0001776738-24-000004 | 10-Q | XBRL Viewer | Cannabist Co Holdings INC

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Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY The Company had the following activity during the three and nine months ended September 30, 2024: •Issued 10,079,929 Common Shares upon vesting of Restricted Stock Units (RSUs) during the nine months ended September 30, 2024. •Issued 25,845,259 Common Shares in connection with the January 2024 Debt Exchange (as defined below and further detailed in Note 4). •Issued 655,736 Common Shares in connection with the 2027 Convertible Notes in exchange for principal debt of $200. •Issued 4,845,359 Common Shares to resolve a lawsuit relating to the Green Leaf Transaction.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 1, 2024, the Company entered into a definitive agreement, subject to closing conditions, to dispose of a vertically-integrated Florida paper license for gross proceeds of $7.5 million cash. On completion of this transaction and the divestitures of the Florida Business and the Lakeland Business, the Company will have exited its entire Florida operations. On October 9, 2024, the Company completed an orderly transition of the Company’s independent registered public accounting firm with Davidson & Company LLP (“Davidson”) being dismissed, following its resignation as of that same day, and the Board approving, on the recommendation of the Audit Committee, the appointment of PKF O’Connor Davies, LLP (“PKF”) as the Company’s new independent registered public accounting firm for the fiscal year ending December 31, 2024, effective October 9, 2024. Further to the previous announcements and Note 17 above, effective November 6, 2024 the Company closed one of its Florida transactions, covering 14 retail locations and 2 cultivation facilities for gross proceeds of $5 million, $2 million of which will be in a promissory note.

Warrants - Summary of Outstanding Equity - Classified Warrants to Purchase Common Stock (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Number of shares issued and exercisable (in shares)	11,770,888	17,165,833	6,043,728	11,482,766
Exercise price (in CAD per share)	$ 2.30	$ 4.83	$ 10.11	$ 7.22
Equity-Classified Warrants
Class of Warrant or Right [Line Items]
Number of shares issued and exercisable (in shares)	11,770,888	17,165,833
Exercise price (in CAD per share)	$ 2.30	$ 4.83
Equity-Classified Warrants \| Expiring on September 21, 2026
Class of Warrant or Right [Line Items]
Number of shares issued and exercisable (in shares)	11,122,105	11,122,105
Exercise price (in CAD per share)	$ 1.96	$ 1.96
Equity-Classified Warrants \| Expiring on October 1, 2025
Class of Warrant or Right [Line Items]
Number of shares issued and exercisable (in shares)	648,783	648,783
Exercise price (in CAD per share)	$ 8.12	$ 8.12
Equity-Classified Warrants \| Expiring on April 26, 2024
Class of Warrant or Right [Line Items]
Number of shares issued and exercisable (in shares)	0	5,394,945
Exercise price (in CAD per share)		$ 10.35

Selling, General and Administrative Expenses - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Selling, General and Administrative Expense [Abstract]
Salaries and benefits	$ 22,705	$ 29,603	$ 61,841	$ 83,360
Professional fees	3,489	3,806	8,437	9,943
Depreciation and amortization	6,013	9,716	19,778	26,768
Operating facilities costs	10,331	10,207	32,001	31,282
Operating office and general expenses	5,132	1,911	15,839	5,949
Advertising and promotion	502	974	2,309	4,144
Other fees and expenses	1,143	255	2,429	2,449
Total selling, general and administrative expenses	$ 49,315	$ 56,472	$ 142,634	$ 163,895

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (49,974)	$ (101,789)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization	39,314	47,607
Equity-based compensation	(2,588)	18,304
Debt amortization expense	6,794	7,366
(Gain) /loss on deconsolidation of subsidiary	(39,821)	2,473
Loss on disposal group	0	10,750
Provision for obsolete inventory and other assets	5,671	8,126
Change in fair value of derivative liability	2,329	55
Change in investment fair value	4,195	0
Deferred taxes	(2,723)	(6,475)
Legal Settlement	(1,108)	0
Other	957	646
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(3,406)	(15,718)
Inventory	(11,566)	652
Prepaid expenses and other current assets	(4,255)	(4,933)
Notes receivable	(314)
Other assets	(1,388)	12,270
Accounts payable	(543)	20,092
Payroll liabilities	0	(86)
Accrued expenses and other current liabilities	(11,281)	(7,264)
Income taxes payable	38,583	11,306
Other long-term liabilities	3,450	(5,291)
Net cash used in operating activities	(27,674)	(1,909)
Cash flows from investing activities:
Purchases of property and equipment	(4,147)	(8,260)
Proceeds from sale of property and equipment	0	3,189
Proceeds from sale of license	329	0
Net proceeds from sale of business	34,371	0
Proceeds from stock issuance	0	23,872
Proceeds from deconsolidation of Missouri entity	0	3,040
Cash (paid) received on deposits, net	(268)	97
Net cash provided by investing activities	30,285	21,938
Cash flows from financing activities:
Proceeds from issuance of convertible debt	15,600	0
Payment of debt issuance costs	(802)	(220)
Payment of lease liabilities	(5,323)	(6,153)
Repayment of sellers note	(1,119)	(1,125)
Repayment of debt	(13,228)	(5,592)
Issuance of mortgage	0	8,050
Repayment of mortgage notes	(418)	0
Distributions	(333)	0
Distributions to non-controlling interest holders	0	(431)
Taxes paid on equity based compensation	(1,255)	(456)
Net cash used in financing activities	(6,878)	(5,927)
Net increase (decrease) in cash	(4,267)	14,102
Cash and restricted cash at beginning of the period	39,337	49,488
Cash and restricted cash at end of period	35,070	63,590
Reconciliation of cash and cash equivalents and restricted cash:
Cash	31,497	60,273
Restricted cash	3,573	3,317
Cash and restricted cash, end of period	35,070	63,590
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	20,061	19,833
Operating cash flows from finance leases	2,679	3,184
Financing cash flows from finance leases	5,323	5,084
Cash paid for interest on other obligations	35,155	31,274
Cash paid for income taxes	3,850	14,979
Lease liabilities arising from the recognition of finance right-of-use assets	6,978	1,016
Lease liabilities arising from the recognition of operating right-of-use assets	7	8,210
Supplemental disclosure of non-cash investing and financing activities:
Non-cash fixed asset additions within accounts payable and accrued expenses	298	31
Non-cash equity issuance costs within accrued expenses and accounts payable	0	147
Discount on issuance of convertible debt	(5,150)	0
Reduction in debt from debt to equity conversion	(10,200)	0
Equity issued for legal settlement	2,620	0
Increase in equity from debt to equity conversion	10,200	0
Assets held for sale	63,551	0
Liabilities held for sale	$ (47,629)	$ 0

Selling, General and Administrative Expenses

9 Months Ended

Sep. 30, 2024

Selling, General and Administrative Expense [Abstract]

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses are summarized in the table below:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Salaries and benefits	$	22,705	$	29,603	$	61,841	$	83,360
Professional fees	3,489		3,806		8,437		9,943
Depreciation and amortization	6,013		9,716		19,778		26,768
Operating facilities costs	10,331		10,207		32,001		31,282
Operating office and general expenses	5,132		1,911		15,839		5,949
Advertising and promotion	502		974		2,309		4,144
Other fees and expenses	1,143		255		2,429		2,449
Total selling, general and administrative expenses	$	49,315	$	56,472	$	142,634	$	163,895

Warrants - Schedule of Warrant Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class of Warrant or Right [Roll Forward]
Beginning balance (in shares)	17,165,833	11,482,766
Expired (in shares)	(5,394,945)	(5,439,038)
Ending balance (in shares)	11,770,888	6,043,728
Weighted average exercise price (Canadian dollars)
Beginning balance (in CAD per share)	$ 4.83	$ 7.22
Expired (in CAD per share)	10.35	4.01
Ending balance (in CAD per share)	$ 2.30	$ 10.11

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Details of the Company’s accrued expenses and other current liabilities are summarized in the table below:


	September 30, 2024		December 31, 2023
Taxes - property and other	$	4,375	$	12,067
Other accrued expenses	10,139		26,323
Payroll liabilities	11,418		13,260
Other current liabilities	4,630		7,009
Accrued expenses and other current liabilities	$	30,562	$	58,659

Divestiture - Summary of Operating Results (Details) - Utah Business Divestiture - Disposal Group, Held-for-Sale or Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 14,323	$ 24,838	$ 61,372	$ 74,011
Expenses	$ 16,899	$ 30,631	$ 67,561	$ 86,183

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and senior management that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. Additionally, the Company may be contingently liable with respect to other claims incidental to the ordinary course of its operations. In the opinion of management, and based on management’s consultation with legal counsel, the ultimate outcome of such other matters will not have a materially adverse effect on the Company. Accordingly, no provision has been made in these consolidated financial statements for losses, if any, which might result from the ultimate disposition of these matters should they arise.

