Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________

FORM 10-Q

________________________________

(Mark One)

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file Number 000-56468

JUSHI HOLDINGS INC.

(Exact name of registrant as specified in its charter)

________________________________________________________________________________________________

British Columbia

98-1547061

(State or other jurisdiction of incorporation or organization)

(IRS Employer
Identification No.)

301 Yamato Road, Suite 3250

Boca Raton, FL

(Address of principal executive offices)

(561) 617-9100

(Registrant’s telephone number, including area code)

33431

(Zip Code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒

Non-accelerated filer ☐ Smaller reporting company ☒

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 3, 2024, the registrant had 196,643,264 subordinate voting shares, no par value per share, no multiple voting shares, no par value per share, no super voting shares, no par value per share, and no preferred shares, no par value per share, outstanding.

JUSHI HOLDINGS INC.

Table of Contents

For the quarterly period ended March 31, 2024


Part I	FINANCIAL INFORMATION		Page
Item 1	Financial Statements
		Condensed Consolidated Balance Sheets	1
		Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	2
		Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit)	3
		Unaudited Condensed Consolidated Statements of Cash Flows	4
		Notes to the Unaudited Condensed Consolidated Financial Statements	5
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		23
Item 3	Quantitative and Qualitative Disclosures About Market Risk		29
Item 4	Controls and Procedures		29

Part II	OTHER INFORMATION		30
Item 1	Legal Proceedings		30
Item 1A	Risk Factors		30
Item 2	Unregistered Sale of Equity Securities and Use of Proceeds		30
Item 3	Defaults Upon Senior Securities		30
Item 4	Mine Safety Disclosures		30
Item 5	Other Information		30
Item 6	Exhibits		31

Signature			32

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “report”) may contain “forward-looking statements” and “forward‐looking information” within the meaning of applicable securities laws, including Canadian securities legislation and United States (“U.S.”) securities legislation (collectively, “forward-looking information”) which are based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. All information, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects or anticipates will or may occur in the future constitutes forward‐looking information. Forward‐looking information is often identified by the words, “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, information regarding: future business strategy; competitive strengths, goals, expansion and growth of the Company’s business, operations and plans, including new revenue streams; the integration and benefits of recently acquired businesses or assets; roll out of new operations; the implementation by the Company of certain product lines; the implementation of certain research and development; the application for additional licenses and the grant of licenses that will be or have been applied for; the expansion or construction of certain facilities; the reduction in the number of our employees; the expansion into additional U.S. and international markets; any potential future legalization of adult use and/or medical marijuana under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future.

Readers are cautioned that forward‐looking information is not based on historical facts but instead is based on reasonable assumptions and estimates of the management of the Company at the time they were provided or made and such information involves known and unknown risks, uncertainties, including our ability to continue as a going concern, and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking information. Such factors include, among others: risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti‐money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to the economy generally; risks related to inflation, the rising cost of capital, and stock market instability; risks relating to pandemics and forces of nature; risks related to contracts with third party service providers; risks related to the enforceability of contracts; the limited operating history of the Company; the Company’s history of operating losses and negative operating cash flows; reliance on the expertise and judgment of senior management of the Company; risks inherent in an agricultural business; risks related to co‐investment with parties with different interests to the Company; risks related to proprietary intellectual property and potential infringement by third parties; risks relating to the Company’s current amount of indebtedness; risks relating to the need to raise additional capital either through debt or equity financing; risks relating to the management of growth; costs associated with the Company being a publicly-traded company and a U.S. and Canadian filer; increasing competition in the industry; risks associated with cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; reliance on manufacturers and contractors; risks of supply shortages or supply chain disruptions; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcing judgments and effecting service outside of Canada; risks related to completed, pending or future acquisitions or dispositions, including potential future impairment of goodwill or intangibles acquired and/or post-closing disputes; sales of a significant amount of shares by existing shareholders; the limited market for securities of the Company; risks related to the continued performance of existing operations in California, Illinois, Massachusetts, Nevada, Ohio, Pennsylvania, and Virginia; risks related to the anticipated openings of additional dispensaries or relocation of existing dispensaries; risks relating to the expansion and optimization of the cultivation and/or processing facilities in Massachusetts, Nevada, Ohio, Pennsylvania and Virginia; risks related to opening new facilities, which is subject to licensing approval; limited research and data relating to cannabis; risks related to challenges from governmental authorities with respect to the Company’s tax credits; and risks related to the Company’s critical accounting policies and estimates. Refer to Part I - Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on April 1, 2024 for more information.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward‐looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on the forward‐looking information contained in this report or other forward-looking statements made by the Company. Forward‐looking information is provided and made as of the date of this Quarterly Report on Form 10-Q and the Company does not undertake any obligation to revise or update any forward‐looking information or statements other than as required by applicable law.

Unless the context requires otherwise, references in this report to “Jushi,” “Company,” “we,” “us” and “our” refer to Jushi Holdings Inc. and our subsidiaries.

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PART I - FINANCIAL INFORMATION

1Item 1. Financial Statements

JUSHI HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share amounts)


	March 31, 2024 (unaudited)		December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	25,286	$	26,027
Restricted cash - current	3,128		3,128
Accounts receivable, net	3,186		3,380
Inventory, net	36,665		33,586
Prepaid expenses and other current assets	14,736		15,514
Total current assets	83,001		81,635
NON-CURRENT ASSETS:
Property, plant and equipment, net	154,141		159,268
Right-of-use assets - finance leases	62,098		63,107
Other intangible assets, net	95,224		95,967
Goodwill	30,910		30,910
Other non-current assets	30,324		30,358
Restricted cash - non-current	2,150		2,150
Total non-current assets	374,847		381,760
Total assets	$	457,848	$	463,395

LIABILITIES AND EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable	$	16,913	$	15,383
Accrued expenses and other current liabilities	43,150		44,070
Income tax payable	8,010		5,190
Debt, net - current portion (including related party principal amounts of $3,225 and $3,298 as of March 31, 2024 and December 31, 2023, respectively)	79,877		86,514
Finance lease obligations - current	9,121		8,885
Derivative liabilities - current	7,224		2,418
Total current liabilities	164,295		162,460
NON-CURRENT LIABILITIES:
Debt, net - non-current (including related party principal amounts of $19,493 and $19,788 as of March 31, 2024 and December 31, 2023, respectively)	127,180		126,041
Finance lease obligations - non-current	52,283		52,839
Derivative liabilities - non-current	513		220
Unrecognized tax benefits	109,204		100,343
Other liabilities - non-current	27,958		29,111
Total non-current liabilities	317,138		308,554
Total liabilities	481,433		471,014
COMMITMENTS AND CONTINGENCIES (Note 18)
EQUITY (DEFICIT):
Common stock, no par value: authorized shares - unlimited; issued and outstanding shares - 196,634,931 and 196,631,598 Subordinate Voting Shares as of March 31, 2024 and December 31, 2023, respectively	—		—
Paid-in capital	506,001		503,612
Accumulated deficit	(528,199)		(509,844)
Total Jushi shareholders' deficit	(22,198)		(6,232)
Non-controlling interests	(1,387)		(1,387)
Total deficit	(23,585)		(7,619)
Total liabilities and equity (deficit)	$	457,848	$	463,395

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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JUSHI HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(In thousands of U.S. dollars, except share and per share amounts)


	Three Months Ended March 31,
	2024		2023
REVENUE, NET	$	65,459	$	69,873
COST OF GOODS SOLD	(33,129)		(39,932)
GROSS PROFIT	32,330		29,941

OPERATING EXPENSES	28,211		32,452

INCOME (LOSS) FROM OPERATIONS	4,119		(2,511)

