0000950170-23-063616 | 10-Q | XBRL Viewer | Cannabist Co Holdings INC

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Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued acquisition and settlement of pre-existing relationships	$ 0	$ 100
Taxes - property and other	10,125	9,306
Other accrued expenses	24,902	29,021
Payroll liabilities	14,421	14,516
Other current liabilities	6,498	10,011
Construction in progress	0	1,620
Accrued expenses and other current liabilities	$ 55,946	$ 64,574

Goodwill And Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

15.

GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consist of the following:


	September 30, 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		154,948			156,911
Trademarks		45,936			45,936
Customer Relationships		15,263			16,944
Total intangible assets		216,147			219,791
Less: Accumulated amortization		(88,557	)		(74,526	)
Total intangible assets, net	$	127,590		$	145,265

The amortization expense for the three and nine months ended September 30, 2023 and 2022 are as follows:

Three months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Amortization expenses

4,577

10,936

14,031

33,594

Property and Equipment - Additional Information (Details) - Downtown Los Angeles $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Non-core asset sales , description	Following the announcement of the first stage of non-core/underperforming asset sales in Missouri, during the quarter ended September 30, 2023 the Company closed on the sale of its Downtown Los Angeles facility, consisting of a single dispensary and a cultivation facility
Gross proceeds	$ 9
Proceeds after tax and repayment of outstanding mortgage	$ 3

Warrants - Schedule of Warrant Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 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	(5,439,038)
Number of Warrants, Ending Balance	6,043,728	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	4.01
Weighted Average Exercise Price, Ending Balance	$ 10.11	$ 7.22

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 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:


	September 30, 2023		December 31, 2022
Prepaid expenses	$	8,687		7,151
Short term deposits		2,615		1,814
Other current assets		15,708		12,286
Excise and sales tax receivable		310		691
Prepaid expenses and other current assets	$	27,320	$	21,942

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2023
Derivative liability	$	—	$	—	$	(290	)	$	(290	)
	$	—	$	—	$	(290	)	$	(290	)

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

Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions, $ in Millions			9 Months Ended
	Sep. 18, 2023 CAD ($) $ / shares shares	Sep. 18, 2023 USD ($) shares	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate gross proceeds \| $		$ 25
Common stock, shares issued			418,915,272	391,238,484
Exercise price \| $ / shares			$ 10.11	$ 7.22	$ 7.22	$ 7.15
September 2023 Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate gross proceeds	$ 33.8	$ 25
Sale of stock, description of transaction			Each September 2023 Unit consists of one Common Share (or Common Share equivalent) and one half of one warrant that entitles the holder to acquire one Common Share at a price of C$1.96 per Common Share, a 29% premium to issue, for a period of three years following the closing of the Initial Tranche (each full warrant, a “September 2023 Warrant”).
Sale of stock, transaction date			Sep. 18, 2023
Common per share \| $ / shares	$ 1.96
Sale of stock, closing date			Sep. 21, 2023
Premium issued	29.00%	29.00%
Common stock, shares issued	21,887,240		21,887,240
Sale of stock	22,244,210	22,244,210
Sale of stock per share \| $ / shares	$ 1.52
Purchase Option \| $		$ 25
September 2023 Offering \| September 2023 Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants issued	11,122,105	11,122,105
September 2023 Offering \| Pre-Funded Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price \| $ / shares	$ 0.0001
Warrants issued	356,970	356,970
RSU's
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares issued upon vesting			5,735,390

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 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	216,147	219,791
Less: Accumulated amortization	(88,557)	(74,526)
Total intangible assets, net	127,590	145,265
State Licenses
Finite Lived Intangible Assets [Line Items]
Total intangible assets	154,948	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	$ 15,263	$ 16,944

Property and Equipment

9 Months Ended

Sep. 30, 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:


	September 30, 2023			December 31, 2022
Land and buildings	$	115,276		$	128,389
Furniture and fixtures		11,131			8,773
Equipment		43,248			38,467
Computers and software		4,107			3,537
Leasehold improvements		208,654			193,454
Construction in process		52,963			56,398
Total property and equipment, gross		435,379			429,018
Less: Accumulated depreciation		(108,654	)		(71,025	)
Total property and equipment, net	$	326,725		$	357,993


	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Total depreciation expense for year ended	$	10,612	$	8,583	$	26,109	$	23,715
Included in:
Costs of sales related to inventory production	$	6,154	$	4,865		15,379		13,353
Selling, general and administrative expenses	$	4,458	$	3,718		10,730		10,362

Non-core Asset Sales

Following the announcement of the first stage of non-core/underperforming asset sales in Missouri, during the quarter ended September 30, 2023 the Company closed on the sale of its Downtown Los Angeles facility, consisting of a single dispensary and a cultivation facility. Gross proceeds were approximately $9 million, with net proceeds approximately $3 million after taxes and the repayment of the outstanding mortgage.

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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (36,180)	$ (29,037)	$ (36,572)	$ (38,303)	$ (54,255)	$ (27,906)	$ (101,789)	$ (120,464)
Net loss attributable to non-controlling interests	545			(2,872)			1,139	(4,569)
Net loss attributable to shareholders	$ (36,725)			$ (35,431)			$ (102,928)	$ (115,895)
Denominator:
Weighted average shares outstanding - basic	409,113,721			399,227,935			405,472,948	389,966,408
Loss per share - basic	$ (0.09)			$ (0.09)			$ (0.25)	$ (0.3)
Weighted average shares outstanding - diluted	409,113,721			399,227,935			405,472,948	389,966,408
Loss per share - diluted	$ (0.09)			$ (0.09)			$ (0.25)	$ (0.3)

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

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- 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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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

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

10.

SHAREHOLDERS’ EQUITY

The Company had the following activity during the nine months ended September 30, 2023:

•

Issued 5,735,390 Common Shares upon vesting of Restricted Stock Units (RSUs) during the nine months ended September 30, 2023.

•

Issued 21,887,240 Common Shares in connection with the September 2023 Offering (as defined below).

September 2023 Offering

On September 18, 2023, the Company entered into subscription agreements with institutional investors (the “September 2023 Investors”) for the purchase and sale of 22,244,210 units of the Company (the “September 2023 Units”) at a price of C$1.52 per September 2023 Unit (the “Issue Price”) pursuant to a private placement (the “September 2023 Offering”), for aggregate gross proceeds of approximately C$33.8 million or approximately $25 million (the “Initial Tranche”). Each September 2023 Unit consists of one Common Share (or Common Share equivalent) and one half of one warrant that entitles the holder to acquire one Common Share at a price of C$1.96 per Common Share, a 29% premium to issue, for a period of three years following the closing of the Initial Tranche (each full warrant, a “September 2023 Warrant”). The Initial Tranche consisted of an aggregate of 21,887,240 Common Shares, 11,122,105 September 2023 Warrants and 356,970 pre-funded warrants that provide the holder the right to purchase one Common Share at an exercise price of C$0.0001 per Common Share (the “September 2023 Pre-Funded Warrants”). The September 2023 Offering closed on September 21, 2023.

The Company used the proceeds from the September 2023 Offering to reduce its outstanding indebtedness, as described further in Note 19 below.

