Variable Interest Entities

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

15. VARIABLE INTEREST ENTITIES

The following table presents the summarized financial information about the Company’s consolidated variable interest entities (“VIEs”) which are included in the unaudited interim condensed consolidated balance sheet as of September 30, 2021 and the consolidated balance sheet as of December 31, 2020. All of these entities were determined to be VIEs as the Company possesses the power to direct activities through management services agreements (“MSAs”):

	September 30, 2021							December 31, 2020
	Chesapeake Alternatives,		Illinois			Other Non-material		Chesapeake Alternatives,		Illinois		Other Non-material
	LLC		Disp, LLC			VIEs		LLC		Disp, LLC		VIEs
Current assets	$	—	$	902,868		$	1,318,258	$	32,307,718	$	3,738,868	$	2,592,803
Non-current assets		—		3,391,185			1,822,624		3,367,360		3,657,392		2,281,839
Current liabilities		—		5,404,327			368,221		23,362,255		336,970		1,563,224
Non-current liabilities		—		425,678			720,001		768,573		461,926		783,356
Noncontrolling interests		—		(767,976	)		664,434		—		3,173,683		363,413
Equity attributable to Green Thumb Industries Inc.		—		(767,976	)		1,388,226		11,544,250		3,173,683		2,260,773

On September 1, 2021, the Company acquired the remaining minority interest in a retail dispensary for $850,000 in cash and the issuance of 136,075 shares of Green Thumb which had a fair value of $4,070,003, based on the closing price of Green Thumb’s Subordinate Voting Shares as traded on the CSE on the date of the transaction. As a result, the remaining equity associated with the non controlling interest was closed to share capital of Green Thumb as of September 1, 2021. On December 31, 2020, the MSA for Chesapeake Alternatives, LLC was amended and restated to make GTI Maryland, LLC, the sole member of the entity. As a result, the remaining equity associated with the non controlling interest was closed to share capital of Green Thumb as of December 31, 2020.

The following tables present the summarized financial information about the Company’s VIEs which are included in the unaudited interim condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended
	September 30, 2021						September 30, 2020
	Chesapeake Alternatives,		Illinois		Other Non-material		Chesapeake Alternatives,		Illinois		Other Non-material
	LLC		Disp, LLC		VIEs		LLC		Disp, LLC		VIEs
Revenues	$	—	$	6,330,859	$	3,981,488	$	5,684,349	$	5,224,583	$	2,695,781
Net income attributable to noncontrolling interests		—		1,016,881		358,742		26,134		897,494		185,452
Net income attributable to Green Thumb Industries Inc.		—		1,016,882		712,482		1,033,650		897,494		294,969
Net income	$	—	$	2,033,763	$	1,071,224	$	1,059,784	$	1,794,988	$	480,421
	Nine Months Ended
	September 30, 2021						September 30, 2020
	Chesapeake Alternatives,		Illinois		Other Non-material		Chesapeake Alternatives,		Illinois		Other Non-material
	LLC		Disp, LLC		VIEs		LLC		Disp, LLC		VIEs
Revenues	$	—	$	18,274,669	$	11,115,034	$	14,792,710	$	13,170,514	$	6,778,501
Net income attributable to noncontrolling interests		—		2,658,340		1,026,385		206,929		2,170,912		319,511
Net income attributable to Green Thumb Industries Inc.		—		2,658,340		1,601,578		3,812,121		2,170,913		661,341
Net income	$	—	$	5,316,680	$	2,627,963	$	4,019,050	$	4,341,825	$	980,852

15. VARIABLE INTEREST ENTITIES (Continued)

As of September 30, 2021 and 2020, and December 31, 2020, VIEs included in the Other Non-material VIEs are Bluepoint Wellness of Westport LLC and Meshow, LLC.