OTHER INCOME (EXPENSE):
Interest expense, net	(9,544)		(8,520)
Fair value gain (loss) on derivatives	(5,100)		8,030
Other, net	1,917		709
Total other income (expense), net	(12,727)		219

LOSS BEFORE INCOME TAX	(8,608)		(2,292)
Income tax expense	(9,747)		(10,148)
NET LOSS AND COMPREHENSIVE LOSS	$	(18,355)	$	(12,440)



LOSS PER SHARE - BASIC	$	(0.09)	$	(0.06)
Weighted average shares outstanding - basic	195,131,642		194,050,835
LOSS PER SHARE - DILUTED	$	(0.09)	$	(0.06)
Weighted average shares outstanding - diluted	195,131,642		194,050,835

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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JUSHI HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)

(In thousands of U.S. dollars, except share amounts)


	Three Months Ended March 31, 2024
		Paid-In Capital		Accumulated Deficit		Total Jushi Shareholders' Equity (Deficit)		Non-Controlling Interests		Total Equity (Deficit)
	Subordinate Voting Shares
Balances - January 1, 2024	196,631,598	$	503,612	$	(509,844)	$	(6,232)	$	(1,387)	$	(7,619)
Shares issued upon exercise of stock options	3,333	2		—		2		—		2
Share-based compensation (including related parties)	—	1,524		—		1,524		—		1,524
Issuance of warrants	—	863		—		863		—		863
Net loss	—	—		(18,355)		(18,355)		—		(18,355)
Balances - March 31, 2024	196,634,931	$	506,001	$	(528,199)	$	(22,198)	$	(1,387)	$	(23,585)


	Three Months Ended March 31, 2023
		Paid-In Capital		Accumulated Deficit		Total Jushi Shareholders' Equity (Deficit)		Non-Controlling Interests		Total Equity (Deficit)
	Subordinate Voting Shares
Balances - January 1, 2023	196,686,372	$	492,020	$	(444,742)	$	47,278	$	(1,387)	$	45,891
Shares canceled upon forfeiture if restricted stock, net of restricted stock grants	(53,001)	—		—		—		—		—
Share-based compensation (including related parties)	—	2,311		—		2,311		—		2,311
Net loss	—	—		(12,440)		(12,440)		—		(12,440)
Balances - March 31, 2023	196,633,371	$	494,331	$	(457,182)	$	37,149	$	(1,387)	$	35,762

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

JUSHI HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)


	Three Months Ended March 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(18,355)	$	(12,440)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization, including amounts in cost of goods sold	6,836		7,335
Share-based compensation	1,524		2,311
Fair value changes in derivatives	5,100		(8,030)
Non-cash interest expense, including amortization of deferred financing costs	1,495		1,731
Deferred income taxes and uncertain tax positions	6,647		355
Gain on debt extinguishment	(399)		—


Other non-cash items, net	(159)		(166)
Changes in operating assets and liabilities:
Accounts receivable	410		(1,210)
Inventory	(3,611)		(4,480)
Prepaid expenses and other current and non-current assets	903		2,989

Accounts payable, accrued expenses and other current liabilities	6,102		8,033
Net cash flows provided by (used in) operating activities	6,493		(3,572)
CASH FLOWS FROM INVESTING ACTIVITIES:


Payments for property, plant and equipment	(1,077)		(4,542)
Proceeds from sale of property, plant and equipment	334		—
Net cash flows used in investing activities	(743)		(4,542)
CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from exercise of options	2		—
Payments on promissory notes	(2,750)		—

Payments on acquisition related credit facility	(2,438)		—
Payments of finance leases	(728)		(844)
Proceeds from mortgage loans	—		1,900

Payments of mortgage loans	(37)		(57)
Proceeds from other financing activities	46		—
Payments of other financing activities	(586)		(668)
Net cash flows (used in) provided by financing activities	(6,491)		331
Effect of currency translation on cash and cash equivalents	—		61
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(741)		(7,722)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	31,305		27,146
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	30,564	$	19,424
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest (excluding capitalized interest)	$	7,781	$	6,951
Cash (received) paid for income taxes	$	(1,522)	$	305
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures	$	1,011	$	2,804
Right-of-use assets from finance lease liabilities	$	203	$	461
Issuance of second lien notes for settlement of accrued bonus	$	—	$	750
Issuance of second lien notes for debt exchange	$	4,750	$	—
Warrants issued for debt exchange	$	863	$	—

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


1. NATURE OF OPERATIONS

Jushi Holdings Inc. (the “Company” or “Jushi”) is incorporated under the British Columbia’s Business Corporations Act. The Company is a vertically integrated, multi-state cannabis operator engaged in retail, distribution, cultivation, and processing in both medical and adult-use markets. As of March 31, 2024, Jushi, through its subsidiaries, owns or manages cannabis operations and/or holds licenses in the adult-use and/or medicinal cannabis marketplace in California, Illinois, Massachusetts, Nevada, Ohio, Pennsylvania and Virginia. The Company’s head office is located at 301 Yamato Road, Suite 3250, Boca Raton, Florida 33431, United States of America, and its registered address is Suite 1700, Park Place, 666 Burrard Street, Vancouver, British Columbia V6C 2X8, Canada.

The Company is listed on the Canadian Securities Exchange (“CSE”) and trades its subordinate voting shares (“SVS”) under the ticker symbol “JUSH”, and trades on the United States Over the Counter Stock Market (“OTCQX”) under the symbol “JUSHF”.


2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates.

In the opinion of management, the unaudited consolidated financial statements include all adjustments, of a normal recurring nature, that are necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods, and at the dates, presented. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 1, 2024 (the “2023 Form 10-K”), and was also filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) on April 1, 2024. Consolidated balance sheet information as of December 31, 2023 presented herein is derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023.

Going Concern and Liquidity

As reflected in the 2023 Form 10-K, the Company used net cash of $3,318 for operating activities for the year ended December 31, 2023, and as of that date, the Company’s current liabilities exceeded its current assets by $80,825. Furthermore, as of March 31, 2024, the Company’s current liabilities exceeded its current assets by $81,294. Such current liabilities as of March 31, 2024, include aggregate contractual maturities of (i) $57,687 of the Acquisition Facility (as defined below) debt that is to be paid in cash within the next twelve months, absent a refinancing, (ii) $23,747 of debt (including $2,247 of interest and $5,000 of milestone accruals) that are subject to indemnity claims in favor of the Company and not currently expected to be paid in cash within the next twelve months and (iii) $3,225 debt related to Jushi Europe SA (“Jushi Europe”), where the payments are subject to completion of the liquidation of Jushi Europe. Refer to Note 9 - Debt and Note 18 - Commitments and Contingencies for more information. Absent a refinancing of the Acquisition Facility debt, the Company will not meet its obligations within the next year. Management believes that with refinancing of the Acquisition Facility debt, the Company would meet its obligations.

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

As concluded in the 2023 Form 10-K, substantial doubt existed about the Company’s ability to continue as a going concern, and, as a result of the above, substantial doubt continues to exist within the next twelve months from the date these financial statements are issued. The Company has a history of refinancing its debt and management intends to refinance the Acquisition Facility debt before the maturity date. The ability to continue as a going concern is dependent upon future financing. There is no assurance that the Company will be successful in this or any of its endeavors and continue as a going concern.