The September 2023 Investors had the option to purchase $25 million in additional September 2023 Units at a price equal to the Issue Price, upon written notice to the Company at any time up to November 2, 2023, which was not exercised. In connection with the September 2023 Offering, the Company and the September 2023 Investors entered into a customary registration rights agreement, pursuant to which the Company filed a registration statement on Form S-1 on October 17, 2023, which became effective on October 26, 2023, to register the resale of the Common Shares underlying the September 2023 Units. The September 2023 Units are subject to limited lock-up requirements.

- Definition

The entire disclosure for equity.

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+ Details

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2023		December 31, 2022
Prepaid expenses	$	8,687		7,151
Short term deposits		2,615		1,814
Other current assets		15,708		12,286
Excise and sales tax receivable		310		691
Prepaid expenses and other current assets	$	27,320	$	21,942

Current and Long-Term Debt

9 Months Ended

Sep. 30, 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:


	September 30, 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	$	43,640			35,965
2023 Convertible Notes	$	5,600			5,600
Acquisition related real estate notes	$	—			7,000
Acquisition related promissory notes	$	1,875			3,000
Acquisition related term debt	$	—			3,214
	$	348,830			352,494
Unamortized debt discount	$	(7,733	)		(12,483	)
Unamortized deferred financing costs	$	(8,598	)		(11,016	)
Unamortized debt premium	$	—			25
Total debt, net	$	332,499			329,020
Less current portion, net*	$	(38,098	)		(47,315	)
Long-term portion	$	294,401		$	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.

The Company was in compliance with all financial covenants and was not in default of any provisions under any of its debt arrangements as of September 30, 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 $6.49 payable on the business day prior to the date of conversion, adjusted downwards for any cash dividends paid to holders of Common Shares and other customary adjustments. The Company may redeem the 2025 Convertible Notes at par, in whole or in part, on or after June 29, 2023, if the volume weighted average price of the Common Shares trading on the Canadian Stock Exchange or Cboe Canada for 15 of the 30 trading days immediately preceding the day on which the Company exercises its redemption right, exceeds 120.0% of the conversion price of the 2025 Convertible Notes at a Redemption Price equal to 100.0% of the principal amount of the 2025 Convertible Notes redeemed, plus accrued but unpaid interest, if any, up to but excluding the Redemption Date.

The 2025 Convertible Notes require interest-only payments until June 29, 2025, at a rate of 6.0% per annum, payable semi-annually in June and December and commencing in December 2021. The 2025 Convertible Notes are due in full on June 29, 2025. The Company incurred financing costs of $3,190 in connection with the 2025 Convertible Notes. The principal amount of the 2025 Convertible Notes and the conversion price are denominated in U.S. dollars. As the functional currency of the Company is Canadian dollars, the amount of the liability to be settled depends on the applicable foreign exchange rate on the date of settlement. The 2025 Convertible Notes therefore represent an obligation to issue a fixed number of shares for a variable amount of liability. Due to this conversion feature within the 2025 Convertible Notes, the Company is unable to obtain an exception from derivative accounting. Accordingly, this conversion feature was accounted for as an embedded derivative liability and measured at fair value of $15,099 on the date of issuance of debt with a corresponding debt discount, reflected as a reduction to the carrying value of the 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 (“2023 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 2023 Convertible Notes can be exchanged into Common Shares at a conversion price of C$3.79. For the purposes of determining the number of Common Shares issuable upon conversion of the 2023 Convertible Notes, the principal amount of the 2023 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 2023 Convertible Note is surrendered for conversion. The 2023 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 2023 Convertible Notes are due in full on December 19, 2023. The Company incurred financing costs of $175 in connection with issuance of the 2023 Convertible Notes. The Company determined that the 2023 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 2023 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, Cannabist Company closed a private placement (the “February 2022 Private Placement”) of $185,000 aggregate principal amount of 9.50% senior-secured first-lien notes due 2026 (the “2026 Notes”) and received aggregate gross proceeds of $153,250. The 2026 Notes are senior secured obligations of the Company and were issued at 100.0% of face value. The 2026 Notes accrue interest in arrears which is payable semi-annually and mature on February 3, 2026, unless earlier redeemed or repurchased. The Company may redeem the 2026 Notes at par, in whole or in part, on or after February 3, 2024, as more particularly described in the fourth supplemental trust indenture governing the 2026 Notes. In connection with the offering of the 2026 Notes, the Company exchanged $31,750 of the Company’s existing 13.0% senior secured first-lien notes (the “13.0% Term Debt”), pursuant to private agreements in accordance with the trust indenture, for an equivalent amount of 2026 Notes plus accrued but unpaid interest and any negotiated premium thereon.

The premium and paid interest were paid out of funds raised from the February 2022 Private Placement. The total unamortized debt and debt issuance costs of $2,153, related to the modified portion of the 13.0% Term Debt, will be amortized over the term of the

2026 Notes using the effective interest method. The Company incurred $7,189 in creditor fees in connection with the modified 13.0% Term Debt and 2026 Notes and $301 in third-party legal fees related to 2026 Notes which were capitalized and will be amortized over the term of the 2026 Notes using the effective interest rate method.

Conversion of Convertible notes

In April 2021, the Company offered an incentive program to the holders of the 2023 Convertible Notes, pursuant to which, the Company would issue to each noteholder that surrendered its 2023 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 2023 Convertible Notes surrendered for conversion. Pursuant to this incentive program, 4,550,139 shares were issued upon of conversion of $13,160 of 2023 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. Holders of $5,600 aggregate principal amount of the 2023 Convertible Notes did not convert their debt into Common Shares and as of September 30, 2023, $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 $18,133 as of September 30, 2023. In connection with this mortgage, the Company incurred financing costs of $655.

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

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

•

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

•

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

Debt Transactions

The Company entered into a non-binding agreement with the September 2023 Investors (as defined in Note 10 below) with respect to the repurchase by the Company of up to $25 million of principal amount of their holdings in the 6.0% senior secured convertible notes due June 2025 of the Company (the “2025 Convertible Notes”). The purchase price is expected to be payable in Common Shares. Completion of these transactions are subject to definitive documentation and receipt of all necessary regulatory approvals.

Partial Redemption of 13% Notes due 2024

As described further in Note 10, on October 23, 2023, the Company retired $25 million of its 13% Notes due May 2024 (the “2024 Notes”) through a proportional redemption process. This action supersedes and replaces the prior commitments received from several holders of the 2024 notes to exchange into the Company’s 9.5% senior secured notes due February 2026, on a one-for-one basis.

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 C$3.10.

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 2024 Notes and (ii) 120 Common Share purchase warrants (the “May Warrants”) with an exercise price of C$2.95 per underlying Common Share (the “May Private Placement”). Concurrent with the closing of the May Private Placement, the Private Notes were exchanged for 2024 Notes. In addition, holders of Private Notes were issued additional 130,388 May Warrants with an exercise price of C$2.95.

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 C$4.53 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 C$5.84 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, 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 could be exchanged for one Common Share. The Warrants expired on May 14, 2023.