Divestiture (Tables)

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summary of Operating Results of Columbia Care MO, LLC

The table below summarizes the operating results of the disposed of business for the three and nine months ended September 30, 2024, and 2023:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue	$	14,323	$	24,838	$	61,372	$	74,011
Expenses	$	16,899	$	30,631	$	67,561	$	86,183

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Subsequent Events - (Details) - Subsequent Event $ in Thousands	Oct. 01, 2024 USD ($)	Nov. 06, 2024 USD ($) facility transaction retailLocation
Florida Divestiture
Subsequent Event [Line Items]
Number of transactions \| transaction		1
Number of retail locations \| retailLocation		14
Number of facilities \| facility		2
Gross proceeds of divested business, consideration		$ 5,000
Gross proceeds of divested business, consideration, note receivable		$ 2,000
Florida License
Subsequent Event [Line Items]
Expected proceeds from divestiture of businesses	$ 7,500

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Details of the Company’s accrued expenses and other current liabilities are summarized in the table below:


	September 30, 2024		December 31, 2023
Taxes - property and other	$	4,375	$	12,067
Other accrued expenses	10,139		26,323
Payroll liabilities	11,418		13,260
Other current liabilities	4,630		7,009
Accrued expenses and other current liabilities	$	30,562	$	58,659

The change in other accrued expenses includes the resolution of a previously disclosed lawsuit relating to the Green Leaf Transaction, as disclosed in the Company's Form 10-Q for the quarter ended March 31, 2024.

Shareholders' Equity - (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
Shareholders' Equity - (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
2027 Convertible Notes
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Convertible debt amount	$ 200			$ 200
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of convertible notes (in shares)		655,736	25,845,259
Common Stock \| Green Leaf Transaction
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of convertible notes (in shares)	4,845,359			4,845,359
Common Stock \| 2024 Notes
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of convertible notes (in shares)	25,845,259			25,845,259
Common Stock \| 2027 Convertible Notes
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of convertible notes (in shares)	655,736			655,736
RSU's \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of convertible notes (in shares)				10,079,929

- 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

Current and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Current and Long-Term Obligations, Net

Current and long-term obligations, net, are shown in the table below:


	September 30, 2024		December 31, 2023
2026 Notes	$	185,000	$	185,000
2024 Notes	—		13,228
2027 Convertible Notes	25,550		—
2025 Convertible Notes	59,500		74,500
Mortgage Note	43,082		43,500
Acquisition related promissory notes	381		1,500
	313,513		317,728
Unamortized debt discount	(7,734)		(6,598)
Unamortized deferred financing costs	(5,769)		(7,747)
Total debt, net	300,010		303,383
Less current portion, net*	(51,447)		(5,905)
Long-term portion	$	248,563	$	297,478

*The current portion of the debt includes scheduled payments on the mortgage notes, acquisition related promissory notes and acquisition related notes payable, net of corresponding portions of the unamortized debt discount and unamortized deferred financing costs.

Schedule of Interest and Amortization Expense

Total interest and amortization expense on the Company’s debt obligations during the three and nine months ended September 30, 2024 and 2023 are as follows:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest expense on debt	$	7,595	$	10,713	$	22,308	$	31,746
Amortization of debt discount	1,509		1,997		4,014		4,648
Amortization of debt issuance costs	978		884		2,780		2,718
Other interest expense (income), net	(338)		(123)		(608)		(342)
Total interest expense, net	$	9,744	$	13,471	$	28,494	$	38,770

- 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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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of preparation	Basis of preparation The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated interim financial statements contain all normal and recurring adjustments necessary to state fairly the consolidated financial condition, results of operations, comprehensive income, statement of shareholders’ equity, and cash flows of the Company for the interim periods presented. Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the current year ending December 31, 2024. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the years ended December 31, 2023, and 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). The preparation of these unaudited condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC and the instructions to Form 10-Q. The unaudited condensed consolidated interim financial statements are presented in United States dollars except as otherwise indicated. All references to C$, CAD$ and CDN$ are to Canadian dollars.
Significant Accounting Judgments, Estimates and Assumptions	Significant Accounting Judgments, Estimates and Assumptions The Company’s significant accounting policies are described in Note 2 to the Company’s 2023 Form 10-K, filed with the SEC, on March 13, 2024. There have been no material changes to the Company’s significant accounting policies.
Reclassification, Comparability Adjustment	Reclassification Certain reclassifications have been made to conform the prior years consolidated financial statements and notes to the current year presentation. These reclassifications do not impact the gross profit, loss from operations, loss before provision for income taxes and net loss and comprehensive loss presented on the consolidated statements of operations and comprehensive loss.
Revenue	Discounts are provided by the Company during promotional days or weekends. Discounts are also provided to employees, seniors and other categories of customers and may include price reductions and coupons.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Inventory

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

INVENTORY

Details of the Company’s inventory are shown in the table below:


	September 30, 2024		December 31, 2023
Accessories and supplies	$	1,100	$	1,158
Work-in-process - cannabis in cures and final vault	63,785		86,396
Finished goods - dried cannabis, concentrate and edible products	24,832		24,079
Total inventory	$	89,717	$	111,633

The inventory values are net of inventory write-downs as a result of obsolescence or unmarketability charged to cost of sales. As a result of certain restructuring efforts, there were write-downs of $30 and $5,671, respectively, during the three and nine months ended September 30, 2024. As a result of certain restructuring efforts, there were write-downs of $7,489 and $8,126, respectively, during the three and nine months ended September 30, 2023.

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Accessories and supplies	$ 1,100	$ 1,158
Work-in-process - cannabis in cures and final vault	63,785	86,396
Finished goods - dried cannabis, concentrate and edible products	24,832	24,079
Total inventory	$ 89,717	$ 111,633

Other (Income) Expense, Net - Summary of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Change in fair value of the derivative liability	$ 0	$ 25	$ 2,329	$ 55
Change in fair value of investments	4,195	0	4,195	0
Restructuring expense	1,207	568	5,749	3,812
Other (income) /expense, net	(1,191)	17	(2,185)	(93)
Adjustment for Held-For-Sale	16,420	0	16,420	0
(Gain) /loss on disposal	(56,865)	40	(56,241)	11,562
Rental income	(61)	(597)	(176)	(2,344)
Total other (income) expense, net	$ (36,295)	$ 53	$ (29,909)	$ 12,992

Warrants (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Outstanding Equity-Classified Warrants to Purchase Common Stock

As of September 30, 2024 and December 31, 2023, outstanding equity-classified warrants to purchase Common Shares consisted of the following:


	September 30, 2024			December 31, 2023
Expiration	Number of Shares Issued and Exercisable	Exercise Price (Canadian Dollars)		Number of Shares Issued and Exercisable	Exercise Price (Canadian Dollars)
September 21, 2026	11,122,105	$	1.96	11,122,105	$	1.96
October 1, 2025	648,783	8.12		648,783	8.12
April 26, 2024	—	—		5,394,945	10.35
	11,770,888	$	2.30	17,165,833	$	4.83

Schedule of Warrant Activity

Warrant activity for the nine months ended September 30, 2024 and 2023 are summarized in the table below:


	Number of Warrants	Weighted average exercise price (Canadian Dollars)
Balance as of December 31, 2022	11,482,766	$	7.22
Expired	(5,439,038)	4.01
Balance as of September 30, 2023	6,043,728	$	10.11


Balance as of December 31, 2023	17,165,833	$	4.83
Expired	(5,394,945)	10.35
Balance as of September 30, 2024	11,770,888	$	2.30

Summary of Significant Accounting Policies - Schedule of Revenues Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 114,783	$ 129,183	$ 362,584	$ 382,962
Dispensary
Disaggregation of Revenue [Line Items]
Revenue	95,223	113,487	308,554	336,681
Cultivation and wholesale
Disaggregation of Revenue [Line Items]
Revenue	19,560	15,694	54,030	46,246
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 2	$ 0	$ 35

- 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

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Revenues Disaggregated

The Company’s revenues are disaggregated as follows:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Dispensary	$	95,223	$	113,487	$	308,554	$	336,681
Cultivation and wholesale	19,560		15,694		54,030		46,246
Other	—		2		—		35
	$	114,783	$	129,183	$	362,584	$	382,962

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Details of the Company’s prepaid expenses and other current assets are summarized in the table below:


	September 30, 2024		December 31, 2023
Prepaid expenses	$	11,083	$	8,486
Short term deposits	1,180		1,148
Other current assets	2,298		11,957
Excise and sales tax receivable	266		367
Prepaid taxes	—		753
Prepaid expenses and other current assets	$	14,827	$	22,711

The decrease in other current assets includes the resolution of a previously disclosed lawsuit relating to the Green Leaf Transaction, as disclosed in the Company's Form 10-Q for the quarter ended March 31, 2024.

