0001628280-25-038988 | 10-Q | XBRL Viewer | Ascend Wellness Holdings INC

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following tables present the summarized financial information about the Company’s consolidated VIEs which are included in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 and in the unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024, as applicable. The underlying entities were determined to be VIEs since the Company possesses the power to direct the significant activities of the VIEs and has the obligation to absorb losses or the right to receive benefits from the VIEs. The information below excludes intercompany balances and activity that eliminate in consolidation and includes the related acquisition details disclosed in Note 4, “Acquisitions.”



(in thousands)	June 30, 2025		December 31, 2024
Current assets	$	6,622	$	6,492
Other noncurrent assets	90,663		63,334
Current liabilities	17,688		4,558
Noncurrent liabilities	21,268		13,922

Deficit	(7,607)		(8,646)



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Revenue, net	$	14,170	$	1,068	$	25,015	$	1,772


Net income (loss)	1,284		(2,701)		1,039		(4,472)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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EQUITY-BASED COMPENSATION EXPENSE (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity during the six months ended June 30, 2025:


	Options Outstanding
(in thousands, except per share amounts)	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value(1)
Outstanding, December 31, 2024	3,252	$	1.78	3.0	$	—



Forfeited	(92)	1.00
Expired	(34)	1.37
Outstanding, June 30, 2025	3,126	$	1.81	2.4	$	—
Exercisable at June 30, 2025	2,841	$	1.86	2.4	$	—

(1)Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated.

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the RSU activity during the six months ended June 30, 2025:


	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value per Share



Unvested, December 31, 2024	5,898	$	1.06
Granted	225	0.40
Vested(1)	(1,396)	1.05
Forfeited	(652)	1.20
Unvested, June 30, 2025	4,075	$	1.00

(1)Includes 392 vested shares that were withheld to cover tax obligations and were subsequently cancelled.

Schedule of Equity-based Compensation Expense

The following table details the equity-based compensation expense by type of award for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
RSUs	$	482	$	5,137	$	1,081	$	14,862
Stock Options	29		147		58		1,138

Total equity-based compensation expense	$	511	$	5,284	$	1,139	$	16,000

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with (i) United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, and (ii) the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of our management, our unaudited condensed consolidated financial statements and accompanying notes (the “Financial Statements”) include all normal recurring adjustments that are necessary for the fair statement of the interim periods presented. Interim results of operations are not necessarily indicative of results for the full year, or any other period. The Financial Statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), as filed with the United States Securities and Exchange Commission (“SEC”) and with the relevant Canadian securities regulatory authorities under its profile on the System for Electronic Document Analysis and Retrieval Plus (“SEDAR+”). Except as noted below, there have been no material changes to the Company’s significant accounting policies and estimates during the six months ended June 30, 2025. We round amounts in the Financial Statements to thousands, except per unit or per share amounts or as otherwise stated. We calculate all percentages, per-unit, and per-share data from the underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. The Financial Statements are expressed in U.S. dollars, which is the Company’s functional currency. Unless otherwise indicated, all references to years are to our fiscal year, which ends on December 31. We are an emerging growth company under federal securities laws and as such we are able to elect to follow scaled disclosure requirements for this filing and can delay adopting new or revised accounting standards until such time as those standards apply to private companies.
Principles of Consolidation	The Financial Statements include the accounts of Ascend Wellness Holdings, Inc. and its subsidiaries. Refer to Note 8, “Variable Interest Entities,” for additional information regarding certain entities that are not wholly-owned by the Company. We include the results of acquired businesses in the consolidated statements of operations from their respective acquisition dates. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts. We base our estimates on historical experience, known or expected trends, independent valuations, and various other measurements that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
Reclassifications	Reclassifications Certain prior year amounts in the notes to the consolidated financial statements have been reclassified to conform with our current period presentation. These changes had no impact on our previously reported net loss.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash As of June 30, 2025 and December 31, 2024, we did not hold significant restricted cash or cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments During the six months ended June 30, 2025 and 2024, we had no transfers of assets or liabilities between any of the hierarchy levels. In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain assets at fair value on a non-recurring basis that are subject to fair value adjustments in specific circumstances. These assets can include: goodwill; intangible assets; property and equipment; and lease-related right-of-use (“ROU”) assets. We estimate the fair value of these assets using primarily unobservable Level 3 inputs.
Basic and Diluted Earnings (Loss) per Share	Basic and Diluted Earnings (Loss) per Share The Company computes earnings (loss) per share (“EPS”) using the two-class method required for multiple classes of common stock. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, except for voting and conversion rights. As the liquidation and dividend rights are identical, undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis. Basic EPS is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if all potential common shares had been issued and were dilutive. However, potentially dilutive securities are excluded from the computation of diluted EPS to the extent that their effect is anti-dilutive. Potential dilutive securities include incremental shares of common stock issuable upon the exercise of warrants, unvested restricted stock awards, unvested restricted stock units, and outstanding stock options, as applicable. At June 30, 2025 and 2024, 10,290 and 25,270 shares of common stock equivalents, respectively, were excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive. Shares of restricted stock granted by us are considered to be legally issued and outstanding as of the date of grant, notwithstanding that the shares remain subject to the risk of forfeiture if the vesting conditions for such shares are not met, and are included in the number of shares of Class A common stock outstanding, as applicable. Weighted-average common shares outstanding excludes time-based and performance-based unvested shares of restricted Class A common stock, as restricted shares are treated as issued and outstanding for financial statement presentation purposes only after such shares have vested and, therefore, have ceased to be subject to a risk of forfeiture.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The following standards have been recently issued by the Financial Accounting Standards Board (“FASB”). Pronouncements that are not applicable to the Company or where it has been determined do not have a significant impact on us have been excluded herein. Income Taxes In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, including disaggregation in the rate reconciliation table and disaggregation information related to income taxes paid. The amendments in this update are effective for the Company for the fiscal year ending December 31, 2025 on a prospective or retrospective basis, with early adoption permitted. We are currently evaluating the impact of this update on our disclosures in the consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which was further clarified through ASU 2025-01 issued in January 2025. This ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The provisions of this ASU are required to be applied prospectively; however, they may be applied retrospectively to any comparative periods presented in the consolidated financial statements following the effective date. Early adoption is permitted. We are currently evaluating the impact of this update on our disclosures in the consolidated financial statements. Business Combinations and Consolidation In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (“VIE”). This ASU is intended to improve comparability between business combinations that involve VIEs and those that do not and requires a reporting entity to consider the factors for identifying the accounting acquirer when a transaction is primarily effected by the exchange of equity interests. This ASU will be effective for the Company beginning January 1, 2027 and early adoption is permitted. We are currently evaluating the impact of this update on our disclosures in the consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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REPORTABLE SEGMENTS AND REVENUE (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Disaggregation of Revenue

The Company disaggregates its revenue from the direct sale of cannabis to customers as retail revenue and wholesale revenue. We have determined that disaggregating revenue into these categories best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Retail revenue	$	86,459	$	93,078	$	170,811	$	188,283
Third-party wholesale revenue	40,845		48,458		84,490		95,663


Total revenue, net	$	127,304	$	141,536	$	255,301	$	283,946

DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt Instruments


(in thousands)	June 30, 2025		December 31, 2024
2024 Term Notes(1)	$	300,000	$	235,000
2021 Credit Facility(2)	—		60,000
Finance leases(3)	28,044		3,210
Sellers’ notes(4)	22,237		11,060
Finance liabilities(5)	18,100		18,100
Financing Agreement(6)	1,629		1,964
Total debt	$	370,010	$	329,334

Current portion of debt	26,145		74,213
Less: unamortized deferred financing costs	—		332
Current portion of debt, net	$	26,145	$	73,881

Long-term debt	343,865		255,121
Less: unamortized deferred financing costs	20,428		20,579
Long-term debt, net	$	323,437	$	234,542

(1)On July 16, 2024, the Company issued $235,000 in aggregate principal of senior secured notes due July 16, 2029 (the “July 2024 Term Notes”) through a private placement (the “2024 Notes Offering”). The July 2024 Term Notes were issued pursuant to an indenture agreement (the “July 2024 Loan Agreement”). The July 2024 Term Notes were issued at 94.75% of face value and do not require scheduled principal amortization payments. The total of the original issue discount and other capitalized direct financing fees was approximately $21,200 and will be amortized over the associated term using the straight-line method, which approximates the interest method. The Company utilized the proceeds from the 2024 Notes Offering, along with cash on hand, to prepay $215,000 of borrowings outstanding under the 2021 Credit Facility, as further described below. The July 2024 Term Notes were funded by a combination of new and existing lenders. Borrowings from these existing lenders were accounted for as a modification of existing debt. The Company incurred approximately $3,600 of other expenses associated with this transaction that were not capitalizable.

In January 2025, the Company borrowed an additional $15,000 through the issuance of additional term notes (the “January 2025 Term Notes”). The January 2025 Term Notes were issued at 97% of face value and are subject to the same terms and provisions of the July 2024 Loan Agreement, including the interest rate and maturity date thereunder, as further described below. The January 2025 Term Notes were funded by existing lenders and met the criteria for modification accounting treatment. The total of the original issue discount and other capitalized direct financing fees was approximately $700 and will be amortized over the associated term using the straight-line method, which approximates the interest method. The Company incurred $400 of other expenses associated with this transaction that were not capitalizable and are included within “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2025. The Company intends to utilize the net proceeds from the January 2025 Term Notes for general corporate purposes, including to fund growth initiatives.

In May 2025, the Company borrowed an additional $50,000 through the issuance of additional term loans (the “May 2025 Term Notes,” and, together with the July 2024 Term Notes and January 2025 Term Notes, the “2024 Term Notes”). The May 2025 Term Notes were issued at 97.5% of face value and are subject to the same terms and provisions of the July 2024 Loan Agreement, including the interest rate and maturity date thereunder, as further described below. The May 2025 Term Notes were funded by existing lenders and met the criteria for modification accounting treatment. The total of the original issue discount and other capitalized direct financing fees was approximately $1,600 and will be amortized over the associated term using the straight-line method, which approximates the interest method. The Company incurred approximately $700 of other expenses associated with this transaction that were not capitalizable and are included within “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025. The Company utilized the net proceeds from the May 2025 Term Notes, along with cash on hand, to prepay the remaining $60,000 of borrowings outstanding under the 2021 Credit Facility, as further described below.

The 2024 Term Notes bear interest at a rate of 12.75% per annum, payable semi-annually in arrears on January 15 and July 15 of each year until the maturity date, commencing on January 15, 2025, unless earlier prepaid in accordance with the terms of the July 2024 Loan Agreement. In conjunction with the May 2025 Term Notes, those lenders prepaid $2,323 of accrued interest from the January 15 interest payment date through issuance, which is included within “Accounts payable and accrued liabilities” on the unaudited Condensed Consolidated Balance Sheet as of June 30, 2025. In turn, those lenders received interest for the full interest payment period that was payable on July 15, 2025. The 2024 Term Notes are irrevocably and unconditionally guaranteed, jointly and severally, on a senior secured basis by certain of the Company’s subsidiaries (the “Guarantees”). The 2024 Term Notes and the Guarantees are (i) secured, on a first lien basis, by substantially all assets of the Company and the guarantors of the 2024 Term Notes, subject to certain carveouts, and (ii) issued and governed by the July 2024 Loan Agreement. In addition, subject to certain limitations, the July 2024 Loan Agreement permits the Company to issue additional notes thereunder, and provided for up to an additional $60,000 in aggregate principal with the proceeds therefrom to be used to prepay the remaining outstanding balance under, and to terminate, the 2021 Credit Facility. In May 2025, the Company issued an additional $50,000 of term loans pursuant to this provision, as described above.

The Company may, at any time and from time to time upon not less than 15 nor more than 60 days’ prior notice, prepay the 2024 Term Notes, along with accrued and unpaid interest, subject to a prepayment premium equal to: zero through July 15, 2026, 4.5% if paid between July 16, 2026 through July 15, 2027, 3.0% if paid between July 16, 2027 through July 15, 2028, and zero if paid July 16, 2028 and thereafter. The July 2024 Loan Agreement requires mandatory prepayments from proceeds of certain events. In the event of a change of control, as provided in the July 2024 Loan Agreement, the Company will be required to make an offer to each holder of the 2024 Term Notes to repay all or any part of such holders’ 2024 Term Notes at a price in cash equal to not less than 101% of the aggregate principal amount of such 2024 Term Notes repaid, plus accrued and unpaid interest thereon.

Pursuant to the July 2024 Loan Agreement, the Company has agreed to comply with certain customary covenants, including, but not limited to, restrictions on the Company’s ability to: declare or pay dividends or make certain other payments; purchase, redeem, or otherwise purchase or retire for value any equity interests or any subordinated indebtedness or otherwise make any restricted investment or restricted payment; incur certain indebtedness; create certain liens; consolidate, amalgamate, merge, or transfer all or substantially all of the assets of the Company and certain restricted subsidiaries taken as a whole; enter into certain transactions with affiliates; and engage in certain types of businesses. Additionally, the July 2024 Loan Agreement provides for customary events of default which, if certain of them occur, would permit certain parties, including holders of not less than 25% in aggregate principal of the then-outstanding 2024 Term Notes to declare the principal of, and interest or premium, if any, and any other monetary obligations on, all the then-outstanding 2024 Term Notes to be due and payable immediately. In January 2025, the July 2024 Loan Agreement was amended to modify certain terms and provisions, which amended terms and provisions were not due to actual or anticipated covenant violations. The July 2024 Loan Agreement requires the Company, on a consolidated basis, to maintain liquidity, consisting of cash and/or cash equivalents plus any future revolving credit availability, as of the last day of each fiscal month, as amended, in an aggregate amount of at least $20,000, with which the Company was in compliance as of June 30, 2025. The Company is required to comply with certain other financial covenants in contemplation of certain transactions or events, such as acquisitions and other financing activities, as defined within and provided for under the July 2024 Loan Agreement, as amended.

(2)On August 27, 2021, the Company entered into a credit agreement with a group of lenders (the “2021 Credit Agreement”) that provided for an initial term loan of $210,000 (the “2021 Credit Facility”), which was borrowed in full. The 2021 Credit Agreement provided for an expansion feature that allowed the Company to request an increase in the 2021 Credit Facility up to $275,000 if the then-existing lenders (or other lenders) agreed to provide such additional term loans. During the second quarter of 2022, the Company borrowed an additional $65,000 pursuant to this expansion feature (the “2022 Loans”).

The 2021 Credit Facility had a maturity date of August 27, 2025 and did not require scheduled principal amortization payments. Prepayments were permitted at any time, subject to a customary make-whole payment or prepayment penalty, as applicable. In June 2024, the 2021 Credit Agreement was amended to, among other things, permit the Company to issue new senior secured notes. In July 2024, the Company prepaid $215,000 of borrowings outstanding under the 2021 Credit Facility (the “July 2024 Prepayment”), primarily utilizing the proceeds from the issuance of the 2024 Term Notes, as discussed above. The Company recognized, as a component of interest expense during the third quarter of 2024, a loss on extinguishment of $5,475 related to the July 2024 Prepayment, which included $3,527 of prepayment fees and the write-off of $1,948 of unamortized deferred financing costs that were attributable to those lenders who did not provide funding under the 2024 Term Notes. A total of $1,579 of prepayment fees and $1,428 of previously unamortized deferred financing costs that were associated with existing lenders remained capitalized and were deferred over the term of the 2024 Term Notes in accordance with modification treatment. A total of $943 of unamortized deferred financing costs were associated with the portion of the 2021 Credit Facility that was not prepaid and were amortized through the remaining term of those loans.

A total of $60,000 remained outstanding under the 2021 Credit Agreement following the July 2024 Prepayment and was subsequently prepaid in full in May 2025 (the “May 2025 Prepayment”) utilizing the proceeds from the May 2025 Term Notes, along with cash on hand, as further described above. In conjunction with the May 2025 Prepayment, the Company recognized a loss on extinguishment of $126, primarily consisting of unamortized deferred financing costs that were then-outstanding. Following the May 2025 Prepayment, the 2021 Credit Facility was terminated and the obligations thereunder were considered satisfied in full.

Prior to prepayment, borrowings under the 2021 Credit Facility bore interest at a rate of 9.5% per annum, payable quarterly and, as to any portion of the term loan that is prepaid, on the date of prepayment. We incurred initial financing costs of $8,806 and additional financing costs of $7,606 related to the 2022 Loans, which included warrants issued to certain lenders to acquire 3,130 shares of Class A common stock that had a fair value of $2,639 at issuance. The financing costs were amortized to interest expense over the term of 2021 Credit Facility using the straight-line method which approximated the interest rate method.

In April 2024, the 2021 Credit Agreement was amended to permit the Company to initiate, from time to time and at its discretion, a “Dutch Auction” pursuant to which it may issue a tender offer to existing lenders to re-purchase and retire their loans at a specified discount to par. No such re-purchase occurred.

The Company was required to comply with two financial covenants under the 2021 Credit Agreement. The Company could not permit its liquidity (defined as unrestricted cash and cash equivalents pledged under the 2021 Credit Facility plus any future revolving credit availability) to be below $20,000 as of the last day of any fiscal quarter. Additionally, the Company could not permit the ratio of Consolidated EBITDA (as defined in the 2021 Credit Agreement) to consolidated cash interest expense for any period of four consecutive fiscal quarters to be less than 2.50:1.00. The Company was in compliance with these covenants, as applicable, through the termination of the 2021 Credit Agreement.

The 2021 Credit Agreement required the Company to make certain representations and warranties and to comply with customary covenants, including restrictions on the payment of dividends, repurchase of stock, incurrence of indebtedness, dispositions, and acquisitions. The 2021 Credit Agreement also contained customary events of default, which did not occur. The 2021 Credit Facility was guaranteed by all of the Company’s subsidiaries and was secured by substantially all of the assets of the Company and its subsidiaries.

(3)Liabilities related to finance leases. See Note 10, “Leases,” for additional information.

(4)Sellers’ notes consist of amounts owed for acquisitions or other purchases. As of June 30, 2025 and December 31, 2024, sellers’ notes includes the OPA Sellers’ Note which had balance of $11,000 included in “Current portion of debt, net” at each date. The OPA Sellers’ Note was initially recorded net of a discount of $3,010 that was calculated utilizing the Company’s estimated incremental borrowing rate based on the anticipated close date and was accreted to interest expense over an expected term. Additionally, as of June 30, 2025, sellers’ notes includes a total of $7,400 related to acquisitions associated with Core Partnership One, $2,437 associated with Non-Core Partnership Dispensary One, as further described in Note 4, “Acquisitions,” and $1,400 related to acquisitions with other partnerships, as further described in Note 8, “Variable Interest Entities,” which are included within Current portion of debt, net as of June 30, 2025. The amount outstanding as of December 31, 2024 also included the remaining amount payable related to the Massachusetts Purchase Agreement, as further described in Note 4, “Acquisitions,” which was paid during the second quarter of 2025.

(5)Finance liabilities related to failed sale leaseback transactions. See Note 10, “Leases,” for additional information.

