Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

14. 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 nine months ended September 30, 2023 and 2022:

		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
		(in thousands)				(in thousands)
Revenues, Net of Discounts
Retail	$	205,441	$	199,632	$	582,363	$	564,951
Consumer Packaged Goods		150,425		127,676		412,096		368,692
Intersegment Eliminations		(80,468)		(66,114)		(218,137)		(175,538)
Total Revenues, Net of Discounts	$	275,398	$	261,194	$	776,322	$	758,105
Depreciation and Amortization
Retail	$	9,598	$	9,921	$	27,539	$	29,881
Consumer Packaged Goods		16,030		14,597		45,824		41,825
Intersegment Eliminations		—		—		—		—
Total Depreciation and Amortization	$	25,628	$	24,518	$	73,363	$	71,706
Income Taxes
Retail	$	18,551	$	18,589	$	50,890	$	58,460
Consumer Packaged Goods		15,975		14,380		43,037		43,980
Intersegment Eliminations		—		—		—		—
Total Income Taxes	$	34,526	$	32,969	$	93,927	$	102,440

Goodwill assigned to the Consumer Packaged Goods segment as of September 30, 2023 and December 31, 2022 was $315,889 thousand and $315,889 thousand, respectively. Intangible assets, net assigned to the Consumer Packaged Goods segment as of September 30, 2023 and December 31, 2022 was $266,884 thousand and $286,922 thousand, respectively.

Goodwill assigned to the Retail segment as of September 30, 2023 and December 31, 2022 was $273,802 thousand and $273,802 thousand, respectively. Intangible assets, net assigned to the Retail segment as of September 30, 2023 and December 31, 2022 was $284,538 thousand and $302,597 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 two reporting units which align with our reportable segments (Retail and Consumer Packaged Goods). All revenues are derived from customers domiciled in the United States and all assets are located in the United States.