0000950170-23-022050 | 10-Q | XBRL Viewer

Current and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Current and Long-Term Obligations, Net

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


	March 31, 2023			December 31, 2022
2026 Notes	$	185,000		$	185,000
Term debt		38,215			38,215
2025 Convertible Notes		74,500			74,500
Mortgage Note		35,820			35,965
2023 Convertible Notes		5,600			5,600
Acquisition related real estate notes		7,000			7,000
Acquisition related promissory notes		2,625			3,000
Acquisition related term debt		3,188			3,214
		351,948			352,494
Unamortized debt discount		(11,112	)		(12,483	)
Unamortized deferred financing costs		(10,094	)		(11,016	)
Unamortized debt premium		—			25
Total debt, net		330,742			329,020
Less current portion, net*		(7,595	)		(47,315	)
Long-term portion	$	323,147		$	281,705

*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.

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, 2023 and 2022 are as follows:


	Three months ended
	March 31, 2023			March 31, 2022
Interest expense on debt	$	10,395		$	9,426
Amortization of debt discount		1,376			1,296
Amortization of debt premium		(26	)		(49	)
Amortization of debt issuance costs		941			689
Other interest (expense) income, net		(113	)		(118	)
Total interest expense, net	$	12,573		$	11,244

- 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

Other Expense, Net - Summary of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income And Expenses [Abstract]
Change in fair value of the derivative liability	$ 30	$ 683
Loss on deconsolidation	2,473	0
Restructuring Expense	3,178	0
Other (income) expense, net	(296)	18
Gain on disposal of group	(600)	0
Rental income	(842)	(762)
Total other expense, net	$ 3,943	$ (61)

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

Total

Common Shares

Proportionate Voting Shares

Additional Paid-in Capital

Accumulated Deficit

Total Columbia Care Inc. Shareholders' Equity

Non-Controlling Interest

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

Beginning Balance at Dec. 31, 2022

206,903

1,117,287

(904,003)

213,284

(6,381)

Beginning Balance, Shares at Dec. 31, 2022

391,238,484

10,009,819

Equity-based compensation

^[1]

6,611

Equity-based compensation, Shares

^[1]

2,116,944

Conversion between classes of shares, 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

$ 1,123,898

$ (941,343)

$ 182,555

$ (1,230)

Ending Balance, Shares at Mar. 31, 2023

393,409,586

9,955,661

[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.

- 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

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Accessories and supplies	$ 1,629	$ 1,506
Work-in-process - cannabis in cures and final vault	90,538	92,963
Finished goods - dried cannabis, concentrate and edible products	40,457	33,436
Total inventory	$ 132,624	$ 127,905

Selling, General and Administrative Expenses

3 Months Ended

Mar. 31, 2023

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, 2023		March 31, 2022
Salaries and benefits	$	28,566	$	30,371
Professional fees		2,853		6,809
Depreciation and amortization		8,589		15,710
Operating facilities costs		10,284		10,037
Operating office and general expenses		2,213		2,777
Advertising and promotion		1,939		4,257
Other fees and expenses		906		1,331
Total selling, general and administrative expenses	$	55,350	$	71,292

Other Expense, Net

3 Months Ended

Mar. 31, 2023

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, 2023			March 31, 2022
Change in fair value of the derivative liability	$	30			683
Loss on deconsolidation		2,473			—
Restructuring expense		3,178			—
Other (income) expense, net		(296	)		18
Gain on disposal of group		(600	)		—
Rental income		(842	)		(762	)
Total other expense, net	$	3,943		$	(61	)

During the year 2022, the Company implemented three separate rounds of restructuring initiatives. The first round of restructuring initiatives, Round 1, began in May 2022, with the decision to close the Company’s Europe-based operations. The third and final round, Round 3, began in early November 2022 and involved significant headcount and canopy reduction.

The Company has booked an amount of $3,178 on account of the restructuring expense; the balance outstanding on account of the restructuring reserve amounts to $3,647.

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
Prepaid expenses	$	5,683		7,151
Short term deposits		2,447		1,814
Other current assets		15,665		12,286
Excise and sales tax receivable		544		691
Prepaid expenses and other current assets	$	24,339	$	21,942

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expenses	$ 4,803	$ 12,204

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023			March 31, 2022
Numerator:
Net loss	$	(36,572	)	$	(27,906	)
Less: Net loss attributable to non-controlling interests		768			(1,270	)
Net loss attributable to shareholders	$	(37,340	)	$	(26,636	)

Denominator:
Weighted average shares outstanding - basic and diluted		401,438,546			376,397,260
Loss per share - basic and diluted	$	(0.09	)	$	(0.07	)

Warrants (Tables)

3 Months Ended

Mar. 31, 2023

Warrants And Rights Note Disclosure [Abstract]

Summary of Outstanding Equity-Classified Warrants to Purchase Common Stock

As of March 31, 2023 and December 31, 2022, outstanding equity-classified warrants to purchase Common Shares consisted of the following:


	March 31, 2023				December 31, 2022
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
March 31, 2023	—			3.10		1,723,250		3.10
May 14, 2023		1,818,788		2.95		1,818,788		2.95
May 14, 2023	—			4.53		—		4.53
May 14, 2023		1,897,000		5.84		1,897,000		5.84
		9,759,516	$	7.95		11,482,766	$	7.22

Schedule of Warrant Activity

Warrant activity for the three months ended March 31, 2023 and 2022 are summarized in the table below:


				Weighted average
	Number of			exercise price
	Warrants			(Canadian Dollars)
Balance as of December 31, 2021		11,662,766		$	7.15
Exercised		(180,000	)		2.95
Balance as of March 31, 2022		11,482,766			7.22

Balance as of December 31, 2022		11,482,766			7.22
Exercised		—			—
Expired		(1,723,250	)		3.10
Balance as of March 31, 2023		9,759,516			7.95

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

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, 2023 are not necessarily indicative of the results that may be expected for the current year ending December 31, 2023. 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, 2022, and 2021 included in the Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

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 2022 Form 10-K, filed with the SEC, on March 29, 2023. 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, 2023		March 31, 2022
Dispensary	$	109,156	$	105,816
Cultivation and wholesale		15,362		17,123
Other		17		148
	$	124,535	$	123,087

During the three months ended March 31, 2023, and March 31, 2022 the Company netted discounts of $33,225 and $20,520 respectively, 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 to the high degree of uncertainty in estimating annual pre-tax income due to the stage of growth of the business, the correlation of Selling, General, and Administrative ("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 the 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.

Business Combinations

We include the results of operations of the businesses that we acquire as of the acquisition date. We allocate the purchase price of the acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.