The 2024 Notes require interest-only payments through May 14, 2024, at a rate of 13.0% per annum, payable semi-annually on May 31 and November 30, which commenced on November 30, 2020. The 2024 Notes are due in full on May 14, 2024. The Company incurred financing costs of $3,373 in connection with the issuance of these 2024 Notes. The 2024 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 2024 Notes. The debt discount will be amortized to interest expense over the term of the 2024 Notes using the effective interest method.

Total interest and amortization expense on the Company’s debt obligations during the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three months ended						Nine months ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Interest expense on debt	$	10,713		$	10,801		$	31,746		$	29,653
Amortization of debt discount		1,997			1,325			4,648			3,922
Amortization of debt premium		—			(38	)		—			(125	)
Amortization of debt issuance costs		884			917			2,718			2,481
Other interest income, net		(123	)		(31	)		(342	)		(229	)
Total interest expense, net	$	13,471		$	12,974		$	38,770		$	35,702

The weighted average interest rate on the Company’s indebtedness was 9.2%.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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

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

+ Details

Financial Instruments and Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	$ (290)	$ (235)
Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	(290)	(235)
Financial liabilities fair value disclosure	(290)	(235)
Level 3 [Member] \| Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability	(290)	(235)
Financial liabilities fair value disclosure	$ (290)	$ (235)

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (101,789)	$ (120,464)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization	47,607	63,077
Equity-based compensation	18,304	20,649
Debt amortization expense	7,366	6,278
Earnout adjustment	0	349
Loss on disposal group	10,750	0
Provision for obsolete inventory and other assets	8,126	5,040
(Gain) / loss on remeasurement of contingent consideration	0	(37,362)
Change in fair value of the derivative liability	55	(5,940)
Loss on deconsolidation of subsidiary	2,473	0
Deferred taxes	(6,475)	(4,749)
Other	646	682
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(15,718)	5,526
Inventory	652	(40,346)
Prepaid expenses and other current assets	(4,933)	7,623
Other assets	12,270	977
Accounts payable	20,092	(8,821)
Payroll liabilities	(86)	0
Accrued expenses and other current liabilities	(7,264)	12,899
Income taxes payable	11,306	(20,636)
Other long-term liabilities	(5,291)	(1,335)
Net cash used in operating activities	(1,909)	(116,553)
Cash flows from investing activities:
Purchases of property and equipment	(8,260)	(69,362)
Cash paid for acquisitions, net of cash acquired	0	19
Proceeds from sale of plant, property and equipment	3,189	358
Proceeds from deconsolidation of Missouri entity	3,040	0
Proceeds for stock issuance	23,872	0
Cash received (paid) on deposits, net	97	(2,973)
Net cash provided by (used in) investing activities	21,938	(71,958)
Cash flows from financing activities:
Proceeds from issuance of debt and warrants	0	153,250
Payment of debt issuance costs	(220)	(7,699)
Payment of lease liabilities	(6,153)	(2,965)
Repayment of sellers note	(1,125)	(1,500)
Repayment of debt	(5,592)	(457)
Issuance of Mortgage	8,050	16,500
Distributions to non-controlling interest holders	(431)	0
Exercise of warrants	0	425
Taxes paid on equity based compensation	(456)	(218)
Net cash provided by (used in) financing activities	(5,927)	157,336
Net increase (decrease) in cash	14,102	(31,175)
Cash and restricted cash at beginning of the period	49,488	82,533
Cash and restricted cash at end of the period	63,590	51,358
Reconciliation of cash and cash equivalents and restricted cash:
Cash	60,273	50,023
Restricted cash	3,317	1,335
Cash and restricted cash, end of period	63,590	51,358
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	19,833	18,862
Operating cash flows from finance leases	3,184	4,355
Financing cash flows from finance leases	5,084	4,305
Cash paid for interest on other obligations	31,274	24,545
Cash paid for income taxes	14,979	51,435
Lease liabilities arising from the recognition of finance right-of-use assets	1,016	20,046
Lease liabilities arising from the recognition of operating right-of-use assets	8,210	1,891
Supplemental disclosure of non-cash investing and financing activities:
Non-cash fixed asset additions within accounts payable and accrued expenses	31	2,513
Non-cash equity issuance costs within accrued expenses and accounts payable	$ 147	$ 7,609

Other (Income) Expense, Net

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

17.

OTHER (INCOME) EXPENSE, NET

Other expense, net is summarized in the table below:


	Three months ended						Nine months ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Change in fair value of the derivative liability	$	25			(243	)	$	55		$	(5,940	)
Acquisition and settlement of pre-existing relationships		—			(37,362	)		—			(37,362	)
Loss on deconsolidation		—			—			2,473			—
Earnout adjustment		—			(127	)		—			349
Restructuring expense		568			—			3,812			—
Other (income) expense, net		17			37,369			(93	)		44,775
Loss on disposal of group		40			—			9,089			—
Rental income		(597	)		(958	)		(2,344	)		(2,613	)
Total other (income) expense, net	$	53		$	(1,321	)	$	12,992		$	(791	)

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 of 2022, Round 3, began in early November 2022 and involved headcount and canopy reduction.

During the nine months ended September 30, 2023 the Company recorded $3,812 in restructuring expense. As of September 30, 2023 the balance outstanding on the Company’s restructuring reserve was $2,412.

Current and Long-Term Debt - Schedule of Current and Long-Term Obligations, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 348,830	$ 352,494
Unamortized debt discount	(7,733)	(12,483)
Unamortized deferred financing costs	(8,598)	(11,016)
Unamortized debt premium	0	25
Total debt, net	332,499	329,020
Less current portion, net	(38,098)	(47,315)
Long-term portion	294,401	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	43,640	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	0	7,000
Acquisition Related Promissory Notes
Debt Instrument [Line Items]
Long-term debt, gross	1,875	3,000
Acquisition Related Term Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 3,214

Operations of the Company

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations of the Company

OPERATIONS OF THE COMPANY

The Cannabist Company Holdings Inc. (“the Company”, “the Parent”, or "Cannabist Company"), formerly known as Columbia Care Inc., was incorporated under the laws of the Province of Ontario on August 13, 2018. The Company's principal mission is to improve lives by providing cannabis-based health and wellness solutions and derivative products to qualified patients and consumers. The Company’s head office and principal address is 680 Fifth Ave. 24th Floor, New York, New York 10019. The Company’s registered and records office address is 666 Burrard St #1700, Vancouver, British Columbia V6C 2X8.

On April 26, 2019, the Company completed a reverse takeover (“RTO”) transaction and private placement. Following the RTO, the Company’s Common Shares were listed on Cboe Canada (formerly known as the NEO Exchange), trading under the symbol “CCHW”. Effective September 19, 2023, the Company changed its name from “Columbia Care Inc.” to “The Cannabist Company Holdings Inc.” (the “Name Change”). In connection with the Name Change, on September 21, 2023, the Company’s Common Shares and warrants began trading under the ticker symbols “CBST” and “CBST.WT”, respectively, on Cboe Canada. On September 26, 2023, the Company’s Common Shares began trading on the OTCQX Best Market under the ticker symbol “CBSTF”. The Company’s Common Shares are also listed on the Frankfurt Stock Exchange under the symbol “3LP”.