(6)In December 2022, the Company received $19,364 pursuant to a financing agreement with a third-party lender (the “Financing Agreement”). The Company assigned to the lender its interests in an employee retention tax credit claim (the “ERTC Claim”) that it submitted in November 2022 totaling approximately $22,794. If the Company does not receive the ERTC Claim, in whole or in part, the Company is required to repay the related portion of the funds received plus interest of 10% accrued from the date of the Financing Agreement through the repayment date. The Financing Agreement does not have a stated maturity date and the discount is being accreted to interest expense over an expected term. The Company’s obligations under the Financing Agreement will be satisfied upon receipt of the ERTC Claim, in full, or other full repayment. A total of $1,964 of the ERTC Claim was outstanding as of December 31, 2024 and $1,629 was outstanding as of June 30, 2025, which reflects $335 that was received and repaid during the second quarter of 2025. The corresponding receivable is included in “Other current assets” on the unaudited Condensed Consolidated Balance Sheets and the balance outstanding under the Financing Agreement is included in “Current portion of debt, net” at each respective date.

Schedule of Maturities of Debt

As of June 30, 2025, the following cash payments are payable under sellers’ notes and term notes:


(in thousands)	Remainder of 2025		2026		2029		Total
Sellers’ notes(1)	$	11,000	$	11,237	$	—	$	22,237
Term note maturities	—		—		300,000		300,000

(1)Certain cash payments include an interest accretion component. The timing of certain payments may vary based on regulatory approval of the underlying transactions.

Schedule of Interest Expense

Interest expense during the three and six months ended June 30, 2025 and 2024 consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Cash interest	$	9,447	$	6,496	$	18,639	$	12,992
Accretion	1,266		1,397		2,541		2,796
Interest on financing liabilities(1)	624		591		1,247		1,179
Interest on finance leases	595		51		695		106
Loss on extinguishment of debt(2)	126		—		126		—
Total	$	12,058	$	8,535	$	23,248	$	17,073

(1)Interest on financing liability related to failed sale leaseback transactions. See Note 10, “Leases,” for additional details.

(2)The three and six months ended June 30, 2025 include a loss on extinguishment associated with the May 2025 Prepayment, primarily related to the write-off of unamortized deferred financing costs.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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THE COMPANY AND NATURE OF OPERATIONS	6 Months Ended
THE COMPANY AND NATURE OF OPERATIONS	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND NATURE OF OPERATIONS	THE COMPANY AND NATURE OF OPERATIONS Ascend Wellness Holdings, Inc., which operates through its subsidiaries (collectively referred to as “AWH,” “Ascend,” “we,” “us,” “our,” or the “Company”), is a vertically integrated multi-state operator in the United States cannabis industry. AWH owns, manages, and operates cannabis cultivation facilities and dispensaries in several states across the United States, including Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania. Our core business is the cultivation, manufacturing, and distribution of cannabis consumer packaged goods, which are sold through company-owned retail stores and to third-party licensed retail cannabis stores. AWH is headquartered in Morristown, New Jersey. Shares of the Company’s Class A common stock are listed on the Canadian Securities Exchange (the “CSE”) under the ticker symbol “AAWH.U” and are quoted on the OTCQX® Best Market (the “OTCQX”) under the symbol “AAWH.”

DEBT

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

DEBT


(in thousands)	June 30, 2025		December 31, 2024
2024 Term Notes(1)	$	300,000	$	235,000
2021 Credit Facility(2)	—		60,000
Finance leases(3)	28,044		3,210
Sellers’ notes(4)	22,237		11,060
Finance liabilities(5)	18,100		18,100
Financing Agreement(6)	1,629		1,964
Total debt	$	370,010	$	329,334

Current portion of debt	26,145		74,213
Less: unamortized deferred financing costs	—		332
Current portion of debt, net	$	26,145	$	73,881

Long-term debt	343,865		255,121
Less: unamortized deferred financing costs	20,428		20,579
Long-term debt, net	$	323,437	$	234,542

(3)Liabilities related to finance leases. See Note 10, “Leases,” for additional information.

(5)Finance liabilities related to failed sale leaseback transactions. See Note 10, “Leases,” for additional information.

Debt Maturities

As of June 30, 2025, the following cash payments are payable under sellers’ notes and term notes:


(in thousands)	Remainder of 2025		2026		2029		Total
Sellers’ notes(1)	$	11,000	$	11,237	$	—	$	22,237
Term note maturities	—		—		300,000		300,000

(1)Certain cash payments include an interest accretion component. The timing of certain payments may vary based on regulatory approval of the underlying transactions.

Interest Expense

Interest expense during the three and six months ended June 30, 2025 and 2024 consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Cash interest	$	9,447	$	6,496	$	18,639	$	12,992
Accretion	1,266		1,397		2,541		2,796
Interest on financing liabilities(1)	624		591		1,247		1,179
Interest on finance leases	595		51		695		106
Loss on extinguishment of debt(2)	126		—		126		—
Total	$	12,058	$	8,535	$	23,248	$	17,073

(1)Interest on financing liability related to failed sale leaseback transactions. See Note 10, “Leases,” for additional details.

(2)The three and six months ended June 30, 2025 include a loss on extinguishment associated with the May 2025 Prepayment, primarily related to the write-off of unamortized deferred financing costs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS’ EQUITY - Schedule of Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Number of Warrants
Outstanding, beginning balance (in shares)	3,277,000
Expired (in shares)	(188,000)
Outstanding, ending balance (in shares)	3,089,000	3,277,000
Weighted-Average Exercise Price
Exercise price of warrants, beginning (in dollars per share)	$ 3.42
Weighted average warrants expired exercise price (in dollars per share)	2.64
Exercise price of warrants, ending (in dollars per share)	$ 3.42	$ 3.42
Weighted-Average Remaining Exercise Period (years)	8 months 12 days	1 year 2 months 12 days
Aggregate intrinsic value	$ 0	$ 0
Class of warrant exercised (in shares)	0
Minimum
Weighted-Average Exercise Price
Grant date fair value per warrant (in dollars per share)	$ 0.06
Volatility rate (as percent)	70.00%
Risk free interest rate (as percent)	0.30%
Maximum
Weighted-Average Exercise Price
Grant date fair value per warrant (in dollars per share)	$ 0.84
Volatility rate (as percent)	87.50%
Risk free interest rate (as percent)	3.00%

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment consists of the following:


(in thousands)	June 30, 2025		December 31, 2024
Leasehold improvements	$	210,163	$	202,548
Buildings	104,206		84,712
Furniture, fixtures, and equipment	83,609		78,775
Construction in progress	10,539		5,555
Land	5,782		5,782
Property and equipment, gross	414,299		377,372
Less: accumulated depreciation	136,403		116,911
Property and equipment, net	$	277,896	$	260,461

Total depreciation expense was $9,722 and $9,139 during the three months ended June 30, 2025 and 2024, respectively, and $19,582 and $18,284 during the six months ended June 30, 2025 and 2024, respectively. Total depreciation expense capitalized to inventory was $6,515 and $6,488 during the three months ended June 30, 2025 and 2024, respectively, and $13,534 and $13,051 during the six months ended June 30, 2025 and 2024, respectively. At June 30, 2025 and December 31, 2024, $576 and $3,174, respectively, of depreciation expense remained capitalized as part of inventory. Disposals and write offs of accumulated depreciation during the six months ended June 30, 2025 were not material.

The table above includes the following amounts related to finance leases:


(in thousands)	June 30, 2025		December 31, 2024
Buildings	$	19,326	$	—
Equipment(1)(2)	2,321		2,321
Vehicles(1)	2,312		2,410
	23,959		4,731
Less: accumulated amortization(3)	2,628		1,521
Total(4)	$	21,331	$	3,210

(1)Included within “Furniture, fixtures, and equipment.”

(2)Equipment leased pursuant to a master lease agreement that was entered into in June 2022.

(3)Included within “Accumulated depreciation.”

(4)Refer to Note 10, “Leases,” for additional information regarding our lease arrangements.

INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL


(in thousands)	June 30, 2025		December 31, 2024
Intangible Assets
Licenses and permits	$	276,627	$	262,017
In-place leases	14,863		14,863
Trade names	380		380
	291,870		277,260
Accumulated amortization:
Licenses and permits	(73,225)		(60,203)
In-place leases	(11,563)		(11,175)
Trade names	(380)		(380)
	(85,168)		(71,758)

Total intangible assets, net	$	206,702	$	205,502

Amortization expense related to intangible assets was $6,796 and $6,679 during the three months ended June 30, 2025 and 2024, respectively, and $13,410 and $13,569 during the six months ended June 30, 2025 and 2024, respectively. Total amortization expense capitalized to inventory was $754 during each of the three months ended June 30, 2025 and 2024, respectively, and $1,509 and $1,508 during the six months ended June 30, 2025 and 2024, respectively. At June 30, 2025 and December 31, 2024, $354 and $994, respectively, of amortization expense remained capitalized as part of inventory.

Goodwill


(in thousands)
Balance, December 31, 2024	$	49,599
Acquisitions(1)	3,457
Adjustments to purchase price allocation(1)	940
Balance, June 30, 2025	$	53,996

(1)Refer to Note 4, “Acquisitions,” for additional information.

No impairment indicators were noted during the six months ended June 30, 2025 or 2024 and, as such, we did not record any impairment charges during either period.

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following:


(in thousands)	June 30, 2025		December 31, 2024
Leasehold improvements	$	210,163	$	202,548
Buildings	104,206		84,712
Furniture, fixtures, and equipment	83,609		78,775
Construction in progress	10,539		5,555
Land	5,782		5,782
Property and equipment, gross	414,299		377,372
Less: accumulated depreciation	136,403		116,911
Property and equipment, net	$	277,896	$	260,461

The table above includes the following amounts related to finance leases:


(in thousands)	June 30, 2025		December 31, 2024
Buildings	$	19,326	$	—
Equipment(1)(2)	2,321		2,321
Vehicles(1)	2,312		2,410
	23,959		4,731
Less: accumulated amortization(3)	2,628		1,521
Total(4)	$	21,331	$	3,210

(1)Included within “Furniture, fixtures, and equipment.”

(2)Equipment leased pursuant to a master lease agreement that was entered into in June 2022.

(3)Included within “Accumulated depreciation.”

(4)Refer to Note 10, “Leases,” for additional information regarding our lease arrangements.

INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 49,599
Acquisitions	3,457
Adjustments to purchase price allocation	940
Goodwill, ending balance	$ 53,996

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

VARIABLE INTEREST ENTITIES - 2024 Loan Agreement (Details)	1 Months Ended
	Feb. 29, 2024	Jan. 31, 2024 USD ($) extension
January 2024 Loan Agreement
Variable Interest Entity [Line Items]
Aggregate loan amount		$ 2,500,000
Conversion option, equity of borrower, percent at initial funding (as percent)		35.00%
Conversion option, equity of borrower, additional percent provisioned (as percent)		65.00%
Loan agreement stated interest rate (as percent)		20.00%
Covenants, default penalty interest (as percent)		6.00%
Financing arrangement maturity (in years)		6 years
Number of term extensions available \| extension		2
Extension term (in years)		2 years
January 2024 Loan Agreement \| Licenses and permits
Variable Interest Entity [Line Items]
Fair value of license		$ 1,050,000
February 2024 Loan Agreement
Variable Interest Entity [Line Items]
Conversion option, equity of borrower, additional percent provisioned (as percent)	100.00%
Loan agreement stated interest rate (as percent)	20.00%
Covenants, default penalty interest (as percent)	5.00%
Financing arrangement maturity (in years)	10 years

INTANGIBLE ASSETS AND GOODWILL (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets


(in thousands)	June 30, 2025		December 31, 2024
Intangible Assets
Licenses and permits	$	276,627	$	262,017
In-place leases	14,863		14,863
Trade names	380		380
	291,870		277,260
Accumulated amortization:
Licenses and permits	(73,225)		(60,203)
In-place leases	(11,563)		(11,175)
Trade names	(380)		(380)
	(85,168)		(71,758)

Total intangible assets, net	$	206,702	$	205,502

Schedule of Goodwill

Goodwill


(in thousands)
Balance, December 31, 2024	$	49,599
Acquisitions(1)	3,457
Adjustments to purchase price allocation(1)	940
Balance, June 30, 2025	$	53,996

(1)Refer to Note 4, “Acquisitions,” for additional information.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Stockholders’ Equity	Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Deficit	Non- Controlling Interests
Beginning balance (in shares) at Dec. 31, 2023			206,875
Beginning balance at Dec. 31, 2023	$ 142,872	$ 142,872	$ 207	$ 458,027	$ (315,362)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity-based payment awards (in shares)			7,053
Vesting of equity-based payment awards	0		$ 7	(7)
Equity-based compensation expense	13,554	13,554		13,554
Taxes withheld under equity-based compensation plans, net (in shares)			(2,433)
Taxes withheld under equity-based compensation plans, net	(3,483)	(3,483)	$ (2)	(3,481)
Recognition of non-controlling interests	1,050					1,050
Net loss	(18,163)	(18,163)			(18,163)
Ending balance (in shares) at Mar. 31, 2024			211,495
Ending balance at Mar. 31, 2024	135,830	134,780	$ 212	468,093	(333,525)	1,050
Beginning balance (in shares) at Dec. 31, 2023			206,875
Beginning balance at Dec. 31, 2023	142,872	142,872	$ 207	458,027	(315,362)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recognition of non-controlling interests	1,050
Net loss	(39,947)
Ending balance (in shares) at Jun. 30, 2024			213,820
Ending balance at Jun. 30, 2024	117,543	116,493	$ 215	471,587	(355,309)	1,050
Beginning balance (in shares) at Mar. 31, 2024			211,495
Beginning balance at Mar. 31, 2024	135,830	134,780	$ 212	468,093	(333,525)	1,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity-based payment awards (in shares)			3,712
Vesting of equity-based payment awards	0		$ 4	(4)
Equity-based compensation expense	5,284	5,284		5,284
Taxes withheld under equity-based compensation plans, net (in shares)			(1,387)
Taxes withheld under equity-based compensation plans, net	(1,787)	(1,787)	$ (1)	(1,786)
Net loss	(21,784)	(21,784)			(21,784)
Ending balance (in shares) at Jun. 30, 2024			213,820
Ending balance at Jun. 30, 2024	$ 117,543	116,493	$ 215	471,587	(355,309)	1,050
Beginning balance (in shares) at Dec. 31, 2024	205,026		205,026
Beginning balance at Dec. 31, 2024	$ 71,801	70,978	$ 205	471,129	(400,356)	823
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity-based payment awards (in shares)			1,383
Vesting of equity-based payment awards	0		$ 1	(1)
Equity-based compensation expense	628	628		628
Taxes withheld under equity-based compensation plans, net (in shares)			(392)
Taxes withheld under equity-based compensation plans, net	(127)	(127)		(127)
Repurchase of common stock (in shares)			(791)
Repurchase of common stock	(345)	(345)	$ (1)	(344)
Net loss	(19,258)	(19,258)			(19,258)
Ending balance (in shares) at Mar. 31, 2025			205,226
Ending balance at Mar. 31, 2025	$ 52,699	51,876	$ 205	471,285	(419,614)	823
Beginning balance (in shares) at Dec. 31, 2024	205,026		205,026
Beginning balance at Dec. 31, 2024	$ 71,801	70,978	$ 205	471,129	(400,356)	823
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recognition of non-controlling interests	0
Net loss	$ (43,665)
Ending balance (in shares) at Jun. 30, 2025	203,307		203,307
Ending balance at Jun. 30, 2025	$ 28,154	27,331	$ 203	471,149	(444,021)	823
Beginning balance (in shares) at Mar. 31, 2025			205,226
Beginning balance at Mar. 31, 2025	52,699	51,876	$ 205	471,285	(419,614)	823
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity-based payment awards (in shares)			13
Vesting of equity-based payment awards	0		$ 0	0
Equity-based compensation expense	511	511		511
Repurchase of common stock (in shares)			(1,932)
Repurchase of common stock	(649)	(649)	$ (2)	(647)
Net loss	$ (24,407)	(24,407)			(24,407)
Ending balance (in shares) at Jun. 30, 2025	203,307		203,307
Ending balance at Jun. 30, 2025	$ 28,154	$ 27,331	$ 203	$ 471,149	$ (444,021)	$ 823

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 9,722	$ 9,139	$ 19,582	$ 18,284
Depreciation expense capitalized during the period	6,515	$ 6,488	13,534	$ 13,051
Inventory, depreciation costs	$ 576		$ 576		$ 3,174

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured that such equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains or losses of the entity. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company assesses the terms of various agreements and contractual relationships to determine if it is the primary beneficiary, generally due to provisions that provide the Company with operational and financial influence over the underlying entity, as well as financial distributions based on the underlying associated results of operations. Such transactions may include support services agreements, management services agreements, loan or financing agreements, or various other contractual agreements. We assess all variable interests in the entity and use our judgment when determining if we are the primary beneficiary. In addition to contractual agreements with the VIE, other qualitative factors that are considered include decision-making responsibilities, the VIE capital structure, risk and rewards sharing, voting rights, and the level of involvement of other parties. We assess the primary beneficiary determination for a VIE on an ongoing basis if there are any changes in the facts and circumstances related to a VIE.

Where we determine we are the primary beneficiary of a VIE, we consolidate the accounts of that VIE. The equity owned by other stockholders is shown, as applicable, as non-controlling interests in the accompanying unaudited Condensed Consolidated Balance Sheets, Statements of Operations, and Statements of Changes in Stockholders’ Equity. The assets of the VIE can only be used to settle obligations of that entity, and any creditors of that entity generally have no recourse to the assets of other entities or the Company unless the Company separately agrees to be subject to such claims.

January 2024 Loan Agreement

In January 2024, the Company entered into a loan agreement pursuant to which the Company may provide, at its sole discretion, up to $2,500 of financing (the “January 2024 Loan Agreement”) to a third party (“Core Partnership Two”). The January 2024 Loan Agreement provides the Company with conversion options to obtain 35% of the equity interests of the borrower upon the initial funding (which occurred in January 2024) and up to an additional 65% of the remaining equity interest of the borrower at any time through October 2033, subject to certain provisions and regulatory approvals. Borrowings under the January 2024 Loan Agreement bear interest at a rate of 20.0% per annum and are secured by substantially all of the assets and equity interests of the third party. The January 2024 Loan Agreement provides for customary events of default, contains certain covenants and other restrictions, and provides for a default penalty of an additional 6.0% interest. Borrowings are due on the sixth anniversary of the January 2024 Loan Agreement, which may be extended by two additional two-year periods, and prepayment is permitted with prior written notice.

The January 2024 Loan Agreement also contains certain provisions and restrictive covenants that provide the Company with operational and financial influence over Core Partnership Two and also provides the Company with financial distributions based on the underlying associated results of operations. The Company determined it has a variable interest in Core Partnership Two and that it is the primary beneficiary, and, therefore, Core Partnership Two met the criteria for consolidation as of such date. The underlying entity received a conditional license approval for one dispensary in New Jersey that was determined to have a fair value of $1,050, which approximated the fair value of the non-controlling interest held by the third-party member as of the effective date. The non-controlling interest received a distribution during 2024 in accordance with the provisions of the January 2024 Loan Agreement. Since the entity is consolidated as a VIE, the intercompany activity related to the January 2024 Loan Agreement is eliminated in consolidation. The net loss attributable to the non-controlling interest was not significant during the three and six months ended June 30, 2025 and 2024.