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment and Related Depreciation Expense

Details of the Company’s property and equipment and related depreciation expense are summarized in the tables below:


	September 30, 2024		December 31, 2023
Land and buildings	$	115,277	$	115,277
Furniture and fixtures	7,078		10,981
Equipment	34,311		43,123
Computers and software	2,445		4,033
Leasehold improvements	158,154		207,846
Construction in process	5,042		33,429
Total property and equipment, gross	322,307		414,689
Less: Accumulated depreciation	(90,002)		(116,191)
Total property and equipment, net	$	232,305	$	298,498


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Total depreciation expense for three and nine months ended	$	8,314	$	10,612	$	23,589	$	26,109
Included in:
Costs of sales related to inventory production	$	5,216	$	6,154	14,782		15,379
Selling, general and administrative expenses	$	3,098	$	4,458	8,807		10,730

Current and Long-Term Debt - Total Interest and Amortization Expense on Debt Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest expense on debt	$ 7,595	$ 10,713	$ 22,308	$ 31,746
Amortization of debt discount	1,509	1,997	4,014	4,648
Amortization of debt issuance costs	978	884	2,780	2,718
Other interest expense (income), net	(338)	(123)	(608)	(342)
Total interest expense, net	$ 9,744	$ 13,471	$ 28,494	$ 38,770

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,759	$ 4,577	$ 8,924	$ 14,031

Other (Income) Expense, Net

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

OTHER (INCOME) EXPENSE, NET

Other expense, net is summarized in the table below:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Change in fair value of the derivative liability	$	—	$	25	$	2,329	$	55
Change in fair value of investments	4,195		—		4,195		—
Restructuring expense	1,207		568		5,749		3,812
Other (income) /expense, net	(1,191)		17		(2,185)		(93)
Adjustment for Held-For-Sale	16,420		—		16,420		—
(Gain) /loss on disposal	(56,865)		40		(56,241)		11,562
Rental income	(61)		(597)		(176)		(2,344)
Total other (income) expense, net	$	(36,295)	$	53	$	(29,909)	$	12,992

During the nine months ended September 30, 2024 and 2023 the Company recorded $5,749 and $3,812 in restructuring expense. As of September 30, 2024. the balance outstanding on the Company’s restructuring reserve was $3,207.

(Gain)/Loss on disposal arose on the Divestitures of Arizona and Eastern Virginia, as delineated in Note 17 below, and is stated net of any gains and losses attributable to Minority Investors

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 7,793	$ 6,512
Common stock, shares issued (in shares)	463,797,644	463,797,644
Common stock, shares outstanding (in shares)	420,265,306	420,265,306
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Proportionate voting shares issued (in shares)	7,701,826	7,701,826
Proportionate voting shares outstanding (in shares)	9,807,881	9,807,881

Other Non-Current Assets - (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets, Noncurrent [Abstract]
Long term deposits	$ 8,599	$ 8,686
Investment in affiliates	775	775
Restricted cash	3,573	3,573
Other non-current assets	$ 12,947	$ 13,034

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues, net of discounts	$ 114,783	$ 129,183	$ 362,584	$ 382,962
Cost of sales related to inventory production	(70,973)	(92,041)	(228,185)	(246,617)
Gross Margin	43,810	37,142	134,399	136,345
Fixed asset impairment	(121)	0	(121)	0
Selling, general and administrative expenses	(49,315)	(56,472)	(142,634)	(163,895)
Loss from operations	(5,626)	(19,330)	(8,356)	(27,550)
Other expense:
Interest expense on leases	(850)	(1,029)	(2,685)	(3,186)
Interest expense	(9,744)	(13,471)	(28,494)	(38,770)
Other income / (expense), net	36,295	(53)	29,909	(12,992)
Total other expense	25,701	(14,553)	(1,270)	(54,948)
Profit / (loss) before provision for income taxes	20,075	(33,883)	(9,626)	(82,498)
Income tax expense	(21,838)	(2,297)	(40,348)	(19,291)
Net loss and comprehensive loss	(1,763)	(36,180)	(49,974)	(101,789)
Net loss and comprehensive loss	(1,763)	(36,180)	(49,974)	(101,789)
Net profit attributable to non-controlling interests	97	545	1,300	1,139
Net loss attributable to shareholders	$ (1,860)	$ (36,725)	$ (51,274)	$ (102,928)
Weighted-average number of shares used in earnings per share - basic (in shares)	470,552,039	409,113,721	458,988,976	405,472,948
Weighted-average number of shares used in earnings per share - diluted (in shares)	470,552,039	409,113,721	458,988,976	405,472,948
Loss attributable to shares (basic) (in usd per share)	$ (0.004)	$ (0.090)	$ (0.112)	$ (0.254)
Loss attributable to shares (diluted) (in usd per share)	$ (0.004)	$ (0.090)	$ (0.112)	$ (0.254)

