| REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Annual information form | Audited annual financial statements | ||||||||||
| ($ in thousands) | 2024 | 2023 | |||||||||
Audit Fees - PKF O'Connor Davies, LLP (1) | $ | 2,720 | $ | 2,850 | |||||||
Audit Fees - Antares Professional Corp (1) | — | 395 | |||||||||
Audit Fees - PKF Littlejohn, LLP (1) | — | 195 | |||||||||
Audit-Related Fees (2) | — | 108 | |||||||||
Tax Fees (3) | — | — | |||||||||
All Other Fees (4) | 65 | — | |||||||||
| Total | $ | 2,785 | $ | 3,548 | |||||||
| Exhibit | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
| 99.4 | ||||||||
| 99.5 | ||||||||
| 99.6 | ||||||||
| 99.7 | ||||||||
| 101 | Interactive Data File (formatted as Inline XBRL) | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
| CURALEAF HOLDINGS, INC. | ||||||||
Date: March 3, 2025 | By: | /s/ Ed Kremer | ||||||
| Name: Ed Kremer | ||||||||
| Title: Chief Financial Officer | ||||||||

A-73 | |||||
EXPLANATORY NOTES | ||
| CURALEAF HOLDINGS, INC. | A - 1 | ||||
| CURALEAF HOLDINGS, INC. | A - 2 | ||||
| Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| Highest rate during the period | C$1.4416 | C$1.3875 | C$1.3856 | ||||||||||||||
| Lowest rate during the period | C$1.3316 | C$1.3128 | C$1.2451 | ||||||||||||||
| Average rate for the period | C$1.3698 | C$1.3497 | C$1.3013 | ||||||||||||||
| Rate at the end of the period | C$1.4389 | C$1.3226 | C$1.3544 | ||||||||||||||
CORPORATE STRUCTURE | ||
| CURALEAF HOLDINGS, INC. | A - 3 | ||||
| CURALEAF HOLDINGS, INC. | A - 4 | ||||
| CURALEAF HOLDINGS, INC. | A - 5 | ||||
| CURALEAF HOLDINGS, INC. | A - 6 | ||||
| CURALEAF HOLDINGS, INC. | A - 7 | ||||
| As of | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| Curaleaf International Holdings Limited | Guernsey | 68.5% | 68.5% | |||||||||||||||||
| Curaleaf, Inc.* | DE | — | — | |||||||||||||||||
| Northern Green Canada Inc. | Canada | 100% | — (2) | |||||||||||||||||
| Bloom Fungibles, LLC | AZ | 100% | 100% | |||||||||||||||||
| Focused Employer, Inc. | DE | 100% | 100% | |||||||||||||||||
(1) Based on % of voting interests held by the Company. | ||||||||||||||||||||
(2) The Company acquired Northern Green Canada Inc. (“NGC”) in 2024. See Note 4 — Acquisitions of the Company’s Consolidated Financial Statements for further details. | ||||||||||||||||||||
* Consolidated by the Company as a variable interest entity. See Note 3 - Significant accounting policies and Note 29 - Variable interest entities of the Company’s Consolidated Financial Statements for further details. | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| Curaleaf International Limited | UK | 100% | 100% | |||||||||||||||||
Four20 Pharma GmbH(2) | Germany | 55% | 55% | |||||||||||||||||
(1) Based on % of voting interests held by the Company. | ||||||||||||||||||||
(2) The remaining 45% non-controlling interest is held by the sellers of Four20 Pharma GmbH. See ‘Non-controlling interests’ within Note 2 - Basis of presentation and consolidation and Note 17 — Redeemable non-controlling interest of the Company’s Consolidated Financial Statements for further details. | ||||||||||||||||||||
| CURALEAF HOLDINGS, INC. | A - 8 | ||||
| As of | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| CLF AZ, Inc. | DE | 100% | 100% | |||||||||||||||||
| CLF NY, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf CA, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf KY, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf Massachusetts, Inc. | MA | 100% | 100% | |||||||||||||||||
| Curaleaf MD, LLC | MD | 100% | 100% | |||||||||||||||||
| Curaleaf OGT, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf PA, LLC | DE | 100% | 100% | |||||||||||||||||
| Focused Investment Partners, LLC | DE | 100% | 100% | |||||||||||||||||
| CLF Maine, Inc. | DE | 100% | 100% | |||||||||||||||||
| PalliaTech CT, Inc. | DE | 100% | 100% | |||||||||||||||||
| CLF Oregon, LLC (formerly PalliaTech OR, LLC) | DE | 100% | 100% | |||||||||||||||||
| PalliaTech Florida, Inc. | DE | 100% | 100% | |||||||||||||||||
| PT Nevada, Inc. | DE | 100% | 100% | |||||||||||||||||
| CLF Sapphire Holdings, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf NJ II, Inc. | DE | 100% | 100% | |||||||||||||||||
| GR Companies, Inc. | DE | 100% | 100% | |||||||||||||||||
| CLF MD Employer, LLC | MD | 100% | 100% | |||||||||||||||||
| Curaleaf Columbia, LLC (formerly HMS Sales, LLC) | MD | 100% | 100% | |||||||||||||||||
| MI Health, LLC | MD | 100% | 100% | |||||||||||||||||
| Curaleaf Compassionate Care VA, LLC | VA | 100% | 100% | |||||||||||||||||
| Curaleaf UT, LLC | DE | 100% | 100% | |||||||||||||||||
| Curaleaf Processing, Inc | DE | 100% | 100% | |||||||||||||||||
| Virginia's Kitchen, LLC | CO | 100% | 100% | |||||||||||||||||
| Cura CO LLC | CO | 100% | 100% | |||||||||||||||||
| Curaleaf DH, Inc. | DE | 100% | 100 | |||||||||||||||||
| Curaleaf Stamford, Inc. | CT | 100% | 100% | |||||||||||||||||
| CLF Holdings Alabama, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf Hemp, Inc. | DE | 100% | — | |||||||||||||||||
| Windy City Holding Company, LLC* | IL | — | — | |||||||||||||||||
| Broad Horizon Holdings, LLC* | MA | — | — | |||||||||||||||||
(1) Based on % of voting interests held by Curaleaf, Inc. with the exception of the entities which Curaleaf, Inc. consolidates as variable interest entities. | ||||||||||||||||||||
* Consolidated by Curaleaf, Inc. as a variable interest entity. See Note 3 — Significant accounting policies and Note 29 — Variable interest entities of the Company’s Consolidated Financial Statements for further details. | ||||||||||||||||||||
BUSINESS OF THE COMPANY | ||
| CURALEAF HOLDINGS, INC. | A - 9 | ||||
| CURALEAF HOLDINGS, INC. | A - 10 | ||||
| Continuing operations | |||||||||||||||||||||||||||||||||||
State(9) | Medicinal | Adult use | Dispensaries | Manufacturing | Cultivation | Square | Permitted products | ||||||||||||||||||||||||||||
| legalization* | legalization* | facilities | sites | feet | Oil | Edibles | Flower | Delivery | Wholesale | ||||||||||||||||||||||||||
| AZ | 2010 | 2020 | 16 | 1 | 3 | 178,750 | X(1) | X | X | X(4) | X | ||||||||||||||||||||||||
| CT | 2012 | 2021 | 4 | 1 | 1 | 24,510 | X(1) | X | X | — | X | ||||||||||||||||||||||||
| FL | 2014 | — | 66 | 2 | 2 | 386,110 | X(1) | X | X | X | X | ||||||||||||||||||||||||
| IL | 2013 | 2019 | 10 | 1 | 1 | 104,418 | X(2) | X | X | — | X(3) | ||||||||||||||||||||||||
| MA | 2012 | 2016 | 4 | 1 | 1 | 59,474 | X(2) | X | X | X(5) | X | ||||||||||||||||||||||||
| MD | 2013 | 2022 | 4 | 1 | 1 | 30,982 | X(1) | X | X | X | X | ||||||||||||||||||||||||
| ME | 1999 | 2019 | 4 | 1 | 1 | 79,926 | X | X | X | — | X | ||||||||||||||||||||||||
| MO | 2018 | 2022 | — | 1 | — | — | — | — | X | — | — | ||||||||||||||||||||||||
| ND | 2016 | — | 4 | 1 | 1 | 16,500 | X(2) | X | X | X(5) | X | ||||||||||||||||||||||||
| NJ | 2010 | 2020 | 3 | 1 | 2 | 88,700 | X(1) | X | X | X | X | ||||||||||||||||||||||||
| NV | 2013 | 2016 | 6 | 2 | 1 | 33,866 | — | — | X | — | — | ||||||||||||||||||||||||
| NY | 2014 | 2021 | 6 | 1 | 1 | 110,496 | X(1) | X | X | X(5) | X(3) | ||||||||||||||||||||||||
| OH | 2016 | 2023 | 2 | 1 | 1 Level 1 | 20,100 | X | — | X | X(3) | X | ||||||||||||||||||||||||
| PA | 2016 | — | 18 | 2 | 2 | 131,500 | X(1) | X(8) | X | X | X | ||||||||||||||||||||||||
| UT | 2018 | — | 4 | 2 | 1 | 67,500 | X(2) | — | X | — | — | ||||||||||||||||||||||||
| KY | — | — | — | 1(6) | — | — | — | X(7) | — | — | — | ||||||||||||||||||||||||
| 151 | 20 | 19 | 1,332,832 | ||||||||||||||||||||||||||||||||
| * | Legalization dates outlined above indicate when legislation was passed to legalize the use of cannabis products. | ||||
| (1) | Extracted oils only | ||||
| (2) | Oil-based formulations only | ||||
| (3) | Permitted with approval | ||||
| (4) | Medical only | ||||
| (5) | Permitted, but the Company's dispensaries are not yet participating in home delivery. | ||||
| (6) | In 2024, the Company repurposed its existing leased facility in Lexington, Kentucky, to support its entrance into the hemp market. | ||||
| (7) | In Kentucky, edibles include hemp-derived edibles and beverages. | ||||
| (8) | Edibles are explicitly prohibited in the Pennsylvania market. Troches (sublingual) are allowed and commercialized. | ||||
| Note the Company has a brand licensing agreement in the state of Oregon that is not included in this chart. | |||||
| CURALEAF HOLDINGS, INC. | A - 11 | ||||
| CURALEAF HOLDINGS, INC. | A - 12 | ||||
| CURALEAF HOLDINGS, INC. | A - 13 | ||||
| CURALEAF HOLDINGS, INC. | A - 14 | ||||
| Filing Date | Jurisdiction | Patent / Application Number | Description | |||||||||||
| 1. | 2/27/2024 | USA | 18/588,403 | Aqueous Extraction of Cannabinoids (pending non-provisional application) | ||||||||||
| 2. | 2/27/2024 | PCT | PCT/US2024/017508 | Aqueous Extraction of Cannabinoids (pending PCT application) | ||||||||||
| 3. | 9/6/2024 | USA | 18/826,505 | Formulation (pending application) | ||||||||||
| 4. | 3/30/2023 | USA | 18/193,398 | Squeeze Doser with Childproof Cap (pending continuation application) | ||||||||||
| 5. | 7/22/2021 | USA | 11,629,986 | Squeeze Doser with Childproof Cap (issued) | ||||||||||
| 6. | 5/16/2023 | USA | PP36,307 | Cannabis Plant Named ‘21AF0716’ Halfmoon Gelato strain (issued) | ||||||||||
| Mark | Filed | Appln | Reg Date | Status | Owner | Classes | |||||||||||||||||
| 1 | GRASSROOTS | 6/27/2019 | 88/490,971 | PENDING | GR Companies, Inc. | 02,03,30 | |||||||||||||||||
| 2 | PISTILGUARD | 2/7/2022 | 97/256,611 | PENDING | CURALEAF DH, INC. | 44 | |||||||||||||||||
| 3 | SELECT | 12/20/2018 | 87/825,466 | PENDING | Cura Partners Inc. | 334 | |||||||||||||||||
| 4 | HIGHER STITCH | 5/22/2024 | 98/563,832 | PENDING | Curaleaf, Inc. | 35 | |||||||||||||||||
| 5 | THC The Hemp Company by CURALEAF (Logo) | 6/21/2024 | 98/612,521 | PENDING | Curaleaf, Inc. | 35 | |||||||||||||||||
| 6 | Circle Design | 12/20/2018 | 88/184,140 | 3/2/2021 | REGISTERED | Tryke Companies, LLC | 34,35 | ||||||||||||||||
| 7 | CURALEAF | 9/17/2018 | 88/120,354 | 1/7/2020 | REGISTERED | Curaleaf, Inc. | 21 | ||||||||||||||||
| 8 | CURALEAF | 8/27/2018 | 88/093,822 | 11/12/2019 | REGISTERED | Curaleaf, Inc. | 25 | ||||||||||||||||
| 9 | DARK HEART NURSERY | 9/2/2014 | 86/383,462 | 5/26/2015 | REGISTERED | Curaleaf DH, Inc. | 44 | ||||||||||||||||
| 10 | REEF | 11/6/2018 | 88/184,138 | 3/24/2020 | REGISTERED | Tryke Companies, LLC | 34 | ||||||||||||||||
| 11 | REEF DISPENSARIES & Circle Design | 12/20/2018 | 88/184,141 | 3/2/2021 | REGISTERED | Tryke Companies, LLC | 34,35 | ||||||||||||||||
| 12 | REEF DISPENSARY | 12/20/2018 | 88/184,142 | 8/24/2021 | REGISTERED | Tryke Companies, LLC | 35 | ||||||||||||||||
| 13 | TRYKE (Stylized) | 11/6/2018 | 88/184,137 | 7/2/2019 | REGISTERED | Tryke Companies, LLC | 25 | ||||||||||||||||
| 14 | Tryke Logo | 11/6/2018 | 88/184,134 | 6/11/2019 | REGISTERED | Tryke Companies, LLC | 25 | ||||||||||||||||
| 15 | Tryke Logo 2 | 11/6/2018 | 88/184,135 | 6/11/2019 | REGISTERED | Tryke Companies, LLC | 9 | ||||||||||||||||
| 16 | TRYKE with Logo | 11/6/2018 | 88/184,133 | 6/18/2019 | REGISTERED | Tryke Companies, LLC | 25 | ||||||||||||||||
| 17 | UKU | 11/28/2018 | 88/208,490 | 11/12/2019 | REGISTERED | Curaleaf, Inc. | 21 | ||||||||||||||||
| CURALEAF HOLDINGS, INC. | A - 15 | ||||
| CURALEAF HOLDINGS, INC. | A - 16 | ||||
GENERAL DEVELOPMENT OF THE BUSINESS | ||
| CURALEAF HOLDINGS, INC. | A - 17 | ||||
| CURALEAF HOLDINGS, INC. | A - 18 | ||||
| CURALEAF HOLDINGS, INC. | A - 19 | ||||
REGULATORY ENVIRONMENT: ISSUERS WITH U.S. CANNABIS-RELATED ASSETS | ||
| CURALEAF HOLDINGS, INC. | A - 20 | ||||
| CURALEAF HOLDINGS, INC. | A - 21 | ||||
| CURALEAF HOLDINGS, INC. | A - 22 | ||||
| CURALEAF HOLDINGS, INC. | A - 23 | ||||
| CURALEAF HOLDINGS, INC. | A - 24 | ||||
| CURALEAF HOLDINGS, INC. | A - 25 | ||||
| CURALEAF HOLDINGS, INC. | A - 26 | ||||
| CURALEAF HOLDINGS, INC. | A - 27 | ||||
| CURALEAF HOLDINGS, INC. | A - 28 | ||||
RISK FACTORS | ||
| CURALEAF HOLDINGS, INC. | A - 29 | ||||
| CURALEAF HOLDINGS, INC. | A - 30 | ||||
| CURALEAF HOLDINGS, INC. | A - 31 | ||||
| CURALEAF HOLDINGS, INC. | A - 32 | ||||
| CURALEAF HOLDINGS, INC. | A - 33 | ||||
| CURALEAF HOLDINGS, INC. | A - 34 | ||||
| CURALEAF HOLDINGS, INC. | A - 35 | ||||
| CURALEAF HOLDINGS, INC. | A - 36 | ||||
| CURALEAF HOLDINGS, INC. | A - 37 | ||||
| CURALEAF HOLDINGS, INC. | A - 38 | ||||
| CURALEAF HOLDINGS, INC. | A - 39 | ||||
| CURALEAF HOLDINGS, INC. | A - 40 | ||||
| CURALEAF HOLDINGS, INC. | A - 41 | ||||
| CURALEAF HOLDINGS, INC. | A - 42 | ||||
| CURALEAF HOLDINGS, INC. | A - 43 | ||||
| CURALEAF HOLDINGS, INC. | A - 44 | ||||
| CURALEAF HOLDINGS, INC. | A - 45 | ||||
| CURALEAF HOLDINGS, INC. | A - 46 | ||||
| CURALEAF HOLDINGS, INC. | A - 47 | ||||
| CURALEAF HOLDINGS, INC. | A - 48 | ||||
| CURALEAF HOLDINGS, INC. | A - 49 | ||||
| CURALEAF HOLDINGS, INC. | A - 50 | ||||
| CURALEAF HOLDINGS, INC. | A - 51 | ||||
| CURALEAF HOLDINGS, INC. | A - 52 | ||||
| CURALEAF HOLDINGS, INC. | A - 53 | ||||
| CURALEAF HOLDINGS, INC. | A - 54 | ||||
DIVIDENDS | ||
| CURALEAF HOLDINGS, INC. | A - 55 | ||||
DESCRIPTION OF THE CAPITAL STRUCTURE | ||
| CURALEAF HOLDINGS, INC. | A - 56 | ||||
| CURALEAF HOLDINGS, INC. | A - 57 | ||||
MARKET FOR SECURITIES AND TRADING PRICE AND VOLUME | ||
| Month | Price per SVS (C$) Monthly High | Price per SVS (C$) Monthly Low | SVS Total Monthly Volume | SVS Average Daily Volume | ||||||||||||||||||||||
| January 2024 | C$7.21 | C$5.22 | 10,153,800 | 461,536 | ||||||||||||||||||||||
| February 2024 | C$7.81 | C$6.39 | 9,441,300 | 472,065 | ||||||||||||||||||||||
| March 2024 | C$7.47 | C$5.12 | 10,103,500 | 505,175 | ||||||||||||||||||||||
| April 2024 | C$8.73 | C$6.47 | 12,231,000 | 555,955 | ||||||||||||||||||||||
| May 2024 | C$8.60 | C$6.11 | 9,202,300 | 418,286 | ||||||||||||||||||||||
| June 2024 | C$6.47 | C$5.20 | 5,199,700 | 259,985 | ||||||||||||||||||||||
| July 2024 | C$6.09 | C$4.99 | 3,761,300 | 170,968 | ||||||||||||||||||||||
| August 2024 | C$5.50 | C$3.65 | 7,004,800 | 333,562 | ||||||||||||||||||||||
| September 2024 | C$4.34 | C$3.80 | 6,065,600 | 303,280 | ||||||||||||||||||||||
| October 2024 | C$4.94 | C$3.92 | 4,604,100 | 209,277 | ||||||||||||||||||||||
| November 2024 | C$4.38 | C$2.27 | 15,953,300 | 759,681 | ||||||||||||||||||||||
| December 2024 | C$2.80 | C$2.06 | 11,574,300 | 609,174 | ||||||||||||||||||||||
| CURALEAF HOLDINGS, INC. | A - 58 | ||||
Date of Issuance(1) | Number of Options(2) | Exercise Price | Expiry Date | Grant Date Fair Value | ||||||||||||||||||||||
| March 13, 2024 | 2,024,010 | $4.04 | March 13, 2034 | $4.04 | ||||||||||||||||||||||
| May 13, 2024 | 94,909 | $5.60 | May 13, 2034 | $5.60 | ||||||||||||||||||||||
| May 31, 2024 | 53,151 | $4.62 | May 31, 2034 | $4.64 | ||||||||||||||||||||||
| June 28, 2024 | 192,030 | $3.83 | June 28, 2034 | $3.85 | ||||||||||||||||||||||
| August 12, 2024 | 59,897 | $3.12 | August 12, 2034 | $3.14 | ||||||||||||||||||||||
| September 30, 2024 | 476,284 | $3.03 | September 30, 2034 | $3.06 | ||||||||||||||||||||||
| November 11, 2024 | 160,439 | $2.09 | November 11, 2034 | $1.66 | ||||||||||||||||||||||
| November 11, 2024 | 36,066 | $7.30 | November 11, 2034 | $1.66 | ||||||||||||||||||||||
| November 11, 2024 | 9,934 | $12.30 | November 11, 2034 | $1.66 | ||||||||||||||||||||||
| November 11, 2024 | 7,730 | $15.52 | November 11, 2034 | $1.66 | ||||||||||||||||||||||
| December 17, 2024 | 127,254 | $1.57 | December 17, 2034 | $1.62 | ||||||||||||||||||||||
| December 31, 2024 | 454,023 | $1.52 | December 31, 2034 | $1.56 | ||||||||||||||||||||||
| Date of Issuance | Number of RSUs | Grant Date Fair Value | ||||||||||||
| March 13, 2024 | 6,232,705 | $4.04 | ||||||||||||
| May 13, 2024 | 337,606 | $5.60 | ||||||||||||
| May 31, 2024 | 39,862 | $4.64 | ||||||||||||
| June 14, 2024 | 224,928 | $4.01 | ||||||||||||
| June 28, 2024 | 108,799 | $3.85 | ||||||||||||
| August 12, 2024 | 49,736 | $3.14 | ||||||||||||
| September 30, 2024 | 357,213 | $4.52 | ||||||||||||
| November 11, 2024 | 492,876 | $1.66 | ||||||||||||
| December 17, 2024 | 95,441 | $1.62 | ||||||||||||
| December 31, 2024 | 340,518 | $1.56 | ||||||||||||
| CURALEAF HOLDINGS, INC. | A - 59 | ||||
ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER | ||
| Class of Securities | Number of Securities in Escrow or Subject to a Contractual Restriction on Transfer | Percentage of Class | ||||||||||||
| MVS | — | —% | ||||||||||||
| SVS | 2,490,609 | 0.5% | ||||||||||||
DIRECTORS AND OFFICERS OF THE COMPANY | ||
| CURALEAF HOLDINGS, INC. | A - 60 | ||||
| Name and State and Country of Residence | Age | Position(s) with the Company | Director of the Company Since | Principal Occupation(s) for Past Five (5) Years | ||||||||||||||||||||||
Boris Jordan(2) Florida, USA | 58 | CEO and Chairman | Jan-13 | SPK Group, Founder; Measure 8 Venture Partners, Founding Partner | ||||||||||||||||||||||
| Joseph Lusardi Massachusetts, USA | 50 | Executive Vice Chairman | Mar-16 | Massapoag Advisors, Principal and Founder | ||||||||||||||||||||||
| Jaswinder Grover Nevada, USA | 59 | Director | Feb-20 | Allegiant Institute and the Smoke Ranch Surgery Center, Founder, Developer, and Owner | ||||||||||||||||||||||
Karl Johansson(1)(2)(3)(5) Minnesota, USA | 75 | Director | Oct-18 | Ernst & Young, Managing Partner | ||||||||||||||||||||||
Peter Derby(1)(2)(4) New York, USA | 64 | Director | Oct-18 | Concinnity Advisors, LP, Founder | ||||||||||||||||||||||
| Mitchell Kahn Illinois, USA | 64 | Director | Jul-20 | Grassroots, Co-founder and CEO; Greenhouse Group LLC, Principal and CEO; Frontline Real Estate Partners, Principal and CEO. | ||||||||||||||||||||||
| Michelle Bodner New York, USA | 64 | Director | Dec-22 | Curaleaf Holdings, Inc., Regional President | ||||||||||||||||||||||
Shasheen Shah(1)(5) New Mexico, USA | 54 | Director | Dec-22 | Coherent Strategies LLC., CEO | ||||||||||||||||||||||
| Name and State and Country of Residence | Age | Position(s) with the Company | Officers of the Company Since | Principal Occupation(s) for Past Five (5) Years | ||||||||||||||||||||||
| Ed Kremer New York, USA | 53 | Chief Financial Officer | Jul-22 | Sway Ventures, Operating Partner | ||||||||||||||||||||||
| Peter Clateman New York, USA | 56 | Chief Legal Officer | Jul-17 | SPK Group, General Counsel and Chief Compliance Officer; Renaissance Capital, and VR Capital | ||||||||||||||||||||||
| Camilo Lyon New York, USA | 49 | Chief Investment Officer | Aug-22 | Harixston Consulting, CEO/Founder; BTIG, Managing Director; Canaccord Genuity Inc., Managing Director, Equity Research - Head of US Consumer | ||||||||||||||||||||||
| CURALEAF HOLDINGS, INC. | A - 61 | ||||
| CURALEAF HOLDINGS, INC. | A - 62 | ||||
| CURALEAF HOLDINGS, INC. | A - 63 | ||||
| CURALEAF HOLDINGS, INC. | A - 64 | ||||
LEGAL PROCEEDINGS AND REGULATORY ACTIONS | ||
| CURALEAF HOLDINGS, INC. | A - 65 | ||||
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | ||
INDEPENDENT AUDITORS, TRANSFER AGENT AND REGISTRAR | ||
MATERIAL CONTRACTS | ||
| CURALEAF HOLDINGS, INC. | A - 66 | ||||
INTEREST OF EXPERTS | ||
AUDIT COMMITTEE | ||
| Name of Member | Independent(1) | Financially Literate(2) | ||||||||||||
| Shasheen Shah | Yes | Yes | ||||||||||||
| Peter Derby | Yes | Yes | ||||||||||||
Karl Johansson(3) | Yes | Yes | ||||||||||||
| CURALEAF HOLDINGS, INC. | A - 67 | ||||
| Years Ended | |||||||||||
| ($ in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Audit Fees - PKF O’Connor Davies, LLP (1) | $ | 2,720 | $ | 2,850 | |||||||
Audit Fees - Antares Professional Corp (1) | — | 395 | |||||||||
Audit Fees - PKF Littlejohn, LLP (1) | — | 195 | |||||||||
Audit-Related Fees (2) | — | 108 | |||||||||
Tax Fees (3) | — | — | |||||||||
All Other Fees (4) | 65 | — | |||||||||
| Total | $ | 2,785 | $ | 3,548 | |||||||
ADDITIONAL INFORMATION | ||
| CURALEAF HOLDINGS, INC. | A - 68 | ||||
GLOSSARY OF TERMS | ||
| Term or Acronym | Definition | |||||||
C$ | notates the information is presented in Canadian dollars | |||||||
$ or US$ | notates the information is presented in U.S. dollars | |||||||
| 2018 Farm Bill | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — Reform of Federal Legislation on Industrial Hemp” | |||||||
| 2022 | refers to the year ended December 31, 2022 | |||||||
| 2023 | refers to the year ended December 31, 2023 | |||||||
| 2024 | refers to the year ended December 31, 2024 | |||||||
| Adjusted Exchange Consideration | has the meaning ascribed thereto under “Description of the Capital Structure – Exchangeable Shares” | |||||||
| Alternative Exchangeable Security | has the meaning ascribed thereto under “Description of the Capital Structure – Exchangeable Shares” | |||||||
| Annual Information Form | has the meaning ascribed thereto under “Explanatory Notes — Introductory Information” | |||||||
| Annual MD&A | has the meaning ascribed thereto under "Explanatory Notes — Introductory Information" | |||||||
| Articles Amendments | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| ATF | the Bureau of Alcohol, Tobacco, Firearms and Explosives | |||||||
| Audit Committee | the audit committee of the Board of Directors | |||||||
| Bank Secrecy Act | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — Money Laundering Laws” | |||||||
| Base Shelf Prospectus | has the meaning ascribed thereto under “General Development of the Business — Recent Developments” | |||||||
| BHH | has the meaning ascribed thereto under "General Development of the Business — Three Year History — 2022 — Acquisition — Broad Horizon Holdings, LLC" | |||||||
| Bloom | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2022 — Acquisition — Bloom Dispensaries” | |||||||
| Board of Directors | the board of directors of the Company | |||||||
| Business Combination | has the meaning ascribed thereto under “Corporate Structure — Incorporation and Office” | |||||||
| CAOA | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — The Controlled Substances Act” | |||||||
| CBD | cannabidiol | |||||||
| CCO | the Company’s Chief Compliance Officer | |||||||
| CDS | CDS Clearing and Depository Services Inc. | |||||||
| Change of Control | has the meaning ascribed thereto under “Description of the Capital Structure – Exchangeable Shares” | |||||||
| Class A Voting Stock | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| Class B Non-Voting Stock | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| Class C Voting Stock | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| Code | the U.S. Internal Revenue Code of 1986, as amended | |||||||
| CODM | has the meaning ascribed thereto under “Business of the Company – Operating Segments” | |||||||
| Cole Memorandum | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — The Controlled Substances Act” | |||||||
| Common Stock | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
Company or Curaleaf | Curaleaf Holdings, Inc., its direct and indirect subsidiaries and financially controlled entities | |||||||
| Compensation Committee | the compensation committee of the Board of Directors | |||||||
| Compliance Put Transaction | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| Congress | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Environment: Issuers with U,S. Cannabis-Related Assets — U.S. Federal Overview — The Controlled Substances Act”” | |||||||
| Consolidated Financial Statements | has the meaning ascribed thereto under “Explanatory Notes — Introductory Information” | |||||||
| Conversion | has the meaning ascribed thereto under "Business of the Company — TSX Listing and Internal Reorganization" | |||||||
| CRC Board | has the meaning ascribed thereto under “General Development of the Business — Subsequent Events” | |||||||
| CSA | the U.S. Federal Controlled Substances Act (21 U.S.C. § 811) | |||||||
| CSE | the Canadian Securities Exchange | |||||||
Curaleaf International | has the meaning ascribed thereto under “Business of the Company – TSX Listing and U.S. Reorganization” | |||||||
Curaleaf, Inc. | has the meaning ascribed thereto under "Business of the Company — TSX Listing and Internal Reorganization" | |||||||
Curaleaf, Inc Board | has the meaning ascribed thereto under "Business of the Company — TSX Listing and Internal Reorganization" | |||||||
| CURALEAF HOLDINGS, INC. | A - 69 | ||||
| DEA | the U.S. Drug Enforcement Administration | |||||||
| Deseret | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2023 — Acquisitions — Deseret Wellness” | |||||||
| Dirigo | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2023 — Divestitures: Discontinued Operations — adult use Maine” | |||||||
| DOJ | the U.S. Department of Justice | |||||||
| Doubling Road Holdings | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Litigation — Connecticut Arbitration” | |||||||
| DTC | Depository Trust Company | |||||||
| EDGAR | means the Electronic Data Gathering, Analysis and Retrieval | |||||||
| EMMAC | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2021 — Acquisitions” | |||||||
| EMMAC Transaction | has the meaning ascribed thereto under “General Development of the Business — Recent Developments — Acquisition of EMMAC Life Sciences Limited” | |||||||
| EU | the European Union | |||||||
| EWB | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2023 — Capital Structure – Asset-Based Revolving Credit Facility” | |||||||
| EWB Promissory Note | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2023 — Capital Structure – Asset-Based Revolving Credit Facility” | |||||||
| Exchange Act | the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder | |||||||
| FDA | the U.S. Food and Drug Administration | |||||||
| FDCA | has the meaning ascribed thereto under “Risk Factors — General Regulatory and Legal Risks — Regulatory Actions and Approvals from the Food and Drug Administration” | |||||||
| FDIC | the Federal Deposit Insurance Corporation | |||||||
| financially controlled entity | with respect to a specified corporation, an entity over which such factual financial control is exercised that such entity may be consolidated for financial purposes with the financial results of the specified corporation | |||||||
| FinCEN | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — Money Laundering Laws” | |||||||
| FinCEN Guidance | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — Money Laundering Laws” | |||||||
| forward-looking statements | has the meaning ascribed thereto under “Explanatory Notes — Forward-Looking Statements” | |||||||
| Four20 | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2022 — Acquisitions — Four20 Pharma GmbH” | |||||||
| GMP | good manufacturing practices | |||||||
| Government | (a) the government of Canada, the U.S. or any other foreign country; (b) the government of any Province, state, county, municipality, city, town, or district of Canada, the U.S. or any other foreign country; and (c) any ministry, agency, department, authority, commission, administration, corporation, bank, court, magistrate, tribunal, arbitrator, instrumentality, or political subdivision of, or within the geographical jurisdiction of, any government described in the foregoing clauses (a) and (b), and for greater certainty, includes the CSE, and the TSX. | |||||||
| Half Moon Nursery | has the meaning ascribed thereto under “General Development of the Business — Recent Developments – Half Moon Nursery, Inc. Acquisition” | |||||||
| HHS | the U.S. Secretary of Health and Human Services | |||||||
| Holders | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Litigation — Connecticut Arbitration” | |||||||
| ICFR | Internal Controls over Financial Reporting (as defined under Rule 13a-15(f) under the U.S. Exchange Act) | |||||||
| IFRS | has the meaning ascribed thereto under “Explanatory Notes — Presentation of Financial Information” | |||||||
| Indenture Amendments | has the meaning ascribed thereto under “Business of the Company – TSX Listing and U.S. Reorganization” | |||||||
| Investment | has the meaning ascribed thereto under "Business of the Company — TSX Listing and Internal Reorganization" | |||||||
| Investor | has the meaning ascribed thereto under “Corporation Structure – Intercorporate Relationships – Change in Ownership” | |||||||
| IRS | the U.S. Internal Revenue Service | |||||||
| IT | Information Technology | |||||||
| Measure 8 | has the meaning ascribed thereto under “Interest of Management and Others in Material Transactions” | |||||||
| MI 61-101 | Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions | |||||||
| MJDS | the U.S./Canada Multijurisdictional Disclosure System | |||||||
| MORE Act | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — The Controlled Substances Act” | |||||||
| MOU | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — Heightened Scrutiny by Regulatory Authorities” | |||||||
| MVS | the multiple voting shares in the capital of the Company | |||||||
| NGC | has the meaning ascribed thereto under “General Development of the Business – Three Year History – 2024 – Acquisitions – Northern Green Canada Inc.” | |||||||
| CURALEAF HOLDINGS, INC. | A - 70 | ||||
| NHS | the U.K. National Health Service | |||||||
| NI 52-110 | National Instrument 52-110 — Audit Committees | |||||||
| Non-Voting Exchangeable Shares | has the meaning ascribed thereto under “Business of the Company – TSX Listing and U.S. Reorganization” | |||||||
| Note Indenture | has the meaning ascribed thereto under “Material Contracts” | |||||||
| NRPC | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2022 — Acquisitions — NRPC Management, LLC” | |||||||
| NRPC Management | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2022 — Acquisitions — NRPC Management, LLC” | |||||||
| Options | has the meaning ascribed thereto under “Description of the Capital Structure — Options & RSUs” | |||||||
| Order | has the meaning ascribed thereto under “Business of the Company – TSX Listing and U.S. Reorganization”" | |||||||
| OTCQX | the OTCQX® Best Market, an over-the-counter stock exchange, by OTC Markets Group | |||||||
| PalliaTech CT | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Connecticut Arbitration” | |||||||
| Parallel | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Litigation — Parallel Illinois, LLC” | |||||||
| Parallel Settlement Agreement | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Litigation — Parallel Illinois, LLC” | |||||||
| person | any corporation, partnership, limited liability company or partnership, joint venture, trust, unincorporated association or organization, business, enterprise or other entity; any individual; and any Government | |||||||
| PKF O’Connor Davies | has the meaning ascribed thereto under “Independent Auditor” | |||||||
| Plan | has the meaning ascribed thereto under “Description of the Capital Structure — Stock and Incentive Plan” | |||||||
| Plaintiffs | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Litigation — Parallel Illinois, LLC” | |||||||
| POCA 2002 | has the meaning ascribed thereto under “Risk Factors — General Business Risks — Expansion into Foreign Jurisdictions — Changes in Applicable Legislation (including POCA 2002)” | |||||||
| Protection Agreement | has the meaning ascribed thereto under “Corporate Structure – Intercorporate Relationships – Change in Ownership” | |||||||
| PT Florida | PalliaTech Florida, LLC, a subsidiary of the Company | |||||||
| Put Right | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Connecticut Arbitration” | |||||||
| Put Transaction | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| PWO | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2022 — Acquisitions — Pueblo West Organics, LLC” | |||||||
| R&D | Research and Development | |||||||
| Registration Statement | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2022 — Capital Structure” | |||||||
| Remedy | has the meaning ascribed thereto under “General Development of the Business — Three Year History — Acquisitions” | |||||||
| Reorganization | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| Replacement Investor | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| Research Expansion Act | has the meaning ascribed thereto under “Federally Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — The Controlled Substances Act” | |||||||
| Rohrabacher-Farr Amendment | has the meaning ascribed thereto under “Regulatory Environment: Issuers with U.S. Cannabis-Related Assets — U.S. Federal Overview — The Controlled Substances Act” | |||||||
| Roll-Up Shares | has the meaning ascribed thereto under “Corporate Structure – TSX Listing and U.S. Reorganization” | |||||||
| RSUs | has the meaning ascribed thereto under "Description of the Capital Structure — Options & RSUs" | |||||||
| SAFE Banking Act | has the meaning ascribed thereto under “United States Regulatory Overview — Regulation of Cannabis in the U.S. Federally — Money Laundering Laws” | |||||||
| SAFER Banking Act | has the meaning ascribed thereto under “United States Regulatory Overview — Regulation of Cannabis in the U.S. Federally — Money Laundering Laws” | |||||||
| Sapphire Medical | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2022 — Acquisitions — Sapphire Medical Clinics Limited” | |||||||
| SEC | the U.S. Securities and Exchange Commission | |||||||
| SEDAR+ | Means the System for Electronic Document Analysis and Retrieval+ | |||||||
| Senior Secured Notes - 2026 | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2021 — Capital Structure — Senior Secured Notes - 2026” | |||||||
| Sentia | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Litigation — Sentia Wellness” | |||||||
| Series A-2 Holders | has the meaning ascribed thereto under “Legal Proceedings and Regulatory Actions — Connecticut Arbitration” | |||||||
| Shareholders | the shareholders of Curaleaf Holdings, Inc | |||||||
| Shareholders’ Agreement | has the meaning ascribed thereto under “Corporate Structure — TSX Listing and U.S. Reorganization” | |||||||
| SOX | the Sarbanes-Oxley Act of 2002 | |||||||
| Special Committee | has the meaning ascribed thereto under “Interest of Management and Others in Material Transactions” | |||||||
| CURALEAF HOLDINGS, INC. | A - 71 | ||||
| Staff Notice 51-352 | the Canadian Securities Administrators Staff Notice 51-352 (Revised) dated February 8, 2018 – Issuers with U.S. Marijuana-Related Activities | |||||||
| state | a state of the U.S., as the context requires | |||||||
| Subscription Agreement | has the meaning ascribed thereto under “Corporation Structure – TSX Listing and U.S. Reorganization” | |||||||
| subsidiary | with respect to a specified corporation, any corporation of which more than fifty per cent (50%) of the outstanding shares ordinarily entitled to elect a majority of the board of directors thereof (whether or not shares of any other class or classes shall or might be entitled to vote upon the happening of any event or contingency) are at the time owned directly or indirectly by such specified corporation, and shall include any corporation in like relation to a subsidiary | |||||||
| SVS | the subordinate voting shares in the capital of the Company | |||||||
| THC | Tetrahydrocannabinol | |||||||
| TTB | the Alcohol and Tobacco Tax and Trade Bureau | |||||||
| Tryke | has the meaning ascribed thereto under “General Development of the Business — Three Year History — 2022 — Tryke Companies” | |||||||
| TSX | the Toronto Stock Exchange | |||||||
| TSX Listing | has the meaning ascribed thereto under “Corporate Structure — Incorporation and Office” | |||||||
| TSX Requirements | has the meaning ascribed thereto under “Federally Regulatory Environment: Issuers with United States Cannabis-Related Assets — U.S. Federal Overview — Heightened Scrutiny by Regulatory Authorities” | |||||||
| U.K. | the United Kingdom | |||||||
| UK Registry | has the meaning ascribed thereto under “Business of the Company — Research and Development” | |||||||
| U.S. | the United States of America, its territories and possessions, any state of the United States and the District of Columbia | |||||||
| U.S. Exchange Act | the U.S. Securities Exchange Act of 1934, as amended | |||||||
| U.S. GAAP | U.S. Generally Accepted Accounting Principles | |||||||
| U.S. Securities Act | the U.S. Securities Act of 1933, as amended | |||||||
| USPTO | the United States Patent and Trademark Office | |||||||
| CURALEAF HOLDINGS, INC. | A - 72 | ||||

| CURALEAF HOLDINGS, INC. | A - 73 | ||||
| CURALEAF HOLDINGS, INC. | A - 74 | ||||
| CURALEAF HOLDINGS, INC. | A - 75 | ||||
| CURALEAF HOLDINGS, INC. | A - 76 | ||||
| CURALEAF HOLDINGS, INC. | A - 77 | ||||
| CURALEAF HOLDINGS, INC. | A - 78 | ||||
| CURALEAF HOLDINGS, INC. | A - 79 | ||||

| Page(s) | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID | |||||
Consolidated Statements of Temporary Equity and Shareholders’ Equity for the years ended December 31, 2024 and 2023 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023 | |||||
| Notes to Consolidated Financial Statements | |||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2024 and 2023 | |||||
| As of | |||||||||||||||||
| Note | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Assets | |||||||||||||||||
| Current assets: | |||||||||||||||||
| Cash, cash equivalents and restricted cash | 3 | $ | $ | ||||||||||||||
Accounts receivable, net of allowance for credit losses of $ | 7,28 | ||||||||||||||||
| Inventories, net | 8 | ||||||||||||||||
| Assets held for sale | 5,6 | ||||||||||||||||
| Prepaid expenses and other current assets | |||||||||||||||||
| Notes receivable - current | 9 | ||||||||||||||||
| Total current assets | |||||||||||||||||
| Deferred tax asset | 23 | ||||||||||||||||
| Note receivable - net of current | 9 | ||||||||||||||||
| Property, plant and equipment, net | 10 | ||||||||||||||||
| Right-of-use assets, finance lease, net | 11 | ||||||||||||||||
| Right-of-use assets, operating lease, net | 11 | ||||||||||||||||
| Intangible assets, net | 12 | ||||||||||||||||
| Goodwill | 12 | ||||||||||||||||
| Income tax receivable | 23 | ||||||||||||||||
| Investments and other assets | 13 | ||||||||||||||||
| Total assets | $ | $ | |||||||||||||||
| As of | |||||||||||||||||
| Note | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Liabilities, Temporary equity and Shareholders’ equity | |||||||||||||||||
| Current liabilities: | |||||||||||||||||
| Accounts payable | 28 | $ | $ | ||||||||||||||
| Accrued expenses | 14,28 | ||||||||||||||||
| Income tax payable | 23 | ||||||||||||||||
| Lease liabilities, finance - current | 11 | ||||||||||||||||
| Lease liabilities, operating - current | 11 | ||||||||||||||||
| Notes payable - current | 15,27 | ||||||||||||||||
| Contingent consideration liability - current | 4,28 | ||||||||||||||||
| Deferred consideration liability - current | 4,28 | ||||||||||||||||
| Financial obligations - current | 11 | ||||||||||||||||
| Liabilities held for sale | 5,6 | ||||||||||||||||
| Other current liabilities | 28 | ||||||||||||||||
| Total current liabilities | |||||||||||||||||
| Deferred tax liability | 23 | ||||||||||||||||
| Notes payable - net of current | 15,27 | ||||||||||||||||
| Lease liabilities, finance - net of current | 11 | ||||||||||||||||
| Lease liabilities, operating - net of current | 11 | ||||||||||||||||
| Uncertain tax position | 23, 28 | ||||||||||||||||
| Contingent consideration liability - net of current | 4,28 | ||||||||||||||||
| Deferred consideration liability - net of current | 4,28 | ||||||||||||||||
| Financial obligations - net of current | 11 | ||||||||||||||||
| Other long-term liabilities | 28 | ||||||||||||||||
| Total liabilities | |||||||||||||||||
| Commitment and contingencies | 26 | ||||||||||||||||
| Temporary equity: | |||||||||||||||||
| Redeemable non-controlling interest contingency | 17 | ||||||||||||||||
| Shareholders’ equity: | |||||||||||||||||
| Additional paid-in capital | 16 | ||||||||||||||||
| Treasury shares | 16 | ( | |||||||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||||||||
| Accumulated deficit | ( | ( | |||||||||||||||
| Total shareholders’ equity | |||||||||||||||||
| Total liabilities, temporary equity and shareholders’ equity | $ | $ | |||||||||||||||
| Years Ended | |||||||||||||||||
| Note | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Revenues, net: | 22 | ||||||||||||||||
| Retail and wholesale revenues | $ | $ | |||||||||||||||
| Management fee income | |||||||||||||||||
| Total revenues, net | |||||||||||||||||
| Cost of goods sold | |||||||||||||||||
| Gross profit | |||||||||||||||||
| Operating expenses: | |||||||||||||||||
| Selling, general and administrative | 19 | ||||||||||||||||
| Share-based compensation | 18 | ||||||||||||||||
| Depreciation and amortization | 10,11,12 | ||||||||||||||||
| Total operating expenses | |||||||||||||||||
| Income from continuing operations | |||||||||||||||||
| Other income (expense): | |||||||||||||||||
| Interest income | |||||||||||||||||
| Interest expense | 15 | ( | ( | ||||||||||||||
| Interest expense related to lease liabilities and financial obligations | 11 | ( | ( | ||||||||||||||
| Loss on impairment | 10,11,12 | ( | ( | ||||||||||||||
| Other income, net | 21 | ||||||||||||||||
| Total other expense, net | ( | ( | |||||||||||||||
| Loss before provision for income taxes | ( | ( | |||||||||||||||
| Provision for income taxes | 23 | ( | ( | ||||||||||||||
| Net loss from continuing operations | ( | ( | |||||||||||||||
| Net loss from discontinued operations | 6 | ( | ( | ||||||||||||||
| Net loss | ( | ( | |||||||||||||||
| Less: Net loss attributable to non-controlling interest | 2,17 | ( | ( | ||||||||||||||
| Net loss attributable to Curaleaf Holdings, Inc. | $ | ( | $ | ( | |||||||||||||
Per share – basic and diluted:(1) | 24 | ||||||||||||||||
| Net loss per share from continuing operations, net of the loss per share and excess redemption value attributable to non-controlling interest | $ | ( | $ | ( | |||||||||||||
| Net loss per share from discontinued operations, net of loss per share attributable to non-controlling interest | ( | ( | |||||||||||||||
| Net loss per share attributable to Curaleaf Holdings, Inc. – basic and diluted | $ | ( | $ | ( | |||||||||||||
| Weighted average common shares outstanding – basic and diluted | |||||||||||||||||
(1) While the recognition of excess redemption value only impacts the Consolidated Balance Sheets, ASC 480-10, Distinguishing Liabilities from Equity, requires the excess redemption value be factored into the Company's computation of earnings per share - basic and diluted. See Note 24 — Earnings per share for further details. | |||||||||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Net loss from continuing operations | $ | ( | $ | ( | |||||||
| Effect of exchange rate differences | ( | ||||||||||
| Net comprehensive loss from continuing operations | ( | ( | |||||||||
| Net comprehensive loss from discontinued operations | ( | ( | |||||||||
| Net comprehensive loss | ( | ( | |||||||||
| Less: Net comprehensive loss attributable to non-controlling interest | ( | ( | |||||||||
| Net comprehensive loss attributable to Curaleaf Holdings, Inc. | $ | ( | $ | ( | |||||||
| Redeemable non-controlling interest contingency | Common shares | Additional paid-in capital | Treasury shares | Accumulated other comprehensive loss | Accumulated deficit | Total Curaleaf Holdings Inc. Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
| Number of Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Note | SVS* | MVS* | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balances as of December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
| Issuance of shares in connection with acquisitions | 4,18 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of shares in connection with public offering | 2,16 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
SVS* contributed to Curaleaf, Inc. in connection with the Reorganization | 2,16 | — | ( | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
| Acquisition escrow shares returned and retired | 18 | — | ( | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
| Contribution from non-controlling interest | 17 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation gain | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 18 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of SVS* for settlement of RSUs* | 18 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Reclassifications | 2 | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | 18 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Net loss | ( | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Balances as of December 31, 2023 | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of shares in connection with acquisitions | 4,18 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Acquisition shares returned and cancelled | 18 | — | ( | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation loss | ( | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 18 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of SVS* for settlement of RSUs* | 18 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Issuance of SVS* for settlement of PSUs* | 18 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Reclassifications and revisions | 2 | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
| Excess redemption value above carrying value | 17 | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | 18 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Net loss | ( | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Balances as of December 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss from continuing operations | $ | ( | $ | ( | |||||||
| Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations: | |||||||||||
| Depreciation and amortization | |||||||||||
| Share-based compensation | |||||||||||
| Non-cash interest expense | |||||||||||
| Amortization of operating lease right-of-use assets | |||||||||||
| Loss on impairment | |||||||||||
| Gain on modification and extinguishment of debt | ( | ( | |||||||||
| (Gain) loss on disposal of assets | ( | ||||||||||
| Gain on investment | ( | ( | |||||||||
| Non-cash adjustments to inventory | ( | ||||||||||
| Allowance for credit losses | ( | ||||||||||
| Deferred taxes | ( | ( | |||||||||
| Other non-cash expenses (income) | ( | ||||||||||
| Payment of contingent consideration liability in excess of acquisition-date fair value | ( | ||||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable, net | ( | ( | |||||||||
| Inventories, net | |||||||||||
| Prepaid expenses and other current assets | ( | ||||||||||
| Income tax receivable | |||||||||||
| Assets held for sale, net of Liabilities held for sale | ( | ||||||||||
| Investments and other assets | ( | ||||||||||
| Accounts payable | ( | ||||||||||
| Accrued expenses and other liabilities | ( | ||||||||||
| Income tax payable | ( | ||||||||||
| Lease liabilities, operating | ( | ( | |||||||||
| Net cash provided by operating activities from continuing operations | |||||||||||
| Net cash used in operating activities from discontinued operations | ( | ( | |||||||||
| Net cash provided by operating activities | |||||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property, plant and equipment | ( | ( | |||||||||
| Disposals of property, plant and equipment | |||||||||||
| Proceeds from sale of entities | |||||||||||
| Acquisition-related cash payments, net of cash acquired | ( | ( | |||||||||
| Purchases of intangibles | ( | ( | |||||||||
| Purchase of investments | ( | ||||||||||
| Issuance of notes receivable to third parties | ( | ( | |||||||||
| Payments received on notes receivables issued to third parties | |||||||||||
| Net cash used in investing activities from continuing operations | ( | ( | |||||||||
| Net cash provided by investing activities from discontinued operations | |||||||||||
| Net cash used in investing activities | ( | ( | |||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from debt financing | |||||||||||
| Minority interest investment in Curaleaf International | |||||||||||
| Debt issuance costs | ( | ||||||||||
| Principal payments on finance lease liabilities | ( | ( | |||||||||
| Principal payments on notes payable | ( | ( | |||||||||
| Principal payments on financial obligations | ( | ( | |||||||||
| Exercise of stock options | |||||||||||
| Payments of deferred consideration | ( | ( | |||||||||
| Payments of contingent consideration | ( | ||||||||||
| Issuance of common shares, net of issuance costs | |||||||||||
| Net cash used in financing activities from continuing operations | ( | ( | |||||||||
| Net cash used in financing activities from discontinued operations | ( | ( | |||||||||
| Net cash used in financing activities | ( | ( | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
| Effect of exchange rate differences | ( | ||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
| Non-cash investing & financing activities: | |||||||||||
| Purchases of property, plant and equipment included in accounts payable and accrued expenses | $ | $ | |||||||||
| Issuance of notes in connection with sale of entities | |||||||||||
| Issuance of SVS in connection with acquisitions | |||||||||||
| Contingent consideration incurred in connection with acquisitions | |||||||||||
| Deferred consideration incurred in connection with acquisitions | |||||||||||
| Forgiveness of promissory note in connection with acquisition | ( | ||||||||||
| Non-cash additions to finance and operating right-of-use assets | |||||||||||
| SVS contributed to Curaleaf, Inc. in connection with the Reorganization | |||||||||||
| Recategorization of net assets from held-for-sale to held-and-used | |||||||||||
| Excess redemption value above carrying value | |||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid for taxes | $ | $ | |||||||||
| Cash paid for interest | |||||||||||
As of | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| Curaleaf International Holdings Limited | Guernsey | |||||||||||||||||||
| Curaleaf, Inc.* | DE | |||||||||||||||||||
| Northern Green Canada Inc. | Canada | — (2) | ||||||||||||||||||