February 2024 Loan Agreement

In February 2024, the Company entered into a loan agreement pursuant to which the Company may provide financing (the “February 2024 Loan Agreement”), as amended, at its sole discretion, to a third party (the “Core Partnership One”). The parties also entered into a support services agreement under which the Company will provide management and advisory services to Core Partnership One for a set monthly fee. Borrowings under the February 2024 Loan Agreement bear interest at a rate of 20.0% per annum and are secured by substantially all of the assets of the borrower. The February 2024 Loan Agreement provides for customary events of default, contains certain covenants and other restrictions, and provides for a default penalty of an additional 5.0% interest. The February 2024 Loan Agreement matures ten years from issuance, but may be extended if not otherwise converted prior to maturity, with borrowings and interest not due until such time. The February 2024 Loan Agreement provides the Company with the option to convert the outstanding balance into equity interests of the borrower, up to 100%, as may be permissible by applicable regulations at such time.

The February 2024 Loan Agreement contains certain provisions and restrictive covenants that provide the Company with operational and financial influence over Core Partnership One. The Company determined that the terms and provisions of the February 2024 Loan Agreement and support services agreement create a variable interest in Core Partnership One and met the criteria for consolidation as of such date. Since Core Partnership One is consolidated as a VIE, the intercompany activity related to the February 2024 Loan Agreement and the related support services agreement is eliminated in consolidation. Core Partnership One held no assets at the time the agreements were entered into and the non-controlling interest was determined to have a de minimis fair value as of that date. The net loss attributable to the non-controlling interest was not significant during the three and six months ended June 30, 2025 and 2024.

Recent Transactions

Refer to Note 4, “Acquisitions,” for information regarding certain transactions related to the Core Partnership One that are consolidated as of June 30, 2025.

Core Partnership Three Loan Agreement

In February 2025, the Company and a third party (“Core Partnership Three”) entered into a loan agreement pursuant to which the Company may provide to Core Partnership Three up to $2,500 of financing (the “Core Partnership Three Loan Agreement”). Borrowings under the Core Partnership Three Loan Agreement bear interest at a rate of 20% per annum and are secured by substantially all of the then-current and future assets and equity interests of the borrower. The Core Partnership Three Loan Agreement provides for customary events of default, contains certain covenants and other restrictions, and provides for a default penalty of an additional 6% interest. Borrowings are due on the tenth anniversary of the Core Partnership Three Loan Agreement. The Company has a direct equity ownership interest of 35% of the equity interests in the borrower and the Core Partnership Three Loan Agreement provides the Company with conversion options to obtain up to 100% at any time through the maturity date, subject to certain provisions and as may be permitted by applicable regulations.

The Core Partnership Three Loan Agreement also contains certain provisions and restrictive covenants that provide the Company with operational and financial influence over Core Partnership Three and provides the Company with financial distributions based on the associated results of operations. The Company determined that the terms and provisions of the Core Partnership Three Loan Agreement create a variable interest in Core Partnership Three and met the criteria for consolidation as of such date. The Company and Core Partnership Three entered into a definitive agreement to acquire an entity that received licensing approvals for the operation of an adult-use dispensary for a total of $650 of cash consideration. This agreement is subject to regulatory approval, which is expected to be received within six to twelve months following the signing date. The consideration was allocated to the cost of the license, of which $250 was paid at signing. The remaining $400 is due at the earlier of: (i) the first sale of cannabis at the associated dispensary, or (ii) the one year anniversary of the agreement date, and is included as a sellers’ note; refer to Note 11, “Debt.” Additionally, the Company recorded an acquisition-related deferred tax liability of $285, which was allocated to the license as additional cost basis as of the effective date. The Company will also assume the lease associated with the anticipated dispensary location. The non-controlling interest was determined to have a de minimis fair value and the net loss attributable to the non-controlling interest was not significant during the three and six months ended June 30, 2025. Since the entity is consolidated as a VIE, the intercompany activity related to the Core Partnership Three Loan Agreement is eliminated in consolidation.

Non-Core Partnership One Loan Agreement

At its sole discretion, the Company may provide funding to a third party (“Non-Core Partnership One”) pursuant to a loan agreement (the “Non-Core Partnership One Loan Agreement”). In February 2025, Non-Core Partnership One entered into a definitive agreement through which it anticipates acquiring two adult-use dispensaries, subject to certain closing conditions, including regulatory approval which had not been received as of June 30, 2025. Total cash consideration for this transaction is $7,850, subject to certain closing adjustments, including the settlement of a note outstanding, and of which $250 was paid at signing. This transaction also provides for an earn-out payment, payable in cash, in an amount equal to the lesser of $2,000 or three times the Annual EBITDA (as defined) during the one-year period following closing. The Non-Core Partnership One Loan Agreement provides the Company with the option to convert the outstanding balance into equity interests of the borrower, up to 100%, as may be permissible by applicable regulations at such time. Borrowings under the Non-Core Partnership One Loan Agreement bear interest at a rate of 20% per annum and are secured by substantially all of the then-current or future assets of the borrower, as applicable. The Non-Core Partnership One Loan Agreement matures ten years from issuance, but may be extended if not otherwise converted prior to maturity, with borrowings and interest not due until such time. This third party held no assets at the time the agreements were entered into and the non-controlling interest was determined to have a de minimis fair value as of that date. Refer to Note 4, “Acquisitions,” for information regarding certain transactions related to Non-Core Partnership One that are consolidated as of June 30, 2025.

Core Partnership Four Loan Agreement

In March 2025, the Company and a third party (“Core Partnership Four”) entered into a loan agreement pursuant to which the Company may provide to Core Partnership Four up to $2,500 of financing (the “Core Partnership Four Loan Agreement”). Borrowings under the Core Partnership Four Loan Agreement bear interest at a rate of 20% per annum and are secured by substantially all of the then-current and future assets and equity interests of the borrower. The Core Partnership Four Loan Agreement provides for customary events of default, contains certain covenants and other restrictions, and provides for a default penalty of an additional 6% interest. Borrowings are due on the tenth anniversary of the Core Partnership Four Loan Agreement. The Company has a direct equity ownership interest of 35% of the equity interests in the borrower and the Core Partnership Four Loan Agreement and associated agreements provide the Company with conversion options to obtain up to 100% at any time through the maturity date, subject to certain provisions and as may be permitted by applicable regulations.

The Core Partnership Four Loan Agreement also contains provisions and restrictive covenants that provide the Company with operational and financial influence over Core Partnership Four and the underlying operating agreement provides the Company with financial distributions based on the associated results of operations. The Company determined that the terms and provisions of the Core Partnership Four Loan Agreement and associated agreements create a variable interest in Core Partnership Four and met the criteria for consolidation as of such date. The non-controlling interest was determined to have a de minimis fair value. Since the entity is consolidated as a VIE, the intercompany activity related to the Core Partnership Four Loan Agreement is eliminated in consolidation.

The Company and Core Partnership Four entered into a definitive agreement to acquire an entity that received licensing approvals for the operation of an adult-use dispensary, subject to regulatory approval which is expected to be received within six to twelve months following the signing date, for a total of $1,500 of cash consideration. Of the total consideration, $250 was paid as a deposit during the fourth quarter of 2024 and was included within “Other current assets” on the unaudited Condensed Consolidated Balance Sheet as of December 31, 2024, $250 was paid at signing, and the remaining $1,000 will be paid at final closing and is included as a sellers’ note; refer to Note 11, “Debt.” The Company will also assume the lease associated with the dispensary location. Of the total consideration, $1,383 was allocated to the cost of the license and $117 was allocated to the security deposit for the associated lease, which had a lease liability and ROU asset of $872 and is classified as a finance lease; refer to Note 10, “Leases,” for additional information regarding the Company’s lease arrangements. Additionally, the Company recorded an acquisition-related deferred tax liability of $607, which was allocated to the license as additional cost basis as of the effective date. The net loss attributable to the non-controlling interest was not significant during the three and six months ended June 30, 2025.

Financial Information



(in thousands)	June 30, 2025		December 31, 2024
Current assets	$	6,622	$	6,492
Other noncurrent assets	90,663		63,334
Current liabilities	17,688		4,558
Noncurrent liabilities	21,268		13,922

Deficit	(7,607)		(8,646)



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Revenue, net	$	14,170	$	1,068	$	25,015	$	1,772


Net income (loss)	1,284		(2,701)		1,039		(4,472)

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company does not have significant future annual commitments, other than related to leases and debt, which are disclosed in Notes 10 and 11, respectively, and certain payments related to acquisitions, as disclosed in Note 4. The Company has commercial relationships with license holders across the markets in which it operates with mutually beneficial purchasing and supply arrangements entered into in the ordinary course of business. In April 2025, the Company entered into a definitive agreement pursuant to which the Company proposes to exchange its Ohio cultivation license and facility and related assets (the “Ohio Cultivation Assets”) for an entity that anticipates obtaining an adult-use license in New Jersey and $1,000 of cash consideration. Pursuant to this definitive agreement, the Company also proposes to acquire an entity in Ohio that owns and operates a dispensary in Ohio in exchange for a conditional dispensary license that the Company expects to receive, plus an additional $1,000 of cash consideration. This transaction is subject to certain closing conditions, including regulatory approvals. The Ohio Cultivation Assets were being contemplated for sale in this specific transaction with this specific buyer and the Company determined the Ohio Cultivation Assets do not meet the criteria to be classified as held-for-sale as of June 30, 2025. The total of the Ohio Cultivation Assets was approximately $8,800 as of June 30, 2025, including $4,000 of intangible assets, net, $3,000 of goodwill, $1,200 of inventory, and $300 of property and equipment, net. Through the acquisition of Story of PA CR, LLC (“Story of PA”) in April 2022, the Company is party to a research collaboration agreement with the Geisinger Commonwealth School of Medicine (“Geisinger”), a Pennsylvania Department of Health-Certified Medical Marijuana Academic Clinical Research Center, pursuant to which the Company will help fund clinical research to benefit the patients of Pennsylvania. A total of up to $10,000 of additional funding may be provided pursuant to the research collaboration agreement and is expected to be funded over the course of the ten years following the transaction date based on a percentage of annual revenues associated with the underlying operations. A payment of $819 was remitted during the three months ended June 30, 2025, which is included within “Payment of contingent consideration” on the unaudited Condensed Consolidated Statements of Cash Flows and was included within “Accounts payable and accrued liabilities” on the unaudited Condensed Consolidated Balance Sheet at December 31, 2024. As of June 30, 2025, $1,574 is included within “Accounts payable and accrued liabilities” on the unaudited Condensed Consolidated Balance Sheet and $7,607 and $9,200 is included within “Other non-current liabilities” as of June 30, 2025 and December 31, 2024, respectively. Legal and Other Matters The Company’s operations are subject to a variety of local and state regulations. 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. While management believes that the Company is in compliance with applicable local and state regulations as of June 30, 2025 in all material respects, cannabis regulations continue to evolve and are subject to differing interpretations, and accordingly, the Company may be subject to regulatory fines, penalties, or restrictions in the future. State laws that permit and regulate the production, distribution, and use of cannabis for adult-use or medical purposes are in direct conflict with the Controlled Substances Act (21 U.S.C. § 811) (the “CSA”), which makes cannabis use and possession federally illegal. Although certain states and territories of the United States authorize medical and/or adult-use cannabis production and distribution by licensed or registered entities, under United States federal law, the possession, use, cultivation, and transfer of cannabis and any related drug paraphernalia is illegal and any such acts are criminal acts under federal law under the CSA. Although the Company’s activities are believed to be compliant with applicable state and local laws, strict compliance with state and local laws with respect to cannabis may neither absolve the Company of liability under United States federal law, nor may it provide a defense to any federal proceeding which may be brought against the Company. The Company may be, from time to time, subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. Contingent liabilities associated with legal proceedings are recorded when a liability is probable and the contingent liability can be estimated. We do not accrue for contingent losses that, in our judgment, are considered to be reasonably possible but not probable. At June 30, 2025 there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on our consolidated results of operations, other than as disclosed below. MedMen NY Litigation As previously reported, since 2021 the Company has been engaged in a matter regarding a definitive investment agreement (the “Investment Agreement”) with subsidiaries of MedMen Enterprises Inc. (“MedMen”) regarding an investment in MedMen NY, Inc. (“MMNY”). The Company continues to seek damages from MedMen, including, but not limited to, the return of the $4,000 deposit previously paid, approximately $2,400 of advances pursuant to a working capital loan agreement, and other capital expenditure advances paid to MMNY by the Company. In February 2024, the counsel-of-record for MedMen withdrew as counsel and, as of the date of filing of this Form 10-Q, MedMen has not appointed new counsel in this matter. On August 6, 2025, the Company filed a motion for a default judgment against MedMen seeking $10,300 for the prior deposit and working capital advances. On April 26, 2024, MedMen announced that it made an assignment into bankruptcy pursuant to Canada’s Bankruptcy and Insolvency Act on April 24, 2024 and B. Riley Farber Inc. was appointed as its bankruptcy trustee. In addition, MedMen announced that MedMen’s wholly owned subsidiary, MM CAN USA, Inc., a California corporation, was placed into receivership in the Los Angeles Superior Court, Santa Monica Division on April 23, 2024 to effectuate an orderly dissolution and liquidation of its California-based assets. MedMen further announced that it intends to initiate additional receivership proceedings in those U.S. states where MM CAN USA, Inc. controls or owns assets, through which the operations and assets of MedMen’s subsidiaries will be dissolved or liquidated pursuant to applicable laws in the United States. On May 21, 2024, the Los Angeles Superior Court issued an order confirming the appointment of a receiver for MM CAN USA, Inc. The receiver has submitted monthly reports to the Los Angeles Superior Court estimating that the liabilities of MedMen’s subsidiaries likely significantly exceed the estimated liquidated value of MedMen's subsidiaries and their respective assets, and such reports indicate that efforts to dissolve, liquidate, or abandon such assets are ongoing. During the year ended December 31, 2022, following the Company’s decision to no longer consummate the contemplated transactions, the Company established an estimated reserve of $3,700 related to the amounts that it has been actively pursuing collecting. During the first quarter of 2024, the Company increased this estimated reserve by $2,703, which is included within “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations and within “Other” on the unaudited Condensed Consolidated Statements of Cash Flows for that period. The reserve was further increased by $2,744 during the second quarter of 2024 to reflect all remaining outstanding balances, including amounts due under a working capital advance agreement. Of the total reserve as of each of June 30, 2025 and December 31, 2024, $2,422 is included within “Notes receivable” on the unaudited Condensed Consolidated Balance Sheets, $6,695 is included within “Other current assets,” and the remainder is included within “Other noncurrent assets.”

INCOME TAXES

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2025			2024			2025			2024
Loss before income taxes	$	(12,576)		$	(9,678)		$	(20,803)		$	(15,331)
Income tax expense	11,831			12,106			22,862			24,616
Effective tax rate	(94.1)		%	(125.1)		%	(109.9)		%	(160.6)		%

Gross profit	$	41,392		$	41,573		$	80,953		$	93,610
Effective tax rate on gross profit	28.6		%	29.1		%	28.2		%	26.3		%

The internal revenue service has taken the position that cannabis companies are subject to the limitations of IRC Section 280E, under which such companies are only allowed to deduct expenses directly related to the sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E and those allowed for financial statement reporting purposes (“book-to-tax” differences). Cannabis companies operating in states that align their tax codes with IRC Section 280E are also unable to deduct ordinary and necessary business expenses for state tax purposes. Ordinary and necessary business expenses deemed non-deductible under IRC Section 280E are treated as permanent book-to-tax differences. Therefore, the effective tax rate on income realized by cannabis companies can be highly variable and may not necessarily correlate with pre-tax income or loss.

The Company’s quarterly tax provision is calculated under the discrete method which treats the interim period as if it were the annual period and determines the income tax expense or benefit on that basis. The discrete method is applied when application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The Company believes, at this time, the use of this discrete method is more appropriate than the annual effective tax rate method due to the high degree of uncertainty in estimating annual pre-tax income due to the early growth stage of the business.

The Company has recorded an uncertain tax liability for uncertain tax positions primarily related to the treatment of certain transactions and deductions under IRC Section 280E based on legal interpretations that challenge the Company’s tax liability under IRC Section 280E. These uncertain tax positions are included within “Other non-current liabilities” on the unaudited Condensed Consolidated Balance Sheets. The following table shows a reconciliation of the beginning and ending amount of unrecognized tax benefits:


	Six Months Ended June 30, 2025
Balance, December 31, 2024	$	149,407
Additions for tax positions related to the current year	14,917
Additions for tax positions related to prior years	8,621
Balance, June 30, 2025	$	172,945

A total of $28,987 of interest and penalties is accrued for the uncertain tax positions as of June 30, 2025, which includes $8,819 related to the current year and $20,168 for prior years, and a total of $20,168 of interest and penalties was accrued as of December 31, 2024, which included $14,744 for the year then ended and $5,424 for prior years. The Company has been selected for examination of its amended tax returns filed with these unrecognized tax benefits but does not currently anticipate its unrecognized tax benefits to be resolved in the next twelve months and anticipates that the total amount of unrecognized tax benefits may change within the next twelve months for additional uncertain tax positions taken on a go-forward basis. If favorably resolved, the unrecognized tax benefits would decrease the Company’s effective tax rate.