- 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

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

Current and Long-Term Debt - Schedule of Current and Long-Term Obligations, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 351,948	$ 352,494
Unamortized debt discount	(11,112)	(12,483)
Unamortized deferred financing costs	(10,094)	(11,016)
Unamortized debt premium		25
Total debt, net	330,742	329,020
Less current portion, net	(7,595)	(47,315)
Long-term debt, net	323,147	281,705
2026 Notes
Debt Instrument [Line Items]
Long-term debt, gross	185,000	185,000
Term Debt
Debt Instrument [Line Items]
Long-term debt, gross	38,215	38,215
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	35,820	35,965
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	2,625	3,000
Acquisition Related Term Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,188	$ 3,214

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023			December 31, 2022
Land and buildings	$	128,389		$	128,389
Furniture and fixtures		8,749			8,773
Equipment		38,530			38,467
Computers and software		3,565			3,537
Leasehold improvements		191,733			193,454
Construction in process		55,954			56,398
Total property and equipment, gross		426,920			429,018
Less: Accumulated depreciation		(78,339	)		(71,025	)
Total property and equipment, net	$	348,581		$	357,993


	Three months ended
	March 31, 2023		March 31, 2022
Total depreciation expense for year ended	$	7,853	$	7,328
Included in:
Costs of sales related to inventory production	$	4,726	$	4,127
Selling, general and administrative expenses	$	3,127	$	3,201

Summary of Significant Accounting Policies - Schedule of Revenues Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue	$ 124,535	$ 123,087
Dispensary
Disaggregation Of Revenue [Line Items]
Revenue	109,156	105,816
Cultivation and wholesale
Disaggregation Of Revenue [Line Items]
Revenue	15,362	17,123
Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 17	$ 148

- 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
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+ Details

Selling, General and Administrative Expenses (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		March 31, 2022
Salaries and benefits	$	28,566	$	30,371
Professional fees		2,853		6,809
Depreciation and amortization		8,589		15,710
Operating facilities costs		10,284		10,037
Operating office and general expenses		2,213		2,777
Advertising and promotion		1,939		4,257
Other fees and expenses		906		1,331
Total selling, general and administrative expenses	$	55,350	$	71,292

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

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.

The Green Leaf Transaction closed on June 11, 2021. By letters dated April 22, 2022, June 1, 2022 and March 14, 2023, the Company notified the shareholder representative (“SRS”) for the former Green Leaf shareholders, including a director of the Company, that the Company was seeking indemnification of approximately $11 million for certain preclosing taxes paid by the Company on behalf of the former Green Leaf shareholders. By letter dated July 14, 2022, SRS notified the Company that the former Green Leaf shareholders were making an indemnification claim to the Company for $17.6 million related to alleged damages arising out of certain alleged undisclosed and under-disclosed litigation matters. By letter dated October 6, 2022, SRS sent an updated demand letter seeking in excess of $75 million from the Company. In addition to the claims raised in SRS’s July 14, 2022 letter, SRS demanded payment of at least $58 million for Green Leaf's purported achievement of a milestone payout contemplated in the Green Leaf Transaction for the time period July 1, 2021 to June 30, 2022. The Company, based on a third-party assessment, determined that the milestone was not achieved. The parties engaged in preliminary negotiations, including a non-binding mediation, about the possibility of entering into a global resolution of outstanding disputes. On March 2, 2023, SRS filed a complaint in the Circuit Court for Baltimore City, Maryland against the Company, a Company subsidiary, the Company’s Chairman, CEO and CFO, as well as the third-party firm that prepared the aforementioned assessment, seeking in excess of $72 million in damages, in addition to punitive damages, based on asserted legal claims of breach of contract, fraud and intentional misrepresentation, negligent misrepresentation, tortious interference with a contract, breach of a fiduciary duty, aiding and abetting a breach of a fiduciary duty and civil conspiracy. The Company (and the other named parties) will assert defenses with respect to the claims in the complaint. However, there can be no assurance that such defenses will be successful and, if they are not successful, that the direct or indirect losses will not be material. Separately, the Company intends to continue to pursue legal recourse against the former Green Leaf shareholders with respect to the approximately $11 million owed to the Company for certain preclosing tax payments.

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.

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, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (36,572)	$ (27,906)
Net loss attributable to non-controlling interests	768	(1,270)
Net loss attributable to shareholders	$ (37,340)	$ (26,636)
Denominator:
Weighted average shares outstanding - basic	401,438,546	376,397,260
Loss per share - basic	$ (0.09)	$ (0.07)
Weighted average shares outstanding - diluted	401,438,546	376,397,260
Loss per share - diluted	$ (0.09)	$ (0.07)

- Definition

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

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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.

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

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CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 40,159	$ 48,154
Accounts receivable, net of allowances of $2,642 and, $2,504, respectively	12,250	10,087
Inventory	132,624	127,905
Prepaid expenses and other current assets	24,339	21,942
Assets held for sale	29,107	29,089
Total current assets	238,479	237,177
Property and equipment, net	348,581	357,993
Right of use assets - operating leases, net	168,370	174,472
Right of use assets - finance leases, net	42,381	45,423
Goodwill	19,274	19,274
Intangible assets, net	140,461	145,265
Other non-current assets	15,475	15,122
Total assets	973,021	994,726
Current liabilities:
Accounts payable	29,917	23,775
Accrued expenses and other current liabilities	58,130	64,574
Income tax payable	42,628	33,961
Current portion of lease liability - operating leases	7,342	6,762
Current portion of lease liability - finance leases	6,572	6,552
Current portion of long-term debt, net	7,595	47,315
Liabilities held for sale	20,179	20,179
Total current liabilities	172,363	203,118
Long-term debt, net	323,147	281,705
Deferred taxes	3,774	2,903
Long-term lease liability - operating leases	168,309	174,312
Long-term lease liability - finance leases	48,603	50,586
Derivative liability	265	235
Other long-term liabilities	75,235	74,964
Total liabilities	791,696	787,823
Stockholders' Equity:
Common Stock, no par value, unlimited shares authorized as of March 31, 2023 and December 31, 2022 respectively, 393,409,586 and 391,238,484 shares issued and outstanding as of March 31, 2022 and December 31, 2022 respectively	0	0
Preferred Stock, no par value, unlimited shares authorized as of March 31, 2023 and December 31, 2022, respectively, none issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Proportionate voting shares, no par value, unlimited shares authorized as of March 31, 2023 and December 31, 2022, respectively; 9,955,661and 10,009,819 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	0	0
Additional paid-in-capital	1,123,898	1,117,287
Accumulated deficit	(941,343)	(904,003)
Equity attributable to Columbia Care Inc.	182,555	213,284
Non-controlling interest	(1,230)	(6,381)
Total equity	181,325	206,903
Total liabilities and equity	$ 973,021	$ 994,726