| Bloom Fungibles, LLC | AZ | |||||||||||||||||||
| Focused Employer, Inc. | DE | |||||||||||||||||||
(1) Based on % of voting interests held by the Company. | ||||||||||||||||||||
(2) The Company acquired Northern Green Canada Inc. (“NGC”) in 2024. See Note 4 — Acquisitions for further details. | ||||||||||||||||||||
* Consolidated by the Company as a variable interest entity. See Note 3 — Significant accounting policies and Note 29 — Variable interest entities for further details. | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| Curaleaf International Limited | UK | |||||||||||||||||||
Four20 Pharma GmbH(2) | Germany | |||||||||||||||||||
(1) Based on % of voting interests held by the Company. | ||||||||||||||||||||
(2) The remaining | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| CLF AZ, Inc. | DE | |||||||||||||||||||
| CLF NY, Inc. | DE | |||||||||||||||||||
| Curaleaf CA, Inc. | DE | |||||||||||||||||||
| Curaleaf KY, Inc. | DE | |||||||||||||||||||
| Curaleaf Massachusetts, Inc. | MA | |||||||||||||||||||
| Curaleaf MD, LLC | MD | |||||||||||||||||||
| Curaleaf OGT, Inc. | DE | |||||||||||||||||||
| Curaleaf PA, LLC | DE | |||||||||||||||||||
| Focused Investment Partners, LLC | DE | |||||||||||||||||||
| CLF Maine, Inc. | DE | |||||||||||||||||||
| PalliaTech CT, Inc. | DE | |||||||||||||||||||
| CLF Oregon, LLC (formerly PalliaTech OR, LLC) | DE | |||||||||||||||||||
| PalliaTech Florida, Inc. | DE | |||||||||||||||||||
| PT Nevada, Inc. | DE | |||||||||||||||||||
| CLF Sapphire Holdings, Inc. | DE | |||||||||||||||||||
| Curaleaf NJ II, Inc. | DE | |||||||||||||||||||
| GR Companies, Inc. | DE | |||||||||||||||||||
| CLF MD Employer, LLC | MD | |||||||||||||||||||
| Curaleaf Columbia, LLC (formerly HMS Sales, LLC) | MD | |||||||||||||||||||
| MI Health, LLC | MD | |||||||||||||||||||
| Curaleaf Compassionate Care VA, LLC | VA | |||||||||||||||||||
| Curaleaf UT, LLC | DE | |||||||||||||||||||
| Curaleaf Processing, Inc | DE | |||||||||||||||||||
| Virginia's Kitchen, LLC | CO | |||||||||||||||||||
| Cura CO LLC | CO | |||||||||||||||||||
| Curaleaf DH, Inc. | DE | |||||||||||||||||||
| Curaleaf Stamford, Inc. | CT | |||||||||||||||||||
| CLF Holdings Alabama, Inc. | DE | |||||||||||||||||||
| Curaleaf Hemp, Inc. | DE | |||||||||||||||||||
| Windy City Holding Company, LLC* | IL | |||||||||||||||||||
| Broad Horizon Holdings, LLC* | MA | |||||||||||||||||||
(1) Based on % of voting interests held by Curaleaf, Inc. with the exception of the entities which Curaleaf, Inc. consolidates as variable interest entities. | ||||||||||||||||||||
* Consolidated by Curaleaf, Inc. as a variable interest entity. See Note 3 — Significant accounting policies and Note 29 — Variable interest entities for further details. | ||||||||||||||||||||
| Asset class | Estimated useful life | ||||
| Non-compete agreements | |||||
| Trade names | |||||
| Intellectual property and know-how | |||||
| Licenses and service agreements | |||||
| Cash | $ | ||||
| Accounts receivable, net | |||||
| Prepaid expenses and other current assets | |||||
| Inventories, net | |||||
| Property, plant and equipment, net | |||||
| Right-of-use assets | |||||
| Licenses | |||||
| Trade name | |||||
| Goodwill | |||||
| Deferred tax liabilities | ( | ||||
| Liabilities assumed | ( | ||||
| Net assets acquired | $ | ||||
| Consideration paid in cash, net of working capital adjustments | $ | ||||
| Equity consideration | |||||
Contingent consideration classified as a liability | |||||
| Total consideration | $ | ||||
| Cash outflow, net of cash acquired | $ | ||||
| Cash | $ | ||||
| Accounts receivable, net | |||||
| Prepaid expenses and other current assets | |||||
| Inventories, net | |||||
| Property, plant and equipment, net | |||||
| Licenses | |||||
| Trade name | |||||
| Non-compete agreements | |||||
| Goodwill | |||||
| Deferred tax liabilities | ( | ||||
| Liabilities assumed | ( | ||||
| Net assets acquired | $ | ||||
| Consideration paid in cash, net of working capital adjustments | $ | ||||
| Equity consideration | |||||
| Deferred consideration classified as a liability | |||||
| Total consideration | $ | ||||
| Cash outflow, net of cash acquired | $ | ||||
Intellectual Property | $ | ||||
| Net assets acquired | $ | ||||
| Consideration paid in cash, net of working capital adjustments | $ | ||||
Cancelled loan (including accrued interest) | |||||
| Total consideration | $ | ||||
| Cash | $ | ||||
| Prepaid expenses and other current assets | |||||
| Inventories, net | |||||
| Property, plant and equipment, net | |||||
| Right-of-use assets | |||||
| Other assets | |||||
| Licenses | |||||
| Trade name | |||||
| Non-compete agreements | |||||
| Goodwill | |||||
| Deferred tax liabilities | ( | ||||
| Liabilities assumed | ( | ||||
| Net assets acquired | $ | ||||
| Consideration paid in cash | $ | ||||
| Deferred consideration classified as a liability | |||||
| Total consideration | $ | ||||
| Cash outflow, net of cash acquired | $ | ||||
| HMS | EMMAC(1) | Sapphire | Four20 | Tryke(3) | NGC(2) | Total | |||||||||||||||||||||||||||||||||||
| Total contingent consideration liability, December 31, 2022 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Payments of contingent consideration | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
| Revaluation of contingent consideration | ( | ||||||||||||||||||||||||||||||||||||||||
| Effect of exchange rate differences | |||||||||||||||||||||||||||||||||||||||||
| Total contingent consideration liability, December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Contingent consideration recognized on acquisition | |||||||||||||||||||||||||||||||||||||||||
| Issuance of SVS as settlement of contingent consideration | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Revaluation of contingent consideration | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Effect of exchange rate differences | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Total contingent consideration liability, December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Less: Contingent consideration liability - current | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Contingent consideration liability - net of current | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1) Consideration is contingent on the ability of EMMAC (as defined herein) to obtain a recreational cannabis license in Europe and is payable in both cash and SVS upon achievement. Payouts, if any, are expected in January 2027. | |||||||||||||||||||||||||||||||||||||||||
(2) Consideration was contingent on NGC achieving certain margin targets during the fiscal year ending December 31, 2024 and is payable in both cash and SVS. Payouts are expected to occur in the first quarter of 2025. | |||||||||||||||||||||||||||||||||||||||||
(3) Consideration was contingent on Tryke achieving certain EBITDA targets and the resolution of certain indemnity claims. In January 2024, the Company issued | |||||||||||||||||||||||||||||||||||||||||
| Deseret | Tryke(1) | NRPC(2) | Curaleaf Poland(3) | Total | |||||||||||||||||||||||||
| Total deferred consideration liability, December 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Deferred consideration recognized on acquisition | |||||||||||||||||||||||||||||
| Interest expense on deferred consideration | |||||||||||||||||||||||||||||
| Change in fair value on deferred consideration paid | ( | ( | |||||||||||||||||||||||||||
| Payments of deferred consideration | ( | ( | ( | ||||||||||||||||||||||||||
| Total deferred consideration liability, December 31, 2023 | |||||||||||||||||||||||||||||
| Deferred consideration recognized on acquisition | |||||||||||||||||||||||||||||
| Interest expense on deferred consideration | |||||||||||||||||||||||||||||
| Effect of exchange rate differences | |||||||||||||||||||||||||||||
| Reversal of interest expense on deferred consideration | ( | ( | |||||||||||||||||||||||||||
| Change in fair value on deferred consideration paid | ( | ( | |||||||||||||||||||||||||||
Post-closing purchase price adjustment (4) | ( | ( | |||||||||||||||||||||||||||
| Payments of deferred consideration | ( | ( | |||||||||||||||||||||||||||
| Total deferred consideration liability, December 31, 2024 | |||||||||||||||||||||||||||||
| Less: Deferred consideration liability - current | ( | ( | ( | ||||||||||||||||||||||||||
| Deferred consideration liability - net of current | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1) Deferred consideration is related to the second and third anniversary payment due from the Company to the sellers of Tryke of $ | |||||||||||||||||||||||||||||
(2) Deferred consideration is related to the settlement of pending litigation. | |||||||||||||||||||||||||||||
(3) Deferred consideration was related to Curaleaf Poland achieving certain earnings metrics and is payable in both cash and SVS. Payouts are expected to occur in the first quarter of 2025. | |||||||||||||||||||||||||||||
(4) On October 4, 2024, the Company entered into a settlement agreement with the sellers of Tryke Companies, pursuant to which the Company received a $ | |||||||||||||||||||||||||||||
| Assets held for sale | Discontinued Operations | Held for Sale Entities | Total | ||||||||||||||
| Balance at December 31, 2022 | $ | $ | $ | ||||||||||||||
| Transferred out, net | ( | ( | ( | ||||||||||||||
| Balance at December 31, 2023 | |||||||||||||||||
| Transferred out, net | ( | ( | ( | ||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | ||||||||||||||
| Liabilities associated with assets held for sale | Discontinued Operations | Held for Sale Entities | Total | ||||||||||||||
| Balance at December 31, 2022 | $ | $ | $ | ||||||||||||||
| Transferred out, net | ( | ( | ( | ||||||||||||||
| Balance at December 31, 2023 | |||||||||||||||||
| Transferred out, net | ( | ( | |||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | ||||||||||||||
As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Inventories, net | $ | $ | |||||||||
| Total current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Right-of-use assets, finance lease, net | |||||||||||
| Total non-current assets | |||||||||||
| Total assets | $ | $ | |||||||||
| Liabilities | |||||||||||
| Lease liability, finance lease | $ | $ | |||||||||
| Lease liability, operating lease | |||||||||||
| Total current liabilities | |||||||||||
| Lease liability, operating lease | |||||||||||
| Total non-current liabilities | |||||||||||
| Total liabilities | $ | $ | |||||||||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Accounts receivable, net of allowance for credit losses | $ | $ | |||||||||
| Prepaid expenses and other current assets | |||||||||||
| Total current assets | |||||||||||
| Deferred tax asset | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Total non-current assets | |||||||||||
| Total assets | $ | $ | |||||||||
| Liabilities | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued expenses | |||||||||||
| Lease liabilities, finance - current | |||||||||||
| Lease liabilities, operating - current | |||||||||||
| Notes payable - current | |||||||||||
| Total current liabilities | |||||||||||
| Notes payable - net of current | |||||||||||
| Lease liabilities, finance - net of current | |||||||||||
| Lease liabilities, operating - net of current | |||||||||||
| Total non-current liabilities | |||||||||||
| Total liabilities | $ | $ | |||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Total revenues, net | $ | $ | |||||||||
| Cost of goods sold | |||||||||||
| Gross income (loss) | ( | ||||||||||
| Other operating expenses | |||||||||||
| Loss from operations | ( | ( | |||||||||
| Total other expense, net | ( | ( | |||||||||
| Loss from discontinued operations before provision for income taxes | ( | ( | |||||||||
| Benefit from (provision for) income taxes | ( | ||||||||||
| Net loss from discontinued operations | $ | ( | $ | ( | |||||||
As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Trade accounts receivable | $ | $ | |||||||||
| Other receivables | |||||||||||
| Accounts receivable, gross | |||||||||||
| Less: allowance for credit losses | ( | ( | |||||||||
| Accounts receivable, net | $ | $ | |||||||||
| Allowance for credit losses as of January 1, 2024 | $ | ( | |||
| Provision | ( | ||||
| Charge-offs and recoveries | |||||
| Allowance for credit losses as of December 31, 2024 | $ | ( | |||
| Allowance for credit losses as of January 1, 2023 | $ | ( | |||
| Provision | ( | ||||
| Charge-offs and recoveries | |||||
| Allowance for credit losses as of December 31, 2023 | $ | ( | |||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Raw materials: | |||||||||||
| Cannabis | $ | $ | |||||||||
| Non-Cannabis | |||||||||||
| Total raw materials | |||||||||||
| Work-in-process | |||||||||||
| Finished goods | |||||||||||
| Inventories, net | $ | $ | |||||||||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Current portion of notes receivable | $ | $ | |||||||||
| Long-term note receivable | |||||||||||
| Total notes receivable | $ | $ | |||||||||
As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Land | $ | $ | |||||||||
| Building and improvements | |||||||||||
| Furniture and fixtures | |||||||||||
| Information technology | |||||||||||
| Construction in progress | |||||||||||
| Property, plant and equipment, gross | |||||||||||
| Less: Accumulated depreciation | ( | ( | |||||||||
| Property, plant and equipment, net | $ | $ | |||||||||
| Years Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||
| Finance lease cost: | ||||||||||||||
Amortization of ROU assets(1) | $ | $ | ||||||||||||
| Interest on finance lease liabilities | ||||||||||||||
| Total finance lease cost | $ | $ | ||||||||||||
| Operating lease expense | $ | $ | ||||||||||||
Total lease costs(2) | $ | $ | ||||||||||||
(1) Amortization expense of ROU assets totaled $ | ||||||||||||||
(2) Excludes expenses incurred on short-term lease and low-value leases totaling $ | ||||||||||||||
As of | |||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
| Operating leases | Finance leases | Operating leases | Finance leases | ||||||||||||||||||||
| Lease assets: | |||||||||||||||||||||||
| Right-of-use assets | $ | $ | $ | $ | |||||||||||||||||||
| Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||
| Right-of-use assets, net | $ | $ | $ | $ | |||||||||||||||||||
| Lease liabilities: | |||||||||||||||||||||||
| Lease liabilities - current | $ | $ | $ | $ | |||||||||||||||||||
| Lease liabilities - net of current | |||||||||||||||||||||||
| Total lease liabilities | $ | $ | $ | $ | |||||||||||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Operating cash flows from operating leases | $ | ( | $ | ( | |||||||
| Operating cash flows from finance leases | ( | ( | |||||||||
| Cash flows from financing activities: | |||||||||||
| Financing cash flows from finance leases | ( | ( | |||||||||
| Net cash flows from leasing arrangements | $ | ( | $ | ( | |||||||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Weighted average remaining lease term (in years) - finance leases | |||||||||||
| Weighted average remaining lease term (in years) - operating leases | |||||||||||
| Weighted average discount rate - finance leases | % | % | |||||||||
| Weighted average discount rate - operating leases | % | % | |||||||||
| Years Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||
| Other income (expense): | ||||||||||||||
| Interest on financial obligations | $ | $ | ||||||||||||
| Operating expenses: | ||||||||||||||
| Depreciation on financed property, plant and equipment | ||||||||||||||
| Total costs associated with failed sale leaseback arrangements | $ | $ | ||||||||||||
As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
Property, plant and equipment, net: | |||||||||||
Financed property and equipment, net of accumulated depreciation of $ | $ | $ | |||||||||
Financial obligation: | |||||||||||
Financial obligation - current | $ | $ | |||||||||
Financial obligation - net of current | |||||||||||
Total financial obligation | $ | $ | |||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Operating cash flows from sale leaseback financial obligations | $ | ( | $ | ( | |||||||
| Cash flows from financing activities: | |||||||||||
| Financing cash flows from sale leaseback financial obligations | ( | ( | |||||||||
| Net cash flows from leasing arrangements | $ | ( | $ | ( | |||||||
| Fiscal Year ending December 31, | Operating Leases | Finance Leases | Financial Obligations | |||||||||||||||||
| 2025 | $ | $ | $ | |||||||||||||||||
| 2026 | ||||||||||||||||||||
| 2027 | ||||||||||||||||||||
| 2028 | ||||||||||||||||||||
| 2029 | ||||||||||||||||||||
| 2030 and thereafter | ||||||||||||||||||||
| Total undiscounted remaining minimum lease payments | ||||||||||||||||||||
| Less: imputed interest | ( | ( | ( | |||||||||||||||||
| Total discounted remaining minimum lease payments | $ | $ | $ | |||||||||||||||||
| As of December 31, 2024 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||
| Licenses and service agreements | $ | $ | ( | $ | ||||||||||||||||
| Trade names | ( | |||||||||||||||||||
| Intellectual property and know-how | ( | |||||||||||||||||||
| Non-compete agreements | ( | |||||||||||||||||||
| Intangible assets, net | $ | $ | ( | $ | ||||||||||||||||
| As of December 31, 2023 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||
| Licenses and service agreements | $ | $ | ( | $ | ||||||||||||||||
| Trade names | ( | |||||||||||||||||||
| Non-compete agreements | ( | |||||||||||||||||||
| Intangible assets, net | $ | $ | ( | $ | ||||||||||||||||
| Fiscal Year | Estimated Amortization | |||||||
| 2025 | $ | |||||||
| 2026 | ||||||||
| 2027 | ||||||||
| 2028 | ||||||||
| 2029 | ||||||||
| Asset class: | Weighted Average Amortization (in years) | |||||||
| Licenses and service agreements | ||||||||
| Trade names | ||||||||
| Intellectual property and know-how | ||||||||
| Non-compete agreements | ||||||||
| Domestic | International | Total | |||||||||||||||
| Balance at December 31, 2022 | $ | $ | $ | ||||||||||||||
| Change in Assets Held for Sale (Note 5) | |||||||||||||||||
| Loss on Impairment | ( | ( | |||||||||||||||
| Acquisitions (Note 4) | |||||||||||||||||
| Purchase price adjustments (Note 4) | |||||||||||||||||
| Effect of exchange rate differences | |||||||||||||||||
| Balance at December 31, 2023 | |||||||||||||||||
| Acquisitions (Note 4) | |||||||||||||||||
| Purchase price adjustments (Note 4) | |||||||||||||||||
| Effect of exchange rate differences | ( | ( | |||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | ||||||||||||||
| Reporting Units | Carrying Value of Goodwill | Goodwill Impairment | ||||||||||||
| Nevada | $ | $ | ||||||||||||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
Security deposits(1) | $ | $ | |||||||||
Investments(2)(3) | |||||||||||
Other assets(4) | |||||||||||
| Total other assets | $ | $ | |||||||||
(1) Represents security deposits paid by the Company in connection its execution of certain lease arrangements.See Note 11 — Leases for further details. | |||||||||||
(2) In the third quarter of 2019, the Company entered into a Real Estate Contribution Agreement with a real estate investment trust (the “REIT”), receiving equity shares in the REIT as part of a sale and leaseback transaction. See Note 11 — Leases for further details. | |||||||||||
(3) In the third quarter of 2024, the Company entered into certain investments in support of continued growth within its International segment. | |||||||||||
(4) Represents receivables resulting from certain acquisitions of the Company. | |||||||||||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Accrued loyalty payable | $ | $ | |||||||||
| Sales taxes payable | |||||||||||
| Excise taxes payable | |||||||||||
| Accrued payroll expenses | |||||||||||
| Interest payable | |||||||||||
| Deferred revenue | |||||||||||
| Accrued inventory expenses | |||||||||||
| Accrued marketing expenses | |||||||||||
| Accrued legal expenses | |||||||||||
| Property & other taxes payable | |||||||||||
| Other accrued expenses | |||||||||||
| Total accrued expenses | $ | $ | |||||||||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Senior Secured Notes – 2026 | $ | $ | |||||||||
| Bloom Notes – 2024 | |||||||||||
| Bloom Notes – 2025 | |||||||||||
| Seller notes payable | |||||||||||
| ABL Facility – EWB | |||||||||||
| Needham LOC | |||||||||||
| Other notes payable | |||||||||||
| Less: Unamortized debt discount/premium and deferred financing fees | ( | ( | |||||||||
| Notes payable, net of unamortized debt discount/premium and deferred financing fees | |||||||||||
| Less: Notes payable - current | ( | ( | |||||||||
| Notes payable - net of current | $ | $ | |||||||||
Credit facility | Original facility size | Outstanding balance | Stated interest rate | Maturity date | |||||||||||||||||||
| Senior Secured Notes – 2026 | $ | $ | % | (5) | December 15, 2026 | ||||||||||||||||||
| Bloom Notes – 2024 | (3) | % | (6) | January 18, 2025/ October 18, 2024(4) | |||||||||||||||||||
| Bloom Notes – 2025 | % | (7) | January 17, 2025(13) | ||||||||||||||||||||
Seller notes payable - Scottsdale Note(1) | % | (8) | December 1, 2036 | ||||||||||||||||||||
| ABL Facility - EWB Note | % | (12) | August 25, 2025 | ||||||||||||||||||||
| Needham LOC | % | (14) | December 15, 2026(15) | ||||||||||||||||||||
Other notes payable - BHH Note(2) | % | (9) | September 30, 2025 | ||||||||||||||||||||
Other notes payable - VOWL Note(2) | % | (10) | March 30, 2025 | ||||||||||||||||||||
Other notes payable - NGC Note(2) | (11) | % | (11) | March 31, 2025 | |||||||||||||||||||
Other notes payable - miscellaneous(2) | Various | Various | |||||||||||||||||||||
| $ | $ | ||||||||||||||||||||||
(1) The Company has a seller note payable incurred in connection with the Company’s purchase of a building in Scottsdale, Arizona (the “Scottsdale Note”). | |||||||||||||||||||||||
(2) The Company has a note payable (the “BHH Note”) with Tangela Holdings, Ltd (“Tangela”) and Portiagate Investment LTD, which was executed in the last quarter of 2020 and amended in the third quarter of 2022, in connection with the Company gaining a controlling interest in Broad Horizons Holdings, LLC (“BHH”). In addition, the Company has a separate note payable with Tangela, which was executed to fund bulk purchases of cannabis for resale by NGC (the “NGC Note”). Lastly, Four20 Pharma GmbH (“Four20”), a subsidiary of the Company, has a note payable with Verbundvolksbank OWL (the “VOWL Note”). Other notes payable - miscellaneous is comprised of various immaterial loans held by Curaleaf International. | |||||||||||||||||||||||
(3) As part of a settlement agreement reached in April 2023, between the Company and the former owners of Bloom, the principal balance of the Bloom Notes - 2024 was reduced to $ | |||||||||||||||||||||||
(4) The Installment Amount (as defined herein) matured on October 18, 2024, and the Conversion Amount matured on January 18, 2025. The Conversion Amount was settled in its entirety through the issuance of SVS, as discussed further herein in the section titled “Bloom Notes”. | |||||||||||||||||||||||
(5) Compounded semi-annually and payable in arrears on June 15th and December 15th of each year. | |||||||||||||||||||||||
(6) Only the Installment Amount (as defined herein) of $ | |||||||||||||||||||||||
(7) Computed daily on the basis of a 360-day year and payable at maturity. | |||||||||||||||||||||||
(8) Calculated on the basis of a 360-day year for the actual number of days elapsed for any period of time. Interest is due on the 23rd of each month. | |||||||||||||||||||||||
(9) Computed daily on the basis of a 365-day year (or 366 days in the case of a leap year) and payable quarterly in arrears on each January 1, April 1, and October 1 following the closing date, with the final interest payment due and payable on the maturity date. | |||||||||||||||||||||||
(10) Interest is calculated on a 360-day year at a fixed rate of | |||||||||||||||||||||||
(11) Computed on the basis of a 365-day year. Interest is due at maturity. As a payment-in-kind loan, interest accrued increases the outstanding balance of the loan each reporting period. | |||||||||||||||||||||||
(12) Calculated on the basis of a 360-day year for the actual number of days elapsed for any period of time. Interest is due on the 25th of each month. | |||||||||||||||||||||||
(13) In January 2025, the Bloom Note - 2025 was exchanged for senior secured notes due January 17, 2027; see Note 30 — Subsequent events for further details. | |||||||||||||||||||||||
(14) Calculated on the basis of a 360-day year. Interest is due on the 6th of each month. | |||||||||||||||||||||||
(15) The Company has the option to extend the Needham LOC to December 15, 2028, subject to certain conditions specified in the agreement. | |||||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||
Effective interest rate | Stated debt interest | Amortization of debt discount/premium and deferred financing fees | Total interest expense (2) | ||||||||||||||
| Senior Secured Notes – 2026 | $ | ( | $ | ( | $ | ( | |||||||||||
| Bloom Notes – 2024 | ( | ( | |||||||||||||||
| Bloom Notes – 2025 | ( | ( | ( | ||||||||||||||
Seller notes payable - Phyto Note(1) | ( | ( | |||||||||||||||
| Seller notes payable - Scottsdale Note | ( | ( | |||||||||||||||
| ABL Facility - EWB Note | ( | ( | |||||||||||||||
| Needham LOC | ( | ( | |||||||||||||||
| Other notes payable - BHH Note | ( | ( | |||||||||||||||
| Other notes payable - VOWL Note | ( | ( | |||||||||||||||
| Other notes payable - NGC Note | ( | ( | |||||||||||||||
| Other notes payable - miscellaneous | various | ||||||||||||||||
| $ | ( | $ | ( | $ | ( | ||||||||||||
(1) The Phyto Note was paid in full on July 1, 2024. | |||||||||||||||||
(2) Total interest expense herein does not reconcile to Interest expense as presented on the Consolidated Statements of Operations, as it does not include interest recognized by the Company on its deferred consideration liabilities during the periods presented. Refer to Note 4 — Acquisitions — Deferred consideration for additional information. | |||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||
Effective interest rate | Stated debt interest | Amortization of debt discount/premium and deferred financing fees | Total interest expense (3) | ||||||||||||||
| Senior Secured Notes – 2026 | $ | ( | $ | ( | $ | ( | |||||||||||
Bloom Notes – 2023(1) | ( | ( | |||||||||||||||
| Bloom Notes – 2024 | ( | ( | ( | ||||||||||||||
| Bloom Notes – 2025 | ( | ( | ( | ||||||||||||||
Seller notes payable - Phyto Note(2) | ( | ( | |||||||||||||||
| Seller notes payable - Scottsdale Note | ( | ( | |||||||||||||||
| ABL Facility - EWB Note | ( | ( | |||||||||||||||
| Other notes payable - BHH Note | ( | ( | |||||||||||||||
| Other notes payable - VOWL Note | ( | ( | |||||||||||||||
| Other notes payable - miscellaneous | various | ( | ( | ||||||||||||||
| $ | ( | $ | ( | $ | ( | ||||||||||||
(1) The Company paid the Bloom Note – 2023 in full in the second quarter of 2023; upon which time, the Company ceased accruing interest on the Bloom Notes - 2023. As part of a settlement agreement reached in April 2023, between the Company and the former owners of Bloom, the parties agreed to reduce the future principal payments of the | |||||||||||||||||
(2) The Phyto Note was paid in full on July 1, 2024. | |||||||||||||||||
(3) Total interest expense herein does not reconcile to Interest expense as presented on the Consolidated Statements of Operations, as it does not include interest recognized by the Company on its deferred consideration liabilities during the periods presented. Refer to Note 4 — Acquisitions — Deferred consideration for additional information. | |||||||||||||||||
| Fiscal year: | Amount | |||||||
| 2025 | $ | |||||||
| 2026 | ||||||||
| 2027 | ||||||||
| 2028 | ||||||||
| 2029 and thereafter | ||||||||
| Total future principal payments | $ | |||||||
| Loan year | Prepayment redemption prices | ||||
| June 15, 2024 to June 14, 2025 | |||||
| June 15, 2025 and thereafter | |||||
| Note | SVS | MVS | Total | ||||||||||||||||||||
| As of January 1, 2023 | |||||||||||||||||||||||
| Issuance of shares in connection with acquisitions | 4 | — | |||||||||||||||||||||
| Issuance of shares in connection with public offering | 2 | — | |||||||||||||||||||||
| SVS contributed to Curaleaf, Inc. in connection with the Reorganization | 2 | ( | — | ( | |||||||||||||||||||
| Acquisition escrow shares returned and cancelled | ( | — | ( | ||||||||||||||||||||
| Exercise of stock options | 18 | — | |||||||||||||||||||||
| Issuance of SVS for settlement of RSUs | 18 | — | |||||||||||||||||||||
| As of December 31, 2023 | |||||||||||||||||||||||
| Issuance of SVS in connection with acquisitions | 4 | — | |||||||||||||||||||||
| Acquisition shares returned and cancelled | ( | — | ( | ||||||||||||||||||||
| Exercise of stock options | 18 | — | |||||||||||||||||||||
| Issuance of SVS* for settlement of RSUs* | 18 | — | |||||||||||||||||||||
| Issuance of SVS for settlement of PSUs | 18 | — | |||||||||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Stock options | $ | $ | |||||||||
| Performance stock units | |||||||||||
| Restricted stock units | |||||||||||
| Share-based compensation | $ | $ | |||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Total intrinsic value of options exercised | $ | $ | |||||||||
| Total fair value of shares vested | |||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Expected volatility | |||||||||||
| Expected life in years | |||||||||||
| Expected dividends | % | % | |||||||||
| Risk-free interest rate (based on government bonds) | |||||||||||
(1) The Company has never paid cash dividends nor expects to pay cash dividends in the foreseeable future. | |||||||||||
| Number of options | Weighted average exercise price | Weighted average remaining contractual life (years) | Aggregate intrinsic value | ||||||||||||||||||||
| Outstanding at January 1, 2024 | $ | ||||||||||||||||||||||
Forfeited(1) | ( | ||||||||||||||||||||||
Expired(1) | ( | ||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||
Granted(2) | |||||||||||||||||||||||
| Outstanding at December 31, 2024 | $ | $ | |||||||||||||||||||||
| Options exercisable at December 31, 2024 | $ | $ | |||||||||||||||||||||
(1) Includes adjustments for changes in estimates. | |||||||||||||||||||||||
(2) Includes stock options, granted to the Company’s CEO and Chairman, during the year ended December 31, 2023, with a | |||||||||||||||||||||||
| Number of options | Weighted average exercise price | Weighted average remaining contractual life (years) | Aggregate intrinsic value | ||||||||||||||||||||
| Outstanding at January 1, 2023 | $ | ||||||||||||||||||||||
Forfeited(1) | ( | ||||||||||||||||||||||
| Expired | ( | ||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||
Granted(2) | |||||||||||||||||||||||
| Outstanding at December 31, 2023 | $ | $ | |||||||||||||||||||||
| Options exercisable at December 31, 2023 | $ | $ | |||||||||||||||||||||
(1) Includes adjustments for changes in estimates. | |||||||||||||||||||||||
(2) Includes stock options, granted to the Company’s CEO and Chairman, during the year ended December 31, 2023, with a | |||||||||||||||||||||||
| Number of PSUs | Weighted-Average Grant Date Fair Value | ||||||||||
| Unvested at January 1, 2024 | $ | ||||||||||
Forfeited(1) | ( | ||||||||||
| Vested | ( | ||||||||||
| Granted | |||||||||||
| Unvested at December 31, 2024 | $ | ||||||||||
| Inception-to-date PSUs vested at December 31, 2024 | |||||||||||
(1) Includes adjustments for changes in estimates. | |||||||||||
| Number of PSUs | Weighted-Average Grant Date Fair Value | ||||||||||
| Unvested at January 1, 2023 | $ | ||||||||||
Forfeited(1) | ( | ||||||||||
| Vested | |||||||||||
| Granted | |||||||||||
| Unvested at December 31, 2023 | $ | ||||||||||
| Inception-to-date PSUs vested at December 31, 2023 | |||||||||||
(1) Includes adjustments for changes in estimates. | |||||||||||
| Number of RSUs | Weighted-Average Grant Date Fair Value | ||||||||||
| Unvested at January 1, 2024 | $ | ||||||||||
Forfeited(1) | ( | ||||||||||
| Vested | ( | ||||||||||
| Granted | |||||||||||
| Unvested at December 31, 2024 | $ | ||||||||||
| Inception-to-date RSUs vested at December 31, 2024 | |||||||||||
(1) Includes adjustments for changes in estimates. | |||||||||||
| Number of RSUs | Weighted-Average Grant Date Fair Value | ||||||||||
| Unvested at January 1, 2023 | $ | ||||||||||
Forfeited(1) | ( | ||||||||||
| Vested | ( | ||||||||||
| Granted | |||||||||||
| Unvested at December 31, 2023 | $ | ||||||||||
| Inception-to-date RSUs vested at December 31, 2023 | |||||||||||
(1) Includes adjustments for changes in estimates. | |||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Salaries and benefits | $ | $ | |||||||||
| Sales and marketing | |||||||||||
| Rent and occupancy | |||||||||||
| Travel | |||||||||||
| Professional fees | |||||||||||
| Office supplies and services | |||||||||||
| Other operating expense | |||||||||||
| Total selling, general and administrative expense | $ | $ | |||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Gain (loss) on disposal of assets | $ | $ | ( | ||||||||
| Gain on investment | |||||||||||
| Gain on modification and extinguishment of debt | |||||||||||
| Other income | |||||||||||
| Total other income, net | $ | 16,259 | $ | ||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Revenues, net: | |||||||||||
| Retail revenues | $ | $ | |||||||||
| Wholesale revenues | |||||||||||
| Management fee income | |||||||||||
| Total revenues, net | $ | $ | |||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Domestic | $ | ( | $ | ( | |||||||
| Foreign | ( | ( | |||||||||
| Total | $ | ( | $ | ( | |||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Current: | |||||||||||
| Federal | $ | $ | |||||||||
| State | |||||||||||
| Foreign | |||||||||||
| Total current | $ | $ | |||||||||
| Deferred: | |||||||||||
| Federal | $ | ( | $ | ( | |||||||
| State | ( | ( | |||||||||
| Foreign | ( | ||||||||||
| Total deferred | $ | ( | $ | ( | |||||||
| Years Ended | |||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
| Provision for income taxes computed using statutory tax rate | $ | ( | % | $ | ( | % | |||||||||||||||||
| Effect of tax rates in foreign jurisdictions | ( | % | ( | % | |||||||||||||||||||
| Tax effect of: | |||||||||||||||||||||||
| State income taxes, net of federal income tax benefit | ( | % | ( | % | |||||||||||||||||||
| Impact of U.S. tax on foreign operations | ( | % | ( | % | |||||||||||||||||||
| Share-based compensation | ( | % | ( | % | |||||||||||||||||||
| Non-deductible expenses | ( | % | ( | % | |||||||||||||||||||
| Increase in uncertain tax position | ( | % | ( | % | |||||||||||||||||||
| Increase in valuation allowance | ( | % | ( | % | |||||||||||||||||||
| Penalties and interest | ( | % | ( | % | |||||||||||||||||||
| Other | ( | % | ( | % | |||||||||||||||||||
| Provision for income taxes | $ | ( | % | $ | ( | % | |||||||||||||||||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Deferred tax assets: | |||||||||||
| Net operating loss carryforward | $ | $ | |||||||||
| 163j Interest Carryovers | |||||||||||
| Stock compensation | |||||||||||
| Accrued and prepaid expenses | |||||||||||
| Other | |||||||||||
| Total deferred tax assets | $ | $ | |||||||||
| Deferred tax liabilities: | |||||||||||
| Depreciation and amortization | $ | ( | $ | ( | |||||||
| Inventory | ( | ( | |||||||||
| Total deferred tax liabilities | $ | ( | $ | ( | |||||||
| Valuation allowance | ( | ( | |||||||||
| Net deferred tax liabilities | $ | ( | $ | ( | |||||||
| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Balance at beginning of the year | $ | $ | |||||||||
| Additions based on tax positions related to the current year | |||||||||||
| Additions based on refunds requested but not yet received related to prior years | |||||||||||
| Additions based on refunds received related to prior years | |||||||||||
| Additions for tax positions of prior years | ( | ||||||||||
| Additions based on acquisitions | ( | ( | |||||||||
| Lapse of statute of limitations | ( | ( | |||||||||
| Balance at the end of the year | $ | $ | |||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Numerator: | |||||||||||
| Net loss from continuing operations | $ | ( | $ | ( | |||||||
| Less: excess redemption value above carrying value | ( | ||||||||||
Net loss from continuing operations, net of accretion | ( | ( | |||||||||
| Net loss attributable to redeemable non-controlling interest | ( | ( | |||||||||
| Net loss from continuing operations attributable to Curaleaf Holdings, Inc. | ( | ( | |||||||||
| Net loss from discontinued operations | ( | ( | |||||||||
| Net loss attributable to Curaleaf Holdings, Inc. | $ | ( | $ | ( | |||||||
| Denominator: | |||||||||||
| Basic weighted-average common shares outstanding | |||||||||||
| Dilutive effect of stock options to purchase common stock | |||||||||||
| Dilutive effect of restricted stock awards | |||||||||||
| Dilutive effect of performance-based stock awards | |||||||||||
| Dilutive effect of convertible debt | |||||||||||
| Dilutive effect of contingent shares | |||||||||||
| Pro forma dilutive weighted-average common shares outstanding | |||||||||||
Per share – basic and diluted(1): | |||||||||||
| Net loss per share from continuing operations, net of the loss per share and excess redemption value attributable to non-controlling interest | $ | ( | $ | ( | |||||||
| Net loss per share from discontinued operations, net of loss per share attributable to non-controlling interest | ( | ( | |||||||||
| Net loss per share attributable to Curaleaf Holdings, Inc. – basic | $ | ( | $ | ( | |||||||
(1) As a result of net losses by the Company from its continuing and its discontinued operations for the years ended December 31, 2024 and 2023, the calculation of diluted net loss per share for each period presented gives no consideration to potentially anti-dilutive securities (ex: LTIP share-based awards, convertible debt and contingent consideration); and as such, is the same as basic net loss per share for each period presented. | |||||||||||
| Domestic | International (1) | Total | |||||||||||||||||||||||||||||||||
For the year ended December 31, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
| Income from continuing operations | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
| Depreciation and amortization | |||||||||||||||||||||||||||||||||||
Other add-backs, net (2) | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
| Adjusted EBITDA Margin | ( | ||||||||||||||||||||||||||||||||||
| Total Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segment results across quarters and year-over-year. | |||||||||||||||||||||||||||||||||||
(2) Other add-backs in the current year ended December 31, 2024 primarily include costs related to salaries and benefits, inventory, legal and professional fees and lobbyist/PR spend. Other add-backs for the year ended December 31, 2023 primarily include inventory adjustments, costs related to legal and professional fees and license fees. | |||||||||||||||||||||||||||||||||||
| For the year ended December 31, 2024 | Domestic | International (1) | Total | ||||||||||||||
| Revenues, net: | |||||||||||||||||
| Retail and wholesale revenues | $ | $ | $ | ||||||||||||||
| Management fee income | |||||||||||||||||
| Total revenues, net | |||||||||||||||||
| Cost of goods sold | |||||||||||||||||
| Gross profit | |||||||||||||||||
| Total operating expenses | |||||||||||||||||
| Income (loss) from continuing operations | $ | $ | ( | $ | |||||||||||||
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segment results across quarters and year-over-year. | |||||||||||||||||
| For the year ended December 31, 2023 | Domestic | International (1) | Total | ||||||||||||||
| Revenues, net: | |||||||||||||||||
| Retail and wholesale revenues | $ | $ | $ | ||||||||||||||
| Management fee income | |||||||||||||||||
| Total revenues, net | |||||||||||||||||
| Cost of goods sold | |||||||||||||||||
| Gross profit | |||||||||||||||||
| Total operating expenses | |||||||||||||||||
| Income (loss) from continuing operations | $ | $ | ( | $ | |||||||||||||
(1) The Company is exposed to foreign currency exchange risk due to fluctuations between the functional currencies of its international subsidiaries and the USD. Additionally, the translation of these subsidiaries’ operating results into USD for reporting purposes introduces further exposure. While these fluctuations are not material to the Company’s consolidated operating results, they may impact the comparability of the Company’s segment results across quarters and year-over-year. | |||||||||||||||||
| Domestic | International | Total | |||||||||||||||
Long-lived assets as of December 31, 2024 | $ | $ | $ | ||||||||||||||
Long-lived assets as of December 31, 2023 | |||||||||||||||||
| Years Ended | Balance receivable (payable) as of | |||||||||||||||||||||||||
| Transaction | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Consulting fees (1) | $ | $ | ||||||||||||||||||||||||
Travel and reimbursement (2) | ||||||||||||||||||||||||||
Rent expense (3) | ||||||||||||||||||||||||||
Platform fees (4)(5) | ||||||||||||||||||||||||||
Senior Secured Notes - 2026 (6) | $ | $ | ||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
| Fair value measurements as of December 31, 2024 using: | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Investments | $ | $ | $ | $ | |||||||||||||||||||
| Contingent consideration liabilities | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
| Fair value measurements as of December 31, 2023 using: | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Investments | $ | $ | $ | $ | |||||||||||||||||||
| Contingent consideration liabilities | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| 0 to 90 days | $ | $ | |||||||||
| 91 to 180 days | |||||||||||
| 181 days + | |||||||||||
| Trade accounts receivable | $ | $ | |||||||||
| Note | < 1 Year | 1 to 3 Years | Total | ||||||||||||||||||||
As of December 31, 2024: | |||||||||||||||||||||||
| Accounts payable | $ | $ | $ | ||||||||||||||||||||
| Accrued expenses | 14 | ||||||||||||||||||||||
| Income tax payable | 23 | ||||||||||||||||||||||
| Lease liabilities, finance | 11 | ||||||||||||||||||||||
| Lease liabilities, operating | 11 | ||||||||||||||||||||||
| Notes payable | 15,27 | ||||||||||||||||||||||
| Liabilities held for sale | 5 | ||||||||||||||||||||||
| Other current liabilities | |||||||||||||||||||||||
| Contingent consideration liability | 4 | ||||||||||||||||||||||
| Deferred consideration liability | 4 | ||||||||||||||||||||||
| Deferred tax liability | 23 | ||||||||||||||||||||||
| Uncertain tax position | 23 | ||||||||||||||||||||||
| Other long-term liability | |||||||||||||||||||||||
| $ | $ | $ | |||||||||||||||||||||
| Note | < 1 Year | 1 to 3 Years | Total | ||||||||||||||||||||
| As of December 31, 2023: | |||||||||||||||||||||||
| Accounts payable | $ | $ | $ | ||||||||||||||||||||
| Accrued expenses | 14 | ||||||||||||||||||||||
| Income tax payable | 23 | ||||||||||||||||||||||
| Lease liabilities, finance | 11 | ||||||||||||||||||||||
| Lease liabilities, operating | 11 | ||||||||||||||||||||||
| Notes payable | 15,27 | ||||||||||||||||||||||
| Liabilities held for sale | 5 | ||||||||||||||||||||||
| Other current liabilities | |||||||||||||||||||||||
| Contingent consideration liability | 4 | ||||||||||||||||||||||
| Deferred consideration liability | 4 | ||||||||||||||||||||||
| Deferred tax liability | 23 | ||||||||||||||||||||||
| Uncertain tax position | 23 | ||||||||||||||||||||||
| Other long-term liability | |||||||||||||||||||||||
| $ | $ | $ | |||||||||||||||||||||
As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
Included in Consolidated Balance Sheets(1): | |||||||||||
| Current assets | $ | $ | |||||||||
| Non-current assets | |||||||||||
| Current liabilities | |||||||||||
| Non-current liabilities | |||||||||||
| Equity attributable to Curaleaf Holdings, Inc. | |||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Included in Consolidated Statements of Operations: | |||||||||||
| Revenues, net | $ | $ | |||||||||
| Net income (loss) attributable to Curaleaf Holdings, Inc. | |||||||||||

| As of | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| Curaleaf International Holdings Limited | Guernsey | 68.5% | 68.5% | |||||||||||||||||
| Curaleaf, Inc.* | DE | — | — | |||||||||||||||||
| Northern Green Canada Inc. | Canada | 100% | — (2) | |||||||||||||||||
| Bloom Fungibles, LLC | AZ | 100% | 100% | |||||||||||||||||
| Focused Employer, Inc. | DE | 100% | 100% | |||||||||||||||||
(1) Based on % of voting interests held by the Company. | ||||||||||||||||||||
(2) The Company acquired Northern Green Canada Inc. (“NGC”) in 2024. See Note 4 — Acquisitions of the Company’s Consolidated Financial Statements as of and for the Years Ended December 31, 2024 and 2023 for further details. | ||||||||||||||||||||
* Consolidated by the Company as a variable interest entity. See Note 3 — Significant accounting policies and Note 29 — Variable interest entities of the Company’s Consolidated Financial Statements as of and for the Years Ended December 31, 2024 and 2023 for further details. | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| Curaleaf International Limited | UK | 100% | 100% | |||||||||||||||||
Four20 Pharma GmbH(2) | Germany | 55% | 55% | |||||||||||||||||
(1) Based on % of voting interests held by the Company. | ||||||||||||||||||||
(2) The remaining 45% non-controlling interest is held by the sellers of Four20 Pharma GmbH, which the company acquired in September 2022. See 'Non-controlling interests' within Note 2 - Basis of presentation and consolidation and Note 17 — Redeemable non-controlling interest of the Company’s Consolidated Financial Statements as of and for the Years Ended December 31, 2024 and 2023 for further details. | ||||||||||||||||||||
As of | ||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Entity name | Jurisdiction of Incorporation/Formation | Ownership %(1) | ||||||||||||||||||
| CLF AZ, Inc. | DE | 100% | 100% | |||||||||||||||||
| CLF NY, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf CA, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf KY, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf Massachusetts, Inc. | MA | 100% | 100% | |||||||||||||||||
| Curaleaf MD, LLC | MD | 100% | 100% | |||||||||||||||||
| Curaleaf OGT, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf PA, LLC | DE | 100% | 100% | |||||||||||||||||
| Focused Investment Partners, LLC | DE | 100% | 100% | |||||||||||||||||
| CLF Maine, Inc. | DE | 100% | 100% | |||||||||||||||||
| PalliaTech CT, Inc. | DE | 100% | 100% | |||||||||||||||||
| CLF Oregon, LLC (formerly PalliaTech OR, LLC) | DE | 100% | 100% | |||||||||||||||||
| PalliaTech Florida, Inc. | DE | 100% | 100% | |||||||||||||||||
| PT Nevada, Inc. | DE | 100% | 100% | |||||||||||||||||
| CLF Sapphire Holdings, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf NJ II, Inc. | DE | 100% | 100% | |||||||||||||||||
| GR Companies, Inc. | DE | 100% | 100% | |||||||||||||||||
| CLF MD Employer, LLC | MD | 100% | 100% | |||||||||||||||||
| Curaleaf Columbia, LLC (formerly HMS Sales, LLC) | MD | 100% | 100% | |||||||||||||||||
| MI Health, LLC | MD | 100% | 100% | |||||||||||||||||
| Curaleaf Compassionate Care VA, LLC | VA | 100% | 100% | |||||||||||||||||
| Curaleaf UT, LLC | DE | 100% | 100% | |||||||||||||||||
| Curaleaf Processing, Inc | DE | 100% | 100% | |||||||||||||||||
| Virginia's Kitchen, LLC | CO | 100% | 100% | |||||||||||||||||
| Cura CO LLC | CO | 100% | 100% | |||||||||||||||||
| Curaleaf DH, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf Stamford, Inc. | CT | 100% | 100% | |||||||||||||||||
| CLF Holdings Alabama, Inc. | DE | 100% | 100% | |||||||||||||||||
| Curaleaf Hemp, Inc. | DE | 100% | — | |||||||||||||||||
| Windy City Holding Company, LLC* | IL | — | — | |||||||||||||||||
| Broad Horizon Holdings, LLC* | MA | — | — | |||||||||||||||||
(1) Based on % of voting interests held by Curaleaf, Inc. with the exception of the entities which Curaleaf, Inc. consolidates as variable interest entities. | ||||||||||||||||||||
* Consolidated by Curaleaf, Inc. as a variable interest entity. See Note 3 — Significant accounting policies and Note 29 — Variable interest entities of the Company’s Consolidated Financial Statements as of and for the Years Ended December 31, 2024 and 2023 for further details. | ||||||||||||||||||||
| Variance | |||||||||||||||||||||||||||||||||||||||||
| Years Ended December 31, | 2024 vs. 2023 | 2024 vs. 2022 | |||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | $ | % | $ | % | |||||||||||||||||||||||||||||||||||
| Revenues, net | $ | 1,342,802 | $ | 1,346,632 | $ | 1,275,420 | $ | (3,830) | 0 | % | $ | 67,382 | 5 | % | |||||||||||||||||||||||||||
| Cost of goods sold | 703,554 | 732,183 | 649,001 | (28,629) | (4) | % | 54,553 | 8 | % | ||||||||||||||||||||||||||||||||
| Gross profit | 639,248 | 614,449 | 626,419 | 24,799 | 4 | % | 12,829 | 2 | % | ||||||||||||||||||||||||||||||||
| Operating expenses | 619,051 | 571,566 | 561,431 | 47,485 | 8 | % | 57,620 | 10 | % | ||||||||||||||||||||||||||||||||
| Other expense, net | (137,826) | (167,249) | (151,476) | 29,423 | (18) | % | 13,650 | (9) | % | ||||||||||||||||||||||||||||||||
| Income tax expense | (98,592) | (114,589) | (178,822) | 15,997 | (14) | % | 80,230 | (45) | % | ||||||||||||||||||||||||||||||||
| Net loss from continuing operations | (216,221) | (238,955) | (265,310) | 22,734 | (10) | % | 49,089 | (19) | % | ||||||||||||||||||||||||||||||||
| Net loss from discontinued operations | (5,786) | (51,382) | (111,622) | 45,596 | (89) | % | 105,836 | (95) | % | ||||||||||||||||||||||||||||||||
| Net loss | (222,007) | (290,337) | (376,932) | 68,330 | (24) | % | 154,925 | (41) | % | ||||||||||||||||||||||||||||||||
