0001564590-22-020377 | 10-Q | XBRL Viewer

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Current and Long-Term Debt - Total Interest and Amortization Expense on Debt Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Interest expense	$ 9,426	$ 2,987
Amortization of debt discount	1,296	1,063
Amortization of debt premium	(49)	(70)
Amortization of debt issuance costs	689	248
Other interest expense (income), net	(118)	(372)
Total interest expense	$ 11,244	$ 3,856

Selling, General and Administrative Expenses

3 Months Ended

Mar. 31, 2022

Selling General And Administrative Expense [Abstract]

Selling, General and Administrative Expenses

16. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

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

	Three months ended March 31,
	2022		2021
Salaries and benefits	$	30,371	$	24,280
Professional fees		6,809		5,325
Depreciation and amortization		15,710		5,137
Operating facilities costs		10,037		6,588
Operating office and general expenses		2,777		3,459
Advertising and promotion		4,257		2,580
Other fees and expenses		1,331		665
Total selling, general and administrative expenses	$	71,292	$	48,034

Other Expense, Net (Tables)

3 Months Ended

Mar. 31, 2022

Other Income And Expenses [Abstract]

Summary of Other Expense, Net

Other expense, net is summarized in the table below:

	Three months ended March 31,
	2022			2021
Rental income	$	(762	)	$	—
Change in fair value of the derivative liability		683			179
Other expense		18			74
Total other expense, net	$	(61	)	$	253

Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to the Company (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (27,906)	$ (29,163)
Net loss attributable to non-controlling interests	(1,270)	(381)
Net loss attributable to shareholders	$ (26,636)	$ (28,782)
Denominator:
Weighted-average number of shares used in earnings per share - basic and diluted	376,397,260	294,815,943
Loss per share - basic and diluted	$ (0.07)	$ (0.10)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ 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

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022			2021
Numerator:
Net loss	$	(27,906	)	$	(29,163	)
Less: Net loss attributable to non-controlling interests		(1,270	)		(381	)
Net loss attributable to shareholders	$	(26,636	)	$	(28,782	)

Denominator:
Weighted average shares outstanding - basic and diluted		376,397,260			294,815,943
Loss per share - basic and diluted	$	(0.07	)	$	(0.10	)

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Accessories	$ 668	$ 815
Work-in-process - cannabis in cures and final vault	61,132	52,519
Finished goods - dried cannabis, concentrate and edible products	47,463	41,233
Total inventory	$ 109,263	$ 94,567

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Accrued Expenses And Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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

	March 31, 2022		December 31, 2021
Accrued acquisition and settlement of pre-existing relationships	$	75,427	$	86,596
Taxes- property and other		12,076		14,062
Other accrued expenses		11,012		6,035
Payroll liabilities		8,436		12,799
Other current liabilities		7,374		4,673
Construction in progress		3,990		2,789
Accrued expenses and other current liabilities	$	118,315	$	126,954

Loss Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Loss Per Share

12.	LOSS PER SHARE

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

	Three months ended March 31,
	2022			2021
Numerator:
Net loss	$	(27,906	)	$	(29,163	)
Less: Net loss attributable to non-controlling interests		(1,270	)		(381	)
Net loss attributable to shareholders	$	(26,636	)	$	(28,782	)

Denominator:
Weighted average shares outstanding - basic and diluted		376,397,260			294,815,943
Loss per share - basic and diluted	$	(0.07	)	$	(0.10	)

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.

Warrants

3 Months Ended

Mar. 31, 2022

Warrants And Rights Note Disclosure [Abstract]

Warrants

11. WARRANTS

As of March 31, 2022 and December 31, 2021, outstanding equity-classified warrants to purchase Common Shares consisted of the following:

	March 31, 2022				December 31, 2021
Expiration	Number of Shares Issued and Exercisable		Exercise Price (Canadian Dollars)		Number of Shares Issued and Exercisable		Exercise Price (Canadian Dollars)
May 8, 2021		—	$	5.71		-	$	5.71
October 1, 2025		648,783		8.12		648,783		8.12
April 26, 2024		5,394,945		10.35		5,394,945		10.35
May 14, 2023		1,723,250		3.10		1,723,250		3.10
May 14, 2023		1,818,788		2.95		1,998,788		2.95
May 14, 2023		1,897,000		5.84		1,897,000		5.84
		11,482,766	$	7.22		11,662,766	$	7.15

Warrant activity for the three months ended March 31, 2022 and 2021 are summarized in the table below:

	Number of Warrants			Weighted average exercise price (Canadian Dollars)
Balance at December 31, 2020		13,147,919		$	6.91
Exercised		(262,200	)		3.08
Balance at March 31, 2021		12,885,719		$	6.99

Balance at December 31, 2021		11,662,766		$	7.15
Exercised		(180,000	)		2.95
Balance at March 31, 2022		11,482,766		$	7.22

Warrants (Tables)

3 Months Ended

Mar. 31, 2022

Warrants And Rights Note Disclosure [Abstract]

Summary of Outstanding Equity-Classified Warrants to Purchase Common Stock

As of March 31, 2022 and December 31, 2021, outstanding equity-classified warrants to purchase Common Shares consisted of the following:

	March 31, 2022				December 31, 2021
Expiration	Number of Shares Issued and Exercisable		Exercise Price (Canadian Dollars)		Number of Shares Issued and Exercisable		Exercise Price (Canadian Dollars)
May 8, 2021		—	$	5.71		-	$	5.71
October 1, 2025		648,783		8.12		648,783		8.12
April 26, 2024		5,394,945		10.35		5,394,945		10.35
May 14, 2023		1,723,250		3.10		1,723,250		3.10
May 14, 2023		1,818,788		2.95		1,998,788		2.95
May 14, 2023		1,897,000		5.84		1,897,000		5.84
		11,482,766	$	7.22		11,662,766	$	7.15

Schedule of Warrant Activity

Warrant activity for the three months ended March 31, 2022 and 2021 are summarized in the table below:

	Number of Warrants			Weighted average exercise price (Canadian Dollars)
Balance at December 31, 2020		13,147,919		$	6.91
Exercised		(262,200	)		3.08
Balance at March 31, 2021		12,885,719		$	6.99

Balance at December 31, 2021		11,662,766		$	7.15
Exercised		(180,000	)		2.95
Balance at March 31, 2022		11,482,766		$	7.22

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Revenues Disaggregated

The Company’s revenues are disaggregated as follows:

	Three months ended
	March 31, 2022		March 31, 2021
Dispensary	$	105,816	$	73,957
Cultivation and wholesale		17,123		12,079
Other		148		59
	$	123,087	$	86,095