Recent Developments

Mutual Termination of Arrangement Agreement with Cresco Labs:

As previously disclosed, on March 23, 2022, Cannabist Company entered into a definitive arrangement agreement, as amended on February 27, 2023 (the “Arrangement Agreement) with Cresco Labs LLC (“Cresco Labs”), pursuant to which, Cresco Labs agreed, subject to the terms and conditions thereof, to acquire all of the issued and outstanding common shares and proportionate voting shares of Cannabist Company, pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).

As previously disclosed, Cannabist Company and Cresco Labs were not able to complete the divestitures necessary to secure all necessary regulatory approvals to close the Arrangement by the outside date (June 30, 2023) specified in the Arrangement Agreement.

On July 31, 2023, Cannabist Company and Cresco Labs entered into a termination agreement (the “Termination Agreement”), pursuant to which Cannabist Company and Cresco Labs agreed to terminate the Arrangement Agreement. The Termination Agreement provides for the release by each party of certain claims arising from or relating to the Arrangement, the Arrangement Agreement, the transactions contemplated therein or the circumstances relating thereto. There are no penalties or fees related to the mutual agreement to terminate the Arrangement.

Voluntary Delisting of Common Shares from Canadian Securities Exchange:

The Company voluntarily delisted its Common Shares from the facilities of the Canadian Securities Exchange, effective as of market close on August 2, 2023. Cannabist Company's common shares will continue trading on the Cboe Canada, the new business name of the NEO Exchange. Cboe Canada will remain the Company’s primary securities exchange, as it has been since the Company’s initial public listing.

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 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						Nine months ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Numerator:
Net loss	$	(36,180	)	$	(38,303	)	$	(101,789	)	$	(120,464	)
Less: Net loss attributable to non-controlling interests		545			(2,872	)		1,139			(4,569	)
Net loss attributable to shareholders	$	(36,725	)	$	(35,431	)	$	(102,928	)	$	(115,895	)

Denominator:
Weighted average shares outstanding - basic and diluted		409,113,721			399,227,935			405,472,948			389,966,408
Loss per share - basic and diluted	$	(0.09	)	$	(0.09	)	$	(0.25	)	$	(0.30	)

Other (Income) Expense, Net (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Summary of Other Expense, Net

Other expense, net is summarized in the table below:


	Three months ended						Nine months ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Change in fair value of the derivative liability	$	25			(243	)	$	55		$	(5,940	)
Acquisition and settlement of pre-existing relationships		—			(37,362	)		—			(37,362	)
Loss on deconsolidation		—			—			2,473			—
Earnout adjustment		—			(127	)		—			349
Restructuring expense		568			—			3,812			—
Other (income) expense, net		17			37,369			(93	)		44,775
Loss on disposal of group		40			—			9,089			—
Rental income		(597	)		(958	)		(2,344	)		(2,613	)
Total other (income) expense, net	$	53		$	(1,321	)	$	12,992		$	(791	)

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 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:


	September 30, 2023		December 31, 2022
Accrued acquisition and settlement of pre-existing relationships	$	—	$	100
Taxes - property and other		10,125		9,306
Other accrued expenses		24,902		29,021
Payroll liabilities		14,421		14,516
Other current liabilities		6,498		10,011
Construction in progress		—		1,620
Accrued expenses and other current liabilities	$	55,946	$	64,574

As of September 30, 2023, other accrued expenses include approximately $14,529 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.

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 8,687	$ 7,151
Short term deposits	2,615	1,814
Other current assets	15,708	12,286
Excise and sales tax receivable	310	691
Prepaid expenses and other current assets	$ 27,320	$ 21,942

Inventory - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventory write down	$ 7,489	$ 4,760	$ 8,126	$ 7,160

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 568	$ 0	$ 3,812	$ 0

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Revenues Disaggregated

The Company’s revenues are disaggregated as follows:


	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Dispensary	$	113,487	$	111,960	$	336,681	$	328,070
Cultivation and wholesale		15,694		20,754		46,246		57,223
Other		2		19		35		98
	$	129,183	$	132,733		382,962	$	385,391

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

Total

Common Shares

Proportionate Voting Shares

Additional Paid-in Capital

Accumulated Deficit

Total The Cannabist Company Holdings 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, 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

Net loss

(120,464)

Ending Balance at Sep. 30, 2022

500,877

1,110,244

(603,893)

506,351

(5,474)

Ending Balance, Shares at Sep. 30, 2022

387,673,510

12,013,889

Beginning Balance at Mar. 31, 2022

529,700

1,046,509

(494,971)

551,538

(21,838)

Beginning Balance, Shares at Mar. 31, 2022

361,840,756

14,729,636

Equity-based compensation

^[1]

49,346

Equity-based compensation, Shares

^[1]

21,034,418

Issuance of shares in connection with acquisitions

3,178

Issuance of shares in connection with acquisitions, Shares

1,099,549

Conversion between classes of shares, Shares

2,431,508

(2,431,508)

Non-controlling interest buyouts

(19,663)

19,663

Net loss

(54,255)

(53,828)

(427)

Ending Balance at Jun. 30, 2022

527,969

1,099,033

(568,462)

530,571

(2,602)

Ending Balance, Shares at Jun. 30, 2022

386,406,231

12,298,128

Equity-based compensation

^[1]

6,780

Issuance of shares in connection with acquisitions

4,431

Issuance of shares in connection with acquisitions, Shares

983,040

Conversion between classes of shares, Shares

284,239

(284,239)

Net loss

(38,303)

(35,431)

(2,872)

Ending Balance at Sep. 30, 2022

500,877

1,110,244

(603,893)

506,351

(5,474)

Ending Balance, Shares at Sep. 30, 2022

387,673,510

12,013,889

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

^[2]

6,611

Equity-based compensation, Shares

^[2]

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

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

Net loss

(101,789)

Ending Balance at Sep. 30, 2023

150,786

1,159,007

(1,006,931)

152,076

(1,290)

Ending Balance, Shares at Sep. 30, 2023

418,915,272

9,955,661

Beginning Balance at Mar. 31, 2023

181,325

1,123,898

(941,343)

182,555

(1,230)

Beginning Balance, Shares at Mar. 31, 2023

393,409,586

9,955,661

Equity-based compensation

^[2]

2,939

Equity-based compensation, Shares

^[2]

3,413,933

Distributions to non-controlling interest holders

(431)

Net loss

(29,037)

(28,863)

(174)

Ending Balance at Jun. 30, 2023

154,796

1,126,837

(970,206)

156,631

(1,835)

Ending Balance, Shares at Jun. 30, 2023

396,823,519

9,955,661

Equity-based compensation

^[2]

8,298

Equity-based compensation, Shares

^[2]

204,513

Issuance of shares

23,872

Issuance of shares, Shares

21,887,240

Net loss

(36,180)

(36,725)

545

Ending Balance at Sep. 30, 2023

$ 150,786

$ 1,159,007

$ (1,006,931)

$ 152,076

$ (1,290)

Ending Balance, Shares at Sep. 30, 2023

418,915,272

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

Current and Long-Term Debt - Total Interest and Amortization Expense on Debt Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Interest expense on debt	$ 10,713	$ 10,801	$ 31,746	$ 29,653
Amortization of debt discount	1,997	1,325	4,648	3,922
Amortization of debt premium	0	(38)	0	(125)
Amortization of debt issuance costs	884	917	2,718	2,481
Other interest income, net	(123)	(31)	(342)	(229)
Total interest expense, net	$ 13,471	$ 12,974	$ 38,770	$ 35,702