| Less: Net loss attributable to non-controlling interest | (6,584) | (9,140) | (6,833) | 2,556 | (28) | % | 249 | (4) | % | ||||||||||||||||||||||||||||||||
| Net loss attributable to Curaleaf Holdings, Inc. | $ | (215,423) | $ | (281,197) | $ | (370,099) | $ | 65,774 | (23) | % | $ | 154,676 | (42) | % | |||||||||||||||||||||||||||
| Net loss per share attributable to Curaleaf Holdings, Inc. – basic and diluted | $ | (0.32) | $ | (0.39) | $ | (0.52) | $ | 0.07 | (18) | % | $ | 0.20 | (38) | % | |||||||||||||||||||||||||||
| Variance | |||||||||||||||||||||||||||||||||||||||||
| Years Ended December 31, | 2024 vs. 2023 | 2024 vs. 2022 | |||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | $ | % | $ | % | |||||||||||||||||||||||||||||||||||
| Domestic revenues: | |||||||||||||||||||||||||||||||||||||||||
| Retail revenue | $ | 994,718 | $ | 1,076,101 | $ | 991,316 | $ | (81,383) | (8) | % | $ | 3,402 | 0 | % | |||||||||||||||||||||||||||
| Wholesale revenue | 240,862 | 206,600 | 246,414 | 34,262 | 17 | % | (5,552) | (2) | % | ||||||||||||||||||||||||||||||||
| Management fee income | 1,671 | 2,924 | 3,256 | (1,253) | (43) | % | (1,585) | (49) | % | ||||||||||||||||||||||||||||||||
| Total domestic revenues | $ | 1,237,251 | $ | 1,285,625 | $ | 1,240,986 | $ | (48,374) | (4) | % | $ | (3,735) | 0 | % | |||||||||||||||||||||||||||
| Variance | |||||||||||||||||||||||||||||||||||||||||
| Years Ended December 31, | 2024 vs. 2023 | 2024 vs. 2022 | |||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | $ | % | $ | % | |||||||||||||||||||||||||||||||||||
| International revenues: | |||||||||||||||||||||||||||||||||||||||||
| Retail revenue | $ | 38,047 | $ | 21,071 | $ | 10,220 | $ | 16,976 | 81 | % | $ | 27,827 | 272 | % | |||||||||||||||||||||||||||
| Wholesale revenue | 63,079 | 37,006 | 22,628 | 26,073 | 70 | % | 40,451 | 179 | % | ||||||||||||||||||||||||||||||||
| Management fee income | 4,425 | 2,930 | 1,586 | 1,495 | 51 | % | 2,839 | 179 | % | ||||||||||||||||||||||||||||||||
| Total international revenues | $ | 105,551 | $ | 61,007 | $ | 34,434 | $ | 44,544 | 73 | % | $ | 71,117 | 207 | % | |||||||||||||||||||||||||||
As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Total assets | $ | 2,949,536 | $ | 3,096,576 | |||||||
| Long-term liabilities | 1,568,218 | 1,431,250 | |||||||||
| Variance | |||||||||||||||||||||||
| Years Ended | 2024 vs. 2023 | ||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | $ | % | ||||||||||||||||||||
| Revenues, net: | |||||||||||||||||||||||
| Retail revenues | $ | 1,032,765 | $ | 1,097,172 | $ | (64,407) | (6) | % | |||||||||||||||
| Wholesale revenues | 303,941 | 243,606 | 60,335 | 25 | % | ||||||||||||||||||
| Management fee income | 6,096 | 5,854 | 242 | 4 | % | ||||||||||||||||||
| Total revenues, net | 1,342,802 | 1,346,632 | (3,830) | 0 | % | ||||||||||||||||||
| Cost of goods sold | 703,554 | 732,183 | (28,629) | (4) | % | ||||||||||||||||||
| Gross profit | 639,248 | 614,449 | 24,799 | 4 | % | ||||||||||||||||||
| Gross profit margin | 48 | % | 46 | % | |||||||||||||||||||
| Operating expenses | 619,051 | 571,566 | 47,485 | 8 | % | ||||||||||||||||||
| Income from operations | 20,197 | 42,883 | (22,686) | (53) | % | ||||||||||||||||||
| Total other expense, net | (137,826) | (167,249) | (29,423) | (18) | % | ||||||||||||||||||
| Loss before provision for income taxes | (117,629) | (124,366) | 6,737 | (5) | % | ||||||||||||||||||
| Provision for income taxes | (98,592) | (114,589) | 15,997 | (14) | % | ||||||||||||||||||
| Net loss from continuing operations | (216,221) | (238,955) | 22,734 | (10) | % | ||||||||||||||||||
| Net loss from discontinued operations | (5,786) | (51,382) | 45,596 | (89) | % | ||||||||||||||||||
| Net loss | (222,007) | (290,337) | 68,330 | (24) | % | ||||||||||||||||||
| Less: Net loss attributable to non-controlling interest | (6,584) | (9,140) | 2,556 | (28) | % | ||||||||||||||||||
| Net loss attributable to Curaleaf Holdings, Inc. | $ | (215,423) | $ | (281,197) | $ | 65,774 | (23) | % | |||||||||||||||
Variance | |||||||||||||||||||||||
| Years Ended | 2024 vs. 2023 | ||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | $ | % | ||||||||||||||||||||
| Salaries and benefits | $ | 228,287 | $ | 206,787 | $ | 21,500 | 10 | % | |||||||||||||||
| Sales and marketing | 48,485 | 41,992 | 6,493 | 15 | % | ||||||||||||||||||
| Rent and occupancy | 54,292 | 48,983 | 5,309 | 11 | % | ||||||||||||||||||
| Travel | 6,662 | 5,741 | 921 | 16 | % | ||||||||||||||||||
| Professional fees | 24,436 | 38,631 | (14,195) | (37) | % | ||||||||||||||||||
| Office supplies and services | 44,757 | 46,999 | (2,242) | (5) | % | ||||||||||||||||||
| Other operating expense | 14,613 | 25,640 | (11,027) | (43) | % | ||||||||||||||||||
| Total selling, general and administrative expense | 421,532 | 414,773 | 6,759 | 2 | % | ||||||||||||||||||
| Depreciation and amortization | 171,823 | 136,783 | 35,040 | 26 | % | ||||||||||||||||||
| Share-based compensation | 25,696 | 20,010 | 5,686 | 28 | % | ||||||||||||||||||
| Total operating expenses | $ | 619,051 | $ | 571,566 | $ | 47,485 | 8 | % | |||||||||||||||
Variance | |||||||||||||||||||||||
| Years Ended | 2024 vs. 2023 | ||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | $ | % | ||||||||||||||||||||
| Interest income | $ | 776 | $ | 23 | $ | 753 | 3,274 | % | |||||||||||||||
| Interest expense | (59,353) | (57,966) | (1,387) | (2) | % | ||||||||||||||||||
| Interest expense related to lease liabilities and financial obligations | (41,263) | (42,416) | 1,153 | 3 | % | ||||||||||||||||||
| Loss on impairment | (54,245) | (67,076) | 12,831 | 19 | % | ||||||||||||||||||
| Other income, net | 16,259 | 186 | 16,073 | 8,641 | % | ||||||||||||||||||
| Total other expense, net | $ | (137,826) | $ | (167,249) | $ | 29,423 | (18) | % | |||||||||||||||
| Loan year | Prepayment redemption prices | ||||
| June 15, 2024 to June 14, 2025 | 102.00% | ||||
| June 15, 2025 and thereafter | 100.00% | ||||
| Years Ended | Variance | ||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | $ | % | ||||||||||||||||||||
| Net cash provided by (used in) operating activities from: | |||||||||||||||||||||||
| Continuing operations | $ | 163,293 | $ | 91,244 | $ | 72,049 | 79 | % | |||||||||||||||
| Discontinued operations | (723) | (15,983) | 15,260 | (95) | % | ||||||||||||||||||
| Net cash provided by operating activities | 162,570 | 75,261 | 87,309 | 116 | % | ||||||||||||||||||
| Net cash (used in) provided by investing activities from: | |||||||||||||||||||||||
| Continuing operations | (96,174) | (80,953) | (15,221) | 19 | % | ||||||||||||||||||
| Discontinued operations | 2,345 | 2,266 | 79 | 3 | % | ||||||||||||||||||
| Net cash used in investing activities | (93,829) | (78,687) | (15,142) | 19 | % | ||||||||||||||||||
| Net cash (used in) provided by financing activities from: | |||||||||||||||||||||||
| Continuing operations | (54,094) | (66,994) | 12,900 | (19) | % | ||||||||||||||||||
| Discontinued operations | (144) | (23) | (121) | 526 | % | ||||||||||||||||||
| Net cash used in financing activities | (54,238) | (67,017) | 12,779 | (19) | % | ||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 14,503 | $ | (70,443) | $ | 84,946 | (121) | % | |||||||||||||||
| Fiscal year: | Amount | |||||||
| 2025 | $ | 102,195 | ||||||
| 2026 | 471,395 | |||||||
| 2027 | 318 | |||||||
| 2028 | 2,304 | |||||||
| 2029 and thereafter | 3,191 | |||||||
| Total future principal payments | $ | 579,403 | ||||||
| Fiscal year: | Operating Leases | Finance Leases | Financial Obligations | |||||||||||||||||
| 2025 | $ | 29,757 | $ | 27,753 | $ | 30,264 | ||||||||||||||
| 2026 | 28,524 | 28,175 | 31,078 | |||||||||||||||||
| 2027 | 26,709 | 28,724 | 28,944 | |||||||||||||||||
| 2028 | 24,856 | 28,061 | 29,763 | |||||||||||||||||
| 2029 | 20,890 | 27,928 | 30,296 | |||||||||||||||||
| 2030 and thereafter | 41,203 | 126,741 | 209,491 | |||||||||||||||||
| Total undiscounted remaining minimum lease payments | 171,939 | 267,382 | 359,836 | |||||||||||||||||
| Less: imputed interest | (48,414) | (105,704) | (150,941) | |||||||||||||||||
| Total discounted remaining minimum lease payments | $ | 123,525 | $ | 161,678 | $ | 208,895 | ||||||||||||||
| HMS | EMMAC(1) | Sapphire | Four20 | Tryke(3) | NGC(2) | Total | |||||||||||||||||||||||||||||||||||
| Total contingent consideration liability, December 31, 2022 | $ | 1,854 | $ | 10,361 | $ | 3,895 | $ | 4,690 | $ | 8,310 | $ | — | $ | 29,110 | |||||||||||||||||||||||||||
| Payments of contingent consideration | (1,854) | (4,529) | (4,112) | (3,414) | — | — | (13,909) | ||||||||||||||||||||||||||||||||||
| Revaluation of contingent consideration | — | (1,729) | — | 1,163 | 989 | — | 423 | ||||||||||||||||||||||||||||||||||
| Effect of exchange rate differences | — | 621 | 217 | 163 | — | — | 1,001 | ||||||||||||||||||||||||||||||||||
| Total contingent consideration liability, December 31, 2023 | — | 4,724 | — | 2,602 | 9,299 | — | 16,625 | ||||||||||||||||||||||||||||||||||
| Contingent consideration recognized on acquisition | — | — | — | — | — | 6,352 | 6,352 | ||||||||||||||||||||||||||||||||||
| Issuance of SVS as settlement of contingent consideration | — | — | — | (3,581) | (9,299) | — | (12,880) | ||||||||||||||||||||||||||||||||||
| Revaluation of contingent consideration | — | (1,820) | — | 1,058 | — | (3,042) | (3,804) | ||||||||||||||||||||||||||||||||||
| Effect of exchange rate differences | — | (67) | — | (79) | — | — | (146) | ||||||||||||||||||||||||||||||||||
| Total contingent consideration liability, December 31, 2024 | — | 2,837 | — | — | — | 3,310 | 6,147 | ||||||||||||||||||||||||||||||||||
| Less: Contingent consideration liability - current | — | — | — | — | — | (3,310) | (3,310) | ||||||||||||||||||||||||||||||||||
| Contingent consideration liability - net of current | $ | — | $ | 2,837 | $ | — | $ | — | $ | — | $ | — | $ | 2,837 | |||||||||||||||||||||||||||
(1) Consideration is contingent on the ability of EMMAC (as defined herein) to obtain a recreational cannabis license in Europe and is payable in both cash and SVS upon achievement. Payouts, if any, are expected in January 2027. | |||||||||||||||||||||||||||||||||||||||||
(2) Consideration was contingent on NGC achieving certain margin targets during the fiscal year ending December 31, 2024 and is payable in both cash and SVS. Payouts are expected to occur in the first quarter of 2025. | |||||||||||||||||||||||||||||||||||||||||
(3) Consideration was contingent on Tryke achieving certain EBITDA targets and resolution of certain indemnity claims. In January 2024, the Company issued 2,367,000 SVS to the sellers of Tryke upon expiration of the indemnification period, which expired 15 months after the closing date of the Tryke acquisition. | |||||||||||||||||||||||||||||||||||||||||
| Deseret | Tryke(1) | NRPC(2) | Curaleaf Poland(3) | Total | |||||||||||||||||||||||||
| Total deferred consideration liability, December 31, 2022 | $ | — | $ | 59,300 | $ | 2,000 | $ | — | $ | 61,300 | |||||||||||||||||||
| Deferred consideration recognized on acquisition | 12,553 | — | — | — | 12,553 | ||||||||||||||||||||||||
| Interest expense on deferred consideration | — | 9,710 | — | — | 9,710 | ||||||||||||||||||||||||
| Change in fair value on deferred consideration paid | (2,637) | — | — | — | (2,637) | ||||||||||||||||||||||||
| Payments of deferred consideration | (9,916) | (27,358) | — | — | (37,274) | ||||||||||||||||||||||||
| Total deferred consideration liability, December 31, 2023 | — | 41,652 | 2,000 | — | 43,652 | ||||||||||||||||||||||||
| Deferred consideration recognized on acquisition | — | — | — | 1,218 | 1,218 | ||||||||||||||||||||||||
| Interest expense on deferred consideration | — | 5,913 | — | — | 5,913 | ||||||||||||||||||||||||
| Effect of exchange rate differences | — | — | — | 82 | 82 | ||||||||||||||||||||||||
| Reversal of interest expense on deferred consideration | — | (11) | — | — | (11) | ||||||||||||||||||||||||
| Change in fair value on deferred consideration paid | — | — | — | (796) | (796) | ||||||||||||||||||||||||
Post-closing purchase price adjustment (4) | — | (3,740) | — | — | (3,740) | ||||||||||||||||||||||||
| Payments of deferred consideration | — | (11,250) | — | — | (11,250) | ||||||||||||||||||||||||
| Total deferred consideration liability, December 31, 2024 | — | 32,564 | 2,000 | 504 | 35,068 | ||||||||||||||||||||||||
| Less: Deferred consideration liability - current | — | (32,564) | — | (504) | (33,068) | ||||||||||||||||||||||||
| Deferred consideration liability - net of current | $ | — | $ | — | $ | 2,000 | $ | — | $ | 2,000 | |||||||||||||||||||
(1) Deferred consideration is related to the second and third anniversary payment due from the Company to the sellers of Tryke of $21.2 million and $25.0 million, respectively. The second anniversary payment consists of a lump sum payment and monthly installments through October 2025. The third anniversary payment is due in October 2025, and the implied interest rate is 10%. | |||||||||||||||||||||||||||||
(2) Deferred consideration is related to the settlement of pending litigation. | |||||||||||||||||||||||||||||
(3) Deferred consideration was related to Curaleaf Poland achieving certain earnings metrics and is payable in both cash and SVS. Payouts are expected to occur in the first quarter of 2025. | |||||||||||||||||||||||||||||
(4) On October 4, 2024, the Company entered into a settlement agreement with the sellers of Tryke Companies, pursuant to which the Company received a $3.7 million post-closing purchase price adjustment that reduced the Company’s second anniversary payment. | |||||||||||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
| Revenues, net | $ | 331,054 | $ | 330,530 | $ | 342,286 | $ | 338,932 | $ | 345,269 | $ | 333,172 | $ | 335,551 | $ | 332,640 | |||||||||||||||||||||||||||||||
| Cost of goods sold | 173,691 | 170,014 | 181,821 | 178,028 | 189,077 | 183,120 | 187,788 | 172,198 | |||||||||||||||||||||||||||||||||||||||
| Gross profit | 157,363 | 160,516 | 160,465 | 160,904 | 156,192 | 150,052 | 147,763 | 160,442 | |||||||||||||||||||||||||||||||||||||||
| Operating expenses | 166,644 | 151,287 | 152,918 | 148,202 | 142,225 | 134,838 | 152,040 | 142,463 | |||||||||||||||||||||||||||||||||||||||
| Other expense, net | (67,950) | (21,011) | (24,709) | (24,156) | (74,593) | (51,169) | (20,360) | (21,127) | |||||||||||||||||||||||||||||||||||||||
| Net loss from continuing operations | (71,777) | (44,348) | (48,553) | (51,543) | (57,652) | (70,835) | (66,588) | (43,880) | |||||||||||||||||||||||||||||||||||||||
| Net (loss) income from discontinued operations | (6,696) | 1,620 | (1,277) | 567 | (7,995) | (22,894) | (7,904) | (12,589) | |||||||||||||||||||||||||||||||||||||||
| Net loss | (78,473) | (42,728) | (49,830) | (50,976) | (65,647) | (93,729) | (74,492) | (56,469) | |||||||||||||||||||||||||||||||||||||||
| Less: Net loss attributable to non-controlling interest | (910) | (2,032) | (945) | (2,697) | (2,419) | (1,382) | (3,250) | (2,089) | |||||||||||||||||||||||||||||||||||||||
| Net loss attributable to Curaleaf Holdings, Inc. | $ | (77,563) | $ | (40,696) | $ | (48,885) | $ | (48,279) | $ | (63,228) | $ | (92,347) | $ | (71,242) | $ | (54,380) | |||||||||||||||||||||||||||||||
| Net loss per share attributable to Curaleaf Holdings, Inc. – basic and diluted | $ | (0.12) | $ | (0.07) | $ | (0.06) | $ | (0.07) | $ | (0.09) | $ | (0.13) | $ | (0.10) | $ | (0.08) | |||||||||||||||||||||||||||||||
| Weighted average common shares outstanding – basic and diluted | 748,936,695 | 742,535,355 | 740,787,287 | 736,147,618 | 733,514,919 | 725,319,477 | 719,269,057 | 718,117,628 | |||||||||||||||||||||||||||||||||||||||
| Related party transactions | ||||||||||||||||||||||||||
| Years Ended | Balance receivable (payable) as of | |||||||||||||||||||||||||
| Transaction | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Consulting fees (1) | $ | 3,975 | $ | 915 | ||||||||||||||||||||||
Travel and reimbursement (2) | 28 | 45 | ||||||||||||||||||||||||
Rent expense (3) | 236 | — | ||||||||||||||||||||||||
Platform fees (4)(5) | 3,274 | 2,069 | ||||||||||||||||||||||||
Senior Secured Notes - 2026 (6) | 883 | 886 | $ | 10,000 | $ | 10,000 | ||||||||||||||||||||
| $ | 8,396 | $ | 3,915 | $ | 10,000 | $ | 10,000 | |||||||||||||||||||
| Years Ended | ||||||||||||||
| Key management personnel compensation | December 31, 2024 | December 31, 2023 | ||||||||||||
| Share-based payments | $ | 12,102 | $ | 6,323 | ||||||||||
| Short-term employee benefits | 4,541 | 5,326 | ||||||||||||
| Other long-term benefits | 39 | 34 | ||||||||||||
| $ | 16,682 | $ | 11,683 | |||||||||||
| Securities | Number of Securities | |||||||
| Multiple Voting Shares | 93,970,705 | |||||||
| Subordinate Voting Shares | 660,736,626 | |||||||
| Restricted Share Units | 7,647,827 | |||||||
| Stock Options | 29,339,347 | |||||||
State(9) | Medicinal | Adult use | Dispensaries | Manufacturing | Cultivation | Square | Permitted products | |||||||||||||||||||||||||||||||
| legalization* | legalization* | facilities | sites | feet | Oil | Edibles | Flower | Delivery | Wholesale | |||||||||||||||||||||||||||||
| AZ | 2010 | 2020 | 16 | 1 | 3 | 178,750 | X(1) | X | X | X(4) | X | |||||||||||||||||||||||||||
| CT | 2012 | 2021 | 4 | 1 | 1 | 24,510 | X(1) | X | X | — | X | |||||||||||||||||||||||||||
| FL | 2014 | — | 66 | 2 | 2 | 386,110 | X(1) | X | X | X | X | |||||||||||||||||||||||||||
| IL | 2013 | 2019 | 10 | 1 | 1 | 104,418 | X(2) | X | X | — | X(3) | |||||||||||||||||||||||||||
| MA | 2012 | 2016 | 4 | 1 | 1 | 59,474 | X(2) | X | X | X(5) | X | |||||||||||||||||||||||||||
| MD | 2013 | 2022 | 4 | 1 | 1 | 30,982 | X(1) | X | X | X | X | |||||||||||||||||||||||||||
| ME | 1999 | 2019 | 4 | 1 | 1 | 79,926 | X | X | X | — | X | |||||||||||||||||||||||||||
| MO | 2018 | 2022 | — | 1 | — | — | — | — | X | — | — | |||||||||||||||||||||||||||
| ND | 2016 | — | 4 | 1 | 1 | 16,500 | X(2) | X | X | X(5) | X | |||||||||||||||||||||||||||
| NJ | 2010 | 2020 | 3 | 1 | 2 | 88,700 | X(1) | X | X | X | X | |||||||||||||||||||||||||||
| NV | 2013 | 2016 | 6 | 2 | 1 | 33,866 | — | — | X | — | — | |||||||||||||||||||||||||||
| NY | 2014 | 2021 | 6 | 1 | 1 | 110,496 | X(1) | X | X | X(5) | X(3) | |||||||||||||||||||||||||||
| OH | 2016 | 2023 | 2 | 1 | 1 Level 1 | 20,100 | X | — | X | X(3) | X | |||||||||||||||||||||||||||
| PA | 2016 | — | 18 | 2 | 2 | 131,500 | X(1) | X(8) | X | X | X | |||||||||||||||||||||||||||
| UT | 2018 | — | 4 | 2 | 1 | 67,500 | X(2) | — | X | — | — | |||||||||||||||||||||||||||
| KY | — | — | — | 1(6) | — | — | — | X(7) | — | — | — | |||||||||||||||||||||||||||
| 151 | 20 | 19 | 1,332,832 | |||||||||||||||||||||||||||||||||||
| * | Legalization dates outlined above indicate when legislation was passed to legalize the use of cannabis products. | ||||
| (1) | Extracted oils only | ||||
| (2) | Oil-based formulations only | ||||
| (3) | Permitted with approval | ||||
| (4) | Medical only | ||||
| (5) | Permitted, but the Company's dispensaries are not yet participating in home delivery. | ||||
| (6) | In 2024, the Company repurposed its existing leased facility in Lexington, Kentucky, to support its entrance into the hemp market. | ||||
| (7) | In Kentucky, edibles include hemp-derived edibles and beverages. | ||||
| (8) | Edibles are explicitly prohibited in the Pennsylvania market. Troches (sublingual) are allowed and commercialized. | ||||
| (9) | Note the Company has a brand licensing agreement in the state of Oregon that is not included in this chart. | ||||
Date: March 3, 2025 | ||||||||
| By: | /s/ Boris Jordan | |||||||
| Boris Jordan | ||||||||
| Chief Executive Officer | ||||||||
| (Principal Executive Officer) | ||||||||
Date: March 3, 2025 | ||||||||
| By: | /s/ Ed Kremer | |||||||
| Ed Kremer | ||||||||
| Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||
Date: March 3, 2025 | |||||
| /s/ Boris Jordan | |||||
| Boris Jordan | |||||
| Chief Executive Officer | |||||
| (Principal Executive Officer) | |||||
Date: March 3, 2025 | |||||
| /s/ Ed Kremer | |||||
| Ed Kremer | |||||
| Chief Financial Officer | |||||
| (Principal Financial Officer) | |||||
| /s/ PKF O'Connor Davies, LLP | |||||
| New York, New York | |||||
| March 3, 2025 | |||||



| Three Months Ended | |||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||
| Domestic revenues: | |||||||||||||||||
| Retail revenue | $ | 235,698 | $ | 243,253 | $ | 270,473 | |||||||||||
| Wholesale revenue | 64,322 | 57,199 | 56,094 | ||||||||||||||
| Management fee income | 361 | 504 | 709 | ||||||||||||||
| Total domestic revenues | $ | 300,381 | $ | 300,956 | $ | 327,276 | |||||||||||
| Three Months Ended | |||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||
| International revenues: | |||||||||||||||||
| Retail revenue | $ | 11,703 | $ | 9,997 | $ | 6,641 | |||||||||||
| Wholesale revenue | 17,635 | 18,484 | 10,469 | ||||||||||||||
| Management fee income | 1,335 | 1,093 | 883 | ||||||||||||||
| Total international revenues | $ | 30,673 | $ | 29,574 | $ | 17,993 | |||||||||||
| Years Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Domestic revenues: | |||||||||||
| Retail revenue | $ | 994,718 | $ | 1,076,101 | |||||||
| Wholesale revenue | 240,862 | 206,600 | |||||||||
| Management fee income | 1,671 | 2,924 | |||||||||
| Total domestic revenues | $ | 1,237,251 | $ | 1,285,625 | |||||||
| Years Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| International revenues: | |||||||||||
| Retail revenue | $ | 38,047 | $ | 21,071 | |||||||
| Wholesale revenue | 63,079 | 37,006 | |||||||||
| Management fee income | 4,425 | 2,930 | |||||||||
| Total international revenues | $ | 105,551 | $ | 61,007 | |||||||



| Three Months Ended | |||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||
| Gross profit from continuing operations | $ | 157,363 | $ | 160,516 | $ | 156,192 | |||||||||||
Other add-backs(1) | 1,324 | 772 | 4,205 | ||||||||||||||
Adjusted gross profit from continuing operations(2) | $ | 158,687 | $ | 161,288 | $ | 160,397 | |||||||||||
Adjusted gross profit margin from continuing operations(2) | 47.9 | % | 48.8 | % | 46.5 | % | |||||||||||
(1) Other add-backs reflect the impact of various non-recurring and/or non-routine transactions to cost of goods sold related to severance, inventory adjustments and facility-related expenses. | |||||||||||||||||
(2) Represents a Non-GAAP measure or Non-GAAP ratio. See preceding "Non-GAAP Financial and Performance Measures" section for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Gross profit from continuing operations, the most comparable GAAP measure, to Adjusted gross profit from continuing operations, a non-GAAP measure. | |||||||||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Gross profit from continuing operations | $ | 639,248 | $ | 614,449 | |||||||
Other add-backs(1) | 5,269 | 10,639 | |||||||||
Adjusted gross profit from continuing operations(2) | $ | 644,517 | $ | 625,088 | |||||||
Adjusted gross profit margin from continuing operations(2) | 48.0 | % | 46.4 | % | |||||||
(1) Other add-backs reflect the impact of various non-recurring and/or non-routine transactions to cost of goods sold related to severance, inventory adjustments and facility-related expenses. | |||||||||||
(2) Represents a Non-GAAP measure or Non-GAAP ratio. See preceding "Non-GAAP Financial and Performance Measures" section for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Gross profit from continuing operations, the most comparable GAAP measure, to Adjusted gross profit from continuing operations, a non-GAAP measure. | |||||||||||

| Three Months Ended | |||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||
| Net loss from continuing operations | $ | (71,777) | $ | (44,348) | $ | (57,652) | |||||||||||
| Loss on impairments | 55,790 | 642 | 42,287 | ||||||||||||||
Other add-backs(1) | 28,363 | 5,435 | 10,352 | ||||||||||||||
Adjusted net income (loss) from continuing operations(2) | $ | 12,376 | $ | (38,271) | $ | (5,013) | |||||||||||
Adjusted net income (loss) per share from continuing operations(2) | $ | 0.02 | $ | (0.05) | $ | (0.01) | |||||||||||
| Weighted average common shares outstanding – basic and diluted | 748,936,695 | 742,535,355 | 733,514,919 | ||||||||||||||
(1) Other add-backs in Q4 2024 primarily include costs related to salaries and benefits, accounting, legal and professional fees and cost of good sold. | |||||||||||||||||
(2) Represents a non-GAAP measure or Non-GAAP ratio. See preceding "Non-GAAP Financial and Performance Measures" section for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net loss from continuing operations, the most comparable GAAP measure, to Adjusted net loss from continuing operations, a non-GAAP measure. | |||||||||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Net loss from continuing operations | $ | (216,221) | $ | (238,955) | |||||||
| Loss on impairments | 54,245 | 67,076 | |||||||||
Other add-backs(1) | 45,175 | 45,774 | |||||||||
Adjusted net loss from continuing operations(2) | $ | (116,801) | $ | (126,105) | |||||||
Adjusted net loss per share from continuing operations(2) | $ | (0.16) | $ | (0.17) | |||||||
| Weighted average common shares outstanding – basic and diluted | 740,825,099 | 724,124,894 | |||||||||
(1) Other add-backs in the current year ended December 31, 2024 primarily include costs related to salaries and benefits, cost of goods sold, accounting, legal and professional fees and lobbyist/PR spend. | |||||||||||
(2) Represents a non-GAAP measure or Non-GAAP ratio. See preceding "Non-GAAP Financial and Performance Measures" section for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net loss from continuing operations, the most comparable GAAP measure, to Adjusted net loss from continuing operations, a non-GAAP measure. | |||||||||||

| Three Months Ended | |||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||
| Net loss | $ | (78,473) | $ | (42,728) | $ | (65,647) | |||||||||||
| Net (loss) income from discontinued operations | (6,696) | 1,620 | (7,995) | ||||||||||||||
| Net loss from continuing operations | (71,777) | (44,348) | (57,652) | ||||||||||||||
| Interest expense, net | 24,170 | 25,097 | 28,422 | ||||||||||||||
| (Benefit) provision for income taxes | (5,454) | 32,566 | (2,974) | ||||||||||||||
Depreciation and amortization(1) | 74,891 | 54,612 | 52,861 | ||||||||||||||
| Share-based compensation | 5,327 | 6,017 | 5,833 | ||||||||||||||
| Loss on impairment | 55,790 | 642 | 42,287 | ||||||||||||||
| Total other (income) expense, net | (12,010) | (4,728) | 3,884 | ||||||||||||||
Other add-backs(2) | 4,863 | 5,435 | 10,352 | ||||||||||||||
Adjusted EBITDA(3) | $ | 75,800 | $ | 75,293 | $ | 83,013 | |||||||||||
Adjusted EBITDA Margin(3) | 22.9% | 22.8% | 24.0 | % | |||||||||||||
(1) Depreciation and amortization expense include amounts charged to Cost of goods sold on the Statement of Operations. | |||||||||||||||||
(2) Other add-backs in Q4 2024 primarily include costs related to salaries and benefits, accounting, legal and professional fees and cost of good sold. | |||||||||||||||||
(3) Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net loss, the most comparable GAAP measure to Adjusted EBITDA, a non-GAAP measure. | |||||||||||||||||
| Years Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Net loss | $ | (222,007) | $ | (290,337) | |||||||
| Net loss from discontinued operations | (5,786) | (51,382) | |||||||||
| Net loss from continuing operations | (216,221) | (238,955) | |||||||||
| Interest expense, net | 99,840 | 100,359 | |||||||||
| Provision for income taxes | 98,592 | 114,589 | |||||||||
Depreciation and amortization(1) | 233,233 | 195,880 | |||||||||
| Share-based compensation | 25,696 | 20,010 | |||||||||
| Loss on impairment | 54,245 | 67,076 | |||||||||
| Total other income, net | (16,259) | (186) | |||||||||
Other add-backs(2) | 21,674 | 45,774 | |||||||||
Adjusted EBITDA(3) | $ | 300,800 | $ | 304,547 | |||||||
Adjusted EBITDA Margin(3) | 22.4% | 22.6% | |||||||||
(1) Depreciation and amortization expense include amounts charged to Cost of goods sold on the Statement of Operations. | |||||||||||
(2) Other add-backs in the current year ended December 31, 2024 primarily include costs related to salaries and benefits, cost of goods sold, accounting, legal and professional fees and lobbyist/PR spend. | |||||||||||
(3) Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net loss, the most comparable GAAP measure, to Adjusted EBITDA, a non-GAAP measure. | |||||||||||

| Year ended | |||||
| December 31, 2024 | |||||
| Net cash provided by operating activities from continuing operations | $ | 163,293 | |||
| Less: Capital expenditures | (93,153) | ||||
Free cash flow from continuing operations(1) | $ | 70,140 | |||
(1) Represents a Non-GAAP measure or Non-GAAP ratio. See "Non-GAAP Financial and Performance Measures" above for definitions and more information regarding Curaleaf's use of Non-GAAP financial measures and Non-GAAP ratios. The table above provides a reconciliation of Net cash provided by operating activities from continuing operations, a GAAP measure, to Free cash flow from continuing operations, a non-GAAP measure. | |||||

| As of | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Cash, cash equivalents and restricted cash | $ | 107,226 | $ | 91,818 | |||||||
| Other current assets | 322,455 | 326,785 | |||||||||
| Property, plant and equipment, net | 546,426 | 571,627 | |||||||||
| Right-of-use assets, finance lease, net | 105,168 | 143,203 | |||||||||
| Right-of-use assets, operating lease, net | 116,519 | 118,435 | |||||||||
| Intangible assets, net | 1,085,397 | 1,172,445 | |||||||||
| Goodwill | 628,884 | 626,628 | |||||||||
| Other long-term assets | 37,461 | 45,635 | |||||||||
| Total assets | $ | 2,949,536 | $ | 3,096,576 | |||||||
| Liabilities, Temporary equity and Shareholders’ equity | |||||||||||
| Total current liabilities | $ | 387,925 | $ | 494,034 | |||||||
| Total long-term liabilities | 1,568,218 | 1,431,250 | |||||||||
| Total shareholders’ equity | 861,214 | 1,050,642 | |||||||||
| Redeemable non-controlling interest contingency | 132,179 | 120,650 | |||||||||
| Total liabilities, temporary equity and shareholders’ equity | $ | 2,949,536 | $ | 3,096,576 | |||||||

| Three months ended December 31, | Years ended December 31, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenues, net: | |||||||||||||||||||||||
| Retail and wholesale revenues | $ | 329,358 | $ | 343,678 | $ | 1,336,706 | $ | 1,340,778 | |||||||||||||||
| Management fee income | 1,696 | 1,591 | 6,096 | 5,854 | |||||||||||||||||||
| Total revenues, net | 331,054 | 345,269 | 1,342,802 | 1,346,632 | |||||||||||||||||||
| Cost of goods sold | 173,691 | 189,077 | 703,554 | 732,183 | |||||||||||||||||||
| Gross profit | 157,363 | 156,192 | 639,248 | 614,449 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Selling, general and administrative | 101,337 | 98,458 | 421,532 | 414,773 | |||||||||||||||||||
| Share-based compensation | 5,327 | 5,833 | 25,696 | 20,010 | |||||||||||||||||||
| Depreciation and amortization | 59,980 | 37,934 | 171,823 | 136,783 | |||||||||||||||||||
| Total operating expenses | 166,644 | 142,225 | 619,051 | 571,566 | |||||||||||||||||||
| (Loss) income from operations | (9,281) | 13,967 | 20,197 | 42,883 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest income | 176 | — | 776 | 23 | |||||||||||||||||||
| Interest expense | (14,113) | (17,837) | (59,353) | (57,966) | |||||||||||||||||||
| Interest expense related to lease liabilities and financial obligations | (10,233) | (10,585) | (41,263) | (42,416) | |||||||||||||||||||
| Loss on impairment | (55,790) | (42,287) | (54,245) | (67,076) | |||||||||||||||||||
| Other income (expense), net | 12,010 | (3,884) | 16,259 | 186 | |||||||||||||||||||
| Total other expense, net | (67,950) | (74,593) | (137,826) | (167,249) | |||||||||||||||||||
| Loss before provision for income taxes | (77,231) | (60,626) | (117,629) | (124,366) | |||||||||||||||||||
| Benefit (provision) for income taxes | 5,454 | 2,974 | (98,592) | (114,589) | |||||||||||||||||||
| Net loss from continuing operations | (71,777) | (57,652) | (216,221) | (238,955) | |||||||||||||||||||
| Net loss from discontinued operations | (6,696) | (7,995) | (5,786) | (51,382) | |||||||||||||||||||
| Net loss | (78,473) | (65,647) | (222,007) | (290,337) | |||||||||||||||||||
| Less: Net loss attributable to non-controlling interest | (910) | (2,419) | (6,584) | (9,140) | |||||||||||||||||||
| Net loss attributable to Curaleaf Holdings, Inc. | $ | (77,563) | $ | (63,228) | $ | (215,423) | $ | (281,197) | |||||||||||||||
| Per share – basic and diluted: | |||||||||||||||||||||||
| Net loss per share from continuing operations – basic and diluted | $ | (0.10) | $ | (0.08) | $ | (0.29) | $ | (0.33) | |||||||||||||||
| Weighted average common shares outstanding – basic and diluted | 748,936,695 | 733,514,919 | 740,825,099 | 724,124,894 | |||||||||||||||||||

Curaleaf IR X Account: | https://x.com/Curaleaf_IR | ||||
Investor Relations Website: | https://ir.curaleaf.com/ | ||||
Contact Information: | |||||


Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Name | PKF O’Connor Davies, LLP |
| Auditor Location | New York, New York |
| Auditor Firm ID | 127 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for credit losses | $ 2,722 | $ 6,717 |
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | ||
| Net loss from continuing operations | $ (216,221) | $ (238,955) |
| Effect of exchange rate differences | (12,838) | 11,230 |
| Net comprehensive loss from continuing operations | (229,059) | (227,725) |
| Net comprehensive loss from discontinued operations | (5,786) | (51,382) |
| Net comprehensive loss | (234,845) | (279,107) |
| Less: Net comprehensive loss attributable to non-controlling interest | (11,217) | (4,629) |
| Net comprehensive loss attributable to Curaleaf Holdings, Inc. | $ (223,628) | $ (274,478) |
Consolidated Statements of Temporary Equity and Shareholders’ Equity - USD ($) $ in Thousands |
Total |
Reclassifications |
Common shares
SVS
|
Common shares
MVS
|
Additional paid-in capital |
Additional paid-in capital
Reclassifications
|
Treasury shares |
Treasury shares
Reclassifications
|
Accumulated other comprehensive loss |
Accumulated deficit |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Redeemable non-controlling interest, beginning balance at Dec. 31, 2022 | $ 121,113 | ||||||||||||
| Redeemable non-controlling interest contingency | |||||||||||||
| Contribution from non-controlling interest | 4,166 | ||||||||||||
| Foreign currency translation gain (loss) | 4,511 | ||||||||||||
| Excess redemption value above carrying value | 0 | ||||||||||||
| Net loss | (9,140) | ||||||||||||
| Redeemable non-controlling interest, ending balance at Dec. 31, 2023 | $ 120,650 | ||||||||||||
| Common stock, beginning balance (in shares) at Dec. 31, 2022 | 717,490,830 | 623,520,125 | 93,970,705 | ||||||||||
| Balance, beginning of period at Dec. 31, 2022 | $ 1,279,705 | $ 2,163,061 | $ (5,208) | $ (5,208) | $ 5,208 | $ (18,594) | $ (859,554) | ||||||
| Changes in stockholders equity | |||||||||||||
| Issuance of shares in connection with acquisitions (in shares) | 12,329,002 | 12,329,002 | |||||||||||
| Issuance of shares in connection with acquisitions | $ 17,375 | 17,375 | |||||||||||
| Issuance of shares in connection with public offering (in shares) | 2,700,000 | 2,700,000 | |||||||||||
| Issuance of shares in connection with public offering | $ 11,497 | 11,497 | |||||||||||
| SVS contributed to Curaleaf, Inc. in connection with the Reorganization (in shares) | (254,315) | (254,315) | [1] | ||||||||||
| SVS* contributed to Curaleaf, Inc. in connection with the Reorganization | [1] | $ (1,050) | (1,050) | ||||||||||
| Acquisition escrow shares returned and retired (in shares) | (350,794) | (350,794) | |||||||||||
| Acquisition escrow shares returned and retired | $ (2,465) | (2,465) | |||||||||||
| Foreign currency translation gain (loss) | $ 6,719 | 6,719 | |||||||||||
| Exercise (in shares) | 211,775 | 211,775 | |||||||||||
| Exercise of stock options | $ 48 | 48 | |||||||||||
| Issuance of SVS for settlement of RSUs (in shares) | 1,601,305 | 1,601,305 | [1] | ||||||||||
| Excess redemption value above carrying value | $ 0 | ||||||||||||
| Share-based compensation | 20,010 | 20,010 | |||||||||||
| Net loss | $ (281,197) | (281,197) | |||||||||||
| Common stock, ending balance (in shares) at Dec. 31, 2023 | 733,727,803 | 639,757,098 | 93,970,705 | ||||||||||
| Balance, end of period at Dec. 31, 2023 | $ 1,050,642 | $ (488) | 2,204,318 | $ (1,538) | (1,050) | $ 1,050 | (11,875) | (1,140,751) | |||||
| Redeemable non-controlling interest contingency | |||||||||||||
| Foreign currency translation gain (loss) | (4,633) | ||||||||||||
| Excess redemption value above carrying value | 22,746 | ||||||||||||
| Net loss | (6,584) | ||||||||||||
| Redeemable non-controlling interest, ending balance at Dec. 31, 2024 | $ 132,179 | ||||||||||||
| Changes in stockholders equity | |||||||||||||
| Issuance of shares in connection with acquisitions (in shares) | 12,800,791 | 12,800,791 | |||||||||||
| Issuance of shares in connection with acquisitions | $ 32,117 | 32,117 | |||||||||||
| Acquisition escrow shares returned and retired (in shares) | (170,158) | (170,158) | |||||||||||
| Acquisition escrow shares returned and retired | $ (535) | (535) | |||||||||||
| Foreign currency translation gain (loss) | $ (8,205) | (8,205) | |||||||||||
| Exercise (in shares) | 75,391 | 75,391 | |||||||||||
| Exercise of stock options | $ 156 | 156 | |||||||||||
| Issuance of SVS for settlement of RSUs (in shares) | 3,228,557 | 3,228,557 | |||||||||||
| Issuance of SVS* for settlement of PSUs (in shares) | 396,537 | 396,537 | [1] | ||||||||||
| Excess redemption value above carrying value | $ (22,746) | (22,746) | |||||||||||
| Share-based compensation | 25,696 | 25,696 | |||||||||||
| Net loss | $ (215,423) | (215,423) | |||||||||||
| Common stock, ending balance (in shares) at Dec. 31, 2024 | 750,058,921 | 656,088,216 | 93,970,705 | ||||||||||
| Balance, end of period at Dec. 31, 2024 | $ 861,214 | $ 2,237,468 | $ 0 | $ (20,080) | $ (1,356,174) | ||||||||
| |||||||||||||
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities: | ||
| Net loss from continuing operations | $ (216,221) | $ (238,955) |
| Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations: | ||
| Depreciation and amortization | 233,233 | 195,880 |
| Share-based compensation | 25,696 | 20,010 |
| Non-cash interest expense | 14,064 | 14,402 |
| Amortization of operating lease right-of-use assets | 16,922 | 16,034 |
| Loss on impairment | 54,245 | 67,076 |
| Gain on modification and extinguishment of debt | (257) | (2,065) |
| (Gain) loss on disposal of assets | (4,593) | 8,541 |
| Gain on investment | (6,624) | (2,073) |
| Non-cash adjustments to inventory | (4,661) | 13,208 |
| Allowance for credit losses | (224) | 2,050 |
| Deferred taxes | (54,663) | (29,900) |
| Other non-cash expenses (income) | 2,683 | (5,010) |
| Payment of contingent consideration liability in excess of acquisition-date fair value | 0 | (2,095) |
| Changes in assets and liabilities: | ||
| Accounts receivable, net | (7,913) | (12,221) |
| Inventories, net | 2,990 | 9,851 |
| Prepaid expenses and other current assets | 3,292 | (4,048) |
| Income tax receivable | 10,126 | 12,331 |
| Assets held for sale, net of Liabilities held for sale | (131) | 3,959 |
| Investments and other assets | (752) | 4,546 |
| Accounts payable | (5,634) | 2,230 |
| Accrued expenses and other liabilities | 292,662 | (13,957) |
| Income tax payable | (174,588) | 47,986 |
| Lease liabilities, operating | (16,359) | (16,536) |
| Net cash provided by operating activities from continuing operations | 163,293 | 91,244 |
| Net cash used in operating activities from discontinued operations | (723) | (15,983) |
| Net cash provided by operating activities | 162,570 | 75,261 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (93,153) | (65,446) |
| Disposals of property, plant and equipment | 1,382 | 0 |
| Proceeds from sale of entities | 8,487 | 0 |
| Acquisition-related cash payments, net of cash acquired | (4,699) | (3,630) |
| Purchases of intangibles | (5,000) | (4,857) |
| Purchase of investments | (708) | 0 |
| Issuance of notes receivable to third parties | (3,111) | (7,020) |
| Payments received on notes receivables issued to third parties | 628 | 0 |
| Net cash used in investing activities from continuing operations | (96,174) | (80,953) |
| Net cash provided by investing activities from discontinued operations | 2,345 | 2,266 |
| Net cash used in investing activities | (93,829) | (78,687) |
| Cash flows from financing activities: | ||
| Proceeds from debt financing | 22,017 | 8,612 |
| Minority interest investment in Curaleaf International | 0 | 4,166 |
| Debt issuance costs | (456) | 0 |
| Principal payments on finance lease liabilities | (9,445) | (8,474) |
| Principal payments on notes payable | (49,339) | (47,213) |
| Financing cash flows from sale leaseback financial obligations | (5,777) | (4,308) |
| Exercise of stock options | 156 | 48 |
| Payments of deferred consideration | (11,250) | (27,358) |
| Payments of contingent consideration | 0 | (3,964) |
| Issuance of common shares, net of issuance costs | 0 | 11,497 |
| Net cash used in financing activities from continuing operations | (54,094) | (66,994) |
| Net cash used in financing activities from discontinued operations | (144) | (23) |
| Net cash used in financing activities | (54,238) | (67,017) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 14,503 | (70,443) |
| Cash, cash equivalents and restricted cash, beginning of period | 91,818 | 163,177 |
| Effect of exchange rate differences | 905 | (916) |
| Cash, cash equivalents and restricted cash, end of period | 107,226 | 91,818 |
| Non-cash investing & financing activities: | ||
| Purchases of property, plant and equipment included in accounts payable and accrued expenses | 15,530 | 2,262 |
| Issuance of notes in connection with sale of entities | 2,300 | 0 |
| Issuance of SVS in connection with acquisitions | 32,117 | 17,375 |
| Contingent consideration incurred in connection with acquisitions | 6,352 | 0 |
| Deferred consideration incurred in connection with acquisitions | 1,218 | 12,553 |
| Forgiveness of promissory note in connection with acquisition | (7,020) | 0 |
| Non-cash additions to finance and operating right-of-use assets | 14,994 | 1,362 |
| SVS contributed to Curaleaf, Inc. in connection with the Reorganization | 0 | 1,050 |
| Recategorization of net assets from held-for-sale to held-and-used | 0 | 4,792 |
| Excess redemption value above carrying value | 22,746 | 0 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for taxes | 16,486 | 100,011 |
| Cash paid for interest | $ 96,364 | $ 97,936 |
Operations of the company |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Operations of the company | Operations of the Company The Company is a leading producer and distributor of consumer products in cannabis, including hemp-derived THC products, with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a vertically integrated, high-growth cannabis operator known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Find, JAMS, Grassroots, Select and its line of Zero Proof seltzers, provide industry-leading services, product selection and accessibility across the medical and adult use markets in the United States (“U.S.”). Internationally, the Company has a cannabis business with licensed cultivation in Portugal and Canada, pharma grade cannabis processing and manufacturing facilities in Germany, Spain, Canada, Portugal and the United Kingdom (“U.K.”) and licensed distribution of cannabis in Germany, Poland, Canada, Switzerland and the U.K. In the U.K., the Company also operates a medical cannabis clinic and holds a pharmacy license, enabling the retail supply of medical cannabis directly to patients. Finally, the Company supplies cannabis on a wholesale basis to Australia, New Zealand, U.K. and across Europe, including Germany, Italy, Poland, Czech Republic, Switzerland, Sweden and Norway. Prior to December 14, 2023, the Company’s subordinate voting shares (“SVS”) were listed on the Canadian Securities Exchange (“CSE”) under the symbol “CURA” and quoted on the OTCQX® Best Market under the symbol “CURLF”. On December 14, 2023, the Company’s SVS were listed and commenced trading on the Toronto Stock Exchange (the “TSX”) under the symbol “CURA” (the “TSX Listing”) and the Company's SVS were delisted from the CSE at the close of markets on December 13, 2023. The principal business address of the Company is located at 290 Harbor Drive, Stamford, Connecticut 06902. The Company’s registered and records office address is located at Suite 1700-666 Burrard Street, Vancouver, British Columbia, Canada.
|
Basis of presentation and consolidation |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of presentation and consolidation | Basis of presentation and consolidation The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) as issued by the Financial Accounting Standards Board. The significant accounting policies described in Note 3 — Significant accounting policies have been applied consistently to all periods presented. In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the annual periods presented. Certain previously reported immaterial amounts, specific to the Consolidated Statements of Cash Flows, have been reclassified between line items to conform to the current period presentation. Additionally, in Note 23 — Income Taxes, the Company reclassified Section 280E expenses from Non-deductible expenses to Increase in uncertain tax position in the reconciliation of its statutory tax rate on continuing operations to the effective tax rate on continuing operations for the year ended December 31, 2023 to conform to the current period presentation. The Consolidated Financial Statements include estimates and assumptions of management that affect the amounts reported in the Consolidated Financial Statements. Actual results could differ from these estimates. Functional and presentation currency The Consolidated Financial Statements are presented in U.S. dollar (“USD”), which is the reporting currency of the Company, unless otherwise noted. The functional currency of the Company and the domestic entities reflected in the Consolidated Financial Statements is the USD, and the functional currencies of the Company’s international subsidiaries include the Pound Sterling, Euro, Swiss Franc, Polish Zloty and Canadian Dollar. The financial accounts of the Company’s international subsidiaries are translated to USD using exchange rates at specific reporting dates or average rates over the reporting period, as applicable. Unrealized gains and losses resulting from foreign currency translation adjustments are recognized within Accumulated other comprehensive loss, which is a component of Shareholders’ equity on the Consolidated Balance Sheets. Realized transactional exchange gains and losses are included in Other income, net on the Consolidated Statements of Operations. Basis of measurement The Consolidated Financial Statements have been prepared on a going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein. Basis of consolidation The Consolidated Financial Statements include all the accounts of the Company, its wholly-owned subsidiaries, majority-owned subsidiaries and legal entities in which it holds a controlling financial interest, through management service agreements (“MSAs”) or other financing arrangements. All intercompany balances and transactions have been eliminated in consolidation. See Note 3 — Significant accounting policies. The following table presents the wholly-owned subsidiaries of the Company as well as the entities in which the Company held a controlling financial interest as of December 31, 2024 and 2023:
The following table presents the wholly-owned subsidiaries of Curaleaf International Holdings Limited (“Curaleaf International”) as well as the entities in which Curaleaf International held a controlling financial interest as of December 31, 2024 and 2023:
The following table presents the wholly-owned subsidiaries of Curaleaf, Inc. as well as the entities in which Curaleaf, Inc., directly or indirectly, held a controlling financial interest as of December 31, 2024 and 2023:
Non-controlling interests (“NCI”) NCI in consolidated subsidiaries represent the component of equity in consolidated subsidiaries held by third parties. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. In addition, when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary is initially measured at fair value, and the gain or loss triggered by any difference between the carrying value and fair value of the retained interest is included in Other income, net on the Consolidated Statements of Operations. NCI with redemption features, such as put options, that are not solely within the Company’s control are considered redeemable non-controlling interests (“Redeemable NCI”). Redeemable NCI is considered to be temporary equity and are reported in the mezzanine section between Commitment and contingencies and Shareholders’ equity on the Consolidated Balance Sheets. Redeemable NCI is recorded at the greater of the carrying value, which is adjusted for the NCI’s share of net income or loss generated over the reporting period and the estimated redemption value at the end of the reporting period. In instances where the redemption value of Redeemable NCI is greater than its carrying value and redemption is at least probable, the Company has elected to immediately recognize the entire adjustment through Accumulated deficit on the Consolidated Balance Sheets. This election provides for a more immediate and transparent reflection of the economic impact associated with changes in redemption value, as opposed to accreting the difference over time. See Note 17 — Redeemable non-controlling interest for further details.