The unaudited consolidated financial statements contained herein have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2 in the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, which is included in the 2023 Form 10-K. Except as disclosed below, there have been no material changes to the Company’s significant accounting policies.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:


	March 31, 2024 (unaudited)		December 31, 2023
Cash and cash equivalents	$	25,286	$	26,027
Restricted cash - current (1)	3,128		3,128
Restricted cash - non-current (1)	2,150		2,150
Cash, cash equivalents and restricted cash	$	30,564	$	31,305

(1)Restricted cash primarily relates to the Manassas Mortgage. Subsequent to March 31, 2024, the lender released the entire $3,128 of current restricted cash to the Company. Consequently, such cash is now unrestricted. Refer to Note 9 - Debt and Note 21 - Subsequent Events for more information.

Recent Accounting Pronouncements

Adoption of New Accounting Standards

In June 2020, the Financial Accounting Standards Board (“FASB”) issued 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, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. This ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. There was no impact to the consolidated financial statements upon adoption.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The FASB issued guidance requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied Topic 606 to determine what to record for the acquired revenue contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements (if the acquiree prepared financial statements in accordance with generally accepted accounting principles). The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. There was no impact to the consolidated financial statements upon adoption.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The FASB issued guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. There was no impact to the consolidated financial statements upon adoption.

In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements. The FASB issued guidance clarifies the accounting for leasehold improvements associated with common control leases, by requiring that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements associated with common control leases should be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023. There was no impact to the consolidated financial statements upon adoption.

Accounting Standards Issued But Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires two primary enhancements of 1) disaggregated information on a reporting entity’s effective tax rate reconciliation, and 2) information on incomes taxes paid. For public business entities, the new requirement will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU.


3. INVENTORY, NET

The components of inventory, net, are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Cannabis plants	$	4,727	$	4,478
Harvested cannabis and packaging	10,374		10,994
Total raw materials	15,101		15,472
Work in process	5,439		4,293
Finished goods	16,125		13,821
Total inventory, net	$	36,665	$	33,586

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

The components of prepaid expenses and other current assets are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Employee retention credit receivable	$	10,140	$	10,140
Prepaid expenses and deposits	2,337		2,716
Assets held for sale	1,647		1,647
Other current assets	612		1,011
Total prepaid expenses and other current assets	$	14,736	$	15,514

The Coronavirus Aid, Relief, and Economic Security Act, passed in March 2020 and subsequently amended in 2021, allowed eligible employers to take credits on certain amounts of qualified wages if the Company experienced either a full or partial suspension of operations due to COVID related government orders. During the year ended December 31, 2023, the Company, with guidance from a third-party specialist, determined it was entitled to employee retention credit (“ERC”) claims of $10,140 for previous business interruptions related to COVID and filed for such claims with the Internal Revenue Service (“IRS”). The ERC claims, which will be recognized in the statements of operations and comprehensive income (loss) when the Company receives the refunds of such claims from the IRS, were recorded as deferred income in Accrued expenses and other current liabilities, with an offsetting receivable amount in Prepaid expenses and other current assets within the consolidated balance sheets as of March 31, 2024 and December 31, 2023.

As of December 31, 2023, the Company determined that one of its grower processor facilities located in Nevada, with total carrying value of $1,647, met the criteria to be classified as assets held for sale, and therefore were reclassified from Property, plant and equipment, net to assets held for sale, which is included in Prepaid expenses and other current assets in the consolidated balance sheets. The sale of the grower processor facility is expected to be completed by the end of 2024.


5. PROPERTY, PLANT AND EQUIPMENT

The components of property, plant and equipment (“PPE”) are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Buildings and building components	$	88,134	$	88,527
Land	12,956		12,956
Leasehold improvements	47,589		46,660
Machinery and equipment	27,128		27,050
Furniture, fixtures and office equipment (including computer)	21,870		21,146
Construction-in-process	318		1,968
Property, plant and equipment, gross	197,995		198,307
Less: Accumulated depreciation	(43,854)		(39,039)
Property, plant and equipment, net	$	154,141	$	159,268

Construction-in-process represents assets under construction for manufacturing and retail build-outs not yet ready for use.

Depreciation was $4,909 and $4,812 for the three months ended March 31, 2024 and 2023, respectively. Interest expense capitalized to PPE was not material for the three months ended March 31, 2024 and 2023.

As of December 31, 2023, the Company reclassified $1,647 from Property, plant and equipment, net to assets held for sale. Refer to Note 4 - Prepaid Expenses and Other Current Assets for additional information.

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


6. ACQUISITIONS

Nature’s Remedy

In connection with the Company’s acquisition of Nature’s Remedy of Massachusetts, Inc. and certain of its affiliates (collectively, “Nature’s Remedy”), in September 2021 the Company agreed to issue up to an additional $5,000 in Company SVS to Sammartino Investments LLC (“Sammartino”) upon the occurrence or non-occurrence of certain events after the closing date. The payment of the contingent consideration depends on whether or not a competitor (as defined in the definitive acquisition documents) opens a competing dispensary within a certain radius of the Company’s dispensary in Tyngsborough, Massachusetts during the period beginning on the 12-month anniversary of the closing date and ending on the 30-month anniversary of the closing date (the “Milestone Period”). On each monthly anniversary of the closing date during the Milestone Period (beginning on the 13-month anniversary of the closing date), Sammartino shall accrue $278 worth of Company SVS (a “Monthly Milestone Accrual”). On the 18-month, 24-month and 30-month anniversary of the closing date (and provided a competitor has not opened a competing dispensary within a certain radius of the Company’s dispensary in Tyngsborough, Massachusetts), Sammartino is entitled to be issued Company SVS in an amount equal to $1,667 divided by a volume weighted average reference share price.

A competitor has not opened a competing dispensary within the stated radius of the Company’s dispensary in Tyngsborough, Massachusetts. Consequently, beginning in March 2023, the Company began recording a liability for the Monthly Milestone Accrual. As of March 31, 2024, $5,000 of Monthly Milestone Accrual was classified as acquisition-related milestone accrual in other current liabilities. As of December 31, 2023, the aggregate contingent consideration liability was $4,984, of which $4,167 of Monthly Milestone Accrual was classified as acquisition-related milestone accrual in other current liabilities and the remaining $817 was included as short-term contingent consideration liability.

As discussed in greater detail in Note 18 - Commitments and Contingencies, on February 28, 2023, the Company informed Sammartino that Sammartino had breached several provisions of the Merger and Membership Interest Purchase Agreement between the Company, Sammartino and certain other parties thereto (as amended, the “MIPA”) and pursuant to the terms of the MIPA the Company had elected to offset these damages against (among other things) all present and future Monthly Milestone Accruals (the “Sammartino Matter”).


7. OTHER NON-CURRENT ASSETS

The components of other non-current assets are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Operating lease assets	$	17,943	$	18,265
Indemnification assets	7,080		6,906
Net deferred tax assets	2,895		2,772
Deposits and escrows - properties	1,723		1,723
Deposits - equipment	422		422
Equity investment (1)	200		200
Other	61		70
Total other non-current assets	$	30,324	$	30,358

(1)The Company owns a 23.08% ownership interest in PV Culver City, LLC (“PVLLC”). The Company does not have significant influence over, and the Company does not have the right to vote or participate in the management of PVLLC and therefore the investment is measured at its fair value. Refer to Note 19 - Financial Instruments for more information relating to the fair value of this equity investment as of March 31, 2024.

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The components of accrued expenses and other current liabilities are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Deferred income - ERC (1)	$	10,140	$	10,140
Goods received not invoiced	5,268		5,019
Accrued employee related expenses and liabilities	5,260		4,175
Acquisition-related milestone accrual (2)	5,000		4,167
Operating lease obligations	4,707		4,693
Accrued interest	4,480		4,106
Accrued sales and excise taxes	2,866		2,388
Deferred revenue (loyalty program)	1,441		1,407
Accrued professional and management fees	698		986

Accrued capital expenditures	100		702
Contingent consideration liabilities (2)	—		817
Other accrued expenses and current liabilities	3,190		5,470
Total accrued expenses and other current liabilities	$	43,150	$	44,070

(1)Refer to Note 4 - Prepaid Expenses and Other Current Assets for more information.