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	March 31, 2023		December 31, 2022
Accessories and supplies	$	1,629	$	1,506
Work-in-process - cannabis in cures and final vault		90,538		92,963
Finished goods - dried cannabis, concentrate and edible products		40,457		33,436
Total inventory	$	132,624	$	127,905

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (36,572)	$ (27,906)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization	15,063	21,210
Equity-based compensation	6,515	6,374
Debt amortization expense	2,291	1,936
Loss on deconsolidation of subsidiary	2,473	0
Provision for obsolete inventory and other assets	615	156
Deferred taxes	766	(4,560)
Change in fair value of the derivative liability	30	683
Other	134	217
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(2,322)	1,726
Inventory	(6,315)	(14,851)
Prepaid expenses and other current assets	(2,442)	1,942
Other assets	6,126	(6,111)
Accounts payable	8,134	(12,072)
Accrued expenses and other current liabilities	(4,874)	(8,037)
Income taxes payable	9,194	5,172
Other long-term liabilities	(2,221)	6,299
Net cash used in operating activities	(3,405)	(27,822)
Cash flows from investing activities:
Purchases of property and equipment	(5,724)	(29,511)
Proceeds from sale of plant, property and equipment	0	179
Proceeds from deconsolidation of MO entity	3,040	0
Cash received (paid) on deposits, net	132	(223)
Net cash used in investing activities	(2,552)	(29,555)
Cash flows from financing activities:
Proceeds from issuance of debt and warrants	0	153,250
Payment of debt issuance costs	0	(7,266)
Repayment of debt	(170)	(122)
Payment of lease liabilities	(1,588)	(1,642)
Repayment of sellers note	(375)	(375)
Exercise of warrants	0	424
Taxes paid on equity based compensation	96	(16)
Net cash (used in)/provided by financing activities	(2,037)	144,253
Net (decrease)/increase in cash	(7,994)	86,876
Cash and restricted cash at beginning of the period	49,488	82,533
Cash and restricted cash at end of the period	41,494	169,409
Reconciliation of cash and cash equivalents and restricted cash:
Cash	40,159	168,424
Restricted cash	1,335	985
Cash and restricted cash, end of period	41,494	169,409
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	5,716	6,209
Operating cash flows from finance leases	1,081	1,457
Financing cash flows from finance leases	1,588	1,642
Cash paid for interest on other obligations	12,607	5,302
Cash paid for income taxes	729	70
Lease liabilities arising from the recognition of finance right-of-use assets	24	1,597
Lease liabilities arising from the recognition of operating right-of-use assets	3,264	551
Supplemental disclosure of non-cash investing and financing activities:
Non-cash fixed asset additions within accounts payable and accrued expenses	478	11,010
Non-cash equity issuance costs within accrued expenses and accounts payable	$ 0	$ 223

Financial Instruments and Fair Value Measurements - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Fair value transfers of amounts between levels	$ 0

Current and Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Current and Long-Term Debt

CURRENT AND LONG-TERM DEBT

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


	March 31, 2023			December 31, 2022
2026 Notes	$	185,000		$	185,000
Term debt		38,215			38,215
2025 Convertible Notes		74,500			74,500
Mortgage Note		35,820			35,965
2023 Convertible Notes		5,600			5,600
Acquisition related real estate notes		7,000			7,000
Acquisition related promissory notes		2,625			3,000
Acquisition related term debt		3,188			3,214
		351,948			352,494
Unamortized debt discount		(11,112	)		(12,483	)
Unamortized deferred financing costs		(10,094	)		(11,016	)
Unamortized debt premium		—			25
Total debt, net		330,742			329,020
Less current portion, net*		(7,595	)		(47,315	)
Long-term portion	$	323,147		$	281,705

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, 2023.

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 US$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 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 the NEO Exchange 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 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 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.

2023 Convertible Notes

On June 19, 2020, the Company completed the first tranche of an offering of senior secured convertible notes (“Convertible Notes”) for an aggregate principal amount of $12,800. During July 2020, the Company completed subsequent tranches for an aggregate principal amount of $5,960. The Convertible Notes can be exchanged into Common Shares at a conversion price of $3.79 (Canadian Dollars). For the purposes of determining the number of Common Shares issuable upon conversion of the Convertible Notes, the principal amount of the Convertible Notes surrendered for conversion shall be deemed converted from U.S. Dollars into Canadian

Dollars, using the end-of-day exchange rate published by the Bank of Canada on the date immediately preceding the date that the Convertible Note is surrendered for conversion. The Convertible Notes require interest-only payments until December 19, 2023, at a rate of 5.0% per annum, payable semi-annually on June 30 and December 31 commencing on December 31, 2020. The Convertible Notes are due in full on December 19, 2023. The Company incurred financing costs of $175 in connection with issuance of the Convertible Notes. The Company determined that the Convertible Notes represent an obligation to issue a variable number of shares for a variable amount of liability, as the amount of the liability to be settled depends on the applicable foreign exchange rate at the date of settlement. In accordance with ASC 480 – Distinguishing Liabilities from Equity, a conversion feature within a financial instrument to issue a variable number of equity units fails to meet the definition of equity. Accordingly, such a conversion feature must be accounted for as an embedded derivative liability and measured at fair value with changes in fair value recognized in the consolidated statements of operations and comprehensive loss. Upon initial recognition, the Company recorded a derivative liability of $5,364 within other long-term liabilities in the consolidated balance sheets and a corresponding debt discount, reflected as a reduction to the carrying value of the 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 2023 Convertible Notes.

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 the February 2022 Private Placement. The total unamortized debt and debt issuance costs of $2,153, related to the 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 the effective interest rate method.

Conversion of Convertible notes

In April 2021, the Company offered an incentive program to the holders of the Convertible Notes, pursuant to which, the Company would issue to each noteholder that surrendered its Convertible Notes for conversion on or before May 28, 2021, 20 Common Shares of the Company on a private placement basis for each one-thousand US dollars aggregate principal amount of Convertible Notes surrendered for conversion. Pursuant to this incentive program, 4,550,139 shares were issued upon of conversion of $13,160 of Convertible Notes. These conversions resulted in recognition of a loss on conversion of $1,580, write down of derivative liability, debt discount and debt amortization of $12,127, $2,855 and $93, respectively and a corresponding credit to paid in capital of $23,919. Convertible note holders of $5,600 of the convertible debt issued in 2020 did not convert their debt into Common Shares and as of September 30, 2021, $5,600 of the convertible debt issued in 2020 was still outstanding.

Mortgages

In December 2021, the Company entered into a term loan and security agreement with a bank. The agreement provides for $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 $18,047 as of March 31, 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 $16,500 mortgage on real property in New Jersey 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 July 15, 2027, which is estimated at $15,705 as of March 31, 2023. In connection with this Mortgage, the Company incurred financing costs of $209.