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Significant accounting policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
| Significant accounting policies | Significant accounting policies Variable interest entities The Company consolidates legal entities in which it holds a controlling financial interest. Determining whether it has a controlling financial interest, which is defined by Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), as the power to direct the activities of a variable interest entity (“VIE”) that most significantly impact the VIE’s economic performance and the obligation to absorb losses of and the right to receive benefits from the VIE that could be potentially significant to the VIE. See Note 2 — Basis of presentation and consolidation and Note 29 — Variable interest entities for further details about the entities consolidated by the Company under the VIE consolidation model. Cash, cash equivalents and restricted cash Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash, with original maturities of three months or less, and cash held at retail locations. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (the “FDIC”) up to $250,000. The Company maintains its cash in bank deposit accounts, the balances of which, at times, may exceed federally insured limits. As of December 31, 2024 and December 31, 2023, the Company had a restricted cash balance of $14.2 million and $8.6 million, respectively, related to full collateralization of the Company’s borrowings under its asset-based revolving credit facility and standby letter of credit with East West Bank (“EWB”). Accounts receivable, net The Company maintains an allowance for expected credit losses to reflect the potential uncollectability of accounts receivable, based on historical credit loss information as adjusted for current conditions, reasonable and supportable forecasts and the risk characteristics of specific receivables. If current or expected future economic trends, events or changes in circumstances indicate that specific receivable balances may not be collectible, further consideration is given to the collectability of those balances, and the allowance for expected credit losses is adjusted accordingly. Accounts receivable are written off after exhaustive collection efforts occur, and the receivable is deemed uncollectible. The allowance for expected credit losses is recorded within Accounts Receivable, net on the Consolidated Balance Sheets. See Note 7 — Accounts receivable, net for further detail. Notes receivable Notes receivables are recognized and measured at amortized cost, representing the initial carrying amount adjusted for any subsequent amortization of principal and any expected credit losses. Interest income on notes receivables is recognized using the effective interest rate method, allocating interest income over the relevant period, based on the carrying amount of the asset and the effective interest rate. See Note 9 — Notes receivable for further detail. Inventories, net Inventories, including packaging and supplies, are stated at the lower of cost or net realizable value (“NRV”). NRV is the estimated selling price in the ordinary course of business less estimated costs to sell. If conditions indicate a decline in inventory value, the Company records a write-down to NRV in the period the decline occurs. Inventory write-downs to NRV are not reversed in subsequent periods. The Company utilizes a standard costing methodology to value its inventories. Standard costs are reviewed periodically and adjusted to approximate weighted average cost. The direct and indirect costs of inventories include materials, labor and depreciation expense. All direct and indirect costs related to inventories are capitalized as they are incurred and subsequently recorded at the time the inventoried product is sold within Cost of goods sold on the Consolidated Statements of Operations. The Company reviews its inventories for excess, obsolete, redundant and slow-moving items, and any such inventories are written down to NRV, which is recorded within Cost of goods sold on the Consolidated Statements of Operations. See Note 8 — Inventories, net for further detail. Intangible assets, net Intangible assets are recorded at cost, less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are recognized at fair value at the date of acquisition, while intangible assets that are internally generated are recognized at cost. The useful life of an internally generated intangible asset is the shorter of 15 years or the term specified by an applicable law, regulation or contractual provision. Intangible assets are amortized on a straight-line basis over the following estimated useful lives:
The Company reviews the estimated useful lives, residual values and amortization methods of the Company’s intangible assets at each fiscal year-end, and any adjustments deemed to be appropriate are applied prospectively. See Note 12 — Intangible assets, net and Goodwill for further detail. The Company does not have any intangible assets with indefinite useful lives. Leases The Company evaluates contract terms to determine whether the contract constitutes a lease or includes an embedded lease component. If a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, the Company deems that contract a lease or as containing an embedded lease and evaluates whether the lease arrangement is classified as a finance lease or operating lease at inception. For lease arrangements with an initial term in excess of 12 months, the Company recognizes a lease liability equal to the present value of future lease payments and recognizes a right-of-use (“ROU”) asset equal to the lease liability, subject to certain adjustments. For lease arrangements with an initial term of 12 months or less, the Company does not recognize a lease liability and ROU asset; instead, the Company recognizes the related lease payments as lease expense on a straight-line basis over the lease term, which is recognized within Selling, general and administrative on the Consolidated Statements of Operations. The Company uses its incremental borrowing rate to determine the present value of remaining lease payments, unless the rate implicit in the lease is readily determinable. The Company has elected to combine separate lease and non-lease components into a single lease component for all classes of its leased assets. Lease payments are in-substance fixed, and certain real estate leases include annual escalation clauses with reference to an index or contractual rate. Typically, the Company enters into real estate leases that require additional payments for taxes, insurance, maintenance and other common area charges. These expenses are considered non-lease components. If the non-lease components are fixed, the Company accounts for its real estate leases and related fixed non-lease components together as a single lease component used to measure its ROU assets and lease liabilities. If the non-lease components are variable, the variable payments are excluded from the Company’s measurements of its ROU assets and lease liabilities and are expensed as incurred through either Cost of goods sold or Selling, general and administrative. ROU assets are amortized on a straight-line basis over the earlier of the useful life of the ROU asset or the end of the lease term. On the Consolidated Statements of Operations, amortization of operating lease ROU assets and reduction of operating lease liabilities is recognized as lease expense and amortization of finance ROU assets is recognized within Depreciation and amortization. In addition, the Company records interest expense on its finance lease liabilities using the effective interest method, which is recognized within Interest expense related to lease liabilities and financial obligations on the Consolidated Statements of Operations. The term the Company assigns to a lease arrangement at commencement is determined based on the noncancellable period for which the Company has the right to use the underlying leased asset, inclusive of any periods covered by extension options that the Company is reasonably certain to exercise or the exercise of which is controlled by the lessor. The Company considers a number of factors when evaluating whether the extension options in its lease arrangements are reasonably certain of exercise, including the location of the leased asset, the length of time before the options can be exercised, expected value of the leased assets at the end of the initial lease terms, relevance of the leased assets to the Company's operations and the cost of negotiating a new lease. The Company has historically entered into transactions wherein the Company sold real estate property or equipment to a buyer and simultaneously leased back all, or a portion of, the same asset for all, or part of, the asset’s remaining useful life. Transactions such as these are evaluated to determine whether sale leaseback accounting is required. When a sale and leaseback transaction does not qualify for sale accounting, the transaction is accounted for as a financing transaction, and the Company recognizes a financial liability for the sale proceeds, within Financial obligations - current and Financial obligations - net of current on the Consolidated Balance Sheets. The Company retains the underlying asset in Property, plant and equipment, net and continues to depreciate the asset, based upon the Company’s depreciation policy, over its remaining useful life. The Company uses the effective interest method to allocate lease cash payments between the reduction of the Financial obligations’ principal balance on the Consolidated Balance Sheets and the recognition of interest expense within Interest expense related to lease liabilities and financial obligations on the Consolidated Statements of Operations. See Note 11 — Leases for further detail. Impairment of long-lived assets The Company evaluates the recoverability of its long-lived assets, including property, plant and equipment, ROU assets, definite lived intangible assets and equity investments, whenever events or changes in circumstances indicate that the carrying value of a long-lived asset, or asset group, may not be recoverable. When the Company determines that the carrying value of its long-lived assets may not be recoverable, these long-lived assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use and eventual disposition of the long-lived assets. If the carrying value of a long-lived asset, or asset group, exceeds its fair value, an impairment loss equal to the excess is recognized within Loss on impairment on the Consolidated Statements of Operations, during the period in which the impairment is identified. Goodwill Goodwill represents the excess of the consideration transferred for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit. See Note 12 — Intangible assets, net and Goodwill for further detail. Impairment of goodwill Goodwill is not subject to amortization and is tested annually for impairment, as of October 1 of each year, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. To determine whether the Company’s goodwill should be tested for impairment outside of the annual cadence, the Company performs a quarterly qualitative assessment to identify potential indicators of impairment, such as significant underperformance relative to historical or projected future operating results, significant changes in the Company’s manner of use of the acquired assets or strategy for the overall business, a significant decrease in the market value of the acquired assets or significant negative industry or economic trends. Goodwill is tested for impairment at the reporting unit level. A reporting unit is the same as, or one level below, an operating segment and represents a component, or group of components, for which discrete financial information is available and reviewed regularly by segment management. Goodwill is deemed to be impaired if the carrying value of a reporting unit, including allocated goodwill, exceeds its fair value (but not below zero), as determined using both an income and a market approach; an impairment loss equal to the excess is recognized within Loss on impairment on the Consolidated Statements of Operations, during the period in which the impairment is identified. Deferred charges: debt financing The Company’s deferred charges include financing costs and debt discounts or debt premiums that were incurred in connection with its execution of new, or modification of existing, debt financing. Deferred charges related to term loans are netted against the carrying amount of the debt within Notes payable - net of current on the Consolidated Balance Sheets. Deferred charges related to revolving lines of credit are capitalized within Prepaid expenses and other current assets or Investments and other assets on the Consolidated Balance Sheets, depending on the maturity dates of the revolving lines of credit. Deferred charges are amortized using the effective interest method and recognized within Interest expense on the Consolidated Statements of Operations. Commitments and contingencies The Company recognizes contingent liabilities when such contingencies are probable and reasonably estimable, within Accrued expenses on the Consolidated Balance Sheets. Losses related to contingencies are typically recognized within Other income, net on the Consolidated Statements of Operations. The Company recognizes legal costs for contingencies in the period in which the costs are incurred within Selling, general and administrative on the Consolidated Statements of Operations. See Note 26 — Commitments and contingencies for further detail. Income taxes The Company’s Provision for income taxes on the Consolidated Statements of Operations is comprised of current and deferred taxes, except to the extent that the income tax expense related to a business combination, items recognized directly within Shareholders’ equity on the Consolidated Balance Sheets. Current taxes are recognized on taxable income (loss) for the fiscal period, as adjusted for unrealized tax benefits, changes in tax receivables (payables) that arose in a prior period and recovery of taxes paid in a prior period. Current taxes are measured using tax rates and laws enacted during the period within which the taxable income (loss) arose. Current tax assets and liabilities are offset only if the right of offset exists. Deferred taxes are recognized with respect to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, with certain exceptions. Deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. If the Company determines, based on available evidence, that it is more likely than not that all or a portion of a deferred tax asset will not be realized, a valuation allowance is established to reduce the deferred tax asset by the amount expected to be unrealizable. The Company reassesses the need for a valuation allowance at the end of each fiscal quarter and takes into consideration, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and the duration of statutory carryforwards. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and foreign jurisdictions, where applicable. For the years ended December 31, 2024 and December 31, 2023, the Company has adopted a new federal and state income tax position, supported by legal interpretations, asserting that the restrictions of Section 280E of the Internal Revenue Code (“Section 280E”) do not apply to the Company’s cannabis operations (“280E position”). The Company recorded an uncertain tax liability on the Consolidated Balance Sheets for tax positions taken based on the 280E Position. In addition, the Company filed amended federal and state income tax returns with refund claims for several of the Company's business entities for tax years prior to 2023. If the Company’s interpretation is upheld, the Company’s financial position could be significantly enhanced by the ability to deduct additional ordinary and necessary business expenses that are non-deductible under Section 280E. While the Company believes its position is supported by sound legal reasoning, the cannabis industry remains in a complex regulatory environment. The illegality of cannabis under U.S. federal law poses unique challenges and uncertainties, including the potential for differing interpretations and enforcement actions. The Company is prepared to vigorously defend its tax position, if challenged, and will continue to monitor legal developments in this matter closely; however, the Company cannot be certain that it will prevail on this issue with the Internal Revenue Services (the “IRS”). As a precautionary measure, if the Company were not to prevail, reserves have been established to mitigate the potential financial impact of such a determination, which is recognized within the Company’s Uncertain tax position liability on the Consolidated Balance Sheets. There was a $313.0 million increase in the Company’s Uncertain tax position liability from December 31, 2023 to December 31, 2024 due to the 280E position, which was offset by a corresponding reduction in the Company’s Income tax payable. The Company believes it is reasonably possible that its Uncertain tax position liability will continue to increase over the next 12 months, while its 280E position is reviewed by the IRS and certain state tax authorities.See Note 23 — Income Taxes for further detail. Revenue recognition Revenue is recognized by the Company in accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), pursuant to which the Company recognizes revenue when the control of a promised good or service is transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the transferred good or service. In order to recognize revenue under ASC 606, the Company applies the following five-step model: i.Identify a customer along with a corresponding contract; ii.Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer; iii.Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer; iv.Allocate the transaction price to the performance obligation(s) in the contract; and v.Recognize revenue when or as the Company satisfies the performance obligation(s). The majority of the Company’s performance obligations are satisfied at a point in time; either upon delivery and acceptance of the Company’s goods or services by its wholesale customers or immediately upon transfer of the Company’s goods or services to its retail customers. Revenues from the Company’s cannabis sales are recorded net of sales discounts at the time of delivery to the customer. Payment is typically due upon transfer of the Company’s products to the customer or within a specified time period permitted under the Company’s credit policy. Retail and wholesale revenues The Company derives its domestic retail and wholesale revenues from U.S. states in which it is licensed to cultivate, process, distribute and sell cannabis and other hemp-derived products. The Company sells directly to customers at its retail dispensaries and sells wholesale to third-party dispensaries or processors. Internationally, the Company derives retail revenues in the U.K., where it holds a pharmacy license that enables it to fulfill cannabis prescriptions directly to the patient through its online pharmacy. The Company also supplies cannabis on a wholesale basis to pharmacies and other distributors based in Australia, New Zealand, Canada and across Europe, including Germany, Italy and Poland. All products that are supplied to Italy are sold to wholesalers who import the Company’s products. Non-cannabis revenues are all derived from wholesale operations in Germany, Spain and the U.K. For most of its locations, the Company offers a loyalty reward program to its retail dispensary customers that allows customers who enroll in the program to earn reward points at point of sale for use on future purchases. Loyalty reward points earned by the Company’s retail customers on products purchased are recognized as a reduction of revenue at the time of sale. Loyalty points earned are recognized within Accrued expenses on the Consolidated Balance Sheets, until redeemed, expired or forfeited. As of December 31, 2024 and 2023, the Company’s Accrued loyalty payable totaled $5.7 million and $5.3 million, respectively. Promotional discounts and customer loyalty rewards not derived from products purchased by the customer are recognized within Sales and marketing, which is a component of Selling, general and administrative expense on the Consolidated Statements of Operations. Management fee income Management fee income is comprised primarily of revenue earned through MSAs pursuant to which the Company provides professional services, including cultivation, processing and retail know-how, back-office administration, intellectual property licensing, real estate leasing services and lending facilities to medical and adult use cannabis licensees. In addition, management fee income includes royalty fees earned on third-party use of certain of the Company’s licenses, as well as logistics service fees and consultation fees earned in the Company’s international operations. The Company recognizes management fee income on a straight-line basis over the term of the associated agreements as services are provided. See Note 22 — Revenue disaggregation for further detail. Share-based compensation The Company recognizes compensation expense for all share-based awards, including stock options, performance stock units (“PSUs”) and restricted stock units (“RSUs”), granted to its employees and directors at the fair value of the awards on the date of grant. The Company uses the Black-Scholes valuation model to determine the grant-date fair value of stock options. In instances where stock options or units have performance or market conditions, the Company utilizes the Monte Carlo valuation model to simulate a wide range of potential future market conditions and uncertainties that could affect the fair value of the underlying. The inputs into the Black-Scholes valuation model, including the expected term of the instrument, expected volatility, risk-free interest rate and dividend rate are determined by reference to the terms of the underlying instrument as well as the Company’s experience with similar instruments. Expected volatility is estimated based on the historical volatility in the price of the Company’s outstanding SVS, as management believes this is the best estimate of the expected volatility over the expected life of the Company’s stock options granted. The expected life in years represents the period of time that stock options granted are expected to be outstanding. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the stock options granted. Share-based compensation is amortized on a straight-line basis over the requisite service period of the share-based awards, which is generally the vesting period, and recognized within Share-based compensation on the Consolidated Statements of Operations, with a corresponding increase to Shareholders’ equity on the Consolidated Balance Sheets. The amount recognized as an expense is adjusted to reflect the number of share-based awards for which the related service conditions are expected to be met, such that the total share-based compensation ultimately recognized by the Company is based on the number of share-based awards that meet the related service conditions at the vesting date. The Company recognizes the impact of forfeitures to its share-based compensation as they occur. See Note 18 — Share-based compensation for further detail. Earnings per share, basic and diluted The Company presents basic and diluted earnings per share (“EPS”) on its Consolidated Statements of Operations. Basic EPS is calculated by dividing the net income (loss) attributable to the Company’s shareholders by the weighted average number of shares outstanding during the reporting period. Diluted EPS is determined by adjusting the profit or loss attributable to the Company’s shareholders and the weighted average number of shares outstanding during the period, for the effects of all potentially dilutive instruments, which, for the Company, is comprised of share-based awards, contingent equity consideration obligations and convertible debt. Instruments with an anti-dilutive impact are excluded from the calculation of diluted EPS. The Company applies the treasury stock method to calculate the number of potentially dilutive securities with respect to its share-based awards and the if-converted method with respect to any outstanding contingent equity consideration obligations and convertible debt. See Note 24 — Earnings per share for further detail. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Note 27 — Related party transactions for further detail. Business combinations The Company accounts for business combinations using the acquisition method in accordance with ASC 805, Business Combinations (“ASC 805”), which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition or assumption of control. Non-controlling interests in the acquiree are measured at fair value on acquisition date. Acquisition-related transaction costs are recognized as expenses in the period in which the costs are incurred. The excess of consideration transferred over the net assets acquired and liabilities assumed is recognized as goodwill as of the acquisition date. Following initial recognition, goodwill is measured at cost, less any accumulated impairment losses. The Company utilizes the guidance prescribed by ASC 805, which allows entities to use a screen test to determine if a transaction should be accounted for as a business combination or an asset acquisition. Under the optional screen test, where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the transaction would be accounted for as an asset acquisition. Management performs a concentration test where appropriate and if the concentration of assets is 90% or above, the transaction is generally accounted for as an asset acquisition. In addition, if the assets acquired are not a business, the Company accounts for the transaction as an asset acquisition. Contingent consideration is measured at fair value at the date of acquisition and included as part of the consideration transferred in a business combination. Contingent consideration classified as a liability requires fair value remeasurement at the end of each reporting period, with adjustments to the fair value of the contingent liability recognized within Other income, net on the Consolidated Statements of Operations. Contingent consideration classified as equity is assessed at the end of each reporting period to determine whether equity classification remains appropriate. Purchase price allocations may be preliminary and, during the measurement period (not to exceed one year from the date of acquisition), changes in assumptions and estimates that result in adjustments to the fair value of assets acquired and liabilities assumed are recorded in the period the adjustments are determined. Operating results associated with acquisitions are included in the Company’s consolidated financial statements from the date of acquisition. Asset acquisitions In accordance with ASC 805, the Company defines asset acquisitions as those not pertaining to the acquisition of inputs, processes and outputs that constitute a business. The Company allocates the cost of an asset acquisition, including the acquisition-related transaction costs, to the individual assets acquired and liabilities assumed based on their relative fair values. See Note 4 — Acquisitions for further detail. Fair value of financial instruments The Company applies fair value accounting to all financial assets and liabilities that are recognized or disclosed at fair value in its financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 — Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 — Inputs for the asset or liability that are not based on observable market data. The Company elected to apply the beginning-of-period convention whereby all transfers into and out of Level 3 in the fair value hierarchy are deemed to have had occurred at the beginning of the reporting period. The Company does not reclassify its financial instruments within the fair value hierarchy subsequent to initial recognition, unless a change has occurred in its business model for managing financial instruments. See Note 28 — Fair value measurements and financial risk management for further detail. Significant accounting judgments, estimates and assumptions The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and contingencies. Although actual results in subsequent periods may differ from these estimates, such estimates are developed based on the best information available to management and management’s best judgments at the time. The Company relies upon historical experience, observable trends and various other assumptions to develop reasonable significant estimates and assumptions, which are then regularly reviewed and updated, as needed, by management. Changes in estimates are accounted for prospectively and are based upon on-going trends or subsequent settlements and the sensitivity level of the estimates and assumptions to changes in facts and circumstances. Although management believes that all estimates are reasonable, actual results could differ from these estimates. The most significant assumptions and estimates underlying the Consolidated Financial Statements are described below: Consolidation When determining the appropriate basis of accounting for the Company’s interests in affiliates, the Company makes judgements about the degree of influence that it exerts directly or indirectly through an arrangement over the investees’ relevant activities. The Company consolidates legal entities in which it holds a controlling financial interest. Determining whether the Company has a controlling financial interest of a legal entity in which it does not have a majority voting interest is subject to significant judgment and estimates. Considerations include, but are not limited to, voting interests of the VIE, management, service and other agreements with the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. See Note 2 — Basis of presentation and consolidation and Note 29 — Variable interest entities for further detail. Accounting for acquisitions and business combinations Classification of an acquisition as a business combination or asset acquisition hinges on whether the asset acquired constitutes a business, which can be a complex judgment. In determining the fair value of all identifiable assets, liabilities and contingent liabilities acquired, the most significant estimates are related to the valuation of contingent consideration and intangible assets. Management exercises judgement in estimating the probability and timing of when earn-outs are expected to be achieved, which is used as the basis for estimating fair value. For any intangible asset identified, depending on the type of intangible asset and the complexity of determining its fair value, an independent valuation expert may be engaged to apply the appropriate valuation techniques to management’s forecast of the total expected future net cash flows in order to estimate fair value. The primary intangible assets typically acquired in a business combination within the cannabis industry are cannabis licenses, as they provide companies with the ability to operate in additional markets. To estimate the fair value of intangible assets, management exercises judgement in developing cash flow projections and choosing discount and terminal growth rates. The estimated fair value of intangible assets is most sensitive to changes in the discount rate applied. The terminal growth rate represents the rate at which businesses will continue to grow into perpetuity. Other significant assumptions include revenue, gross profit, operating expenses and anticipated capital expenditures, which are based on the historical operations of the acquiree together with management’s projections. These valuations are closely linked to the assumptions made by management regarding future performance of the assets acquired and any changes in the discount rate applied. Contingent consideration payable as a result of a business combination is recorded at fair value at the date of acquisition. The fair value of contingent consideration is subject to significant judgments and estimates, such as projected future revenues. See Note 4 — Acquisitions for further detail. Share-based compensation - Stock options The Company uses the Black-Scholes valuation model to determine the fair value of stock options granted to employees and directors under share-based awards, where appropriate. In instances where stock options or stock units have performance or market conditions, the Company utilizes the Monte Carlo valuation model to simulate the various outcomes that might affect the fair value of the stock option or stock units. In estimating fair value, management is required to make certain significant assumptions and estimates, such as the expected life of stock options, expected volatility in the future price of the Company’s outstanding SVS, expected risk-free rates and future dividend yields. Changes in assumptions used to estimate fair value could result in materially different results. See Note 18 — Share-based compensation for further detail. Goodwill impairment Goodwill is not subject to amortization and is tested annually for impairment, or more frequently, if events or changes in circumstances indicate that goodwill might be impaired. In order to determine the amount, if any, the carrying value of its goodwill might be impaired, the Company performs the analysis on a reporting unit level, using both an income and a market approach. Under the income approach, fair value is estimated on the present value of estimated cash flows (i.e. discounted cash flows). The market approach estimates fair value using comparable marketplace fair value data from within a comparable industry grouping. Not only is the determination of the Company’s reporting units subject to significant management judgment, management has to apply significant judgments in assessing the various inputs that drive the fair value of a reporting unit, such as historical results, business plans, forecasts and market data. Changes in the conditions for these judgments and estimates can significantly affect the estimated fair value of the reporting units and the implied fair value of goodwill. See Note 12 — Intangible assets, net and Goodwill for further detail. Impairment of long-lived assets The Company evaluates the recoverability of its long-lived assets (or asset groups) whenever events or changes in circumstances indicate that their carrying value may not be recoverable. This evaluation requires significant management judgment and involves identifying and interpreting key factors, such as significant adverse changes in (i) the market price of a long-lived asset; (ii) the extent or manner in which a long-lived asset is used; or (iii) legal factors or the business climate. Additionally, management’s considerations may include whether (iv) the Company’s accumulated investment in its long-lived asset(s) significantly exceeds the amount originally expected; (v) the Company is experiencing or projecting ongoing operating or cash flow losses; or (vi) it is more likely than not that a long-lived asset will be sold or otherwise disposed of significantly earlier than its previously estimated useful life. If management determines the recoverability of the Company’s long-lived asset(s) may not be recoverable, management exercises significant judgment in estimating the undiscounted future cash flows of the affected long-lived asset(s). Changes in the underlying assumptions or conditions can materially affect the value of the Company’s long-lived assets as reported in its consolidated financial statements. See Note 10 — Property, plant and equipment, net, Note 11 - Leases and Note 12 — Intangible assets, net and Goodwill for further detail. Inventories, net In measuring the value of its inventories, net at the end of the reporting period, the Company compares inventoried costs to estimated NRV. The NRV of inventories, net represents the estimated selling price for the Company’s goods in the ordinary course of business, less all estimated costs of completion and costs necessary to sell. The determination of NRV requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expected future selling prices and contractual arrangements with customers. Reserves for excess and obsolete inventory are also based upon quantities on hand and projected volumes from demand forecasts. The Company’s estimates are made at a point in time, using available information, expected business plans and expected market conditions. The future realization of these inventories may be affected by market-driven changes that reduce future selling prices. As a result, the actual amount received from sale of inventories, net could differ from estimates. See Note 8 — Inventories, net for further detail. Income taxes The Company records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. There is inherent uncertainty in quantifying income tax positions, especially considering the complex tax laws and regulations for federal, state and foreign jurisdictions in which the Company operates. The Company has recorded tax benefits for those tax positions where it is more likely than not that a tax benefit will result upon ultimate settlement with the relevant tax authority that has all relevant information. Assets and liabilities held for sale The Company classifies assets held for sale in accordance with ASC 205, Presentation of Financial Statements (“ASC 205”). When the Company makes the decision to sell an asset, disposal group or to cease operations for a portion of its business, the Company assesses whether such assets and related liabilities should be classified as held for sale. To be classified as held for sale, the asset or disposal group must meet all of the following conditions at the end of the reporting period: i.available for immediate sale in its present condition; ii.management is committed to a plan to sell; iii.an active program to locate a buyer and complete the plan has been initiated; iv.the asset or disposal group is being actively marketed at a sales price that is reasonable in relation to its fair value; v.the sale is highly probable within one year from the date of classification to held for sale and vi.actions required to complete the plan indicate that it is unlikely that the plan will be significantly changed or withdrawn. An asset held for sale is measured at the lower of its carrying amount or fair value less cost to sell, unless the asset held for sale meets the exceptions as prescribed by ASC 205. Fair value is the amount obtainable from the sale of the asset in an arm’s length transaction, less the costs of disposal. See Note 5 — Assets and liabilities held for sale for further detail. Discontinued Operations Pursuant to ASC 205, the Company classifies held for sale assets and liabilities as discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The held for sale classification criteria is presented above under ‘Assets and liabilities held for sale’. When the Company makes the decision to sell an asset or disposal group, management makes significant assumptions in its evaluation of whether the asset or disposal group can be classified as held for sale and discontinued operations. See Note 6 — Discontinued operations for further detail. Redeemable Non-controlling Interest Valuation and classification of redeemable non-controlling interests involve significant management judgment and estimates. Determining the estimated redemption value of redeemable non-controlling interests requires a discounted cash flow analysis that incorporates assumptions about the Company’s projected revenue, operating margins and cash flows as well as anticipated economic conditions. The Company also has to assess whether the underlying equity instruments are currently redeemable or likely to become redeemable in the future, adding complexity to their classification on the balance sheet. Changes in redemption value are influenced by forward-looking factors and may require adjustments that impact retained earnings and/or additional paid-in capital. These estimates and judgments are inherently subjective and sensitive to future economic and market conditions. See Note 17 — Redeemable non-controlling interest for further detail. New, amended and future accounting pronouncements The Company has implemented all applicable accounting standards recently issued by the Financial Accounting Standards Board (“FASB”), as well as applicable pronouncements from certain other standard-setting bodies, within the prescribed effective dates. Pronouncements that are not applicable or where it has been determined do not have a significant impact to the Company have been excluded herein. Recently Adopted Accounting Standards Effective January 1, 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Upon adoption, ASU 2023-07 did not materially impact the Consolidated Financial Statements, other than to expand the disclosures within Note 25 — Segment reporting. There was no impact to the Company’s consolidated financial position, results of operations or cash flows. Effective January 1, 2024, the Company adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 is intended to simplify the accounting for convertible instruments and contracts in an entity’s own equity by (i) eliminating certain separation models, such as the beneficial conversion feature and cash conversion models, which previously required issuers to separately account for conversion features in equity instruments, (ii) requiring the dilutive earnings per share impact of convertible instruments to be determined based on the if-converted method and (iii) reducing the scope of ASC 815-40, Derivatives and Hedging, so that additional types of instruments qualify for equity classification. Upon adoption, ASU 2020-06 did not impact the Company’s consolidated financial position, results of operations or cash flows, as the Company did not possess any in-scope equity instruments. The Company applies the if-converted method to calculate the dilutive impact to the Company’s earnings per share of the Conversion Amount (as defined within) associated with the Company’s Bloom Notes 2025 (as defined within). See Note 15 — Notes payable and Note 24 — Earnings per share for further details. Global Minimum Tax Rules - Pillar Two Numerous foreign jurisdictions have enacted or are in the process of enacting legislation to adopt a minimum effective tax rate, as described in the Global Anti-Base Erosion Model Rules (otherwise known as Pillar Two) issued by the Organization for Economic Co-operation and Development. Under Pillar Two, a minimum effective tax rate of 15% would apply to multinational companies with consolidated revenues above €750 million. Pillar Two is effective for fiscal years beginning on or after January 1, 2024, in several jurisdictions in which the Company operates. Upon enactment, Pillar Two did not have a material impact on the Company’s Consolidated Financial Statements, and there was no material impact to the Company’s consolidated financial position, results of operations or cash flows. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (“ASU 2024-04”). ASU 2024-04 clarifies the requirements for accounting for a settlement of a convertible debt instrument as an induced conversion and applies to convertible debt instruments with cash conversion features as well as debt instruments that are not currently convertible. ASU 2024-04 is effective for all entities for annual periods beginning after December 15, 2025, and interim periods within those annual periods, and can be applied either on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2024-04 to the Company and its consolidated financial statements upon adoption. In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 requires public business entities to provide disaggregated disclosures of specific income statement expense categories, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, depletion and selling expenses. The amendments introduced by ASU 2024-03 aim to enhance transparency by offering investors more detailed insights into an entity’s expense structure. This additional information is intended to improve investors' ability to understand an entity’s cost structure and to forecast future cash flows. ASU 2024-03 is effective for all entities for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and can be applied either on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2024-03 to the Company and its consolidated financial statements upon adoption. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09, among other things, requires that public business entities on an annual basis (1) disclose specific categories in the effective tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). ASU 2023-09 is effective for all other entities for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2023-09 to the Company and its consolidated financial statements upon adoption. In October 2023, the FASB issued ASU 2023-06, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 incorporates certain SEC disclosure requirements into the FASB Codification. The amendments introduced by ASU 2023-06 are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements and align the requirements in FASB’s Codification with the SEC’s regulations. ASU 2023-06 is effective for all other entities, two years after the effective date of the SEC’s removal of the related disclosure requirements from Regulation S-X or Regulation S-K. Early adoption is prohibited. The Company does not anticipate ASU 2023-06 will impact its consolidated financial statements upon adoption. In August 2023, the FASB issued ASU 2023-05, Business Combinations— Joint Venture Formations (“ASU 2023-05”). ASU 2023-05, among other things, (1) defines a joint venture as the formation of a new entity without an accounting acquirer and (2) requires that a joint venture measure its identifiable net assets and goodwill, if any, at the formation date, such that the initial measurement of a joint venture’s total net assets is equal to the fair value of 100% of the joint venture’s equity, including any noncontrolling interest in the net assets of the joint venture. ASU 2023-05 is effective for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted. The Company will comply with ASU 2023-05 on joint ventures formed on or after January 1, 2025.
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Acquisitions Goodwill arising from acquisitions consists largely of the synergies and economies of scale expected from integrating the operations of the acquired businesses, opportunities to enter into new markets and/or expand the Company’s footprint in existing markets as well as the acquisition of other intangibles that do not qualify for separate recognition. Synergies include the elimination of redundant facilities and functions and the use of the Company’s existing commercial infrastructure to expand sales. None of the resultant goodwill from the following acquisitions are expected to be deductible for income tax purposes. 2024 Acquisitions Northern Green Canada Inc. On April 19, 2024, the Company completed the acquisition of all issued and outstanding shares of NGC for total consideration of approximately $23.8 million, paid in cash and equity consideration. NGC is a Canadian licensed cannabis producer and distributor focused primarily on expanding in the international market through its European Union Good Manufacturing Practice (“EU-GMP”) certified product offering. The acquisition of NGC has equipped the Company with a secure and consistent supply of high quality, non-irradiated indoor EU-GMP flower supply, which the Company considers essential to maintaining a leading position in Germany, Poland and the U.K. as well as supporting the Company’s expansion into new international markets. The Company accounted for its acquisition of NGC as a business combination. The following table presents the fair value of the assets acquired and liabilities assumed in the acquisition of NGC as of the acquisition date and an allocation of the consideration to net assets acquired:
The fair value of the consideration, paid through the issuance of SVS, was based on a third-party valuation that took into account transfer restrictions and the time value of money. The acquisition remains subject to measurement period adjustments, and the Company is in the process of finalizing purchase price accounting. The contingent consideration liability is related to consideration owed to the sellers of NGC, provided certain gross margin targets have been achieved at the end of 2024 (the “NGC Earnout”). 50% of the NGC Earnout is to be paid in cash, with the remaining 50% to be paid in SVS. As of December 31, 2024, the Company has not identified any material measurement period adjustments. The Company calculated, on a pro forma basis, the combined results of the acquired entity as if the acquisition had occurred as of January 1, 2023. These unaudited pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition occurred as of January 1, 2023 or of future consolidated operating results. For the NGC acquisition, total unaudited pro forma revenue and net loss were $11.6 million and $5.1 million, respectively, for the year ended December 31, 2024, and $13.4 million and $2.2 million, respectively, for the year ended December 31, 2023. Revenue and net loss from the acquisition included in the Consolidated Statements of Operations for the year ended December 31, 2024 was $7.4 million and $4.0 million, respectively. Curaleaf Poland S.A. On February 2, 2024, the Company completed the acquisition of all issued and outstanding shares of Can4Med S.A., now known as Curaleaf Poland S.A. (“Curaleaf Poland”) for total consideration of €1.5 million, which consisted of equal parts cash consideration and equity consideration. Additionally, the transaction included deferred consideration based on Curaleaf Poland’s future performance. Curaleaf Poland is the first medical cannabis-specialized wholesaler in Poland, specializing in acquisition, registration and distribution of medical cannabis and products containing THC and other cannabinoids in Poland. The acquisition of Curaleaf Poland increased the Company’s international footprint. The Company accounted for its acquisition of Curaleaf Poland as a business combination. The following table presents the fair value of the assets acquired and liabilities assumed in the acquisition of Curaleaf Poland as of the acquisition date and an allocation of the consideration to net assets acquired:
The fair value of the consideration, paid through the issuance of SVS, was based on a third-party valuation that took into account the time value of money. The acquisition remains subject to measurement period adjustments, and the Company is in the process of finalizing purchase price accounting. The Company calculated, on a pro forma basis, the combined results of the acquired entity as if the acquisition had occurred as of January 1, 2023. These unaudited pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition occurred as of January 1, 2023 or of future consolidated operating results. For the Curaleaf Poland acquisition, total unaudited pro forma revenue and net income were $2.7 million and $0.3 million, respectively, for the year ended December 31, 2024 and $0.9 million and $0.1 million, respectively, for the year ended December 31, 2023. Revenue and net income from the acquisition included in the Consolidated Statements of Operations for the year ended December 31, 2024 was $2.4 million and $0.1 million, respectively. Dark Heart On January 17, 2024, Curaleaf DH, Inc., an entity in which the Company has an indirect controlling financial interest, acquired Half Moon Nursery, Inc. and all assets of Dark Heart Nursery from Grace & Co. via forgiveness of a $7.0 million promissory note plus interest and cash consideration of $1.7 million. The acquisition provided the Company with the opportunity to continue expanding its domestic and international operations, as assets consisted of proprietary cannabis genetics and know-how (including all equipment and lease rights associated with Dark Heart Nursery’s laboratory); the strains from which will be distributed to the Company’s various other cultivation facilities, both domestic and international. The Company accounted for its acquisition of Dark Heart as an asset acquisition. The following table presents the fair value of the assets acquired in the acquisition of Dark Heart as of the acquisition date and an allocation of the consideration to net assets acquired:
2023 Acquisitions Deseret Wellness, LLC On April 6, 2023 the Company completed the acquisition of Deseret Wellness (“Deseret”), the largest cannabis retail operator in Utah, with consideration consisting of cash and stock. The Deseret acquisition included three retail dispensaries located in the cities of Park City, Provo and Payson. The Deseret acquisition immediately strengthened the Company’s retail footprint in Utah, providing the state's medical patients with a wide variety of quality products including cannabis flower, vape cartridges, edibles and concentrates. The Deseret acquisition was accounted for as a business combination. The following table presents the fair value of the assets acquired and liabilities assumed in the acquisition of Deseret as of the acquisition date and an allocation of the consideration to net assets acquired:
The fair value of the consideration, paid through the issuance of SVS, was based on a third-party valuation that took into account transfer restrictions and the time value of money. The Company incurred and expensed $0.3 million of transaction costs related to the acquisition of Deseret. Subsequent to the acquisition date, the Company recorded a measurement period adjustment to the purchase price allocation to remove the impact of inventory purchased by Deseret from Tryke Companies (dba Reef Dispensaries) (“Tryke”) prior to being acquired by the Company. The Company acquired Tryke in a business combination on October 4, 2022. Subsequent to the acquisition of Deseret, the Company recorded a measurement period adjustment that reduced the fair value of inventory with a corresponding increase to goodwill in the amount of $0.2 million. The Company calculated, on a pro forma basis, the combined results of the acquired entity as if the acquisition had occurred as of January 1, 2023. These unaudited pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition occurred as of January 1, 2023, or of the future consolidated operating results. For the Deseret acquisition, total unaudited pro forma revenue and net income for the year ended December 31, 2023, was $13.7 million and $0.6 million, respectively. Revenue and net income from the acquired Deseret dispensaries included in the Consolidated Statements of Operations for the year ended December 31, 2023, was $9.9 million and $0.6 million, respectively. Clever Leaves’ Asset Acquisition On July 5, 2023, Curaleaf Portugal LDA, a subsidiary of Curaleaf International, acquired the assets, including all equipment and lease rights, of Clever Leaves’ EU-GMP certified cannabis processing and warehousing facility in Setubal, Portugal, for cash consideration, inclusive of direct transaction costs, of €2.7 million. The Clever Leaves acquisition strategically positioned the Company to expand its cultivation capacity at Curaleaf Portugal to meet the expected growth across Europe, especially within the Company’s core markets: Germany and the U.K. The Company accounted for its acquisition of Clever Leaves as an asset acquisition. Contingent consideration Contingent consideration recorded relates to the Company’s business combinations and asset acquisitions. As discussed in Note 3 — Significant accounting policies, contingent consideration payable is subject to significant judgment and estimates, such as projected future revenue. Refer to Note 28 — Fair value measurements and financial risk management for further discussion surrounding the inputs utilized in the fair value of contingent consideration. The changes in the Company’s contingent consideration liability as of December 31, 2024 and 2023 are as follows:
Refer to Note 28 — Fair value measurements and financial risk management for additional information on the Company’s determination of the fair value of its contingent consideration liabilities. Deferred consideration The changes in the Company’s deferred consideration liability as of December 31, 2024 and 2023 are as follows:
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and liabilities held for sale | Assets and liabilities held for sale The changes in assets and liabilities held for sale are as follows from:
The following table summarizes the major classes of assets and liabilities classified as held for sale (excluding discontinued operations) as of December 31, 2024 and 2023:
Grassroots: Illinois Assets In the quarter ended June 2023, the Company terminated the marketing of the Company’s Illinois assets (the “Illinois Assets”) and reclassified these assets from held for sale to held and used, as a result of the breach of contract, effective February 25, 2022, by Parallel Illinois, LLC (“Parallel”), with whom the Company had signed definitive agreements on April 1, 2021 to sell the Illinois Assets. In September 2023, the Company and Parallel entered into a Confidential Settlement Agreement to settle the dispute in full (the “Parallel Settlement Agreement”). Under the Parallel Settlement Agreement, the Company received $0.5 million, and Parallel formally released its claims against the Plaintiffs, including with respect to any claim for return of the $10 million deposit paid by Parallel to the Company at the time the definitive agreements were signed. Phytoscience Management Group, Inc. In November 2023, the Company signed a definitive agreement to sell 100% of the outstanding capital stock of Phytoscience Management Group, Inc. (“Phytoscience”) to Zenbarn Ventures, Inc. (“Zenbarn”) for cash consideration of $2.8 million, subject to working capital adjustments. Upon signing, the Company received $0.3 million with the remaining consideration paid at close. In conjunction with the sale, the Company also signed an interim management services agreement with Zenbarn to provide certain administrative and operational support services. The Company received the remaining cash consideration of $2.5 million, upon consummation of the sale in November 2024. The Company recognized a total loss of $1.1 million on the transaction. North Shore Assets On January 5, 2024, the Company signed a definitive purchase agreement to sell the Company’s rights and interests to certain assets of Curaleaf North Shore, Inc. f/k/a Alternative Therapies Group, Inc. to MassGrow, LLC for total cash consideration of $2.8 million. Upon execution of the agreement, the Company received cash consideration of $1.5 million, and the remaining consideration was paid in October 2024. The sale, which remains contingent on regulatory approval, is expected to be closed by the quarter ending March 31, 2025, subject to certain extensions. The Company recognized a total loss of $0.8 million on the transaction. Acres Assets On February 23, 2024, the Company signed a real estate purchase agreement to sell the property and equipment of Acres Cultivation LLC and Acres Dispensary LLC for total consideration of $3.3 million, which consists of cash consideration of $1.1 million and the issuance by the Company of a secured note with a principal amount of $2.2 million. The secured note earns interest at 8% per annum and matures in February 2027. In connection with the real estate purchase agreement, the Company signed a membership interest purchase agreement for $0.2 million. The Company recognized a total loss of $17.5 million on the transaction. The sale closed on October 10, 2024. Sale of Rokshaw Limited’s noncannabis operation On April 29, 2024, the Company closed on the sale of Rokshaw Limited’s noncannabis operation to Thistle Pharma Limited. The total proceeds received in the sale included cash consideration of £3.3 million consisting of £0.5 million paid upon signing of the definitive agreement, £1.8 million paid at the date of close and £0.5 million payable on the first and second anniversary of the closing date. The Company recognized a total gain of £1.8 million on the transaction. See Note 9 — Notes receivable for further details of transactions involving deferred payments of cash consideration. Discontinued operationsOn January 26, 2023, the Company announced a plan to discontinue operations in unprofitable business components operating in unfavorable regulatory environments, which represented a strategic shift that had a major effect on the Company’s operations and financial results. As a result of this plan, the Company reported California, Oregon, Colorado, Michigan, Kentucky CBD and its adult use operations in Maine (“Adult-Use Maine”) as discontinued operations for the years ended December 31, 2024 and 2023. These discontinued operations were components of the Company’s Domestic reportable segment. Pursuant to ASC 205, the Company has separately classified the financial results of these business components as Net loss from discontinued operations on the Consolidated Statements of Operations. As of December 31, 2024, the Company has deconsolidated and discontinued all operations classified as discontinued operations in 2023, as further detailed below. California As of December 31, 2023, the Company had completed the disposition of its operations in California. Colorado On June 2, 2023, the Company signed a definitive real estate agreement to sell commercial property of Focused Investment Partners, LLC, located in Pueblo CO, for cash consideration of $0.4 million. The transaction closed on June 26, 2023. On June 7, 2023, the Company signed a definitive real estate agreement to sell two commercial properties of GG Real Estate, LLC, located in Pueblo, CO, to Appleland, LLC for cash consideration of $0.5 million. The transaction closed on July 13, 2023. On June 26, 2023, the Company signed a definitive purchase and sale agreement to sell its rights to the property of Los Suenos Farms, LLC, located in Avondale, Colorado, to Mammoth Cassa JV, LLC for cash consideration of $1.5 million. The transaction closed on June 26, 2023. Completion of these three sales resulted in a loss on disposal of $2.0 million. Kentucky In the third quarter of 2023, the Company ceased all of its operations in Kentucky related to the manufacturing and wholesale distribution of CBD products, and classified its Kentucky business component as discontinued operations in the Annual Financial Statements. Upon this classification, the Company recognized a loss of $7.2 million on the impairment of its leased facility in Lexington, Kentucky and associated leasehold improvements and fixed assets (the “Kentucky Facility”) during the year ended December 31, 2023. All equipment specific to the Company’s CBD operations in Kentucky was sold or disposed as of March 31, 2024. In the first quarter of 2024, the Company made the strategic decision to introduce a new line of hemp-derived THC products via an online direct-to-consumer marketplace and to repurpose its Kentucky Facility for the production of said THC products. Accordingly, the Company ceased marketing the Kentucky Facility and remeasured the associated right-of-use asset and leasehold improvements at the lower of their carrying amount before being classified as held-for-sale and the fair value of the asset upon being reclassified to held-and-used. The Company recognized a gain of $3.9 million on the re-recognition of the Kentucky Facility during the year ended December 31, 2024. Adult-Use Maine The Company signed a definitive agreement to sell its rights to the assets of Curaleaf Maine Adult Use, Inc. to Dirigo Naturals, LLC (“Dirigo”) in November 2023. The purchase agreement included a note receivable of $0.1 million and the assumption of select liabilities. In connection with the sale, the Company also signed an interim management services agreement with Dirigo to operate the business on behalf of the Company. The transaction closed on June 28, 2024. The Company has recognized a total loss of $0.3 million on the transaction. Oregon The Company signed a definitive asset purchase agreement, effective July 1, 2023, for the sale of its operations in Oregon to Hotbox Farms, LLC. The purchase agreement included cash consideration of $2.0 million, adjusted for working capital provisions. The transaction closed on March 1, 2024. The Company has recognized a total loss of $2.3 million on the transaction. Michigan On February 1, 2024, the Company discontinued all operations in Kalamazoo, after assigning the associated lease and selling all property, plant, and equipment associated with the leased facility to Hodai Kalamazoo, LLC. The Company has recognized a total gain of $0.5 million on the transaction. On March 1, 2024, the Company discontinued all operations in Ann Arbor, after assigning the associated lease and selling all property, plant, and equipment associated with the leased facility to Hodai Ann Arbor, LLC. The Company did not incur any gain or loss as a result of this transaction. Effective June 1, 2024, the Company discontinued all operations in Battle Creek and Bangor, upon signing a lease termination agreement and selling all property, plant, and equipment associated with the leased facilities. The termination agreement included a fee of $0.2 million, payable in two installments. The first installment of $0.1 million was paid on September 1, 2024, and the second installment of $0.1 million was paid on January 2, 2025. The Company has recognized a total gain of $0.7 million on the transaction. The following table summarizes the major classes of assets and liabilities of the Company’s discontinued operations as of December 31, 2024 and 2023:
The following table presents the Company’s condensed consolidated statements of operations for its discontinued operations:
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued operations | Assets and liabilities held for sale The changes in assets and liabilities held for sale are as follows from:
The following table summarizes the major classes of assets and liabilities classified as held for sale (excluding discontinued operations) as of December 31, 2024 and 2023:
Grassroots: Illinois Assets In the quarter ended June 2023, the Company terminated the marketing of the Company’s Illinois assets (the “Illinois Assets”) and reclassified these assets from held for sale to held and used, as a result of the breach of contract, effective February 25, 2022, by Parallel Illinois, LLC (“Parallel”), with whom the Company had signed definitive agreements on April 1, 2021 to sell the Illinois Assets. In September 2023, the Company and Parallel entered into a Confidential Settlement Agreement to settle the dispute in full (the “Parallel Settlement Agreement”). Under the Parallel Settlement Agreement, the Company received $0.5 million, and Parallel formally released its claims against the Plaintiffs, including with respect to any claim for return of the $10 million deposit paid by Parallel to the Company at the time the definitive agreements were signed. Phytoscience Management Group, Inc. In November 2023, the Company signed a definitive agreement to sell 100% of the outstanding capital stock of Phytoscience Management Group, Inc. (“Phytoscience”) to Zenbarn Ventures, Inc. (“Zenbarn”) for cash consideration of $2.8 million, subject to working capital adjustments. Upon signing, the Company received $0.3 million with the remaining consideration paid at close. In conjunction with the sale, the Company also signed an interim management services agreement with Zenbarn to provide certain administrative and operational support services. The Company received the remaining cash consideration of $2.5 million, upon consummation of the sale in November 2024. The Company recognized a total loss of $1.1 million on the transaction. North Shore Assets On January 5, 2024, the Company signed a definitive purchase agreement to sell the Company’s rights and interests to certain assets of Curaleaf North Shore, Inc. f/k/a Alternative Therapies Group, Inc. to MassGrow, LLC for total cash consideration of $2.8 million. Upon execution of the agreement, the Company received cash consideration of $1.5 million, and the remaining consideration was paid in October 2024. The sale, which remains contingent on regulatory approval, is expected to be closed by the quarter ending March 31, 2025, subject to certain extensions. The Company recognized a total loss of $0.8 million on the transaction. Acres Assets On February 23, 2024, the Company signed a real estate purchase agreement to sell the property and equipment of Acres Cultivation LLC and Acres Dispensary LLC for total consideration of $3.3 million, which consists of cash consideration of $1.1 million and the issuance by the Company of a secured note with a principal amount of $2.2 million. The secured note earns interest at 8% per annum and matures in February 2027. In connection with the real estate purchase agreement, the Company signed a membership interest purchase agreement for $0.2 million. The Company recognized a total loss of $17.5 million on the transaction. The sale closed on October 10, 2024. Sale of Rokshaw Limited’s noncannabis operation On April 29, 2024, the Company closed on the sale of Rokshaw Limited’s noncannabis operation to Thistle Pharma Limited. The total proceeds received in the sale included cash consideration of £3.3 million consisting of £0.5 million paid upon signing of the definitive agreement, £1.8 million paid at the date of close and £0.5 million payable on the first and second anniversary of the closing date. The Company recognized a total gain of £1.8 million on the transaction. See Note 9 — Notes receivable for further details of transactions involving deferred payments of cash consideration. Discontinued operationsOn January 26, 2023, the Company announced a plan to discontinue operations in unprofitable business components operating in unfavorable regulatory environments, which represented a strategic shift that had a major effect on the Company’s operations and financial results. As a result of this plan, the Company reported California, Oregon, Colorado, Michigan, Kentucky CBD and its adult use operations in Maine (“Adult-Use Maine”) as discontinued operations for the years ended December 31, 2024 and 2023. These discontinued operations were components of the Company’s Domestic reportable segment. Pursuant to ASC 205, the Company has separately classified the financial results of these business components as Net loss from discontinued operations on the Consolidated Statements of Operations. As of December 31, 2024, the Company has deconsolidated and discontinued all operations classified as discontinued operations in 2023, as further detailed below. California As of December 31, 2023, the Company had completed the disposition of its operations in California. Colorado On June 2, 2023, the Company signed a definitive real estate agreement to sell commercial property of Focused Investment Partners, LLC, located in Pueblo CO, for cash consideration of $0.4 million. The transaction closed on June 26, 2023. On June 7, 2023, the Company signed a definitive real estate agreement to sell two commercial properties of GG Real Estate, LLC, located in Pueblo, CO, to Appleland, LLC for cash consideration of $0.5 million. The transaction closed on July 13, 2023. On June 26, 2023, the Company signed a definitive purchase and sale agreement to sell its rights to the property of Los Suenos Farms, LLC, located in Avondale, Colorado, to Mammoth Cassa JV, LLC for cash consideration of $1.5 million. The transaction closed on June 26, 2023. Completion of these three sales resulted in a loss on disposal of $2.0 million. Kentucky In the third quarter of 2023, the Company ceased all of its operations in Kentucky related to the manufacturing and wholesale distribution of CBD products, and classified its Kentucky business component as discontinued operations in the Annual Financial Statements. Upon this classification, the Company recognized a loss of $7.2 million on the impairment of its leased facility in Lexington, Kentucky and associated leasehold improvements and fixed assets (the “Kentucky Facility”) during the year ended December 31, 2023. All equipment specific to the Company’s CBD operations in Kentucky was sold or disposed as of March 31, 2024. In the first quarter of 2024, the Company made the strategic decision to introduce a new line of hemp-derived THC products via an online direct-to-consumer marketplace and to repurpose its Kentucky Facility for the production of said THC products. Accordingly, the Company ceased marketing the Kentucky Facility and remeasured the associated right-of-use asset and leasehold improvements at the lower of their carrying amount before being classified as held-for-sale and the fair value of the asset upon being reclassified to held-and-used. The Company recognized a gain of $3.9 million on the re-recognition of the Kentucky Facility during the year ended December 31, 2024. Adult-Use Maine The Company signed a definitive agreement to sell its rights to the assets of Curaleaf Maine Adult Use, Inc. to Dirigo Naturals, LLC (“Dirigo”) in November 2023. The purchase agreement included a note receivable of $0.1 million and the assumption of select liabilities. In connection with the sale, the Company also signed an interim management services agreement with Dirigo to operate the business on behalf of the Company. The transaction closed on June 28, 2024. The Company has recognized a total loss of $0.3 million on the transaction. Oregon The Company signed a definitive asset purchase agreement, effective July 1, 2023, for the sale of its operations in Oregon to Hotbox Farms, LLC. The purchase agreement included cash consideration of $2.0 million, adjusted for working capital provisions. The transaction closed on March 1, 2024. The Company has recognized a total loss of $2.3 million on the transaction. Michigan On February 1, 2024, the Company discontinued all operations in Kalamazoo, after assigning the associated lease and selling all property, plant, and equipment associated with the leased facility to Hodai Kalamazoo, LLC. The Company has recognized a total gain of $0.5 million on the transaction. On March 1, 2024, the Company discontinued all operations in Ann Arbor, after assigning the associated lease and selling all property, plant, and equipment associated with the leased facility to Hodai Ann Arbor, LLC. The Company did not incur any gain or loss as a result of this transaction. Effective June 1, 2024, the Company discontinued all operations in Battle Creek and Bangor, upon signing a lease termination agreement and selling all property, plant, and equipment associated with the leased facilities. The termination agreement included a fee of $0.2 million, payable in two installments. The first installment of $0.1 million was paid on September 1, 2024, and the second installment of $0.1 million was paid on January 2, 2025. The Company has recognized a total gain of $0.7 million on the transaction. The following table summarizes the major classes of assets and liabilities of the Company’s discontinued operations as of December 31, 2024 and 2023:
The following table presents the Company’s condensed consolidated statements of operations for its discontinued operations:
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts receivable, net | Accounts receivable, net Accounts receivable, net consist of the following as of December 31, 2024 and 2023:
Changes in the Company’s allowance for credit losses were as follows:
Additional information about the Company’s exposure to credit and market risks and impairment losses for its accounts receivable is included in Note 28 — Fair value measurements and financial risk management.