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 60,273	$ 48,154
Accounts receivable, net of allowances of $3,293 and $3,142, respectively	24,990	10,087
Inventory	118,146	127,905
Prepaid expenses and other current assets	27,320	21,942
Assets held for sale	100	29,089
Total current assets	230,829	237,177
Property and equipment, net	326,725	357,993
Right of use assets - operating leases, net	183,570	174,472
Right of use assets - finance leases, net	38,781	45,423
Deferred taxes	3,467	0
Goodwill	19,274	19,274
Intangible assets, net	127,590	145,265
Other non-current assets	18,158	15,122
Total assets	948,394	994,726
Current liabilities:
Accounts payable	41,492	23,775
Accrued expenses and other current liabilities	55,946	64,574
Income tax payable	44,739	33,961
Current portion of lease liability - operating leases	9,839	6,762
Current portion of lease liability - finance leases	7,154	6,552
Current portion of long-term debt, net	38,098	47,315
Liabilities held for sale	0	20,179
Total current liabilities	197,268	203,118
Long-term debt, net	294,401	281,705
Deferred taxes	0	2,903
Long-term lease liability - operating leases	183,083	174,312
Long-term lease liability - finance leases	45,743	50,586
Derivative liability	290	235
Other long-term liabilities	76,823	74,964
Total liabilities	797,608	787,823
Stockholders' Equity:
Common Stock, no par value, unlimited shares authorized as of September 30, 2023 and December 31, 2022, respectively, 418,915,272 and 391,238,484 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0	0
Preferred Stock, no par value, unlimited shares authorized as of September 30, 2023 and December 31, 2022, respectively, none issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Proportionate voting shares, no par value, unlimited shares authorized as of September 30, 2023 and December 31, 2022, respectively; 9,955,661 and 10,009,819 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0	0
Additional paid-in-capital	1,159,007	1,117,287
Accumulated deficit	(1,006,931)	(904,003)
Equity attributable to The Cannabist Company Holdings Inc.	152,076	213,284
Non-controlling interest	(1,290)	(6,381)
Total equity	150,786	206,903
Total liabilities and equity	$ 948,394	$ 994,726

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2023		December 31, 2022
Accrued acquisition and settlement of pre-existing relationships	$	—	$	100
Taxes - property and other		10,125		9,306
Other accrued expenses		24,902		29,021
Payroll liabilities		14,421		14,516
Other current liabilities		6,498		10,011
Construction in progress		—		1,620
Accrued expenses and other current liabilities	$	55,946	$	64,574

Other Non-Current Assets - Schedule of Other Non-Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Assets, Noncurrent [Abstract]
Long term deposits	$ 8,694	$ 8,090
Indemnification receivable	2,774	2,774
Investment in affiliates	774	775
Restricted cash	3,317	1,335
Notes receivable	2,599	2,148
Other non-current assets	$ 18,158	$ 15,122

Warrants - Summary of Outstanding Equity-Classified Warrants to Purchase Common Stock (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase	6,043,728	11,482,766	11,482,766	11,662,766
Exercise price	$ 10.11	$ 7.22	$ 7.22	$ 7.15
Equity-Classified Warrants
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase	6,043,728	11,482,766
Exercise price	$ 10.11	$ 7.22
Equity-Classified Warrants \| Expiring on May 8, 2021
Class Of Warrant Or Right [Line Items]
Exercise price	$ 5.71	$ 5.71
Equity-Classified Warrants \| Expiring on October 1, 2025
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase	648,783	648,783
Exercise price	$ 8.12	$ 8.12
Equity-Classified Warrants \| Expiring on April 26, 2024
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase	5,394,945	5,394,945
Exercise price	$ 10.35	$ 10.35
Equity-Classified Warrants \| Expiring on March 31, 2023
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase	0	1,723,250
Exercise price	$ 3.1	$ 3.1
Equity-Classified Warrants \| Expiring on May 14, 2023
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase	0	1,818,788
Exercise price	$ 2.95	$ 2.95
Equity-Classified Warrants \| Expiring on May 14, 2023
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase	0	0
Exercise price	$ 4.53	$ 4.53
Equity-Classified Warrants \| Expiring on May 14, 2023
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase	0	1,897,000
Exercise price	$ 5.84	$ 5.84

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expenses	$ 4,577	$ 10,936	$ 14,031	$ 33,594

Current and Long-Term Debt - Additional Information (Details)												1 Months Ended				9 Months Ended		18 Months Ended	24 Months Ended
	Oct. 23, 2023 USD ($)	Aug. 10, 2023 USD ($)	Jun. 19, 2022 USD ($)	Feb. 03, 2022 USD ($)	Jun. 29, 2021 USD ($) $ / shares	Nov. 30, 2020 USD ($) Warrants Notes shares	Nov. 27, 2020 shares	Nov. 10, 2020 shares	Oct. 29, 2020 USD ($) shares	Jul. 02, 2020 USD ($) shares	May 14, 2020 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 29, 2021 USD ($) $ / shares	Apr. 30, 2021 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares	Sep. 30, 2023 $ / shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2022 $ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 $ / shares	Dec. 31, 2021 USD ($)	Oct. 29, 2020 Notes $ / shares shares	Jul. 31, 2020 USD ($)	Jul. 02, 2020 Notes $ / shares shares	Jun. 19, 2020 $ / shares	Jun. 19, 2020 USD ($)	May 14, 2020 $ / shares	May 14, 2020 USD ($) shares	Apr. 23, 2020 USD ($)	Mar. 31, 2020 USD ($)
Debt Disclosure [Line Items]
Common stock, shares issued \| shares																					418,915,272		391,238,484
Purchase warrants exercise price \| $ / shares																			$ 7.22	$ 10.11		$ 7.22		$ 7.15
Frequency of interest accrual																		semi-annually	semi-annually
Weighted average interest rate on indebtedness																					9.20%
Derivative liability																					$ 290,000		$ 235,000
Debt discount																					$ 7,733,000		$ 12,483,000
Debt amortization																$ 7,366,000	$ 6,278,000
2024 Notes
Debt Disclosure [Line Items]
Aggregate principal amount																																$ 1,000,000
Debt Instrument Stated Interest rate																					13.00%
Financing costs																3,373,000
Equity Reserve																$ 6,298
Frequency of interest accrual																semi-annually
Term Debt
Debt Disclosure [Line Items]
Aggregate principal amount																																	$ 1,000,000	$ 14,250,000
Debt Instrument Stated Interest rate																		9.90%	9.90%
Common stock, shares issued \| shares																		1,723,250	1,723,250									75				120
Purchase warrants exercise price \| $ / shares																		$ 3.1	$ 3.1									$ 4.53			$ 2.95
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%							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%
2025 Convertible Notes \| Maximum
Debt Disclosure [Line Items]
Aggregate principal amount																					$ 25,000,000
2023 Convertible Notes
Debt Disclosure [Line Items]
Aggregate principal amount																											$ 5,960,000			$ 12,800,000
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 2025 Convertible Notes at par, in whole or in part, on or after June 29, 2023, if the volume weighted average price of the Common Shares trading on the Canadian Stock Exchange or Cboe Canada for 15 of the 30 trading days immediately preceding the day on which the Company exercises its redemption right, exceeds 120.0% of the conversion price of the 2025 Convertible Notes at a Redemption Price equal to 100.0% of the principal amount of the 2025 Convertible Notes redeemed, plus accrued but unpaid interest, if any, up to but excluding the Redemption Date.
Conversion Of Convertible Notes
Debt Disclosure [Line Items]
Aggregate principal amount																					5,600,000
Conversion of Stock, Description															the Company would issue to each noteholder that surrendered its 2023 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 2023 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																					18,133,000
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
Interest rate												2.25%
Frequency of interest accrual												59 monthly
Maturity date												Jul. 15, 2027
Debt instrument final balloon payment																					$ 15,734,000
Mortgages \| Maryland \| First Agreement
Debt Disclosure [Line Items]
Aggregate principal amount		$ 6,250,000
Financing costs		195,000
Financing costs in connection with issuance of the Convertible Notes		$ 2,903,000
Frequency of interest accrual		59 monthly
Maturity date		Aug. 31, 2028
Mortgages \| Maryland \| Prime Rate \| First Agreement
Debt Disclosure [Line Items]
Interest rate		2.25%
Mortgages \| Delaware \| Second Agreement
Debt Disclosure [Line Items]
Aggregate principal amount		$ 1,800,000
Financing costs		77,000
Financing costs in connection with issuance of the Convertible Notes		$ 1,723,000
Frequency of interest accrual		59 monthly
Maturity date		Aug. 31, 2028
Mortgages \| Delaware \| Prime Rate \| Second Agreement
Debt Disclosure [Line Items]
Interest rate		2.25%
13% Notes due May 2024 \| Subsequent Event
Debt Disclosure [Line Items]
Debt Instrument Stated Interest rate	13.00%
Notes Reduction	$ 25,000,000
Notes due February 2026 \| Subsequent Event
Debt Disclosure [Line Items]
Debt Instrument Stated Interest rate	9.50%
Maturity date	Feb. 03, 2026
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]
Debt Instrument Stated Interest rate				13.00%
Unamortized debt discount and issuance costs				$ 2,153,000
Creditor fees				7,189,000
Legal fees				$ 301,000