Current and Long-Term Debt - Additional Information (Details) $ / shares in Units, $ in Thousands								1 Months Ended		6 Months Ended	9 Months Ended
	May 14, 2024 USD ($)	Mar. 19, 2024 USD ($)	Jan. 22, 2024 USD ($) d $ / shares shares	Oct. 23, 2023 USD ($)	Aug. 10, 2023 USD ($)	Feb. 03, 2022 USD ($)	Jun. 29, 2021 USD ($) day $ / shares	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) installment	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) instrument	Mar. 01, 2024 USD ($)	Jan. 22, 2024 $ / shares	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Debt Disclosure [Line Items]
Derivative liability										$ 2,448	$ 2,448			$ 119
Last conversion day \| d			5
Weighted average interest rate on indebtedness (in percent)										9.02%	9.02%
Exchange Agreement \| Minimum
Debt Disclosure [Line Items]
Conversion price (in CAD per share) \| $ / shares													$ 0.57
13% Notes due May 2024
Debt Disclosure [Line Items]
Debt instrument stated interest rate (in percent)				13.00%
Redemption of notes				$ 25,000
2024 Notes
Debt Disclosure [Line Items]
Financing costs	$ 3,373
2027 Convertible Notes
Debt Disclosure [Line Items]
Convertible debt amount										$ 200	$ 200
Derivative liability		$ 2,632
Debt issuance costs		5,952
2025 Convertible Notes
Debt Disclosure [Line Items]
Aggregate principal amount							$ 74,500
Debt instrument stated interest rate (in percent)			6.00%				6.00%
Financing costs							$ 3,190
Conversion price (in CAD per share) \| $ / shares							$ 6.49
Percentage price of principal amount redeemed											120.00%
Percentage price of principal amount redeemed											100.00%
Embedded derivative liability measured at fair value							$ 15,099
2025 Convertible Notes \| Convertible Debt
Debt Disclosure [Line Items]
Debt convertible, days prior to maturity date \| day							10
2025 Convertible Notes \| Exchange Agreement
Debt Disclosure [Line Items]
Debt instrument, repurchased face amount										25,000	$ 25,000
Discount on weighted average price of common shares (in percent)			12.50%
Debt conversion, remaining authorized repurchase amount												$ 15,000
Debt conversion, authorized repurchase amount			$ 25,000
2025 Convertible Notes \| Exchange Agreement \| On or Before January 31, 2024
Debt Disclosure [Line Items]
Debt instrument, repurchased face amount			$ 5,000
Discount on weighted average price of common shares (in percent)			12.50%
2025 Convertible Notes \| Exchange Agreement \| During February 2024
Debt Disclosure [Line Items]
Debt instrument, repurchased face amount			$ 5,000
2025 Convertible Notes \| Exchange Agreement \| January Through September, 2024
Debt Disclosure [Line Items]
Debt instrument, repurchased face amount										10,000	10,000
Debt conversion, remaining authorized repurchase amount										$ 15,000	$ 15,000
2025 Convertible Notes \| Exchange Agreement \| Minimum
Debt Disclosure [Line Items]
Trading volume of the common shares (in shares) \| shares			600,000
2025 Convertible Notes \| Exchange Agreement \| Minimum \| On or Before January 31, 2024
Debt Disclosure [Line Items]
Conversion price (in CAD per share) \| $ / shares													$ 0.41
2025 Convertible Notes \| Exchange Agreement \| Minimum \| During February 2024
Debt Disclosure [Line Items]
Debt instrument, convertible, stock price trigger \| $ / shares			$ 0.47
2025 Convertible Notes \| Exchange Agreement \| Minimum \| After February 2024 and On or Before December 31, 2024
Debt Disclosure [Line Items]
Debt instrument, convertible, stock price trigger \| $ / shares			$ 0.87
2025 Convertible Notes \| Exchange Agreement \| Maximum
Debt Disclosure [Line Items]
Common stock, shares issued (in shares) \| instrument											68,564,698
Mortgages \| New York
Debt Disclosure [Line Items]
Aggregate principal amount									$ 20,000
Financing costs									$ 655
Interest rate (in percent)									2.25%
Debt instrument, number of monthly installments \| installment									59
Debt instrument final balloon payment															$ 18,133
Mortgages \| New Jersey
Debt Disclosure [Line Items]
Aggregate principal amount								$ 16,500
Financing costs								$ 209
Interest rate (in percent)								2.25%
Debt instrument final balloon payment															$ 15,734
Mortgages \| Maryland \| First Agreement
Debt Disclosure [Line Items]
Aggregate principal amount					$ 6,250
Financing costs					$ 195
Interest rate (in percent)					2.25%
Financing costs in connection with issuance of the convertible notes					$ 2,903
Mortgages \| Delaware \| Second Agreement
Debt Disclosure [Line Items]
Aggregate principal amount					1,800
Financing costs					$ 77
Interest rate (in percent)					2.25%
Financing costs in connection with issuance of the convertible notes					$ 1,723
Bought Deal Private Placement \| 2026 Notes
Debt Disclosure [Line Items]
Aggregate principal amount						$ 185,000
Debt instrument stated interest rate (in percent)						9.50%
Aggregate gross proceeds						$ 153,250
Percentage of debt issued						100.00%
Bought Deal Private Placement \| 13% Notes due May 2024
Debt Disclosure [Line Items]
Debt instrument stated interest rate (in percent)						13.00%
Debt exchange						$ 31,750
Bought Deal Private Placement \| 13% Notes due May 2024 \| Debt Modification
Debt Disclosure [Line Items]
Debt instrument stated interest rate (in percent)						13.00%
Unamortized debt discount and issuance costs						$ 2,153
Creditor fees						7,189
Legal fees						$ 301
Bought Deal Private Placement \| 2027 Convertible Notes
Debt Disclosure [Line Items]
Aggregate principal amount		$ 25,750
Debt instrument stated interest rate (in percent)		9.00%
Aggregate gross proceeds		$ 15,600
Percentage of debt issued		80.00%
Conversion of convertible notes (in shares) \| shares										655,736
Convertible debt amount										$ 200	$ 200
Bought Deal Private Placement \| 2025 Convertible Notes
Debt Disclosure [Line Items]
Debt instrument stated interest rate (in percent)		6.00%
Debt exchange		$ 5,000

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Details of the Company’s prepaid expenses and other current assets are summarized in the table below:


	September 30, 2024		December 31, 2023
Prepaid expenses	$	11,083	$	8,486
Short term deposits	1,180		1,148
Other current assets	2,298		11,957
Excise and sales tax receivable	266		367
Prepaid taxes	—		753
Prepaid expenses and other current assets	$	14,827	$	22,711

Divestiture - Additional Information (Details) $ in Thousands				9 Months Ended
	Aug. 22, 2024 USD ($) dispensary facility	Jul. 29, 2024 USD ($) dispensary facility	Mar. 07, 2024 USD ($) dispensary facility	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds of divested business				$ 34,371	$ 0
Disposal Group, Held-for-Sale or Disposed of by Sale \| Utah Business Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of dispensaries \| dispensary			1
Number of facilities \| facility			1
Gross proceeds of divested business, consideration			$ 6,500
Gross proceeds of divested business			3,900
Notes receivable			$ 2,600
Disposal Group, Held-for-Sale or Disposed of by Sale \| Arizona Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of dispensaries \| dispensary		2
Number of facilities \| facility		1
Gross proceeds of divested business		$ 15,000
Disposal Group, Held-for-Sale or Disposed of by Sale \| Eastern Virginia Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of dispensaries \| dispensary		6
Number of facilities \| facility		1
Disposal group, expected consideration, gross proceeds		$ 90,000
Disposal group, expected consideration, cash		20,000
Disposal group, expected consideration, equity		40,000
Disposal group, expected consideration, note receivable		$ 30,000
Note receivable, term		14 months
Disposal Group, Held-for-Sale or Disposed of by Sale \| Florida Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of dispensaries \| dispensary	14
Number of facilities \| facility	3
Disposal group, expected consideration, gross proceeds	$ 16,400
Disposal group, expected consideration, cash	14,400
Disposal group, expected consideration, note receivable	$ 2,000
Note receivable, term	1 year

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total
September 30, 2024
Investment securities	$	33,091	$	—	$	—	$	33,091
Total assets	$	33,091	$	—	$	—	$	33,091
Derivative liability	$	—	$	—	$	(2,448)	$	(2,448)
Total liabilities	$	—	$	—	$	(2,448)	$	(2,448)

December 31, 2023
Derivative liability	$	—	$	—	$	(119)	$	(119)
Total liabilities	$	—	$	—	$	(119)	$	(119)

Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 3 financial instruments:


Financial asset/financial liability	Valuation techniques	Significant unobservable inputs	Relationship of unobservable inputs to fair value
Derivative liability	Market approach	Conversion Period	Increase or decrease in conversion period will result in an increase or decrease in fair value

Prepaid Expenses and Other Current Assets - (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 11,083	$ 8,486
Short term deposits	1,180	1,148
Other current assets	2,298	11,957
Excise and sales tax receivable	266	367
Prepaid taxes	0	753
Prepaid expenses and other current assets	$ 14,827	$ 22,711

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-56294
Entity Registrant Name	THE CANNABIST COMPANY HOLDINGS INC.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1488978
Entity Address, Address Line One	680 Fifth Ave.,
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	634-7100
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
Entity Common Stock, Shares Outstanding (in shares)		464,977,620
Entity Central Index Key	0001776738
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consist of the following:


	September 30, 2024		December 31, 2023
Goodwill	$	—	$	19,274
Less: accumulated impairment on goodwill	—		(19,274)
Total goodwill, net	—		—

Licenses	127,236		108,700
Trademarks	24,881		45,936
Customer relationships	15,264		15,263
Total intangible assets	167,381		169,899
Less: accumulated amortization	(101,107)		(93,132)
Total intangible assets, net	$	66,274	$	76,767

Amortization expense for the three and nine months ended September 30, 2024 and 2023 are as follows:

Three months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Amortization expense

2,759

4,577

8,924

14,031

Warrants

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

WARRANTS

As of September 30, 2024 and December 31, 2023, outstanding equity-classified warrants to purchase Common Shares consisted of the following:


	September 30, 2024			December 31, 2023
Expiration	Number of Shares Issued and Exercisable	Exercise Price (Canadian Dollars)		Number of Shares Issued and Exercisable	Exercise Price (Canadian Dollars)
September 21, 2026	11,122,105	$	1.96	11,122,105	$	1.96
October 1, 2025	648,783	8.12		648,783	8.12
April 26, 2024	—	—		5,394,945	10.35
	11,770,888	$	2.30	17,165,833	$	4.83

Warrant activity for the nine months ended September 30, 2024 and 2023 are summarized in the table below:


	Number of Warrants	Weighted average exercise price (Canadian Dollars)
Balance as of December 31, 2022	11,482,766	$	7.22
Expired	(5,439,038)	4.01
Balance as of September 30, 2023	6,043,728	$	10.11


Balance as of December 31, 2023	17,165,833	$	4.83
Expired	(5,394,945)	10.35
Balance as of September 30, 2024	11,770,888	$	2.30

Divestiture

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURE

Utah Business Divestiture

On October 6, 2023, the Company entered into a definitive agreement, subject to closing conditions, to dispose of its Utah operations (the “Utah Business”) which are considered non-core and comprised of one dispensary and one cultivation facility. The Utah Business was divested for gross proceeds of approximately $6.5 million, with approximately $3.9 million due on closing of the transaction, and a $2.6 million Seller note payable to the Company not later than July 2025. The sale of the Utah assets was completed on March 7, 2024.