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories, net | Inventories, net Inventories, net consist of the following as of December 31, 2024 and 2023:
As of December 31, 2024 and 2023, the Company recorded an inventory reserve balance of $11.8 million and $12.0 million, respectively, within Inventories, net on the Consolidated Balance Sheets. During the year ended December 31, 2024 and 2023, the Company recorded inventory write-downs totaling $4.7 million and $13.2 million, respectively, within Cost of goods sold on the Consolidated Statements of Operations related to aged, obsolete or unsellable inventories, inventories that did not meet the Company’s quality standards and inventories whose carrying value exceeded the estimated NRV.
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes receivable | Notes receivable Notes receivable consists of the following as of December 31, 2024 and 2023:
In connection with the Company’s acquisition of all assets of Grace & Co. (dba Dark Heart Nursery), the Company issued a $7.0 million interest bearing promissory note to the seller on October 27, 2023. On January 17, 2024, Curaleaf DH, Inc., an entity in which the Company has an indirect controlling financial interest, acquired all assets of Grace & Co. (dba Dark Heart Nursery) via forgiveness of the $7.0 million promissory note plus interest and cash consideration of $1.7 million. See Note 4 — Acquisitions for further details. On January 1, 2024, Four20 converted €0.8 million of overdue accounts receivable of its customer, Canymed GmbH (“Canymed”), into a note receivable in the amount of €0.8 million. The note assures collectability of the overdue accounts receivable outstanding and is secured by collateral of assets in an amount equal to the outstanding balance. The note is inclusive of interest of 8% and the note receivable was settled in full on January 30, 2025. On February 23, 2024, the Company signed a real estate purchase agreement to sell the property and equipment of Acres Cultivation LLC and Acres Dispensary LLC for total consideration of $3.3 million, which consists of cash consideration of $1.1 million and the issuance of a secured note with a principal amount of $2.2 million. The note is secured by the property and equipment acquired by the borrower. The secured note earns interest at 8% per annum and matures in February 2027. See Note 5 — Assets and liabilities held for sale for further details. In connection with the sale of Curaleaf Maine Adult Use, Inc., the Company issued a promissory note in the principal amount of $0.1 million (the “Maine Promissory Note”). The principal balance and accrued interest are payable in ten equal monthly installments. The first payment was due on the closing date and subsequent payments due each month thereafter until paid in entirety. The Maine Promissory Note earns interest at 5.17% and matures in March 2025. See Note 6 — Discontinued operations for further details. Information about the Company’s exposure to credit and market risks and impairment losses for its notes receivable is included in Note 28 — Fair value measurements and financial risk management.
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Property, plant and equipment, net |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment, net consist of the following as of December 31, 2024 and 2023:
Assets included in construction in progress represent projects related to both cultivation and dispensary facilities not yet completed or otherwise not ready for use. Depreciation expense totaled $85.0 million and $74.8 million for the years ended December 31, 2024 and 2023, respectively, which includes $51.2 million and $48.5 million recognized as cost of goods sold and $33.9 million and $26.3 million recognized as a component of Operating expenses in the Consolidated Statements of Operations for the years ended December 31, 2024 and 2023, respectively. Asset Specific Impairment 2024 In the first quarter of 2024, the Company made the strategic decision to introduce a new line of hemp-derived THC products via an online direct-to-consumer marketplace and to repurpose its Kentucky Facility for the production of said THC products. Accordingly, the Company ceased marketing the Kentucky Facility and recognized an impairment gain of $3.9 million, within Loss on impairment on the Consolidated Statements of Operations, during the year ended December 31, 2024. During 2024, the Company invested in the modernization of several cultivation facilities, resulting in improved yields and a reduction in the Company’s grow canopy requirements. These improvements led to the Company’s decision to shut down operations in certain cultivation facilities, as the additional capacity was no longer required or of no further benefit to the Company. Accordingly, the Company recognized an impairment loss of $12.4 million within Loss on impairment on the Consolidated Statements of Operations during the year ended December 31, 2024. In Florida, the Company anticipated passage of the November 2024 Florida ballot initiative to legalize adult use cannabis and expanded its production capacity in the state accordingly. Following the ballot initiative's failure in November 2024, the Company reassessed its cultivation capacity in Florida and concluded excess capacity existed in the wake of the failed ballot initiative. In an effort to optimize cultivation operations in Florida, the Company identified assets for closure, halted construction and idled certain assets. Accordingly, during the year ended December 31, 2024, the Company recognized an impairment loss of $43.7 million within Loss on impairment on the Consolidated Statements of Operations, which is inclusive of $18.9 million in connection with assets the Company had retained from a prior period failed sale and leaseback arrangement. See Note 11 — Leases: Failed sale leaseback arrangements for further detail. 2023 In the third quarter of 2023, the Company ceased all of its operations in Kentucky related to the manufacturing and wholesale distribution of CBD products, and classified its Kentucky business component as discontinued operations in the Annual Financial Statements. Upon this classification, the Company recognized an impairment loss of $7.2 million, within Loss on impairment on the Consolidated Statements of Operations, during the year ended December 31, 2023. All equipment specific to the Company’s CBD operations in Kentucky was sold or disposed as of March 31, 2024. Due to reduced forecasts for future operating performance at three of the Company’s operations in Nevada, the Company evaluated the recoverability of the associated property, plant and equipment and determined that the carrying values of these assets were not recoverable. Therefore, the Company recorded impairment losses of $7.5 million during the year ended December 31, 2023 for the property, plant and equipment associated with the three Nevada entities including Acres Cultivation, Acres Dispensary and House of Herbs. In addition, the Company recorded an impairment loss of $1.1 million for the property, plant and equipment associated with Kentucky due to the Company’s exit of its operations in the state. See Note 5 — Assets and liabilities held for sale and Note 6 — Discontinued operations for further detail.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company leases real estate used for dispensaries, cultivation facilities, production plants and corporate offices. Some of the Company’s leases contain cancellation options, in the event the Company is unable to obtain regulatory approval and permitting for a selected site as well as other contingencies. The Company’s real estate leases may include extension options ranging from to 20 years, with a typical extension period of five years. The exercise of renewal options is at the Company’s discretion, and neither cancellation nor renewal options are recognized as part of the Company’s measurement of its ROU assets and lease liabilities, until the option period has expired without exercise or until the Company is reasonably certain it will exercise the option. The Company’s decision to exercise a cancellation or renewal option takes into consideration various economic and market conditions, including the size of the Company’s investment in the property as well as the strategic importance of the property location. During the fourth quarter of 2024, the Company decided to partially abandon certain leases, which had been classified as finance leases, in Nevada and Arizona, as part of its strategic cost optimization measures. As a result, the useful lives of these leases, were shortened beyond the initial estimates at lease inception. A change in the estimated useful life of a long-lived asset is a change in accounting estimate to be accounted for prospectively. Accordingly, the Company accelerated $23.5 million of amortization to reflect the revised lease term, fully depreciating the leased assets as of December 31, 2024. The components of the Company’s operating and finance lease costs, recognized in the Consolidated Statements of Operations, for the years ended December 31, 2024 and 2023 are as follows:
ROU assets and lease liabilities as of December 31, 2024 and 2023 consist of the following:
Cash flows associated with the Company’s leasing arrangements for the years ended December 31, 2024 and 2023 are as follows:
For the Company’s leasing arrangements, the weighted average remaining lease term as of December 31, 2024 and 2023, and the weighted average discount rate for the years ended December 31, 2024 and 2023 are as follows:
Failed sale leaseback arrangements In prior fiscal years, the Company entered into sale and leaseback transactions for building improvements and equipment at various domestic cultivation and processing sites. As these arrangements did not qualify for sale recognition under ASC 606 and ASC 842, the Company retained the assets within Property, plant and equipment, net on the Consolidated Balance Sheets assets. In addition, the Company established corresponding financial obligations for the sale proceeds received on these arrangements within Financial obligations - current and Financial obligations - net of current on the Consolidated Balance Sheets. For the years ended December 31, 2024 and 2023, the expenses incurred by the Company related to its failed sale leaseback arrangements impacted the components of the Consolidated Statements of Operations as follows:
As of December 31, 2024 and 2023, the assets and obligations that arose from the Company’s failed sale leaseback arrangements are recognized in the Consolidated Balance Sheets as follows:
For the years ended December 31, 2024 and 2023, cash flows associated with the Company’s failed sale leaseback arrangements, as recognized in the Consolidated Statements of Cash Flows, were as follows:
As of December 31, 2024, maturities of the Company’s lease liabilities, under its non-cancelable leases, and financial obligations were as follows:
Asset Specific Impairment 2024 During the year ended December 31, 2024, the Company recognized an impairment loss of $18.9 million in connection with assets the Company had retained from a prior period failed sale and leaseback arrangement. See Note 10 — Property, plant and equipment, net for further details. 2023 During the year ended December 31, 2023, due to the Company’s decision to exit its operations at the House of Herbs facility in Nevada, the Company determined that the carrying value of the associated ROU asset was not recoverable and recognized an impairment loss of $0.2 million. The Company recognizes impairment losses within Loss on impairment on the Consolidated Statements of Operations.
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| Leases | Leases The Company leases real estate used for dispensaries, cultivation facilities, production plants and corporate offices. Some of the Company’s leases contain cancellation options, in the event the Company is unable to obtain regulatory approval and permitting for a selected site as well as other contingencies. The Company’s real estate leases may include extension options ranging from to 20 years, with a typical extension period of five years. The exercise of renewal options is at the Company’s discretion, and neither cancellation nor renewal options are recognized as part of the Company’s measurement of its ROU assets and lease liabilities, until the option period has expired without exercise or until the Company is reasonably certain it will exercise the option. The Company’s decision to exercise a cancellation or renewal option takes into consideration various economic and market conditions, including the size of the Company’s investment in the property as well as the strategic importance of the property location. During the fourth quarter of 2024, the Company decided to partially abandon certain leases, which had been classified as finance leases, in Nevada and Arizona, as part of its strategic cost optimization measures. As a result, the useful lives of these leases, were shortened beyond the initial estimates at lease inception. A change in the estimated useful life of a long-lived asset is a change in accounting estimate to be accounted for prospectively. Accordingly, the Company accelerated $23.5 million of amortization to reflect the revised lease term, fully depreciating the leased assets as of December 31, 2024. The components of the Company’s operating and finance lease costs, recognized in the Consolidated Statements of Operations, for the years ended December 31, 2024 and 2023 are as follows:
ROU assets and lease liabilities as of December 31, 2024 and 2023 consist of the following:
Cash flows associated with the Company’s leasing arrangements for the years ended December 31, 2024 and 2023 are as follows:
For the Company’s leasing arrangements, the weighted average remaining lease term as of December 31, 2024 and 2023, and the weighted average discount rate for the years ended December 31, 2024 and 2023 are as follows:
Failed sale leaseback arrangements In prior fiscal years, the Company entered into sale and leaseback transactions for building improvements and equipment at various domestic cultivation and processing sites. As these arrangements did not qualify for sale recognition under ASC 606 and ASC 842, the Company retained the assets within Property, plant and equipment, net on the Consolidated Balance Sheets assets. In addition, the Company established corresponding financial obligations for the sale proceeds received on these arrangements within Financial obligations - current and Financial obligations - net of current on the Consolidated Balance Sheets. For the years ended December 31, 2024 and 2023, the expenses incurred by the Company related to its failed sale leaseback arrangements impacted the components of the Consolidated Statements of Operations as follows:
As of December 31, 2024 and 2023, the assets and obligations that arose from the Company’s failed sale leaseback arrangements are recognized in the Consolidated Balance Sheets as follows:
For the years ended December 31, 2024 and 2023, cash flows associated with the Company’s failed sale leaseback arrangements, as recognized in the Consolidated Statements of Cash Flows, were as follows:
As of December 31, 2024, maturities of the Company’s lease liabilities, under its non-cancelable leases, and financial obligations were as follows:
Asset Specific Impairment 2024 During the year ended December 31, 2024, the Company recognized an impairment loss of $18.9 million in connection with assets the Company had retained from a prior period failed sale and leaseback arrangement. See Note 10 — Property, plant and equipment, net for further details. 2023 During the year ended December 31, 2023, due to the Company’s decision to exit its operations at the House of Herbs facility in Nevada, the Company determined that the carrying value of the associated ROU asset was not recoverable and recognized an impairment loss of $0.2 million. The Company recognizes impairment losses within Loss on impairment on the Consolidated Statements of Operations.
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Intangible assets, net and Goodwill |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets, net and Goodwill | Intangible assets, net and Goodwill Intangible assets, net Identifiable intangible assets consist of the following as of December 31, 2024 and 2023:
The gross carrying amount of intangible assets increased by $20.3 million during the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase in the gross carrying amount of intangible assets is primarily due to the Company’s acquisitions of Dark Heart and Curaleaf Poland in the first quarter of 2024, acquisition of NGC in the second quarter of 2024, as well as the Company’s entry into the adult use market in New York, which required an initial fee to obtain the associated adult use license. Amortization of intangible assets was $109.2 million and $105.7 million for the years ended December 31, 2024 and 2023, respectively. During the fourth quarter ended December 31, 2023, the Company determined that the estimated useful lives for the tradenames it acquired in the Tryke acquisition and in the EMMAC acquisition had shorter useful lives than were initially determined at the respective acquisition dates. A change in the estimated useful life of a long-lived asset is a change in accounting estimate to be accounted for prospectively. Accordingly, the Company accelerated the amortization of these two tradenames to reflect their revised remaining useful lives, which now end in fiscal year 2024. The following table outlines the Company’s estimated annual amortization expense over the next five years related to its intangible assets as of December 31, 2024:
The Company’s remaining weighted average amortization period for its outstanding intangibles as of December 31, 2024 was 12.7 years. The following table outlines the remaining weighted average amortization period for each major class of intangible assets as of December 31, 2024:
Asset Specific Impairment The Company recognized impairment loss of $7.8 million on its intangible assets for the year ended December 31, 2023, in connection with certain of the Company’s operations in Nevada classified as held-for-sale during the year ended December 31, 2023. The Company did not recognize any impairment losses on its intangible assets during the year ended December 31, 2024. Goodwill The changes in the carrying amount of goodwill by segment and in total were as follows:
Purchase price adjustments relate to measurement period adjustments. See Note 4 — Acquisitions for further details. Asset Specific Impairment The Company allocates its goodwill to two reporting units, Domestic and International, which are also the Company’s operating and reportable segments, as discussed in Note 25 — Segment reporting. In accordance with industry standard, the Company performed its annual impairment assessment on October 1, 2024 for its two reporting units: Domestic and International. The recoverable amount of the reporting units were determined based on the fair value using level 2 and level 3 inputs that were ultimately determined to be market participant assumptions. The recoverable amount for all reporting units were valued using a discounted cash flow model, a variation of the income approach, and corroborated with value indications from certain market approaches, specifically the publicly-traded guideline company method and the comparable transaction method. It is reasonably possible that future changes in assumptions may negatively impact future assessments of the recoverable amount of the Company’s assets. The Company will continue to evaluate the recoverability of its assets on an annual basis. The significant assumptions applied in the determination of the recoverable amount are described as follows: i.Cash flows: Estimated cash flows were projected based on actual operating results from internal sources as well as industry and market trends; ii.Terminal value growth rate: The terminal growth rate was based on historical and projected consumer price inflation, historical and projected economic indicators and projected industry growth; iii.Post-tax discount rate: The post-tax discount rate is reflective of the reporting units’ Weighted Average Cost of Capital (“WACC”). The WACC was estimated based on the risk-free rate, equity risk premium, beta adjustment to the equity risk premium based on a direct comparison approach, an unsystematic risk premium and after-tax cost of debt based on corporate bond yields; and iv.Tax rate: The tax rates used in determining the future cash flows were those effectively enacted based on jurisdiction at the respective valuation date. The recoverable amount of the reporting units were compared to the total reporting unit carrying amount for each reporting unit grouping for impairment testing procedures. As a result of the annual quantitative goodwill impairment assessment for fiscal year 2023, the Company determined the carrying value of its operations in Nevada was lower than the recoverable amount to the extent that the goodwill previously allocated to Nevada was fully impaired. As a result, the Company recognized an impairment loss for Nevada of $44.0 million during the year ended December 31, 2023, which the Company recognized within Loss on impairment in the Consolidated Statements of Operations.
In addition to the impairment loss resulting from the Company’s annual goodwill impairment assessment, the Company recorded a $6.7 million loss on impairment of goodwill allocated to certain Nevada entities that were classified as held-for-sale during the year ended December 31, 2023. The Company did not recognize any goodwill impairment losses during the year ended December 31, 2024.
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Investments and other assets |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments and other assets | Investments and other assets Investments and other assets consist of the following as of December 31, 2024 and 2023:
Asset Specific Impairment During the year ended December 31, 2024, the Company remeasured the fair value of its external investments and determined that, as a result of the sequential declines in the net realizable value of the investee, the carrying value of the investment was impaired. The Company recognized an impairment loss on this investment of $1.7 million during the year ended December 31, 2024.
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| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Expenses | Accrued Expenses Accrued expenses consist of the following as of December 31, 2024 and 2023:
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Notes payable |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes payable | Notes payable Notes payable consist of the following as of December 31, 2024 and 2023:
Below is a summary of the Company’s credit facilities outstanding as of December 31, 2024:
The Company’s interest expense by credit facility for the year ended December 31, 2024 is as follows:
The Company’s interest expense by credit facility for the year ended December 31, 2023 is as follows:
As of December 31, 2024, future principal payment obligations related to the Company’s notes payable were as follows:
Information about the Company’s exposure to interest rate risks and liquidity risks is included in Note 28 — Fair value measurements and financial risk management. Senior Secured Notes – 2026 In December 2021, the Company closed on a private placement of senior secured notes due 2026, for aggregate gross proceeds of $475 million (“Senior Secured Notes – 2026”). The note indenture, dated December 15, 2021, governing the Senior Secured Notes – 2026 (the “Note Indenture”) enables the Company to issue additional senior secured notes on an ongoing basis as needed, subject to maintaining leverage ratios and complying with other terms and conditions of the Note Indenture. The principal restrictions on incurring indebtedness include the requirement that post-incurrence of the additional debt, a fixed charge coverage ratio of 2.5:1 and consolidated debt to consolidated EBITDA ratio of 4:1 be maintained. The issue of additional senior secured notes or other debt pari passu to the existing notes is permitted, provided that post-incurrence of the additional debt, the consolidated secured debt to consolidated EBITDA ratio of 3:1 is maintained and provided certain other conditions are met. The Company and certain of its guarantor entities are required to grant a first lien security interest in their respective assets to the trustee appointed under the Note Indenture, including assets acquired after the issue of the Notes, subject to limited exceptions. Despite the first lien granted to the holders of the Notes, the Note Indenture permits the Company to grant a more senior lien to secure up to $200 million of additional financing from commercial banks for revolving credit loans, such as the Needham LOC (as defined herein), provided that the interest rate applicable to such revolving credit loans is lower than the interest rate applicable to the Senior Secured Notes – 2026. Subject to the consent of Needham Bank under the Needham LOC, the Senior Secured Notes – 2026, inclusive of accrued and unpaid interest, may be redeemed early, but are subject to a prepayment premium that is dependent on the loan year as follows:
In December 2023, in connection with the TSX Listing, the Note Indenture was amended pursuant to a second supplemental indenture dated December 12, 2023, in order to facilitate the implementation of the Reorganization. Copies of the Note Indenture and the second supplemental indenture are available on the Company’s SEDAR+ profile at www.sedarplus.ca and on its EDGAR profile at www.sec.gov/edgar. Purchase of Senior Secured Notes - 2026 for Cancellation In connection with the Company's overall strategy to reduce debt and interest, on April 30, 2024, in an arms-length transaction, the Company paid $14.3 million to purchase for cancellation Senior Secured Notes – 2026, that had a face value of $15.0 million. The Company also reduced accrued interest by $3.2 million that had been accruing from December 15, 2023 through April 30, 2024 specific to the notes purchased for cancellation. Bloom Notes In connection with the Bloom acquisition, the Company issued three sets of secured promissory notes (collectively, the “Bloom Notes”) to the former Bloom owners (the “Bloom Lenders”). As of December 31, 2024, the second set of promissory notes (the “Bloom Note – 2024”) and the third set of promissory notes (the “Bloom Note – 2025”) remained outstanding. As part of a settlement agreement reached on March 21, 2023, between the Company and the Bloom Lenders, the parties to the settlement agreement agreed to reduce the future principal payments of the Bloom Note – 2024 by $4 million to $46 million, which resulted in a gain on modification of debt of $3.3 million, which the Company recognized in Other income, net on the Consolidated Statements of Operations. On December 29, 2023, the Company entered into an agreement with the Bloom Lenders, pursuant to which the Bloom Note – 2024 was restructured into a partially convertible secured promissory note (the “Restructured Bloom Note”) payable in cash and SVS, subject to the approval of the TSX. The Restructured Bloom Note had a principal amount of $47.5 million comprised of an installment amount of $31 million (the “Installment Amount”), which was paid in 10 equal installments between January 18, 2024 and October 18, 2024, and a conversion amount of $16.5 million (the “Conversion Amount”), due January 18, 2025 (the “Conversion Amount Maturity Date”), which could be settled, in its entirety, through the issuance of 4,282,599 SVS (the Conversion Shares”) subject to TSX approval. The Company elected to purchase the Restructured Bloom note in exchange of which, on January 17, 2025, it issued to the Bloom Lenders a number of SVS equal to the Conversion Shares, with each of the Bloom Lenders receiving its proportionate share of SVS. Fractional shares were settled in cash. Needham Bank On November 6, 2024, the Company entered into a loan agreement (the “Loan Agreement”) with Needham Bank, establishing a revolving line of credit for up to $40.0 million (the “Needham LOC”). The Loan Agreement provides the Company with the option, beginning on May 6, 2026, to request an additional borrowing of up to $20.0 million, subject to Needham Bank’s discretion and credit approval process. Pursuant to the Loan Agreement, Needham Bank holds a first priority lien on the mortgages, business assets and collateral of all loan parties under the Note Indenture, including a pledge of equity of all underlying borrowers and guarantors. Additionally, the Company has provided a limited guaranty for the value of its equity interest in Curaleaf, Inc. The Loan Agreement contains financial covenants, including a requirement that the total outstanding debt remains within an 80% loan-to-value ratio, based on the “as-is” fair market value of the real estate collateral. The Needham LOC may be utilized for various corporate purposes, including working capital and operational expenses, as defined in the Loan Agreement. As of December 31, 2024 the Company had drawn down $11.1 million of the Needham LOC. Tangela Holdings, LTD On June 11, 2024, the Company executed the First Amendment to the NGC Note (the “First Amendment”). The First Amendment modified the maturity date from July 11, 2024 to 10 business days following a demand made by Tangela. All other terms of the NGC Note remain unchanged. On September 3, 2024, the Company executed the Second Amendment to the NGC Note (“the Second Amendment”). The Second Amendment modified the interest rate to 12% per annum and extended the maturity date to December 16, 2024. On December 12, 2024, the Company executed the Third Amendment to the NGC Note (“the Third Amendment”). The Third Amendment extended the maturity date to March 31, 2025. Asset-based revolving credit facility On August 25, 2023, the Company entered into an asset-based revolving credit facility (the “ABL Facility”) with EWB that provided for borrowings up to $6.5 million and immediately drew down $6.5 million (the “EWB Note”) with a maturity date of August 25, 2024. On March 26, 2024, the Company signed an agreement (the “1st Change in Terms Agreement”), increasing the ABL Facility to $10 million and extending the maturity date of the EWB Note to August 25, 2025. On June 14, 2024, the Company executed an amendment to the 1st Change in Terms Agreement, increasing the ABL Facility by an additional $2 million to $12 million. No other changes were made to the asset-based revolving credit facility. The credit facility is secured by the Company’s deposit accounts at EWB, and as such, the Company’s balance in the EWB deposit accounts have been classified as restricted cash within Cash, cash equivalents and restricted cash on the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023. Covenant compliance As of December 31, 2024, the Company was in compliance with the covenants within each credit facility, and the Company did not observe evidence of cross-default.
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Shareholders' equity |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' equity | Shareholders’ equity Change in ownership In December 2023, in connection with the Company’s TSX listing, the authorized share capital of the Company was amended in order to: (i) create a new class of non-voting and non-participating shares in the capital of the Company exchangeable at the holder's option into SVS (the “Exchangeable Shares”) and authorize the issuance of an unlimited number of Exchangeable Shares; and (ii) restate the rights of the SVS to provide for a conversion feature, whereby each SVS may, at any time and at the holder’s option, be converted into one (1) Exchangeable Share. The Exchangeable Shares do not carry voting rights, rights to receive dividends or other rights upon dissolution of the Company and are considered “restricted securities,” within the meaning of such term under applicable Canadian securities laws. The amendments are intended to provide the Company’s shareholders with the option to convert their SVS into Exchangeable Shares, given the uncertainty and complexity related to cannabis regulations in the U.S. Authorized As of December 31, 2024, the authorized share capital consists of (i) an unlimited number of multiple voting shares (“MVS”) without par value, (ii) an unlimited number of SVS, without par value and (iii) an unlimited number of Exchangeable Shares, without par value. Issued As of December 31, 2024 and 2023, the Company had 93,970,705 MVS issued and outstanding that were held directly or indirectly by Boris Jordan, the Company's Chief Executive Officer and Chairman (“CEO and Chairman”). Holders of the MVS are entitled to 15 votes per share and are entitled to notice of and to attend any meeting of the Company’s shareholders, except for shareholder meetings in which only holders of a particular class or series of shares will have the right to vote. As of December 31, 2024 and 2023, the MVS represent approximately 12.5% and 12.8%, respectively, of the total issued and outstanding shares and 68.2% and 68.8%, respectively, of the voting power attached to such outstanding shares. The MVS are convertible into SVS on a one-for-one basis at any time at the option of the holder or upon termination of the MVS structure. The MVS shall automatically convert into SVS upon the earlier to occur of: (i) the transfer or disposition of the MVS by the CEO and Chairman to one or more third parties who are not permitted holders; (ii) the CEO and Chairman or his permitted holders no longer beneficially owning, directly or indirectly and in the aggregate, at least 5% of the issued and outstanding SVS and MVS on a non-diluted basis; and (iii) the first business day following the first annual meeting of shareholders of the Company following the SVS being listed and posted for trading on a U.S. national securities exchange such as Nasdaq or the New York Stock Exchange. As of December 31, 2024 and 2023, the Company had 656,088,216 and 639,757,098, respectively, of SVS issued and outstanding. Holders of the SVS are entitled to one vote per share. As of December 31, 2024, no Exchangeable Shares have been issued. The authorized and issued share capital of the Company is as follows:
As of December 31, 2024 and December 31, 2023, the number of SVS available for issuance under the Company’s 2018 Long Term Incentive Plan (“LTIP”) was 75,005,892 and 73,372,780, respectively. See Note 18 — Share-based compensation for further detail. Treasury shares There were no SVS repurchased into treasury during the years ended December 31, 2024 and 2023. SVS previously repurchased into treasury were canceled during the year ended December 31, 2024.
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Redeemable non-controlling interest |
12 Months Ended |
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Dec. 31, 2024 | |
| Noncontrolling Interest [Abstract] | |
| Redeemable non-controlling interest | Redeemable non-controlling interest On April 7, 2021, the Company established Curaleaf International together with a strategic investor who provided initial capital of $130.8 million for 31.5% equity stake in Curaleaf International (the “Curaleaf International Transaction”). Curaleaf and the strategic investor entered into a shareholders’ agreement regarding the governance of Curaleaf International, pursuant to which Curaleaf International has control over operational issues as well as the raising of capital and the ability to exit the business. In addition, the strategic investor’s stake is subject to put/call rights, which permit either party to cause the strategic investor’s stake to be bought out by Curaleaf, starting the earlier of change of control or in 2025. At December 31, 2024, the carrying value of the redeemable non-controlling interest related to the Curaleaf International Transaction was $94.6 million. In connection with the acquisition of Four20 in September 2022, the selling shareholders and Curaleaf International entered into a separate put/call option, which permits either party to trigger the roll-up of the remaining equity of Four20 two years after the launch of adult use cannabis sales in Germany, but no later than the end of 2025, if adult use launch has not occurred by such date. The estimated redemption value of the put/call options pertaining to Four20 exceeded the associated carrying value after allocation of current period earnings by $22.7 million during the period ending December 31, 2024. Management considers the redemption of the put/call options to be probable; consequently, the Company accreted the put/call options to their estimated redemption value through Additional paid-in capital. In the first quarter of 2025, the selling shareholders exercised the put option by submitting an irrevocable notice to the Company. The Company anticipates the value of the put option will be between $60.0 million to $80.0 million upon redemption. The carrying value of the redeemable non-controlling interests after accretion was $132.2 million and $120.7 million as of December 31, 2024 and 2023, respectively and are recognized on the Company’s Consolidated Balance Sheets as temporary equity within Redeemable non-controlling interest contingency.
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Share-based compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | Share-based compensation Equity Incentive Plans The Company maintains a 2018 Stock and Incentive Plan (as amended from time to time, the “LTIP”), which provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and stock units, performance stock and stock units awards, dividend equivalents and other share-based awards to eligible participants. The number of SVS reserved for issuance from time to time under the LTIP is calculated as 10% of the aggregate number of SVS and MVS outstanding on an “as-converted” basis. The Company’s accounting policy for awards granted under the LTIP is discussed further in Note 3 — Significant accounting policies. Share-based compensation consists of the following for the years ended December 31, 2024 and 2023:
Stock options As of December 31, 2024 and 2023, total unamortized compensation cost related to unvested stock options was $13.7 million and $18.3 million, respectively, which the Company expects to recognize over a weighted-average period of 2.00 years and 2.31 years, respectively. The total intrinsic value of options exercised and the total fair value of shares vested during the years ended December 31, 2024 and 2023 were as follows:
Significant assumptions used to estimate the fair value of the Company’s stock option granted during the years ended December 31, 2024 and 2023 are summarized below:
The Company’s stock option activity and related information during the years ended December 31, 2024 and 2023 were as follows:
Performance stock units As of December 31, 2024 and 2023, total unamortized compensation cost related to unvested performance stock units was $2.3 million and $5.3 million, respectively, which the Company expects to recognize over a weighted-average period of 1.41 years and 2.2 years, respectively. The Company’s PSU activity and related information for the years ended December 31, 2024 and 2023 are as follows:
Restricted stock units As of December 31, 2024 and 2023, total unamortized compensation cost related to unvested restricted stock units was $15.7 million and $17.9 million, respectively, which the Company expected to recognize over a weighted-average period of 1.95 years and 1.83 years, respectively. The Company’s RSU activity and related information for the years ended December 31, 2024 and 2023 are as follows:
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| Selling, General and Administrative Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expense | Selling, general and administrative expense Selling, general and administrative expenses consisted of the following for the years ended December 31, 2024 and 2023:
Advertising costs, which are recorded as a component of Sales and marketing, are expensed as incurred and totaled $18.5 million and $12.0 million for the years ended December 31, 2024 and 2023, respectively .
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Defined contribution plans |
12 Months Ended |
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Dec. 31, 2024 | |
| Retirement Benefits [Abstract] | |
| Defined contribution plans | Defined contribution plans The Company established the Curaleaf, Inc. 401(k) Plan (the “Plan”) effective January 1, 2022. The Company’s U.S. employees are generally eligible to participate in the Plan. The Plan allows eligible employees to make contributions, up to limits set by the IRS, through payroll deductions and invest their contributions in one or more of the investment funds offered by the Plan. For employees who have completed one or more years of eligible service, the Company matches 25% of the first 4% of eligible compensation that an employee contributes on a pretax and/or Roth 401(k) basis for each annual period. Under the Plan, employees become eligible for contributions on the first day of the calendar month, coincident with or next, following the date the employee performs an hour of service as an eligible employee. Matched contributions are always fully vested. Employees outside the U.S. who are not covered by the Plan may be covered by defined contribution plans that are subject to applicable laws and rules of the country in which the defined contribution plan is administered. Employer contributions, which are expensed as incurred, totaled $1.0 million and $0.8 million for the years ended December 31, 2024 and 2023, respectively.
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Other income, net |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other income, net | Other income, net Other income, net consists of the following for the years ended December 31, 2024 and 2023:
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Revenue disaggregation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue disaggregation | Revenue disaggregation Total revenues, net consists of the following for the years ended December 31, 2024 and 2023:
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes For financial reporting purposes, income before taxes from continuing operations includes the following components for the years ended December 31, 2024 and 2023:
Provision for income taxes from continuing operations for the years ended December 31, 2024 and 2023 consisted of the following:
For the years ended December 31, 2024 and 2023, the Company has adopted a new federal and state income tax position, supported by legal interpretations, asserting that the restrictions of Section 280E do not apply to the Company’s cannabis operations. The following table contains a reconciliation of the Company’s statutory tax rate on continuing operations as applied to Loss before provision for income taxes to its effective tax rate on continuing operations for the years ended December 31, 2024 and 2023. The Company reclassified Section 280E expenses from Non-deductible expenses to Increase in uncertain tax position for the year ended December 31, 2023 to conform to the current period presentation.
The components of the Company’s deferred tax assets and liabilities associated with its continuing operations as of December 31, 2024 and 2023 were as follows:
The measurement of deferred tax assets is reduced through a valuation allowance, if necessary, by the amount of any tax benefits that, based on available evidence, are more-likely-than-not expected to be unrealized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at the end of each reporting period based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and the duration of statutory carryforward periods. Beginning with the tax year ending December 31, 2022, the Company began filing consolidated federal and applicable state income tax returns for all entitles eligible for inclusion. As of December 31, 2024, the Company performed the assessment as to whether a valuation allowance was required on certain of its deferred tax assets for the consolidated group and separately for non-included entities. As a result of this assessment, the Company determined that it appropriate to establish a valuation allowance against the deferred tax assets generated by certain of its U.S. federal and U.S. state operations as well as its international operations in France, U.K. and Germany. At December 31, 2024, the Company had federal and state tax loss carryforwards of $637.4 million, which expire between 2025 and 2043, and at December 31, 2023, the Company had federal and state tax loss carryforwards of $586.9 million, which began expiring in 2024 through 2042. At December 31, 2024 and 2023 the Company had foreign tax loss carryforwards of $1.5 million during each year, which expire in 2035. At December 31, 2024 and 2023, the Company had federal and state tax loss carryforwards of $571.0 million and $589.6 million, respectively, which will never expire. At December 31, 2024 and 2023, the Company had foreign tax loss carryforwards of $90.8 million and $97.5 million, respectively, which will never expire. The Company accounts for the undistributed earnings of the Group as a temporary difference, except for the undistributed earnings of its foreign subsidiaries that are deemed to be indefinitely reinvested in foreign jurisdictions. The Company considers the earnings and profits of its foreign subsidiaries to be indefinitely reinvested. Under Section 382, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. The Company has not completed a study to assess whether an “ownership change” has occurred or whether there have been multiple ownership changes since the Company became a “loss corporation,” as defined in Section 382. Future changes in the Company’s equity ownership, which may be outside of the Company’s control, may trigger an “ownership change.” In addition, future equity offerings or acquisitions that have equity as a component of the purchase price consideration could result in an “ownership change.” If an “ownership change” has occurred, or does occur in the future, the Company may be limited in its utilization of its NOL carryforwards and/or other tax attributes, which could potentially result in increased future tax liabilities for the Company. The following table summarizes the activity within the Company’s unrecognized tax benefits from continuing operations for the year ended December 31, 2024 and 2023:
As of December 31, 2024 and 2023, the Company records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the end of the reporting period. There is inherent uncertainty in quantifying income tax positions, especially considering the complex tax laws and regulations for the U.S. federal, U.S. state and foreign jurisdictions in which the Company operates. The Company’s Consolidated Financial Statements reflect tax benefits recognized by the Company on those tax positions where it is more-likely-than-not that a tax benefit will result upon ultimate settlement with a taxing authority in possession of all relevant information. The Company has not recognized any tax benefits associated with those income tax positions where it is not more-likely-than-not that a tax benefit will result. As of December 31, 2024 and 2023, the Company recorded $8.6 million and $0.5 million, respectively, of unrecognized tax benefits in Income tax payable and $423.7 million and $56.4 million, respectively, of unrecognized tax benefits in Other long-term liabilities on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, $13.1 million and $21.0 million, respectively, of these unrecognized tax benefits were recorded as a result of acquisitions and are subject to indemnifications. The Company has collateral and/or other deferred consideration sufficient to cover any potential resulting indemnification liability; therefore, the Company has recognized a non-current tax receivable within Income tax receivable on the Consolidated Balance Sheets. The Company expects there is a reasonable possibility that unrecognized tax benefits in the range of $16.2 million will change within 12 months due to lapses of statutes of limitations and possible settlements with tax authorities. As of December 31, 2024 and 2023, included in the balances of unrecognized tax benefits, is $419.2 million and $35.9 million, respectively, of unrecognized tax benefits that if recognized, would impact the Company’s effective tax rate. The Company recognizes interest and penalties related to unrecognized tax positions within Provision for income taxes, as presented on the Consolidated Statements of Operations, or within Income tax receivable, on the Consolidated Balance Sheets, if incurred as a result of acquisitions. As of December 31, 2024 , the Company accrued interest and penalties of $16.1 million for its uncertain tax positions as a component of Provision for income taxes. As of December 31, 2023, the Company accrued tax benefits of $3.1 million for its uncertain tax positions as a component of Provision for income taxes. As of December 31, 2024, the Company also had accrued interest and penalties of $4.9 million and $19.2 million for its uncertain tax positions as a component of Income tax payable and Other long-term liabilities, respectively. The Company files its income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and foreign taxing authorities, where applicable. As of December 31, 2024, the Company effectively settled its examination by the IRS for the tax years 2016, 2017 and 2018. As of December 31, 2024, GR Vending MI, LLC, a subsidiary of Curaleaf, Inc., is currently under examination by the Michigan tax authorities for the tax years 2020 and 2021. This audit was initiated towards the end of 2024 and is in its preliminary stage as of December 31, 2024. With few exceptions, as of December 31, 2024, the Company is no longer subject to examination by tax authorities for years before 2021. Global Minimum Tax Rules - Pillar Two Numerous foreign jurisdictions have enacted or are in the process of enacting legislation to adopt a minimum effective tax rate, as described in the Global Anti-Base Erosion Model Rules (otherwise known as Pillar Two) issued by the Organization for Economic Co-operation and Development. Under Pillar Two, a minimum effective tax rate of 15% would apply to multinational companies with consolidated revenues above €750 million. Pillar Two is effective for fiscal years beginning on or after January 1, 2024, in several jurisdictions in which the Company operates. Upon enactment, Pillar Two did not have a material impact on the Company’s Consolidated Financial Statements, and there was no material impact to the Company’s consolidated financial position, results of operations or cash flows.
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Earnings per share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share | Earnings per share Basic and diluted loss per share attributable to Curaleaf Holdings, Inc. for the years ended December 31, 2024 and 2023 were calculated as follows:
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Segment reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment reporting | Segment reporting The Company operates through two distinct reportable segments: (i) Domestic Operations and (ii) International Operations. This segmentation reflects the point at which the Company’s business units no longer share similar economic characteristics and differ significantly in key areas, including: (a)the nature of cultivation and manufacturing processes, (b)the class of customer for products and services, (c)distribution methods and (d)the regulatory environments in which they operate. In addition, this segmentation reflects the manner in which the Company’s chief operating decision maker (the “CODM”), its CEO, allocates resources and evaluates performance, and the manner in which the Company’s internal financial reporting is structured. The Company’s reportable segments generate revenues from the cultivation, production and distribution of cannabis, including hemp-derived THC products. The Company’s Domestic Operations are organized on a region-level basis, vertically integrated in the majority of the domestic states in which the Company operates and derives the majority of its revenues from retail sales. In contrast, the Company’s International Operations are organized on a country-level basis, has centralized cultivation facilities in Portugal and Canada and derives the majority of its revenue from wholesale sales. The Company’s CODM assesses the performance of each reportable segment and allocates resources based on Adjusted EBITDA and Adjusted EBITDA Margin. These non-GAAP financial measures and ratios are considered key financial and operational indicators. The CODM also reviews significant segment expenses within these measures, which consist primarily of Cost of goods sold as well as Total operating expenses. •Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, less share-based compensation expense and other adjustments related to business development, acquisitions, financing and reorganization costs; •Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total revenues, net. Not only do these measures provide meaningful insights into the financial strength and performance of each reportable segment, the Company uses these measures to (i) clarify the Company’s operating performance for investors, (ii) enhance comparability across its industry peers and (iii) offer investors a view of the Company’s operations as analyzed internally by the CODM and other members of the Company’s executive leadership team. While these measures are useful supplemental indicators, they are non-GAAP financial measures and should not be considered in isolation or as alternatives to income from continuing operations (an indicator of operating performance), as determined in accordance with GAAP. The accounting policies applied to the Company’s segments are the same as those described in Note 3 — Significant accounting policies. Due to the federal illegality of cannabis in the U.S., the Company does not engage in intersegment sales or transfers, nor does it allocate corporate overhead costs between its reportable segments. The following table presents Adjusted EBITDA by reportable segment as of December 31, 2024 and December 31, 2023:
The following tables present certain financial information by reportable segment for the years ended December 31, 2024 and December 31, 2023:
As the CODM does not review total assets by reportable segment, the following table presents long-lived assets by reportable segment as of December 31, 2024 and December 31, 2023:
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Commitments and contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and contingencies | Commitments and contingencies Indemnification agreements 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 executive team that may 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 senior officers of the Company. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnification agreements. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its Consolidated Financial Statements. Dividend Restriction The Company has no record of paying dividends, and its ability to pay dividends would be dependent on the Company’s results of operation, subject to applicable laws and regulations, which require maintenance of certain solvency and capital standards, as well as contractual restrictions contained in the Company’s debt instruments. The Company is permitted to declare and pay dividends, as long as the Company is not in default with respect to the Senior Secured Notes – 2026 and maintains compliance with certain provisions therein specific to restrictions of incurrence of indebtedness. Litigation The Company is involved in claims or lawsuits that arise in the ordinary course of business. Although the ultimate outcome of these claims or lawsuits cannot be ascertained by the Company, on the basis of present information and advice received from the Company’s legal counsel, it is management’s opinion that the disposition or ultimate determination of such claims or lawsuits, except as noted below, will not have a material effect on the Company’s operations and financial results. Hello Farms In 2020, GR Vending MI, LLC (“GR Vending MI”), prior to its acquisition by the Company, entered into a supply contract with Hello Farms Licensing MI, LLC (“Hello Farms”) (the “Hello Farms Supply Contract”) to acquire the expected output of Hello Farms’ Michigan cultivation facility for the 2020 and 2021 harvests, subject to certain conditions. Additionally, Cura MI, LLC (“Cura MI” and together with GR Vending MI, the “Michigan Entities”) entered into a guaranty agreement (the “Cura MI Guaranty”) with Hello Farms, under which Cura MI guaranteed the performance of GR Vending MI’s payment obligations under the Hello Farms Supply Contract. The Hello Farms Supply Contract was amended and restated in November 2020. Subsequently, GR Vending MI indicated that Hello Farms had failed to perform its obligations under the Hello Farms Supply Contract; and therefore, deemed the contract breached and therefore terminated. In February 2021, Hello Farms sued the Michigan Entities in a state court in Michigan. In March 2021, the case was moved to the U.S. District Court for the Eastern District of Michigan (the “Michigan Eastern District Court”). A trial was held in January 2025, after which a jury awarded Hello Farms approximately $31.8 million in damages against the Michigan Entities for breach of contract. Subsequently, in February 2025, Hello Farms filed a motion for award of prejudgment interest of $5.0 million, which would increase the Company’s maximum loss on this litigation to $36.8 million. The Michigan Entities intend to challenge the ruling, both in the District Court and on appeal, on various grounds. Based on the Company's assessment of the likelihood of success on appeal, the estimated accrual as of December 31, 2024 is substantially less than the total potential loss associated with the judgment. If the Company’s appeals are unsuccessful, it is reasonably possible it could result in a loss significantly exceeding the Company’s estimated accrual. The Michigan Entities, which are consolidated by the Company as VIEs, ceased operations in 2023, do not have any substantial assets and are classified by the Company as discontinued operations. See Note 6 — Discontinued operations for further details.