(2)Refer to Note 6 - Acquisitions for more information.


9. DEBT

The components of the Company’s debt are as follows:


	Effective Interest Rate	Maturity Date	March 31, 2024 (unaudited)		December 31, 2023
Principal amounts:
Second Lien Notes	15%	December 2026	$	79,835	$	75,497
Acquisition Facility	15%	December 2024	57,687		60,125
Acquisition-related promissory notes payable	8% - 16%	August 2024 - April 2027	25,864		35,716
Mortgage loans	6% - 11%	January 2027 - April 2028	29,424		29,456
Total debt subject to scheduled repayments			192,810		200,794
Promissory notes payable to Sammartino (1)	10%	September 2024 - September 2026	21,500		21,500
Jushi Europe debt (2)	n/a	March 2022	3,225		3,298
Total debt			217,535		225,592
Less: debt issuance costs and original issue discounts			(10,478)		(13,037)
Total debt, net			$	207,057	$	212,555
Debt, net - current portion			$	79,877	$	86,514
Debt, net - non-current portion			$	127,180	$	126,041

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

(1)This amount is related to the promissory notes issued to Sammartino in connection with the acquisition of Nature's Remedy in September 2021. Any repayment of principal and interest are currently on hold until the resolution of the Sammartino Matter. Refer to Note 18 - Commitments and Contingencies for more information.

(2)On February 16, 2022, Jushi Europe filed a notice of over-indebtedness with the Swiss courts. Then, the Swiss courts declared Jushi Europe’s bankruptcy on May 19, 2022. As a result, Jushi Europe updated its corporate name to Jushi Europe SA in liquidation, which is still on-going. This debt balance will be adjusted, including the extinguishment of any outstanding debt, upon the final liquidation of Jushi Europe. Refer to Note 17 - Related Party Transactions for more information.

Second Lien Notes

On January 24, 2024, the Company entered into two Note Exchange Agreements with holders of approximately $9,850 of the Company’s unsecured debt (the “Existing Notes”). Upon closing of the transactions contemplated in the Note Exchange Agreements (the “Debt Exchange”) on February 6, 2024, the holders of the Existing Notes delivered the Existing Notes to the Company for cancellation, and the Company: (1) issued to certain direct and beneficial holders of the Existing Notes an aggregate of $4,750 principal amount of Second Lien Notes; (2) issued to certain direct and beneficial holders of the Existing Notes fully-detached warrants to purchase an aggregate of 1,800,000 of the Company’s SVS, with each warrant having an exercise price of $1.00 per SVS and an expiration of December 7, 2026; and (3) paid to the direct holders of the Existing Notes an aggregate of $2,750 in cash. Refer to Note 12 - Equity for more information.

The Debt Exchange was accounted for as a debt extinguishment, and resulted in the Company recording a non-cash gain on debt extinguishment of $399, which represents the difference between the reacquisition price of the Existing Notes and the net carrying amount of the Existing Notes prior to redemption. This amount was recorded in other income (expenses), net in the consolidated statements of operation and comprehensive income (loss).

Mortgage Loans

Arlington Mortgage

In December 2021, the Company entered into a $6,900 mortgage loan agreement (the “Arlington Mortgage”), which is principally secured by the Company’s retail property in Arlington, Virginia. The Arlington Mortgage bears a fixed interest rate of 5.875% per annum, payable monthly, and will mature in January 2027.

Dickson City Mortgage

In July 2022, the Company entered into a $2,800 mortgage loan agreement (the “Dickson City Mortgage”), which is principally secured by the Company’s retail property in Dickson City, Pennsylvania. The Dickson City Mortgage matures in July 2027 and bears interest at a variable rate equal to prime rate plus 2%. The interest rate as of March 31, 2024 was 10.5%.

Manassas Mortgage

In April 2023, the Company entered into a $20,000 mortgage loan agreement (the “Manassas Mortgage”), which is principally secured by the Company’s cultivation and manufacturing facility located in Manassas, Virginia. The Manassas Mortgage bears interest of 8.875% per annum as of March 31, 2024, payable monthly, and will mature in April 2028. The interest rate is variable and determined based on the 30-day average secured overnight financing rate plus 3.55%, with a floor rate of not less than 8.25%.

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

Financial Covenants

Acquisition Facility

The senior secured credit facility from Roxbury, LP, a portfolio company of SunStream Bancorp Inc., which is a joint venture sponsored by Sundial Growers Inc. (the “Acquisition Facility”), contains certain financial and other covenants with which the Company is required to comply, including covenants related to (i) minimum unrestricted cash and cash equivalents balance and (ii) minimum quarterly revenue. As of March 31, 2024, the Company was in compliance with all financial covenants contained in the Acquisition Facility.

Mortgage loans

The Company’s three mortgage loan agreements contain certain financial and other covenants with which the Company is required to comply. As of March 31, 2024, the Company was in compliance with all financial covenants contained in each of the mortgage loan agreements.

Annual Maturities

As of March 31, 2024, aggregate future scheduled repayments of the Company’s debt are as follows:


	Remainder of the year		2025		2026		2027		2028		Total
Second Lien Notes	$	—	$	—	$	79,835	$	—	$	—	$	79,835
Acquisition Facility	57,687		—		—		—		—		57,687
Acquisition-related promissory notes payable	3,750		—		—		22,114		—		25,864
Mortgage loans	438		647		658		9,441		18,240		29,424
Total debt subject to scheduled repayments	$	61,875	$	647	$	80,493	$	31,555	$	18,240	$	192,810

The above table excludes the contractual maturities of the Company’s (i) promissory notes payable to Sammartino and (ii) Jushi Europe debt, as the repayments of these two debts are contingent on the resolution of the Sammartino Matter and completion of the liquidation of Jushi Europe, respectively. Refer to Note 18 - Commitments and Contingencies and Note 17 - Related Party Transactions for more information. Specifically, the contractual maturities of (i) the promissory notes payable to Sammartino are as follows: $16,500 in 2024 and $5,000 in 2026 and (ii) Jushi Europe debt of $3,225 was March 2022.

Interest Expense

Interest expense, net is comprised of the following:


	Three Months Ended March 31,
	2024		2023
Interest expense
Interest and accretion - Second Lien Notes	$	2,748	$	2,344
Interest and accretion - Finance lease liabilities	2,668		2,349
Interest and accretion - Promissory notes	1,374		1,536
Interest and accretion - Acquisition Facility	2,152		2,296
Interest and accretion - Mortgage loans and other financing activities	706		185
Capitalized interest	—		(188)
Total interest expense	9,648		8,522
Interest income	(104)		(2)
Total interest expense, net	$	9,544	$	8,520

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


10. LEASES

The Company leases certain business facilities for corporate, retail and cultivation operations from third parties under lease agreements that specify minimum rentals. In addition, the Company leases certain equipment for use in cultivation and extraction activities. The Company determines whether a contract is or contains a lease at the inception of the contract. The expiry dates of the leases, including reasonably certain estimated renewal periods, are between 2024 and 2043. The Company reassesses the likelihood of exercising a renewal option period if there is a significant event or change in circumstances within its control. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table provides the components of lease cost recognized in the consolidated statements of operations and comprehensive income (loss) for the periods presented.


	Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization of lease assets	$	1,184	$	1,590
Interest on lease liabilities	2,668		2,349
Total finance lease cost	3,852		3,939
Operating lease cost	1,326		733
Variable lease cost	36		66
Total lease cost	$	5,214	$	4,738

Other information related to operating and finance leases as of the balance sheet dates presented are as follows:


	March 31, 2024				December 31, 2023
	(unaudited)
	Finance Leases		Operating Leases		Finance Leases		Operating Leases
Weighted average discount rate	16.08	%	15.15	%	16.09	%	15.09	%
Weighted average remaining lease term (in years)	16.4		8.6		16.6		8.7

The maturities of the contractual undiscounted lease liabilities as of March 31, 2024 are as follows:


	Finance Leases		Operating Leases
Remainder of year	$	7,319	$	3,734
2025	10,820		5,772
2026	10,494		5,536
2027	10,002		5,243
2028	10,166		4,842
Thereafter	147,970		19,670
Total lease payments	196,771		44,797
Less: Imputed interest	(135,367)		(20,658)
Total present value of minimum lease payments	$	61,404	$	24,139
Lease liabilities - current portion	$	9,121	$	4,707
Lease liabilities - non-current	$	52,283	$	19,432

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


11. DERIVATIVE LIABILITIES

The following table summarizes the change in the Company’s derivative liabilities for the three months ended March 31, 2024.


	Total Derivative Liabilities (1)
Balance as of January 1, 2024	$	2,638
Fair value changes	5,100


Balance as of March 31, 2024	$	7,738

(1)Refer to Note 12 - Equity for the change in number of warrants during the three months ended March 31, 2024.

The Company’s derivative liabilities are primarily comprised of derivative warrants (“Derivative Warrants”). These are warrants to purchase SVS of the Company and were previously issued in connection with the Company’s 10% senior secured notes. The Derivative Warrants may be net share settled. As of March 31, 2024 and December 31, 2023, there were 37,862,922 Derivative Warrants outstanding, which consisted of (i) 29,972,000 warrants with exercise price of $1.25 per warrant and expiration date in December 2024, (ii) 5,890,922 warrants with exercise price of $1.00 per warrant and expiration date of December 2024, and (iii) 2,000,000 warrants with an exercise price of $2.086 per warrant and expiration date in December 2026.

Derivative Warrants are considered derivative financial liabilities measured at fair value with all gains or losses recognized in profit or loss as the settlement amount for the Derivative Warrants may be adjusted during certain periods for variables that are not inputs to standard pricing models for forward or option equity contracts, i.e., the “fixed for fixed” criteria under ASC 815-40. The estimated fair value of the Derivative Warrants is measured at the end of each reporting period and an adjustment is reflected in fair value changes in derivatives in the consolidated statements of operations and comprehensive income (loss). These are Level 3 recurring fair value measurements. The estimated fair value of the Derivative Warrants was determined using the Black-Scholes model with stock price based on the OTCQX closing price of the Derivative Warrants issue date as of March 31, 2024 and December 31, 2023.

The assumptions used in the fair value calculations as of the balance sheet dates presented include the following:


	March 31, 2024 (unaudited)	December 31, 2023
Stock price	$0.73	$0.46
Risk-free annual interest rate	4.45% - 5.21%	4.01% - 4.79%
Range of estimated possible exercise price	$1.00 - $2.086	$1.00 - $2.086
Weighted average volatility	124%	101%
Remaining life	0.70 - 2.70 years	1.00 - 2.90 years
Forfeiture rate	0%	0%
Expected annual dividend yield	0%	0%

Volatility was estimated by using a weighting of the Company’s historical volatility. The risk-free interest rate for the expected life of the Derivative Warrants was based on the yield available on government benchmark bonds with an approximate equivalent remaining term. The expected life is based on the contractual term. If any of the assumptions used in the calculation were to increase or decrease, this could result in a material or significant increase or decrease in the estimated fair value of the derivative liability. For example, the following table illustrates an increase or decrease in certain significant assumptions as of the balance sheet dates:

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


	As of March 31, 2024							As of December 31, 2023
	(unaudited)
	Input			Effect of 10% Increase		Effect of 10% Decrease		Input			Effect of 10% Increase		Effect of 10% Decrease
Stock price	$	0.73		$	1,540	$	(1,440)	$	0.46		$	637	$	(574)
Volatility	124		%	1,190		(1,202)		101		%	680		(643)


12. EQUITY

Authorized, Issued and Outstanding

The authorized share capital of the Company consists of an unlimited number of SVS, Multiple Voting Shares, Super Voting Shares, and Preferred Shares. As of March 31, 2024, the Company had 196,634,931 SVS issued and outstanding and no Multiple Voting Shares, Super Voting Shares or Preferred Shares issued and outstanding.

Warrants

Each warrant entitles the holder to purchase one SVS. Certain warrants may be net share settled. The following table summarizes the status of warrants and related transactions:


	Non-Derivative (Equity) Warrants (1)	Derivative Liabilities Warrants	Total Number of Warrants	Weighted - Average Exercise Price
Balance as of January 1, 2024	49,068,636	37,862,922	86,931,558	$	1.12
Granted	2,050,000	—	2,050,000	$	0.97



Balance as of March 31, 2024	51,118,636	37,862,922	88,981,558	$	1.12
Exercisable as of March 31, 2024	49,083,636	37,862,922	86,946,558	$	1.12

(1)In February 2024, there were 1,800,000 warrants issued in connection with the Debt Exchange. Refer to Note 9 - Debt for more information.

The grant date fair value of the non-derivative warrants issued was determined using the Black-Scholes option-pricing model. The following assumptions were used for the calculation at date of issuance:


Weighted average stock price			$0.93
Weighted average expected stock price volatility			76.5%
Expected annual dividend yield			0%
Weighted average expected life of warrants			3.1 years
Weighted average risk-free annual interest rate			4.1%
Weighted average grant date fair value			$0.48

Share-based Payment Award Plans

Plan summary and description

Under the Company’s 2019 Equity Incentive Plan, as amended, (the “2019 Plan”), non-transferable options to purchase SVS and restricted SVS of the Company may be issued to directors, officers, employees, or consultants of the Company. The 2019 Plan authorizes the issuance of up to 15% (plus an additional 2% inducements for hiring employees and senior management) of the number of outstanding shares of common stock (of all classes) of the Company (the “Share Reserve”). Incentive stock options are limited to the Share Reserve, and the maximum number of incentive awards

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

available for issuance under the 2019 Plan, including additional awards available for certain new hires, was 4,829,392 as of March 31, 2024.

Stock Options

The stock options issued by the Company are options to purchase SVS of the Company. All stock options issued have been issued to directors and employees under the Company’s 2019 Plan. Such options generally expire ten years from the date of grant and generally vest ratably over three years from the grant date. The options generally may be net share settled. The following table summarizes the status of stock options and related transactions:


	Number of Stock Options	Weighted-Average Per Share Exercise Price
Issued and Outstanding as of January 1, 2024	27,653,184	$	1.40
Granted	1,220,000	$	0.70
Exercised	(3,333)	$	0.60
Cancelled/forfeited/expired	(273,166)	$	1.77
Issued and Outstanding as of March 31, 2024	28,596,685	$	1.36
Exercisable as of March 31, 2024	15,966,391	$	1.75

The fair value of the stock options granted was determined using the Black-Scholes option-pricing model. The following assumptions were used for the calculation at date of grant:


	Three Months Ended March 31,
	2024	2023
Weighted average stock price	$0.70	$0.60
Weighted average expected stock price volatility	77.1%	77.4%
Expected annual dividend yield	0%	0%
Weighted average expected life	5.1 years	6.2 years
Weighted average risk-free annual interest rate	4.3%	3.7%
Weighted average grant date fair value	$0.46	$0.42

Restricted Stock

The Company grants restricted SVS to independent directors, management, former owners of acquired businesses or assets, and to consultants and other employees. The restricted SVS are included in the issued and outstanding SVS, and the fair value of the restricted stock granted was estimated based on the SVS price at grant date. The following table summarizes the status of restricted stock and related transactions:


			Number of Restricted Subordinate Voting Shares
Unvested restricted stock as of January 1, 2024			1,861



Unvested restricted stock as of March 31, 2024			1,861

Generally, restricted stock awards will vest either one-third on each anniversary of service from the vesting start date or will be fully vested on the completion of one year of full service from the vesting start date, depending on the award.