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

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

The accompanying unaudited condensed consolidated interim financial statements contain all normal and recurring adjustments necessary to state fairly the consolidated financial condition, results of operations, comprehensive income, statement of shareholders’ equity, and cash flows of the Company for the interim periods presented. Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature. Operating results for the three and nine months ended September 30, 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 consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.

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

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

Significant Accounting Judgments, Estimates and Assumptions

The Company’s significant accounting policies are described in Note 2 to the Company’s 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				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Dispensary	$	113,487	$	111,960	$	336,681	$	328,070
Cultivation and wholesale		15,694		20,754		46,246		57,223
Other		2		19		35		98
	$	129,183	$	132,733		382,962	$	385,391

During the three and nine months ended September 30, 2023, the Company netted discounts of $34,248 and $102,012, respectively, against the revenues. During the three and nine months ended September 30, 2022, the Company netted discounts of $26,156 and $74,775, respectively, against the revenues, respectively. Discounts are provided by the Company during promotional days or weekends. Discounts are also provided to employees, seniors and other categories of customers and may include price reductions and coupons.

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, and the correlation of Selling, General, and Administrative ("SG&A") expenses to revenue that are permanently disallowed via Section 280E of the Internal Revenue Code.

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. There have been no related modifications of the Company’s debt for the three and nine month periods ended September 30, 2023.

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.

Recent Acquisitions - Additional Information (Details)	Nov. 01, 2021
Medicine Man \| Medicine Man Longmont
Business Acquisition [Line Items]
Equity method investment, ownership percentage	100.00%

Recent Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Recent Acquisitions

RECENT 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 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.

Current and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Current and Long-Term Obligations, Net

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


	September 30, 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	$	43,640			35,965
2023 Convertible Notes	$	5,600			5,600
Acquisition related real estate notes	$	—			7,000
Acquisition related promissory notes	$	1,875			3,000
Acquisition related term debt	$	—			3,214
	$	348,830			352,494
Unamortized debt discount	$	(7,733	)		(12,483	)
Unamortized deferred financing costs	$	(8,598	)		(11,016	)
Unamortized debt premium	$	—			25
Total debt, net	$	332,499			329,020
Less current portion, net*	$	(38,098	)		(47,315	)
Long-term portion	$	294,401		$	281,705

Total Interest and Amortization Expense on Debt Obligations

Total interest and amortization expense on the Company’s debt obligations during the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three months ended						Nine months ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Interest expense on debt	$	10,713		$	10,801		$	31,746		$	29,653
Amortization of debt discount		1,997			1,325			4,648			3,922
Amortization of debt premium		—			(38	)		—			(125	)
Amortization of debt issuance costs		884			917			2,718			2,481
Other interest income, net		(123	)		(31	)		(342	)		(229	)
Total interest expense, net	$	13,471		$	12,974		$	38,770		$	35,702

- 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.

+ References

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

Summary of Significant Accounting Policies - Schedule of Revenues Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Revenue	$ 129,183	$ 132,733	$ 382,962	$ 385,391
Dispensary
Disaggregation Of Revenue [Line Items]
Revenue	113,487	111,960	336,681	328,070
Cultivation and wholesale
Disaggregation Of Revenue [Line Items]
Revenue	15,694	20,754	46,246	57,223
Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 2	$ 19	$ 35	$ 98

- Definition

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

+ References + Details

- Definition

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

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+ Details

Warrants

9 Months Ended

Sep. 30, 2023

Warrants and Rights Note Disclosure [Abstract]

Warrants

11.

WARRANTS

As of September 30, 2023 and December 31, 2022, outstanding equity-classified warrants to purchase Common Shares consisted of the following:


	September 30, 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		—		2.95		1,818,788		2.95
May 14, 2023		—		4.53		—		4.53
May 14, 2023		—		5.84		1,897,000		5.84
		6,043,728	$	10.11		11,482,766	$	7.22

Warrant activity for the nine months ended September 30, 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 September 30, 2022		11,482,766			7.22

Balance as of December 31, 2022		11,482,766			7.22
Exercised		—			—
Expired		(5,439,038	)		4.01
Balance as of September 30, 2023		6,043,728			10.11

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2023			December 31, 2022
Land and buildings	$	115,276		$	128,389
Furniture and fixtures		11,131			8,773
Equipment		43,248			38,467
Computers and software		4,107			3,537
Leasehold improvements		208,654			193,454
Construction in process		52,963			56,398
Total property and equipment, gross		435,379			429,018
Less: Accumulated depreciation		(108,654	)		(71,025	)
Total property and equipment, net	$	326,725		$	357,993


	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Total depreciation expense for year ended	$	10,612	$	8,583	$	26,109	$	23,715
Included in:
Costs of sales related to inventory production	$	6,154	$	4,865		15,379		13,353
Selling, general and administrative expenses	$	4,458	$	3,718		10,730		10,362

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Preparation

Basis of preparation

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

Significant Accounting Judgments, Estimates and Assumptions

Revenue

The Company’s revenues are disaggregated as follows:


	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Dispensary	$	113,487	$	111,960	$	336,681	$	328,070
Cultivation and wholesale		15,694		20,754		46,246		57,223
Other		2		19		35		98
	$	129,183	$	132,733		382,962	$	385,391

Income Taxes

Income taxes

Modification of Debt

Modification of debt

Business Combinations

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
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+ Details

Other Non-Current Assets (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2023		December 31, 2022
Long term deposits	$	8,694	$	8,090
Indemnification receivable		2,774		2,774
Investment in affiliates		774		775
Restricted cash		3,317		1,335
Notes receivable		2,599		2,148
Other non-current assets	$	18,158	$	15,122

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 3,293	$ 3,142
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	418,915,272	391,238,484
Common stock, shares outstanding	418,915,272	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

Divestiture

9 Months Ended

Sep. 30, 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, approximately $3 million of which is outstanding as of September 30, 2023.