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Related party transactions |
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| Related party transactions | Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The following table summarizes the Company’s transactions with related parties during the years ended December 31, 2024 and 2023:
(1)Consulting fees relate to real estate management and general advisory services provided by (i) Frontline Real Estate Partners, LLC, a company controlled by Mitchell Kahn, a Board member, (ii) Measure 8 Venture Management, LLC (“Measure 8”), an investment company controlled by Boris Jordan, CEO, Chairman and control person of the Company (including funds managed by Measure 8), (iii) Architecture & Engineering Solutions, LLC, a company controlled by an immediate family member of Luke Flood, a senior vice president of the Company and (iv) PNP Construction LLC, a company controlled by an immediate family member of Karim Bouaziz, a former senior vice president of the Company. There are on-going contractual commitments related to these transactions. Consulting fees incurred for Architecture & Engineering Solutions, LLC and PNP Construction LLC were $0.2 million and $3.8 million for the year ended December 31, 2024, respectively. No fees were paid to Frontline Real Estate Partners, LLC or Measure 8 during the year ended December 31, 2024. Consulting fees incurred for Frontline Real Estate Partners, LLC and Measure 8 were $0.4 million each for the year ended December 31, 2023. No consulting fees were incurred for Architecture & Engineering Solution, LLC and PNP Construction during the year ended December 31, 2023. (2)Travel and reimbursement relate to payments made to various Board members for reimbursements of expenses incurred while performing their duties in that capacity. (3)Rent expense relates to a lease between GR Companies, Inc. and FREP Elm Place II, LLC, a company owned in part by Mitchell Kahn, a Board member. There are on-going contractual commitments related to the lease arrangement. (4)Leaf Trade and Sweed provide Curaleaf with their B2B platform for the Company’s wholesale operations in exchange for fees to use the platform. Measure 8 acquired a 6.19% stake in High Tech Holdings, Inc. (“High Tech Holdings”), the parent holding company of Leaf Trade and Sweed, and received a seat on the board of directors of High Tech Holdings. (5)Platform fees for Fyllo. Mitchell Kahn, a Board member, is also on Fyllo’s board of directors. (6)Baldwin Holdings, LLC (“Baldwin Holdings”), in which Joseph F. Lusardi, the Company’s Executive Vice Chairman, owns a direct equity interest, holds $10 million of the Company’s Senior Secured Notes - 2026; and therefore, a portion of interest expense recognized by the Company under the Senior Secured Notes - 2026 is attributable to Baldwin Holdings. The Senior Secured Notes – 2026 contain certain repayment and interest components that represent on-going contractual commitments.
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Fair value measurements and financial risk management |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements and financial risk management | Fair value measurements and financial risk management Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The three levels of the fair value hierarchy are: •Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; •Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly and •Level 3 – Inputs for the asset or liability that are not based on observable market data. The Company’s financial instruments consist of cash, cash equivalents, restricted cash, notes receivable, equity investments, accounts payable, accrued expenses, long-term debt, contingent and deferred consideration liabilities and a redeemable non-controlling interest contingency. The fair values of cash, restricted cash, cash equivalents, notes receivable, accounts payable and accrued expenses approximate their carrying values due to the relatively short-term to maturity. The carrying values of the Company’s contingent consideration liabilities approximate fair value as they are measured at fair value on a recurring basis. The carrying values of the Company’s deferred consideration liabilities, which are initially recorded at fair value on the acquisition date, approximate fair value, as these liabilities accrete in value each reporting period until payment is due. The carrying value of the Company’s Redeemable NCI approximates fair value. The carrying value of the Company’s Redeemable NCI is impacted by both the share of comprehensive income (loss) attributable to the Company’s non-controlling interest holder as well as the recurring remeasurement of the estimated redemption value of the Redeemable NCI. The carrying value and fair value of the Company’s Notes payable was $568.6 million and $560.0 million, respectively, as of December 31, 2024. The carrying value and fair value of the Company’s Notes payable was $587.8 million and $530.9 million, respectively, as of December 31, 2023. Non-recurring fair value measurements The Company’s assets measured at fair value on a nonrecurring basis include its long-lived assets and goodwill. The Company reviews the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or, at minimum, annually for goodwill. Any resulting asset impairment would require that the asset be recorded at its fair value. Fair value measurements of these assets are derived using inputs that are not based on observable market data and are classified within Level 3 of the fair value hierarchy. See Note 10 — Property, plant and equipment, net, Note 11 — Leases and Note 12 — Intangible assets, net and Goodwill for further details. Recurring fair value measurements The Company’s assets measured at fair value on a recurring basis include certain equity investments and contingent consideration liabilities. Fair value measurements of these financial instruments are derived using inputs that are not based on observable market data and are, therefore, classified within Level 3 of the fair value hierarchy.
Level 3 The fair value of the Company’s Contingent consideration liabilities as of December 31, 2024 and 2023 were measured using the following Level 3 inputs: •EMMAC: The present value of the Company’s contingent consideration liability related to the Company’s acquisition of EMMAC utilized a discount rate of 8.6% as of December 31, 2024 and 13.1% as of December 31, 2023. •NGC: The present value of the Company’s contingent consideration liability related to its acquisition of NGC utilized a discount rate of 8.1% as of December 31, 2024. •Four20: The present value of the Company’s contingent consideration liability related to the second tranche of shares due September 2024 utilized a discount rate of 13.5% as of December 31, 2023. As of December 31, 2024, the Company has settled in full its contingent consideration liability for Four20. There were no transfers between fair value levels during the years ended December 31, 2024 and 2023. Financial Risk Management The Company is exposed in varying degrees to a variety of financial instrument-related risks. The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below: Credit Risk Credit risk is the risk of a potential financial loss to the Company, if a customer or third party to a financial instrument fails to meet its contractual obligations. Credit risk arises principally from the Company’s accounts receivable and notes receivable. The maximum credit exposure as of December 31, 2024 and 2023 equates to the carrying amount of cash, cash equivalents, restricted cash, accounts receivable and notes receivable. All of the Company’s cash, cash equivalents and restricted cash are placed with major U.S. financial institutions, and accounts at each institution are insured by the FDIC up to $250,000. The Company’s cash balances in certain bank deposit accounts, at times, may exceed federally insured limits. The Company does not have significant credit risk with respect to its customers, as 77% and 81%, of the Company’s Total revenues, net for the years ended December 31, 2024 and 2023, respectively, were derived from the Company’s retail dispensaries. The Company provides credit to its wholesale and MSA customers in the normal course of business and has established processes to mitigate credit risk. Pursuant to ASC 310, Receivables, the Company recognizes its accounts receivable, net of an allowance for credit losses, on the Consolidated Balance Sheets, in order to present its accounts receivable at the expected realizable value. The Company’s allowance for credit losses is reviewed by management each reporting period, and adjustments are made, if necessary, based on the Company’s historical experience and management’s assessment of the current economic environment. The Company has not adopted standardized credit policies and assesses credit on a customer-by-customer basis in an effort to minimize associated risks. The following table presents the aging of the Company’s trade receivables as of December 31, 2024 and 2023:
Liquidity risk Liquidity risk is the risk that the Company will not have sufficient liquidity to settle its financial obligations and liabilities when due. The Company manages liquidity risk through the management of its capital structure. In December 2021, the Company closed a private placement of Senior Secured Notes - 2026, for aggregate gross proceeds of $475 million to the Company, under which $460 million and $475 million aggregate principal amount remained outstanding as of December 31, 2024 and 2023, respectively. See Note 15 — Notes payable – Senior Secured Notes - 2026. The Note Indenture governing the Senior Secured Notes - 2026 contains numerous positive and financial negative covenants. If the Company breaches a covenant under the Note Indenture, the trustee may, under certain circumstances, accelerate the maturity of the principal amount outstanding or realize on the collateral granted by the Company over its assets. Such a breach could have a material adverse impact on the Company’s financial position. In connection with the Bloom acquisition, the Company issued three sets of Bloom Notes for aggregate gross proceeds of $160 million. As of December 31, 2024 and 2023, $76.5 million and $107.5 million of aggregate principal amount remained outstanding, respectively. See Note 15 — Notes payable – Bloom Notes for further details. If the Company fails to make scheduled payments under the Bloom Notes or breaches the covenants under the pledge and security agreement governing the Bloom Notes, the Bloom Lenders may, under certain circumstances, accelerate the maturity of the principal amount outstanding or realize on the collateralized assets pledged under the Bloom Notes. Such a breach could have a material adverse impact on the Company’s financial position. In November 2024, the Company entered into the Loan Agreement with Needham Bank, establishing a revolving line of credit for up to $40.0 million, under which the Company had drawn down $11.1 million as of December 31, 2024. See Note 15 — Notes payable – Needham Bank for further details. The Loan Agreement contains numerous positive and negative financial covenants. If the Company breaches a covenant under the Loan Agreement, Needham Bank may, under certain circumstances, accelerate the maturity of the principal amount outstanding or realize on the collateral granted by the Company over its assets. Such a breach could have a material adverse impact on the Company’s financial position. In addition to the commitments outlined in Note 26 — Commitments and contingencies, the Company had the following financial obligations as of December 31, 2024 and 2023:
Currency risk The operating results and financial position of the Company are reported in U.S. dollars. Some of the Company’s financial transactions have been and may be denominated in currencies other than the U.S. dollar. The results of the Company’s operations are subject to currency transaction and translation risks. As of December 31, 2024 and 2023, the Company had no hedging agreements in place with respect to foreign exchange rates. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks at this time. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Cash, cash equivalents and restricted cash bear interest at market rates. The Company’s notes receivable and financial debts have fixed rates of interest and are carried at amortized cost. The Company does not account for any fixed-rate financial assets or financial liabilities at fair value; therefore, a change in interest rates at the reporting date would not affect its results of operations. Geography risk The geographic concentration of the Company’s various operations, both in the U.S. and Europe, poses potential risks if the domestic and/or international cannabis industry experience significant adverse events and/or if macroeconomic conditions deteriorate significantly. Factors that may adversely affect domestic and international cannabis markets and macroeconomic environments include, among others, the following: •the economic climate, which may be adversely impacted by a reduction in jobs or income levels, industry slowdowns, changing demographics and other factors; •local conditions, such as oversupply of, or reduced demand for, cannabis products; •regulatory restrictions or local laws, which could prevent the Company from maintaining pricing or increases in operating costs, or the inability or unwillingness of customers to pay current prices or price increases; •concentration of and competition from other cannabis cultivators, manufacturers and distributors with a domestic presence; •economic conditions that could cause an increase in the Company’s operating expenses, including increases in taxes, utilities and routine maintenance; and •regional specific acts of nature (e.g., earthquakes, fires, floods, etc.). Refer to Note 22 — Revenue disaggregation and Note 25 — Segment reporting for disaggregation of certain selected financial information by the Company’s reportable segments: Domestic and International. Industry risk The Company derives significant revenues from the cannabis industry in certain states, which industry is illegal under U.S. federal law. Even where the Company’s cannabis-related activities are compliant with applicable U.S. state and local law, such activities remain illegal under U.S. federal law. The enforcement of relevant federal laws could have significant adverse risks to the Company. Please refer to the discussion of the risk factors to which the Company is subject which presented in the section entitled “Risk Factors” of the Company’s annual information form for the year ended December 31, 2024 (“AIF”). The Company’s shareholders should carefully evaluate the risk factors noted within the AIF, which is made available on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gove/edgar) under the Company’s profile. Capital management The Company’s primary objective when managing capital is to continually provide returns to its shareholders and benefits to its other stakeholders. To achieve this objective, the Company implemented processes designed to ensure there are adequate capital resources to safeguard the Company’s ability to continue as a going concern and to maintain adequate levels of funding to support the Company’s ongoing operations and development. The capital structure of the Company consists of shareholders’ equity and notes payable, net of cash, cash equivalents and restricted cash. The Company manages and makes adjustments to its capital structure, based on changes in the economic conditions of the jurisdictions in which the Company operates and on the risk characteristics of the Company’s underlying assets. The Company plans to use existing funds, as well as funds from the future sale of products to fund operations and expansion activities.
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| Variable interest entities | Variable interest entities For further details on the variable interest entities consolidated within the Consolidated Financial Statements, see Note 1 — Operations of the Company, Note 2 — Basis of presentation and consolidation and Note 3 — Significant accounting policies. Because cannabis remains a Schedule I controlled substance for U.S. Federal purposes, the assets of the Company’s variable interest entities can typically be used only to settle obligations of the variable interest entities, except for certain grandfathered obligations. In addition, the creditors of Curaleaf, Inc. do not have recourse to the general credit of the Company. The following table presents summarized financial information about the Company’s variable interest entities as of December 31, 2024 and 2023:
(1) NCI and OCI are excluded above, thus total assets do not equal total liabilities plus equity. The following table presents summarized financial information about the Company’s variable interest entities for the years ended December 31, 2024 and 2023:
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Subsequent events |
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Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent events | Subsequent events Bloom Notes – 2024 Effective January 17, 2025, the Company settled in full its remaining obligations under the Bloom Note - 2024. See Note 15 — Notes payable — Bloom Notes for further details. Bloom Note – 2025 Exchange On January 17, 2025, the Company entered into an agreement with the Bloom Lenders (the “Note Exchange Agreement”), pursuant to which the Company agreed to accept from the Bloom Lenders, and the Bloom Lenders agreed to transfer to Holdings, the Bloom Notes – 2025 in exchange for senior secured notes of the Company that have an aggregate principal balance of $67 million (the “Senior Secured Notes — 2027”), consisting of the $60 million principal of the Bloom Notes – 2025 plus $7 million of accrued interest on such notes (the “Note Exchange”). In connection with the Note Exchange, the Company paid in cash (i) $0.6 million, representing the remaining balance of interest accrued on the Bloom Notes – 2025 as of the date of the Note Exchange and (ii) $1.0 million of origination fees. The Senior Secured Notes – 2027 mature on January 17, 2027 and bear interest at 10% per annum, compounded monthly and computed daily on the basis of a 360-day year for the actual number of days elapsed for any period of time. Interest is payable monthly in arrears, beginning February 17, 2025, with principal repayments beginning August 17, 2025. There are no prepayment penalties on the Senior Secured Notes – 2027. Hello Farms Refer to Note 26 — Commitments and contingencies for further information on the judgment awarded to Hello Farms against the Company for breach of contract.
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Significant accounting policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
| Basis of accounting | The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) as issued by the Financial Accounting Standards Board. The significant accounting policies described in Note 3 — Significant accounting policies have been applied consistently to all periods presented.
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| Functional and presentation currency | Functional and presentation currency The Consolidated Financial Statements are presented in U.S. dollar (“USD”), which is the reporting currency of the Company, unless otherwise noted. The functional currency of the Company and the domestic entities reflected in the Consolidated Financial Statements is the USD, and the functional currencies of the Company’s international subsidiaries include the Pound Sterling, Euro, Swiss Franc, Polish Zloty and Canadian Dollar. The financial accounts of the Company’s international subsidiaries are translated to USD using exchange rates at specific reporting dates or average rates over the reporting period, as applicable. Unrealized gains and losses resulting from foreign currency translation adjustments are recognized within Accumulated other comprehensive loss, which is a component of Shareholders’ equity on the Consolidated Balance Sheets. Realized transactional exchange gains and losses are included in Other income, net on the Consolidated Statements of Operations.
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| Basis of measurement | Basis of measurement The Consolidated Financial Statements have been prepared on a going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein.
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| Basis of consolidation | Basis of consolidation The Consolidated Financial Statements include all the accounts of the Company, its wholly-owned subsidiaries, majority-owned subsidiaries and legal entities in which it holds a controlling financial interest, through management service agreements (“MSAs”) or other financing arrangements. All intercompany balances and transactions have been eliminated in consolidation.
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| Non-controlling interests (“NCI”) | Non-controlling interests (“NCI”) NCI in consolidated subsidiaries represent the component of equity in consolidated subsidiaries held by third parties. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. In addition, when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary is initially measured at fair value, and the gain or loss triggered by any difference between the carrying value and fair value of the retained interest is included in Other income, net on the Consolidated Statements of Operations. NCI with redemption features, such as put options, that are not solely within the Company’s control are considered redeemable non-controlling interests (“Redeemable NCI”). Redeemable NCI is considered to be temporary equity and are reported in the mezzanine section between Commitment and contingencies and Shareholders’ equity on the Consolidated Balance Sheets. Redeemable NCI is recorded at the greater of the carrying value, which is adjusted for the NCI’s share of net income or loss generated over the reporting period and the estimated redemption value at the end of the reporting period. In instances where the redemption value of Redeemable NCI is greater than its carrying value and redemption is at least probable, the Company has elected to immediately recognize the entire adjustment through Accumulated deficit on the Consolidated Balance Sheets. This election provides for a more immediate and transparent reflection of the economic impact associated with changes in redemption value, as opposed to accreting the difference over time.
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| Variable interest entities | Variable interest entities The Company consolidates legal entities in which it holds a controlling financial interest. Determining whether it has a controlling financial interest, which is defined by Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), as the power to direct the activities of a variable interest entity (“VIE”) that most significantly impact the VIE’s economic performance and the obligation to absorb losses of and the right to receive benefits from the VIE that could be potentially significant to the VIE.
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| Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash, with original maturities of three months or less, and cash held at retail locations. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (the “FDIC”) up to $250,000. The Company maintains its cash in bank deposit accounts, the balances of which, at times, may exceed federally insured limits. As of December 31, 2024 and December 31, 2023, the Company had a restricted cash balance of $14.2 million and $8.6 million, respectively, related to full collateralization of the Company’s borrowings under its asset-based revolving credit facility and standby letter of credit with East West Bank (“EWB”).
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| Accounts receivable, net | Accounts receivable, net The Company maintains an allowance for expected credit losses to reflect the potential uncollectability of accounts receivable, based on historical credit loss information as adjusted for current conditions, reasonable and supportable forecasts and the risk characteristics of specific receivables. If current or expected future economic trends, events or changes in circumstances indicate that specific receivable balances may not be collectible, further consideration is given to the collectability of those balances, and the allowance for expected credit losses is adjusted accordingly. Accounts receivable are written off after exhaustive collection efforts occur, and the receivable is deemed uncollectible. The allowance for expected credit losses is recorded within Accounts Receivable, net on the Consolidated Balance Sheets.
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| Notes receivable | Notes receivable Notes receivables are recognized and measured at amortized cost, representing the initial carrying amount adjusted for any subsequent amortization of principal and any expected credit losses. Interest income on notes receivables is recognized using the effective interest rate method, allocating interest income over the relevant period, based on the carrying amount of the asset and the effective interest rate.
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| Inventories, net | Inventories, net Inventories, including packaging and supplies, are stated at the lower of cost or net realizable value (“NRV”). NRV is the estimated selling price in the ordinary course of business less estimated costs to sell. If conditions indicate a decline in inventory value, the Company records a write-down to NRV in the period the decline occurs. Inventory write-downs to NRV are not reversed in subsequent periods. The Company utilizes a standard costing methodology to value its inventories. Standard costs are reviewed periodically and adjusted to approximate weighted average cost. The direct and indirect costs of inventories include materials, labor and depreciation expense. All direct and indirect costs related to inventories are capitalized as they are incurred and subsequently recorded at the time the inventoried product is sold within Cost of goods sold on the Consolidated Statements of Operations. The Company reviews its inventories for excess, obsolete, redundant and slow-moving items, and any such inventories are written down to NRV, which is recorded within Cost of goods sold on the Consolidated Statements of Operations.
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| Intangible assets, net | Intangible assets, net Intangible assets are recorded at cost, less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are recognized at fair value at the date of acquisition, while intangible assets that are internally generated are recognized at cost. The useful life of an internally generated intangible asset is the shorter of 15 years or the term specified by an applicable law, regulation or contractual provision. Intangible assets are amortized on a straight-line basis over the following estimated useful lives:
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| Leases | Leases The Company evaluates contract terms to determine whether the contract constitutes a lease or includes an embedded lease component. If a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, the Company deems that contract a lease or as containing an embedded lease and evaluates whether the lease arrangement is classified as a finance lease or operating lease at inception. For lease arrangements with an initial term in excess of 12 months, the Company recognizes a lease liability equal to the present value of future lease payments and recognizes a right-of-use (“ROU”) asset equal to the lease liability, subject to certain adjustments. For lease arrangements with an initial term of 12 months or less, the Company does not recognize a lease liability and ROU asset; instead, the Company recognizes the related lease payments as lease expense on a straight-line basis over the lease term, which is recognized within Selling, general and administrative on the Consolidated Statements of Operations. The Company uses its incremental borrowing rate to determine the present value of remaining lease payments, unless the rate implicit in the lease is readily determinable. The Company has elected to combine separate lease and non-lease components into a single lease component for all classes of its leased assets. Lease payments are in-substance fixed, and certain real estate leases include annual escalation clauses with reference to an index or contractual rate. Typically, the Company enters into real estate leases that require additional payments for taxes, insurance, maintenance and other common area charges. These expenses are considered non-lease components. If the non-lease components are fixed, the Company accounts for its real estate leases and related fixed non-lease components together as a single lease component used to measure its ROU assets and lease liabilities. If the non-lease components are variable, the variable payments are excluded from the Company’s measurements of its ROU assets and lease liabilities and are expensed as incurred through either Cost of goods sold or Selling, general and administrative. ROU assets are amortized on a straight-line basis over the earlier of the useful life of the ROU asset or the end of the lease term. On the Consolidated Statements of Operations, amortization of operating lease ROU assets and reduction of operating lease liabilities is recognized as lease expense and amortization of finance ROU assets is recognized within Depreciation and amortization. In addition, the Company records interest expense on its finance lease liabilities using the effective interest method, which is recognized within Interest expense related to lease liabilities and financial obligations on the Consolidated Statements of Operations. The term the Company assigns to a lease arrangement at commencement is determined based on the noncancellable period for which the Company has the right to use the underlying leased asset, inclusive of any periods covered by extension options that the Company is reasonably certain to exercise or the exercise of which is controlled by the lessor. The Company considers a number of factors when evaluating whether the extension options in its lease arrangements are reasonably certain of exercise, including the location of the leased asset, the length of time before the options can be exercised, expected value of the leased assets at the end of the initial lease terms, relevance of the leased assets to the Company's operations and the cost of negotiating a new lease. The Company has historically entered into transactions wherein the Company sold real estate property or equipment to a buyer and simultaneously leased back all, or a portion of, the same asset for all, or part of, the asset’s remaining useful life. Transactions such as these are evaluated to determine whether sale leaseback accounting is required. When a sale and leaseback transaction does not qualify for sale accounting, the transaction is accounted for as a financing transaction, and the Company recognizes a financial liability for the sale proceeds, within Financial obligations - current and Financial obligations - net of current on the Consolidated Balance Sheets. The Company retains the underlying asset in Property, plant and equipment, net and continues to depreciate the asset, based upon the Company’s depreciation policy, over its remaining useful life. The Company uses the effective interest method to allocate lease cash payments between the reduction of the Financial obligations’ principal balance on the Consolidated Balance Sheets and the recognition of interest expense within Interest expense related to lease liabilities and financial obligations on the Consolidated Statements of Operations.
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| Impairment of long-lived assets | Impairment of long-lived assets The Company evaluates the recoverability of its long-lived assets, including property, plant and equipment, ROU assets, definite lived intangible assets and equity investments, whenever events or changes in circumstances indicate that the carrying value of a long-lived asset, or asset group, may not be recoverable. When the Company determines that the carrying value of its long-lived assets may not be recoverable, these long-lived assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use and eventual disposition of the long-lived assets. If the carrying value of a long-lived asset, or asset group, exceeds its fair value, an impairment loss equal to the excess is recognized within Loss on impairment on the Consolidated Statements of Operations, during the period in which the impairment is identified.
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| Goodwill | Goodwill Goodwill represents the excess of the consideration transferred for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is either assigned to a specific reporting unit or allocated between reporting units based on the relative fair value of each reporting unit. See Note 12 — Intangible assets, net and Goodwill for further detail. Impairment of goodwill Goodwill is not subject to amortization and is tested annually for impairment, as of October 1 of each year, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. To determine whether the Company’s goodwill should be tested for impairment outside of the annual cadence, the Company performs a quarterly qualitative assessment to identify potential indicators of impairment, such as significant underperformance relative to historical or projected future operating results, significant changes in the Company’s manner of use of the acquired assets or strategy for the overall business, a significant decrease in the market value of the acquired assets or significant negative industry or economic trends. Goodwill is tested for impairment at the reporting unit level. A reporting unit is the same as, or one level below, an operating segment and represents a component, or group of components, for which discrete financial information is available and reviewed regularly by segment management. Goodwill is deemed to be impaired if the carrying value of a reporting unit, including allocated goodwill, exceeds its fair value (but not below zero), as determined using both an income and a market approach; an impairment loss equal to the excess is recognized within Loss on impairment on the Consolidated Statements of Operations, during the period in which the impairment is identified.
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| Deferred charges: debt financing | Deferred charges: debt financing The Company’s deferred charges include financing costs and debt discounts or debt premiums that were incurred in connection with its execution of new, or modification of existing, debt financing. Deferred charges related to term loans are netted against the carrying amount of the debt within Notes payable - net of current on the Consolidated Balance Sheets. Deferred charges related to revolving lines of credit are capitalized within Prepaid expenses and other current assets or Investments and other assets on the Consolidated Balance Sheets, depending on the maturity dates of the revolving lines of credit. Deferred charges are amortized using the effective interest method and recognized within Interest expense on the Consolidated Statements of Operations.
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| Commitments and contingencies | Commitments and contingencies The Company recognizes contingent liabilities when such contingencies are probable and reasonably estimable, within Accrued expenses on the Consolidated Balance Sheets. Losses related to contingencies are typically recognized within Other income, net on the Consolidated Statements of Operations. The Company recognizes legal costs for contingencies in the period in which the costs are incurred within Selling, general and administrative on the Consolidated Statements of Operations.
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| Income taxes | Income taxes The Company’s Provision for income taxes on the Consolidated Statements of Operations is comprised of current and deferred taxes, except to the extent that the income tax expense related to a business combination, items recognized directly within Shareholders’ equity on the Consolidated Balance Sheets. Current taxes are recognized on taxable income (loss) for the fiscal period, as adjusted for unrealized tax benefits, changes in tax receivables (payables) that arose in a prior period and recovery of taxes paid in a prior period. Current taxes are measured using tax rates and laws enacted during the period within which the taxable income (loss) arose. Current tax assets and liabilities are offset only if the right of offset exists. Deferred taxes are recognized with respect to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, with certain exceptions. Deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. If the Company determines, based on available evidence, that it is more likely than not that all or a portion of a deferred tax asset will not be realized, a valuation allowance is established to reduce the deferred tax asset by the amount expected to be unrealizable. The Company reassesses the need for a valuation allowance at the end of each fiscal quarter and takes into consideration, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and the duration of statutory carryforwards. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and foreign jurisdictions, where applicable. For the years ended December 31, 2024 and December 31, 2023, the Company has adopted a new federal and state income tax position, supported by legal interpretations, asserting that the restrictions of Section 280E of the Internal Revenue Code (“Section 280E”) do not apply to the Company’s cannabis operations (“280E position”). The Company recorded an uncertain tax liability on the Consolidated Balance Sheets for tax positions taken based on the 280E Position. In addition, the Company filed amended federal and state income tax returns with refund claims for several of the Company's business entities for tax years prior to 2023. If the Company’s interpretation is upheld, the Company’s financial position could be significantly enhanced by the ability to deduct additional ordinary and necessary business expenses that are non-deductible under Section 280E. While the Company believes its position is supported by sound legal reasoning, the cannabis industry remains in a complex regulatory environment. The illegality of cannabis under U.S. federal law poses unique challenges and uncertainties, including the potential for differing interpretations and enforcement actions. The Company is prepared to vigorously defend its tax position, if challenged, and will continue to monitor legal developments in this matter closely; however, the Company cannot be certain that it will prevail on this issue with the Internal Revenue Services (the “IRS”). As a precautionary measure, if the Company were not to prevail, reserves have been established to mitigate the potential financial impact of such a determination, which is recognized within the Company’s Uncertain tax position liability on the Consolidated Balance Sheets. There was a $313.0 million increase in the Company’s Uncertain tax position liability from December 31, 2023 to December 31, 2024 due to the 280E position, which was offset by a corresponding reduction in the Company’s Income tax payable. The Company believes it is reasonably possible that its Uncertain tax position liability will continue to increase over the next 12 months, while its 280E position is reviewed by the IRS and certain state tax authorities.
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| Revenue recognition | Revenue recognition Revenue is recognized by the Company in accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), pursuant to which the Company recognizes revenue when the control of a promised good or service is transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the transferred good or service. In order to recognize revenue under ASC 606, the Company applies the following five-step model: i.Identify a customer along with a corresponding contract; ii.Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer; iii.Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer; iv.Allocate the transaction price to the performance obligation(s) in the contract; and v.Recognize revenue when or as the Company satisfies the performance obligation(s). The majority of the Company’s performance obligations are satisfied at a point in time; either upon delivery and acceptance of the Company’s goods or services by its wholesale customers or immediately upon transfer of the Company’s goods or services to its retail customers. Revenues from the Company’s cannabis sales are recorded net of sales discounts at the time of delivery to the customer. Payment is typically due upon transfer of the Company’s products to the customer or within a specified time period permitted under the Company’s credit policy. Retail and wholesale revenues The Company derives its domestic retail and wholesale revenues from U.S. states in which it is licensed to cultivate, process, distribute and sell cannabis and other hemp-derived products. The Company sells directly to customers at its retail dispensaries and sells wholesale to third-party dispensaries or processors. Internationally, the Company derives retail revenues in the U.K., where it holds a pharmacy license that enables it to fulfill cannabis prescriptions directly to the patient through its online pharmacy. The Company also supplies cannabis on a wholesale basis to pharmacies and other distributors based in Australia, New Zealand, Canada and across Europe, including Germany, Italy and Poland. All products that are supplied to Italy are sold to wholesalers who import the Company’s products. Non-cannabis revenues are all derived from wholesale operations in Germany, Spain and the U.K. For most of its locations, the Company offers a loyalty reward program to its retail dispensary customers that allows customers who enroll in the program to earn reward points at point of sale for use on future purchases. Loyalty reward points earned by the Company’s retail customers on products purchased are recognized as a reduction of revenue at the time of sale. Loyalty points earned are recognized within Accrued expenses on the Consolidated Balance Sheets, until redeemed, expired or forfeited. As of December 31, 2024 and 2023, the Company’s Accrued loyalty payable totaled $5.7 million and $5.3 million, respectively. Promotional discounts and customer loyalty rewards not derived from products purchased by the customer are recognized within Sales and marketing, which is a component of Selling, general and administrative expense on the Consolidated Statements of Operations. Management fee income Management fee income is comprised primarily of revenue earned through MSAs pursuant to which the Company provides professional services, including cultivation, processing and retail know-how, back-office administration, intellectual property licensing, real estate leasing services and lending facilities to medical and adult use cannabis licensees. In addition, management fee income includes royalty fees earned on third-party use of certain of the Company’s licenses, as well as logistics service fees and consultation fees earned in the Company’s international operations. The Company recognizes management fee income on a straight-line basis over the term of the associated agreements as services are provided.
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| Share-based payment arrangements | Share-based compensation The Company recognizes compensation expense for all share-based awards, including stock options, performance stock units (“PSUs”) and restricted stock units (“RSUs”), granted to its employees and directors at the fair value of the awards on the date of grant. The Company uses the Black-Scholes valuation model to determine the grant-date fair value of stock options. In instances where stock options or units have performance or market conditions, the Company utilizes the Monte Carlo valuation model to simulate a wide range of potential future market conditions and uncertainties that could affect the fair value of the underlying. The inputs into the Black-Scholes valuation model, including the expected term of the instrument, expected volatility, risk-free interest rate and dividend rate are determined by reference to the terms of the underlying instrument as well as the Company’s experience with similar instruments. Expected volatility is estimated based on the historical volatility in the price of the Company’s outstanding SVS, as management believes this is the best estimate of the expected volatility over the expected life of the Company’s stock options granted. The expected life in years represents the period of time that stock options granted are expected to be outstanding. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the stock options granted. Share-based compensation is amortized on a straight-line basis over the requisite service period of the share-based awards, which is generally the vesting period, and recognized within Share-based compensation on the Consolidated Statements of Operations, with a corresponding increase to Shareholders’ equity on the Consolidated Balance Sheets. The amount recognized as an expense is adjusted to reflect the number of share-based awards for which the related service conditions are expected to be met, such that the total share-based compensation ultimately recognized by the Company is based on the number of share-based awards that meet the related service conditions at the vesting date. The Company recognizes the impact of forfeitures to its share-based compensation as they occur.
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| Earnings per share, basic and diluted | Earnings per share, basic and diluted The Company presents basic and diluted earnings per share (“EPS”) on its Consolidated Statements of Operations. Basic EPS is calculated by dividing the net income (loss) attributable to the Company’s shareholders by the weighted average number of shares outstanding during the reporting period. Diluted EPS is determined by adjusting the profit or loss attributable to the Company’s shareholders and the weighted average number of shares outstanding during the period, for the effects of all potentially dilutive instruments, which, for the Company, is comprised of share-based awards, contingent equity consideration obligations and convertible debt. Instruments with an anti-dilutive impact are excluded from the calculation of diluted EPS. The Company applies the treasury stock method to calculate the number of potentially dilutive securities with respect to its share-based awards and the if-converted method with respect to any outstanding contingent equity consideration obligations and convertible debt.
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| Related party transactions | Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
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| Business combinations and asset acquisitions | Business combinations The Company accounts for business combinations using the acquisition method in accordance with ASC 805, Business Combinations (“ASC 805”), which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition or assumption of control. Non-controlling interests in the acquiree are measured at fair value on acquisition date. Acquisition-related transaction costs are recognized as expenses in the period in which the costs are incurred. The excess of consideration transferred over the net assets acquired and liabilities assumed is recognized as goodwill as of the acquisition date. Following initial recognition, goodwill is measured at cost, less any accumulated impairment losses. The Company utilizes the guidance prescribed by ASC 805, which allows entities to use a screen test to determine if a transaction should be accounted for as a business combination or an asset acquisition. Under the optional screen test, where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the transaction would be accounted for as an asset acquisition. Management performs a concentration test where appropriate and if the concentration of assets is 90% or above, the transaction is generally accounted for as an asset acquisition. In addition, if the assets acquired are not a business, the Company accounts for the transaction as an asset acquisition. Contingent consideration is measured at fair value at the date of acquisition and included as part of the consideration transferred in a business combination. Contingent consideration classified as a liability requires fair value remeasurement at the end of each reporting period, with adjustments to the fair value of the contingent liability recognized within Other income, net on the Consolidated Statements of Operations. Contingent consideration classified as equity is assessed at the end of each reporting period to determine whether equity classification remains appropriate. Purchase price allocations may be preliminary and, during the measurement period (not to exceed one year from the date of acquisition), changes in assumptions and estimates that result in adjustments to the fair value of assets acquired and liabilities assumed are recorded in the period the adjustments are determined. Operating results associated with acquisitions are included in the Company’s consolidated financial statements from the date of acquisition. Asset acquisitions In accordance with ASC 805, the Company defines asset acquisitions as those not pertaining to the acquisition of inputs, processes and outputs that constitute a business. The Company allocates the cost of an asset acquisition, including the acquisition-related transaction costs, to the individual assets acquired and liabilities assumed based on their relative fair values.
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| Fair value of financial instruments | Fair value of financial instruments The Company applies fair value accounting to all financial assets and liabilities that are recognized or disclosed at fair value in its financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 — Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 — Inputs for the asset or liability that are not based on observable market data. The Company elected to apply the beginning-of-period convention whereby all transfers into and out of Level 3 in the fair value hierarchy are deemed to have had occurred at the beginning of the reporting period. The Company does not reclassify its financial instruments within the fair value hierarchy subsequent to initial recognition, unless a change has occurred in its business model for managing financial instruments.
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| Significant accounting judgments, estimates and assumptions | Significant accounting judgments, estimates and assumptions The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and contingencies. Although actual results in subsequent periods may differ from these estimates, such estimates are developed based on the best information available to management and management’s best judgments at the time. The Company relies upon historical experience, observable trends and various other assumptions to develop reasonable significant estimates and assumptions, which are then regularly reviewed and updated, as needed, by management. Changes in estimates are accounted for prospectively and are based upon on-going trends or subsequent settlements and the sensitivity level of the estimates and assumptions to changes in facts and circumstances. Although management believes that all estimates are reasonable, actual results could differ from these estimates. The most significant assumptions and estimates underlying the Consolidated Financial Statements are described below: Consolidation When determining the appropriate basis of accounting for the Company’s interests in affiliates, the Company makes judgements about the degree of influence that it exerts directly or indirectly through an arrangement over the investees’ relevant activities. The Company consolidates legal entities in which it holds a controlling financial interest. Determining whether the Company has a controlling financial interest of a legal entity in which it does not have a majority voting interest is subject to significant judgment and estimates. Considerations include, but are not limited to, voting interests of the VIE, management, service and other agreements with the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. See Note 2 — Basis of presentation and consolidation and Note 29 — Variable interest entities for further detail. Accounting for acquisitions and business combinations Classification of an acquisition as a business combination or asset acquisition hinges on whether the asset acquired constitutes a business, which can be a complex judgment. In determining the fair value of all identifiable assets, liabilities and contingent liabilities acquired, the most significant estimates are related to the valuation of contingent consideration and intangible assets. Management exercises judgement in estimating the probability and timing of when earn-outs are expected to be achieved, which is used as the basis for estimating fair value. For any intangible asset identified, depending on the type of intangible asset and the complexity of determining its fair value, an independent valuation expert may be engaged to apply the appropriate valuation techniques to management’s forecast of the total expected future net cash flows in order to estimate fair value. The primary intangible assets typically acquired in a business combination within the cannabis industry are cannabis licenses, as they provide companies with the ability to operate in additional markets. To estimate the fair value of intangible assets, management exercises judgement in developing cash flow projections and choosing discount and terminal growth rates. The estimated fair value of intangible assets is most sensitive to changes in the discount rate applied. The terminal growth rate represents the rate at which businesses will continue to grow into perpetuity. Other significant assumptions include revenue, gross profit, operating expenses and anticipated capital expenditures, which are based on the historical operations of the acquiree together with management’s projections. These valuations are closely linked to the assumptions made by management regarding future performance of the assets acquired and any changes in the discount rate applied. Contingent consideration payable as a result of a business combination is recorded at fair value at the date of acquisition. The fair value of contingent consideration is subject to significant judgments and estimates, such as projected future revenues. See Note 4 — Acquisitions for further detail. Share-based compensation - Stock options The Company uses the Black-Scholes valuation model to determine the fair value of stock options granted to employees and directors under share-based awards, where appropriate. In instances where stock options or stock units have performance or market conditions, the Company utilizes the Monte Carlo valuation model to simulate the various outcomes that might affect the fair value of the stock option or stock units. In estimating fair value, management is required to make certain significant assumptions and estimates, such as the expected life of stock options, expected volatility in the future price of the Company’s outstanding SVS, expected risk-free rates and future dividend yields. Changes in assumptions used to estimate fair value could result in materially different results. See Note 18 — Share-based compensation for further detail. Goodwill impairment Goodwill is not subject to amortization and is tested annually for impairment, or more frequently, if events or changes in circumstances indicate that goodwill might be impaired. In order to determine the amount, if any, the carrying value of its goodwill might be impaired, the Company performs the analysis on a reporting unit level, using both an income and a market approach. Under the income approach, fair value is estimated on the present value of estimated cash flows (i.e. discounted cash flows). The market approach estimates fair value using comparable marketplace fair value data from within a comparable industry grouping. Not only is the determination of the Company’s reporting units subject to significant management judgment, management has to apply significant judgments in assessing the various inputs that drive the fair value of a reporting unit, such as historical results, business plans, forecasts and market data. Changes in the conditions for these judgments and estimates can significantly affect the estimated fair value of the reporting units and the implied fair value of goodwill. See Note 12 — Intangible assets, net and Goodwill for further detail. Impairment of long-lived assets The Company evaluates the recoverability of its long-lived assets (or asset groups) whenever events or changes in circumstances indicate that their carrying value may not be recoverable. This evaluation requires significant management judgment and involves identifying and interpreting key factors, such as significant adverse changes in (i) the market price of a long-lived asset; (ii) the extent or manner in which a long-lived asset is used; or (iii) legal factors or the business climate. Additionally, management’s considerations may include whether (iv) the Company’s accumulated investment in its long-lived asset(s) significantly exceeds the amount originally expected; (v) the Company is experiencing or projecting ongoing operating or cash flow losses; or (vi) it is more likely than not that a long-lived asset will be sold or otherwise disposed of significantly earlier than its previously estimated useful life. If management determines the recoverability of the Company’s long-lived asset(s) may not be recoverable, management exercises significant judgment in estimating the undiscounted future cash flows of the affected long-lived asset(s). Changes in the underlying assumptions or conditions can materially affect the value of the Company’s long-lived assets as reported in its consolidated financial statements. See Note 10 — Property, plant and equipment, net, Note 11 - Leases and Note 12 — Intangible assets, net and Goodwill for further detail. Inventories, net In measuring the value of its inventories, net at the end of the reporting period, the Company compares inventoried costs to estimated NRV. The NRV of inventories, net represents the estimated selling price for the Company’s goods in the ordinary course of business, less all estimated costs of completion and costs necessary to sell. The determination of NRV requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expected future selling prices and contractual arrangements with customers. Reserves for excess and obsolete inventory are also based upon quantities on hand and projected volumes from demand forecasts. The Company’s estimates are made at a point in time, using available information, expected business plans and expected market conditions. The future realization of these inventories may be affected by market-driven changes that reduce future selling prices. As a result, the actual amount received from sale of inventories, net could differ from estimates. See Note 8 — Inventories, net for further detail. Income taxes The Company records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. There is inherent uncertainty in quantifying income tax positions, especially considering the complex tax laws and regulations for federal, state and foreign jurisdictions in which the Company operates. The Company has recorded tax benefits for those tax positions where it is more likely than not that a tax benefit will result upon ultimate settlement with the relevant tax authority that has all relevant information. Assets and liabilities held for sale The Company classifies assets held for sale in accordance with ASC 205, Presentation of Financial Statements (“ASC 205”). When the Company makes the decision to sell an asset, disposal group or to cease operations for a portion of its business, the Company assesses whether such assets and related liabilities should be classified as held for sale. To be classified as held for sale, the asset or disposal group must meet all of the following conditions at the end of the reporting period: i.available for immediate sale in its present condition; ii.management is committed to a plan to sell; iii.an active program to locate a buyer and complete the plan has been initiated; iv.the asset or disposal group is being actively marketed at a sales price that is reasonable in relation to its fair value; v.the sale is highly probable within one year from the date of classification to held for sale and vi.actions required to complete the plan indicate that it is unlikely that the plan will be significantly changed or withdrawn. An asset held for sale is measured at the lower of its carrying amount or fair value less cost to sell, unless the asset held for sale meets the exceptions as prescribed by ASC 205. Fair value is the amount obtainable from the sale of the asset in an arm’s length transaction, less the costs of disposal. See Note 5 — Assets and liabilities held for sale for further detail. Discontinued Operations Pursuant to ASC 205, the Company classifies held for sale assets and liabilities as discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The held for sale classification criteria is presented above under ‘Assets and liabilities held for sale’. When the Company makes the decision to sell an asset or disposal group, management makes significant assumptions in its evaluation of whether the asset or disposal group can be classified as held for sale and discontinued operations. See Note 6 — Discontinued operations for further detail. Redeemable Non-controlling Interest Valuation and classification of redeemable non-controlling interests involve significant management judgment and estimates. Determining the estimated redemption value of redeemable non-controlling interests requires a discounted cash flow analysis that incorporates assumptions about the Company’s projected revenue, operating margins and cash flows as well as anticipated economic conditions. The Company also has to assess whether the underlying equity instruments are currently redeemable or likely to become redeemable in the future, adding complexity to their classification on the balance sheet. Changes in redemption value are influenced by forward-looking factors and may require adjustments that impact retained earnings and/or additional paid-in capital. These estimates and judgments are inherently subjective and sensitive to future economic and market conditions.
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| New, amended and future accounting pronouncements | New, amended and future accounting pronouncements The Company has implemented all applicable accounting standards recently issued by the Financial Accounting Standards Board (“FASB”), as well as applicable pronouncements from certain other standard-setting bodies, within the prescribed effective dates. Pronouncements that are not applicable or where it has been determined do not have a significant impact to the Company have been excluded herein. Recently Adopted Accounting Standards Effective January 1, 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Upon adoption, ASU 2023-07 did not materially impact the Consolidated Financial Statements, other than to expand the disclosures within Note 25 — Segment reporting. There was no impact to the Company’s consolidated financial position, results of operations or cash flows. Effective January 1, 2024, the Company adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 is intended to simplify the accounting for convertible instruments and contracts in an entity’s own equity by (i) eliminating certain separation models, such as the beneficial conversion feature and cash conversion models, which previously required issuers to separately account for conversion features in equity instruments, (ii) requiring the dilutive earnings per share impact of convertible instruments to be determined based on the if-converted method and (iii) reducing the scope of ASC 815-40, Derivatives and Hedging, so that additional types of instruments qualify for equity classification. Upon adoption, ASU 2020-06 did not impact the Company’s consolidated financial position, results of operations or cash flows, as the Company did not possess any in-scope equity instruments. The Company applies the if-converted method to calculate the dilutive impact to the Company’s earnings per share of the Conversion Amount (as defined within) associated with the Company’s Bloom Notes 2025 (as defined within). See Note 15 — Notes payable and Note 24 — Earnings per share for further details. Global Minimum Tax Rules - Pillar Two Numerous foreign jurisdictions have enacted or are in the process of enacting legislation to adopt a minimum effective tax rate, as described in the Global Anti-Base Erosion Model Rules (otherwise known as Pillar Two) issued by the Organization for Economic Co-operation and Development. Under Pillar Two, a minimum effective tax rate of 15% would apply to multinational companies with consolidated revenues above €750 million. Pillar Two is effective for fiscal years beginning on or after January 1, 2024, in several jurisdictions in which the Company operates. Upon enactment, Pillar Two did not have a material impact on the Company’s Consolidated Financial Statements, and there was no material impact to the Company’s consolidated financial position, results of operations or cash flows. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (“ASU 2024-04”). ASU 2024-04 clarifies the requirements for accounting for a settlement of a convertible debt instrument as an induced conversion and applies to convertible debt instruments with cash conversion features as well as debt instruments that are not currently convertible. ASU 2024-04 is effective for all entities for annual periods beginning after December 15, 2025, and interim periods within those annual periods, and can be applied either on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2024-04 to the Company and its consolidated financial statements upon adoption. In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 requires public business entities to provide disaggregated disclosures of specific income statement expense categories, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, depletion and selling expenses. The amendments introduced by ASU 2024-03 aim to enhance transparency by offering investors more detailed insights into an entity’s expense structure. This additional information is intended to improve investors' ability to understand an entity’s cost structure and to forecast future cash flows. ASU 2024-03 is effective for all entities for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and can be applied either on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2024-03 to the Company and its consolidated financial statements upon adoption. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09, among other things, requires that public business entities on an annual basis (1) disclose specific categories in the effective tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). ASU 2023-09 is effective for all other entities for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2023-09 to the Company and its consolidated financial statements upon adoption. In October 2023, the FASB issued ASU 2023-06, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 incorporates certain SEC disclosure requirements into the FASB Codification. The amendments introduced by ASU 2023-06 are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements and align the requirements in FASB’s Codification with the SEC’s regulations. ASU 2023-06 is effective for all other entities, two years after the effective date of the SEC’s removal of the related disclosure requirements from Regulation S-X or Regulation S-K. Early adoption is prohibited. The Company does not anticipate ASU 2023-06 will impact its consolidated financial statements upon adoption. In August 2023, the FASB issued ASU 2023-05, Business Combinations— Joint Venture Formations (“ASU 2023-05”). ASU 2023-05, among other things, (1) defines a joint venture as the formation of a new entity without an accounting acquirer and (2) requires that a joint venture measure its identifiable net assets and goodwill, if any, at the formation date, such that the initial measurement of a joint venture’s total net assets is equal to the fair value of 100% of the joint venture’s equity, including any noncontrolling interest in the net assets of the joint venture. ASU 2023-05 is effective for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted. The Company will comply with ASU 2023-05 on joint ventures formed on or after January 1, 2025.