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

Share-based Compensation Cost

The components of share-based compensation expense are as follows:


	Three Months Ended March 31,
	2024		2023
Stock options	$	1,355	$	1,596
Restricted stock	1		200
Warrants	168		515
Total share-based compensation expense	$	1,524	$	2,311

As of March 31, 2024, the Company had $4,311 of unrecognized share-based compensation cost related to unvested stock options, restricted stock and warrants, which is expected to be recognized as share-based compensation cost over a weighted average period of 1.5 years.


13. EARNINGS (LOSS) PER SHARE

The reconciliations of the net loss and the weighted average number of shares used in the computations of basic and diluted loss per share are as follows:


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss and comprehensive loss	$	(18,355)	$	(12,440)


Net loss and comprehensive loss - diluted	$	(18,355)	$	(12,440)

Denominator:
Weighted-average shares of common stock - basic	195,131,642		194,050,835

Weighted-average shares of common stock - diluted	195,131,642		194,050,835

Loss per common share:
Basic	$	(0.09)	$	(0.06)
Diluted	$	(0.09)	$	(0.06)

The following table summarizes weighted average instruments that may, in the future, have a dilutive effect on earnings (loss) per share, but were excluded from consideration in the computation of diluted net loss per share for the three months ended March 31, 2024 and 2023, because the impact of including them would have been anti-dilutive:


	Three Months Ended March 31,
	2024	2023
Stock options	27,653,611	28,615,308
Warrants (derivative liabilities and equity)	88,052,437	85,989,948
Unvested restricted stock awards	1,861	1,120,815
	115,707,909	115,726,071

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


14. REVENUE

The Company has two revenue streams: (i) retail and (ii) wholesale. The Company’s retail revenues are comprised of cannabis sales from its dispensaries. The Company’s wholesale revenues are comprised of cannabis sales to its wholesale customers for resale through their dispensaries. Any intercompany revenue and costs are eliminated to arrive at consolidated totals.

The following table summarizes the Company’s revenue from external customers, disaggregated by revenue stream:


	Three Months Ended March 31,
	2024		2023
Retail	$	57,369	$	62,311
Wholesale	8,090		7,562

Total revenue, net	$	65,459	$	69,873


15. OPERATING EXPENSES

The major components of operating expenses are as follows:


	Three Months Ended March 31,
	2024		2023
Salaries, wages and employee related expenses	$	14,147	$	16,804
Depreciation and amortization expense	3,278		2,663
Rent and related expenses	2,914		2,893
Professional fees and legal expenses	2,575		2,325
Share-based compensation expense	1,524		2,311

Other expenses (1)	3,773		5,456

Total operating expenses	$	28,211	$	32,452

(1) Other expenses are primarily comprised of marketing and selling expenses, insurance costs, administrative and licensing fees, software and technology costs, travel, entertainment and conferences and other.


16. INCOME TAXES

The following table summarizes the Company’s income tax expense and effective tax rates for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024			2023
Loss before income tax	$	(8,608)		$	(2,292)
Income tax expense	$	9,747		$	10,148
Effective income tax rate	113.2		%	442.8		%

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

The Company has computed its provision for income taxes based on the actual effective rate for the three months ended March 31, 2024 and 2023 as the Company believes this is the best estimate for the annual effective tax rate. Therefore, the Company’s effective income tax rates for the three months ended March 31, 2024 and 2023 are not indicative of the effective income tax rate for each respective fiscal year of 2024 and 2023. The Company’s effective income tax rate is significantly higher than the statutory income tax rates due in part to (i) disallowed expenses under U.S. Internal Revenue Code of 1986, as amended (“IRC”), Section 280E, (ii) change in liability for unrecognized tax benefits, (iii) fair value change of derivatives, (iv) interest and penalties accrual for tax liabilities, and (v) state income taxes.

Due to its cannabis operations, the Company is subject to the limitation of IRC Section 280E (“280E”) under which the Company is only allowed to deduct "costs of goods sold". This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income which provides for effective tax rates that are well in excess of statutory tax rates. In connection with the preparation and filing of the fiscal 2022 federal income tax return, the Company changed its previous application of 280E to exclude certain parts of its business. However, since the Company’s new tax position on 280E may be challenged by the IRS, the Company elected to treat the deductibility of these related expenses as an uncertain tax position. As of March 31, 2024 and December 31, 2023, the balances in income tax payable and unrecognized tax benefits on the consolidated balance sheets include the impact of the new tax position on 280E, which decreased current liabilities with a corresponding increase in non-current liabilities. There was no material impact to the consolidated statements of operations and comprehensive income (loss).

The Company’s tax returns for the year 2021 and prior benefited from not applying 280E to certain entities of the consolidated group either due to the entity not yet starting operations or because the entity had a separate trade or business that was not medical or recreational cannabis operations. The Company determined that it is not more likely than not these tax positions would be sustained under examination.

As a result of the above, the Company has a liability for unrecognized tax benefits of $109,204 and $100,343 as of March 31, 2024 and December 31, 2023, respectively, inclusive of interest and penalties. Additionally, there are unrecognized deferred tax benefits of $17,353 and $17,303 as of March 31, 2024 and December 31, 2023, respectively. The Company anticipates that it is reasonably possible that its new tax position on 280E may require changes to the balance of unrecognized tax benefits within the next 12 months. However, an estimate of such changes cannot reasonably be made.


17. RELATED PARTY TRANSACTIONS

The Company had the following related party transactions:


	Three Months Ended March 31,				As of
	2024		2023		March 31, 2024 (unaudited)		December 31, 2023
Nature of transaction	Related Party Expense				Related Party Payable

12% Second Lien Notes - interest expense and principal amount (1)	$	(577)	$	(521)	$	(19,493)	$	(19,788)
Other debt (2)	$	—	$	—	$	(3,225)	$	(3,298)

(1)For the periods ended March 31, 2024 and December 31, 2023, the Second Lien Notes payable and the related interest expense includes amounts related to the Company’s Chief Executive Officer, as well as a significant investor.

(2)Other debt relates to Jushi Europe. On February 16, 2022, Jushi Europe filed a notice of over-indebtedness with the Swiss courts. Then, the Swiss courts declared Jushi Europe’s bankruptcy on May 19, 2022. As a result, Jushi Europe updated its corporate name to Jushi Europe SA in liquidation, which is still on-going.

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)


18. COMMITMENTS AND CONTINGENCIES

Contingencies

Although the possession, cultivation and distribution of cannabis for medical and recreational use is permitted in certain states, cannabis is classified as a Schedule-I controlled substance under the U.S. Controlled Substances Act and its use remains a violation of federal law. The Company’s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, restrictions on its operations, or losses of permits that could result in the Company ceasing operations. While management believes that the Company is in material compliance with applicable local and state regulations as of March 31, 2024, marijuana regulations continue to evolve and are subject to differing interpretations. As a result, the Company could be subject to regulatory fines, penalties or restrictions at any time. Since federal law criminalizing the use of cannabis preempts state laws that legalize its use, strict enforcement of federal law regarding cannabis would likely result in the Company’s inability to proceed with the Company’s business plans. In addition, the Company’s assets, including real property, cash and cash equivalents, equipment, inventory and other goods, could be subject to asset forfeiture because cannabis is still federally illegal.