Arizona Divestiture

On July 29, 2024, the Company entered into definitive agreements, subject to closing conditions, to dispose of its Arizona operations (the "Arizona Business") which are comprised of two dispensaries and one cultivation / manufacturing facility. The Arizona Business is being divested for gross proceeds of $15 million, with approximately all $15 million which was received on signing of the definitive agreement.

Eastern Virginia Divestiture

On July 29, 2024, the Company entered into a definitive agreement, subject to closing conditions, to dispose of a portion of its Virginia operations (the "East Virginia Business") which are comprised of six dispensaries and one cultivation / manufacturing facility. The East Virginia Business is being divested for gross proceeds of $90 million, consisting of approximately $20 million in cash, $40 million of equity in the Buyer, Verano Holdings Corp., due on closing of the transaction, and a $30 million seller note payable to the Company over a 14 month period.

Florida Business Divestiture

On August 21,2024 and August 22, 2024, the Company entered into definitive agreements, subject to closing conditions, to dispose, of its Florida operations (the "Florida Business") which are comprised of fourteen dispensaries and three cultivation / manufacturing facility. The Florida Business is being divested for gross proceeds of $16.4 million, consisting of approximately $14.4 million in cash, $2 million of promissory note payable to the Company over a one year period.

As of September 30, 2024, no assets or liabilities of the disposed-of business remained on our consolidated balance sheets. The table below summarizes the operating results of the disposed of business for the three and nine months ended September 30, 2024, and 2023:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue	$	14,323	$	24,838	$	61,372	$	74,011
Expenses	$	16,899	$	30,631	$	67,561	$	86,183

Loss Per Share - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (1,763)	$ (13,643)	$ (34,568)	$ (36,180)	$ (29,037)	$ (36,572)	$ (49,974)	$ (101,789)
Less: net profit attributable to non-controlling interests	97			545			1,300	1,139
Net loss attributable to shareholders	$ (1,860)			$ (36,725)			$ (51,274)	$ (102,928)
Denominator:
Weighted average shares outstanding - basic (in shares)	470,552,039			409,113,721			458,988,976	405,472,948
Weighted average shares outstanding - diluted (in shares)	470,552,039			409,113,721			458,988,976	405,472,948
Loss per share - basic (in usd per share)	$ (0.004)			$ (0.090)			$ (0.112)	$ (0.254)
Loss per share - diluted (in usd per share)	$ (0.004)			$ (0.090)			$ (0.112)	$ (0.254)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Operations of the Company	9 Months Ended
Operations of the Company	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OPERATIONS OF THE COMPANY	OPERATIONS OF THE COMPANY The Cannabist Company Holdings Inc. (“the Company”, “the Parent”, or "The Cannabist Company"), formerly known as Columbia Care Inc., was incorporated under the laws of the Province of Ontario on August 13, 2018. The Company's principal mission is to improve lives by providing cannabis-based health and wellness solutions and derivative products to qualified patients and consumers. The Company’s head office and principal address is 680 Fifth Ave. 24th Floor, New York, New York 10019. The Company’s registered and records office address is 666 Burrard St #1700, Vancouver, British Columbia V6C 2X8. On April 26, 2019, the Company completed a reverse takeover (“RTO”) transaction and private placement. Following the RTO, the Company’s Common Shares were listed on Cboe Canada (formerly known as the NEO Exchange), trading under the symbol “CCHW”. Effective September 19, 2023, the Company changed its name from “Columbia Care Inc.” to “The Cannabist Company Holdings Inc.” (the “Name Change”). In connection with the Name Change, on September 21, 2023, the Company’s Common Shares and warrants began trading under the ticker symbols “CBST” and “CBST.WT”, respectively, on Cboe Canada. On September 26, 2023, the Company’s Common Shares began trading on the OTCQX Best Market under the ticker symbol “CBSTF”. The Company’s Common Shares are also listed on the Frankfurt Stock Exchange under the symbol “3LP”.

Property and Equipment - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Property and Equipment - (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 322,307		$ 322,307		$ 414,689
Less: Accumulated depreciation	(90,002)		(90,002)		(116,191)
Total property and equipment, net	232,305		232,305		298,498
Total depreciation expense	8,314	$ 10,612	23,589	$ 26,109
Costs of sales related to inventory production
Property, Plant and Equipment [Line Items]
Total depreciation expense	5,216	6,154	14,782	15,379
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Total depreciation expense	3,098	$ 4,458	8,807	$ 10,730
Land and buildings
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	115,277		115,277		115,277
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	7,078		7,078		10,981
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	34,311		34,311		43,123
Computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,445		2,445		4,033
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	158,154		158,154		207,846
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 5,042		$ 5,042		$ 33,429

Financial Instruments and Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ (2,448)	$ (119)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	33,091
Total assets	33,091
Derivative liability	(2,448)	(119)
Total liabilities	(2,448)	(119)
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	33,091
Total assets	33,091
Derivative liability	0	0
Total liabilities	0	0
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0
Total assets	0
Derivative liability	0	0
Total liabilities	0	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0
Total assets	0
Derivative liability	(2,448)	(119)
Total liabilities	$ (2,448)	$ (119)

- Definition

Fair value of investment in security owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventory - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory write down	$ 30	$ 7,489	$ 5,671	$ 8,126

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to the Company

Basic and diluted net loss per share attributable to the Company was calculated as follows:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Numerator:
Net loss	$	(1,763)	$	(36,180)	$	(49,974)	$	(101,789)
Less: net profit attributable to non-controlling interests	97		545		1,300		1,139
Net loss attributable to shareholders	$	(1,860)	$	(36,725)	$	(51,274)	$	(102,928)

Denominator:
Weighted average shares outstanding - basic and diluted	470,552,039		409,113,721		458,988,976		405,472,948
Loss per share - basic and diluted	$	(0.004)	$	(0.090)	$	(0.112)	$	(0.254)

Other Non-Current Assets (Tables)

9 Months Ended

Sep. 30, 2024

Other Assets, Noncurrent [Abstract]

Schedule of Other Non-Current Assets

Details of the Company’s other non-current assets are summarized in the table below:


	September 30, 2024		December 31, 2023
Long term deposits	$	8,599	$	8,686
Investment in affiliates	775		775
Restricted cash	3,573		3,573
Other non-current assets	$	12,947	$	13,034

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 31,497	$ 35,764
Accounts receivable, net of allowances of $7,793 and $6,512, respectively	15,371	15,601
Inventory	89,717	111,633
Prepaid expenses and other current assets	14,827	22,711
Notes receivable	18,259	4,026
Assets held for sale	65,304	1,752
Total current assets	234,975	191,487
Property and equipment, net	232,305	298,498
Right of use assets - operating leases, net	125,255	181,823
Right of use assets - finance leases, net	27,285	36,450
Intangible assets, net	66,274	76,767
Investments	33,091	0
Deferred taxes	25,643	22,970
Notes receivable	12,927	2,082
Other non-current assets	12,947	13,034
Total assets	770,702	823,111
Current liabilities:
Accounts payable	26,036	29,797
Accrued expenses and other current liabilities	30,562	58,659
Income tax payable	85,914	47,358
Current portion of lease liability - operating leases	7,228	9,711
Current portion of lease liability - finance leases	5,441	7,339
Current portion of long-term debt, net	51,447	5,905
Liabilities held for sale	48,904	1,275
Total current liabilities	255,532	160,044
Long-term debt, net	248,563	297,478
Long-term lease liability - operating leases	126,542	182,001
Long-term lease liability - finance leases	38,932	43,890
Derivative liability	2,448	119
Other long-term liabilities	74,682	74,227
Total liabilities	746,699	757,759
Stockholders' Equity:
Common Stock, no par value, unlimited shares authorized as of September 30, 2024 and December 31, 2023, respectively, 463,797,644 and 420,265,306 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Preferred Stock, no par value, unlimited shares authorized as of September 30, 2024 and December 31, 2023, respectively, none issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Proportionate voting shares, no par value, unlimited shares authorized as of September 30, 2024 and December 31, 2023, respectively; 7,701,826 and 9,807,881 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in-capital	1,155,131	1,146,154
Accumulated deficit	(1,130,303)	(1,079,282)
Equity attributable to The Cannabist Company Holdings Inc.	24,828	66,872
Non-controlling interest	(825)	(1,520)
Total equity	24,003	65,352
Total liabilities and equity	$ 770,702	$ 823,111

