Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

16. SEGMENT REPORTING

The Company operates in two segments: the cultivation, production and sale of cannabis products to Retail stores (“Consumer Packaged Goods”) and retailing of cannabis to patients and consumers (“Retail”). The Company does not allocate operating expenses to these business units, nor does it allocate specific assets. Additionally, the Chief Operating Decision Maker does not review total assets or net income (loss) by segments; therefore, such information is not presented below.

The below table presents revenues by type for the three and six months ended June 30, 2022 and 2021:

		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
		(in thousands)				(in thousands)
Revenues, Net of Discounts
Consumer Packaged Goods	$	120,604	$	117,864	$	241,016	$	221,941
Retail		192,734		150,116		365,320		280,225
Intersegment Eliminations		(59,027)		(46,108)		(109,425)		(85,864)
Total Revenues, net of discounts	$	254,311	$	221,872	$	496,911	$	416,302
Depreciation and Amortization
Consumer Packaged Goods	$	14,071	$	8,413	$	27,228	$	16,414
Retail		10,127		6,660		19,960		13,652
Intersegment Eliminations		—		—		—		—
Total Depreciation and Amortization	$	24,198	$	15,073	$	47,188	$	30,066
Income Taxes
Consumer Packaged Goods	$	16,659	$	13,207	$	29,600	$	30,494
Retail		21,681		16,820		39,871		30,389
Intersegment Eliminations		—		—		—		—
Total Income Taxes	$	38,340	$	30,027	$	69,471	$	60,883

Goodwill assigned to the Consumer Packaged Goods segment as of June 30, 2022 and December 31, 2021 was $358,280 thousand and $358,038 thousand, respectively. Intangible assets, net assigned to the Consumer Packaged Goods segment as of June 30, 2022 and December 31, 2021 was $303,923 thousand and $317,454 thousand, respectively.

Goodwill assigned to the Retail segment as of June 30, 2022 and December 31, 2021 was $283,438 thousand and $274,811 thousand, respectively. Intangible assets, net assigned to the Retail segment as of June 30, 2022 and December 31, 2021 was $355,672 thousand and $358,037 thousand, respectively.

The Company’s assets are aggregated into two reportable segments (Retail and Consumer Packaged Goods). For the purposes of testing goodwill, Green Thumb has identified 30 reporting units. The Company determined its reporting units by first reviewing the operating segments based on the geographic areas in which Green Thumb conducts business (or each market). The markets were then further divided into reporting units based on the market operations (Retail and Consumer Packaged Goods) which were primarily determined based on the licenses each market holds. All revenues are derived from sales occurring in the United States and all assets are located in the United States.