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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Fair Value of the Consideration Transferred for Each Acquisition

The following table summarizes the final acquisition-date fair value of the consideration transferred for each acquisition:


	Advanced Grow Labs, LLC		Integral Associates, LLC		Other Acquisitions
Cash Paid	$	15,481,967	$	52,807,500	$	44,147,694
Shares of the Company Issued		79,959,170		273,146,014		142,607,973
Deferred Share Issuance		5,380,000		—		11,207,798
Conversion of Previous Notes Receivable		—		—		27,121,559
Acquisition Liability		—		791,068		—
Contingent Consideration		7,831,000		39,985,000		8,926,000

Total Consideration	$	108,652,137	$	366,729,582	$	234,011,024

Summary of Final Accounting Estimates For Each Acquisition

The Following table summarizes the final accounting estimates for each acquisition:


	Advanced Grow Labs, LLC			Integral Associates, LLC			Other Acquisitions
Cash	$	1,406,377		$	744,825		$	777,371
Inventory		1,906,828			10,107,303			1,732,525
Accounts Receivable		420,649			1,477,535			265,956
Prepaid Expenses		—			492,571			38,705
Property and Equipment		5,934,295			8,107,836			2,667,436
Right-of-Use Asset		565,336			4,840,609			2,056,008
Investment in CAL Funding		9,900,000			—			—
Deposits and Other Assets		246,843			122,826			1,405,986
Intangible Assets:
Licenses and Permits		28,920,000			175,845,000			48,155,000
Tradename		930,000			57,425,000			38,740,592
Customer Relationships		12,462,000			2,678,000			9,298,000
Non-competition Agreements		100,000			—			2,465,000
Liabilities Assumed		(1,230,441	)		(11,091,246	)		(6,172,243	)
Deferred Tax Liabilities		(12,731,349	)		—			(20,823,225	)

Total Identifiable Net Assets		48,830,538			250,750,259			80,607,111
Goodwill		59,821,599			115,979,323			153,403,913

Net Assets	$	108,652,137		$	366,729,582		$	234,011,024

Summary of Pro Forma Financial Information

The following unaudited financial information reflects the results of operations of AGL and Integral Associates from the transaction date (the date of acquisition for AGL of February 12, 2019 and for Integral Associates of June 5, 2019) through the year ended December 31, 2019 and the results of operations for AGL and Integral Associates for the year ended December 31, 2018:


	Transaction Date through December 31, 2019					For the Year Ended December 31, 2018
	Advanced Grow Labs, LLC		Integral Associates, LLC			Advanced Grow Labs, LLC		Integral Associates, LLC
Revenues, net of discounts	$	16,377,199	$	39,246,745		$	17,016,743	$	60,261,432
Net income (loss)		3,612,455		(6,375,800	)		7,497,696		13,218,159

The following unaudited pro forma financial information reflects the combined results of operations of Green Thumb, AGL and Integral Associates for the period from January 1, 2019 through December 31, 2019 (presented as if the acquisitions had occurred at January 1, 2019):


	For the Year Ended December 31, 2019
	Green Thumb Industries Inc.			Advanced Grow Labs, LLC		Integral Associates, LLC			Pro Forma Adjustments			Notes		Pro Forma Combined
				Unaudited		Unaudited
Revenues, net of discounts	$	160,808,662		$	18,516,074	$	79,146,937		$	—				$	258,471,673
Net income (loss) attributable to Green Thumb Industries Inc.		(56,353,062	)		4,586,122		(1,110,610	)		(8,394,854	)		(a), (b)		(61,272,404	)

(a)	Includes estimated amortization expense on intangible assets acquired as part of the acquisition of AGL and Integral Associates of $327,302 representing one month of amortization expense and $6,639,127 representing five months of amortization expense, respectively.

(b)	Includes estimated income tax expense of AGL of $164,780 and Integral Associates of $1,263,645 based on a 24% effective tax rate.

The following unaudited pro forma financial information reflects the combined results of operations of Green Thumb, AGL and Integral Associates for the period from January 1, 2018 through December 31, 2018 (presented as if the acquisitions had occurred at January 1, 2018):


	For the Year Ended December 31, 2018
	Green Thumb Industries Inc.			Advanced Grow Labs, LLC		Integral Associates, LLC		Pro Forma Adjustments			Notes		Pro Forma Combined
				Unaudited		Unaudited
Revenues, net of discounts	$	62,493,680		$	17,016,743	$	60,261,432	$	—				$	139,771,855
Net income (loss) attributable to Green Thumb Industries Inc.		(5,243,917	)		7,497,696		13,218,159		(24,006,529	)		(a), (b)		(8,534,591	)

(a)	Includes estimated amortization expense on intangible assets acquired as part of the acquisition of AGL and Integral Associates of $3,927,619 and $15,933,905 each representing twelve months of amortization expense, respectively.

(b)	Includes estimated income tax expense of AGL of $972,647 and Integral Associates of $3,172,358 based on a 24% effective tax rate.