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Basis of presentation and consolidation (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of company and its subsidiaries and other entities consolidated on a basis other than of ownership | The following table presents the wholly-owned subsidiaries of the Company as well as the entities in which the Company held a controlling financial interest as of December 31, 2024 and 2023:
The following table presents the wholly-owned subsidiaries of Curaleaf International Holdings Limited (“Curaleaf International”) as well as the entities in which Curaleaf International held a controlling financial interest as of December 31, 2024 and 2023:
The following table presents the wholly-owned subsidiaries of Curaleaf, Inc. as well as the entities in which Curaleaf, Inc., directly or indirectly, held a controlling financial interest as of December 31, 2024 and 2023:
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Significant accounting policies (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
| Schedule of estimated useful lives of finite lived intangible assets | Intangible assets are amortized on a straight-line basis over the following estimated useful lives:
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Acquisitions (Tables) |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets acquired and liabilities assumed and allocation of consideration | The Company accounted for its acquisition of NGC as a business combination. The following table presents the fair value of the assets acquired and liabilities assumed in the acquisition of NGC as of the acquisition date and an allocation of the consideration to net assets acquired:
The following table presents the fair value of the assets acquired and liabilities assumed in the acquisition of Curaleaf Poland as of the acquisition date and an allocation of the consideration to net assets acquired:
The Company accounted for its acquisition of Dark Heart as an asset acquisition. The following table presents the fair value of the assets acquired in the acquisition of Dark Heart as of the acquisition date and an allocation of the consideration to net assets acquired:
The following table presents the fair value of the assets acquired and liabilities assumed in the acquisition of Deseret as of the acquisition date and an allocation of the consideration to net assets acquired:
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| Schedule of changes in the contingent consideration account balance | The changes in the Company’s contingent consideration liability as of December 31, 2024 and 2023 are as follows:
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| Schedule of deferred consideration liability | The changes in the Company’s deferred consideration liability as of December 31, 2024 and 2023 are as follows:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities held for sale (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities held for sale | The changes in assets and liabilities held for sale are as follows from:
The following table summarizes the major classes of assets and liabilities classified as held for sale (excluding discontinued operations) as of December 31, 2024 and 2023:
The following table summarizes the major classes of assets and liabilities of the Company’s discontinued operations as of December 31, 2024 and 2023:
The following table presents the Company’s condensed consolidated statements of operations for its discontinued operations:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of discontinued operations | The changes in assets and liabilities held for sale are as follows from:
The following table summarizes the major classes of assets and liabilities classified as held for sale (excluding discontinued operations) as of December 31, 2024 and 2023:
The following table summarizes the major classes of assets and liabilities of the Company’s discontinued operations as of December 31, 2024 and 2023:
The following table presents the Company’s condensed consolidated statements of operations for its discontinued operations:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of accounts receivable | Accounts receivable, net consist of the following as of December 31, 2024 and 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of allowance for credit losses | Changes in the Company’s allowance for credit losses were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of inventories | Inventories, net consist of the following as of December 31, 2024 and 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes receivable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of notes receivable | Notes receivable consists of the following as of December 31, 2024 and 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of property, plant and equipment, net and related accumulated depreciation | Property, plant and equipment, net consist of the following as of December 31, 2024 and 2023:
|
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of lease cost | The components of the Company’s operating and finance lease costs, recognized in the Consolidated Statements of Operations, for the years ended December 31, 2024 and 2023 are as follows:
For the years ended December 31, 2024 and 2023, cash flows associated with the Company’s failed sale leaseback arrangements, as recognized in the Consolidated Statements of Cash Flows, were as follows:
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| Schedule of leased assets and liabilities | ROU assets and lease liabilities as of December 31, 2024 and 2023 consist of the following:
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| Schedule of other information related to operating and finance leases | Cash flows associated with the Company’s leasing arrangements for the years ended December 31, 2024 and 2023 are as follows:
For the Company’s leasing arrangements, the weighted average remaining lease term as of December 31, 2024 and 2023, and the weighted average discount rate for the years ended December 31, 2024 and 2023 are as follows:
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| Schedule of sale leaseback arrangements | For the years ended December 31, 2024 and 2023, the expenses incurred by the Company related to its failed sale leaseback arrangements impacted the components of the Consolidated Statements of Operations as follows:
As of December 31, 2024 and 2023, the assets and obligations that arose from the Company’s failed sale leaseback arrangements are recognized in the Consolidated Balance Sheets as follows:
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| Schedule of future minimum payments due under non-cancelable finance leases | As of December 31, 2024, maturities of the Company’s lease liabilities, under its non-cancelable leases, and financial obligations were as follows:
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| Schedule of future minimum payments due under non-cancelable operating leases | As of December 31, 2024, maturities of the Company’s lease liabilities, under its non-cancelable leases, and financial obligations were as follows:
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Intangible assets, net and Goodwill (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of intangible assets subject to amortization | Identifiable intangible assets consist of the following as of December 31, 2024 and 2023:
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| Schedule of estimated annual amortization expense | The following table outlines the Company’s estimated annual amortization expense over the next five years related to its intangible assets as of December 31, 2024:
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| Schedule of changes in the carrying amount of goodwill by segment | The changes in the carrying amount of goodwill by segment and in total were as follows:
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| Schedule of goodwill impairment for reporting units |
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Investments and other assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of investment and other assets | Investments and other assets consist of the following as of December 31, 2024 and 2023:
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Accrued Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of accrued expenses | Accrued expenses consist of the following as of December 31, 2024 and 2023:
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Notes payable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of notes payable | Notes payable consist of the following as of December 31, 2024 and 2023:
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| Schedule of credit facilities | Below is a summary of the Company’s credit facilities outstanding as of December 31, 2024:
The Company’s interest expense by credit facility for the year ended December 31, 2024 is as follows:
The Company’s interest expense by credit facility for the year ended December 31, 2023 is as follows:
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| Schedule of future principal payments due under notes payable | As of December 31, 2024, future principal payment obligations related to the Company’s notes payable were as follows:
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| Schedule of debt redemption | Subject to the consent of Needham Bank under the Needham LOC, the Senior Secured Notes – 2026, inclusive of accrued and unpaid interest, may be redeemed early, but are subject to a prepayment premium that is dependent on the loan year as follows:
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Shareholders' equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of stockholders equity | The authorized and issued share capital of the Company is as follows:
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Share-based compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share-based payment arrangement expense | Share-based compensation consists of the following for the years ended December 31, 2024 and 2023:
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| Schedule of stock option activity | The total intrinsic value of options exercised and the total fair value of shares vested during the years ended December 31, 2024 and 2023 were as follows:
The Company’s stock option activity and related information during the years ended December 31, 2024 and 2023 were as follows:
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| Schedule of fair value assumptions | Significant assumptions used to estimate the fair value of the Company’s stock option granted during the years ended December 31, 2024 and 2023 are summarized below:
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| Schedule of restricted stock units activity | The Company’s PSU activity and related information for the years ended December 31, 2024 and 2023 are as follows:
The Company’s RSU activity and related information for the years ended December 31, 2024 and 2023 are as follows:
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Selling, general and administrative expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, General and Administrative Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of selling, general and administrative expense | Selling, general and administrative expenses consisted of the following for the years ended December 31, 2024 and 2023:
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Other income, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other income (expense), net | Other income, net consists of the following for the years ended December 31, 2024 and 2023:
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Revenue disaggregation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of disaggregation of total revenue | Total revenues, net consists of the following for the years ended December 31, 2024 and 2023:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of domestic and foreign income before taxes | For financial reporting purposes, income before taxes from continuing operations includes the following components for the years ended December 31, 2024 and 2023:
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| Schedule of tax provision amounts recognized in the Consolidated Statements of Operations | Provision for income taxes from continuing operations for the years ended December 31, 2024 and 2023 consisted of the following:
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| Schedule of a reconciliation of the statutory income tax rate to the Company's effective income tax rate | The following table contains a reconciliation of the Company’s statutory tax rate on continuing operations as applied to Loss before provision for income taxes to its effective tax rate on continuing operations for the years ended December 31, 2024 and 2023. The Company reclassified Section 280E expenses from Non-deductible expenses to Increase in uncertain tax position for the year ended December 31, 2023 to conform to the current period presentation.
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| Schedule of deferred tax assets not recognized | The components of the Company’s deferred tax assets and liabilities associated with its continuing operations as of December 31, 2024 and 2023 were as follows:
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| Schedule of unrecognized tax benefits | The following table summarizes the activity within the Company’s unrecognized tax benefits from continuing operations for the year ended December 31, 2024 and 2023:
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Earnings per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of basic and diluted loss per share | Basic and diluted loss per share attributable to Curaleaf Holdings, Inc. for the years ended December 31, 2024 and 2023 were calculated as follows:
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Segment reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of segment reporting | The following table presents Adjusted EBITDA by reportable segment as of December 31, 2024 and December 31, 2023:
The following tables present certain financial information by reportable segment for the years ended December 31, 2024 and December 31, 2023:
As the CODM does not review total assets by reportable segment, the following table presents long-lived assets by reportable segment as of December 31, 2024 and December 31, 2023:
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Related party transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of transactions with related parties | The following table summarizes the Company’s transactions with related parties during the years ended December 31, 2024 and 2023:
(1)Consulting fees relate to real estate management and general advisory services provided by (i) Frontline Real Estate Partners, LLC, a company controlled by Mitchell Kahn, a Board member, (ii) Measure 8 Venture Management, LLC (“Measure 8”), an investment company controlled by Boris Jordan, CEO, Chairman and control person of the Company (including funds managed by Measure 8), (iii) Architecture & Engineering Solutions, LLC, a company controlled by an immediate family member of Luke Flood, a senior vice president of the Company and (iv) PNP Construction LLC, a company controlled by an immediate family member of Karim Bouaziz, a former senior vice president of the Company. There are on-going contractual commitments related to these transactions. Consulting fees incurred for Architecture & Engineering Solutions, LLC and PNP Construction LLC were $0.2 million and $3.8 million for the year ended December 31, 2024, respectively. No fees were paid to Frontline Real Estate Partners, LLC or Measure 8 during the year ended December 31, 2024. Consulting fees incurred for Frontline Real Estate Partners, LLC and Measure 8 were $0.4 million each for the year ended December 31, 2023. No consulting fees were incurred for Architecture & Engineering Solution, LLC and PNP Construction during the year ended December 31, 2023. (2)Travel and reimbursement relate to payments made to various Board members for reimbursements of expenses incurred while performing their duties in that capacity. (3)Rent expense relates to a lease between GR Companies, Inc. and FREP Elm Place II, LLC, a company owned in part by Mitchell Kahn, a Board member. There are on-going contractual commitments related to the lease arrangement. (4)Leaf Trade and Sweed provide Curaleaf with their B2B platform for the Company’s wholesale operations in exchange for fees to use the platform. Measure 8 acquired a 6.19% stake in High Tech Holdings, Inc. (“High Tech Holdings”), the parent holding company of Leaf Trade and Sweed, and received a seat on the board of directors of High Tech Holdings. (5)Platform fees for Fyllo. Mitchell Kahn, a Board member, is also on Fyllo’s board of directors. (6)Baldwin Holdings, LLC (“Baldwin Holdings”), in which Joseph F. Lusardi, the Company’s Executive Vice Chairman, owns a direct equity interest, holds $10 million of the Company’s Senior Secured Notes - 2026; and therefore, a portion of interest expense recognized by the Company under the Senior Secured Notes - 2026 is attributable to Baldwin Holdings. The Senior Secured Notes – 2026 contain certain repayment and interest components that represent on-going contractual commitments.
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Fair value measurements and financial risk management (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities measured at fair value |
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| Schedule of aging of trade receivables | The following table presents the aging of the Company’s trade receivables as of December 31, 2024 and 2023:
|
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| Schedule of gross remaining contractual obligations | In addition to the commitments outlined in Note 26 — Commitments and contingencies, the Company had the following financial obligations as of December 31, 2024 and 2023:
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Variable interest entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of financial information about the Company's VIEs | The following table presents summarized financial information about the Company’s variable interest entities as of December 31, 2024 and 2023:
(1) NCI and OCI are excluded above, thus total assets do not equal total liabilities plus equity. The following table presents summarized financial information about the Company’s variable interest entities for the years ended December 31, 2024 and 2023:
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Basis of presentation and consolidation - Schedule of subsidiaries (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Curaleaf International Holdings Limited | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 68.50% | 68.50% |
| Curaleaf, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 0.00% | 0.00% |
| Northern Green Canada, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | |
| Bloom Fungibles, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Focused Employer, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf International Limited | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Four20 Pharma GmbH | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 55.00% | 55.00% |
| Four20 Pharma GmbH | Four20 Pharma GmbH Sellers | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 45.00% | |
| CLF AZ, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| CLF NY, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf CA, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf KY, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf Massachusetts, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf MD, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf OGT, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf PA, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Focused Investment Partners, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| CLF Maine, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| PalliaTech CT, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| CLF Oregon, LLC (formerly PalliaTech OR, LLC) | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| PalliaTech Florida, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| PT Nevada, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| CLF Sapphire Holdings, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf NJ II, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| GR Companies, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| CLF MD Employer, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf Columbia, LLC (formerly HMS Sales, LLC) | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| MI Health, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf Compassionate Care VA, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf UT, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf Processing, Inc | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Virginia's Kitchen, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Cura CO LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf DH, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf Stamford, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| CLF Holdings Alabama, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 100.00% |
| Curaleaf Hemp, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 100.00% | 0.00% |
| Windy City Holding Company, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 0.00% | 0.00% |
| Broad Horizon Holdings, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership | 0.00% | 0.00% |
Significant accounting policies - Narrative (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Basis of presentation | ||
| Restricted cash | $ 14,200,000 | $ 8,600,000 |
| Indefinite-lived intangible assets | 0 | |
| Unrecognized tax benefits, increase | 313,000,000.0 | |
| Accrued loyalty payable | $ 5,722,000 | $ 5,327,000 |
| Maximum | Intellectual property and know-how | ||
| Basis of presentation | ||
| Estimated useful life | 15 years |
Significant accounting policies - Schedule of estimated useful lives of finite lived intangible assets (Details) |
Dec. 31, 2024 |
|---|---|
| Minimum | Non-compete agreements | |
| Basis of presentation | |
| Estimated useful life | 1 year |
| Minimum | Trade names | |
| Basis of presentation | |
| Estimated useful life | 1 year |
| Minimum | Intellectual property and know-how | |
| Basis of presentation | |
| Estimated useful life | 5 years |
| Minimum | Licenses and service agreements | |
| Basis of presentation | |
| Estimated useful life | 5 years |
| Maximum | Non-compete agreements | |
| Basis of presentation | |
| Estimated useful life | 15 years |
| Maximum | Trade names | |
| Basis of presentation | |
| Estimated useful life | 20 years |
| Maximum | Intellectual property and know-how | |
| Basis of presentation | |
| Estimated useful life | 15 years |
| Maximum | Licenses and service agreements | |
| Basis of presentation | |
| Estimated useful life | 30 years |
Acquisitions - Narrative (Details) € in Millions |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Apr. 19, 2024
USD ($)
|
Feb. 02, 2024
USD ($)
|
Feb. 02, 2024
EUR (€)
|
Jan. 17, 2024
USD ($)
|
Jul. 05, 2023
EUR (€)
|
Apr. 06, 2023
USD ($)
location
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Acquisitions | ||||||||
| Goodwill expected tax deductible amount | $ 0 | |||||||
| Notes receivable - current | $ 7,000,000.0 | 451,000 | $ 7,020,000 | |||||
| Purchase price adjustments | 63,000 | 119,000 | ||||||
| Dark Heart | ||||||||
| Acquisitions | ||||||||
| Asset acquisition, consideration | $ 1,700,000 | |||||||
| Clever Leaves’ Assets Acquisition | ||||||||
| Acquisitions | ||||||||
| Asset acquisition, consideration | € | € 2.7 | |||||||
| NGC | ||||||||
| Acquisitions | ||||||||
| Total consideration | $ 23,773,000 | |||||||
| Contingent consideration, earnout percentage paid in cash | 50.00% | |||||||
| Contingent consideration, earnout percentage based on equity | 50.00% | |||||||
| Total unaudited pro forma revenue | 11,600,000 | 13,400,000 | ||||||
| Total unaudited pro forma net income (loss) | (5,100,000) | (2,200,000) | ||||||
| Pro forma revenue, actual | 7,400,000 | |||||||
| Pro forma net income (loss), actual | (4,000,000.0) | |||||||
| Curaleaf Poland S.A. | ||||||||
| Acquisitions | ||||||||
| Total consideration | $ 2,823,000 | € 1.5 | ||||||
| Total unaudited pro forma revenue | 2,700,000 | 900,000 | ||||||
| Total unaudited pro forma net income (loss) | 300,000 | 100,000 | ||||||
| Pro forma revenue, actual | 2,400,000 | |||||||
| Pro forma net income (loss), actual | $ 100,000 | |||||||
| Deseret | ||||||||
| Acquisitions | ||||||||
| Total consideration | $ 14,620,000 | |||||||
| Total unaudited pro forma revenue | 13,700,000 | |||||||
| Total unaudited pro forma net income (loss) | 600,000 | |||||||
| Pro forma revenue, actual | 9,900,000 | |||||||
| Pro forma net income (loss), actual | $ 600,000 | |||||||
| Number of retail dispensaries | location | 3 | |||||||
| Transaction costs | $ 300,000 | |||||||
| Purchase price adjustments | $ 200,000 | |||||||
Acquisitions - Schedule of assets acquired and liabilities assumed and allocation of consideration (Details) $ in Thousands, € in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Apr. 19, 2024
USD ($)
|
Feb. 02, 2024
USD ($)
|
Feb. 02, 2024
EUR (€)
|
Jan. 17, 2024
USD ($)
|
Apr. 06, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Acquisitions | |||||||
| Cash outflow, net of cash acquired | $ 4,699 | $ 3,630 | |||||
| NGC | |||||||
| Acquisitions | |||||||
| Cash | $ 146 | ||||||
| Accounts receivable, net | 2,487 | ||||||
| Prepaid expenses and other current assets | 398 | ||||||
| Inventories, net | 3,400 | ||||||
| Property, plant and equipment, net | 10,858 | ||||||
| Right-of-use assets | 2,842 | ||||||
| Goodwill | 5,269 | ||||||
| Deferred tax liabilities | (4,131) | ||||||
| Liabilities assumed | (13,084) | ||||||
| Net assets acquired | 23,773 | ||||||
| Consideration paid in cash | 2,368 | ||||||
| Equity consideration | 15,053 | ||||||
| Deferred consideration classified as a liability | 6,352 | ||||||
| Total consideration | 23,773 | ||||||
| Cash outflow, net of cash acquired | 2,222 | ||||||
| NGC | Licenses | |||||||
| Acquisitions | |||||||
| Intangible assets | 15,387 | ||||||
| NGC | Trade names | |||||||
| Acquisitions | |||||||
| Intangible assets | $ 201 | ||||||
| Curaleaf Poland S.A. | |||||||
| Acquisitions | |||||||
| Cash | $ 48 | ||||||
| Accounts receivable, net | 414 | ||||||
| Prepaid expenses and other current assets | 2 | ||||||
| Inventories, net | 661 | ||||||
| Property, plant and equipment, net | 14 | ||||||
| Goodwill | 931 | ||||||
| Deferred tax liabilities | (548) | ||||||
| Liabilities assumed | (891) | ||||||
| Net assets acquired | 2,823 | ||||||
| Consideration paid in cash | 832 | ||||||
| Equity consideration | 773 | ||||||
| Deferred consideration classified as a liability | 1,218 | ||||||
| Total consideration | 2,823 | € 1.5 | |||||
| Cash outflow, net of cash acquired | 784 | ||||||
| Curaleaf Poland S.A. | Licenses | |||||||
| Acquisitions | |||||||
| Intangible assets | 2,063 | ||||||
| Curaleaf Poland S.A. | Trade names | |||||||
| Acquisitions | |||||||
| Intangible assets | 97 | ||||||
| Curaleaf Poland S.A. | Non-compete agreements | |||||||
| Acquisitions | |||||||
| Intangible assets | $ 32 | ||||||
| Dark Heart | |||||||
| Acquisitions | |||||||
| Net assets acquired | $ 9,365 | ||||||
| Consideration paid in cash | 1,693 | ||||||
| Cancelled loan (including accrued interest) | 7,672 | ||||||
| Total consideration | 9,365 | ||||||
| Dark Heart | Intellectual property and know-how | |||||||
| Acquisitions | |||||||
| Intangible assets | $ 9,365 | ||||||
| Deseret | |||||||
| Acquisitions | |||||||
| Cash | $ 1,360 | ||||||
| Prepaid expenses and other current assets | 137 | ||||||
| Inventories, net | 807 | ||||||
| Property, plant and equipment, net | 1,692 | ||||||
| Right-of-use assets | 406 | ||||||
| Other assets | 57 | ||||||
| Goodwill | 7,002 | ||||||
| Deferred tax liabilities | (3,339) | ||||||
| Liabilities assumed | (5,242) | ||||||
| Net assets acquired | 14,620 | ||||||
| Consideration paid in cash | 2,067 | ||||||
| Deferred consideration classified as a liability | 12,553 | ||||||
| Total consideration | 14,620 | ||||||
| Cash outflow, net of cash acquired | 707 | ||||||
| Deseret | Licenses | |||||||
| Acquisitions | |||||||
| Intangible assets | 10,620 | ||||||
| Deseret | Trade names | |||||||
| Acquisitions | |||||||
| Intangible assets | 890 | ||||||
| Deseret | Non-compete agreements | |||||||
| Acquisitions | |||||||
| Intangible assets | $ 230 | ||||||
Acquisitions - Changes in the contingent consideration account balance (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jan. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
| Total contingent consideration liability, beginning balance | $ 16,625 | $ 16,625 | $ 29,110 |
| Contingent consideration recognized on acquisition | 6,352 | ||
| Issuance of SVS as settlement of contingent consideration | (12,880) | (13,909) | |
| Revaluation of contingent consideration | (3,804) | 423 | |
| Effect of exchange rate differences | (146) | 1,001 | |
| Total contingent consideration liability, ending balance | 6,147 | 16,625 | |
| Contingent consideration payable | 6,147 | 16,625 | |
| Less: Contingent consideration liability - current | (3,310) | ||
| Contingent consideration liability - net of current | 2,837 | 4,724 | |
| HMS | |||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
| Total contingent consideration liability, beginning balance | 0 | 0 | 1,854 |
| Contingent consideration recognized on acquisition | 0 | ||
| Issuance of SVS as settlement of contingent consideration | 0 | (1,854) | |
| Revaluation of contingent consideration | 0 | 0 | |
| Effect of exchange rate differences | 0 | 0 | |
| Total contingent consideration liability, ending balance | 0 | 0 | |
| Contingent consideration payable | 0 | 0 | |
| Less: Contingent consideration liability - current | 0 | ||
| Contingent consideration liability - net of current | 0 | ||
| EMMAC | |||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
| Total contingent consideration liability, beginning balance | 4,724 | 4,724 | 10,361 |
| Contingent consideration recognized on acquisition | 0 | ||
| Issuance of SVS as settlement of contingent consideration | 0 | (4,529) | |
| Revaluation of contingent consideration | (1,820) | (1,729) | |
| Effect of exchange rate differences | (67) | 621 | |
| Total contingent consideration liability, ending balance | 2,837 | 4,724 | |
| Contingent consideration payable | 2,837 | 4,724 | |
| Less: Contingent consideration liability - current | 0 | ||
| Contingent consideration liability - net of current | 2,837 | ||
| Sapphire | |||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
| Total contingent consideration liability, beginning balance | 0 | 0 | 3,895 |
| Contingent consideration recognized on acquisition | 0 | ||
| Issuance of SVS as settlement of contingent consideration | 0 | (4,112) | |
| Revaluation of contingent consideration | 0 | 0 | |
| Effect of exchange rate differences | 0 | 217 | |
| Total contingent consideration liability, ending balance | 0 | 0 | |
| Contingent consideration payable | 0 | 0 | |
| Less: Contingent consideration liability - current | 0 | ||
| Contingent consideration liability - net of current | 0 | ||
| Four20 Pharma GmbH | |||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
| Total contingent consideration liability, beginning balance | 2,602 | 2,602 | 4,690 |
| Contingent consideration recognized on acquisition | 0 | ||
| Issuance of SVS as settlement of contingent consideration | (3,581) | (3,414) | |
| Revaluation of contingent consideration | 1,058 | 1,163 | |
| Effect of exchange rate differences | (79) | 163 | |
| Total contingent consideration liability, ending balance | 0 | 2,602 | |
| Contingent consideration payable | 0 | 2,602 | |
| Less: Contingent consideration liability - current | 0 | ||
| Contingent consideration liability - net of current | 0 | ||
| Tryke | |||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
| Total contingent consideration liability, beginning balance | $ 9,299 | 9,299 | 8,310 |
| Contingent consideration recognized on acquisition | 0 | ||
| Issuance of SVS as settlement of contingent consideration | (9,299) | 0 | |
| Revaluation of contingent consideration | 0 | 989 | |
| Effect of exchange rate differences | 0 | 0 | |
| Total contingent consideration liability, ending balance | 0 | 9,299 | |
| Contingent consideration payable | 0 | 9,299 | |
| Less: Contingent consideration liability - current | 0 | ||
| Contingent consideration liability - net of current | 0 | ||
| Business acquisition, equity issued (in shares) | 2,367,000 | ||
| Business acquisition, equity, expiration period | 15 months | ||
| NGC | |||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | |||
| Total contingent consideration liability, beginning balance | $ 0 | 0 | 0 |
| Contingent consideration recognized on acquisition | 6,352 | ||
| Issuance of SVS as settlement of contingent consideration | 0 | 0 | |
| Revaluation of contingent consideration | (3,042) | 0 | |
| Effect of exchange rate differences | 0 | 0 | |
| Total contingent consideration liability, ending balance | 3,310 | 0 | |
| Contingent consideration payable | 3,310 | $ 0 | |
| Less: Contingent consideration liability - current | (3,310) | ||
| Contingent consideration liability - net of current | $ 0 | ||
Acquisitions - Schedule of deferred consideration liability (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Business Combination, Contingent Consideration, Liability [Roll Forward] | ||
| Total deferred consideration liability, beginning balance | $ 43,652 | $ 61,300 |
| Deferred consideration recognized on acquisition | 1,218 | 12,553 |
| Interest expense on deferred consideration | 5,913 | 9,710 |
| Effect of exchange rate differences | 82 | |
| Reversal of interest expense on deferred consideration | (11) | |
| Change in fair value on deferred consideration paid | (796) | (2,637) |
| Post-closing purchase price adjustment | (3,740) | |
| Payments of deferred consideration | (11,250) | (37,274) |
| Total deferred consideration liability, ending balance | 35,068 | 43,652 |
| Deferred consideration, total | 35,068 | 43,652 |
| Deferred consideration liability - current | (33,068) | (22,342) |
| Deferred consideration liability, noncurrent | 2,000 | 21,310 |
| Deseret | ||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | ||
| Total deferred consideration liability, beginning balance | 0 | 0 |
| Deferred consideration recognized on acquisition | 0 | 12,553 |
| Interest expense on deferred consideration | 0 | 0 |
| Effect of exchange rate differences | 0 | |
| Reversal of interest expense on deferred consideration | 0 | |
| Change in fair value on deferred consideration paid | 0 | (2,637) |
| Post-closing purchase price adjustment | 0 | |
| Payments of deferred consideration | 0 | (9,916) |
| Total deferred consideration liability, ending balance | 0 | 0 |
| Deferred consideration, total | 0 | 0 |
| Deferred consideration liability - current | 0 | |
| Deferred consideration liability, noncurrent | 0 | |
| Tryke | ||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | ||
| Total deferred consideration liability, beginning balance | 41,652 | 59,300 |
| Deferred consideration recognized on acquisition | 0 | 0 |
| Interest expense on deferred consideration | 5,913 | 9,710 |
| Effect of exchange rate differences | 0 | |
| Reversal of interest expense on deferred consideration | (11) | |
| Change in fair value on deferred consideration paid | 0 | 0 |
| Post-closing purchase price adjustment | (3,740) | |
| Payments of deferred consideration | (11,250) | (27,358) |
| Total deferred consideration liability, ending balance | 32,564 | 41,652 |
| Deferred consideration, total | 32,564 | 41,652 |
| Deferred consideration liability - current | (32,564) | |
| Deferred consideration liability, noncurrent | 0 | |
| Deferred consideration, anniversary payment amount | $ 21,200 | 25,000 |
| Deferred consideration, implied interest rate | 10.00% | |
| NRPC Management, LLC | ||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | ||
| Total deferred consideration liability, beginning balance | $ 2,000 | 2,000 |
| Deferred consideration recognized on acquisition | 0 | 0 |
| Interest expense on deferred consideration | 0 | 0 |
| Effect of exchange rate differences | 0 | |
| Reversal of interest expense on deferred consideration | 0 | |
| Change in fair value on deferred consideration paid | 0 | 0 |
| Post-closing purchase price adjustment | 0 | |
| Payments of deferred consideration | 0 | 0 |
| Total deferred consideration liability, ending balance | 2,000 | 2,000 |
| Deferred consideration, total | 2,000 | 2,000 |
| Deferred consideration liability - current | 0 | |
| Deferred consideration liability, noncurrent | 2,000 | |
| Curaleaf Poland S.A. | ||
| Business Combination, Contingent Consideration, Liability [Roll Forward] | ||
| Total deferred consideration liability, beginning balance | 0 | 0 |
| Deferred consideration recognized on acquisition | 1,218 | 0 |
| Interest expense on deferred consideration | 0 | 0 |
| Effect of exchange rate differences | 82 | |
| Reversal of interest expense on deferred consideration | 0 | |
| Change in fair value on deferred consideration paid | (796) | 0 |
| Post-closing purchase price adjustment | 0 | |
| Payments of deferred consideration | 0 | 0 |
| Total deferred consideration liability, ending balance | 504 | 0 |
| Deferred consideration, total | 504 | $ 0 |
| Deferred consideration liability - current | (504) | |
| Deferred consideration liability, noncurrent | $ 0 | |
Assets and liabilities held for sale - Schedule of assets and liabilities held for sale (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Assets held for sale | ||
| Balance at beginning | $ 17,795 | $ 180,452 |
| Transferred out, net | (10,604) | (162,657) |
| Balance at ending | 7,191 | 17,795 |
| Liabilities associated with assets held for sale | ||
| Balance at beginning | 9,173 | 36,529 |
| Transferred out, net | (268) | (27,356) |
| Balance at ending | 8,905 | 9,173 |
| Held-for-sale, discontinued operations | ||
| Assets held for sale | ||
| Balance at beginning | 13,216 | 75,177 |
| Transferred out, net | (6,025) | (61,961) |
| Balance at ending | 7,191 | 13,216 |
| Liabilities associated with assets held for sale | ||
| Balance at beginning | 8,287 | 19,214 |
| Transferred out, net | 184 | (10,927) |
| Balance at ending | 8,471 | 8,287 |
| Held-for-sale, not discontinued operations | ||
| Assets held for sale | ||
| Balance at beginning | 4,579 | 105,275 |
| Transferred out, net | (4,579) | (100,696) |
| Balance at ending | 0 | 4,579 |
| Liabilities associated with assets held for sale | ||
| Balance at beginning | 886 | 17,315 |
| Transferred out, net | (452) | (16,429) |
| Balance at ending | $ 434 | $ 886 |
Assets and liabilities held for sale - Summary of major classes of assets and liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Assets | |||
| Total assets | $ 7,191 | $ 17,795 | $ 180,452 |
| Liabilities | |||
| Total liabilities | 8,905 | 9,173 | 36,529 |
| Held-for-sale, not discontinued operations | |||
| Assets | |||
| Inventories, net | 0 | 509 | |
| Total current assets | 0 | 509 | |
| Property, plant and equipment, net | 0 | 4,002 | |
| Right-of-use assets, finance lease, net | 0 | 68 | |
| Total non-current assets | 0 | 4,070 | |
| Total assets | 0 | 4,579 | 105,275 |
| Liabilities | |||
| Lease liabilities, finance - current | 0 | 84 | |
| Lease liabilities, operating - current | 434 | 368 | |
| Total current liabilities | 434 | 452 | |
| Lease liabilities, operating - net of current | 0 | 434 | |
| Total non-current liabilities | 0 | 434 | |
| Total liabilities | $ 434 | $ 886 | $ 17,315 |
Assets and liabilities held for sale - Narrative (Details) £ in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Apr. 29, 2024
GBP (£)
|
Feb. 23, 2024
USD ($)
|
Jan. 05, 2024
USD ($)
|
Nov. 30, 2024
USD ($)
|
Nov. 30, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
|
| Phytoscience Management Group, Inc | Disposed by sale | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Percentage of assets disposed | 100.00% | ||||||
| Total consideration | $ 2.8 | ||||||
| Proceeds from divestiture of businesses | $ 2.5 | $ 0.3 | |||||
| Gain (loss) on disposal | $ (1.1) | ||||||
| North Shore Assets | Disposed by sale | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Gain (loss) on disposal | $ (0.8) | ||||||
| North Shore Assets | Disposed by sale | Payable upon signing of definitive agreement | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Total consideration | 2.8 | ||||||
| North Shore Assets | Disposed by sale | Payable upon closing of sale | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Total consideration | $ 1.5 | ||||||
| Acres Assets | Disposed by sale | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Total consideration | $ 3.3 | ||||||
| Gain (loss) on disposal | (17.5) | ||||||
| Consideration, cash | 1.1 | ||||||
| Consideration, notes receivable | $ 2.2 | ||||||
| Consideration, notes receivable, interest rate | 8.00% | ||||||
| Disposal Group, Including Discontinued Operation, Membership Interest Purchase Agreement, Amount | $ 0.2 | ||||||
| Rokshaw Limited | Disposed by sale | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Total consideration | £ | £ 3.3 | ||||||
| Gain (loss) on disposal | £ | 1.8 | ||||||
| Rokshaw Limited | Disposed by sale | Payable upon signing of definitive agreement | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Total consideration | £ | 0.5 | ||||||
| Rokshaw Limited | Disposed by sale | Payable upon closing of sale | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Total consideration | £ | 1.8 | ||||||
| Rokshaw Limited | Disposed by sale | Payable on first anniversary | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Total consideration | £ | 0.5 | ||||||
| Rokshaw Limited | Disposed by sale | Payable on second anniversary | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Total consideration | £ | £ 0.5 | ||||||
| Parallel Illinois, LLC | GR Companies, Inc. | Illinois Assets | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Settlement amount | $ 0.5 | ||||||
| Consideration received as deposits | $ 10.0 | ||||||
Discontinued operations - Narrative (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jan. 02, 2025
USD ($)
|
Sep. 01, 2024
USD ($)
|
Jun. 28, 2024
USD ($)
|
Mar. 01, 2024
USD ($)
|
Feb. 01, 2024
USD ($)
|
Jun. 26, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jun. 01, 2024
USD ($)
|
Nov. 30, 2023
USD ($)
|
Jul. 01, 2023
USD ($)
|
Jun. 07, 2023
USD ($)
property
|
Jun. 02, 2023
USD ($)
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Net gain (loss) from discontinued operations | $ (5,786) | $ (51,382) | |||||||||||
| Disposed of by sale | Focused Investment Partners, LLC | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Total consideration | $ 400 | ||||||||||||
| Disposed of by sale | GG Real Estate, LLC | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Total consideration | $ 500 | ||||||||||||
| Number of properties sold | property | 2 | ||||||||||||
| Disposed of by sale | Los Suenos Farms, LLC | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Total consideration | $ 1,500 | ||||||||||||
| Disposed of by sale | Colorado asset group | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Net gain (loss) from discontinued operations | $ (2,000) | ||||||||||||
| Disposed of by sale | Kentucky | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Net gain (loss) from discontinued operations | 3,900 | ||||||||||||
| Impairment of long-lived assets | $ 7,200 | ||||||||||||
| Disposed of by sale | Adult-Use Maine | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Total consideration | $ 100 | ||||||||||||
| Net gain (loss) from discontinued operations | $ (300) | ||||||||||||
| Disposed of by sale | Oregon asset group | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Total consideration | $ 2,000 | ||||||||||||
| Net gain (loss) from discontinued operations | $ (2,300) | ||||||||||||
| Disposed of by sale | Kalamazoo, Michigan | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Net gain (loss) from discontinued operations | $ 500 | ||||||||||||
| Disposed of by sale | Battle Creek and Bangor, Michigan | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Net gain (loss) from discontinued operations | $ 700 | ||||||||||||
| Lease termination fee | $ 200 | ||||||||||||
| Payment of lease termination fee | $ 100 | ||||||||||||
| Disposed of by sale | Battle Creek and Bangor, Michigan | Subsequent events | |||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
| Payment of lease termination fee | $ 100 | ||||||||||||
Discontinued operations - Summary of major classes of assets and liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Assets | |||
| Total assets | $ 7,191 | $ 17,795 | $ 180,452 |
| Liabilities | |||
| Total liabilities | 8,905 | 9,173 | $ 36,529 |
| Disposed of by sale | |||
| Assets | |||
| Accounts receivable, net of allowance for credit losses | 0 | 4,356 | |
| Prepaid expenses and other current assets | 0 | 53 | |
| Total current assets | 0 | 4,409 | |
| Deferred tax asset | 7,191 | 8,514 | |
| Property, plant and equipment, net | 0 | 293 | |
| Total non-current assets | 7,191 | 8,807 | |
| Total assets | 7,191 | 13,216 | |
| Liabilities | |||
| Accounts payable | 0 | 665 | |
| Accrued expenses | 8,318 | 4,670 | |
| Lease liabilities, finance - current | 0 | 28 | |
| Lease liabilities, operating - current | 140 | 689 | |
| Notes payable - current | 0 | 72 | |
| Total current liabilities | 8,458 | 6,124 | |
| Notes payable - net of current | 0 | 56 | |
| Lease liabilities, finance - net of current | 0 | 285 | |
| Lease liabilities, operating - net of current | 13 | 1,822 | |
| Total non-current liabilities | 13 | 2,163 | |
| Total liabilities | $ 8,471 | $ 8,287 |
Discontinued operations - Summary of results of the company’s discontinued operations (Details) - Disposed of by sale - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Total revenues, net | $ 706 | $ 20,274 |
| Cost of goods sold | 445 | 37,015 |
| Gross income (loss) | 261 | (16,741) |
| Other operating expenses | 2,157 | 13,771 |
| Loss from operations | (1,896) | (30,512) |
| Total other expense, net | (3,548) | (25,257) |
| Loss from discontinued operations before provision for income taxes | (5,444) | (55,769) |
| Benefit from (provision for) income taxes | (342) | 4,387 |
| Net loss from discontinued operations | $ (5,786) | $ (51,382) |
Accounts receivable, net - Schedule of accounts receivable (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Receivables [Abstract] | ||
| Trade accounts receivable | $ 63,990 | $ 59,998 |
| Other receivables | 4,763 | 2,379 |
| Accounts receivable, gross | 68,753 | 62,377 |
| Less: allowance for credit losses | (2,722) | (6,717) |
| Accounts receivable, net | $ 66,031 | $ 55,660 |
Accounts receivable, net - Allowance for credit losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Allowance for credit losses as of January 1, | $ (6,717) | $ (4,042) |
| Provision | (276) | (7,541) |
| Charge-offs and recoveries | 4,271 | 4,866 |
| Allowance for credit losses as of December 31, | $ (2,722) | $ (6,717) |
Inventories, net - Schedule of inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventories | ||
| Raw materials: | $ 60,051 | $ 52,118 |
| Work-in-process | 60,863 | 72,988 |
| Finished goods | 99,740 | 90,807 |
| Inventories, net | 220,654 | 215,913 |
| Cannabis | ||
| Inventories | ||
| Raw materials: | 43,803 | 30,054 |
| Non-Cannabis | ||
| Inventories | ||
| Raw materials: | $ 16,248 | $ 22,064 |
Inventories, net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Inventory Disclosure [Abstract] | ||
| Inventory valuation reserves | $ 11.8 | $ 12.0 |
| Inventory write-down | $ 4.7 | $ 13.2 |
Notes receivable - Schedule of notes receivable (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Jan. 17, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Financing Receivable, after Allowance for Credit Loss [Abstract] | |||
| Notes receivable - current | $ 451 | $ 7,000 | $ 7,020 |
| Long-term note receivable | 2,037 | 0 | |
| Total notes receivable | $ 2,488 | $ 7,020 |
Notes receivable - Narrative (Details) $ in Thousands, € in Millions |
Feb. 23, 2024
USD ($)
|
Jan. 17, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
|
Jan. 01, 2024
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
EUR (€)
|
Nov. 30, 2023
USD ($)
installment
|
|---|---|---|---|---|---|---|---|
| Notes payable | |||||||
| Notes receivable - current | $ 7,000 | $ 451 | $ 7,020 | ||||
| Trade accounts receivable | 63,990 | 59,998 | |||||
| Notes receivable | $ 2,488 | $ 7,020 | |||||
| Dark Heart | |||||||
| Notes payable | |||||||
| Asset acquisition, consideration | $ 1,700 | ||||||
| Disposed by sale | Acres Assets | |||||||
| Notes payable | |||||||
| Total consideration | $ 3,300 | ||||||
| Consideration, cash | 1,100 | ||||||
| Consideration, notes receivable | $ 2,200 | ||||||
| Consideration, notes receivable, interest rate | 8.00% | ||||||
| Canymed GmbH | |||||||
| Notes payable | |||||||
| Trade accounts receivable | € | € 0.8 | ||||||
| Notes receivable | € | € 0.8 | ||||||
| Note receivable, interest rate | 8.00% | ||||||
| Curaleaf Maine Adult Use | |||||||
| Notes payable | |||||||
| Notes receivable | $ 100 | ||||||
| Note receivable, interest rate | 5.17% | ||||||
| Number of monthly installment payments | installment | 10 |
Property, plant and equipment, net - Summary of property, plant and equipment, net and related accumulated depreciation (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, plant and equipment, net | ||
| Property, plant and equipment, gross | $ 809,530 | $ 755,466 |
| Less: Accumulated depreciation | (263,104) | (183,839) |
| Property, plant and equipment, net | 546,426 | 571,627 |
| Land | ||
| Property, plant and equipment, net | ||
| Property, plant and equipment, gross | 7,616 | 8,026 |
| Building and improvements | ||
| Property, plant and equipment, net | ||
| Property, plant and equipment, gross | 503,394 | 514,777 |
| Furniture and fixtures | ||
| Property, plant and equipment, net | ||
| Property, plant and equipment, gross | 203,303 | 168,846 |
| Information technology | ||
| Property, plant and equipment, net | ||
| Property, plant and equipment, gross | 27,445 | 20,113 |
| Construction in progress | ||
| Property, plant and equipment, net | ||
| Property, plant and equipment, gross | $ 67,772 | $ 43,704 |
Property, plant and equipment, net - Narrative (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
property
|
|
| Property, plant and equipment, net | ||
| Depreciation expense | $ 85,000 | $ 74,800 |
| Net gain (loss) from discontinued operations | (5,786) | (51,382) |
| Sale leaseback arrangement, impairment loss | 18,900 | |
| Disposed of by sale | Kentucky | ||
| Property, plant and equipment, net | ||
| Net gain (loss) from discontinued operations | 3,900 | |
| Impairment of assets held for sale | 7,200 | |
| Cultivation Facilities | ||
| Property, plant and equipment, net | ||
| Impairment of assets held for sale | 12,400 | |
| Florida | ||
| Property, plant and equipment, net | ||
| Impairment of assets held for sale | 43,700 | |
| Nevada operations | ||
| Property, plant and equipment, net | ||
| Impairment of assets held for sale | $ 7,500 | |
| Number of facilities | property | 3 | |
| Kentucky asset group | ||
| Property, plant and equipment, net | ||
| Impairment of assets held for sale | $ 1,100 | |
| Cost of goods sold | ||
| Property, plant and equipment, net | ||
| Depreciation expense | 51,200 | 48,500 |
| Operating expenses | ||
| Property, plant and equipment, net | ||
| Depreciation expense | $ 33,900 | $ 26,300 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lessee, Lease, Description [Line Items] | |||
| Finance lease, renewal term | 5 years | 5 years | |
| Amortization of ROU assets | $ 39,044 | $ 15,406 | |
| Sale leaseback arrangement, impairment loss | $ 18,900 | ||
| Impairment losses | $ 200 | ||
| Lease term | |||
| Lessee, Lease, Description [Line Items] | |||
| Amortization of ROU assets | $ 23,500 | ||
| Minimum | Real estate | |||
| Lessee, Lease, Description [Line Items] | |||
| Finance lease, renewal term | 1 year | 1 year | |
| Maximum | Real estate | |||
| Lessee, Lease, Description [Line Items] | |||
| Finance lease, renewal term | 20 years | 20 years | |
Leases - Components of lease cost (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Finance lease cost: | ||
| Amortization of ROU assets | $ 39,044 | $ 15,406 |
| Interest on finance lease liabilities | 17,537 | 18,265 |