Commitments and Contingencies - Additional Information (Details) $ in Thousands				1 Months Ended	3 Months Ended			12 Months Ended	56 Months Ended
	Apr. 18, 2022 License shares	Mar. 02, 2021 USD ($)	Jan. 20, 2021 Claim	Jan. 31, 2022 USD ($)	Mar. 31, 2022 USD ($) subsidiary	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Apr. 24, 2022 USD ($)
Loss Contingencies [Line Items]
Agreed indemnification litigation costs					$ 750				$ 750
Number of claims asserted \| Claim			3
Number of Claims \| Claim			11
Prejudgment interest awarded		$ 15,195							$ 10,553
Number of subsidiaries \| subsidiary					2
Admission of liability				$ 11,425	$ 0			$ 11,425
Total accrual					22,800
Accrued potential share issuances and cash payments					0	$ 68,000	$ 0
Provisions contingent liability					$ 0
Venture Forth Holdings L L C \| Subsequent Event
Loss Contingencies [Line Items]
Number of licenses \| License	2
Venture Forth Holdings L L C \| Subsequent Event \| Cultivate and Manufacture Medical Cannabis
Loss Contingencies [Line Items]
Number of licenses \| License	1
Venture Forth Holdings L L C \| Subsequent Event \| Dispense Medical Cannabis
Loss Contingencies [Line Items]
Number of licenses \| License	1
Venture Forth Holdings L L C \| Subsequent Event \| Common Stock
Loss Contingencies [Line Items]
Number of shares received for each common share \| shares	18,755,082
Business acquisition, equity interest issued or issuable, value assigned										$ 26,000

Other Non-Current Assets (Tables)

3 Months Ended

Mar. 31, 2022

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:

	March 31, 2022		December 31, 2021
Long term deposits	$	4,512	$	5,602
Indemnification receivable		4,111		4,111
Investment in affiliates		775		776
Restricted cash		985		335
Notes receivable		2,195		2,211
Interest receivable		—		—
Other non-current assets	$	12,578	$	13,035

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 2,528	$ 2,542
Common stock, par value
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	361,840,756	361,423,270
Common stock, shares outstanding	361,840,756	361,423,270
Preferred stock, par value
Preferred stock, shares authorized	Unlimited	Unlimited
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Proportionate voting shares, authorized	Unlimited	Unlimited
Proportionate voting shares, issued	14,729,636	14,729,636
Proportionate voting shares, outstanding	14,729,636	14,729,636

Other Expense, Net - Summary of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income And Expenses [Abstract]
Rental income	$ (762)
Change in fair value of derivative liability	683	$ 179
Other expense	18	74
Total other expense, net	$ (61)	$ 253

Acquisitions - Summary of Fair Value of Total Consideration Transferred and Fair Value of Each Major Class of Consideration (Details) - Medicine Man $ in Thousands	Nov. 01, 2021 USD ($)
Consideration transferred
Cash consideration	$ 7,240
Closing shares	23,955
Milestone shares after closing (contingent consideration)	3,664
Purchase option obligation	5,899
Total unadjusted purchase price	40,758
Working capital adjustment	(127)
Total adjusted purchase price	40,885
Less: Cash and cash equivalents acquired	1,250
Total purchase price, net of cash and cash equivalents acquired	$ 39,635

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (27,906)	$ (29,163)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	21,210	8,523
Equity-based compensation	6,374	7,786
Debt amortization expense	1,936	1,241
Provision for obsolete inventory and other assets	156
Change in fair value of derivative liability	683	179
Deferred taxes	(4,560)	5,319
Other	217	84
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	1,726	1,128
Inventory	(14,851)	(4,843)
Prepaid expenses and other current assets	1,942	657
Other assets	(6,111)	5,636
Accounts payable	(12,072)	2,650
Accrued expenses and other current liabilities	(8,037)	(4,232)
Income taxes payable	5,172	3,876
Other long-term liabilities	6,299	(2,329)
Net cash used in operating activities	(27,822)	(3,488)
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired		(2,727)
Purchases of property and equipment	(29,511)	(7,232)
Proceeds from sale of plant, property and equipment	179
Cash (paid) received on deposits, net	(223)	26
Cash for loan under Cannascend and Corsa Verde agreements		(208)
Net cash used in investing activities	(29,555)	(10,141)
Cash flows from financing activities:
Proceeds from issuance of debt	153,250	133,559
Debt issuance costs	(7,266)	(123)
Repayment of debt	(122)
Repayment of sellers note	(375)	(3,877)
Payment of lease liabilities	(1,642)	(1,351)
Exercise of warrants	424	808
Taxes paid on equity based compensation	(16)
Net cash provided by financing activities	144,253	129,016
Net increase (decrease) in cash	86,876	115,387
Cash and restricted cash at beginning of the period	82,533	71,969
Cash and restricted cash at end of the period	169,409	187,356
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	168,424	176,498
Restricted cash	985	10,858
Cash and cash equivalents and restricted cash, end of period	169,409	187,356
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	6,209	4,768
Operating cash flows from finance leases	1,457	1,156
Financing cash flows from finance leases	1,642	1,351
Cash paid for interest on other obligations	5,302	438
Cash paid for income taxes	70	135
Lease liabilities arising from the recognition of finance right-of-use assets	1,597	4,750
Lease liabilities arising from the recognition of operating right-of-use assets	551	3,037
Supplemental disclosure of non-cash investing and financing activities:
Non-cash fixed asset additions within accounts payable and accrued expenses	11,010	2,455
Non-cash equity issuance costs within accrued expenses and accounts payable	$ 223	286
Shares issued in connection with business acquisitions		$ 4,972

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of Preparation

Basis of preparation

The accompanying unaudited condensed interim consolidated 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 interim consolidated 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 months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the current year ending December 31, 2022. 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, 2021, and 2020 (“2021 audited consolidated financial statements”).

The preparation of these unaudited condensed interim consolidated 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.

Significant Accounting Judgments, Estimates and Assumptions

The Company’s significant accounting policies are described in Note 2 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with this Securities and

Exchange Commission, or SEC, on March 31, 2022 (the "2021 Form 10-K"). There have been no material changes to the Company’s significant accounting policies.

Revenue

The Company’s revenues are disaggregated as follows:

	Three months ended
	March 31, 2022		March 31, 2021
Dispensary	$	105,816	$	73,957
Cultivation and wholesale		17,123		12,079
Other		148		59
	$	123,087	$	86,095

During the three months ended March 31, 2022 and 2021, the Company netted discounts of $20,520 and $9,358 against the revenues. 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.