In July 2025, the U.S. government enacted a reconciliation bill, commonly referred to as the One Big Beautiful Bill Act (the “Act”), with certain provisions of the Act effective in 2025 and other provisions becoming effective in 2026 and beyond. We are in the process of evaluating the impacts of the Act to our consolidated financial statements and disclosures.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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+ Details

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 414,299	$ 377,372
Less: accumulated depreciation	136,403	116,911
Property and equipment, net	277,896	260,461
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	210,163	202,548
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	104,206	84,712
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	83,609	78,775
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,539	5,555
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,782	$ 5,782

EQUITY-BASED COMPENSATION EXPENSE - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended		48 Months Ended
	Mar. 09, 2023	Jul. 31, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Dec. 31, 2024	Aug. 31, 2024	Jul. 31, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of issued and outstanding shares (as percent)	10.00%
Total equity-based compensation expense			$ 511,000	$ 5,284,000	$ 1,139,000	$ 16,000,000
Equity-based compensation costs capitalized during the period			387,000	2,105,000	637,000	6,352,000
Inventory, equity-based compensation cost			1,437,000		1,437,000		$ 1,437,000	$ 2,102,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		9,942,000
Exercise price of options granted (in dollars per share)		$ 0.35
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense			124,000	3,179,000	502,000	9,648,000
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense			$ 164,000	4,336,000	$ 1,302,000	6,547,000
Restricted Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number			0		0		0
Equity-based compensation expense, cost not yet recognized			$ 0		$ 0		$ 0
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued to date (in shares)			0		0		0
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued to date (in shares)			0		0		0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense, cost not yet recognized			$ 145,000		$ 145,000		$ 145,000
Equity-based compensation expense, cost not yet recognized, period for recognition (in years)					1 year 4 months 24 days
Total equity-based compensation expense			$ 29,000	147,000	$ 58,000	1,138,000
Stock Options \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		2 years
Vesting rights (in percent)		12.50%
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of awards to be issued (in shares)									3,000,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number			4,075,000		4,075,000		4,075,000	5,898,000
Equity-based compensation expense, cost not yet recognized			$ 3,162,000		$ 3,162,000		$ 3,162,000
Equity-based compensation expense, cost not yet recognized, period for recognition (in years)					2 years 2 months 12 days
Total equity-based compensation expense			$ 482,000	$ 5,137,000	$ 1,081,000	$ 14,862,000
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of awards to be issued (in shares)											10,031,000
Awards issued to date (in shares)			9,994,000		9,994,000		9,994,000
2020 Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					2 years
2020 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock reserved for issuance under equity incentive plan (in shares)			13,123,000		13,123,000		13,123,000			17,000,000
2021 Employee Stock Purchase Plan \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock reserved for issuance under equity incentive plan (in shares)										4,000,000
Shares issued under the 2021 ESPP (in shares)							0

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with (i) United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, and (ii) the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of our management, our unaudited condensed consolidated financial statements and accompanying notes (the “Financial Statements”) include all normal recurring adjustments that are necessary for the fair statement of the interim periods presented. Interim results of operations are not necessarily indicative of results for the full year, or any other period. The Financial Statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), as filed with the United States Securities and Exchange Commission (“SEC”) and with the relevant Canadian securities regulatory authorities under its profile on the System for Electronic Document Analysis and Retrieval Plus (“SEDAR+”). Except as noted below, there have been no material changes to the Company’s significant accounting policies and estimates during the six months ended June 30, 2025. The Financial Statements include the accounts of Ascend Wellness Holdings, Inc. and its subsidiaries. Refer to Note 8, “Variable Interest Entities,” for additional information regarding certain entities that are not wholly-owned by the Company. We include the results of acquired businesses in the consolidated statements of operations from their respective acquisition dates. All intercompany accounts and transactions have been eliminated in consolidation. We round amounts in the Financial Statements to thousands, except per unit or per share amounts or as otherwise stated. We calculate all percentages, per-unit, and per-share data from the underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. The Financial Statements are expressed in U.S. dollars, which is the Company’s functional currency. Unless otherwise indicated, all references to years are to our fiscal year, which ends on December 31. We are an emerging growth company under federal securities laws and as such we are able to elect to follow scaled disclosure requirements for this filing and can delay adopting new or revised accounting standards until such time as those standards apply to private companies. Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts. We base our estimates on historical experience, known or expected trends, independent valuations, and various other measurements that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Liquidity As reflected in the Financial Statements, the Company had an accumulated deficit as of June 30, 2025 and December 31, 2024, as well as a net loss for the six months ended June 30, 2025 and 2024, which are indicators that raise substantial doubt of our ability to continue as a going concern. Management believes that substantial doubt of our ability to continue as a going concern for at least one year from the issuance of these Financial Statements has been alleviated due to the cash balance on hand and the generation of positive net cash provided by operating activities. Management plans to continue to access capital markets for additional funding through debt and/or equity financings to supplement future cash needs, as may be required. However, management cannot provide any assurances that the Company will be successful in accomplishing its business plans. If the Company is unable to raise additional capital whenever necessary, it may be forced to decelerate or curtail certain of its operations until such time as additional capital becomes available. Reclassifications Certain prior year amounts in the notes to the consolidated financial statements have been reclassified to conform with our current period presentation. These changes had no impact on our previously reported net loss. Cash and Cash Equivalents and Restricted Cash As of June 30, 2025 and December 31, 2024, we did not hold significant restricted cash or cash equivalents. Fair Value of Financial Instruments During the six months ended June 30, 2025 and 2024, we had no transfers of assets or liabilities between any of the hierarchy levels. In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain assets at fair value on a non-recurring basis that are subject to fair value adjustments in specific circumstances. These assets can include: goodwill; intangible assets; property and equipment; and lease-related right-of-use (“ROU”) assets. We estimate the fair value of these assets using primarily unobservable Level 3 inputs. Basic and Diluted Earnings (Loss) per Share The Company computes earnings (loss) per share (“EPS”) using the two-class method required for multiple classes of common stock. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, except for voting and conversion rights. As the liquidation and dividend rights are identical, undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis. Basic EPS is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if all potential common shares had been issued and were dilutive. However, potentially dilutive securities are excluded from the computation of diluted EPS to the extent that their effect is anti-dilutive. Potential dilutive securities include incremental shares of common stock issuable upon the exercise of warrants, unvested restricted stock awards, unvested restricted stock units, and outstanding stock options, as applicable. At June 30, 2025 and 2024, 10,290 and 25,270 shares of common stock equivalents, respectively, were excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive. Shares of restricted stock granted by us are considered to be legally issued and outstanding as of the date of grant, notwithstanding that the shares remain subject to the risk of forfeiture if the vesting conditions for such shares are not met, and are included in the number of shares of Class A common stock outstanding, as applicable. Weighted-average common shares outstanding excludes time-based and performance-based unvested shares of restricted Class A common stock, as restricted shares are treated as issued and outstanding for financial statement presentation purposes only after such shares have vested and, therefore, have ceased to be subject to a risk of forfeiture. Recently Issued Accounting Pronouncements The following standards have been recently issued by the Financial Accounting Standards Board (“FASB”). Pronouncements that are not applicable to the Company or where it has been determined do not have a significant impact on us have been excluded herein. Income Taxes In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, including disaggregation in the rate reconciliation table and disaggregation information related to income taxes paid. The amendments in this update are effective for the Company for the fiscal year ending December 31, 2025 on a prospective or retrospective basis, with early adoption permitted. We are currently evaluating the impact of this update on our disclosures in the consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which was further clarified through ASU 2025-01 issued in January 2025. This ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The provisions of this ASU are required to be applied prospectively; however, they may be applied retrospectively to any comparative periods presented in the consolidated financial statements following the effective date. Early adoption is permitted. We are currently evaluating the impact of this update on our disclosures in the consolidated financial statements. Business Combinations and Consolidation In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (“VIE”). This ASU is intended to improve comparability between business combinations that involve VIEs and those that do not and requires a reporting entity to consider the factors for identifying the accounting acquirer when a transaction is primarily effected by the exchange of equity interests. This ASU will be effective for the Company beginning January 1, 2027 and early adoption is permitted. We are currently evaluating the impact of this update on our disclosures in the consolidated financial statements.

SUPPLEMENTAL INFORMATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 22,565	$ 26,414
Accrued interest	17,490	13,835
Accrued payroll and related expenses	9,111	8,204
Fixed asset purchases	3,063	1,977
Other	10,954	9,005
Total	$ 63,183	$ 59,435

LEASES - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Lease assets
Operating lease right-of-use assets	$ 124,251	$ 139,067
Finance lease, right-of-use asset	21,331	3,210
Total lease assets	145,582	142,277
Lease liabilities
Operating lease liabilities, current	4,690	5,469
Finance lease, liability, current	2,279	1,189
Operating lease liabilities, noncurrent	246,102	267,221
Finance lease, liability, noncurrent	25,765	2,021
Total lease liabilities	$ 278,836	$ 275,900
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	Current portion of debt, net	Current portion of debt, net
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Total operating lease costs	$ 12,438	$ 10,241	$ 22,799	$ 20,247
Amortization of leased assets	703	139	1,107	278
Interest on lease liabilities	595	51	695	106
Total finance lease costs	1,298	190	1,802	384
General and administrative expenses
Lessee, Lease, Description [Line Items]
Total operating lease costs	3,432	1,264	4,502	2,137
Capitalized to inventory
Lessee, Lease, Description [Line Items]
Total operating lease costs	$ 9,006	$ 8,977	$ 18,297	$ 18,110

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Management has evaluated subsequent events to determine if events or transactions occurring through the filing date of this Quarterly Report on Form 10-Q require adjustment to or disclosure in the Company’s Financial Statements. There were no events that require adjustment to or disclosure in the Financial Statements, except as disclosed.

REPORTABLE SEGMENTS AND REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net	$ 127,304	$ 141,536	$ 255,301	$ 283,946
Operating Segments \| Retail revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net	86,459	93,078	170,811	188,283
Operating Segments \| Third-party wholesale revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue, net	$ 40,845	$ 48,458	$ 84,490	$ 95,663

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

EQUITY-BASED COMPENSATION EXPENSE - Schedule of Unvested Restricted Stock Units Roll Forward (Details) - RSUs	6 Months Ended
	Jun. 30, 2025 $ / shares shares
Number of Shares (in thousands)
Beginning balance (in shares)	5,898,000
Granted (in shares)	225,000
Vested (in shares)	(1,396,000)
Forfeited (in shares)	(652,000)
Ending balance (in shares)	4,075,000
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 1.06
Granted (in dollars per share) \| $ / shares	0.40
Vested (in dollars per share) \| $ / shares	1.05
Forfeited (in dollars per share) \| $ / shares	1.20
Ending balance (in dollars per share) \| $ / shares	$ 1.00
Taxes withheld under equity-based compensation plans, net (in shares)	392,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 95,270	$ 88,254
Accounts receivable, net	30,635	36,542
Inventory	82,317	89,552
Notes receivable	4,100	4,100
Other current assets	13,332	10,928
Total current assets	225,654	229,376
Property and equipment, net	277,896	260,461
Operating lease right-of-use assets	124,251	139,067
Intangible assets, net	206,702	205,502
Goodwill	53,996	49,599
Other noncurrent assets	15,368	16,426
TOTAL ASSETS	903,867	900,431
Current liabilities
Accounts payable and accrued liabilities	63,183	59,435
Current portion of debt, net	26,145	73,881
Operating lease liabilities, current	4,690	5,469
Income taxes payable	1,742	696
Other current liabilities	5,030	5,060
Total current liabilities	100,790	144,541
Long-term debt, net	323,437	234,542
Operating lease liabilities, noncurrent	246,102	267,221
Deferred tax liabilities, net	20,922	23,439
Other non-current liabilities	184,462	158,887
Total liabilities	875,713	828,630
Commitments and contingencies (Note 15)
Stockholders' Equity
Preferred stock, $0.001 par value per share; 10,000 shares authorized, none issued and outstanding as of June 30, 2025 and December 31, 2024	0	0
Additional paid-in capital	471,149	471,129
Accumulated deficit	(444,021)	(400,356)
Equity of Ascend Wellness Holdings, Inc. common stockholders	27,331	70,978
Non-controlling interests	823	823
Total stockholders' equity	28,154	71,801
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	903,867	900,431
Class A common stock
Stockholders' Equity
Class A and Class B common stock	203	205
Class B common stock
Stockholders' Equity
Class A and Class B common stock	$ 0	$ 0

LEASES - Schedule of Short-term and Variable Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Leases [Abstract]
Total short-term and variable lease costs	$ 945	$ 902	$ 2,014	$ 1,967

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Leases [Abstract]
Operating cash flows for operating leases	$ 21,042	$ 20,351
Operating cash flows for finance leases	695	106
Financing cash flows for finance leases	847	240
Operating leases	1,479	7,623
Finance leases	$ 3,578	$ 0

LEASES - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease, weighted average remaining term (in years)	13 years 1 month 6 days	13 years 3 months 18 days
Finance lease, weighted average remaining term (in years)	9 years 6 months	2 years 9 months 18 days
Operating lease, weighted average discount rate (as percent)	15.20%	15.10%
Finance lease, weighted average discount rate (as percent)	14.20%	10.50%

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventory are as follows:


(in thousands)	June 30, 2025		December 31, 2024
Materials and supplies	$	9,747	$	12,239
Work in process	37,783		39,602
Finished goods	34,787		37,711
Total	$	82,317	$	89,552

DEBT - Schedule of Maturities of Debt (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Sellers' notes
Debt Instrument [Line Items]
Remainder of 2025	$ 11,000
2026	11,237
2029	0
Total	22,237
Term note maturities
Debt Instrument [Line Items]
Remainder of 2025	0
2026	0
2029	300,000
Total	$ 300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS’ EQUITY - Schedule of Shares Outstanding (Details) - shares shares in Thousands	Jun. 30, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	203,307	205,026
Class A common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	203,242	204,961
Class B common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	65	65

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ACQUISITIONS

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS

Business Combinations

The Company has determined that the acquisitions discussed below are considered business combinations under ASC Topic 805, Business Combinations, and 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 are included in these Financial Statements from the date of the acquisition.

The purchase price allocation for each acquisition reflects various preliminary fair value estimates and analyses, including certain tangible assets acquired and liabilities assumed, the valuation of intangible assets acquired, and goodwill, which are subject to change within the measurement period as preliminary valuations are finalized (generally one year from the acquisition date). Measurement period adjustments are recorded in the reporting period in which the estimates are finalized and adjustment amounts are determined.

2025 Acquisitions

Core Partnership Dispensary Three

In January 2025, a consolidated VIE of the Company (Core Partnership One, as defined in Note 8, “Variable Interest Entities”) entered into a definitive agreement to acquire an entity that owns and operates an adult-use dispensary (“Core Partnership Dispensary Three”), which agreement is subject to regulatory approval. The parties also entered into a management services agreement (“MSA”) pursuant to which Core Partnership One will provide certain management and advisory services for a set fee. This MSA became effective in March 2025, following regulatory approval, and will remain in place until the definitive agreement receives regulatory approval and the underlying transaction closes. Based on the provisions of this MSA, Core Partnership One obtained operational and financial influence over Core Partnership Dispensary Three and therefore recognized the transaction as a business combination as of the March 2025 regulatory approval date of this MSA. Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs.

Total cash consideration for the Core Partnership Dispensary Three transaction is $1,667, of which $833 was paid upon the regulatory approval of the MSA and the remainder is due at final closing, subject to certain closing adjustments. This agreement also provides for an earn-out payment, to be paid in cash, based on 3.2-times EBITDA (as defined) that is achieved during a specified twelve-month period, less the purchase price. The initial fair value estimate of $1,600 for this earn-out was determined utilizing an income approach based on a probability-weighted estimate of the future payment discounted using the Company’s estimated incremental borrowing rate and is classified within Level 3 of the fair value hierarchy. As of June 30, 2025, the estimate fair value of this earn-out was $1,690, which is included within “Other non-current liabilities” on the unaudited Condensed Consolidated Balance Sheet as of that date and the change in fair value is included within “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025.

Core Partnership Dispensary Four

In January 2025, Core Partnership One entered into a definitive agreement to acquire an entity that owns and operates an adult-use dispensary (“Core Partnership Dispensary Four”), which agreement is subject to regulatory approval. The parties also entered into an MSA under which Core Partnership One will provide management and advisory services for a set fee. This MSA became effective in May 2025, following its regulatory approval, and will remain in place until the definitive agreement receives regulatory approval and the underlying transaction closes. Based on the provisions of this MSA, the Core Partnership One obtained operational and financial influence over Core Partnership Dispensary Four and therefore recognized the transaction as a business combination as of the May 2025 regulatory approval date of this MSA. Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs.

Total cash consideration for the Core Partnership Dispensary Four transaction is $3,333, of which $1,667 was paid upon the regulatory approval of the MSA and the remainder will be due at final closing, subject to certain closing adjustments. This agreement also provides for an earn-out payment, to be paid in cash, based on 3.2-times EBITDA (as defined) that is achieved during a specified twelve-month period, less the purchase price. The initial fair value estimate of $1,900 for this earn-out was determined utilizing an income approach based on a probability-weighted estimate of the future payment discounted using the Company’s estimated incremental borrowing rate and is classified within Level 3 of the fair value hierarchy and is included within “Other non-current liabilities” on the unaudited Condensed Consolidated Balance Sheet as of June 30, 2025.

Non-Core Partnership Dispensary One

In May 2025, Non-Core Partnership One (as defined in Note 8, “Variable Interest Entities”) entered into a definitive agreement to acquire an adult-use dispensary (the “Non-Core Partnership Dispensary One”). The parties also entered into a consulting agreement under which Non-Core Partnership One will provide management and advisory services for a set fee. This consulting agreement became effective in June 2025 and will remain in place until regulatory approval of the definitive agreement is received and the underlying transaction thereby closes. Based on the provisions of this consulting agreement, Non-Core Partnership One obtained operational and financial influence over Non-Core Partnership Dispensary One and therefore recognized the transaction as a business combination as of the June 2025 effective date of this consulting agreement. Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs. Total cash consideration for Non-Core Partnership Dispensary One is $3,250, of which $813 was paid at signing and the remainder will be due at final closing, subject to certain closing adjustments.

Preliminary Purchase Price Allocations

The following table summarizes the preliminary purchase price allocations for the transactions described above, which remains preliminary as management refines certain estimates during the respective measurement periods:


(in thousands)	Core Partnership Dispensary Three		Core Partnership Dispensary Four		Non-Core Partnership Dispensary One
Assets acquired (liabilities assumed):
Cash	$	65	$	30	$	7
Inventory	72		45		95
Other current assets	30		46		8
Property and equipment(1)	867		2,298		1,150
Other assets	15		10		—
License(2)	1,250		1,920		1,300
Goodwill(3)	1,396		1,153		908
Accounts payable and accrued liabilities	(428)		(269)		(218)
Net assets acquired	$	3,267	$	5,233	$	3,250

Consideration transferred:
Cash(4)	$	1,667	$	3,333	$	3,250
Fair value of contingent consideration	1,600		1,900		—
Total consideration	$	3,267	$	5,233	$	3,250

(1)Consists of leasehold improvements.

(2)The amortization period for the acquired licenses is 10 years. During the three months ended June 30, 2025, we refined certain estimates related to the fair value of the Core Partnership Dispensary Three acquired license, resulting in a measurement period purchase accounting adjustment that reduced the value by $710, with a related impact to goodwill.

(3)Goodwill is largely attributable to the value expected to be obtained from long-term business growth and buyer-specific synergies. Goodwill is largely not deductible for tax purposes under the limitations under Internal Revenue Code (“IRC”) Section 280E; see Note 14, “Income Taxes,” for additional information.

(4)Of the total cash consideration, $833 was paid in March 2025 for the Core Partnership Dispensary Three transaction, $1,667 was paid in May 2025 for the Core Partnership Dispensary Four transaction, and $813 was paid upon signing in May 2025 for the Non-Core Partnership Dispensary One transaction. The remainder of each respective total consideration amount is included as a sellers’ note as a component of debt; refer to Note 11, “Debt” for additional information.

Core Partnership One has also agreed to assume the lease for the associated locations and recognized a total finance lease liability and ROU asset of $767 related to Core Partnership Dispensary Three and $653 for Core Partnership Dispensary Four as of the respective effective dates. Non-Core Partnership One has agreed to assume the lease associated with Non-Core Partnership Dispensary One and recognized a total finance lease liability and ROU asset of $679. Refer to Note 10, “Leases,” for additional information regarding the Company’s leases. Direct transaction costs for these transactions were not material.

Financial and Pro Forma Information

The following table summarizes the revenue and net loss related to the acquisitions described above that are included in our consolidated results from the respective effective dates, as applicable.


	Three Months Ended June 30, 2025
(in thousands)	Core Partnership Dispensary Three		Core Partnership Dispensary Four		Non-Core Partnership Dispensary One
Revenue, net	$	827	$	251	$	425
Net loss	(196)		(72)		(24)


	Six Months Ended June 30, 2025
(in thousands)	Core Partnership Dispensary Three		Core Partnership Dispensary Four		Non-Core Partnership Dispensary One
Revenue, net	$	902	$	251	$	425
Net loss	(184)		(72)		(24)

Pro forma financial information is not presented for these acquisitions, as such results are immaterial, individually and in aggregate, to both the current and prior periods.