Term debt

On March 31, 2020 and April 23, 2020, the Company completed the first and second tranches of a private placement of notes (“Private Notes”) for an aggregate principal amount of $14,250 and $1,000, respectively. The Private Notes required interest-only payments through March 30, 2024, at a rate of 9.9% per annum, payable semi-annually on March 31 and September 30 commencing

on September 30, 2020. The Private Notes were due in full on March 30, 2024. In connection with the first and second tranche offerings of the Private Notes, the Company issued 1,723,250 common share purchase warrants at an exercise price of $3.10 (Canadian Dollars).

On May 14, 2020, the Company completed a private placement of an aggregate of 19,115 senior secured first-lien note units (the “May Units”) for aggregate gross proceeds of $19,115, each May Unit being comprised of (i) $1,000 principal amount of 13.0% senior secured first-lien notes (“Notes”) and (ii) 120 Common Share purchase warrants (the “May Warrants”) with an exercise price of $2.95 (Canadian Dollars) per underlying Common Share (the “May Private Placement”). Concurrent with the closing of the May Private Placement, the Private Notes were exchanged for Notes. In addition, holders of Private Notes were issued additional 130,388 May Warrants with an exercise price of $2.95 (Canadian Dollars).

On July 2, 2020, the Company completed a second private placement of an aggregate of 4,000 units (the “July Units”) for aggregate gross proceeds of $4,000, each July Unit being comprised of (i) $1,000 Notes and (ii) 75 Common Share purchase warrants (the “July Warrants”) with an exercise price of $4.53 (Canadian Dollars) per underlying Common Share.

On October 29, 2020, November 10, 2020 and November 27, 2020, the Company completed private placements of an aggregate of 20,000, 8,400 and 3,000 units (the “Early November Units”), respectively, for aggregate gross proceeds of $32,054, each unit being comprised of (i) $1,000 Notes and (ii) 60 Common Share purchase warrants (the “Fall Warrants” and together with the May Warrants and July Warrants, the “Warrants”) with an exercise price of $5.84 (Canadian Dollars) per underlying Common Share.

On November 30, 2020, the Company completed another private placement of an aggregate of 200 units (the “Late November Units”) and together with the May Units, the July Units and the Early November Units (the “Units”), respectively for aggregate gross proceeds of $200, each unit being comprised of (i) $1,000 Notes and (ii) 125 Fall Warrants.

At the option of the holder, each Warrant can be exchanged for one Common Share. The Warrants expire on May 14, 2023.

The Notes require interest-only payments through May 14, 2023, at a rate of 13.0% per annum, payable semi-annually on May 31 and November 30, which commenced on November 30, 2020. The Notes are due in full on May 14, 2024. The Company incurred financing costs of $3,373 in connection with the issuance of these Notes. The Notes contain customary terms and conditions, representations and warranties, and events of default.

Upon initial recognition, the Company recorded $6,298 to equity reserves, reflecting the fair value of the warrants issued, with a corresponding reduction to the carrying value of the Notes. The debt discount will be amortized to interest expense over the term of the notes using the effective interest method.

Total interest and amortization expense on the Company’s debt obligations during the three months ended March 31, 2023 and 2022 are as follows:


	Three months ended
	March 31, 2023			March 31, 2022
Interest expense on debt	$	10,395		$	9,426
Amortization of debt discount		1,376			1,296
Amortization of debt premium		(26	)		(49	)
Amortization of debt issuance costs		941			689
Other interest (expense) income, net		(113	)		(118	)
Total interest expense, net	$	12,573		$	11,244

The weighted average interest rate on the Company’s indebtedness was 8.79%.

- 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 https://asc.fasb.org/topic&trid=2208564

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+ Details

Other Expense, Net - Additional Information (Details)	3 Months Ended
Other Expense, Net - Additional Information (Details)	Mar. 31, 2023 USD ($)
Other Income And Expenses [Abstract]
Restructuring expense amount	$ 3,178
Restructuring reserve amount	$ 3,647
Description towards other expense	During the year 2022, the Company implemented three separate rounds of restructuring initiatives. The first round of restructuring initiatives, Round 1, began in May 2022, with the decision to close the Company’s Europe-based operations. The third and final round, Round 3, began in early November 2022 and involved significant headcount and canopy reduction

Warrants - Schedule of Warrant Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Number of Warrants, Beginning Balance	11,482,766	11,662,766
Number of Warrants, Exercised	0	(180,000)
Number of Warrants,Expired	(1,723,250)
Number of Warrants, Ending Balance	9,759,516	11,482,766
Weighted average exercise price, Beginning Balance	$ 7.22	$ 7.15
Weighted average exercise price, Exercised	0	2.95
Weighted average exercise price, Expired	3.10
Weighted average exercise price, Ending Balance	$ 7.95	$ 7.22

Shareholders' Equity - Additional Information (Details)	3 Months Ended
Shareholders' Equity - Additional Information (Details)	Mar. 31, 2023 shares
RSU's
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares issued upon vesting	2,116,944

Other Expense, Net (Tables)

3 Months Ended

Mar. 31, 2023

Other Income And Expenses [Abstract]

Summary of Other Expense, Net

Other expense, net is summarized in the table below:


	Three months ended
	March 31, 2023			March 31, 2022
Change in fair value of the derivative liability	$	30			683
Loss on deconsolidation		2,473			—
Restructuring expense		3,178			—
Other (income) expense, net		(296	)		18
Gain on disposal of group		(600	)		—
Rental income		(842	)		(762	)
Total other expense, net	$	3,943		$	(61	)

The Company has booked an amount of $3,178 on account of the restructuring expense; the balance outstanding on account of the restructuring reserve amounts to $3,647.

Commitments and Contingencies - Additional Information (Details) - Indemnification Guarantee - USD ($) $ in Millions					12 Months Ended
	Mar. 14, 2023	Mar. 02, 2023	Oct. 06, 2022	Jul. 14, 2022	Jun. 30, 2022
Loss Contingencies [Line Items]
Indemnification of preclosing taxes	$ 11.0	$ 11.0
Litigation expenses		$ 72.0	$ 75.0	$ 17.6	$ 58.0

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 11, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Period Focus	2023
Entity Registrant Name	COLUMBIA CARE INC.
Entity Central Index Key	0001776738
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	000-56294
Entity Tax Identification Number	98-1488978
Entity Address, Address Line One	680 Fifth Ave., 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 Common Stock, Shares Outstanding		406,779,180
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	A1

Current and Long-Term Debt - Total Interest and Amortization Expense on Debt Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Interest expense on debt	$ 10,395	$ 9,426
Amortization of debt discount	1,376	1,296
Amortization of debt premium	(26)	(49)
Amortization of debt issuance costs	941	689
Other interest (expense) income, net	(113)	(118)
Total interest expense, net	$ 12,573	$ 11,244

Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders Equity Note [Abstract]

Shareholders' Equity

10.