Income Taxes

Income taxes

The Company calculated its actual effective tax rate for the interim period and applied that rate to the interim period results. In accordance with ASC 740-270, at the end of each interim period the Company is required to determine its best estimate of its annual effective tax rate and apply that rate in providing income taxes on an interim period. However, in certain circumstances when the Company concludes it is unable to reliably estimate the annual effective tax rate for the year, the actual effective tax rate for the interim period may be used. The Company believes that, at this time, the use of the actual effective tax rate is more appropriate than the estimated annual effective tax rate method as the estimated annual effective tax rate method is not reliable due the high degree of uncertainty in estimating annual pre-tax income due to the growth stage of the business, the correlation of SG&A expenses to revenue that are permanently disallowed via Section 280E of the Internal Revenue Code, and the timing of the completion of the Cresco transaction.

Modification of Debt

Modification of debt

The Company accounts for modifications of debt arrangements in accordance with ASC 470-50 Modifications and Extinguishments (“ASC 470-50”). As such, the Company continues to amortize any remaining unamortized debt discount as of debt modification date over the term of the amended debt. The Company expenses any fees paid to third parties and capitalizes creditor fees associated with the modification as a debt discount and amortizes them over the term of the amended debt.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Inventory (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

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

	March 31, 2022		December 31, 2021
Accessories	$	668	$	815
Work-in-process - cannabis in cures and final vault		61,132		52,519
Finished goods - dried cannabis, concentrate and edible products		47,463		41,233
Total inventory	$	109,263	$	94,567

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2022

Prepaid Expense And Other Assets Current [Abstract]

Prepaid Expenses and Other Current Assets

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

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

	March 31, 2022		December 31, 2021
Prepaid expenses	$	15,131	$	15,362
Short term deposits		7,746		6,960
Other current assets		3,398		5,822
Excise and sales tax receivable		1,251		1,108
Prepaid expenses and other current assets	$	27,526	$	29,252

Current and Long-Term Debt - Schedule of Current and Long-Term Obligations, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 338,007	$ 185,254
Unamortized debt discount	(16,524)	(19,301)
Unamortized deferred financing costs	(13,539)	(5,379)
Unamortized debt premium	140	327
Total debt	308,084	160,901
Less current portion, net	(1,697)	(1,884)
Long-term portion	306,387	159,017
2026 Notes
Debt Instrument [Line Items]
Long-term debt, gross	185,000
Term Debt
Debt Instrument [Line Items]
Long-term debt, gross	38,215	69,965
2025 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	74,500	74,500
Mortgage Note
Debt Instrument [Line Items]
Long-term debt, gross	19,903	20,000
2023 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	5,600	5,600
Acquisition Related Real Estate Notes
Debt Instrument [Line Items]
Long-term debt, gross	7,000	7,000
Acquisition Related Promissory Notes
Debt Instrument [Line Items]
Long-term debt, gross	4,500	4,875
Acquisition Related Term Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,289	$ 3,314

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 168,424	$ 82,198
Accounts receivable, net of allowances of $2,528 and, $2,542, respectively	16,550	18,302
Inventory	109,263	94,567
Prepaid expenses and other current assets	27,526	29,252
Assets held for sale	2,120	2,120
Total current assets	323,883	226,439
Property and equipment, net	355,968	339,692
Right of use assets - operating leases, net	184,218	179,099
Right of use assets - finance leases, net	66,195	66,442
Goodwill	184,018	184,018
Intangible assets, net	355,583	367,787
Other non-current assets	12,578	13,035
Total assets	1,482,443	1,376,512
Current liabilities:
Accounts payable	26,130	44,007
Accrued expenses and other current liabilities	118,315	126,954
Income tax payable	31,709	26,537
Contingent consideration	29,345	29,345
Current portion of lease liability - operating leases	9,008	9,056
Current portion of lease liability - finance leases	5,509	5,092
Current portion of long-term debt, net	1,697	1,884
Liabilities held for sale	1,122	1,122
Total current liabilities	222,835	243,997
Long-term debt, net	306,387	159,017
Deferred taxes	74,917	79,477
Long-term lease liability - operating leases	181,718	176,004
Long-term lease liability - finance leases	69,801	70,268
Contingent consideration	11,680	11,596
Derivative liability	7,478	6,795
Other long-term liabilities	77,927	78,535
Total liabilities	952,743	825,689
Commitments and contingencies
Stockholders' Equity:
Common Stock, no par value, unlimited shares authorized as of March 31, 2022 and December 31, 2021, respectively, 361,840,756 and 361,423,270 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
Preferred Stock, no par value, unlimited shares authorized as of March 31, 2022 and December 31, 2021, respectively, none issued and outstanding as of March 31, 2022 and December 31, 2021
Proportionate voting shares, no par value, unlimited shares authorized as of March 31, 2022 and December 31, 2021, respectively; 14,729,636 and 14,729,636 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
Additional paid-in-capital	1,046,509	1,039,726
Accumulated deficit	(494,971)	(468,335)
Equity attributable to Columbia Care Inc.	551,538	571,391
Non-controlling interest	(21,838)	(20,568)
Total equity	529,700	550,823
Total liabilities and equity	$ 1,482,443	$ 1,376,512

Selling, General and Administrative Expenses - Summary of Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Selling General And Administrative Expense [Abstract]
Salaries and benefits	$ 30,371	$ 24,280
Professional fees	6,809	5,325
Depreciation and amortization	15,710	5,137
Operating facilities costs	10,037	6,588
Operating office and general expenses	2,777	3,459
Advertising and promotion	4,257	2,580
Other fees and expenses	1,331	665
Total selling, general and administrative expenses	$ 71,292	$ 48,034

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2022

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:

	March 31, 2022		December 31, 2021
Prepaid expenses	$	15,131	$	15,362
Short term deposits		7,746		6,960
Other current assets		3,398		5,822
Excise and sales tax receivable		1,251		1,108
Prepaid expenses and other current assets	$	27,526	$	29,252

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued acquisition and settlement of pre-existing relationships	$ 75,427	$ 86,596
Taxes- property and other	12,076	14,062
Other accrued expenses	11,012	6,035
Payroll liabilities	8,436	12,799
Other current liabilities	7,374	4,673
Construction in progress	3,990	2,789
Accrued expenses and other current liabilities	$ 118,315	$ 126,954

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

14. 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
March 31, 2022
Derivative liability	$	—	$	—	$	(7,478	)	$	(7,478	)
Contingent consideration		—		—		(41,025	)		(41,025	)
	$	—	$	—	$	(48,503	)	$	(48,503	)

December 31, 2021
Derivative liability	$	—	$	—	$	(6,795	)	$	(6,795	)
Contingent consideration		—		—		(40,941	)		(40,941	)
	$	—	$	—	$	(47,736	)	$	(47,736	)

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

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

Contingent Consideration

Discounted cash flow approach

Risk adjusted discount rate and forecasted EBITDA

Increase or decrease in risk adjusted discount rate and forecasted EBITDA will result in an increase or decrease in fair value

The carrying amounts of cash and restricted cash, accounts receivable, deposits and other current assets, accounts payable, accrued expenses, and other current liabilities, current portion of long-term debt and lease liability as of March 31, 2022 and December 31, 2021 approximate their fair values because of the short-term nature of these items and are not included in the table above. The Company’s notes receivable, other long-term payables, long-term debt and lease liabilities 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 March 31, 2022 and December 31, 2021. These estimates require management's judgment and may not be indicative of the future fair values of the assets and liabilities.