As of September 30, 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 nine and three months ended September 30, 2023, and 2022:


	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Revenue	$	—	$	159	$	221	$	403
Expenses	$	—	$	1,783	$	1,668	$	2,779

Other (Income) Expense, Net - Summary of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Change in fair value of the derivative liability	$ 25	$ (243)	$ 55	$ (5,940)
Acquisition and settlement of pre-existing relationships	0	(37,362)	0	(37,362)
Loss on deconsolidation	0	0	2,473	0
Earnout adjustment	0	(127)	0	349
Restructuring expense	568	0	3,812	0
Other (income) expense, net	17	37,369	(93)	44,775
Loss on disposal of group	40	0	9,089	0
Rental income	(597)	(958)	(2,344)	(2,613)
Total other (income) expense, net	$ 53	$ (1,321)	$ 12,992	$ (791)

Warrants (Tables)

9 Months Ended

Sep. 30, 2023

Warrants and Rights Note Disclosure [Abstract]

Summary of Outstanding Equity-Classified Warrants to Purchase Common Stock

As of September 30, 2023 and December 31, 2022, outstanding equity-classified warrants to purchase Common Shares consisted of the following:


	September 30, 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		—		2.95		1,818,788		2.95
May 14, 2023		—		4.53		—		4.53
May 14, 2023		—		5.84		1,897,000		5.84
		6,043,728	$	10.11		11,482,766	$	7.22

Schedule of Warrant Activity

Warrant activity for the nine months ended September 30, 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 September 30, 2022		11,482,766			7.22

Balance as of December 31, 2022		11,482,766			7.22
Exercised		—			—
Expired		(5,439,038	)		4.01
Balance as of September 30, 2023		6,043,728			10.11

Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 30, 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
September 30, 2023
Derivative liability	$	—	$	—	$	(290	)	$	(290	)
	$	—	$	—	$	(290	)	$	(290	)

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 September 30, 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 September 30, 2023 and December 31, 2022. These estimates require management's judgment and may not be indicative of the future fair values of the assets and liabilities.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Abstract]
Revenue discount	$ 34,248	$ 26,156	$ 102,012	$ 74,775
Modifications of Debt	$ 0		$ 0

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

19. SUBSEQUENT EVENTS

Debt Redemption

As described in Note 10 above, on September 18, 2023, the Company raised gross proceeds of approximately $25 million through the issuance of additional equity. On October 23, 2023, the Company used these proceeds to retire $25 million of its 13% Notes due May 2024 through a proportional redemption process.

Divestiture of non-core Asset

On October 6, 2023, the Company entered into a definitive agreement, subject to closing conditions, to dispose of its Utah operations (the “Utah Business”) which are considered non-core and comprised of one dispensary and one cultivation facility. The Utah Business is being divested for gross proceeds of approximately $6.6 million, with approximately $4 million due on closing of the transaction, and a $2.6 million seller note payable to the Company not later than July 2025.

Share buy-back Authorization

On November 6, 2023, the Company's Board of Directors authorized a normal course issuer bid (the “NCIB”) to repurchase up to 15 million of its issued and outstanding Common Shares, but in no event to exceed $5 million in total over the course of the NCIB. The NCIB is subject to the approval of the CBOE Canada Exchange (the “CBOE”) and will be in effect for up to the next 12 months.

Divestiture - Additional Information (Details) - Definitive Agreement $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds of divested business	$ 7
Gross proceeds of divested business outstanding	$ 3

Other Non-Current Assets

9 Months Ended

Sep. 30, 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:


	September 30, 2023		December 31, 2022
Long term deposits	$	8,694	$	8,090
Indemnification receivable		2,774		2,774
Investment in affiliates		774		775
Restricted cash		3,317		1,335
Notes receivable		2,599		2,148
Other non-current assets	$	18,158	$	15,122

Commitments and Contingencies

9 Months Ended

Sep. 30, 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 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 (the “Court”) 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. On August 29, 2023, the Court dismissed all claims in the Complaint other than the breach of contract claim, thereby resulting in the Company’s Chairman, CEO and CFO, as well as the third-party firm that prepared the aforementioned assessment, no longer being parties in the lawsuit. On October 20, 2023, SRS as well as certain former Green Leaf executives, as individuals and on behalf of former Green Leaf shareholders, filed an amended complaint against the Company and a subsidiary of the Company asserting breach of contract claims. The Company will assert defenses with respect to the claims in the amended 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.

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

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Accessories and supplies	$ 1,570	$ 1,506
Work-in-process - cannabis in cures and final vault	87,646	92,963
Finished goods - dried cannabis, concentrate and edible products	28,930	33,436
Total inventory	$ 118,146	$ 127,905

Inventory

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventory

INVENTORY

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


	September 30, 2023		December 31, 2022
Accessories and supplies	$	1,570	$	1,506
Work-in-process - cannabis in cures and final vault		87,646		92,963
Finished goods - dried cannabis, concentrate and edible products		28,930		33,436
Total inventory	$	118,146	$	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 were write-downs of $7,489 and $8,126, respectively, during the three and nine months ended September 30, 2023 compared to $4,760 and $7,160 respectively during the three and nine months ended September 30, 2022.