2024 Acquisition

Effective in April 2024, Core Partnership One acquired two dispensaries in the greater Chicago, Illinois area (the “2024 Core Partner Dispensaries”). The parties entered into interim MSAs pursuant to which Core Partnership One will advise on certain business, operational, and financial matters for a monthly fee while the parties finalize asset purchase agreements to acquire the underlying dispensaries (the “Chicago MSAs”). The total purchase price of approximately $10,000 of cash consideration is subject to certain closing adjustments. An initial deposit of $1,500 was remitted during the three months ended March 31, 2024. The remainder of $8,500 was remitted to escrow during the three months ended June 30, 2024 and remained in escrow as of June 30, 2025. The asset purchase agreements in respect of the 2024 Core Partner Dispensaries are subject to regulatory review and approval. Based on the provisions of the Chicago MSAs, the third party obtained operational and financial influence over the dispensaries and therefore recognized the transaction as a business combination as of the April 2024 regulatory approval date of the Chicago MSAs. Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs.

The following table summarizes the purchase price allocation of the 2024 Core Partner Dispensaries.


(in thousands)
Assets acquired (liabilities assumed):


Property and equipment(1)	$	1,525
Other assets	76
Licenses(2)	5,270
Goodwill(3)	3,201
Accounts payable and accrued liabilities	(72)
Net assets acquired	$	10,000

(1)Consists of leasehold improvements of $1,398 and furniture, fixtures, and equipment of $127.

(2)The amortization period for acquired licenses is 10 years. During the six months ended June 30, 2025, certain estimates related to the fair value of the acquired licenses were refined, resulting in a measurement period purchase accounting adjustment that reduced the value by $940, with a related impact to goodwill.

(3)Goodwill is largely attributable to the value expected to be obtained from long-term business growth and buyer-specific synergies. Goodwill is largely not deductible for tax purposes under the limitations under IRC Section 280E; see Note 14, “Income Taxes,” for additional information.

The consolidated entity has also agreed to assume the lease for the associated locations and recognized a total lease liability and ROU asset of $3,065 as of the effective date; refer to Note 10, “Leases,” for additional information regarding the Company’s leases. Direct transaction costs were not material.

Our consolidated results of operations for the three and six months ended June 30, 2025 include $3,422 and $6,487, respectively, of net revenue and $396 of net loss and $245 of net income, respectively, related to the 2024 Core Partner Dispensaries. The associated net revenue and net income for the three and six months ended June 30, 2024 were not material. Pro forma financial information is not presented, as such results are immaterial to both the current and prior periods.

Asset Acquisitions

The Company determined the acquisitions below did not meet the definition of a business and are therefore accounted for as asset acquisitions. When the Company acquires assets and liabilities that do not constitute a business or VIE of which the Company is the primary beneficiary, the cost of each acquisition, including certain transaction costs, is allocated to the assets acquired and liabilities assumed on a relative fair value basis. Contingent consideration associated with the acquisition is generally recognized only when the contingency is resolved.

When the Company acquires assets and liabilities that do not constitute a business but meet the definition of a VIE of which the Company is the primary beneficiary, the purchase is accounted for using the acquisition method described above for business combinations, except that no goodwill is recognized. To the extent there is a difference between the purchase consideration, including the estimated fair value of contingent consideration, plus the estimated fair value of any non-controlling interest and the VIE’s identifiable assets and liabilities recorded and measured at fair value, the difference is recognized as a gain or loss. A non-controlling interest represents the non-affiliated equity interest in the underlying entity. Transaction costs are expensed.

2025 Asset Acquisitions

In December 2024, Core Partnership One entered into a definitive agreement to acquire the membership interests of an entity that anticipates receiving two adult-use licenses, which agreement is subject to regulatory approval. In conjunction with this definitive agreement, the parties entered into certain management services agreements under which Core Partnership One will provide certain management and advisory services for a set fee. These management services agreements were subject to regulatory review and approval, which was received in February 2025. Based on the provisions of the agreements, Core Partnership One obtained operational and financial influence over the underlying entity and therefore recognized the transaction as an asset acquisition as of the February 2025 regulatory approval date of these MSAs. Total cash consideration for this transaction may be up to $4,000, subject to certain closing adjustments, and was allocated to the licenses acquired as of the effective date. Of the total consideration, $1,000 was paid at signing in December 2024 and is included within “Other non-current assets” on the unaudited Condensed Consolidated Balance Sheet as of December 31, 2024. A total of up to $1,500 is expected to be paid upon opening of the associated dispensary locations and a total of up to $1,500 is expected be paid upon final closing of the associated transaction. The total of these payments is included as a sellers’ note; refer to Note 11, “Debt.” Additionally, the Company recorded an acquisition-related deferred tax liability of $1,755, which was allocated to the license as additional cost basis as of the effective date. Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs, including Core Partnership One.

In January 2025, Core Partnership One entered into a definitive agreement to acquire a conditional adult-use license, which agreement is subject to regulatory approval. Total cash consideration for this transaction is $1,900, which is due at final closing and is subject to certain closing adjustments. In conjunction with this definitive agreement, the parties entered into certain MSAs under which Core Partnership One will provide certain management and advisory services for a set fee. The parties also entered into a working capital loan and security agreement, under which Core Partnership One may loan up to $3,650 for the build-out of the associated dispensary, which loan has a five year maturity, if not otherwise settled, bears interest at a rate of 12.5% per annum, and provides for a default interest penalty of an additional 6.0% and a repayment fee of 10.0%. Based on the provisions of the MSAs and working capital loan, Core Partnership One obtained operational and financial influence over the underlying assets as of the February 2025 regulatory approval date of the MSAs. As such, this transaction was accounted for as an asset acquisition as of that date and the total consideration was allocated as the cost of the license acquired. The payment due at closing is included as a sellers’ note; refer to Note 11, “Debt.” The associated dispensary opened in May 2025 and the Company anticipates that closing of the transaction may occur by the end of 2025. Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs, including the Core Partnership One.

2024 Asset Acquisitions

Massachusetts Purchase Agreement

In January 2024, the Company entered into a definitive agreement (the “Massachusetts Purchase Agreement”) to purchase a cultivation license and a manufacturer license from a third party in Massachusetts for a cash purchase price of $2,750, of which $1,500 was paid at signing and $1,250 was paid on October 1, 2024. The transfer of each license was subject to regulatory review and approval, which occurred in April 2025, and upon which the final closing of the transaction occurred. The licenses were not associated with active operations at signing, but certain operations commenced during 2024. In conjunction with the Massachusetts Purchase Agreement, the parties also entered into a bridge loan which provided for the financing of certain covered expenses, at the sole discretion of the Company, and which balance outstanding thereunder was forgiven at final closing. The parties also entered into an interim consulting services agreement, that was effective as of the signing date through the final closing date. The Company accounted for this transaction as an asset acquisition as of the signing date based on the provisions of the underlying agreements and allocated the cash consideration as the cost of the license acquired. The Company also assumed the lease for the associated location and reimbursed the seller for the security deposit at final closing. The Company recognized a lease liability and ROU asset of $761 as of the signing date; refer to Note 10, “Leases,” for additional information regarding the Company’s leases. Direct transaction costs were not material.

Detroit License

In September 2024, the Company acquired 49% of the member interests of an entity (the “Detroit License Holder”) that received conditional approval for an adult-use license in Detroit, Michigan (the “Detroit License”). The Detroit License was not associated with active operations as of the closing date and the Detroit License Holder had no other active operations as of that date. The Company transferred the Detroit License to its dispensary in Detroit, Michigan, which re-opened in February 2025. The Company paid $850 of cash consideration at closing and the sellers may receive up to an additional $2,250 based upon the achievement of certain levels of sales during a specified twelve-month period following the commencement of adult-use sales at the dispensary, which sales commenced in February 2025. The underlying agreement provides the Company with an option to acquire the remaining ownership interests in the Detroit License Holder, after such is permissible by applicable regulations, for no additional consideration. The parties also entered into a management services agreement, pursuant to which the Company is providing management and advisory services for a set monthly fee, which is expected to expire upon the Company’s exercise of the option.

The Company determined that the Detroit License Holder is a VIE and the Company became the primary beneficiary as of the closing date; therefore, the Detroit License Holder is consolidated as a VIE. Management applied the acquisition method discussed above and allocated the total estimated fair value of the transaction consideration of $1,140 as the estimated fair value of the license. This total consisted of the fair value of the cash consideration of $850 plus the initial estimated fair value of the contingent consideration of $290, which was determined utilizing an income approach based on a probability-weighted estimate of the future payment discounted using the Company’s estimated incremental borrowing rate and is classified within Level 3 of the fair value hierarchy. The estimated fair value of the contingent consideration was $320 and $300 as of June 30, 2025 and December 31, 2024, respectively, which amounts are included within “Other non-current liabilities” on the unaudited Condensed Consolidated Balance Sheets as of each date and which change is included within “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025. During the six months ended June 30, 2025, the Company recorded an acquisition-related deferred tax liability of $500, which was allocated to the license as additional cost basis. The Company determined the fair value of any noncontrolling interest is de minimis. Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs.

Previous Asset Acquisitions

Ohio Patient Access

On August 12, 2022, the Company entered into a definitive agreement (the “Ohio Agreement”) that provides the Company the option to acquire 100% of the equity of Ohio Patient Access LLC (“OPA”), the holder of a license that grants it the right to operate three medical dispensaries in Ohio. The Ohio Agreement is subject to regulatory review and approval. Once regulatory approval is received, the Company may exercise the option, and the exercise is solely within the Company’s control. Under the Ohio Agreement, the Company will also acquire the real property of the three dispensary locations. As initially provided by the Ohio Agreement, the Company had the right to exercise the option until the fifth anniversary of the agreement date, but was subsequently amended in June 2024 so that such option will expire on March 22, 2026. The Company anticipates exercising the option prior to the amended expiration date. The June 2024 amendments to the Ohio Agreement also incorporated certain provisions regarding evolving regulations in Ohio, including that the Company will, upon final closing of the transactions contemplated by the Ohio Agreement, receive two additional adult-use licenses that are expected to be awarded to OPA. In July 2025, the Company entered into certain amendments related to the Ohio Agreement that, among other provisions, permitted the Company to acquire the real property of the dispensary locations in advance of the license ownership transfer and paid the sellers $2,000 of the OPA Sellers’ Note (as defined below) at that time. Effective on August 5, 2025, the Company acquired the entity that holds the real property. The license ownership transfer is pending regulatory approval.

In conjunction with the Ohio Agreement, the parties entered into a support services agreement under which the Company is providing management and advisory services to OPA for a set monthly fee. The parties also entered into a working capital loan agreement under which the Company may, at its full discretion, loan OPA up to $10,000 for general working capital needs. OPA had not yet commenced operations as of the signing date, but subsequently opened two dispensaries in December 2023 and a third in January 2024. The Company determined OPA is a VIE and the Company became the primary beneficiary as of the signing date; therefore, OPA is consolidated as a VIE. To account for the initial consolidation of OPA, management applied the acquisition method discussed above.

The purchase price per the Ohio Agreement consists of total cash consideration of $22,300. The Ohio Agreement also includes an earn-out provision of $7,300 that was dependent upon the commencement of adult-use cannabis sales in Ohio and which the sellers could elect to receive as either cash or shares of the Company’s Class A common stock, or a combination thereof. The sellers elected to receive the payment in cash and such payment was made in July 2024.

The total estimated fair value of the transaction consideration was determined to be $24,132, which consists of the fair value of the cash consideration of $19,290 plus the initial estimated fair value of the contingent consideration of $4,842 that was determined utilizing an income approach based on a probability-weighted estimate of the future payment discounted using the Company’s estimated incremental borrowing rate and was classified within Level 3 of the fair value hierarchy. Of the total cash consideration, $11,300 was funded at signing pursuant to note agreements and a total of $11,000 is due at final closing (the “OPA Sellers’ Note”); refer to Note 11, “Debt,” for additional information. As discussed above, the OPA Sellers’ Note was reduced by the payment made in July 2025, with the remainder expected to be paid at final closing of the transaction, which remains pending.

The license intangible asset acquired was determined to have an estimated fair value of $21,684 and the three properties had an estimated fair value of $2,448, which was determined using a market approach based on the total transaction consideration. The license is being amortized in accordance with the Company’s policy following the commencement of operations. During the third quarter of 2023, the Company recorded an acquisition-related deferred tax liability of $9,516, which was allocated to the estimated fair value of the license. The Company determined the fair value of any noncontrolling interest is de minimis. Refer to Note 8, “Variable Interest Entities,” for additional information regarding the Company’s VIEs.

- Definition

The entire disclosure for business combination.

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+ Details

ACQUISITIONS - Narrative (Details)			1 Months Ended											3 Months Ended			6 Months Ended		12 Months Ended
ACQUISITIONS - Narrative (Details)	Oct. 01, 2024 USD ($)	Aug. 12, 2022 USD ($) dispensary	Jul. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 31, 2025 USD ($)	Mar. 31, 2025 USD ($) paymnet	Jan. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 license	Apr. 30, 2024 USD ($) dispensary	Jan. 31, 2024 USD ($)	Dec. 31, 2023 dispensary	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)
Business Combination [Line Items]
Finance lease, right-of-use asset				$ 21,331,000				$ 3,210,000						$ 21,331,000			$ 21,331,000		$ 3,210,000
Present value of lease liabilities				28,044,000				3,210,000						28,044,000			28,044,000		3,210,000
Present value of lease liabilities				250,792,000										250,792,000			250,792,000
Operating lease right-of-use assets				124,251,000				139,067,000						124,251,000			124,251,000		139,067,000
Payment made towards license agreement																	500,000	$ 4,000,000
Core Partnership One Licenses
Business Combination [Line Items]
Purchase price								4,000,000
Payment made towards license agreement								1,000,000
Acquisition-related deferred tax liability								1,755,000											1,755,000
Core Partnership One Licenses \| Opening of associated dispensary locations
Business Combination [Line Items]
Expected payments to be made								1,500,000											1,500,000
Core Partnership One Licenses \| Final closing of associated transactions
Business Combination [Line Items]
Expected payments to be made								$ 1,500,000											1,500,000
Massachusetts Agreement - Cultivation And Manufacturer Licenses
Business Combination [Line Items]
Present value of lease liabilities												$ 761,000
Operating lease right-of-use assets												761,000
Purchase price												2,750,000
Payment made towards license agreement	$ 1,250,000											$ 1,500,000
Detroit License Holder \| Variable Interest Entity, Primary Beneficiary
Business Combination [Line Items]
Purchase price									$ 1,140,000
Variable interest entity, qualitative or quantitative information, ownership percentage									49.00%
Cash consideration									$ 850,000
Asset acquisition, consideration transferred, contingent consideration, maximum									2,250,000
Asset acquisition, additional ownership acquisition, consideration to be transferred									0
Earn-out provisions									$ 290,000								320,000		$ 300,000
Deferred tax liability recorded				500,000										500,000			500,000
Ohio Patient Access LLC (“OPA”)
Business Combination [Line Items]
Purchase price		$ 24,132,000
Assets acquired long-term debt		11,000,000
Cash consideration		11,300,000
Earn-out provisions		$ 7,300,000
Deferred tax liability recorded																				$ 9,516,000
Business acquisition, percentage of voting interests acquired		100.00%
Number of dispensary granted with right to operate \| dispensary		3
Number of licenses acquired \| license										2
Working capital requirements		$ 10,000,000
Number of dispensaries opened \| dispensary													2
Purchase of intangible assets		22,300,000
Fair value of cash consideration		19,290,000
Intangible assets acquired		21,684,000
Properties acquired fair value		2,448,000
Ohio Patient Access LLC (“OPA”) \| Subsequent Event
Business Combination [Line Items]
Purchase price			$ 2,000,000
Ohio Patient Access LLC (“OPA”) \| Estimated fair value
Business Combination [Line Items]
Earn-out provisions		$ 4,842,000
2024 Core Partner Dispensaries
Business Combination [Line Items]
Payments to acquire businesses, gross															$ 8,500,000	$ 1,500,000
Total consideration											$ 10,000,000
Number of businesses acquired \| dispensary											2
Present value of lease liabilities											$ 3,065,000
Operating lease right-of-use assets											$ 3,065,000
Revenue, net														3,422,000			6,487,000
Net loss														(396,000)			245,000
Core Partnership \| January 2025 Loan Agreement
Business Combination [Line Items]
Aggregate loan amount							$ 3,650,000
Financing arrangement, maturity term							5 years
Loan agreement stated interest rate (as percent)							12.50%
Covenants, default penalty interest (as percent)							6.00%
Financing arrangement, covenants, repayment fee, percent							10.00%
Core Partnership \| Core Partnership One Licenses \| January 2025 Loan Agreement
Business Combination [Line Items]
Assets acquired long-term debt							$ 1,900,000
Core Partnership \| Core Partnership Dispensary Three
Business Combination [Line Items]
Payments to acquire businesses, gross						$ 1,667,000
Total consideration						3,267,000
Amounts paid upon signing						$ 833,000
Annual EBITDA Factor \| paymnet						3.2
Earnings before interest, taxes, depreciation, achieved during a specified period						12 months
Initial fair-value estimate				1,690,000		$ 1,600,000								1,690,000			1,690,000
Finance lease, right-of-use asset						767,000
Present value of lease liabilities						$ 767,000
Revenue, net														827,000			902,000
Net loss														(196,000)			(184,000)
Core Partnership \| Core Partnership Dispensary Four
Business Combination [Line Items]
Payments to acquire businesses, gross					$ 3,333,000
Total consideration					5,233,000
Amounts paid upon signing					$ 1,667,000
Earnings before interest, taxes, depreciation, achieved during a specified period					12 months
Initial fair-value estimate					$ 1,900,000
Finance lease, right-of-use asset					653,000
Present value of lease liabilities					$ 653,000
Revenue, net														251,000			251,000
Net loss														(72,000)			(72,000)
Core Partnership \| Adult-Use Dispensary Agreement Acquisition
Business Combination [Line Items]
Annual EBITDA Factor					3.2
Core Partnership \| Non-Core Partnership Dispensary One
Business Combination [Line Items]
Total consideration				3,250,000
Initial fair-value estimate				0										0			0
Finance lease, right-of-use asset				679,000										679,000			679,000
Present value of lease liabilities				679,000										679,000			679,000
Non-Core Partnership \| Non-Core Partnership Dispensary One
Business Combination [Line Items]
Payments to acquire businesses, gross				$ 3,250,000
Amounts paid upon signing					$ 813,000
Revenue, net														425,000			425,000
Net loss														$ (24,000)			$ (24,000)

SUPPLEMENTAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

The following table presents supplemental information regarding our other current assets:


(in thousands)	June 30, 2025		December 31, 2024
Prepaid expenses	$	6,968	$	5,497
Deposits and other receivables	5,568		4,706
Construction deposits	72		375

Other	724		350
Total	$	13,332	$	10,928

Schedule of Accounts Payable and Accrued Liabilities

The following table presents supplemental information regarding our accounts payable and accrued liabilities:


(in thousands)	June 30, 2025		December 31, 2024
Accounts payable	$	22,565	$	26,414
Accrued interest	17,490		13,835
Accrued payroll and related expenses	9,111		8,204

Fixed asset purchases	3,063		1,977
Other	10,954		9,005


Total	$	63,183	$	59,435

Schedule of General and Administrative Expenses

The following table presents supplemental information regarding our general and administrative expenses:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Compensation	$	17,455	$	17,127	$	33,204	$	40,826
Depreciation and amortization	9,249		8,576		17,949		17,294
Rent and utilities	7,514		5,571		12,794		10,839
Professional services	4,099		4,504		8,014		8,274
Insurance	1,333		1,390		2,500		2,945
Marketing	1,194		1,163		1,799		2,144
Loss (gain) on sale of assets	17		—		55		(11)
Other	1,533		4,764		3,154		10,246
Total	$	42,394	$	43,095	$	79,469	$	92,557