Current and Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Current and Long-Term Debt

4.	CURRENT AND LONG-TERM DEBT

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

	March 31, 2022			December 31, 2021
2026 Notes	$	185,000		$	—
Term debt		38,215			69,965
2025 Convertible Notes		74,500			74,500
Mortgage Note		19,903			20,000
2023 Convertible Notes		5,600			5,600
Acquisition related real estate notes		7,000			7,000
Acquisition related promissory notes		4,500			4,875
Acquisition related term debt		3,289			3,314
		338,007			185,254
Unamortized debt discount		(16,524	)		(19,301	)
Unamortized deferred financing costs		(13,539	)		(5,379	)
Unamortized debt premium		140			327
Total debt		308,084			160,901
Less current portion, net^*		(1,697	)		(1,884	)
Long-term portion	$	306,387		$	159,017

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

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 March 31, 2022.

Private Placement

On February 3, 2022, Columbia Care closed a 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% 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 February 2022 Private Placement. The Company accounted for the exchange of $31,750 aggregate principal amount of the existing Term Debt as a debt modification in accordance with ASC 470-50. The total unamortized debt and debt issuance costs of $2,153 related to modified portion of the 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 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 effective interest rate.

Total interest and amortization expense on the Company’s debt obligations during the three months ended March 31, 2022 and 2021 are as follows:

	Three months ended
	March 31, 2022			March 31, 2021
Interest expense	$	9,426		$	2,987
Amortization of debt discount		1,296			1,063
Amortization of debt premium		(49	)		(70	)
Amortization of debt issuance costs		689			248
Other interest (expense) income, net		(118	)		(372	)
Total interest expense	$	11,244		$	3,856

The weighted average interest rate on the Company’s indebtedness was 8.5%.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Operations of the Company - Additional Information (Details) - Cresco Labs $ in Billions	Mar. 23, 2022 USD ($) shares
Nature Of Operations [Line Items]
Total consideration enterprise value \| $	$ 2.0
Percentage of proforma shares held	35.00%
Subordinate Voting Share
Nature Of Operations [Line Items]
Number of shares received for each common share \| shares	0.5579

Property and Equipment

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Property and Equipment

6.	PROPERTY AND EQUIPMENT

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

	March 31, 2022			December 31, 2021
Land and buildings	$	115,161		$	113,736
Furniture and fixtures		10,009			8,564
Equipment		40,105			36,052
Computers and software		3,266			2,914
Leasehold improvements		158,501			145,259
Construction in process		89,389			86,326
Total property and equipment, gross		416,431			392,851
Less: Accumulated depreciation		(60,463	)		(53,159	)
Total property and equipment, net	$	355,968		$	339,692

	Three months ended
	March 31, 2022		March 31, 2021
Total depreciation expense for three months ended	$	7,328	$	4,703
Included in:
Costs of sales related to inventory production	$	4,127	$	2,738
Selling, general and administrative expenses	$	3,201	$	1,965

Financial Instruments and Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value Disclosures [Abstract]
Fair value transfers of amounts between levels	$ 0

Acquisitions - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 01, 2021	Apr. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Adjustments to preliminary allocation of purchase price			$ 0
Business combination measurement period			1 year
Medicine Man
Business Acquisition [Line Items]
Equity purchase consideration	5,840,229
Number of shares received for each common share				4,857,184
Goodwill	$ 9,908,000
Goodwill deductible for tax purposes	0
Acquisition-related costs	1,099,000
Medicine Man \| State Licenses
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 26,900,000
Definite useful lives	10 years
Medicine Man \| Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 3,470,000
Definite useful lives	5 years
Medicine Man \| Subsequent Event
Business Acquisition [Line Items]
Number of shares received for each common share		1,099,549
Payment for contingent consideration in cash		$ 836,000
Medicine Man \| Medicine Man Longmont
Business Acquisition [Line Items]
Equity method investment, ownership percentage	100.00%
Estimated fair value	$ 5,899,000

Other Expense, Net

3 Months Ended

Mar. 31, 2022

Other Income And Expenses [Abstract]

Other Expense, Net

17. OTHER EXPENSE, NET

Other expense, net is summarized in the table below:

	Three months ended March 31,
	2022			2021
Rental income	$	(762	)	$	—
Change in fair value of the derivative liability		683			179
Other expense		18			74
Total other expense, net	$	(61	)	$	253

Operations of the Company

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Operations of the Company

1. OPERATIONS OF THE COMPANY

Columbia Care Inc. (“the Company” or “the Parent”), 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 the Aequitas NEO exchange, trading under the symbol “CCHW”. As of the time of this report, the Company’s Common Shares are also listed on the Canadian Securities Exchange (the “CSE”) under the symbol “CCHW”, the OTCQX Best Market under the symbol “CCHWF” and on the Frankfurt Stock Exchange under the symbol “3LP.

On March 23, 2022, the Company jointly announced with Cresco Labs LLC (“Cresco Labs”) that the Company and Cresco Labs have entered into a definitive arrangement agreement (the “Arrangement Agreement”) pursuant to which Cresco Labs will acquire all of the issued and outstanding shares (the “Company Shares”) of the Company (the “Cresco Transaction”). Subject to customary closing conditions and necessary regulatory approvals, the Cresco Transaction is expected to close in the fourth quarter of 2022. Under the terms of the Arrangement Agreement, shareholders of the Company (the “Company Shareholders”) will receive 0.5579 of a subordinate voting share of Cresco Labs (each whole share, a “Cresco Labs Share”) for each Company common share (or equivalent) held, subject to adjustment, representing total consideration enterprise value of approximately US$2.0 billion based on the closing price of Cresco Labs Shares on the CSE as of March 22, 2022. After giving effect to the Cresco Transaction, Company Shareholders will hold approximately 35% of the pro forma Cresco Labs Shares (on a fully diluted in-the-money, treasury method basis).