SHAREHOLDERS’ EQUITY

The Company had the following activity during the three months ended March 31, 2023:

•

Issued 2,116,944 Common Shares upon vesting of Restricted Stock Units (RSUs) during the three months ended March 31, 2023.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

Warrants

3 Months Ended

Mar. 31, 2023

Warrants And Rights Note Disclosure [Abstract]

Warrants

11.

WARRANTS

As of March 31, 2023 and December 31, 2022, outstanding equity-classified warrants to purchase Common Shares consisted of the following:


	March 31, 2023				December 31, 2022
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
March 31, 2023	—			3.10		1,723,250		3.10
May 14, 2023		1,818,788		2.95		1,818,788		2.95
May 14, 2023	—			4.53		—		4.53
May 14, 2023		1,897,000		5.84		1,897,000		5.84
		9,759,516	$	7.95		11,482,766	$	7.22

Warrant activity for the three months ended March 31, 2023 and 2022 are summarized in the table below:


				Weighted average
	Number of			exercise price
	Warrants			(Canadian Dollars)
Balance as of December 31, 2021		11,662,766		$	7.15
Exercised		(180,000	)		2.95
Balance as of March 31, 2022		11,482,766			7.22

Balance as of December 31, 2022		11,482,766			7.22
Exercised		—			—
Expired		(1,723,250	)		3.10
Balance as of March 31, 2023		9,759,516			7.95

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 2,642	$ 2,504
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	393,409,586	391,238,484
Common stock, shares outstanding	393,409,586	391,238,484
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	Unlimited	Unlimited
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Proportionate voting shares, par value	$ 0	$ 0
Proportionate voting shares, authorized	Unlimited	Unlimited
Proportionate voting shares, issued	9,955,661	10,009,819
Proportionate voting shares, outstanding	9,955,661	10,009,819

Property and Equipment

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

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


	March 31, 2023			December 31, 2022
Land and buildings	$	128,389		$	128,389
Furniture and fixtures		8,749			8,773
Equipment		38,530			38,467
Computers and software		3,565			3,537
Leasehold improvements		191,733			193,454
Construction in process		55,954			56,398
Total property and equipment, gross		426,920			429,018
Less: Accumulated depreciation		(78,339	)		(71,025	)
Total property and equipment, net	$	348,581		$	357,993


	Three months ended
	March 31, 2023		March 31, 2022
Total depreciation expense for year ended	$	7,853	$	7,328
Included in:
Costs of sales related to inventory production	$	4,726	$	4,127
Selling, general and administrative expenses	$	3,127	$	3,201

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Expenses And Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

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, 2023		December 31, 2022
Accrued acquisition and settlement of pre-existing relationships	$	50	$	100
Taxes - property and other		9,682		9,306
Other accrued expenses		26,698		29,021
Payroll liabilities		11,537		14,516
Other current liabilities		10,097		10,011
Construction in progress		66		1,620
Accrued expenses and other current liabilities	$	58,130	$	64,574

As of March 31, 2023, other accrued expenses include approximately $15,231 relating to a combination of indemnification claims, notices and demand letters received by the Company, including, without limitation, potential disputes arising out of the Green Leaf Transaction, together with a general accrual for estimated fees anticipated to close these matters. The outcome of any of these

matters cannot yet be determined with any certainty and the Company will continue to rigorously defend any claims made against it.

Inventory - Additional Information (Details) - USD ($)	3 Months Ended
Inventory - Additional Information (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventory write down	$ 601,000	$ 0

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 5,683	$ 7,151
Short term deposits	2,447	1,814
Other current assets	15,665	12,286
Excise and sales tax receivable	544	691
Prepaid expenses and other current assets	$ 24,339	$ 21,942

Goodwill And Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


	March 31, 2023			December 31, 2022
Goodwill	$	189,917		$	189,917
Less: Accumulated impairment on goodwill		(170,643	)		(170,643	)
Total goodwill, net		19,274			19,274

Licenses		156,911			156,911
Trademarks		45,936			45,936
Customer Relationships		16,944			16,944
Total intangible assets		219,791			219,791
Less: Accumulated amortization		(79,330	)		(74,526	)
Total intangible assets, net	$	140,461		$	145,265

Schedule of Amortization Expense

The amortization expense for the three months ended March 31, 2023 and 2022 are as follows:


	Three months ended
	March 31, 2023		March 31, 2022
Amortization expenses		4,803		12,204

Warrants - Summary of Outstanding Equity-Classified Warrants to Purchase Common Stock (Details)	Mar. 31, 2023 $ / shares shares	Mar. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2022 $ / shares shares	Mar. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase \| shares	9,759,516	9,759,516	11,482,766	11,482,766	11,482,766	11,662,766
Exercise Price (Canadian Dollars)	$ 7.95		$ 7.22		$ 7.22	$ 7.15
Equity-Classified Warrants
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase \| shares	9,759,516	9,759,516	11,482,766	11,482,766
Exercise Price (Canadian Dollars)		$ 7.95		$ 7.22
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]
Warrants outstanding to purchase \| shares	648,783	648,783	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]
Warrants outstanding to purchase \| shares	5,394,945	5,394,945	5,394,945	5,394,945
Exercise Price (Canadian Dollars)		$ 10.35		$ 10.35
Equity-Classified Warrants \| Expiring on March 31, 2023
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase \| shares	0	0	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]
Warrants outstanding to purchase \| shares	1,818,788	1,818,788	1,818,788	1,818,788
Exercise Price (Canadian Dollars)		$ 2.95		$ 2.95
Equity-Classified Warrants \| Expiring on May 14, 2023
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase \| shares	0	0	0	0
Exercise Price (Canadian Dollars)		$ 4.53		$ 4.53
Equity-Classified Warrants \| Expiring on May 14, 2023
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase \| shares	1,897,000	1,897,000	1,897,000	1,897,000
Exercise Price (Canadian Dollars)		$ 5.84		$ 5.84

Operations of the Company

3 Months Ended

Mar. 31, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Operations of the Company

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 closing conditions and necessary regulatory approvals, closure of the Cresco Transaction must occur no later than June 30, 2023 per the terms of the Arrangement Agreement, as amended. 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).