Refer to Note 16 - Income Taxes for certain tax-related contingencies.

Claims and Litigation

From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of March 31, 2024, except as set forth below, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company’s financial results. There are also no proceedings in which any of the Company’s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company’s interest.

MJ Market matter

On March 31, 2023, MJ’s Market, Inc. (“MJ’s”) filed a complaint in federal district court in Massachusetts adverse to Jushi Holdings Inc. and certain of its subsidiaries, including Jushi MA, Inc., Jushi Inc. and Nature’s Remedy of Massachusetts, as well as the former owners and affiliates of Nature’s Remedy of Massachusetts (the “Complaint”). The Complaint centrally claims that the structure of the Nature’s Remedy of Massachusetts transaction providing for increased purchase price consideration if there is no competing dispensary within 2,500 foot radius by certain time periods, and the Company’s filing with the Massachusetts Superior Court an appeal of the Town of Tyngsborough’s decision to approve MJ’s facility in contradiction of its own zoning bylaws are violations of the Sherman Antitrust Act, Massachusetts Antitrust Act, and Massachusetts Consumer Protection Act, as well as interference with contractual relations and abuse of process. MJ is seeking legal and equitable remedies including compensatory and other damages. The Company disputes such allegations, believes it has substantial defenses and is vigorously defending against the Complaint.

Sammartino Matter

On February 28, 2023, the Company informed Sammartino, the former owner of Nature’s Remedy and certain of its affiliates, that Sammartino had breached several provisions of the MIPA and/or fraudulently induced the Company to enter into, and not terminate, the MIPA. As a consequence of these breaches and the fraudulent inducement, the Company informed Sammartino that the Company had incurred significant damages, and pursuant to the terms of the MIPA the Company had elected to offset these damages against certain promissory notes and shares the Company was to pay and issue, respectively, to Sammartino, and that Sammartino would be required to pay the remainder in cash. On March 13, 2023, Sammartino responded to the Company by alleging various procedural deficiencies with the Company’s claim and provided the Company with a notice that the Company was in default of the MIPA for failing to issue certain shares of the Company to Sammartino. On March 21, 2023, Sammartino sent a second notice that the Company was in default of the promissory notes for failing to pay interest pursuant to their specified schedule. On March 23, 2023, the Company sent a

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

second letter to Sammartino disputing each procedural deficiency claimed by Sammartino and disputing that the Company is in default of the MIPA or the promissory notes and that it properly followed the terms of the various agreements in electing to set off the damages.

Pacific Collective matter

On October 24, 2022, Pacific Collective, LLC (“Pacific Collective”) filed a complaint in state court in California against Jushi subsidiaries TGS CC Ventures, LLC (“TGS”), and Jushi Inc. Pacific Collective alleges that the Jushi subsidiaries breached a commercial property lease and lease guaranty and that Pacific Collective is entitled to recover in excess of $20,000 in damages. TGS believes it lawfully rescinded the lease based on Pacific Collective’s failure to purchase the property that was the subject of the lease and to construct and deliver the building contemplated by the lease and is of the position that no damages are owed to Pacific Collective. The Referee assigned to the matter delivered a Statement of Decision on March 7, 2024 ruling in favor of TGS and Jushi.

Commitments

In addition to the contractual obligations outlined in Note 9 - Debt and Note 10 - Leases, the Company has the following commitments as of March 31, 2024 related to property and construction.

Property and Construction Commitments

In connection with various license applications, the Company may enter into conditional leases or other property commitments which will be executed if the Company is successful in obtaining the applicable license and/or resolving other contingencies related to the license or application.

In addition, the Company expects to incur capital expenditures for leasehold improvements and construction of buildouts of certain locations, including for properties for which the lease is conditional on obtaining the applicable related license or for which other contingencies exist. If the Company were to be unsuccessful in obtaining a particular license or certain other conditions are not met, the previously capitalized improvements and buildouts relating to that license may need to be expensed in future periods in the statements of operations and comprehensive income (loss).


19. FINANCIAL INSTRUMENTS

The following table sets forth the Company’s financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy:


	March 31, 2024 (unaudited)		December 31, 2023
Financial assets: (1)
Equity investment	$	200	$	200
Total financial assets	$	200	$	200

Financial liabilities: (1)
Derivative liabilities (2)	$	7,738	$	2,638
Contingent consideration liabilities (3)	—		817
Total financial liabilities	$	7,738	$	3,455

(1)The Company has no financial assets or liabilities in Level 1 or 2 within the fair value hierarchy as of March 31, 2024 and December 31, 2023, and there were no transfers between hierarchy levels during the three months ended March 31, 2024 or year ended December 31, 2023.

(2)Refer to Note 11 - Derivative Liabilities.

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JUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements (Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

(3)Refer to Note 6 - Acquisitions.

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and certain accrued expenses, and certain other assets and liabilities held at amortized cost, approximate their fair values due to the short-term nature of these instruments. The equity investment approximates its fair value at March 31, 2024 and December 31, 2023. The carrying amounts of the promissory notes approximate their fair values as the effective interest rates are consistent with market rates. The carrying amount of the Second Lien Notes approximates their fair values as of March 31, 2024 and December 31, 2023, respectively.


20. SEGMENT INFORMATION

The Company operates a vertically integrated cannabis business in one reportable segment for the cultivation, manufacturing, distribution and sale of cannabis in the U.S. All of the Company’s revenues were generated within the U.S., and substantially all long-lived assets are located within the U.S. The accounting policies for the Company’s reportable segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker is the Chief Executive Officer. The chief operating decision maker assesses performance and decides how to allocate resources based on operating results that are reported on the income statement as consolidated net income/(loss). The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to Note 15 - Operating Expenses for significant expenses for the reportable segment.


21. SUBSEQUENT EVENTS

In connection with the Manassas Mortgage, the Company satisfied certain criteria required for the release of an aggregate of $3,128 of restricted cash in April 2024. Consequently, on April 22, 2024, the lender released $3,128 of restricted cash to the Company.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis (“MD&A”) covers the consolidated financial statements of Jushi Holdings Inc. and its controlled subsidiaries as of and for the three months ended March 31, 2024 (the “Financial Statements”). Unless the context indicates or requires otherwise, the terms “Jushi”, “the Company”, “we”, “us” and “our” refers to Jushi Holdings Inc. and its controlled entities. This MD&A should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto for the three months ended March 31, 2024 (the “Quarterly Financial Statements”). The Quarterly Financial Statements have been prepared by management and are in accordance with generally accepted accounting principles in the United States (“GAAP”) and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on April 1, 2024 (the “2023 Form 10-K”) and was also filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”). All amounts are expressed in U.S. dollars unless otherwise noted.

Company Overview

We are a vertically integrated, multi-state cannabis operator engaged in retail, distribution, cultivation, and processing operations in both medical and adult-use markets. We are focused on building a diverse portfolio of cannabis assets through opportunistic investments and pursuing application opportunities in attractive limited license jurisdictions and capitalizing on such assets through strategic deployment in our day-to-day operations. We have targeted assets in highly populated, limited license medical markets on a trajectory toward adult-use legalization, including Pennsylvania, markets that are in the process of transitioning to adult-use, namely Ohio and Virginia, and limited license, fast-growing, large adult-use markets, such as Illinois, Nevada and Massachusetts, and certain municipalities of California.