Other Non-Current Assets

3 Months Ended

Mar. 31, 2022

Other Assets Noncurrent [Abstract]

Other Non-Current Assets

8. OTHER NON-CURRENT ASSETS

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

	March 31, 2022		December 31, 2021
Long term deposits	$	4,512	$	5,602
Indemnification receivable		4,111		4,111
Investment in affiliates		775		776
Restricted cash		985		335
Notes receivable		2,195		2,211
Interest receivable		—		—
Other non-current assets	$	12,578	$	13,035

Property and Equipment - Property and Equipment and Related Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 416,431		$ 392,851
Less: Accumulated depreciation	(60,463)		(53,159)
Total property and equipment, net	355,968		339,692
Total depreciation expense	7,328	$ 4,703
Costs of Sales Related to Inventory Production
Property Plant And Equipment [Line Items]
Total depreciation expense	4,127	2,738
Selling, General and Administrative Expenses
Property Plant And Equipment [Line Items]
Total depreciation expense	3,201	$ 1,965
Land and Buildings
Property Plant And Equipment [Line Items]
Total property and equipment, gross	115,161		113,736
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	10,009		8,564
Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	40,105		36,052
Computers and Software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	3,266		2,914
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	158,501		145,259
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 89,389		$ 86,326

Shareholders' Equity - Additional Information (Details)	3 Months Ended
Shareholders' Equity - Additional Information (Details)	Mar. 31, 2022 shares
Time-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	9,585,140
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	1,473,261
RSU's
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares issued upon vesting	144,033
Shares sold to cover for taxes on share-based compensation	93,453

Shareholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders Equity Note [Abstract]

Shareholders' Equity

10.SHAREHOLDERS’ EQUITY

The Company had the following activity during the three months ended March 31, 2022:

•

Granted 9,585,140 time-based restricted stock units and 1,473,261 performance-based restricted stock units during the three months ended March 31, 2022.

•

Issued 144,033 Common Shares upon vesting of RSU’s. An additional 93,453 shares were sold to cover for taxes on the share-based compensation unit that were issued during the three months ended March 31, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: 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/2003/role/disclosureRef
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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 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combination And Asset Acquisition [Abstract]

Acquisitions

5.	ACQUISITIONS

Futurevision Holdings, Inc., Futurevision 2020, LLC and Medicine Man Longmont, LLC

On November 1, 2021, the Company acquired (the “Medicine Man Transaction”) a 100% ownership interest in Futurevision Holdings, Inc. and Futurevision 2020, LLC (collectively, “Medicine Man”), through the Agreement and Plan of Merger (the “Merger Agreement”). Concurrently with the Merger Agreement, the Company was granted an option (the “Option”) to purchase Medicine Man Longmont, LLC (“Medicine Man Longmont”). The Option is exercisable by the Company after January 1, 2022, but cannot be exercised until the Company has sold its current TGS Longmont location. The Company is in process of finding a buyer for its current TGS Longmont location, and expects to close on its sale, and then exercise its option to purchase Medicine Man Longmont during the second quarter of 2022. The Company has recorded the Option as an intangible asset as of the November 1, 2021, closing date, at its estimated fair value of $5,899, which represents the ultimate purchase price associated with the underlying property, since the time period to exercise the Option is short and given the certainty expressed by management to exercise the Option. As of March 31, 2022 TGS Longmont is reflected within assets held for sale on the Company’s consolidated balance sheet Medicine Man was formed in 2010 for the purpose of selling medicinal and recreational cannabis products in the state of Colorado. Medicine Man owns and operates vertically integrated cultivation facilities, manufacturing facilities and retail dispensaries in the state of Colorado. The Company executed the Medicine Man Transaction in order to continue to grow revenues; expand its cultivation facilities, manufacturing facilities and dispensaries; and enter, or expand in the Colorado market.

The following table summarizes the preliminary fair value of total consideration transferred and the fair value of each major class of consideration for Medicine Man:

Consideration transferred
Cash consideration	$	7,240
Closing shares		23,955
Milestone shares after closing (contingent consideration)		3,664
Purchase option obligation		5,899
Total unadjusted purchase price		40,758
Working capital adjustment		127
Total adjusted purchase price		40,885
Less: Cash and cash equivalents acquired		(1,250	)
Total purchase price, net of cash and cash equivalents acquired	$	39,635

Equity purchase consideration comprised 5,840,229 Common Shares of which 4,857,184 were issued during the year 2021. As per the terms of the Merger Agreement, the Company paid $836 in cash and issued 1,099,549 milestone shares in settlement of contingent consideration during April 2022.

Recognized amounts of identifiable assets acquired, and liabilities assumed, less cash and cash equivalents acquired:

Purchase price allocation
Assets acquired:
Inventory	$	3,611
Prepaid expenses and other current assets		397
Option deposit		5,899
Property and equipment		1,498
Right of use assets		10,613
Goodwill		9,908
Intangible assets		30,370
Accounts payable		(696	)
Accrued expenses and other current liabilities		(1,910	)
Lease liabilities		(11,233	)
Deferred tax liabilities		(8,822	)
Consideration transferred	$	39,635

The purchase price has been allocated on the basis of the preliminary estimates of fair values of assets and liabilities assumed, resulting in a goodwill of $ 9,908. The goodwill consists of expected synergies from combining operations of the Company and Medicine Man, and intangible assets not qualifying for separate recognition such as formulations, proprietary technologies and acquired know-how. None of the goodwill is deductible for tax purposes. No adjustments to the preliminary allocation of purchase price impacted goodwill during the three months ended March 31, 2022. As additional information becomes available, the Company may revise the allocation to certain assets and liabilities and finalize the acquisition accounting within the required measurement period of one year.

Medicine Man’s state licenses and trademarks represented identifiable intangible assets acquired in the amounts of $26,900 and $3,470 respectively, which were determined to have definite useful lives of 10 and 5 years respectively.

The fair value of the acquired assets and liabilities are provisional pending receipt of the final valuations for those assets and liabilities.

In conjunction with the Medicine Man Transaction, the Company expensed $1,099 of acquisition-related costs, which have been included in selling, general and administrative expenses on the Company’s consolidated statement of operations and comprehensive loss for the year ended December 31, 2021.