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	0.00005579

Other Non-Current Assets

3 Months Ended

Mar. 31, 2023

Other Assets Noncurrent [Abstract]

Other Non-Current Assets

OTHER NON-CURRENT ASSETS

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


	March 31, 2023		December 31, 2022
Long term deposits	$	7,960	$	8,090
Indemnification receivable		2,774		2,774
Investment in affiliates		775		775
Restricted cash		1,335		1,335
Notes receivable		2,631		2,148
Other non-current assets	$	15,475	$	15,122

Other Non-Current Assets - Schedule of Other Non-Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets Noncurrent [Abstract]
Long term deposits	$ 7,960	$ 8,090
Indemnification receivable	2,774	2,774
Investment in affiliates	775	775
Restricted cash	1,335	1,335
Notes receivable	2,631	2,148
Other non-current assets	$ 15,475	$ 15,122

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Revenues Disaggregated

The Company’s revenues are disaggregated as follows:


	Three months ended
	March 31, 2023		March 31, 2022
Dispensary	$	109,156	$	105,816
Cultivation and wholesale		15,362		17,123
Other		17		148
	$	124,535	$	123,087

Acquisitions - Additional Information (Details) - shares	Jul. 07, 2021	Nov. 01, 2021	Jun. 11, 2021	Jan. 06, 2021	Dec. 01, 2020
Green Leaf Medical
Business Acquisition [Line Items]
Equity method investment, ownership percentage			100.00%
Green Leaf Ohio
Business Acquisition [Line Items]
Equity method investment, ownership percentage	49.00%
Number of shares received for each common share	949,379
Medicine Man \| Medicine Man Longmont
Business Acquisition [Line Items]
Equity method investment, ownership percentage		100.00%
The Healing Center San Diego
Business Acquisition [Line Items]
Equity method investment, ownership percentage				100.00%
Project Cannabis \| Resource Referral Services Inc
Business Acquisition [Line Items]
Equity method investment, ownership percentage					100.00%
Project Cannabis \| Access Bryant Spc
Business Acquisition [Line Items]
Equity method investment, ownership percentage					49.90%

Divestiture - Summary of operating results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 124,535	$ 123,087
Expenses	(17,614)	(12,609)
Missouri Business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	221	124
Expenses	$ 1,668	$ 589

- Definition

+ References

+ Details

Divestiture (Tables)

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Operating Results of Columbia Care MO, LLC

The table below summarizes the operating results of Columbia Care MO, LLC for the three months ended March 31, 2023, and 2022:


	Three months ended
	March 31, 2023	March 31, 2022
Revenue	$221	$124
Expenses	$1,668	$589

- 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.

+ References

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+ Details

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 124,535	$ 123,087
Cost of sales related to inventory production	(77,454)	(66,460)
Gross Margin	47,081	56,627
Selling, general and administrative expenses	(55,350)	(71,292)
Total operating costs	(55,350)	(71,292)
Loss from operations	(8,269)	(14,665)
Other expense:
Interest expense on leases	(1,098)	(1,426)
Interest expense	(12,573)	(11,244)
Other (expense) income, net	(3,943)	61
Total other expense	(17,614)	(12,609)
Loss before provision for income taxes	(25,883)	(27,274)
Income tax expense	(10,689)	(632)
Net loss and comprehensive loss	(36,572)	(27,906)
Net (income) loss attributable to non-controlling interests	768	(1,270)
Net loss attributable to shareholders	$ (37,340)	$ (26,636)
Weighted-average number of shares used in earnings per share - basic	401,438,546	376,397,260
Weighted-average number of shares used in earnings per share - diluted	401,438,546	376,397,260
Loss attributable to shares (basic)	$ (0.09)	$ (0.07)
Loss attributable to shares (diluted)	$ (0.09)	$ (0.07)

Accrued Expenses and Other Current Liabilities - Additional Information (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Accrued Expenses And Other Current Liabilities [Abstract]
Cross indemnification claims relating to prior acquisition	$ 15,231

Divestiture

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Divestiture

18. DIVESTITURE

Columbia Care MO, LLC is licensed to sell medical and adult-use marijuana at its dispensary, as well as produce medical and adult-use marijuana products at its processing facility. The Company supported Columbia Care MO, LLC through management services agreements. In 2022, the Company began considering strategic options for Columbia Care MO, LLC, including the potential for the sale of its associated assets and liabilities (the “Missouri Business”). On March 13, 2023, a definitive agreement was signed to sell the Missouri Business, which is considered non-core, and the Company no longer operated the Missouri Business as of that date. The assets of the Missouri Business are comprised of one dispensary and one processing facility and are being divested for gross proceeds of approximately $7 million.

As of March 31, 2023, no assets or liabilities of the disposed-of business remained on our consolidated balance sheets. The table below summarizes the operating results of Columbia Care MO, LLC for the three months ended March 31, 2023, and 2022:


	Three months ended
	March 31, 2023	March 31, 2022
Revenue	$221	$124
Expenses	$1,668	$589

Property and Equipment - Property and Equipment and Related Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 426,920		$ 429,018
Less: Accumulated depreciation	(78,339)		(71,025)
Total property and equipment, net	348,581		357,993
Total depreciation expense	7,853	$ 7,328
Costs of Sales Related to Inventory Production
Property Plant And Equipment [Line Items]
Total depreciation expense	4,726	4,127
Selling, General and Administrative Expenses
Property Plant And Equipment [Line Items]
Total depreciation expense	3,127	$ 3,201
Land and Buildings
Property Plant And Equipment [Line Items]
Total property and equipment, gross	128,389		128,389
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	8,749		8,773
Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	38,530		38,467
Computers and Software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	3,565		3,537
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	191,733		193,454
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 55,954		$ 56,398

Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination And Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

Green Leaf Medical

On June 11, 2021, the Company acquired (the “Green Leaf Transaction”) a 100% ownership interest in Green Leaf Medical, LLC (“Green Leaf”). On July 7, 2021, the Company acquired (“the Green Leaf-Ohio Transaction”) a residual 49% ownership interest (constituting 949,379 Common Shares) in Green Leaf Medical of Ohio II, LLC (“Green Leaf-Ohio”).

Green Leaf was formed in April 2014 for the purpose of selling medicinal and recreational cannabis products in the states of Maryland, Pennsylvania, Ohio, and Virginia. Green Leaf owns and operates vertically integrated cultivation facilities,

manufacturing facilities and retail dispensaries in the states of Maryland, Pennsylvania, Ohio, and Virginia. The Company executed the Green Leaf Transaction in order to continue to grow revenues; expand its cultivation facilities, manufacturing facilities and dispensaries; and enter, or expand in the Maryland, Pennsylvania, Ohio, and Virginia markets.

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 was exercised on August 12, 2022 upon completion of the sale of the TGS Longmont location as required under the Merger Agreement, with the correspondent measurement period adjustments applied subsequently to the period of acquisition against goodwill from the acquisition.

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 Healing Center San Diego (THCSD)

On January 6, 2021, the Company acquired a 100% ownership interest in The Healing Center of San Diego, Inc. (“THCSD”).