ACQUISITIONS - Schedule of Net Assets Acquired (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended			6 Months Ended
	Jun. 30, 2025	May 31, 2025	Mar. 31, 2025	Apr. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Dec. 31, 2024
Assets acquired (liabilities assumed):
Goodwill	$ 53,996				$ 53,996			$ 53,996	$ 49,599
License
Assets acquired (liabilities assumed):
Acquired assets, amortization period (in years)	10 years	10 years	10 years		10 years			10 years
Core Partnership Dispensary Three \| Core Partnership
Assets acquired (liabilities assumed):
Cash			$ 65
Inventory			72
Other current assets			30
Property and equipment			867
Other assets			15
License			1,250
Goodwill			1,396
Accounts payable and accrued liabilities			(428)
Net assets acquired			3,267
Cash			1,667
Fair value of contingent consideration	$ 1,690		1,600		$ 1,690			$ 1,690
Total consideration			$ 3,267
Core Partnership Dispensary Three \| License
Assets acquired (liabilities assumed):
Reduction from measurement period adjustments					710
Core Partnership Dispensary Four \| Core Partnership
Assets acquired (liabilities assumed):
Cash		$ 30
Inventory		45
Other current assets		46
Property and equipment		2,298
Other assets		10
License		1,920
Goodwill		1,153
Accounts payable and accrued liabilities		(269)
Net assets acquired		5,233
Cash		3,333
Fair value of contingent consideration		1,900
Total consideration		$ 5,233
Non-Core Partnership Dispensary One \| Core Partnership
Assets acquired (liabilities assumed):
Cash	7				7			7
Inventory	95				95			95
Other current assets	8				8			8
Property and equipment	1,150				1,150			1,150
Other assets	0				0			0
License	1,300				1,300			1,300
Goodwill	908				908			908
Accounts payable and accrued liabilities	(218)				(218)			(218)
Net assets acquired	3,250				3,250			3,250
Fair value of contingent consideration	0				$ 0			0
Total consideration	3,250
Non-Core Partnership Dispensary One \| Non-Core Partnership
Assets acquired (liabilities assumed):
Cash	$ 3,250
2024 Core Partner Dispensaries
Assets acquired (liabilities assumed):
Cash						$ 8,500	$ 1,500
Total consideration				$ 10,000
2024 Core Partner Dispensaries \| Core Partnership
Assets acquired (liabilities assumed):
Other current assets				76
Property and equipment				1,525
License				5,270
Goodwill				3,201
Accounts payable and accrued liabilities				(72)
Net assets acquired				10,000
2024 Core Partner Dispensaries \| License \| Core Partnership
Assets acquired (liabilities assumed):
Reduction from measurement period adjustments								$ 940
2024 Core Partner Dispensaries \| Leasehold improvements \| Core Partnership
Assets acquired (liabilities assumed):
Property and equipment				1,398
2024 Core Partner Dispensaries \| Furniture, fixtures, and equipment \| Core Partnership
Assets acquired (liabilities assumed):
Property and equipment				$ 127

STOCKHOLDERS’ EQUITY - Narrative (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
December 2024 Share Buy-Back Program
Class of Stock [Line Items]
Stock repurchased during period (shares)	2,723,000
Stock repurchased during period \| $	$ 994
Repurchase of remaining common stock \| $	$ 1,256
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Number of votes per common share \| vote	1
Class A common stock \| December 2024 Share Buy-Back Program
Class of Stock [Line Items]
Repurchase of common stock (in shares)		10,216,000
Repurchase of common stock \| $		$ 2,250
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100,000	100,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Number of votes per common share \| vote	1,000
Stock conversion ratio	1

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (12,576)	$ (9,678)	$ (20,803)	$ (15,331)
Income tax expense	$ 11,831	$ 12,106	$ 22,862	$ 24,616
Effective tax rate	(94.10%)	(125.10%)	(109.90%)	(160.60%)
Gross profit	$ 41,392	$ 41,573	$ 80,953	$ 93,610
Effective tax rate on gross profit	28.60%	29.10%	28.20%	26.30%

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 6,796,000	$ 6,679,000	$ 13,410,000	$ 13,569,000
Amortization expense capitalized to inventory during the period	754,000	$ 754,000	1,509,000	1,508,000
Inventory, capitalized amortization	$ 354,000		354,000		$ 994,000
Intangible asset impairment			0	0
Goodwill impairment			$ 0	$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

LEASES - Schedule of Financing Liability Maturity (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Leases [Abstract]
Remainder of 2025	$ 1,273
2026	2,592
2027	2,665
2028	2,741
2029	2,497
Thereafter	8,108
Total	$ 19,876

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2025	Aug. 05, 2025
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	333-254800
Entity Registrant Name	ASCEND WELLNESS HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0602006
Entity Address, Address Line One	44 Whippany Rd.
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Morristown
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07960
City Area Code	646
Local Phone Number	661-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001756390
Current Fiscal Year End Date	--12-31
Class A common stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		203,035,453
Class B common stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		65,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net loss	$ (43,665)	$ (39,947)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	36,230	32,061
Amortization of operating lease assets	1,194	965
Non-cash interest expense	2,667	2,796
Equity-based compensation expense	1,139	16,000
Deferred income taxes	(5,664)	(5,478)
Loss (gain) on sale of assets	55	(11)
Other	7,204	7,308
Changes in operating assets and liabilities, net of effects of acquisitions
Accounts receivable	5,907	(7,015)
Inventory	(2,302)	(8,723)
Other current assets	(2,807)	1,141
Other noncurrent assets	42	(218)
Accounts payable and accrued liabilities	386	(2,089)
Other current liabilities	679	112
Lease liabilities	(1,910)	(1,109)
Income taxes payable	24,585	40,361
Net cash provided by operating activities	23,740	36,154
Cash flows from investing activities
Additions to capital assets	(12,666)	(12,538)
Investments in notes receivable	0	(600)
Collection of notes receivable	164	8,264
Proceeds from sale of assets	27	11
Acquisition of businesses, net of cash acquired	(3,461)	(10,000)
Purchase of intangible assets	(500)	(4,000)
Net cash used in investing activities	(16,436)	(18,863)
Cash flows from financing activities
Proceeds from issuance of debt	63,067	0
Repayments of debt	(60,335)	(786)
Debt issuance costs	(360)	0
Repayments under finance leases	(847)	(240)
Taxes withheld under equity-based compensation plans, net	0	(5,060)
Repurchase of common stock	(994)	0
Payment of contingent consideration	(819)	0
Net cash used in financing activities	(288)	(6,086)
Net increase in cash, cash equivalents, and restricted cash	7,016	11,205
Cash, cash equivalents, and restricted cash at beginning of period	88,254	72,508
Cash, cash equivalents, and restricted cash at end of period	95,270	83,713
Supplemental Cash Flow Information
Interest paid	17,307	12,992
Income tax (refunds) payments, net	3,942	(10,250)
Non-cash investing and financing activities
Capital expenditures incurred but not yet paid	3,063	4,230
Taxes withheld under equity-based compensation plans, net	268	822
Non-controlling interest recognized upon initial consolidation of variable interest entities	$ 0	$ 1,050

VARIABLE INTEREST ENTITIES - 2025 Loan Agreement (Details) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2025 USD ($)	Feb. 28, 2025 USD ($) dispensary	Dec. 31, 2024 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)
Variable Interest Entity [Line Items]
Purchase of intangible assets				$ 500		$ 4,000
Present value of lease liabilities				250,792
Operating lease right-of-use assets			$ 139,067	$ 124,251
Core Partnership Three Loan Agreement
Variable Interest Entity [Line Items]
Aggregate loan amount		$ 2,500
Covenants, default penalty interest (as percent)		6.00%
Percentage of direct equity ownership interest	35.00%				35.00%
Conversion option, equity of borrower, percent at initial funding (as percent)		100.00%
Purchase price		$ 650
Purchase of intangible assets		250
Earn-out provisions		$ 400
Anniversary of the agreement date		1 year
Acquisition-related deferred tax liability		$ 285
Core Partnership Three Loan Agreement \| Secured Debt
Variable Interest Entity [Line Items]
Financing receivable, interest rate (as percent)		20.00%
Non-Core Partnership One Loan Agreement
Variable Interest Entity [Line Items]
Number of dispensaries \| dispensary		2
Total consideration		$ 7,850
Payments to acquire businesses, gross		250
Initial fair-value estimate		$ 2,000
Annual EBITDA Factor		3
Conversion option, equity of borrower, additional percent provisioned (as percent)		100.00%
Loan agreement stated interest rate (as percent)		20.00%
Financing arrangement maturity (in years)		10 years
Core Partnership Four Loan Agreement
Variable Interest Entity [Line Items]
Aggregate loan amount	$ 2,500				$ 2,500
Covenants, default penalty interest (as percent)	6.00%				6.00%
Percentage of direct equity ownership interest	35.00%				35.00%
Conversion option, equity of borrower, percent at initial funding (as percent)	100.00%				100.00%
Acquisition-related deferred tax liability	$ 607				$ 607
Payments to acquire businesses, gross	250		$ 250		1,500
Consideration transferred, payable	1,000
License	1,383				1,383
Lease deposit	117				117
Present value of lease liabilities	872				872
Operating lease right-of-use assets	$ 872				$ 872
Core Partnership Four Loan Agreement \| Secured Debt
Variable Interest Entity [Line Items]
Financing receivable, interest rate (as percent)	20.00%				20.00%

REPORTABLE SEGMENTS AND REVENUE

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

REPORTABLE SEGMENTS AND REVENUE

The Company operates under one operating segment, which is its only reportable segment: the production and sale of cannabis products. All of the Company’s operations are located in the United States. The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the business and makes operating decisions at the consolidated level. Accordingly, our CODM uses consolidated operating profit and net income (loss) to measure segment profit or loss, allocate resources, and assess operating performance. Further, the CODM reviews and utilizes functional expenses, such as general and administrative expenses, at the consolidated level to manage the Company’s operations. Other segment items included in consolidated net income (loss) that are reflected in the Consolidated Statements of Operations are: interest expense; other expense, net; and income tax expense. Refer to Note 17, “Supplemental Information,” for additional information regarding our general and administrative expenses.

Disaggregation of Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Retail revenue	$	86,459	$	93,078	$	170,811	$	188,283
Third-party wholesale revenue	40,845		48,458		84,490		95,663


Total revenue, net	$	127,304	$	141,536	$	255,301	$	283,946

The liability related to the loyalty program we offer dispensary customers at certain locations was $1,381 and $1,394 at June 30, 2025 and December 31, 2024, respectively, and is included within “Other current liabilities” on the unaudited Condensed Consolidated Balance Sheets. The Company recorded $2,150 and $2,119 in allowance for doubtful accounts as of June 30, 2025 and December 31, 2024, respectively. Write-offs were not significant during the three and six months ended June 30, 2025 and 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares outstanding (in shares)	203,307,000	205,026,000
Class A common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock shares issued (in shares)	203,242,000	204,961,000
Common stock, shares outstanding (in shares)	203,242,000	204,961,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000	100,000
Common stock shares issued (in shares)	65,000	65,000
Common stock, shares outstanding (in shares)	65,000	65,000

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 149,407
Additions for tax positions related to the current year	14,917
Additions for tax positions related to prior years	8,621
Ending balance	$ 172,945

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	6 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Related Party Transactions [Abstract]
Significant related party transactions	$ 0

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Anti-dilutive units excluded from the calculation of earnings per share (in shares)	10,290	25,270

SUPPLEMENTAL INFORMATION

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL INFORMATION

The following table presents supplemental information regarding our other current assets:


(in thousands)	June 30, 2025		December 31, 2024
Prepaid expenses	$	6,968	$	5,497
Deposits and other receivables	5,568		4,706
Construction deposits	72		375

Other	724		350
Total	$	13,332	$	10,928

The following table presents supplemental information regarding our accounts payable and accrued liabilities:


(in thousands)	June 30, 2025		December 31, 2024
Accounts payable	$	22,565	$	26,414
Accrued interest	17,490		13,835
Accrued payroll and related expenses	9,111		8,204

Fixed asset purchases	3,063		1,977
Other	10,954		9,005


Total	$	63,183	$	59,435

The following table presents supplemental information regarding our general and administrative expenses:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Compensation	$	17,455	$	17,127	$	33,204	$	40,826
Depreciation and amortization	9,249		8,576		17,949		17,294
Rent and utilities	7,514		5,571		12,794		10,839
Professional services	4,099		4,504		8,014		8,274
Insurance	1,333		1,390		2,500		2,945
Marketing	1,194		1,163		1,799		2,144
Loss (gain) on sale of assets	17		—		55		(11)
Other	1,533		4,764		3,154		10,246
Total	$	42,394	$	43,095	$	79,469	$	92,557

LEASES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Capitalized lease costs	$ 6,127	$ 6,886
Operating lease ROU assets reclassified as finance leases	15,137
Operating lease liability reclassified as finance leases	21,467
Finance lease ROU assets amended as a result of term modification	15,770
Finance lease liability amended as a result of term modification	$ 22,103
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	20 years

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Debt Disclosure [Abstract]
Cash interest	$ 9,447	$ 6,496	$ 18,639	$ 12,992
Accretion	1,266	1,397	2,541	2,796
Interest on financing liabilities	624	591	1,247	1,179
Interest on finance leases	595	51	695	106
Loss on extinguishment of debt	126	0	126	0
Total	$ 12,058	$ 8,535	$ 23,248	$ 17,073

INVENTORY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INVENTORY - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Inventory Disclosure [Abstract]
Compensation costs capitalized during the period	$ 17,597	$ 18,629	$ 35,089	$ 38,973
Capitalized compensation costs included in inventory	13,145		13,145		$ 14,152
Inventory write-down	$ 5,142		$ 6,916	$ 474

NOTES RECEIVABLE	6 Months Ended
NOTES RECEIVABLE	Jun. 30, 2025
Receivables [Abstract]
NOTES RECEIVABLE	NOTES RECEIVABLE Massachusetts Note In May 2022 the Company issued a secured promissory note to a retail dispensary license holder in Massachusetts providing up to $3,500 of funding, which note was amended in December 2023 (the “Massachusetts Note”). As amended, the Massachusetts Note bears interest at a rate of 12.5% per annum, which is to be paid monthly beginning in January 2024, and principal is to be repaid monthly commencing in December 2024 based on a period of twenty-four months, with the remainder due at the December 1, 2025 revised maturity date. In April 2024, the Massachusetts Note was further amended to increase the principal to $4,100 and the additional payment was funded at that time. As of June 30, 2025 and December 31, 2024, $4,100 is outstanding under the Massachusetts Note, which is included in “Notes receivable” on the unaudited Condensed Consolidated Balance Sheets, and interest receivable totaling $546 and $266, respectively, is included within “Other current assets.” The borrower may prepay the outstanding principal amount, plus accrued interest thereon. Borrowings under the Massachusetts Note are secured by the assets of the borrower. The borrower is partially owned by an entity that is managed, in part, by one of the founders of the Company. Additionally, the Company transacts with the retail dispensary in the ordinary course of business. In February 2025, the borrower entered into a purchase and sale agreement to be acquired by a third-party entity, which transaction is pending regulatory approval. The balance outstanding under the Massachusetts Note is expected to be settled as part of this transaction. Other Activity In March 2024, in conjunction with the settlement of a previously outstanding note receivable, the Company entered into a supply agreement that provides for the Company to receive $6,000 of inventory products, based on market prices, over the course of three years, with a maximum of $500 per quarter. The Company recorded this receivable net of an initial discount of $984 that is included within “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2025 and within “Other” on the unaudited Condensed Consolidated Statements of Cash Flows. This discount was calculated utilizing the Company’s estimated incremental borrowing rate as of the agreement date and will be accreted to interest income over the agreement term. A total of $153 and $407 of inventory was supplied under this agreement during the three and six months ended June 30, 2025, respectively. Of the remaining receivable outstanding as of June 30, 2025 and December 31, 2024, $1,000 is included within “Other current assets” as of each date and $735 and $1,084, respectively, is included within “Other noncurrent assets” on the unaudited Condensed Consolidated Balance Sheets. These amounts are net of reserves established in 2024 for collection risk, of which $1,000 is included in “Other current assets” and $1,083 is included within “Other noncurrent assets.” Additionally, a total of $3,761 was outstanding at June 30, 2025 related to a promissory note issued to the owner of a property that the Company is leasing, of which $180 and $3,581 is included in “Other current assets” and “Other noncurrent assets,” respectively, on the unaudited Condensed Consolidated Balance Sheets. At December 31, 2024, a total of $3,848 was outstanding, of which $177 and $3,671 is included in “Other current assets” and “Other noncurrent assets,” respectively, on the unaudited Condensed Consolidated Balance Sheets. No impairment losses on notes receivable were recognized during the six months ended June 30, 2025 or 2024, other than as described above or in Note 15, “Commitments and Contingencies.”

STOCKHOLDERS’ EQUITY (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Common Stock Outstanding

The following table summarizes the total shares of Class A common stock and Class B common stock outstanding as of June 30, 2025 and December 31, 2024:


(in thousands)	June 30, 2025	December 31, 2024
Shares of Class A common stock	203,242	204,961
Shares of Class B common stock	65	65
Total	203,307	205,026

Schedule of Warrants

The following table summarizes warrant activity during the six months ended June 30, 2025:


	Number of Warrants (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Exercise Period (years)	Aggregate Intrinsic Value (in thousands)(1)
Outstanding, December 31, 2024	3,277	$	3.42	1.2	$	—

Expired	(188)	2.64
Outstanding, June 30, 2025(2)	3,089	$	3.42	0.7	$	—

(1)Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated.

(2)The warrants outstanding as of June 30, 2025 are equity-classified instruments, are subject to customary anti-dilution adjustments, and are stand-alone instruments. The fair value per warrant was calculated at issuance using a Black-Scholes model and ranged from $0.06 to $0.84. Significant assumptions used in the calculations included volatility ranging from 70.0% to 87.5% and risk-free rates ranging from 0.3% to 3.0%. No warrants were exercised during the six months ended June 30, 2025.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

PROPERTY AND EQUIPMENT - Schedule of Finance Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Finance leases, gross
Equipment rented under finance leases	$ 23,959	$ 4,731
Less: accumulated amortization	2,628	1,521
Total	21,331	3,210
Buildings
Finance leases, gross
Equipment rented under finance leases	19,326	0
Equipment
Finance leases, gross
Equipment rented under finance leases	2,321	2,321
Vehicles
Finance leases, gross
Equipment rented under finance leases	$ 2,312	$ 2,410

LEASES (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Components of Lease Assets and Lease Liabilities

The components of lease assets and lease liabilities and their classification on the unaudited Condensed Consolidated Balance Sheets were as follows:


(in thousands)	Classification	June 30, 2025		December 31, 2024
Lease assets
Operating leases	Operating lease right-of-use assets	$	124,251	$	139,067
Finance leases	Property and equipment, net	21,331		3,210
Total lease assets		$	145,582	$	142,277

Lease liabilities
Current liabilities
Operating leases	Operating lease liabilities, current	$	4,690	$	5,469
Finance leases	Current portion of debt, net	2,279		1,189
Noncurrent liabilities
Operating leases	Operating lease liabilities, noncurrent	246,102		267,221
Finance leases	Long-term debt, net	25,765		2,021
Total lease liabilities		$	278,836	$	275,900

Schedule of Lease Cost

The components of lease costs and classification within the unaudited Condensed Consolidated Statements of Operations were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Operating lease costs
Capitalized to inventory	$	9,006	$	8,977	$	18,297	$	18,110
General and administrative expenses	3,432		1,264		4,502		2,137
Total operating lease costs	$	12,438	$	10,241	$	22,799	$	20,247

Finance lease costs
Amortization of leased assets(1)	$	703	$	139	$	1,107	$	278
Interest on lease liabilities	595		51		695		106
Total finance lease costs	$	1,298	$	190	$	1,802	$	384

(1)Included as a component of depreciation expense within “General and administrative expenses” on the accompanying unaudited Condensed Consolidated Statements of Operations.