Acquisitions - Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed, Less Cash and Cash Equivalents Acquired (Details) - Medicine Man $ in Thousands	Nov. 01, 2021 USD ($)
Assets acquired:
Inventory	$ 3,611
Prepaid expenses and other current assets	397
Option deposit	5,899
Property and equipment	1,498
Right of use assets	10,613
Goodwill	9,908
Intangible assets	30,370
Accounts payable	(696)
Accrued expenses and other current liabilities	(1,910)
Lease liabilities	(11,233)
Deferred tax liabilities	(8,822)
Consideration transferred	$ 39,635

Current and Long-Term Debt - Additional Information (Details) - USD ($)		3 Months Ended
	Feb. 03, 2022	Mar. 31, 2022
Debt Disclosure [Line Items]
Weighted average interest rate on indebtedness		8.50%
Private Placement \| 2026 Notes
Debt Disclosure [Line Items]
Aggregate principal amount	$ 185,000,000
Stated interest rate	9.50%
Aggregate gross proceeds	$ 153,250,000
Percentage of debt issued	100.00%
Frequency of interest accrual		semi-annually
Maturity date	Feb. 03, 2026
Private Placement \| Term Debt
Debt Disclosure [Line Items]
Stated interest rate	13.00%
Debt exchange	$ 31,750,000
Private Placement \| Term Debt \| Debt Modification
Debt Disclosure [Line Items]
Aggregate principal amount	31,750,000
Unamortized debt discount and issuance costs	2,153,000
Creditor fees	7,189,000
Legal fees	$ 301,000

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

18.	SUBSEQUENT EVENTS

In April 2022, the Company issued 18,755,082 common shares and, on April 18, 2022 and April 24, 2022 paid approximately $26,000 to acquire, by merger, VentureForth Holdings, LLC, which is the owner of VentureForth, and holds two licenses from the Washington D.C. Alcoholic Beverage Regulation Administration (“ABRA”), specifically, one license to cultivate and manufacture medical cannabis and one license to dispense medical cannabis. The merger was approved by ABRA. The Company previously had a management services agreement with VentureForth. In further connection with the acquisition, the shares issued and amounts paid also amicably resolved, with no admissions of liability and in exchange for releases, certain direct, indirect, derivative and indemnification claims relating to a confidential arbitration to which VentureForth, a separate subsidiary of the Company and certain members of the Company’s management team were respondent parties.

Warrants - Schedule of Warrant Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Number of Warrants, Beginning Balance	11,662,766	13,147,919
Number of Warrants, Exercised	(180,000)	(262,200)
Number of Warrants, Ending Balance	11,482,766	12,885,719
Weighted average exercise price, Beginning Balance	$ 7.15	$ 6.91
Weighted average exercise price, Exercised	2.95	3.08
Weighted average exercise price, Ending Balance	$ 7.22	$ 6.99

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. 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. Other than the accruals mentioned in this Note, the Company has not accrued any liabilities related to any pending claims potentially subject to indemnification arrangements in its condensed interim consolidated financial statements.

A former owner of the Company’s Florida-licensed business was sued by a former purported joint venture partner, alleging various statutory and common law claims related to the terminated joint venture. The Company was not a party to this lawsuit, but, as part of its acquisition of the business, had agreed to indemnify the owner for litigation costs and any judgment rendered in the matter, in excess of $750. On January 20, 2021, following an arbitration hearing, the arbitration panel issued a partial final award in the former joint venture partner’s favor on three of the 11 claims asserted and awarded the former joint venture partner $10,553 plus prejudgment interest from July 26, 2017 through the present, as well as reasonable attorneys’ fees. On March 2, 2021, the Panel issued a Final Award, awarding the former joint venture partner a total of $15,195, inclusive of prejudgment interest and attorneys’ fees. The Company was financially responsible for payment of the Final Award, pursuant to its indemnification commitment to the former owner. Two subsidiaries of the Company, and certain members of the Company’s management team were named in a separate lawsuit commenced by the same former joint venture partner alleging various claims related to the same terminated joint venture. The trial court dismissed a majority of the claims in the lawsuit. All parties to the arbitration and the additional lawsuit agreed to amicably resolve the arbitration and the additional lawsuit. There were no admissions of liability. In furtherance of the resolution, the Company made two payments of $11,425 each in December 2021 and January 2022 against the total accrual of $22,800 and accrued interest. The Company does not have an accrued balance as of March 31, 2022.

For the quarter ended September 30, 2021, the Company had anticipatorily accrued $68,000 for potential share issuances and cash payments for purposes of acquisition and settlement of pre-existing relationships, inclusive of prospective acquisition costs relating to third-party entities and other litigation costs. For the three months ended March 31, 2022, there have been no changes to the accrued balance. On April 18, 2022, in connection with the accrual, the Company issued 18,755,082 common shares and on April 18, 2022 and April 24, 2022 paid approximately $26,000 to acquire, by merger, VentureForth Holdings, LLC, which is the owner of VentureForth. VentureForth holds two licenses from the Washington D.C. Alcoholic Beverage Regulation Administration (“ABRA”), specifically, one license to cultivate and manufacture medical cannabis and one license to dispense medical cannabis. The merger was approved by ABRA. The Company previously had a management services agreement with VentureForth. In further connection with the accrual, the shares issued, and amounts paid also amicably resolved, with no admissions of liability and in exchange for releases, certain direct, indirect, derivative and indemnification claims relating to a confidential arbitration to which VentureForth, a separate subsidiary of the Company and certain members of the Company’s management team were respondent parties.

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 condensed interim consolidated financial statements for losses, if any, which might result from the ultimate disposition of these matters should they arise.

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

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:

	March 31, 2022			December 31, 2021
Land and buildings	$	115,161		$	113,736
Furniture and fixtures		10,009			8,564
Equipment		40,105			36,052
Computers and software		3,266			2,914
Leasehold improvements		158,501			145,259
Construction in process		89,389			86,326
Total property and equipment, gross		416,431			392,851
Less: Accumulated depreciation		(60,463	)		(53,159	)
Total property and equipment, net	$	355,968		$	339,692

	Three months ended
	March 31, 2022		March 31, 2021
Total depreciation expense for three months ended	$	7,328	$	4,703
Included in:
Costs of sales related to inventory production	$	4,127	$	2,738
Selling, general and administrative expenses	$	3,201	$	1,965

Summary of Significant Accounting Policies - Schedule of Revenues Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 123,087	$ 86,095
Dispensary
Disaggregation Of Revenue [Line Items]
Revenue	105,816	73,957
Cultivation and wholesale
Disaggregation Of Revenue [Line Items]
Revenue	17,123	12,079
Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 148	$ 59

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 15,131	$ 15,362
Short term deposits	7,746	6,960
Other current assets	3,398	5,822
Excise and sales tax receivable	1,251	1,108
Prepaid expenses and other current assets	$ 27,526	$ 29,252