| Total finance lease cost | 56,581 | 33,671 |
| Operating lease expense | 30,549 | 28,876 |
| Total lease costs | 87,130 | 62,547 |
| Operating lease expense | 200 | |
| Cost of goods sold | ||
| Finance lease cost: | ||
| Amortization of ROU assets | 10,200 | 10,600 |
| Operating expenses | ||
| Finance lease cost: | ||
| Amortization of ROU assets | $ 28,800 | $ 4,800 |
Leases - Leased asset and liability balances (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating leases | ||
| Right-of-use assets | $ 167,209 | $ 158,547 |
| Accumulated amortization | (50,690) | (40,112) |
| Right-of-use assets, net | 116,519 | 118,435 |
| Lease liabilities - current | 17,333 | 15,993 |
| Lease liabilities - net of current | 106,192 | 110,398 |
| Total lease liabilities | 123,525 | 126,391 |
| Finance leases | ||
| Right-of-use assets | 183,968 | 183,820 |
| Accumulated amortization | (78,800) | (40,617) |
| Right-of-use assets, net | 105,168 | 143,203 |
| Lease liabilities - current | 10,995 | 9,428 |
| Lease liabilities - net of current | 150,683 | 159,961 |
| Total lease liabilities | $ 161,678 | $ 169,389 |
Leases - Cash flows associated with the Company’s operating and finance leases (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | ||
| Operating cash flows from operating leases | $ (29,920) | $ (29,352) |
| Operating cash flows from finance leases | (17,537) | (18,265) |
| Financing cash flows from finance leases | (9,445) | (8,474) |
| Net cash flows from leasing arrangements | $ (56,902) | $ (56,091) |
Leases - Weighted average remaining lease term (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted average remaining lease term (in years) - finance leases | 9 years 2 months 12 days | 10 years 1 month 6 days |
| Weighted average remaining lease term (in years) - operating leases | 6 years 3 months 18 days | 6 years 10 months 24 days |
| Weighted average discount rate - finance leases | 11.20% | 10.70% |
| Weighted average discount rate - operating leases | 11.00% | 10.50% |
Leases - Sale leaseback arrangements (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | ||
| Interest on financial obligations | $ 23,726 | $ 24,151 |
| Depreciation on financed property, plant and equipment | 17,145 | 17,715 |
| Total costs associated with failed sale leaseback arrangements | $ 40,871 | $ 41,866 |
Leases - Property and financial obligations, sale leaseback arrangements (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Sale and lease back transaction book value, net | $ 143,923 | $ 176,569 |
| Accumulated depreciation | 59,100 | 46,000 |
| Financial obligation: | ||
| Financial obligations - current | 7,208 | 5,777 |
| Financial obligations - net of current | 201,687 | 208,895 |
| Total financial obligation | $ 208,895 | $ 214,672 |
Leases - Cash flows associated with failed sale leaseback arrangements (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | ||
| Operating cash flows from sale leaseback financial obligations | $ (23,726) | $ (24,150) |
| Financing cash flows from sale leaseback financial obligations | (5,777) | (4,308) |
| Net cash flows from leasing arrangements | $ (29,503) | $ (28,458) |
Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating Leases | ||
| 2025 | $ 29,757 | |
| 2026 | 28,524 | |
| 2027 | 26,709 | |
| 2028 | 24,856 | |
| 2029 | 20,890 | |
| 2030 and thereafter | 41,203 | |
| Total undiscounted remaining minimum lease payments | 171,939 | |
| Less: imputed interest | (48,414) | |
| Total discounted remaining minimum lease payments | 123,525 | $ 126,391 |
| Finance Leases | ||
| 2025 | 27,753 | |
| 2026 | 28,175 | |
| 2027 | 28,724 | |
| 2028 | 28,061 | |
| 2029 | 27,928 | |
| 2030 and thereafter | 126,741 | |
| Total undiscounted remaining minimum lease payments | 267,382 | |
| Less: imputed interest | (105,704) | |
| Total discounted remaining minimum lease payments | 161,678 | $ 169,389 |
| Financial Obligations | ||
| 2025 | 30,264 | |
| 2026 | 31,078 | |
| 2027 | 28,944 | |
| 2028 | 29,763 | |
| 2029 | 30,296 | |
| 2030 and thereafter | 209,491 | |
| Total undiscounted remaining minimum lease payments | 359,836 | |
| Less: imputed interest | (150,941) | |
| Financial obligation | $ 208,895 |
Intangible assets, net and Goodwill - Identifiable intangible assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Basis of presentation | ||
| Gross Carrying Amount | $ 1,498,744 | $ 1,478,430 |
| Accumulated Amortization | (413,347) | (305,985) |
| Net Carrying Amount | 1,085,397 | 1,172,445 |
| Licenses and service agreements | ||
| Basis of presentation | ||
| Gross Carrying Amount | 1,290,199 | 1,279,705 |
| Accumulated Amortization | (331,593) | (248,083) |
| Net Carrying Amount | 958,606 | 1,031,622 |
| Trade names | ||
| Basis of presentation | ||
| Gross Carrying Amount | 166,843 | 167,009 |
| Accumulated Amortization | (60,375) | (41,998) |
| Net Carrying Amount | 106,468 | 125,011 |
| Intellectual property and know-how | ||
| Basis of presentation | ||
| Gross Carrying Amount | 9,365 | |
| Accumulated Amortization | (1,889) | |
| Net Carrying Amount | 7,476 | |
| Non-compete agreements | ||
| Basis of presentation | ||
| Gross Carrying Amount | 32,337 | 31,716 |
| Accumulated Amortization | (19,490) | (15,904) |
| Net Carrying Amount | $ 12,847 | $ 15,812 |
Intangible assets, net and Goodwill - Narrative (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
reporting_unit
trade_name
|
Dec. 31, 2023
USD ($)
|
|
| Basis of presentation | ||
| Increase in intangible assets | $ 20,300 | |
| Amortization of intangible assets | $ 109,200 | $ 105,700 |
| Number of trade names | trade_name | 2 | |
| Weighted average amortization period | 12 years 8 months 12 days | |
| Number of reporting units | reporting_unit | 2 | |
| Goodwill Impairment | $ 0 | 50,702 |
| Loss on impairment | 54,245 | 67,076 |
| Nevada | ||
| Basis of presentation | ||
| Goodwill Impairment | 43,992 | |
| Discontinued operations | ||
| Basis of presentation | ||
| Loss on impairment | $ 0 | 7,800 |
| Discontinued operations | Nevada | ||
| Basis of presentation | ||
| Goodwill Impairment | $ 6,700 | |
Intangible assets, net and Goodwill - Estimated annual amortization expense (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2025 | $ 98,370 |
| 2026 | 97,723 |
| 2027 | 97,164 |
| 2028 | 93,843 |
| 2029 | $ 87,721 |
Intangible assets, net and Goodwill - Remaining Weighted Average Amortization Period (Details) |
Dec. 31, 2024 |
|---|---|
| Basis of presentation | |
| Weighted average amortization period | 12 years 8 months 12 days |
| Licenses and service agreements | |
| Basis of presentation | |
| Weighted average amortization period | 12 years 10 months 24 days |
| Trade names | |
| Basis of presentation | |
| Weighted average amortization period | 12 years 4 months 24 days |
| Intellectual property and know-how | |
| Basis of presentation | |
| Weighted average amortization period | 4 years |
| Non-compete agreements | |
| Basis of presentation | |
| Weighted average amortization period | 6 years 3 months 18 days |
Intangible assets, net and Goodwill - Changes in the carrying amount of goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Roll Forward] | ||
| Balance at the beginning of period | $ 626,628 | $ 625,129 |
| Change in assets held for sale | 41,678 | |
| Loss on Impairment | 0 | (50,702) |
| Acquisitions | 6,137 | 7,002 |
| Purchase price adjustments | 63 | 119 |
| Effect of exchange rate differences | (3,944) | 3,402 |
| Balance at the end of period | 628,884 | 626,628 |
| Domestic | ||
| Goodwill [Roll Forward] | ||
| Balance at the beginning of period | 551,181 | 553,203 |
| Change in assets held for sale | 41,678 | |
| Loss on Impairment | (50,702) | |
| Acquisitions | 0 | 7,002 |
| Purchase price adjustments | 0 | 0 |
| Effect of exchange rate differences | 0 | 0 |
| Balance at the end of period | 551,181 | 551,181 |
| International | ||
| Goodwill [Roll Forward] | ||
| Balance at the beginning of period | 75,447 | 71,926 |
| Change in assets held for sale | 0 | |
| Loss on Impairment | 0 | |
| Acquisitions | 6,137 | 0 |
| Purchase price adjustments | 63 | 119 |
| Effect of exchange rate differences | (3,944) | 3,402 |
| Balance at the end of period | $ 77,703 | $ 75,447 |
Intangible assets, net and Goodwill - Impairment of reporting units (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill and intangible assets | |||
| Carrying Value of Goodwill | $ 628,884 | $ 626,628 | $ 625,129 |
| Goodwill Impairment | $ 0 | 50,702 | |
| Nevada | |||
| Goodwill and intangible assets | |||
| Carrying Value of Goodwill | 43,992 | ||
| Goodwill Impairment | $ 43,992 | ||
Investments and other assets - Schedule of investment and other assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
| Security deposits | $ 10,322 | $ 10,523 |
| Investments | 1,713 | 2,477 |
| Other assets | 2,947 | 2,048 |
| Total other assets | 14,982 | 15,048 |
| Goodwill Impairment | $ 0 | $ 50,702 |
Investments and other assets - Narrative (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
| Investment loss, impairment | $ 1.7 |
Accrued Expenses (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Accrued loyalty payable | $ 5,722 | $ 5,327 |
| Sales taxes payable | 7,170 | 9,971 |
| Excise taxes payable | 4,082 | 3,414 |
| Accrued payroll expenses | 29,088 | 25,227 |
| Interest payable | 10,421 | 6,330 |
| Deferred revenue | 2,173 | 866 |
| Accrued inventory expenses | 7,901 | 8,002 |
| Accrued marketing expenses | 2,045 | 4,306 |
| Accrued legal expenses | 4,009 | 6,275 |
| Property & other taxes payable | 1,214 | 2,243 |
| Other accrued expenses | 28,363 | 29,350 |
| Accrued expenses | $ 102,188 | $ 101,311 |
Notes payable - Schedule of notes payable (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 29, 2023 |
Mar. 21, 2023 |
|---|---|---|---|---|
| Notes payable | ||||
| Outstanding balance | $ 579,403 | |||
| Less: Unamortized debt discount/premium and deferred financing fees | (10,783) | $ (19,689) | ||
| Notes payable, net of unamortized debt discount/premium and deferred financing fees | 568,620 | 587,767 | ||
| Less: Notes payable - current | (101,723) | (39,478) | ||
| Notes payable - net of current | 466,897 | 548,289 | ||
| Senior Secured Notes – 2026 | ||||
| Notes payable | ||||
| Outstanding balance | 460,000 | 475,000 | ||
| Notes payable, net of unamortized debt discount/premium and deferred financing fees | 460,000 | 475,000 | ||
| Bloom Notes – 2024 | ||||
| Notes payable | ||||
| Outstanding balance | 16,500 | 47,500 | $ 47,500 | $ 46,000 |
| Bloom Notes – 2025 | ||||
| Notes payable | ||||
| Outstanding balance | 60,000 | 60,000 | ||
| Seller notes payable | ||||
| Notes payable | ||||
| Outstanding balance | 4,364 | 6,567 | ||
| ABL Facility – EWB | ||||
| Notes payable | ||||
| Outstanding balance | 12,000 | 6,500 | ||
| Needham LOC | ||||
| Notes payable | ||||
| Outstanding balance | 11,100 | 0 | ||
| Other notes payable | ||||
| Notes payable | ||||
| Outstanding balance | $ 15,439 | $ 11,889 |
Notes payable - Schedule of company’s credit facilities outstanding (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Sep. 03, 2024 |
Dec. 31, 2023 |
Dec. 29, 2023 |
Apr. 30, 2023 |
Mar. 21, 2023 |
|---|---|---|---|---|---|---|
| Notes payable | ||||||
| Outstanding balance | $ 579,403 | |||||
| Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | 655,725 | |||||
| Outstanding balance | 579,403 | |||||
| Senior Secured Notes – 2026 | ||||||
| Notes payable | ||||||
| Outstanding balance | 460,000 | $ 475,000 | ||||
| Senior Secured Notes – 2026 | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | 475,000 | |||||
| Outstanding balance | $ 460,000 | |||||
| Stated interest rate | 8.00% | |||||
| Bloom Notes – 2024 | ||||||
| Notes payable | ||||||
| Outstanding balance | $ 16,500 | 47,500 | $ 47,500 | $ 46,000 | ||
| Bloom Notes – 2024 | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | 50,000 | |||||
| Outstanding balance | $ 16,500 | $ 47,500 | ||||
| Stated interest rate | 10.00% | |||||
| Installment amount | $ 31,000 | |||||
| Bloom Notes – 2025 | ||||||
| Notes payable | ||||||
| Outstanding balance | 60,000 | 60,000 | ||||
| Bloom Notes – 2025 | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | 60,000 | |||||
| Outstanding balance | $ 60,000 | |||||
| Stated interest rate | 4.00% | |||||
| Seller notes payable | ||||||
| Notes payable | ||||||
| Outstanding balance | $ 4,364 | 6,567 | ||||
| Seller notes payable | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | 4,600 | |||||
| Outstanding balance | $ 4,364 | |||||
| Stated interest rate | 5.00% | |||||
| ABL Facility – EWB | ||||||
| Notes payable | ||||||
| Outstanding balance | $ 12,000 | 6,500 | ||||
| ABL Facility – EWB | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | 12,000 | |||||
| Outstanding balance | $ 12,000 | |||||
| Stated interest rate | 6.00% | |||||
| Needham LOC | ||||||
| Notes payable | ||||||
| Outstanding balance | $ 11,100 | $ 0 | ||||
| Needham LOC | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | 40,000 | |||||
| Outstanding balance | $ 11,100 | |||||
| Stated interest rate | 7.99% | |||||
| Other notes payable - BHH Note | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | $ 7,500 | |||||
| Outstanding balance | $ 7,500 | |||||
| Stated interest rate | 15.00% | |||||
| Other notes payable - VOWL Note | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | $ 2,226 | |||||
| Outstanding balance | $ 1,989 | |||||
| Stated interest rate | 5.90% | |||||
| Other notes payable - NGC Note | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | $ 1,600 | |||||
| Outstanding balance | $ 1,699 | |||||
| Stated interest rate | 10.00% | 12.00% | ||||
| Other notes payable - miscellaneous | Line of credit | ||||||
| Notes payable | ||||||
| Original facility size | $ 2,799 | |||||
| Outstanding balance | $ 4,251 |
Notes payable - Schedule of interest expense by credit facility (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Mar. 21, 2023 |
Apr. 30, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Notes payable | ||||
| Stated debt interest | $ (44,719) | $ (45,137) | ||
| Amortization of debt discount/premium and deferred financing fees | (8,449) | (8,571) | ||
| Interest expense | $ (53,168) | $ (53,708) | ||
| Senior Secured Notes – 2026 | ||||
| Notes payable | ||||
| Effective interest rate | 9.33% | 8.00% | ||
| Stated debt interest | $ (36,750) | $ (38,000) | ||
| Amortization of debt discount/premium and deferred financing fees | (4,805) | (4,193) | ||
| Interest expense | $ (41,555) | $ (42,193) | ||
| Bloom Notes – 2023 | ||||
| Notes payable | ||||
| Effective interest rate | 7.99% | |||
| Stated debt interest | $ 0 | |||
| Amortization of debt discount/premium and deferred financing fees | (74) | |||
| Interest expense | $ (74) | |||
| Debt term | 12 months | |||
| Decrease in future principal payments | $ 6,000 | |||
| Bloom Notes – 2024 | ||||
| Notes payable | ||||
| Effective interest rate | 10.00% | 10.00% | ||
| Stated debt interest | $ (3,027) | $ (2,825) | ||
| Amortization of debt discount/premium and deferred financing fees | 0 | (1,030) | ||
| Interest expense | $ (3,027) | $ (3,855) | ||
| Decrease in future principal payments | $ 4,000 | |||
| Bloom Notes – 2025 | ||||
| Notes payable | ||||
| Effective interest rate | 10.35% | 10.35% | ||
| Stated debt interest | $ (2,440) | $ (2,433) | ||
| Amortization of debt discount/premium and deferred financing fees | (3,644) | (3,274) | ||
| Interest expense | $ (6,084) | $ (5,707) | ||
| Seller notes payable - Phyto Note | ||||
| Notes payable | ||||
| Effective interest rate | 7.50% | 7.50% | ||
| Stated debt interest | $ (223) | $ (105) | ||
| Amortization of debt discount/premium and deferred financing fees | 0 | 0 | ||
| Interest expense | $ (223) | $ (105) | ||
| Seller notes payable - Scottsdale Note | ||||
| Notes payable | ||||
| Effective interest rate | 5.00% | 5.00% | ||
| Stated debt interest | $ (239) | $ (222) | ||
| Amortization of debt discount/premium and deferred financing fees | 0 | 0 | ||
| Interest expense | $ (239) | $ (222) | ||
| ABL Facility – EWB | ||||
| Notes payable | ||||
| Effective interest rate | 6.00% | 6.00% | ||
| Stated debt interest | $ (607) | $ (118) | ||
| Amortization of debt discount/premium and deferred financing fees | 0 | 0 | ||
| Interest expense | $ (607) | $ (118) | ||
| Needham LOC | ||||
| Notes payable | ||||
| Effective interest rate | 7.99% | |||
| Stated debt interest | $ (34) | |||
| Amortization of debt discount/premium and deferred financing fees | 0 | |||
| Interest expense | $ (34) | |||
| Other notes payable - BHH Note | ||||
| Notes payable | ||||
| Effective interest rate | 14.79% | 14.79% | ||
| Stated debt interest | $ (1,128) | $ (1,125) | ||
| Amortization of debt discount/premium and deferred financing fees | 0 | 0 | ||
| Interest expense | $ (1,128) | $ (1,125) | ||
| Other notes payable - VOWL Note | ||||
| Notes payable | ||||
| Effective interest rate | 5.90% | 5.90% | ||
| Stated debt interest | $ (183) | $ (304) | ||
| Amortization of debt discount/premium and deferred financing fees | 0 | 0 | ||
| Interest expense | $ (183) | (304) | ||
| Other notes payable - NGC Note | ||||
| Notes payable | ||||
| Effective interest rate | 12.00% | |||
| Stated debt interest | $ (100) | |||
| Amortization of debt discount/premium and deferred financing fees | 0 | |||
| Interest expense | (100) | |||
| Other notes payable - miscellaneous | ||||
| Notes payable | ||||
| Stated debt interest | 12 | (5) | ||
| Amortization of debt discount/premium and deferred financing fees | 0 | 0 | ||
| Interest expense | $ 12 | $ (5) | ||
Notes payable - Future Maturities (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Future maturities | |
| 2025 | $ 102,195 |
| 2026 | 471,395 |
| 2027 | 318 |
| 2028 | 2,304 |
| 2029 and thereafter | 3,191 |
| Total future principal payments | $ 579,403 |
Notes payable - Narrative - Senior Secured Notes – 2026 (Details) - Senior Secured Notes – 2026 $ in Millions |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2024
USD ($)
|
Apr. 30, 2024
USD ($)
|
Dec. 15, 2021
USD ($)
|
|
| Notes payable | ||||
| Gross proceeds | $ 475.0 | |||
| Fixed charge coverage ratio | 2.5 | |||
| Consolidated debt to consolidated EBITDA ratio | 4 | |||
| Consolidated secured debt to consolidated EBITDA ratio | 3 | |||
| Repurchased amount of debt | $ 14.3 | |||
| Repurchased face amount | $ 15.0 | |||
| Reduction of accrued interest | $ 3.2 | |||
| Maximum | ||||
| Notes payable | ||||
| Debt secured | $ 200.0 |
Notes payable - Schedule of prepayment premium (Details) - Senior Secured Notes – 2026 |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| June 15, 2024 to June 14, 2025 | |
| Notes payable | |
| Prepayment redemption prices | 102.00% |
| June 15, 2025 and thereafter | |
| Notes payable | |
| Prepayment redemption prices | 100.00% |
Notes payable - Narrative - Bloom Notes (Details) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 29, 2023
USD ($)
installment
equity_instrument
|
Mar. 21, 2023
USD ($)
|
Jan. 18, 2022
note
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Notes payable | |||||
| Outstanding balance | $ 579,403 | ||||
| Gain on modification and extinguishment of debt | 257 | $ 2,065 | |||
| Bloom Notes | |||||
| Notes payable | |||||
| Number of notes | note | 3 | ||||
| Gain on modification and extinguishment of debt | $ 3,300 | ||||
| Bloom Notes – 2024 | |||||
| Notes payable | |||||
| Decrease in future principal payments | 4,000 | ||||
| Outstanding balance | $ 47,500 | $ 46,000 | $ 16,500 | $ 47,500 | |
| Bloom Notes - 2024, installment amount | |||||
| Notes payable | |||||
| Outstanding balance | $ 31,000 | ||||
| Number of monthly installments | installment | 10 | ||||
| Bloom Notes - 2024, conversion amount | |||||
| Notes payable | |||||
| Outstanding balance | $ 16,500 | ||||
| Debt conversion shares (in shares) | equity_instrument | 4,282,599 | ||||
Notes payable - Narrative - Needham Bank (Details) - Line of credit - USD ($) $ in Thousands |
Dec. 31, 2024 |
Nov. 06, 2024 |
|---|---|---|
| Notes payable | ||
| Original facility size | $ 655,725 | |
| Needham LOC | ||
| Notes payable | ||
| Original facility size | 40,000 | |
| Needham LOC | Revolving credit facility | ||
| Notes payable | ||
| Original facility size | $ 40,000 | |
| Additional borrowing capacity | $ 20,000 | |
| Loan-to-value ratio threshold | 80.00% | |
| Line of credit outstanding | $ 11,100 |
Notes payable - Narrative - Tangela Holdings, LTD (Details) - Other notes payable - NGC Note - Line of credit - day |
Dec. 31, 2024 |
Sep. 03, 2024 |
|---|---|---|
| Notes payable | ||
| Number of days following demand made by lender | 10 | |
| Stated interest rate | 10.00% | 12.00% |
Notes payable - Narrative - Asset-Based Revolving Credit Facility (Details) - Line of credit - USD ($) $ in Thousands |
Jun. 14, 2024 |
Dec. 31, 2024 |
Mar. 26, 2024 |
Aug. 25, 2023 |
|---|---|---|---|---|
| Notes payable | ||||
| Original facility size | $ 655,725 | |||
| Asset-Based Revolving Credit Facility | Revolving credit facility | ||||
| Notes payable | ||||
| Original facility size | $ 12,000 | $ 10,000 | $ 6,500 | |
| Increase in facility | $ 2,000 |
Shareholders' equity - Narrative (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
vote
shares
|
Dec. 31, 2023
shares
|
Dec. 31, 2022
shares
|
|
| Shareholders' equity | |||
| Common stock, shares outstanding (in shares) | 750,058,921 | 733,727,803 | 717,490,830 |
| Stock conversion ratio | 1 | ||
| Minimum | Mr. Boris Jordan | |||
| Shareholders' equity | |||
| Threshold ownership percent | 5.00% | ||
| SVS | |||
| Shareholders' equity | |||
| Common stock, conversion ratio | 1 | ||
| Number of votes | vote | 1 | ||
| Number of shares repurchased | 0 | 0 | |
| SVS | 2018 Long Term Incentive Plan | |||
| Shareholders' equity | |||
| Number o f shares reserved for future issuance | 75,005,892 | 73,372,780 | |
| SVS | Common shares | |||
| Shareholders' equity | |||
| Common stock, shares outstanding (in shares) | 656,088,216 | 639,757,098 | 623,520,125 |
| MVS | |||
| Shareholders' equity | |||
| Number of votes | vote | 15 | ||
| Outstanding shares as percent of total shares | 12.50% | 12.80% | |
| Voting power as percent to total | 68.20% | 68.80% | |
| MVS | Common shares | |||
| Shareholders' equity | |||
| Common stock, shares outstanding (in shares) | 93,970,705 | 93,970,705 | 93,970,705 |
Shareholders' equity - Schedule of stockholders equity (Details) - shares |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
||||
| Changes in stockholders equity | |||||
| Common stock, beginning balance (in shares) | 733,727,803 | 717,490,830 | |||
| Issuance of shares in connection with acquisitions (in shares) | 12,800,791 | 12,329,002 | |||
| Issuance of shares in connection with public offering (in shares) | 2,700,000 | ||||
| SVS contributed to Curaleaf, Inc. in connection with the Reorganization (in shares) | (254,315) | ||||
| Acquisition escrow shares returned and retired (in shares) | (170,158) | (350,794) | |||
| Exercise (in shares) | 75,391 | 211,775 | |||
| Issuance of SVS for settlement of RSUs (in shares) | 3,228,557 | 1,601,305 | |||
| Issuance of SVS* for settlement of PSUs (in shares) | 396,537 | ||||
| Common stock, ending balance (in shares) | 750,058,921 | 733,727,803 | |||
| SVS | Common shares | |||||
| Changes in stockholders equity | |||||
| Common stock, beginning balance (in shares) | 639,757,098 | 623,520,125 | |||
| Issuance of shares in connection with acquisitions (in shares) | 12,800,791 | 12,329,002 | |||
| Issuance of shares in connection with public offering (in shares) | 2,700,000 | ||||
| SVS contributed to Curaleaf, Inc. in connection with the Reorganization (in shares) | [1] | (254,315) | |||
| Acquisition escrow shares returned and retired (in shares) | (170,158) | (350,794) | |||
| Exercise (in shares) | 75,391 | 211,775 | |||
| Issuance of SVS for settlement of RSUs (in shares) | 3,228,557 | 1,601,305 | [1] | ||
| Issuance of SVS* for settlement of PSUs (in shares) | [1] | 396,537 | |||
| Common stock, ending balance (in shares) | 656,088,216 | 639,757,098 | |||
| MVS | Common shares | |||||
| Changes in stockholders equity | |||||
| Common stock, beginning balance (in shares) | 93,970,705 | 93,970,705 | |||
| Common stock, ending balance (in shares) | 93,970,705 | 93,970,705 | |||
| |||||
Redeemable non-controlling interest (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Apr. 07, 2021 |
Sep. 30, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2025 |
Dec. 31, 2022 |
|
| Redeemable Noncontrolling Interest [Line Items] | ||||||
| Redeemable noncontrolling interest, carrying value | $ 94,600 | |||||
| Put/call option trigger period | 2 years | |||||
| Excess redemption value above carrying value | 22,746 | $ 0 | ||||
| Temporary equity | $ 132,179 | $ 120,650 | $ 121,113 | |||
| Put Option | Minimum | Forecast | ||||||
| Redeemable Noncontrolling Interest [Line Items] | ||||||
| Put option value | $ 60,000 | |||||
| Put Option | Maximum | Forecast | ||||||
| Redeemable Noncontrolling Interest [Line Items] | ||||||
| Put option value | $ 80,000 | |||||
| Strategic investor | Curaleaf International Holdings Limited | ||||||
| Redeemable Noncontrolling Interest [Line Items] | ||||||
| Proceeds from minority interest investment | $ 130,800 | |||||
| Ownership interest by minority shareholders | 31.50% | |||||
Share-based compensation - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based payment arrangements | ||
| Unrecognized stock-based compensation expense relating to stock options | $ 13.7 | $ 18.3 |
| Stock options | ||
| Share-based payment arrangements | ||
| Weighted-average amortization period | 2 years | 2 years 3 months 21 days |
| Performance stock units | ||
| Share-based payment arrangements | ||
| Weighted-average amortization period | 1 year 4 months 28 days | 2 years 2 months 12 days |
| Unrecognized stock-based compensation expense | $ 2.3 | $ 5.3 |
| RSUs | ||
| Share-based payment arrangements | ||
| Weighted-average amortization period | 1 year 11 months 12 days | 1 year 9 months 29 days |
| Unrecognized stock-based compensation expense | $ 15.7 | $ 17.9 |
| 2018 Long Term Incentive Plan | SVS | ||
| Share-based payment arrangements | ||
| Percent of shares reserved for future issuance | 10.00% | |
Share-based compensation - Schedule of Share-Based Payment Arrangement Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based payment arrangements | ||
| Share-based compensation | $ 25,696 | $ 20,010 |
| Stock options | ||
| Share-based payment arrangements | ||
| Share-based compensation | 9,374 | 7,591 |
| Performance stock units | ||
| Share-based payment arrangements | ||
| Share-based compensation | 1,705 | 501 |
| Restricted stock units | ||
| Share-based payment arrangements | ||
| Share-based compensation | $ 14,617 | $ 11,918 |
Share-based compensation - Fair value assumptions (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Minimum | ||
| Fair value assumptions | ||
| Expected volatility | 71.00% | 68.00% |
| Expected life in years | 6 years 3 days | 5 years 4 months 17 days |
| Risk-free interest rate (based on government bonds) | 3.63% | 3.13% |
| Maximum | ||
| Fair value assumptions | ||
| Expected volatility | 74.00% | 72.00% |
| Expected life in years | 6 years 7 days | 6 years 8 months 23 days |
| Risk-free interest rate (based on government bonds) | 4.52% | 4.60% |
| Stock options | ||
| Fair value assumptions | ||
| Total intrinsic value of options exercised | $ 208 | $ 798 |
| Total fair value of shares vested | $ 8,353 | $ 10,221 |
| Expected dividends | 0.00% | 0.00% |
Share-based compensation - Stock options activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Number of options | ||
| Exercised during the year (in shares) | (75,391) | (211,775) |
| 2018 Long Term Incentive Plan | ||
| Number of options | ||
| Outstanding at January 1 (in shares) | 27,932,603 | 24,539,168 |
| Forfeited (in shares) | (1,461,492) | (2,569,561) |
| Expired (in shares) | (430,377) | (2,421,729) |
| Exercised during the year (in shares) | (75,391) | (211,775) |
| Granted (in shares) | 3,695,727 | 8,596,500 |
| Outstanding at December 31 (in shares) | 29,661,070 | 27,932,603 |
| Options exercisable at December 31 (in shares) | 16,718,254 | 14,967,286 |
| Weighted average exercise price | ||
| Outstanding at January 1 (in dollars per share) | $ 5.29 | $ 6.67 |
| Forfeited (in dollars per share) | 4.51 | 7.40 |
| Expired (in dollars per share) | 14.74 | 9.24 |
| Exercised (in dollars per share) | 2.06 | 0.23 |
| Granted (in dollars per share) | 3.53 | 2.97 |
| Outstanding at December 31 (in dollars per share) | 4.98 | 5.29 |
| Options exercisable at December 31 (in dollars per share) | $ 5.54 | $ 5.41 |
| Stock Options additional disclosures | ||
| Outstanding, Weighted average remaining contractual term | 5 years 6 months | 6 years 3 months 14 days |
| Outstanding, Aggregate intrinsic value | $ 8,846 | $ 34,646 |
| Exercisable, Weighted average remaining contractual term | 3 years 4 months 24 days | 4 years 2 months 19 days |
| Exercisable, Aggregate intrinsic value | $ 8,778 | $ 25,679 |
| 2018 Long Term Incentive Plan | Stock options | ||
| Stock Options additional disclosures | ||
| Award vesting period | 10 years | |
| Average closing price period | 15 days | |
Share-based compensation - PSU activity (Details) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Performance stock units | ||
| Number of Shares | ||
| Unvested at January 1 (in shares) | 2,024,121 | 0 |
| Forfeited (in shares) | (2,141,826) | (216,251) |
| Vested (in shares) | (396,537) | 0 |
| Granted (in shares) | 2,403,824 | 2,240,372 |
| Unvested at December 31 (in shares) | 1,889,582 | 2,024,121 |
| Weighted-Average Grant Date Fair Value | ||
| Unvested at January 1 (in dollars per share) | $ 2.89 | $ 0 |
| Forfeited (in dollars per share) | 3.37 | 2.89 |
| Vested (in dollars per share) | 2.89 | 0 |
| Granted (in dollars per share) | 4.04 | 2.89 |
| Unvested at December 31 (in dollars per share) | $ 3.81 | $ 2.89 |
| Performance stock units | 2018 Long Term Incentive Plan | ||
| Weighted-Average Grant Date Fair Value | ||
| RSUs vested at December 31 (in shares) | 396,537 | 0 |
| RSUs | 2018 Long Term Incentive Plan | ||
| Number of Shares | ||
| Unvested at January 1 (in shares) | 6,145,959 | 4,284,439 |
| Forfeited (in shares) | (2,459,478) | (1,749,598) |
| Vested (in shares) | (3,228,557) | (1,601,305) |
| Granted (in shares) | 5,875,860 | 5,212,423 |
| Unvested at December 31 (in shares) | 6,333,784 | 6,145,959 |
| Weighted-Average Grant Date Fair Value | ||
| Unvested at January 1 (in dollars per share) | $ 4.12 | $ 7.44 |
| Forfeited (in dollars per share) | 4.06 | 5.66 |
| Vested (in dollars per share) | 4.33 | 7.77 |
| Granted (in dollars per share) | 3.68 | 3.03 |
| Unvested at December 31 (in dollars per share) | $ 3.63 | $ 4.12 |
| RSUs vested at December 31 (in shares) | 9,061,395 | 5,832,838 |
Share-based compensation - RSU activity (Details) - 2018 Long Term Incentive Plan - RSUs - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Number of Shares | ||
| Unvested at January 1 (in shares) | 6,145,959 | 4,284,439 |
| Forfeited (in shares) | (2,459,478) | (1,749,598) |
| Vested (in shares) | (3,228,557) | (1,601,305) |
| Granted (in shares) | 5,875,860 | 5,212,423 |
| Unvested at December 31 (in shares) | 6,333,784 | 6,145,959 |
| Weighted-Average Grant Date Fair Value | ||
| Unvested at January 1 (in dollars per share) | $ 4.12 | $ 7.44 |
| Forfeited (in dollars per share) | 4.06 | 5.66 |
| Vested (in dollars per share) | 4.33 | 7.77 |
| Granted (in dollars per share) | 3.68 | 3.03 |
| Unvested at December 31 (in dollars per share) | $ 3.63 | $ 4.12 |
| RSUs vested at December 31 (in shares) | 9,061,395 | 5,832,838 |
Selling, general and administrative expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Selling, General and Administrative Expense [Abstract] | ||
| Salaries and benefits | $ 228,287 | $ 206,787 |
| Sales and marketing | 48,485 | 41,992 |
| Rent and occupancy | 54,292 | 48,983 |
| Travel | 6,662 | 5,741 |
| Professional fees | 24,436 | 38,631 |
| Office supplies and services | 44,757 | 46,999 |
| Other operating expense | 14,613 | 25,640 |
| Total selling, general and administrative expense | 421,532 | 414,773 |
| Cost of advertising expense | $ 18,500 | $ 12,000 |
Defined contribution plans (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | ||
| Percent of employer match | 25.00% | |
| Percent of employee's gross pay | 4.00% | |
| Employer contribution amount | $ 1.0 | $ 0.8 |
Other income, net (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Other Nonoperating Income (Expense) [Abstract] | ||
| Gain (loss) on disposal of assets | $ 4,593 | $ (8,541) |
| Gain on investment | 6,624 | 2,073 |
| Gain on modification and extinguishment of debt | 257 | 2,065 |
| Other income | 4,785 | 4,589 |
| Total other expense, net | $ 16,259 | $ 186 |
Revenue disaggregation (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Basis of presentation | ||
| Total revenues, net | $ 1,342,802 | $ 1,346,632 |
| Retail revenues | ||
| Basis of presentation | ||
| Total revenues, net | 1,032,765 | 1,097,172 |
| Wholesale revenues | ||
| Basis of presentation | ||
| Total revenues, net | 303,941 | 243,606 |
| Management fee income | ||
| Basis of presentation | ||
| Total revenues, net | $ 6,096 | $ 5,854 |
Income Taxes - Income before tax (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | ||
| Domestic | $ (91,714) | $ (95,991) |
| Foreign | (25,915) | (28,375) |
| Loss before provision for income taxes | $ (117,629) | $ (124,366) |
Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current: | ||
| Federal | $ 135,666 | $ 121,079 |
| State | 15,641 | 22,825 |
| Foreign | 1,884 | 123 |
| Total current | 153,191 | 144,027 |
| Deferred: | ||
| Federal | (24,607) | (20,775) |
| State | (25,600) | (9,057) |
| Foreign | (4,392) | 394 |
| Total deferred | $ (54,599) | $ (29,438) |
Income Taxes - Reconciliation of the statutory income tax rate to the Company's effective income tax rate (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount | ||
| Provision for income taxes computed using statutory tax rate | $ (17,644) | $ (18,655) |
| Effect of tax rates in foreign jurisdictions | (10,512) | (9,149) |
| State income taxes, net of federal income tax benefit | (22,643) | 13,769 |
| Impact of U.S. tax on foreign operations | 706 | 2,049 |
| Share-based compensation | 944 | 2,033 |
| Non-deductible expenses | 2,204 | 11,641 |
| Increase in uncertain tax position | 121,969 | 59,707 |
| Increase in valuation allowance | 19,774 | 36,042 |
| Penalties and interest | 16,216 | 19,134 |
| Other | (12,422) | (1,982) |
| Provision for income taxes | $ 98,592 | $ 114,589 |
| Effective Income Tax Rate Reconciliation, Percent | ||
| Provision for income taxes computed using statutory tax rate | 15.00% | 15.00% |
| Effect of tax rates in foreign jurisdictions | 9.00% | 7.00% |
| State income taxes, net of federal income tax benefit | 19.00% | (11.00%) |
| Impact of U.S. tax on foreign operations | (1.00%) | (2.00%) |
| Share-based compensation | (1.00%) | (2.00%) |
| Non-deductible expenses | (2.00%) | (9.00%) |
| Increase in uncertain tax position | (104.00%) | (48.00%) |
| Increase in valuation allowance | (17.00%) | (29.00%) |
| Penalties and interest | (14.00%) | (15.00%) |
| Other | 11.00% | 2.00% |
| Provision for income taxes | (84.00%) | (92.00%) |
Income Taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Net operating loss carryforward | $ 202,940 | $ 188,944 |
| 163j Interest Carryovers | 71,132 | 57,809 |
| Stock compensation | 10,307 | 10,808 |
| Accrued and prepaid expenses | 2,088 | 3,347 |
| Other | 60 | 52 |
| Total deferred tax assets | 286,527 | 260,960 |
| Deferred tax liabilities: | ||
| Depreciation and amortization | (264,588) | (300,073) |
| Inventory | (1,904) | (1,056) |
| Total deferred tax liabilities | (266,492) | (301,129) |
| Valuation allowance | (264,235) | (256,597) |
| Net deferred tax liabilities | $ (244,200) | $ (296,766) |
Income Taxes - Narrative (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Operating Loss Carryforwards [Line Items] | |||
| Uncertain tax position | $ 432,343,000 | $ 56,931,000 | $ 70,888,000 |
| Unrecognized tax benefits resulting from acquisitions | 13,100,000 | 21,000,000.0 | |
| Unrecognized tax benefits is reasonably possibility | 16,200,000 | ||
| Unrecognized tax benefits that would impact effective tax rate | 419,200,000 | 35,900,000 | |
| Accrued interest and penalties for uncertain tax positions | 16,100,000 | 3,100,000 | |
| Accrued interest and penalties, uncertain tax position, current | 4,900,000 | ||
| Accrued interest and penalties, uncertain tax position, noncurrent | 19,200,000 | ||
| Income tax payable | |||
| Operating Loss Carryforwards [Line Items] | |||
| Uncertain tax position | 8,600,000 | 500,000 | |
| Other long-term liabilities | |||
| Operating Loss Carryforwards [Line Items] | |||
| Uncertain tax position | 423,700,000 | 56,400,000 | |
| Federal and State Tax Authority | |||
| Operating Loss Carryforwards [Line Items] | |||
| Tax loss carryforwards subject to expiration | 637,400,000 | 586,900,000 | |
| Tax loss carryforwards not subject to expiration | 571,000,000.0 | 589,600,000 | |
| Foreign Tax Jurisdiction | |||
| Operating Loss Carryforwards [Line Items] | |||
| Tax loss carryforwards subject to expiration | 1,500,000 | 1,500,000 | |
| Tax loss carryforwards not subject to expiration | $ 90,800,000 | $ 97,500,000 |
Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Reconciliation of the beginning and ending amounts of unrecognized tax benefits | ||
| Balance at beginning of the year | $ 56,931 | $ 70,888 |
| Additions based on tax positions related to the current year | 130,790 | 8,313 |
| Additions based on refunds requested but not yet received related to prior years | 91,645 | 0 |
| Additions based on refunds received related to prior years | 9,984 | 0 |
| Deductions for tax positions of prior years | (896) | |
| Additions for tax positions of prior years | 164,249 | |
| Additions based on acquisitions | (10,347) | (485) |
| Lapse of statute of limitations | (10,909) | (20,889) |
| Balance at the end of the year | $ 432,343 | $ 56,931 |
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Numerator: | ||||
| Net loss from continuing operations | $ (216,221) | $ (238,955) | ||
| Less: excess redemption value above carrying value | (22,746) | 0 | ||
| Net loss from continuing operations, net of accretion | (238,967) | (238,955) | ||
| Less: Net loss attributable to non-controlling interest | (6,584) | (9,140) | ||
| Net loss from continuing operations attributable to Curaleaf Holdings, Inc. | (232,383) | (229,815) | ||
| Net loss from discontinued operations | (5,786) | (51,382) | ||
| Net Income (Loss) Attributable To Parent, Adjusted | $ (238,169) | $ (281,197) | ||
| Denominator: | ||||
| Basic weighted-average common shares outstanding (in shares) | [1] | 740,825,099 | 724,124,894 | |
| Effect of dilutive convertible debt (in shares) | 4,282,599 | 4,282,599 | ||
| Effect of dilutive contingent shares (in shares) | 1,286,713 | 4,074,000 | ||
| Pro forma dilutive weighted-average common shares outstanding (in shares) | 749,436,666 | 744,074,442 | ||
| Net loss per share from continuing operations, net of the loss per share and excess redemption value attributable to non-controlling interest - basic (in dollars per share) | [1] | $ (0.31) | $ (0.32) | |
| Net loss per share from continuing operations, net of the loss per share and excess redemption value attributable to non-controlling interest- diluted (in dollars per share) | [1] | (0.31) | (0.32) | |
| Net loss per share from discontinued operations, net of loss per share attributable to non-controlling interest - basic (in dollars per share) | [1] | (0.01) | (0.07) | |
| Net loss per share from discontinued operations, net of loss per share attributable to non-controlling interest - diluted (in dollars per share) | [1] | (0.01) | (0.07) | |
| Net loss per share attributable to Curaleaf Holdings, Inc. - basic (in dollars per share) | [1] | (0.32) | (0.39) | |
| Net loss per share attributable to Curaleaf Holdings, Inc. - diluted (in dollars per share) | [1] | $ (0.32) | $ (0.39) | |
| Stock options | ||||
| Denominator: | ||||
| Effect of dilutive of share-based payment arrangements (in shares) | 829,853 | 7,771,793 | ||
| Restricted stock units | ||||
| Denominator: | ||||
| Effect of dilutive of share-based payment arrangements (in shares) | 1,132,204 | 2,519,282 | ||
| Performance stock units | ||||
| Denominator: | ||||
| Effect of dilutive of share-based payment arrangements (in shares) | 1,080,198 | 1,301,874 | ||
| ||||
Segment reporting - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 2 |
| Number of reportable segments | 2 |
Segment reporting - Schedule of adjusted EBITDA by reportable segment (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Reporting Information [Line Items] | ||
| Income from continuing operations | $ 20,197 | $ 42,883 |
| Depreciation and amortization | 233,233 | 195,880 |
| Other add-backs, net | 47,370 | 65,784 |
| Adjusted EBITDA | $ 300,800 | $ 304,547 |
| Adjusted EBITDA Margin | 22.40% | 22.60% |
| Total revenues, net | $ 1,342,802 | $ 1,346,632 |
| Domestic | ||
| Segment Reporting Information [Line Items] | ||
| Income from continuing operations | 44,840 | 71,728 |
| Depreciation and amortization | 204,849 | 173,868 |
| Other add-backs, net | 45,187 | 64,282 |
| Adjusted EBITDA | $ 294,876 | $ 309,878 |
| Adjusted EBITDA Margin | 23.80% | 24.10% |
| Total revenues, net | $ 1,237,251 | $ 1,285,625 |
| International | ||
| Segment Reporting Information [Line Items] | ||
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| Depreciation and amortization | 28,384 | 22,012 |
| Other add-backs, net | 2,183 | 1,502 |
| Adjusted EBITDA | $ 5,924 | $ (5,331) |
| Adjusted EBITDA Margin | 5.60% | (8.70%) |
| Total revenues, net | $ 105,551 | $ 61,007 |
Segment reporting - Schedule of financial information by reportable segment (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenues, net: | ||
| Total revenues, net | $ 1,342,802 | $ 1,346,632 |
| Cost of goods sold | 703,554 | 732,183 |
| Gross profit | 639,248 | 614,449 |
| Total operating expenses | 619,051 | 571,566 |
| Income from continuing operations | 20,197 | 42,883 |
| Retail and wholesale revenues | ||
| Revenues, net: | ||
| Total revenues, net | 1,336,706 | 1,340,778 |
| Management fee income | ||
| Revenues, net: | ||
| Total revenues, net | 6,096 | 5,854 |
| Domestic | ||
| Revenues, net: | ||
| Total revenues, net | 1,237,251 | 1,285,625 |
| Cost of goods sold | 641,817 | 693,717 |
| Gross profit | 595,434 | 591,908 |
| Total operating expenses | 550,594 | 520,180 |
| Income from continuing operations | 44,840 | 71,728 |
| Domestic | Retail and wholesale revenues | ||
| Revenues, net: | ||
| Total revenues, net | 1,235,580 | 1,282,701 |
| Domestic | Management fee income | ||
| Revenues, net: | ||
| Total revenues, net | 1,671 | 2,924 |
| International | ||
| Revenues, net: | ||
| Total revenues, net | 105,551 | 61,007 |
| Cost of goods sold | 61,737 | 38,466 |
| Gross profit | 43,814 | 22,541 |
| Total operating expenses | 68,457 | 51,386 |
| Income from continuing operations | (24,643) | (28,845) |
| International | Retail and wholesale revenues | ||
| Revenues, net: | ||
| Total revenues, net | 101,126 | 58,077 |
| International | Management fee income | ||
| Revenues, net: | ||
| Total revenues, net | $ 4,425 | $ 2,930 |
Segment reporting - Schedule of assets by reportable segment (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | $ 2,519,855 | $ 2,677,973 |
| Domestic | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 2,186,287 | 2,349,337 |
| International | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | $ 333,568 | $ 328,636 |
Commitments and contingencies (Details) - Subsequent events - USD ($) $ in Millions |
1 Months Ended | |
|---|---|---|
Feb. 27, 2025 |
Jan. 31, 2025 |
|
| Hello Farms case | ||
| Commitments and contingencies | ||
| Damages sought | $ 36.8 | $ 31.8 |
| Hello Farms case, prejudgment interest | ||
| Commitments and contingencies | ||
| Damages sought | $ 5.0 | |
Related party transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2024 |
|
| Related party transactions | |||
| Transaction | $ 8,396 | $ 3,915 | |
| Balance receivable (payable) | 10,000 | 10,000 | |
| Measure 8 | High Tech Holdings, Inc | |||
| Related party transactions | |||
| Percentage of interests acquired | 6.19% | ||
| Consulting fees | |||
| Related party transactions | |||
| Transaction | 3,975 | 915 | |
| Balance receivable (payable) | |||
| Consulting fees | Architecture & Engineering Solutions, LLC | |||
| Related party transactions | |||
| Transaction | 200 | ||
| Consulting fees | PNP Construction LLC | |||
| Related party transactions | |||
| Transaction | 3,800 | ||
| Consulting fees | Frontline Real Estate Partners, LLC | |||
| Related party transactions | |||
| Transaction | 0 | 400 | |
| Consulting fees | Measure 8 | |||
| Related party transactions | |||
| Transaction | 0 | 400 | |
| Travel and reimbursement | |||
| Related party transactions | |||
| Transaction | 28 | 45 | |
| Balance receivable (payable) | |||
| Rent expense reimbursement | |||
| Related party transactions | |||
| Transaction | 236 | 0 | |
| Balance receivable (payable) | |||
| Platform fees | |||
| Related party transactions | |||
| Transaction | 3,274 | 2,069 | |
| Balance receivable (payable) | |||
| Senior Secured Notes – 2026 | |||
| Related party transactions | |||
| Transaction | 883 | 886 | |
| Balance receivable (payable) | 10,000 | $ 10,000 | |
| Senior Secured Notes – 2026 | Baldwin Holdings, LLC | Related party | |||
| Related party transactions | |||
| Notes payable | $ 10,000 | ||
Fair value measurements and financial risk management - Narrative (Details) |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Jan. 18, 2022
USD ($)
note
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Fair value measurements and financial risk management | ||||
| Transfers between fair value levels | $ 0 | $ 0 | ||
| Notes payable outstanding | $ 568,620,000 | $ 587,767,000 | ||
| Revenue Benchmark | Product Concentration Risk | Retail Dispensaries | ||||
| Fair value measurements and financial risk management | ||||
| Concentration risk percentage | 77.00% | 81.00% | ||
| Senior Secured Notes – 2026 | ||||
| Fair value measurements and financial risk management | ||||
| Gross proceeds | $ 475,000,000 | |||
| Notes payable outstanding | $ 460,000,000 | $ 475,000,000 | ||
| Bloom Notes | ||||
| Fair value measurements and financial risk management | ||||
| Gross proceeds | $ 160,000,000 | |||
| Notes payable outstanding | 76,500,000 | 107,500,000 | ||
| Number of notes | note | 3 | |||
| Carrying value | ||||
| Fair value measurements and financial risk management | ||||
| Debt, fair value | 568,600,000 | 587,800,000 | ||
| Fair value | ||||
| Fair value measurements and financial risk management | ||||
| Debt, fair value | 560,000,000.0 | 530,900,000 | ||
| Foreign exchange rates | Hedging instrument | ||||
| Fair value measurements and financial risk management | ||||
| Notional amount | $ 0 | $ 0 | ||
| EMMAC | Regulatory approval for recreational cannabis | Discount rate | ||||
| Fair value measurements and financial risk management | ||||
| Contingent consideration, measurement input | 0.086 | 0.131 | ||
| NGC | Discount rate | ||||
| Fair value measurements and financial risk management | ||||
| Contingent consideration, measurement input | 0.081 | |||
| Four20 Pharma GmbH | Second tranche of share issue | Discount rate | ||||
| Fair value measurements and financial risk management | ||||
| Debt, measurement input | 0.135 | |||
Fair value measurements and financial risk management - Schedule of fair value measurements (Details) - Recurring - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fair value measurements and financial risk management | ||
| Investments | $ 1,713 | $ 2,477 |
| Contingent consideration liabilities | 6,147 | 16,625 |
| Fair value, net | 7,860 | 19,102 |
| Level 1 | ||
| Fair value measurements and financial risk management | ||
| Investments | 0 | 0 |
| Contingent consideration liabilities | 0 | 0 |
| Fair value, net | 0 | 0 |
| Level 2 | ||
| Fair value measurements and financial risk management | ||
| Investments | 0 | 0 |
| Contingent consideration liabilities | 0 | 0 |
| Fair value, net | 0 | 0 |
| Level 3 | ||
| Fair value measurements and financial risk management | ||
| Investments | 1,713 | 2,477 |
| Contingent consideration liabilities | 6,147 | 16,625 |
| Fair value, net | $ 7,860 | $ 19,102 |
Fair value measurements and financial risk management - Aging of trade receivables (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financing Receivable, Past Due [Line Items] | ||
| Trade accounts receivable | $ 63,990 | $ 59,998 |
| 0 to 90 days | ||
| Financing Receivable, Past Due [Line Items] | ||
| Trade accounts receivable | 56,042 | 46,720 |
| 91 to 180 days | ||
| Financing Receivable, Past Due [Line Items] | ||
| Trade accounts receivable | 4,437 | 7,644 |
| 181 days + | ||
| Financing Receivable, Past Due [Line Items] | ||
| Trade accounts receivable | $ 3,511 | $ 5,634 |
Fair value measurements and financial risk management - Gross remaining contractual obligations (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | $ 380,717 | $ 488,257 |
| 1 to 3 Years | 1,366,531 | 1,222,355 |
| Total | 1,747,248 | 1,710,612 |
| Accounts payable | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 79,129 | 79,319 |
| 1 to 3 Years | 0 | 0 |
| Total | 79,129 | 79,319 |
| Accrued expenses | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 102,188 | 101,311 |
| 1 to 3 Years | 0 | 0 |
| Total | 102,188 | 101,311 |
| Income tax payable | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 23,414 | 198,056 |
| 1 to 3 Years | 0 | 0 |
| Total | 23,414 | 198,056 |
| Lease liabilities, finance | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 10,995 | 9,428 |
| 1 to 3 Years | 150,683 | 159,961 |
| Total | 161,678 | 169,389 |
| Lease liabilities, operating | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 17,333 | 15,993 |
| 1 to 3 Years | 106,192 | 110,398 |
| Total | 123,525 | 126,391 |
| Notes payable | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 101,723 | 39,478 |
| 1 to 3 Years | 466,897 | 548,289 |
| Total | 568,620 | 587,767 |
| Liabilities held for sale | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 8,905 | 9,173 |
| 1 to 3 Years | 0 | 0 |
| Total | 8,905 | 9,173 |
| Other current liabilities | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 652 | 1,256 |
| 1 to 3 Years | 0 | 0 |
| Total | 652 | 1,256 |
| Contingent consideration liability | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 3,310 | 11,901 |
| 1 to 3 Years | 2,837 | 4,724 |
| Total | 6,147 | 16,625 |
| Deferred consideration liability | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 33,068 | 22,342 |
| 1 to 3 Years | 2,000 | 21,310 |
| Total | 35,068 | 43,652 |
| Deferred tax liability | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 0 | 0 |
| 1 to 3 Years | 244,601 | 297,185 |
| Total | 244,601 | 297,185 |
| Uncertain tax position | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 0 | 0 |
| 1 to 3 Years | 392,188 | 79,142 |
| Total | 392,188 | 79,142 |
| Other long-term liability | ||
| Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
| Less than 1 Year | 0 | 0 |
| 1 to 3 Years | 1,133 | 1,346 |
| Total | $ 1,133 | $ 1,346 |
Variable interest entities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Variable Interest Entity [Line Items] | |||
| Current assets | $ 429,681 | $ 418,603 | |
| Current liabilities | 387,925 | 494,034 | |
| Equity attributable to Curaleaf Holdings, Inc. | 861,214 | 1,050,642 | $ 1,279,705 |
| Revenues, net | 1,342,802 | 1,346,632 | |
| Net income (loss) attributable to Curaleaf Holdings, Inc. | (215,423) | (281,197) | |
| VIE | |||
| Variable Interest Entity [Line Items] | |||
| Current assets | 356,704 | 356,037 | |
| Non-current assets | 2,250,920 | 2,371,221 | |
| Current liabilities | 450,306 | 487,528 | |
| Non-current liabilities | 1,400,710 | 1,351,734 | |
| Equity attributable to Curaleaf Holdings, Inc. | 581,132 | 711,380 | |
| Revenues, net | 1,235,580 | 1,282,701 | |
| Net income (loss) attributable to Curaleaf Holdings, Inc. | $ 197,611 | $ 211,467 | |
Subsequent events (Details) - Subsequent events $ in Millions |
Jan. 17, 2025
USD ($)
|
|---|---|
| Senior Notes, Bloom Note 2027 | |
| Subsequent Events | |
| Original facility size | $ 67.0 |
| Stated interest rate | 10.00% |
| Bloom Notes – 2025 | |
| Subsequent Events | |
| Debt conversion, original debt amount | $ 60.0 |
| Debt conversion, accrued interest | 7.0 |
| Payment of accrued interest | 0.6 |
| Payment for debt origination fees | $ 1.0 |
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