The following table presents information on short-term and variable lease costs:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024


Total short-term and variable lease costs	$	945	$	902	$	2,014	$	1,967

Schedule of Supplemental Cash and Non-Cash Information for Leases

The following table includes supplemental cash and non-cash information related to our leases:


	Six Months Ended June 30,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	21,042	$	20,351
Operating cash flows for finance leases	695		106
Financing cash flows for finance leases	847		240
ROU assets obtained in exchange for new lease obligations
Operating leases	$	1,479	$	7,623
Finance leases	3,578		—

Schedule Of Weighted Average Remaining Lease Term and Discount Rate

The following table summarizes the weighted-average remaining lease term and discount rate:


	June 30, 2025		December 31, 2024
Weighted-average remaining term (years)
Operating leases	13.1		13.3
Finance leases	9.5		2.8
Weighted-average discount rate
Operating leases	15.2	%	15.1	%
Finance leases	14.2	%	10.5	%

Schedule of Operating Lease, Liability Maturity

The amounts of future undiscounted cash flows related to the lease payments over the lease terms and the reconciliation to the present value of the lease liabilities as recorded on our unaudited Condensed Consolidated Balance Sheet as of June 30, 2025 are as follows:


(in thousands)	Operating Lease Liabilities		Finance Lease Liabilities
Remainder of 2025	$	19,919	$	3,061
2026	40,315		5,721
2027	41,381		5,148
2028	42,487		5,012
2029	43,286		5,046
Thereafter	423,193		29,542
Total lease payments	610,581		53,530
Less: imputed interest	359,789		25,486
Present value of lease liabilities	$	250,792	$	28,044

Schedule of Finance Lease Liability Maturity


(in thousands)	Operating Lease Liabilities		Finance Lease Liabilities
Remainder of 2025	$	19,919	$	3,061
2026	40,315		5,721
2027	41,381		5,148
2028	42,487		5,012
2029	43,286		5,046
Thereafter	423,193		29,542
Total lease payments	610,581		53,530
Less: imputed interest	359,789		25,486
Present value of lease liabilities	$	250,792	$	28,044

Schedule of Financing Liability, Maturity Schedule

The following table presents cash payments due under transactions that did not qualify for sale leaseback treatment. The cash payments are allocated between interest and liability reduction, as applicable. The “sold” assets remain within land, buildings, and leasehold improvements, as appropriate, for the duration of the lease and a financing liability equal to the amount of proceeds received is recorded within “Long-term debt, net” on the accompanying unaudited Condensed Consolidated Balance Sheets.


(in thousands)	Remainder of 2025		2026		2027		2028		2029		Thereafter		Total
Cash payments due under financing liabilities	$	1,273	$	2,592	$	2,665	$	2,741	$	2,497	$	8,108	$	19,876

REPORTABLE SEGMENTS AND REVENUE - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Customer loyalty program liability \| $	$ 1,381	$ 1,394
Allowance for doubtful accounts \| $	$ 2,150	$ 2,119

ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired


(in thousands)	Core Partnership Dispensary Three		Core Partnership Dispensary Four		Non-Core Partnership Dispensary One
Assets acquired (liabilities assumed):
Cash	$	65	$	30	$	7
Inventory	72		45		95
Other current assets	30		46		8
Property and equipment(1)	867		2,298		1,150
Other assets	15		10		—
License(2)	1,250		1,920		1,300
Goodwill(3)	1,396		1,153		908
Accounts payable and accrued liabilities	(428)		(269)		(218)
Net assets acquired	$	3,267	$	5,233	$	3,250

Consideration transferred:
Cash(4)	$	1,667	$	3,333	$	3,250
Fair value of contingent consideration	1,600		1,900		—
Total consideration	$	3,267	$	5,233	$	3,250

(1)Consists of leasehold improvements.

The following table summarizes the purchase price allocation of the 2024 Core Partner Dispensaries.


(in thousands)
Assets acquired (liabilities assumed):


Property and equipment(1)	$	1,525
Other assets	76
Licenses(2)	5,270
Goodwill(3)	3,201
Accounts payable and accrued liabilities	(72)
Net assets acquired	$	10,000

(1)Consists of leasehold improvements of $1,398 and furniture, fixtures, and equipment of $127.

(3)Goodwill is largely attributable to the value expected to be obtained from long-term business growth and buyer-specific synergies. Goodwill is largely not deductible for tax purposes under the limitations under IRC Section 280E; see Note 14, “Income Taxes,” for additional information.

Schedule of Business Acquisition, Pro Forma Information

The following table summarizes the revenue and net loss related to the acquisitions described above that are included in our consolidated results from the respective effective dates, as applicable.


	Three Months Ended June 30, 2025
(in thousands)	Core Partnership Dispensary Three		Core Partnership Dispensary Four		Non-Core Partnership Dispensary One
Revenue, net	$	827	$	251	$	425
Net loss	(196)		(72)		(24)


	Six Months Ended June 30, 2025
(in thousands)	Core Partnership Dispensary Three		Core Partnership Dispensary Four		Non-Core Partnership Dispensary One
Revenue, net	$	902	$	251	$	425
Net loss	(184)		(72)		(24)

LEASES

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

LEASES

The Company leases land, buildings, equipment, and other capital assets which it uses for corporate purposes and the production and sale of cannabis products with terms generally ranging from one to 20 years.

We determine if an arrangement is a lease at inception and begin recording lease activity at the commencement date, which is generally the date in which we take possession of or control the physical use of the asset. ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, with lease expense recognized on a straight-line basis. Lease agreements may contain rent escalation clauses, rent holidays, or certain landlord incentives, including tenant improvement allowances. ROU assets include amounts for scheduled rent increases and are reduced by lease incentive amounts. Certain of our lease agreements include variable rent payments, consisting primarily of rental payments adjusted periodically for inflation and amounts paid to the lessor based on cost or consumption, such as maintenance and utilities. Variable rent lease components are not included in the lease liability. We typically exclude options to extend the lease in a lease term unless it is reasonably certain that we will exercise the option and when doing so is at our sole discretion. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. We may rent or sublease to third parties certain real property assets that we no longer use.

The components of lease assets and lease liabilities and their classification on the unaudited Condensed Consolidated Balance Sheets were as follows:


(in thousands)	Classification	June 30, 2025		December 31, 2024
Lease assets
Operating leases	Operating lease right-of-use assets	$	124,251	$	139,067
Finance leases	Property and equipment, net	21,331		3,210
Total lease assets		$	145,582	$	142,277

Lease liabilities
Current liabilities
Operating leases	Operating lease liabilities, current	$	4,690	$	5,469
Finance leases	Current portion of debt, net	2,279		1,189
Noncurrent liabilities
Operating leases	Operating lease liabilities, noncurrent	246,102		267,221
Finance leases	Long-term debt, net	25,765		2,021
Total lease liabilities		$	278,836	$	275,900

The components of lease costs and classification within the unaudited Condensed Consolidated Statements of Operations were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Operating lease costs
Capitalized to inventory	$	9,006	$	8,977	$	18,297	$	18,110
General and administrative expenses	3,432		1,264		4,502		2,137
Total operating lease costs	$	12,438	$	10,241	$	22,799	$	20,247

Finance lease costs
Amortization of leased assets(1)	$	703	$	139	$	1,107	$	278
Interest on lease liabilities	595		51		695		106
Total finance lease costs	$	1,298	$	190	$	1,802	$	384

(1)Included as a component of depreciation expense within “General and administrative expenses” on the accompanying unaudited Condensed Consolidated Statements of Operations.

At June 30, 2025 and December 31, 2024, $6,127 and $6,886, respectively, of lease costs remained capitalized in inventory.

The following table presents information on short-term and variable lease costs:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024


Total short-term and variable lease costs	$	945	$	902	$	2,014	$	1,967

Sublease income generated during the three and six months ended June 30, 2025 and 2024 was immaterial.

The following table includes supplemental cash and non-cash information related to our leases:


	Six Months Ended June 30,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	21,042	$	20,351
Operating cash flows for finance leases	695		106
Financing cash flows for finance leases	847		240
ROU assets obtained in exchange for new lease obligations
Operating leases	$	1,479	$	7,623
Finance leases	3,578		—

During the six months ended June 30, 2025, certain leases were amended that resulted in modification treatment. Based on the modified terms, operating leases with a total of $15,137 of ROU assets and $21,467 of lease liabilities were reclassified as finance leases, with a total of $15,770 of ROU assets and $22,103 of lease liabilities.

The following table summarizes the weighted-average remaining lease term and discount rate:


	June 30, 2025		December 31, 2024
Weighted-average remaining term (years)
Operating leases	13.1		13.3
Finance leases	9.5		2.8
Weighted-average discount rate
Operating leases	15.2	%	15.1	%
Finance leases	14.2	%	10.5	%


(in thousands)	Operating Lease Liabilities		Finance Lease Liabilities
Remainder of 2025	$	19,919	$	3,061
2026	40,315		5,721
2027	41,381		5,148
2028	42,487		5,012
2029	43,286		5,046
Thereafter	423,193		29,542
Total lease payments	610,581		53,530
Less: imputed interest	359,789		25,486
Present value of lease liabilities	$	250,792	$	28,044

Sale Leaseback Transactions


(in thousands)	Remainder of 2025		2026		2027		2028		2029		Thereafter		Total
Cash payments due under financing liabilities	$	1,273	$	2,592	$	2,665	$	2,741	$	2,497	$	8,108	$	19,876

LEASES

The components of lease assets and lease liabilities and their classification on the unaudited Condensed Consolidated Balance Sheets were as follows:


(in thousands)	Classification	June 30, 2025		December 31, 2024
Lease assets
Operating leases	Operating lease right-of-use assets	$	124,251	$	139,067
Finance leases	Property and equipment, net	21,331		3,210
Total lease assets		$	145,582	$	142,277

Lease liabilities
Current liabilities
Operating leases	Operating lease liabilities, current	$	4,690	$	5,469
Finance leases	Current portion of debt, net	2,279		1,189
Noncurrent liabilities
Operating leases	Operating lease liabilities, noncurrent	246,102		267,221
Finance leases	Long-term debt, net	25,765		2,021
Total lease liabilities		$	278,836	$	275,900

The components of lease costs and classification within the unaudited Condensed Consolidated Statements of Operations were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Operating lease costs
Capitalized to inventory	$	9,006	$	8,977	$	18,297	$	18,110
General and administrative expenses	3,432		1,264		4,502		2,137
Total operating lease costs	$	12,438	$	10,241	$	22,799	$	20,247

Finance lease costs
Amortization of leased assets(1)	$	703	$	139	$	1,107	$	278
Interest on lease liabilities	595		51		695		106
Total finance lease costs	$	1,298	$	190	$	1,802	$	384

(1)Included as a component of depreciation expense within “General and administrative expenses” on the accompanying unaudited Condensed Consolidated Statements of Operations.

At June 30, 2025 and December 31, 2024, $6,127 and $6,886, respectively, of lease costs remained capitalized in inventory.

The following table presents information on short-term and variable lease costs:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024


Total short-term and variable lease costs	$	945	$	902	$	2,014	$	1,967

Sublease income generated during the three and six months ended June 30, 2025 and 2024 was immaterial.

The following table includes supplemental cash and non-cash information related to our leases:


	Six Months Ended June 30,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	21,042	$	20,351
Operating cash flows for finance leases	695		106
Financing cash flows for finance leases	847		240
ROU assets obtained in exchange for new lease obligations
Operating leases	$	1,479	$	7,623
Finance leases	3,578		—

The following table summarizes the weighted-average remaining lease term and discount rate:


	June 30, 2025		December 31, 2024
Weighted-average remaining term (years)
Operating leases	13.1		13.3
Finance leases	9.5		2.8
Weighted-average discount rate
Operating leases	15.2	%	15.1	%
Finance leases	14.2	%	10.5	%


(in thousands)	Operating Lease Liabilities		Finance Lease Liabilities
Remainder of 2025	$	19,919	$	3,061
2026	40,315		5,721
2027	41,381		5,148
2028	42,487		5,012
2029	43,286		5,046
Thereafter	423,193		29,542
Total lease payments	610,581		53,530
Less: imputed interest	359,789		25,486
Present value of lease liabilities	$	250,792	$	28,044

Sale Leaseback Transactions


(in thousands)	Remainder of 2025		2026		2027		2028		2029		Thereafter		Total
Cash payments due under financing liabilities	$	1,273	$	2,592	$	2,665	$	2,741	$	2,497	$	8,108	$	19,876

EQUITY-BASED COMPENSATION EXPENSE

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION EXPENSE

Equity Incentive Plans

The Company adopted an incentive plan in November 2020 (the “2020 Plan”) which authorized the issuance of incentive common unit options and restricted common units (collectively, “Awards”). The maximum number of Awards to be issued under the 2020 Plan is 10,031 and any Awards that expire or are forfeited may be re-issued. As of June 30, 2025, a total of 9,994 Awards had been granted under the 2020 Plan and, as of June 30, 2025, there are no remaining unvested Awards and no remaining unrecognized compensation cost associated with these Awards. The Awards issued generally vested over two or three years and the estimated fair value of the Awards at issuance was recognized as compensation expense over the related vesting period.

In July 2021, the Company adopted a new stock incentive plan (the “2021 Plan”), pursuant to which 17,000 shares of Class A common stock are reserved for issuance thereunder, subject to certain adjustments and other terms. Following the adoption of the 2021 Plan, no additional awards are expected to be issued under the 2020 Plan. The 2021 Plan authorized the issuance of stock options, stock appreciation rights (“SAR Awards”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and other stock-based awards (collectively the “2021 Plan Awards”). Any 2021 Plan Awards that expire or are forfeited may be re-issued. The estimated fair value of the 2021 Plan Awards at issuance is recognized as compensation expense over the related vesting, exercise, or service periods, as applicable.

On March 9, 2023, the Company’s board of directors unanimously approved, subject to stockholder approval, an amendment to the 2021 Plan (the “Amendment” and together with the 2021 Plan, the “Amended 2021 Plan”) to increase the maximum number of shares of Class A common stock available for issuance under the Amended 2021 Plan to an amount not to exceed 10% of the total number of issued and outstanding shares of Class A common stock, on a non-diluted basis, as constituted on the grant date of an award pursuant to the Amended 2021 Plan. On May 5, 2023, the stockholders of the Company voted to approve the Amendment. As of June 30, 2025, there were 13,123 shares of Class A common stock available for grant for future equity-based compensation awards under the Amended 2021 Plan. Activity related to awards issued under the Amended 2021 Plan is further described below. As of June 30, 2025, no SAR Awards and no RSAs had been granted under the Amended 2021 Plan.

Stock Options

The following table summarizes stock option activity during the six months ended June 30, 2025:


	Options Outstanding
(in thousands, except per share amounts)	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value(1)
Outstanding, December 31, 2024	3,252	$	1.78	3.0	$	—



Forfeited	(92)	1.00
Expired	(34)	1.37
Outstanding, June 30, 2025	3,126	$	1.81	2.4	$	—
Exercisable at June 30, 2025	2,841	$	1.86	2.4	$	—

(1)Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated.

Total unrecognized stock-based compensation expense related to unvested options was $145 as of June 30, 2025, which is expected to be recognized over a weighted-average remaining period of 1.4 years.

In July 2025, the Company granted a total of 9,942 of stock options with an exercise price of $0.35, of which 12.5% vested on the grant date and the remaining vest quarterly over a two-year period.

Restricted Stock Units

The following table summarizes the RSU activity during the six months ended June 30, 2025:


	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value per Share



Unvested, December 31, 2024	5,898	$	1.06
Granted	225	0.40
Vested(1)	(1,396)	1.05
Forfeited	(652)	1.20
Unvested, June 30, 2025	4,075	$	1.00

(1)Includes 392 vested shares that were withheld to cover tax obligations and were subsequently cancelled.

As of June 30, 2025, total unrecognized compensation cost related to the RSUs was $3,162, which is expected to be recognized over a weighted-average remaining period of 2.2 years.

Performance Based Awards

In August 2024, the Company’s Board approved an award of 3,000 RSUs pursuant to an employment agreement that were not granted as of June 30, 2025 or as of the date of filing of this Quarterly Report on Form 10-Q. These awards, once granted, will be subject to certain vesting conditions, including the achievement of certain stock price targets and continued service to the Company.

Compensation Expense by Type of Award

The following table details the equity-based compensation expense by type of award for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
RSUs	$	482	$	5,137	$	1,081	$	14,862
Stock Options	29		147		58		1,138

Total equity-based compensation expense	$	511	$	5,284	$	1,139	$	16,000

During the three months ended June 30, 2025 and 2024, the Company recognized $124 and $3,179, respectively, of expense within “General and administrative expenses” and $164 and $4,336, respectively, within “Cost of goods sold.” During the six months ended June 30, 2025 and 2024, the Company recognized $502 and $9,648, respectively, of expense within “General and administrative expenses” and $1,302 and $6,547, respectively, within “Cost of goods sold.” Of the total equity-based compensation expense, $387 and $2,105 was capitalized to inventory during the three months ended June 30, 2025 and 2024, respectively, and $637 and $6,352 was capitalized during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, $1,437 and $2,102, respectively, remained capitalized in inventory.

Employee Stock Purchase Plan

In July 2021, the Company also adopted an employee stock purchase plan (the “2021 ESPP”), pursuant to which 4,000 shares of Class A common stock are reserved for issuance thereunder, subject to certain adjustments and other terms. No shares have been issued under the 2021 ESPP as of June 30, 2025.

SUPPLEMENTAL INFORMATION - Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Compensation	$ 17,455	$ 17,127	$ 33,204	$ 40,826
Depreciation and amortization	9,249	8,576	17,949	17,294
Rent and utilities	7,514	5,571	12,794	10,839
Professional services	4,099	4,504	8,014	8,274
Insurance	1,333	1,390	2,500	2,945
Marketing	1,194	1,163	1,799	2,144
Loss (gain) on sale of assets	17	0	55	(11)
Other	1,533	4,764	3,154	10,246
Total	$ 42,394	$ 43,095	$ 79,469	$ 92,557

INVENTORY

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

INVENTORY

The components of inventory are as follows:


(in thousands)	June 30, 2025		December 31, 2024
Materials and supplies	$	9,747	$	12,239
Work in process	37,783		39,602
Finished goods	34,787		37,711
Total	$	82,317	$	89,552

Total compensation expense capitalized to inventory was $17,597 and $18,629 during the three months ended June 30, 2025 and 2024, respectively, and $35,089 and $38,973 during the six months ended June 30, 2025 and 2024, respectively. At June 30, 2025 and December 31, 2024, $13,145 and $14,152, respectively, of compensation expense remained capitalized as part of inventory. The Company recognized, as a component of cost of goods sold, total write-downs related to net realizable value adjustments, expired products, and obsolete packaging totaling $5,142 during the three months ended June 30, 2025 and $6,916 and $474 during the six months ended June 30, 2025 and 2024, respectively. Such write downs were not material during the three months ended June 30, 2024. These amounts are included within “Other” on the unaudited Condensed Consolidated Statements of Cash Flows.