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization for the period included in selling, general and administrative expenses	$ 12,204	$ 2,906

Warrants - Summary of Outstanding Equity-Classified Warrants to Purchase Common Stock (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Class Of Warrant Or Right [Line Items]
Number of Shares Issued and Exercisable	11,482,766	11,662,766	12,885,719	13,147,919
Exercise Price (Canadian Dollars)	$ 7.22	$ 7.15	$ 6.99	$ 6.91
Equity-Classified Warrants
Class Of Warrant Or Right [Line Items]
Number of Shares Issued and Exercisable	11,482,766	11,662,766
Exercise Price (Canadian Dollars)	$ 7.22	$ 7.15
Equity-Classified Warrants \| Expiring on May 8, 2021
Class Of Warrant Or Right [Line Items]
Exercise Price (Canadian Dollars)	$ 5.71	$ 5.71
Equity-Classified Warrants \| Expiring on October 1, 2025
Class Of Warrant Or Right [Line Items]
Number of Shares Issued and Exercisable	648,783	648,783
Exercise Price (Canadian Dollars)	$ 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	5,394,945	5,394,945
Exercise Price (Canadian Dollars)	$ 10.35	$ 10.35
Equity-Classified Warrants \| Expiring on May 14, 2023
Class Of Warrant Or Right [Line Items]
Number of Shares Issued and Exercisable	1,723,250	1,723,250
Exercise Price (Canadian Dollars)	$ 3.10	$ 3.10
Equity-Classified Warrants \| Expiring on May 14, 2023
Class Of Warrant Or Right [Line Items]
Number of Shares Issued and Exercisable	1,818,788	1,998,788
Exercise Price (Canadian Dollars)	$ 2.95	$ 2.95
Equity-Classified Warrants \| Expiring on May 14, 2023
Class Of Warrant Or Right [Line Items]
Number of Shares Issued and Exercisable	1,897,000	1,897,000
Exercise Price (Canadian Dollars)	$ 5.84	$ 5.84

Inventory

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventory

INVENTORY

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

	March 31, 2022		December 31, 2021
Accessories	$	668	$	815
Work-in-process - cannabis in cures and final vault		61,132		52,519
Finished goods - dried cannabis, concentrate and edible products		47,463		41,233
Total inventory	$	109,263	$	94,567

The inventory values are net of inventory write-downs primarily as a result obsolescence or unmarketability is charged to cost of sales. There were not material write-downs during the three months ended March 31, 2022.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 123,087	$ 86,095
Cost of sales related to inventory production	(66,460)	(52,307)
Cost of sales related to business combination fair value adjustments to inventory		(140)
Gross profit	56,627	33,648
Selling, general and administrative expenses	(71,292)	(48,034)
Loss from operations	(14,665)	(14,386)
Other expense:
Interest (expense) income on leases, net	(1,426)	(1,150)
Interest (expense) income, net	(11,244)	(3,856)
Other income (expense), net	61	(253)
Total other expense	(12,609)	(5,259)
Loss before income taxes	(27,274)	(19,645)
Income tax expense	(632)	(9,518)
Net loss and comprehensive loss	(27,906)	(29,163)
Net loss attributable to non-controlling interests	(1,270)	(381)
Net loss attributable to shareholders	$ (26,636)	$ (28,782)
Weighted-average number of shares used in earnings per share - basic and diluted	376,397,260	294,815,943
Loss attributable to shares (basic and diluted)	$ (0.07)	$ (0.10)

Goodwill And Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

15. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consist of the following:

	March 31, 2022			December 31, 2021
Goodwill	$	256,346		$	256,346
Less: Accumulated impairment on goodwill		(72,328	)		(72,328	)
Total goodwill, net		184,018			184,018

Licenses		285,854			285,854
Trademarks		59,694			59,694
Customer Relationships		52,500			52,500
Total intangible assets		398,048			398,048
Less: Accumulated amortization		(42,465	)		(30,261	)
Total intangible assets, net	$	355,583		$	367,787

The amortization expense for the three months ended March 31, 2022 and 2021 are as follows:

	Three months ended March 31,
	2022		2021
Amortization for the period included in selling, general and administrative expenses	$	12,204	$	2,906

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Accrued Expenses And Other Current Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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

	March 31, 2022		December 31, 2021
Accrued acquisition and settlement of pre-existing relationships	$	75,427	$	86,596
Taxes- property and other		12,076		14,062
Other accrued expenses		11,012		6,035
Payroll liabilities		8,436		12,799
Other current liabilities		7,374		4,673
Construction in progress		3,990		2,789
Accrued expenses and other current liabilities	$	118,315	$	126,954

Goodwill And Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:

	March 31, 2022			December 31, 2021
Goodwill	$	256,346		$	256,346
Less: Accumulated impairment on goodwill		(72,328	)		(72,328	)
Total goodwill, net		184,018			184,018

Licenses		285,854			285,854
Trademarks		59,694			59,694
Customer Relationships		52,500			52,500
Total intangible assets		398,048			398,048
Less: Accumulated amortization		(42,465	)		(30,261	)
Total intangible assets, net	$	355,583		$	367,787

Schedule of Amortization Expense

The amortization expense for the three months ended March 31, 2022 and 2021 are as follows:

	Three months ended March 31,
	2022		2021
Amortization for the period included in selling, general and administrative expenses	$	12,204	$	2,906

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Abstract]
Revenue discount	$ 20,520	$ 9,358

Other Non-Current Assets - Schedule of Other Non-Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets Noncurrent [Abstract]
Long term deposits	$ 4,512	$ 5,602
Indemnification receivable	4,111	4,111
Investment in affiliates	775	776
Restricted cash	985	335
Notes receivable	2,195	2,211
Other non-current assets	$ 12,578	$ 13,035

Subsequent Events - Additional Information (Details) - Subsequent Event - Venture Forth Holdings L L C $ in Thousands	Apr. 18, 2022 License shares	Apr. 24, 2022 USD ($)
Subsequent Event [Line Items]
Number of licenses	2
Cultivate and Manufacture Medical Cannabis
Subsequent Event [Line Items]
Number of licenses	1
Dispense Medical Cannabis
Subsequent Event [Line Items]
Number of licenses	1
Common Stock
Subsequent Event [Line Items]
Number of shares received for each common share \| shares	18,755,082
Business acquisition, equity interest issued or issuable, value assigned \| $		$ 26,000

Selling, General and Administrative Expenses (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Salaries and benefits	$	30,371	$	24,280
Professional fees		6,809		5,325
Depreciation and amortization		15,710		5,137
Operating facilities costs		10,037		6,588
Operating office and general expenses		2,777		3,459
Advertising and promotion		4,257		2,580
Other fees and expenses		1,331		665
Total selling, general and administrative expenses	$	71,292	$	48,034

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

Significant Accounting Judgments, Estimates and Assumptions

Exchange Commission, or SEC, on March 31, 2022 (the "2021 Form 10-K"). There have been no material changes to the Company’s significant accounting policies.