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Revenue discount	$ 31,482	$ 34,248	$ 105,366	$ 102,012

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


	September 30, 2024		December 31, 2023
Goodwill	$	—	$	19,274
Less: accumulated impairment on goodwill	—		(19,274)
Total goodwill, net	—		—

Licenses	127,236		108,700
Trademarks	24,881		45,936
Customer relationships	15,264		15,263
Total intangible assets	167,381		169,899
Less: accumulated amortization	(101,107)		(93,132)
Total intangible assets, net	$	66,274	$	76,767

Schedule of Amortization Expenses

mortization expense for the three and nine months ended September 30, 2024 and 2023 are as follows:

Three months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Amortization expense

2,759

4,577

8,924

14,031

Current and Long-Term Debt - Schedule of Current and Long-Term Obligations, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 313,513	$ 317,728
Unamortized debt discount	(7,734)	(6,598)
Unamortized deferred financing costs	(5,769)	(7,747)
Total debt, net	300,010	303,383
Less current portion, net	(51,447)	(5,905)
Long-term portion	248,563	297,478
2026 Notes
Debt Instrument [Line Items]
Long-term debt, gross	185,000	185,000
2024 Notes
Debt Instrument [Line Items]
Long-term debt, gross	0	13,228
2027 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	25,550	0
2025 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	59,500	74,500
Mortgage Note
Debt Instrument [Line Items]
Long-term debt, gross	43,082	43,500
Acquisition related promissory notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 381	$ 1,500

Other Non-Current Assets

9 Months Ended

Sep. 30, 2024

Other Assets, Noncurrent [Abstract]

OTHER NON-CURRENT ASSETS

Details of the Company’s other non-current assets are summarized in the table below:


	September 30, 2024		December 31, 2023
Long term deposits	$	8,599	$	8,686
Investment in affiliates	775		775
Restricted cash	3,573		3,573
Other non-current assets	$	12,947	$	13,034

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Taxes - property and other	$ 4,375	$ 12,067
Other accrued expenses	10,139	26,323
Payroll liabilities	11,418	13,260
Other current liabilities	4,630	7,009
Accrued expenses and other current liabilities	$ 30,562	$ 58,659

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 0	$ 19,274
Less: accumulated impairment on goodwill	0	(19,274)
Total goodwill, net	0	0
Total intangible assets	167,381	169,899
Less: accumulated amortization	(101,107)	(93,132)
Total intangible assets, net	66,274	76,767
Licenses
Finite Lived Intangible Assets [Line Items]
Total intangible assets	127,236	108,700
Trademarks
Finite Lived Intangible Assets [Line Items]
Total intangible assets	24,881	45,936
Customer relationships
Finite Lived Intangible Assets [Line Items]
Total intangible assets	$ 15,264	$ 15,263

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Selling, General and Administrative Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Selling, General and Administrative Expense [Abstract]

Summary of Selling, General and Administrative Expenses

Selling, general and administrative expenses are summarized in the table below:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Salaries and benefits	$	22,705	$	29,603	$	61,841	$	83,360
Professional fees	3,489		3,806		8,437		9,943
Depreciation and amortization	6,013		9,716		19,778		26,768
Operating facilities costs	10,331		10,207		32,001		31,282
Operating office and general expenses	5,132		1,911		15,839		5,949
Advertising and promotion	502		974		2,309		4,144
Other fees and expenses	1,143		255		2,429		2,449
Total selling, general and administrative expenses	$	49,315	$	56,472	$	142,634	$	163,895

Other (Income) Expense, Net (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Summary of Other Expense, Net

Other expense, net is summarized in the table below:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Change in fair value of the derivative liability	$	—	$	25	$	2,329	$	55
Change in fair value of investments	4,195		—		4,195		—
Restructuring expense	1,207		568		5,749		3,812
Other (income) /expense, net	(1,191)		17		(2,185)		(93)
Adjustment for Held-For-Sale	16,420		—		16,420		—
(Gain) /loss on disposal	(56,865)		40		(56,241)		11,562
Rental income	(61)		(597)		(176)		(2,344)
Total other (income) expense, net	$	(36,295)	$	53	$	(29,909)	$	12,992

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”).

The accompanying unaudited condensed consolidated interim financial statements contain all normal and recurring adjustments necessary to state fairly the consolidated financial condition, results of operations, comprehensive income, statement of shareholders’ equity, and cash flows of the Company for the interim periods presented. Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the current year ending December 31, 2024. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the years ended December 31, 2023, and 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).

The preparation of these unaudited condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC and the instructions to Form 10-Q.

The unaudited condensed consolidated interim financial statements are presented in United States dollars except as otherwise indicated. All references to C$, CAD$ and CDN$ are to Canadian dollars.

Significant Accounting Judgments, Estimates and Assumptions

The Company’s significant accounting policies are described in Note 2 to the Company’s 2023 Form 10-K, filed with the SEC, on March 13, 2024. There have been no material changes to the Company’s significant accounting policies.

Reclassification

Certain reclassifications have been made to conform the prior years consolidated financial statements and notes to the current year presentation. These reclassifications do not impact the gross profit, loss from operations, loss before provision for income taxes and net loss and comprehensive loss presented on the consolidated statements of operations and comprehensive loss.

Revenue

The Company’s revenues are disaggregated as follows:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Dispensary	$	95,223	$	113,487	$	308,554	$	336,681
Cultivation and wholesale	19,560		15,694		54,030		46,246
Other	—		2		—		35
	$	114,783	$	129,183	$	362,584	$	382,962

During the three and nine months ended September 30, 2024, the Company netted discounts of $31,482 and $105,366, respectively, against the revenues. During the three and nine months ended September 30, 2023, the Company netted discounts of $34,248 and $102,012, respectively, against the revenues, respectively. Discounts are provided by the Company during promotional days or weekends. Discounts are also provided to employees, seniors and other categories of customers and may include price reductions and coupons.

Other (Income) Expense, Net - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Restructuring expense amount	$ 5,749	$ 3,812
Restructuring reserve amount	$ 3,207

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,860)	$ (36,725)	$ (51,274)	$ (102,928)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEARSUREMENTS

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Fair Value Measurements

The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total
September 30, 2024
Investment securities	$	33,091	$	—	$	—	$	33,091
Total assets	$	33,091	$	—	$	—	$	33,091
Derivative liability	$	—	$	—	$	(2,448)	$	(2,448)
Total liabilities	$	—	$	—	$	(2,448)	$	(2,448)

December 31, 2023
Derivative liability	$	—	$	—	$	(119)	$	(119)
Total liabilities	$	—	$	—	$	(119)	$	(119)

During the period included in these financial statements, there were no transfers of amounts between levels.

Level 1 investment securities are stated at observable inputs such as quoted prices in active markets.

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 3 financial instruments:


Financial asset/financial liability	Valuation techniques	Significant unobservable inputs	Relationship of unobservable inputs to fair value
Derivative liability	Market approach	Conversion Period	Increase or decrease in conversion period will result in an increase or decrease in fair value

There has been no change in the valuation methodology for the three and nine months ended September 30, 2024. The carrying amounts of cash and restricted cash, accounts receivable, other current assets, accounts payable, accrued expenses, other current liabilities, the current portion of long-term debt, and lease liability as of September 30, 2024 and December 31, 2023 approximate their fair values because of the short-term nature of these items and are not included in the table above. The Company’s other long-term liabilities and long-term debt approximate fair value due to the market rate of interest used on initial recognition.

In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not presented at their fair value on the consolidated balance sheet. The fair values of financial instruments are estimates based upon market conditions and perceived risks as of September 30, 2024 and December 31, 2023. These estimates require management's judgment and may not be indicative of the future fair values of the assets and liabilities.