THCSD was formed in 2016 for the purpose of selling recreational and related cannabis products in San Diego, California, where it owns and operates a dispensary. The Company executed the THCSD Transaction in order to continue to grow revenues; expand its dispensaries; and penetrate the San Diego market.

Project Cannabis

On December 1, 2020, the Company acquired (the “Project Cannabis Transaction”) a 100% ownership interest in Resource Referral Services Inc., PHC Facilities Inc. and Wellness Earth Energy Dispensary, Inc., and acquired a 49.9% ownership interest in Access Bryant SPC (collectively, “Project Cannabis”).

Project Cannabis was formed in August 2014 for the purpose of selling medicinal and recreational cannabis products in the state of California, on both a wholesale and retail basis. Project Cannabis owns and operates vertically integrated cultivation facilities, manufacturing facilities and retail dispensaries in the state of California. The Company executed the Project Cannabis Transaction in order to continue to grow revenues; expand its cultivation facilities, manufacturing facilities and dispensaries; and penetrate the California market.

Corsa Verde

On May 4, 2021, the Company acquired Corsa Verde, LLC (“Corsa Verde”). Corsa Verde is an Ohio-based limited liability company formed in October 2017 that operates a medical marijuana processing facility.

f) CannAscend

On October 25, 2018, the Company, CannAscend Alternative, LLC (“CAA), and CannAscend Alternative Logan, LLC (“CAA Logan”) entered into a Membership Interest Purchase Option Agreement. CAA and CAA Logan are both Ohio-based limited liability companies formed in November 2017 that operate four dispensaries. The Company closed the acquisition on July 1, 2021.

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 189,917	$ 189,917
Less: Accumulated impairment on goodwill	(170,643)	(170,643)
Total goodwill, net	19,274	19,274
Total intangible assets	219,791	219,791
Less: Accumulated amortization	(79,330)	(74,526)
Total intangible assets, net	140,461	145,265
State Licenses
Finite Lived Intangible Assets [Line Items]
Total intangible assets	156,911	156,911
Trademarks
Finite Lived Intangible Assets [Line Items]
Total intangible assets	45,936	45,936
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Total intangible assets	$ 16,944	$ 16,944

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2023

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, 2023
Derivative liability	$	—	$	—	$	(265	)	$	(265	)
	$	—	$	—	$	(265	)	$	(265	)

December 31, 2022
Derivative liability	$	—	$	—	$	(235	)	$	(235	)
	$	—	$	—	$	(235	)	$	(235	)

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

The carrying amounts of cash and restricted cash, accounts receivable, 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, 2023 and December 31, 2022 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 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, 2023 and December 31, 2022. These estimates require management's judgement and may not be indicative of the future fair values of the assets and liabilities.

Financial Instruments and Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	$ (265)	$ (235)
Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	(265)	(235)
Financial liabilities fair value disclosure	(265)	(235)
Level 3 [Member] \| Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	(265)	(235)
Financial liabilities fair value disclosure	$ (265)	$ (235)

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2023

Prepaid Expense And Other Assets Current [Abstract]

Prepaid Expenses and Other Current Assets

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, 2023		December 31, 2022
Prepaid expenses	$	5,683		7,151
Short term deposits		2,447		1,814
Other current assets		15,665		12,286
Excise and sales tax receivable		544		691
Prepaid expenses and other current assets	$	24,339	$	21,942

Subsequent Event - Additional Information (Details) - shares	May 14, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Warrants outstanding to purchase		9,759,516	11,482,766	11,482,766	11,662,766
Subsequent Event \| Equity-classified warrants
Subsequent Event [Line Items]
Warrants outstanding to purchase	3,715,788

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
Accrued acquisition and settlement of pre-existing relationships	$	50	$	100
Taxes - property and other		9,682		9,306
Other accrued expenses		26,698		29,021
Payroll liabilities		11,537		14,516
Other current liabilities		10,097		10,011
Construction in progress		66		1,620
Accrued expenses and other current liabilities	$	58,130	$	64,574

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

Significant Accounting Judgments, Estimates and Assumptions

Revenue

The Company’s revenues are disaggregated as follows:


	Three months ended
	March 31, 2023		March 31, 2022
Dispensary	$	109,156	$	105,816
Cultivation and wholesale		15,362		17,123
Other		17		148
	$	124,535	$	123,087

Income taxes

Modification of debt

Business Combinations

Other Non-Current Assets (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
Long term deposits	$	7,960	$	8,090
Indemnification receivable		2,774		2,774
Investment in affiliates		775		775
Restricted cash		1,335		1,335
Notes receivable		2,631		2,148
Other non-current assets	$	15,475	$	15,122

Selling, General and Administrative Expenses - Summary of Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Selling General And Administrative Expense [Abstract]
Salaries and benefits	$ 28,566	$ 30,371
Professional fees	2,853	6,809
Depreciation and amortization	8,589	15,710
Operating facilities costs	10,284	10,037
Operating office and general expenses	2,213	2,777
Advertising and promotion	1,939	4,257
Other fees and expenses	906	1,331
Total selling, general and administrative expenses	$ 55,350	$ 71,292

Goodwill And Intangible Assets

3 Months Ended

Mar. 31, 2023

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, 2023			December 31, 2022
Goodwill	$	189,917		$	189,917
Less: Accumulated impairment on goodwill		(170,643	)		(170,643	)
Total goodwill, net		19,274			19,274

Licenses		156,911			156,911
Trademarks		45,936			45,936
Customer Relationships		16,944			16,944
Total intangible assets		219,791			219,791
Less: Accumulated amortization		(79,330	)		(74,526	)
Total intangible assets, net	$	140,461		$	145,265

The amortization expense for the three months ended March 31, 2023 and 2022 are as follows:


	Three months ended
	March 31, 2023		March 31, 2022
Amortization expenses		4,803		12,204

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

INVENTORY

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


	March 31, 2023		December 31, 2022
Accessories and supplies	$	1,629	$	1,506
Work-in-process - cannabis in cures and final vault		90,538		92,963
Finished goods - dried cannabis, concentrate and edible products		40,457		33,436
Total inventory	$	132,624	$	127,905

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 was a $601 write-down during the three months ended March 31, 2023. There were no material write-downs during the three months ended March 31, 2022.