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS There were no significant related party transactions during the six months ended June 30, 2025, other than as disclosed in Note 6, “Notes Receivable.”

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

ACQUISITIONS - Schedule of Revenue and Income from Acquired Businesses (Details) - Core Partnership - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Core Partnership Dispensary Three
Business Combination [Line Items]
Revenue, net	$ 827	$ 902
Net loss	(196)	(184)
Core Partnership Dispensary Four
Business Combination [Line Items]
Revenue, net	251	251
Net loss	$ (72)	$ (72)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Variable Interest Entity [Line Items]
Current assets	$ 225,654				$ 225,654		$ 229,376
Other noncurrent assets	15,368				15,368		16,426
Current liabilities	100,790				100,790		144,541
Deficit	27,331				27,331		70,978
Revenue, net	127,304		$ 141,536		255,301	$ 283,946
Net income (loss)	(24,407)	$ (19,258)	(21,784)	$ (18,163)	(43,665)	(39,947)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current assets	6,622				6,622		6,492
Other noncurrent assets	90,663				90,663		63,334
Current liabilities	17,688				17,688		4,558
Noncurrent liabilities	21,268				21,268		13,922
Deficit	(7,607)				(7,607)		$ (8,646)
Revenue, net	14,170		1,068		25,015	1,772
Net income (loss)	$ 1,284		$ (2,701)		$ 1,039	$ (4,472)

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

NOTES RECEIVABLE - (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
NOTES RECEIVABLE - (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Apr. 30, 2024	May 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, credit loss, expense (reversal)				$ 0	$ 0
Maryland Loan Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Supply agreement, inventory receivable in exchange for note receivable, contract amount	$ 6,000,000
Term of supply agreement (in years)	3 years
Supply agreement, inventory receivable in exchange for note receivable, maximum quarterly amount	$ 500,000
Receivable with imputed interest, discount			$ 984,000	984,000
Supply agreement, inventory supplied			153,000	407,000
Maryland Loan Receivable \| Other Noncurrent Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Supply agreement, inventory receivable in exchange for note receivable, contract amount			735,000	735,000		$ 1,084,000
Supply agreement, inventory receivable provision			1,083,000	1,083,000		1,083,000
Maryland Loan Receivable \| Other current assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Supply agreement, inventory receivable in exchange for note receivable, contract amount			1,000,000	1,000,000		1,000,000
Supply agreement, inventory receivable provision			1,000,000	1,000,000		1,000,000
Promissory Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, notes and working capital receivables			3,761,000	3,761,000		3,848,000
Promissory note receivable, current			180,000	180,000		177,000
Promissory note receivable, noncurrent			3,581,000	3,581,000		3,671,000
Massachusetts Note \| Massachusetts Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Working capital loan							$ 4,100,000	$ 3,500,000
Notes receivable interest rate (as percent)		12.50%
Financing receivable, due repayment period (in months)		24 months
Loans, notes and working capital receivables			4,100,000	4,100,000		4,100,000
Interest receivable			$ 546,000	$ 546,000		$ 266,000

EQUITY-BASED COMPENSATION EXPENSE - Schedule of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	$ 511	$ 5,284	$ 1,139	$ 16,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	482	5,137	1,081	14,862
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	$ 29	$ 147	$ 58	$ 1,138

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(ii)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(iii)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

LEASES - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Operating Lease Liabilities
Remainder of 2025	$ 19,919
2026	40,315
2027	41,381
2028	42,487
2029	43,286
Thereafter	423,193
Total lease payments	610,581
Less: imputed interest	359,789
Present value of lease liabilities	250,792
Finance Lease Liabilities
Remainder of 2025	3,061
2026	5,721
2027	5,148
2028	5,012
2029	5,046
Thereafter	29,542
Total lease payments	53,530
Less: imputed interest	25,486
Present value of lease liabilities	$ 28,044	$ 3,210

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Income Tax Contingency [Line Items]
Income tax penalties and interest expense	$ 28,987	$ 20,168
Tax Year 2025
Income Tax Contingency [Line Items]
Income tax penalties and interest expense	8,819
Tax Year Before 2025
Income Tax Contingency [Line Items]
Income tax penalties and interest expense	$ 20,168
Tax Year 2024
Income Tax Contingency [Line Items]
Income tax penalties and interest expense		14,744
Tax Years Before 2024
Income Tax Contingency [Line Items]
Income tax penalties and interest expense		$ 5,424

DEBT - Schedule of Debt Instruments (Details)		1 Months Ended			3 Months Ended			6 Months Ended
DEBT - Schedule of Debt Instruments (Details)	Jul. 16, 2024 USD ($)	May 31, 2025 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jan. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Aug. 27, 2021 USD ($) covenant quarter shares
Debt Instrument [Line Items]
Finance lease liability					$ 28,044,000			$ 28,044,000			$ 3,210,000
Total debt					370,010,000			370,010,000			329,334,000
Current portion of debt					26,145,000			26,145,000			74,213,000
Less: unamortized deferred financing costs					0			0			332,000
Current portion of debt, net					26,145,000			26,145,000			73,881,000
Long-term debt					343,865,000			343,865,000			255,121,000
Less: unamortized deferred financing costs					20,428,000			20,428,000			20,579,000
Long-term debt, net					323,437,000			323,437,000			234,542,000
Prepayments of outstanding borrowings								60,335,000	$ 786,000
Loss on extinguishment of debt					126,000	$ 0		126,000	0
Proceeds from issuance of debt								63,067,000	$ 0
Outstanding claim amount, remaining					1,629,000			1,629,000
Repayment of retention tax credit					335,000
Ohio Patient Access LLC (“OPA”)
Debt Instrument [Line Items]
Asset acquisition, net of discount								3,010,000
Class A common stock
Debt Instrument [Line Items]
Number of warrants (in shares) \| shares												3,130,000
Intrinsic value of warrants												$ 2,639,000
2024 Notes Offering
Debt Instrument [Line Items]
Borrowings outstanding					300,000,000			300,000,000			235,000,000
Other general and administrative expense	$ 3,600,000
2024 Notes Offering \| Senior Secured Term Notes
Debt Instrument [Line Items]
Notes issued	$ 235,000,000
Percentage of notes issued at face value (as percent)	94.75%
Unamortized original issue discount and other direct financing fees	$ 21,200,000
Interest rate (as percent)		12.75%
Additional borrowing capacity permitted		$ 60,000,000
Redemption price (as percent)	101.00%
Threshold holding of aggregate principal (as percent)	25.00%
Minimum liquidity required to be maintained	$ 20,000,000
2024 Notes Offering \| Senior Secured Term Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Prepayment premium (as percent)	0.00%
2024 Notes Offering \| Senior Secured Term Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment premium (as percent)	4.50%
2024 Notes Offering \| Senior Secured Term Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Prepayment premium (as percent)	3.00%
2024 Notes Offering \| Senior Secured Term Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Prepayment premium (as percent)	0.00%
2024 Notes Offering \| Senior Secured Term Notes \| Minimum
Debt Instrument [Line Items]
Prior notice required to prepay Term Notes (in days)	15 days
2024 Notes Offering \| Senior Secured Term Notes \| Maximum
Debt Instrument [Line Items]
Prior notice required to prepay Term Notes (in days)	60 days
2021 Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding		60,000,000	$ 60,000,000		0			0			60,000,000
Notes issued												$ 210,000,000
Prepayments of outstanding borrowings	$ 215,000,000
Interest rate (as percent)												9.50%
Prepayment fees and accrued interest			3,527,000
Maximum borrowing capacity if amended												$ 275,000,000
Loss on extinguishment of debt						$ 5,475,000
Deferred debt issuance cost, write-off			1,948,000
Debt instrument prepayment fee			1,579,000
Unamortized debt issuance expense	$ 943,000		$ 1,428,000
Deferred finance fees												$ 8,806,000
Number of financial covenants \| covenant												2
Covenant, minimum liquidity at fiscal quarter end												$ 20,000,000
Number of consecutive quarters used for covenant measurement \| quarter												4
2021 Credit Facility \| Debt Instrument, Covenant, Period Two
Debt Instrument [Line Items]
Covenant, maximum EBITDA to cash interest expense ratio												2.50
Sellers' Notes
Debt Instrument [Line Items]
Borrowings outstanding					22,237,000			22,237,000			11,060,000
Sellers' Notes \| Ohio Patient Access LLC (“OPA”)
Debt Instrument [Line Items]
Current portion of debt, net					11,000,000			11,000,000			11,000,000
Sellers' Notes \| Core Partnership
Debt Instrument [Line Items]
Current portion of debt, net					1,400,000			1,400,000
Long-term debt					7,400,000			7,400,000
Sellers' Notes \| Non-Core Partnership Dispensary One
Debt Instrument [Line Items]
Long-term debt					2,437,000			2,437,000
Finance liabilities
Debt Instrument [Line Items]
Borrowings outstanding					18,100,000			18,100,000			18,100,000
Financing Agreement
Debt Instrument [Line Items]
Borrowings outstanding					$ 1,629,000			$ 1,629,000			1,964,000
Interest rate (as percent)					10.00%			10.00%
Proceeds from issuance of debt				$ 19,364,000
Interests in a retention tax credit claim				$ 22,794,000
Outstanding claim amount, remaining											$ 1,964,000
January 2025 Term Notes \| Senior Secured Term Notes
Debt Instrument [Line Items]
Notes issued										$ 15,000,000
Percentage of notes issued at face value (as percent)										97.00%
Unamortized original issue discount and other direct financing fees										$ 700,000
Other general and administrative expense								$ 400,000
May 2025 Term Notes
Debt Instrument [Line Items]
Prepayment fees and accrued interest		2,323,000
May 2025 Term Notes \| Senior Secured Term Notes
Debt Instrument [Line Items]
Notes issued		$ 50,000,000
Percentage of notes issued at face value (as percent)		97.50%
Unamortized original issue discount and other direct financing fees		$ 1,600,000
Other general and administrative expense		$ 700,000
2022 Loan
Debt Instrument [Line Items]
Additional borrowings							$ 65,000,000
Deferred finance fees												$ 7,606,000
2021 Credit Facility Member
Debt Instrument [Line Items]
Deferred debt issuance cost, write-off					$ 126,000			$ 126,000

STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

STOCKHOLDERS’ EQUITY

The Company has authorized 750,000 shares of Class A common stock with a par value of $0.001 per share, 100 shares of Class B common stock with a par value of $0.001 per share, and 10,000 shares of preferred stock with a par value of $0.001 per share. Holders of each share of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 1,000 votes per share. Holders of Class A common stock and Class B common stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law or our certificate of incorporation. Each share of Class B common stock is convertible at any time into one share of Class A common stock at the option of the holder. In addition, each share of Class B common stock will automatically convert into one share of Class A common stock on May 4, 2026, the final conversion date. Each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, except for certain transfers described in our certificate of incorporation, including, without limitation, transfers for tax and estate planning purposes, so long as the transferring holder of Class B common stock continues to hold exclusive voting and dispositive power with respect to any such transferred shares. Once converted into a share of Class A common stock, a converted share of Class B common stock will not be reissued, and following the conversion of all outstanding shares of Class B common stock, no further shares of Class B common stock will be issued.

The following table summarizes the total shares of Class A common stock and Class B common stock outstanding as of June 30, 2025 and December 31, 2024:


(in thousands)	June 30, 2025	December 31, 2024
Shares of Class A common stock	203,242	204,961
Shares of Class B common stock	65	65
Total	203,307	205,026

In December 2024, the Company’s board of directors (the “Board”) authorized a share buyback program (the “Buyback Program”) which permits the Company to repurchase up to the lesser of: (i) 10,216 shares of the Company’s Class A common stock; and (ii) $2,250 worth of shares of Class A common stock, in the open market pursuant to a normal course issuer bid, subject to applicable legal, regulatory, and contractual requirements. The total number of shares purchased, timing of purchases, and share prices are dependent upon market conditions and business considerations, any applicable securities law requirements, CSE rules, and any determination of best use of cash available at the time. Any such shares purchased will be retired. The Buyback Program will expire on January 1, 2026, and may be suspended, terminated, or modified at any time for any reason and the Company is under no obligation to purchase any such shares for the duration of the Buyback Program. As of June 30, 2025, a total of 2,723 shares had been repurchased under the Buyback Program for an aggregate cost, inclusive of fees, of $994. As of June 30, 2025, approximately $1,256 worth of share purchases remains available under the Buyback Program.

Warrants

The following table summarizes warrant activity during the six months ended June 30, 2025:


	Number of Warrants (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Exercise Period (years)	Aggregate Intrinsic Value (in thousands)(1)
Outstanding, December 31, 2024	3,277	$	3.42	1.2	$	—

Expired	(188)	2.64
Outstanding, June 30, 2025(2)	3,089	$	3.42	0.7	$	—

(1)Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated.

- Definition

The entire disclosure for equity.

+ References

+ Details

SUPPLEMENTAL INFORMATION - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 6,968	$ 5,497
Deposits and other receivables	5,568	4,706
Construction deposits	72	375
Other	724	350
Total	$ 13,332	$ 10,928

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2025			2024			2025			2024
Loss before income taxes	$	(12,576)		$	(9,678)		$	(20,803)		$	(15,331)
Income tax expense	11,831			12,106			22,862			24,616
Effective tax rate	(94.1)		%	(125.1)		%	(109.9)		%	(160.6)		%

Gross profit	$	41,392		$	41,573		$	80,953		$	93,610
Effective tax rate on gross profit	28.6		%	29.1		%	28.2		%	26.3		%

Schedule of Unrecognized Tax Benefits Roll Forward

The following table shows a reconciliation of the beginning and ending amount of unrecognized tax benefits:


	Six Months Ended June 30, 2025
Balance, December 31, 2024	$	149,407
Additions for tax positions related to the current year	14,917
Additions for tax positions related to prior years	8,621
Balance, June 30, 2025	$	172,945

INVENTORY - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Materials and supplies	$ 9,747	$ 12,239
Work in process	37,783	39,602
Finished goods	34,787	37,711
Total	$ 82,317	$ 89,552

INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible Assets	$ 291,870	$ 277,260
Accumulated amortization	(85,168)	(71,758)
Total intangible assets, net	206,702	205,502
Licenses and permits
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible Assets	276,627	262,017
Accumulated amortization	(73,225)	(60,203)
In-place leases
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible Assets	14,863	14,863
Accumulated amortization	(11,563)	(11,175)
Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible Assets	380	380
Accumulated amortization	$ (380)	$ (380)

EQUITY-BASED COMPENSATION EXPENSE - Schedule of Stock Options Roll Forward (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Number of Options
Outstanding beginning balance (in shares)	3,252
Forfeited (in shares)	(92)
Expired (in shares)	(34)
Outstanding ending balance (in shares)	3,126	3,252
Exercisable (in shares)	2,841
Weighted-Average Exercise Price
Outstanding beginning balance (in dollars per share)	$ 1.78
Forfeited (in dollars per share)	1.00
Expired (in dollars per share)	1.37
Outstanding ending balance (in dollars per share)	1.81	$ 1.78
Exercisable (in dollars per share)	$ 1.86
Stock Options Additional Disclosures
Weighted average remaining contractual term (in years)	2 years 4 months 24 days	3 years
Exercisable, weighted average remaining contractual term (in years)	2 years 4 months 24 days
Outstanding aggregate intrinsic value	$ 0	$ 0
Exercisable, intrinsic value	$ 0

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands				1 Months Ended		3 Months Ended			12 Months Ended
	Aug. 06, 2025	Sep. 30, 2022	Feb. 25, 2021	Apr. 30, 2025	Apr. 30, 2022	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2022	Dec. 31, 2024
Loss Contingencies [Line Items]
Assets						$ 903,867				$ 900,431
Goodwill						53,996				49,599
Inventory						82,317				89,552
Ohio Cultivation Assets
Loss Contingencies [Line Items]
Assets						8,800
Fair value of license						4,000
Goodwill						3,000
Inventory						1,200
Property and equipment						300
Entity That Anticipates Obtaining Adult-Use License in NJ
Loss Contingencies [Line Items]
Cash consideration				$ 1,000
MedMen NY Litigation
Loss Contingencies [Line Items]
Estimated reserve							$ 2,744	$ 2,703	$ 3,700
MedMen NY, Inc. \| MedMen NY Litigation \| Prior deposit and working capital advances \| Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, damages sought, value (in excess of)	$ 10,300
MedMen NY, Inc. \| MedMen NY Litigation \| Prepaid deposit
Loss Contingencies [Line Items]
Loss contingency, damages sought, value (in excess of)			$ 4,000
MedMen NY, Inc. \| MedMen NY Litigation \| Advances Pursuant To Working Capital Loan Agreements
Loss Contingencies [Line Items]
Loss contingency, damages sought, value (in excess of)		$ 2,400
Notes receivable \| MedMen NY Litigation
Loss Contingencies [Line Items]
Current portion of reserve						2,422				2,422
Other current assets \| MedMen NY Litigation
Loss Contingencies [Line Items]
Current portion of reserve						6,695				6,695
Story
Loss Contingencies [Line Items]
Clinical funding commitment, additional commitment					$ 10,000	10,000				10,000
Clinical funding commitment, additional commitment term (in years)					10 years
Additional commitment payment						819
Story \| Accounts payable and accrued expenses
Loss Contingencies [Line Items]
Clinical funding commitment, additional commitment payable						1,574
Story \| Other non-current liabilities
Loss Contingencies [Line Items]
Clinical funding commitment, additional commitment payable						$ 7,607				$ 9,200

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Revenue, net	$ 127,304	$ 141,536	$ 255,301	$ 283,946
Cost of goods sold	(85,912)	(99,963)	(174,348)	(190,336)
Gross profit	41,392	41,573	80,953	93,610
Operating expenses
General and administrative expenses	42,394	43,095	79,469	92,557
Operating (loss) profit	(1,002)	(1,522)	1,484	1,053
Other (expense) income
Interest expense	(12,058)	(8,535)	(23,248)	(17,073)
Other, net	484	379	961	689
Total other expense	(11,574)	(8,156)	(22,287)	(16,384)
Loss before income taxes	(12,576)	(9,678)	(20,803)	(15,331)
Income tax expense	(11,831)	(12,106)	(22,862)	(24,616)
Net loss	$ (24,407)	$ (21,784)	$ (43,665)	$ (39,947)
Net loss per share attributable to Class A and Class B common stockholders — basic (in dollars per share)	$ (0.12)	$ (0.10)	$ (0.21)	$ (0.19)
Net loss per share attributable to Class A and Class B common stockholders — diluted (in dollars per share)	$ (0.12)	$ (0.10)	$ (0.21)	$ (0.19)
Weighted-average common shares outstanding — basic (in shares)	203,866	213,160	204,430	211,057
Weighted-average common shares outstanding — diluted (in shares)	203,866	213,160	204,430	211,057