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Details of the Company’s inventory are shown in the table below:


	September 30, 2024		December 31, 2023
Accessories and supplies	$	1,100	$	1,158
Work-in-process - cannabis in cures and final vault	63,785		86,396
Finished goods - dried cannabis, concentrate and edible products	24,832		24,079
Total inventory	$	89,717	$	111,633

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Total

Total The Cannabist Company Holdings Inc. Shareholders' Equity

Common Shares

Proportionate Voting Shares

Additional Paid-in Capital

Accumulated Deficit

Non-Controlling Interest

Beginning balance (in shares) at Dec. 31, 2022

391,238,484

10,009,819

Beginning balance at Dec. 31, 2022

$ 206,903

$ 213,284

$ 1,117,287

$ (904,003)

$ (6,381)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity-based compensation (in shares)

2,116,944

Equity-based compensation

6,611

Conversion between classes of shares (in shares)

54,158

(54,158)

Deconsolidation of subsidiary

4,383

Net loss

(36,572)

(37,340)

768

Ending balance at Mar. 31, 2023

181,325

182,555

1,123,898

(941,343)

(1,230)

Ending balance (in shares) at Mar. 31, 2023

393,409,586

9,955,661

Beginning balance (in shares) at Dec. 31, 2022

391,238,484

10,009,819

Beginning balance at Dec. 31, 2022

206,903

213,284

1,117,287

(904,003)

(6,381)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(101,789)

Ending balance at Sep. 30, 2023

150,786

152,076

1,159,007

(1,006,931)

(1,290)

Ending balance (in shares) at Sep. 30, 2023

418,915,272

9,955,661

Beginning balance (in shares) at Mar. 31, 2023

393,409,586

9,955,661

Beginning balance at Mar. 31, 2023

181,325

182,555

1,123,898

(941,343)

(1,230)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity-based compensation (in shares)

3,413,933

Equity-based compensation

2,939

Distributions

(431)

Net loss

(29,037)

(28,863)

(174)

Ending balance at Jun. 30, 2023

154,796

156,631

1,126,837

(970,206)

(1,835)

Ending balance (in shares) at Jun. 30, 2023

396,823,519

9,955,661

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity-based compensation (in shares)

204,513

Equity-based compensation

8,298

Issuance of Shares (in shares)

21,887,240

Issuance of shares

23,872

Net loss

(36,180)

(36,725)

545

Ending balance at Sep. 30, 2023

150,786

152,076

1,159,007

(1,006,931)

(1,290)

Ending balance (in shares) at Sep. 30, 2023

418,915,272

9,955,661

Beginning balance (in shares) at Dec. 31, 2023

420,265,306

9,807,881

Beginning balance at Dec. 31, 2023

65,352

66,872

1,146,154

(1,079,282)

(1,520)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity-based compensation

^[1]

3,182

Conversion of convertible notes (in shares)

25,845,259

Conversion of convertible notes

10,000

Conversion between classes of shares (in shares)

2,106,055

(2,106,055)

Deconsolidation of subsidiary

(1,058)

Net loss

(34,568)

(35,073)

505

Ending balance at Mar. 31, 2024

42,908

43,923

1,159,336

(1,115,413)

(1,015)

Ending balance (in shares) at Mar. 31, 2024

448,216,620

7,701,826

Beginning balance (in shares) at Dec. 31, 2023

420,265,306

9,807,881

Beginning balance at Dec. 31, 2023

65,352

66,872

1,146,154

(1,079,282)

(1,520)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(49,974)

Ending balance at Sep. 30, 2024

24,003

24,828

1,155,131

(1,130,303)

(825)

Ending balance (in shares) at Sep. 30, 2024

463,797,644

7,701,826

Beginning balance (in shares) at Mar. 31, 2024

448,216,620

7,701,826

Beginning balance at Mar. 31, 2024

42,908

43,923

1,159,336

(1,115,413)

(1,015)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity-based compensation (in shares)

^[1]

8,225,383

Equity-based compensation

^[1]

(9,399)

Conversion of convertible notes (in shares)

655,736

Conversion of convertible notes

200

Legal Settlement (in shares)

4,845,359

Legal Settlement

2,620

Deconsolidation of subsidiary

1,031

Distributions

(333)

Net loss

(13,643)

(14,341)

698

Ending balance at Jun. 30, 2024

23,384

23,701

1,152,757

(1,129,056)

(317)

Ending balance (in shares) at Jun. 30, 2024

461,943,098

7,701,826

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity-based compensation (in shares)

^[1]

1,854,546

Equity-based compensation

^[1]

2,374

Deconsolidation of subsidiary

613

(605)

Net loss

(1,763)

(1,860)

Ending balance at Sep. 30, 2024

$ 24,003

$ 24,828

$ 1,155,131

$ (1,130,303)

$ (825)

Ending balance (in shares) at Sep. 30, 2024

463,797,644

7,701,826

[1]	The amounts shown are net of any shares withheld by the Company to satisfy certain tax withholdings in connection with vesting of equity-based awards.

Current and Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

CURRENT AND LONG-TERM DEBT

Current and long-term obligations, net, are shown in the table below:


	September 30, 2024		December 31, 2023
2026 Notes	$	185,000	$	185,000
2024 Notes	—		13,228
2027 Convertible Notes	25,550		—
2025 Convertible Notes	59,500		74,500
Mortgage Note	43,082		43,500
Acquisition related promissory notes	381		1,500
	313,513		317,728
Unamortized debt discount	(7,734)		(6,598)
Unamortized deferred financing costs	(5,769)		(7,747)
Total debt, net	300,010		303,383
Less current portion, net*	(51,447)		(5,905)
Long-term portion	$	248,563	$	297,478

The Company was in compliance with all financial covenants and was not in default of any provisions under any of its debt arrangements as of September 30, 2024.

2026 Notes

On February 3, 2022, the Company closed a private placement (the “February 2022 Private Placement”) of $185,000 aggregate principal amount of 9.50% senior-secured first-lien notes due 2026 (the “2026 Notes”) and received aggregate gross proceeds of $153,250. The 2026 Notes are senior secured obligations of the Company and were issued at 100.0% of face value. The 2026 Notes accrue interest in arrears which is payable semi-annually and mature on February 3, 2026, unless earlier redeemed or repurchased. The Company may redeem the 2026 Notes at par, in whole or in part, on or after February 3, 2024, as more particularly described in the fourth supplemental trust indenture governing the 2026 Notes. In connection with the offering of the 2026 Notes, the Company exchanged $31,750 of the Company’s existing 13.0% senior secured first-lien notes (the “13.0% Term Debt”), pursuant to private agreements in accordance with the trust indenture, for an equivalent amount of 2026 Notes plus accrued but unpaid interest and any negotiated premium thereon.

The premium and paid interest were paid out of funds raised from the February 2022 Private Placement. The total unamortized debt and debt issuance costs of $2,153, related to the modified portion of the 13.0% Term Debt, will be amortized over the term of the 2026 Notes using the effective interest method. The Company incurred $7,189 in creditor fees in connection with the modified 13.0% Term Debt and 2026 Notes and $301 in third-party legal fees related to 2026 Notes which were capitalized and will be amortized over the term of the 2026 Notes using the effective interest rate method.

2024 Notes

As further described in Note 4 under the sub-heading “Term debt” of the Financial Statements incorporated by reference in the Company’s Form 10-K for the year ended December 31, 2023, on October 23, 2023, the Company retired $25 million of its 13% Notes due May 2024 (the “2024 Notes”) through a proportional redemption process.

The 2024 Notes were paid in full on May 14, 2024. The Company incurred financing costs of $3,373 in connection with the issuance of these 2024 Notes.

2027 Convertible Notes

On March 19, 2024, the Company closed a private placement (the “March 2024 Private Placement”) of $25,750 aggregate principal amount of 9.0% senior-secured first-lien notes due 2027 (the “2027 Notes”) and received

aggregate gross proceeds of $15,600. The 2027 Notes are senior secured obligations of the Company and were issued at 80.0% of face value. The 2027 Notes accrue interest in arrears which is payable semi-annually and mature on March 19, 2027. In connection with the offering of the 2027 Notes, the Company exchanged $5,000 of the Company’s existing 6.0% 2025 Convertible Notes. Through September 30, 2024, 655,736 shares were issued to convert $200 principal.

The principal amount of the 2027 Convertible Notes and the conversion price are denominated in U.S. dollars. As the functional currency of the Company is Canadian dollars, the amount of the liability to be settled depends on the applicable foreign exchange rate on the date of settlement. The 2027 Convertible Notes therefore represent an obligation to issue a fixed number of shares for a variable amount of liability. Due to this conversion feature within the 2027 Convertible Notes, the Company is unable to obtain an exception from derivative accounting. Accordingly, this conversion feature was accounted for as an embedded derivative liability and measured at fair value of $2,632 on the date of issuance of debt with a corresponding debt discount and debt issuance costs of $5,952, reflected as a reduction to the carrying value of the 2027 Notes. The Company fair values the derivative liability at each balance sheet date. Changes in fair value of the embedded derivative are recognized in the condensed consolidated statements of operations and comprehensive loss. The debt premium and debt issuance costs is amortized over the term of the 2027 Notes.