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued acquisition and settlement of pre-existing relationships	$ 50	$ 100
Taxes - property and other	9,682	9,306
Other accrued expenses	26,698	29,021
Payroll liabilities	11,537	14,516
Other current liabilities	10,097	10,011
Construction in progress	66	1,620
Accrued expenses and other current liabilities	$ 58,130	$ 64,574

Current and Long-Term Debt - Additional Information (Details)										1 Months Ended					3 Months Ended		18 Months Ended	24 Months Ended
	Jun. 19, 2022	Feb. 03, 2022 USD ($)	Jun. 29, 2021 USD ($) $ / shares	Nov. 30, 2020 USD ($) Warrants Notes shares	Nov. 27, 2020 shares	Nov. 10, 2020 shares	Oct. 29, 2020 USD ($) Notes $ / shares shares	Jul. 02, 2020 USD ($) Notes $ / shares shares	May 14, 2020 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Jun. 29, 2021 USD ($) $ / shares	Apr. 30, 2021 USD ($) shares	Jun. 19, 2020 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Jul. 31, 2020 USD ($)	Apr. 23, 2020 USD ($)	Mar. 31, 2020 USD ($)
Debt Disclosure [Line Items]
Debt Instrument Stated Interest rate															13.00%
Common stock, shares issued \| shares															393,409,586				391,238,484
Purchase warrants exercise price \| $ / shares											$ 7.15				$ 7.95	$ 7.22	$ 7.22		$ 7.22
Financing costs															$ 3,373,000
Equity Reserve															$ 6,298
Frequency of interest accrual															semi-annually		semi-annually	semi-annually
Weighted average interest rate on indebtedness															8.79%
Derivative liability															$ 265,000				$ 235,000
Debt discount															11,112,000				$ 12,483,000
Debt amortization															$ 2,291,000	$ 1,936,000
Term Debt
Debt Disclosure [Line Items]
Aggregate principal amount									$ 1,000,000													$ 1,000,000	$ 14,250,000
Debt Instrument Stated Interest rate									13.00%							9.90%	9.90%	9.90%
Common stock, shares issued \| shares								75	120							1,723,250	1,723,250	1,723,250
Purchase warrants exercise price \| $ / shares								$ 4.53	$ 2.95							$ 3.10	$ 3.10	$ 3.10
Aggregate gross proceeds								$ 4,000,000	$ 19,115,000
Additional Term Debt
Debt Disclosure [Line Items]
Issuance of warrants									$ 130,388
Purchase warrants exercise price \| $ / shares									$ 2.95
2025 Convertible Notes
Debt Disclosure [Line Items]
Aggregate principal amount			$ 74,500,000									$ 74,500,000
Debt Instrument Stated Interest rate			6.00%									6.00%
Financing costs												$ 3,190,000
Conversion price \| $ / shares			$ 6.49									$ 6.49
Frequency of interest accrual			semi-annually
Embedded derivative liability measured at fair value			$ 15,099									$ 15,099
Percentage price of principal amount redeemed															120.00%
Percentage of principal amount redeemed															100.00%
2023 Convertible Notes
Debt Disclosure [Line Items]
Aggregate principal amount														$ 12,800,000							$ 5,960,000
Debt Instrument Stated Interest rate														5.00%
Financing costs in connection with issuance of the Convertible Notes														$ 175,000
Conversion price \| $ / shares														$ 3.79
Frequency of interest accrual	semi-annually
Derivative liability															$ 5,364,000
Convertible Notes
Debt Disclosure [Line Items]
Conversion of Stock, Description												The Company may redeem the 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 the NEO Exchange 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 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.
Conversion Of Convertible Notes
Debt Disclosure [Line Items]
Conversion of Stock, Description													the Company would issue to each noteholder that surrendered its Convertible Notes for conversion on or before May 28, 2021, 20 Common Shares of the Company on a private placement basis for each one-thousand US dollars aggregate principal amount of Convertible Notes surrendered for conversion
Loss on conversion													$ 1,580,000
Debt discount													2,855,000
Debt amortization													93,000
Paid in capital													23,919,000
Debt convertable																				$ 5,600,000
Derivative Liability Write Down													$ 12,127,000
Common shares \| shares													20
Shares issued on conversion \| shares													4,550,139
Shares issued on convertible notes													$ 13,160,000
Mortgages \| New York
Debt Disclosure [Line Items]
Aggregate principal amount											$ 20,000,000
Financing costs											$ 655,000
Frequency of interest accrual											59 monthly
Maturity date											Jan. 01, 2027
Debt instrument final balloon payment															18,047,000
Mortgages \| New York \| Prime Rate
Debt Disclosure [Line Items]
Interest rate											2.25%
Mortgages \| New Jersey
Debt Disclosure [Line Items]
Aggregate principal amount										$ 16,500,000
Financing costs										$ 209,000
Frequency of interest accrual										59 monthly
Maturity date										Jul. 15, 2027
Debt instrument final balloon payment															$ 15,705,000
Mortgages \| New Jersey \| Prime Rate
Debt Disclosure [Line Items]
Interest rate										2.25%
Bought Deal Private Placement
Debt Disclosure [Line Items]
Common stock, shares issued \| shares							60
Purchase warrants exercise price \| $ / shares							$ 5.84
Senior secured first-lien note \| shares				200	3,000	8,400	20,000	4,000	19,115
Aggregate gross proceeds							$ 32,054,000
Capital Leased Assets, Number of Units				125				1,000
Bought Deal Private Placement \| 2026 Notes
Debt Disclosure [Line Items]
Aggregate principal amount		$ 185,000,000
Debt Instrument 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
Bought Deal Private Placement \| Term Debt
Debt Disclosure [Line Items]
Debt Instrument Stated Interest rate		13.00%
Aggregate gross proceeds				$ 200,000
Capital Leased Assets, Number of Units \| Notes				1,000			1,000
Debt exchange		$ 31,750,000
Bought Deal Private Placement \| Term Debt \| Debt Modification
Debt Disclosure [Line Items]
Unamortized debt discount and issuance costs		2,153,000
Creditor fees		7,189
Legal fees		$ 301,000

Loss Per Share

3 Months Ended

Mar. 31, 2023

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, 2023			March 31, 2022
Numerator:
Net loss	$	(36,572	)	$	(27,906	)
Less: Net loss attributable to non-controlling interests		768			(1,270	)
Net loss attributable to shareholders	$	(37,340	)	$	(26,636	)

Denominator:
Weighted average shares outstanding - basic and diluted		401,438,546			376,397,260
Loss per share - basic and diluted	$	(0.09	)	$	(0.07	)

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.

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
Derivative liability	$	—	$	—	$	(265	)	$	(265	)
	$	—	$	—	$	(265	)	$	(265	)

December 31, 2022
Derivative liability	$	—	$	—	$	(235	)	$	(235	)
	$	—	$	—	$	(235	)	$	(235	)

Divestiture - Additional Information (Details) $ in Millions	Mar. 13, 2023 USD ($)
Definitive Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds of Divested Business	$ 7

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	. SUBSEQUENT EVENT As disclosed in Note 11, Warrants, outstanding equity-classified warrants to purchase 3,715,788 Common Shares expired as of May 14, 2023.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Abstract]
Revenue discount	$ 33,225	$ 20,520