Goodwill And Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


	September 30, 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		154,948			156,911
Trademarks		45,936			45,936
Customer Relationships		15,263			16,944
Total intangible assets		216,147			219,791
Less: Accumulated amortization		(88,557	)		(74,526	)
Total intangible assets, net	$	127,590		$	145,265

Schedule of Amortization Expense

The amortization expense for the three and nine months ended September 30, 2023 and 2022 are as follows:

Three months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Amortization expenses

4,577

10,936

14,031

33,594

Accrued Expenses and Other Current Liabilities - Additional Information (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Accrued Expenses And Other Current Liabilities [Abstract]
Cross indemnification claims relating to prior acquisition	$ 14,529

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Period Focus	2023
Entity Registrant Name	THE CANNABIST COMPANY HOLDINGS 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		419,187,861
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	A1

Other (Income) Expense, Net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring expense amount			$ 3,812
Restructuring reserve amount			$ 2,412
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 of 2022, Round 3, began in early November 2022 and involved headcount and canopy reduction
Additional net benefit to EBITDA	$ 2,297,000	$ 6,575,000	$ 19,291,000	$ 25,909,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References + Details

Inventory (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	September 30, 2023		December 31, 2022
Accessories and supplies	$	1,570	$	1,506
Work-in-process - cannabis in cures and final vault		87,646		92,963
Finished goods - dried cannabis, concentrate and edible products		28,930		33,436
Total inventory	$	118,146	$	127,905

Selling, General and Administrative Expenses (Tables)

9 Months Ended

Sep. 30, 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				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Salaries and benefits	$	29,603	$	32,651	$	83,360	$	97,471
Professional fees		3,806		4,580		9,943		16,254
Depreciation and amortization		9,716		14,881		26,768		44,809
Operating facilities costs		10,207		10,056		31,282		31,151
Operating office and general expenses		1,911		2,491		5,949		8,124
Advertising and promotion		974		3,204		4,144		11,566
Other fees and expenses		255		2,982		2,449		5,718
Total selling, general and administrative expenses	$	56,472	$	70,845	$	163,895	$	215,093

Loss Per Share

9 Months Ended

Sep. 30, 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						Nine months ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Numerator:
Net loss	$	(36,180	)	$	(38,303	)	$	(101,789	)	$	(120,464	)
Less: Net loss attributable to non-controlling interests		545			(2,872	)		1,139			(4,569	)
Net loss attributable to shareholders	$	(36,725	)	$	(35,431	)	$	(102,928	)	$	(115,895	)

Denominator:
Weighted average shares outstanding - basic and diluted		409,113,721			399,227,935			405,472,948			389,966,408
Loss per share - basic and diluted	$	(0.09	)	$	(0.09	)	$	(0.25	)	$	(0.30	)

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.

Subsequent Events - Additional Information (Details) - USD ($) shares in Millions, $ in Millions				3 Months Ended
	Oct. 23, 2023	Oct. 06, 2023	Sep. 18, 2023	Dec. 31, 2023	Nov. 06, 2023
Subsequent Event [Line Items]
Aggregate gross proceeds			$ 25.0
Subsequent Event
Subsequent Event [Line Items]
Gross proceeds of divested business		$ 6.6
Notes payable		$ 2.6
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Shares authorized to be repurchased					15
Repurchase of common shares					$ 5.0
Subsequent Event \| 13% Notes due May 2024
Subsequent Event [Line Items]
Redemption of notes	$ 25.0
Debt Instrument Stated Interest rate	13.00%
Forecast
Subsequent Event [Line Items]
Gross proceeds of divested business due				$ 4.0

Divestiture - Summary of Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 129,183	$ 132,733	$ 382,962	$ 385,391
Expenses	(14,553)	(13,018)	(54,948)	(39,072)
Missouri Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	159	221	403
Expenses	$ 0	$ 1,783	$ 1,668	$ 2,779

- Definition

+ References

+ Details

Selling, General and Administrative Expenses

9 Months Ended

Sep. 30, 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				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Salaries and benefits	$	29,603	$	32,651	$	83,360	$	97,471
Professional fees		3,806		4,580		9,943		16,254
Depreciation and amortization		9,716		14,881		26,768		44,809
Operating facilities costs		10,207		10,056		31,282		31,151
Operating office and general expenses		1,911		2,491		5,949		8,124
Advertising and promotion		974		3,204		4,144		11,566
Other fees and expenses		255		2,982		2,449		5,718
Total selling, general and administrative expenses	$	56,472	$	70,845	$	163,895	$	215,093

Divestiture (Tables)

9 Months Ended

Sep. 30, 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 nine and three months ended September 30, 2023, and 2022:


	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Revenue	$	—	$	159	$	221	$	403
Expenses	$	—	$	1,783	$	1,668	$	2,779

- 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

Property and Equipment - Property and Equipment and Related Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 435,379		$ 435,379		$ 429,018
Less: Accumulated depreciation	(108,654)		(108,654)		(71,025)
Total property and equipment, net	326,725		326,725		357,993
Total depreciation expense	10,612	$ 8,583	26,109	$ 23,715
Costs of Sales Related to Inventory Production
Property Plant And Equipment [Line Items]
Total depreciation expense	6,154	4,865	15,379	13,353
Selling, General and Administrative Expenses
Property Plant And Equipment [Line Items]
Total depreciation expense	4,458	$ 3,718	10,730	$ 10,362
Land and Buildings
Property Plant And Equipment [Line Items]
Total property and equipment, gross	115,276		115,276		128,389
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	11,131		11,131		8,773
Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	43,248		43,248		38,467
Computers and Software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	4,107		4,107		3,537
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	208,654		208,654		193,454
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 52,963		$ 52,963		$ 56,398

Financial Instruments and Fair Value Measurements - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Fair value transfers of amounts between levels	$ 0

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues, net of discounts	$ 129,183	$ 132,733	$ 382,962	$ 385,391
Cost of sales related to inventory production	(92,041)	(80,462)	(246,617)	(225,645)
Cost of sales related to business combination fair value adjustments to inventory	0	(136)	0	(136)
Gross Margin	37,142	52,135	136,345	159,610
Selling, general and administrative expenses	(56,472)	(70,845)	(163,895)	(215,093)
Loss from operations	(19,330)	(18,710)	(27,550)	(55,483)
Other expense:
Interest expense on leases	(1,029)	(1,365)	(3,186)	(4,161)
Interest expense	(13,471)	(12,974)	(38,770)	(35,702)
Other (income) expense, net	(53)	1,321	(12,992)	791
Total other expense	(14,553)	(13,018)	(54,948)	(39,072)
Loss before provision for income taxes	(33,883)	(31,728)	(82,498)	(94,555)
Income tax expense	(2,297)	(6,575)	(19,291)	(25,909)
Net loss and comprehensive loss	(36,180)	(38,303)	(101,789)	(120,464)
Net income (loss) attributable to non-controlling interests	545	(2,872)	1,139	(4,569)
Net loss attributable to shareholders	$ (36,725)	$ (35,431)	$ (102,928)	$ (115,895)
Weighted-average number of shares used in earnings per share - basic	409,113,721	399,227,935	405,472,948	389,966,408
Weighted-average number of shares used in earnings per share - diluted	409,113,721	399,227,935	405,472,948	389,966,408
Loss attributable to shares (basic)	$ (0.09)	$ (0.09)	$ (0.25)	$ (0.3)
Loss attributable to shares (diluted)	$ (0.09)	$ (0.09)	$ (0.25)	$ (0.3)

Selling, General and Administrative Expenses - Summary of Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Selling, General and Administrative Expense [Abstract]
Salaries and benefits	$ 29,603	$ 32,651	$ 83,360	$ 97,471
Professional fees	3,806	4,580	9,943	16,254
Depreciation and amortization	9,716	14,881	26,768	44,809
Operating facilities costs	10,207	10,056	31,282	31,151
Operating office and general expenses	1,911	2,491	5,949	8,124
Advertising and promotion	974	3,204	4,144	11,566
Other fees and expenses	255	2,982	2,449	5,718
Total selling, general and administrative expenses	$ 56,472	$ 70,845	$ 163,895	$ 215,093