2025 Convertible Notes

On June 29, 2021, the Company completed an offering of 6.0% Secured Convertible Notes Due 2025 (“2025 Convertible Notes”) for an aggregate principal amount of $74,500. The 2025 Convertible Notes are senior secured obligations of the Company and will accrue interest payable semiannually in arrears and mature on June 29, 2025, unless earlier converted, redeemed, or repurchased. The 2025 Convertible Notes shall be convertible, at the option of the holder, from the date of issuance until the date that is 10 days prior to their maturity date into Common Shares of the Company at a conversion price equal to $6.49 payable on the business day prior to the date of conversion, adjusted downwards for any cash dividends paid to holders of Common Shares and other customary adjustments. The Company may redeem the 2025 Convertible Notes at par, in whole or in part, on or after June 29, 2023, if the volume weighted average price of the Common Shares trading on the Canadian Stock Exchange or Cboe Canada for 15 of the 30 trading days immediately preceding the day on which the Company exercises its redemption right, exceeds 120.0% of the conversion price of the 2025 Convertible Notes at a Redemption Price equal to 100.0% of the principal amount of the 2025 Convertible Notes redeemed, plus accrued but unpaid interest, if any, up to but excluding the Redemption Date.

The 2025 Convertible Notes require interest-only payments until June 29, 2025, at a rate of 6.0% per annum, payable semi-annually in June and December and commencing in December 2021. The 2025 Convertible Notes are due in full on June 29, 2025. The Company incurred financing costs of $3,190 in connection with the 2025 Convertible Notes. The principal amount of the 2025 Convertible Notes and the conversion price are denominated in U.S. dollars. As the functional currency of the Company is Canadian dollars, the amount of the liability to be settled depends on the applicable foreign exchange rate on the date of settlement. The 2025 Convertible Notes therefore represent an obligation to issue a fixed number of shares for a variable amount of liability. Due to this conversion feature within the 2025 Convertible Notes, the Company is unable to obtain an exception from derivative accounting. Accordingly, this conversion feature was accounted for as an embedded derivative liability and measured at fair value of $15,099 on the date of issuance of debt with a corresponding debt discount, reflected as a reduction to the carrying value of the 2025 Convertible Notes. The Company fair values the derivative liability at each balance sheet date. Changes in fair value of the embedded derivative are recognized in the consolidated statements of operations and comprehensive loss. The debt discount is amortized over the term of the 2025 Convertible Notes.

January 2024 Debt Exchange

On January 22, 2024, the Company entered into the Exchange Agreement, as amended on June 30, 2024 and September 30, 2024, with certain Holders of the Company’s 6.0% senior secured 2025 Convertible Notes, pursuant to which the Company agreed to the Repurchase of up to $25 million principal amount of the 2025 Convertible Notes in exchange for Common Shares (the “January 2024 Debt Exchange”).

Pursuant to the terms of the Exchange Agreement, the Holders shall:

•by January 31, 2024, transfer $5 million principal amount of Notes in consideration of Common Shares issued at a price per Common Share equal to the greater of C$0.41 per Common Share and the 12.5% discount to the 5 days volume weighted average price of the Common Shares on Cboe prior to receipt of a Transfer notice;

•provided that the five-day volume weighted average price of the Common Shares on the Exchange is greater than C$0.47 as of the close of trading at 4:01pm on January 31, 2024, transfer $5 million principal amount of 2025 Convertible Notes in consideration of Common Shares issued at the Initial Exchange Price on or prior to February 29, 2024; and

•provided that the February Exchange is completed and the daily volume weighted average price of the Common Shares on Cboe is greater than C$0.87 for 5 consecutive trading days, provided that, the trading volume of the Common Shares on Cboe was equal to or greater than 600,000 Common Shares on the applicable trading dates, from the period commencing on January 1, 2024 and ending on September 30, 2024, (which date the parties extended to December 31, 2024), transfer in three separate equal tranches, an aggregate of $15 million principal amount of 2025 Convertible Notes in consideration of Common Shares issued at a price per Common Share equal to the greater of C$0.57 per Common Share and the 12.5% discount to the 5 days volume weighted average price of the Common Shares on Cboe prior to receipt of a Transfer notice, in each case, subject to adjustment in certain instances, on or prior to June 30, 2024 (which date the parties extended to December 31, 2024).

In the event the conditions are fulfilled and the Holders fail to Transfer their 2025 Convertible Notes in accordance with the terms of the Exchange Agreement, the Company has the right, but not the obligation, to require the Holders to Transfer some or all of the portion of the $25 million principal amount of 2025 Convertible Notes still held by the Holders. Assuming all of the conditions are fulfilled, and the entire $25 million principal amount of 2025 Convertible Notes are Transferred for Common Shares issued at the minimum prices set out in the Exchange Agreement, a maximum of 68,564,698 Common Shares would be issued in connection with the Repurchase. Through September 30, 2024, $10 million of the potential $25 million exchange has been completed, with $15 million remaining available for exchange, $5 million principal amount of Notes were separately exchanged into the Company 2027 Notes, as described above.

Mortgages

In December 2021, the Company entered into a term loan and security agreement with a bank. The agreement provides for a $20,000 mortgage on real property in New York and carries interest at a variable rate per annum equal to the Wall Street Prime Rate (“Index”) plus 2.25%. The debt is repayable in 59 monthly installments and a final balloon payment due on January 1, 2027, which is estimated at $18,133 as of September 30, 2023. In connection with this mortgage, the Company incurred financing costs of $655.

In June 2022, the Company entered into a term loan and security agreement with a bank. The agreement provides for a $16,500 mortgage on real property in New Jersey and carries interest at a variable rate per annum equal to the Index plus 2.25%. The debt is repayable in 59 monthly installments and a final balloon payment due on July 15, 2027, which is estimated at $15,734 as of September 30, 2023. In connection with this mortgage, the Company incurred financing costs of $209.

On August 10, 2023, the Company entered into two term loans and security agreements with a bank as follows:

•The first agreement provides for a $6,250 mortgage on real property in Maryland and carries interest at a variable rate per annum equal to the Index plus 2.25%. The debt is repayable in 59 monthly installments and matures in August 2028. In connection with this mortgage, the Company incurred financing costs of $195 and netted $2,903 after the repayment of a prior outstanding mortgage on the property.

•The second agreement provides for a $1,800 mortgage on real property in Delaware and carries interest at a variable rate per annum equal to the Index plus 2.25%. The debt is repayable in 59 monthly installments and matures in August 2028. In connection with this mortgage, the Company incurred financing costs of $77 and netted $1,723.

Total interest and amortization expense on the Company’s debt obligations during the three and nine months ended September 30, 2024 and 2023 are as follows:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest expense on debt	$	7,595	$	10,713	$	22,308	$	31,746
Amortization of debt discount	1,509		1,997		4,014		4,648
Amortization of debt issuance costs	978		884		2,780		2,718
Other interest expense (income), net	(338)		(123)		(608)		(342)
Total interest expense, net	$	9,744	$	13,471	$	28,494	$	38,770

The weighted average interest rate on the Company’s indebtedness was 9.02%.

- 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 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

LOSS PER SHARE

Basic and diluted net loss per share attributable to the Company was calculated as follows:


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Numerator:
Net loss	$	(1,763)	$	(36,180)	$	(49,974)	$	(101,789)
Less: net profit attributable to non-controlling interests	97		545		1,300		1,139
Net loss attributable to shareholders	$	(1,860)	$	(36,725)	$	(51,274)	$	(102,928)

Denominator:
Weighted average shares outstanding - basic and diluted	470,552,039		409,113,721		458,988,976		405,472,948
Loss per share - basic and diluted	$	(0.004)	$	(0.090)	$	(0.112)	$	(0.254)

Certain share-based equity awards were excluded from the computation of dilutive loss per share because inclusion of these awards would have had an anti-dilutive effect.

Property and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Details of the Company’s property and equipment and related depreciation expense are summarized in the tables below:


	September 30, 2024		December 31, 2023
Land and buildings	$	115,277	$	115,277
Furniture and fixtures	7,078		10,981
Equipment	34,311		43,123
Computers and software	2,445		4,033
Leasehold improvements	158,154		207,846
Construction in process	5,042		33,429
Total property and equipment, gross	322,307		414,689
Less: Accumulated depreciation	(90,002)		(116,191)
Total property and equipment, net	$	232,305	$	298,498


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Total depreciation expense for three and nine months ended	$	8,314	$	10,612	$	23,589	$	26,109
Included in:
Costs of sales related to inventory production	$	5,216	$	6,154	14,782		15,379
Selling, general and administrative expenses	$	3,098	$	4,458	8,807		10,730