (2,619)
Accounts payable (11,316) 19,873
Accrued liabilities 131 (12,233)
Lease liabilities (2,211) (1,600)
Income tax payable (5,018) 27,995
Deferred taxes (3,106) (3,212)
Other, net 0 (119)
NET CASH PROVIDED BY OPERATING ACTIVITIES 16,862 34,457
CASH FLOW FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (8,555) (48,300)
Proceeds from disposal of assets 1,830 1,818
Acquisition of business, net of cash acquired (500) (60,082)
Proceeds from sale of deconsolidation and investment in associates 0 19,821
NET CASH USED IN INVESTING ACTIVITIES (7,225) (86,743)
CASH FLOW FROM FINANCING ACTIVITIES    
Proceeds from issuance of debt 23,710 102,660
Principal repayments of debt (22,759) (6,870)
Debt issuance costs paid (309) (2,985)
NET CASH PROVIDED BY FINANCING ACTIVITIES 642 92,805
Effects of exchange rate fluctuations on cash and cash equivalents (1) 0
NET INCREASE IN CASH AND CASH EQUIVALENTS 10,278 40,519
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 84,851 99,118
CASH AND CASH EQUIVALENTS, END OF PERIOD 95,128 139,637
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 15,313 9,999
Stock issuance 3,653 27,135
NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 6,908 2,043
Consideration received in stock for the disposal of assets 0 3,776
Acquisitions    
Tangible and intangible assets acquired, net of cash 0 17,532
Liabilities assumed 0 (3,981)
Acquisition consideration payable 500 38,936
Goodwill 0 7,595
Total $ 500 $ 60,082