Revenue

The Company’s revenues are disaggregated as follows:

	Three months ended
	March 31, 2022		March 31, 2021
Dispensary	$	105,816	$	73,957
Cultivation and wholesale		17,123		12,079
Other		148		59
	$	123,087	$	86,095

Income taxes

Modification of debt

Financial Instruments and Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	$ (7,478)	$ (6,795)
Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	(7,478)	(6,795)
Contingent consideration	(41,025)	(40,941)
Financial liabilities fair value disclosure	(48,503)	(47,736)
Level 3 [Member] \| Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	(7,478)	(6,795)
Contingent consideration	(41,025)	(40,941)
Financial liabilities fair value disclosure	$ (48,503)	$ (47,736)

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

Total

Proportionate Voting Shares

Additional Paid-in Capital

Accumulated Deficit

Total Columbia Care Inc. Shareholders' Equity

Non-Controlling Interest

Beginning Balance at Dec. 31, 2020

$ 286,949

$ 632,062

$ (325,238)

$ 306,824

$ (19,875)

Beginning Balance, Shares at Dec. 31, 2020

250,003,917

26,507,914

Equity-based compensation

^[1]

7,792

Equity-based compensation, Shares

^[1]

190,925

Issuance of shares, net

133,151

Issuance of shares, net, Shares

21,792,500

Issuance of shares in connection with acquisitions

4,972

Issuance of shares in connection with acquisitions, Shares

971,541

Conversion between classes of shares, Shares

9,236,733

(9,236,733)

Cancellation of restricted stock awards, Shares

(13,770)

(8,077)

Warrants exercised

808

Warrants exercised, Shares

262,200

Net loss

(29,163)

(28,782)

(381)

Ending Balance at Mar. 31, 2021

404,509

778,785

(354,020)

424,765

(20,256)

Ending Balance, Shares at Mar. 31, 2021

282,444,046

17,263,104

Beginning Balance at Dec. 31, 2021

550,823

1,039,726

(468,335)

571,391

(20,568)

Beginning Balance, Shares at Dec. 31, 2021

361,423,270

14,729,636

Equity-based compensation

^[1]

6,358

Equity-based compensation, Shares

^[1]

237,486

Warrants exercised

425

Warrants exercised, Shares

180,000

Net loss

(27,906)

(26,636)

(1,270)

Ending Balance at Mar. 31, 2022

$ 529,700

$ 1,046,509

$ (494,971)

$ 551,538

$ (21,838)

Ending Balance, Shares at Mar. 31, 2022

361,840,756

14,729,636

[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.

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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
March 31, 2022
Derivative liability	$	—	$	—	$	(7,478	)	$	(7,478	)
Contingent consideration		—		—		(41,025	)		(41,025	)
	$	—	$	—	$	(48,503	)	$	(48,503	)

December 31, 2021
Derivative liability	$	—	$	—	$	(6,795	)	$	(6,795	)
Contingent consideration		—		—		(40,941	)		(40,941	)
	$	—	$	—	$	(47,736	)	$	(47,736	)

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 256,346	$ 256,346
Less: Accumulated impairment on goodwill	(72,328)	(72,328)
Total goodwill, net	184,018	184,018
Total intangible assets	398,048	398,048
Less: Accumulated amortization	(42,465)	(30,261)
Total intangible assets, net	355,583	367,787
State Licenses
Finite Lived Intangible Assets [Line Items]
Total intangible assets	285,854	285,854
Trademarks
Finite Lived Intangible Assets [Line Items]
Total intangible assets	59,694	59,694
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Total intangible assets	$ 52,500	$ 52,500

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination And Asset Acquisition [Abstract]

Summary of Fair Value of Total Consideration Transferred and Fair Value of Each Major Class of Consideration

The following table summarizes the preliminary fair value of total consideration transferred and the fair value of each major class of consideration for Medicine Man:

Consideration transferred
Cash consideration	$	7,240
Closing shares		23,955
Milestone shares after closing (contingent consideration)		3,664
Purchase option obligation		5,899
Total unadjusted purchase price		40,758
Working capital adjustment		127
Total adjusted purchase price		40,885
Less: Cash and cash equivalents acquired		(1,250	)
Total purchase price, net of cash and cash equivalents acquired	$	39,635

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed, Less Cash and Cash Equivalents Acquired

Recognized amounts of identifiable assets acquired, and liabilities assumed, less cash and cash equivalents acquired:

Purchase price allocation
Assets acquired:
Inventory	$	3,611
Prepaid expenses and other current assets		397
Option deposit		5,899
Property and equipment		1,498
Right of use assets		10,613
Goodwill		9,908
Intangible assets		30,370
Accounts payable		(696	)
Accrued expenses and other current liabilities		(1,910	)
Lease liabilities		(11,233	)
Deferred tax liabilities		(8,822	)
Consideration transferred	$	39,635

Current and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Current and Long-Term Obligations, Net

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

	March 31, 2022			December 31, 2021
2026 Notes	$	185,000		$	—
Term debt		38,215			69,965
2025 Convertible Notes		74,500			74,500
Mortgage Note		19,903			20,000
2023 Convertible Notes		5,600			5,600
Acquisition related real estate notes		7,000			7,000
Acquisition related promissory notes		4,500			4,875
Acquisition related term debt		3,289			3,314
		338,007			185,254
Unamortized debt discount		(16,524	)		(19,301	)
Unamortized deferred financing costs		(13,539	)		(5,379	)
Unamortized debt premium		140			327
Total debt		308,084			160,901
Less current portion, net^*		(1,697	)		(1,884	)
Long-term portion	$	306,387		$	159,017

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 March 31, 2022.

Total Interest and Amortization Expense on Debt Obligations

Total interest and amortization expense on the Company’s debt obligations during the three months ended March 31, 2022 and 2021 are as follows:

	Three months ended
	March 31, 2022			March 31, 2021
Interest expense	$	9,426		$	2,987
Amortization of debt discount		1,296			1,063
Amortization of debt premium		(49	)		(70	)
Amortization of debt issuance costs		689			248
Other interest (expense) income, net		(118	)		(372	)
Total interest expense	$	11,244		$	3,856

- 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