Factors Affecting our Performance and Related Trends

Competition and Pricing Pressure

The cannabis industry is subject to significant competition and pricing pressures, which is often market specific and can be caused by an oversupply of cannabis in the market, and may be transitory from period to period. We may experience significant competitive pricing pressures as well as competitive products and service providers in the markets in which we operate. Several significant competitors may offer products and/or services with prices that may match or are lower than ours. We believe that the products and services we offer are generally competitive with those offered by other cannabis companies. It is possible that one or more of our competitors could develop a significant research advantage over us that allows them to provide superior products or pricing, which could put us at a competitive disadvantage. Continued pricing pressure due to competition, increased cannabis supply or shifts in customer preferences could adversely impact our customer base or pricing structure, resulting in a material impact on our results of operations, or asset impairments in future periods.

Recent Developments

(Amounts expressed in thousands of U.S. dollars, except share amounts)

On April 16, 2024, we filed a registration statement on Form S-3 that was declared effective by the SEC on April 30, 2024 (the “S-3”). The S-3 permits us to offer and sell up to an aggregate amount of $250,000 of any combination of subordinate voting shares, preferred shares, warrants, units, and/or rights. We may also offer securities as may be issuable upon conversion, redemption, repurchase, exchange or exercise of any securities registered under the S-3, including any applicable antidilution provisions. In addition, the S-3 registered an aggregate of 44,660,966 subordinate voting shares for resale by James Cacioppo, our CEO.

On April 15, 2024, we announced the appointment of Todd West as the Company’s Chief Operating Officer effective April 12, 2024. Mr. West will oversee the Company’s grower-processor and retail operations as well as security.

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Results of Operations

(Amounts expressed in thousands of U.S. dollars, except share and per share amounts)


	Three Months Ended March 31,
	2024		2023		$ Change		% Change

REVENUE, NET	$	65,459	$	69,873	$	(4,414)	(6)	%
COST OF GOODS SOLD	(33,129)		(39,932)		6,803		(17)	%
GROSS PROFIT	32,330		29,941		2,389		8	%

OPERATING EXPENSES	28,211		32,452		(4,241)		(13)	%




INCOME (LOSS) FROM OPERATIONS	4,119		(2,511)		6,630		264	%

OTHER INCOME (EXPENSE):
Interest expense, net	(9,544)		(8,520)		(1,024)		12	%
Fair value (loss) gain on derivatives	(5,100)		8,030		(13,130)		(164)	%
Other, net	1,917		709		1,208		170	%
Total other income (expense), net	(12,727)		219		(12,946)		(5911)	%

LOSS BEFORE INCOME TAX	(8,608)		(2,292)		(6,316)		276	%
Income tax expense	(9,747)		(10,148)		401		(4)	%
NET LOSS AND COMPREHENSIVE LOSS	(18,355)		(12,440)		(5,915)		48	%



LOSS PER SHARE - BASIC	$	(0.09)	$	(0.06)	$	(0.03)	50	%
Weighted average shares outstanding - basic	195,131,642		194,050,835		1,080,807		1	%
LOSS PER SHARE - DILUTED	$	(0.09)	$	(0.06)	$	(0.03)	50	%
Weighted average shares outstanding - diluted	195,131,642		194,050,835		1,080,807		1	%

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Three Months Ended March 31, 2024 Compared with the Three Months Ended March 31, 2023

(Amounts expressed in thousands of U.S. dollars, unless otherwise stated)

Revenue, Net

The following table presents revenue by type for the periods indicated:


	Three Months Ended March 31,
	2024		2023		$ Change		% Change
Retail	$	57,369	$	62,311	$	(4,942)	(8)	%
Wholesale	8,090		7,562		528		7	%
Total revenue, net	$	65,459	$	69,873	$	(4,414)	(6)	%

Revenue, net, was $65,459 compared to $69,873, a decrease of $4,414 or 6%. Retail revenue decreased $4,942 primarily due to declines in revenue in: (i) Illinois, due to the impact of the state of Missouri moving to recreational use, and (ii) Nevada and Pennsylvania, due to market price compression and increased competition. The decrease was partially offset by increased sales in Virginia due in part to the opening of one new store in August 2023. The Company ended the quarter with thirty-five operating dispensaries in seven states, as compared to thirty-seven in seven states at the end of March 31, 2023.

Wholesale revenue increased $528 primarily due to continued advancements at our cultivation and processing facilities that has enabled us to diversify our product offerings, as well as increasing our competitiveness on quality, cost and distribution.

Gross Profit

Gross profit was $32,330 compared to $29,941, an increase of $2,389 or 8%. Gross profit margin increased to 49% compared to 43%. The improvement in gross profit and gross profit margin was driven by operating efficiencies at our grower processor facilities and cost optimization initiatives, such as changes to our packaging. The benefit of these improvements was partially offset by declines in retail revenue in Illinois and Pennsylvania driven by competition both inside of such states and, with respect to Illinois, in neighboring Missouri.

Operating Expenses

Operating expenses were $28,211 compared to $32,452, a decrease of $4,241 or 13%. The following table presents information of our operating expenses for the periods indicated:


	Three Months Ended March 31,
	2024		2023		$ Change		% Change
Salaries, wages and employee related expenses	$	14,147	$	16,804	$	(2,657)	(16)	%
Depreciation and amortization expense	3,278		2,663		615		23	%
Rent and related expenses	2,914		2,893		21		1	%
Professional fees and legal expenses	2,575		2,325		250		11	%
Share-based compensation expense	1,524		2,311		(787)		(34)	%
Other expenses (1)	3,773		5,456		(1,683)		(31)	%

Total operating expenses	$	28,211	$	32,452	$	(4,241)	(13)	%

(1) Other expenses are primarily comprised of marketing and selling expenses, insurance costs, administrative and application fees, software and technology costs, travel, entertainment and conferences and other.

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Salaries, wages, and employee-related expenses decreased due to the benefits from both the staffing model changes in our retail stores and right-sizing the organization that occurred in 2023. Lower share-based compensation expense reflects lower value of share-based compensation granted.

Other Income (Expense)

Interest Expense, Net

Interest expense, net was $9,544 compared to $8,520, an increase of $1,024, or 12%. The increase in interest expense, net is due to our higher overall debt balance, primarily due to the addition of the Manassas Mortgage in April 2023, the final draw on the Arlington Mortgage in January 2023, as well as the increase in the Second Lien Notes compared to March 31, 2023 due to issuance of Second Lien Notes during 2023 to settle accrued bonus, as well as issuance of Second Lien Notes in the Debt Exchange which occurred in February 2024. Interest related to the Acquisition Facility and promissory notes has declined as we continue to make principal payments.

Fair Value gain (loss) on Derivatives

Fair value loss on derivatives was $5,100, compared to a gain of $8,030. Fair value gain (loss) on derivatives include the fair value changes relating to the derivative warrants. The derivative warrants are required to be remeasured at fair value at each reporting period. The fair value changes in derivatives were primarily attributable to the movement in our stock price during the corresponding period.

Other, Net

Other, net was an income of $1,917, compared to $709, a change of $1,208. The increase in income was due primarily to $575 higher foreign exchange translation adjustment mainly relating to certain Second Lien Notes denominated in Canadian dollars, $399 gain on debt extinguishment and $400 reversal of legal claim accruals no longer required, partially offset by $440 lower indemnification asset relating to acquisitions made in prior years.

Income Tax Expense

Total income tax expense was $9,747 compared to $10,148 in the prior year, a decrease of $401 or 4%. The decrease in income tax expense is primarily due to a reduction in taxable gross profit.

Non-GAAP Measures and Reconciliation

In addition to providing financial measurements based on GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP. We use non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. These non-GAAP financial measures are EBITDA and Adjusted EBITDA (each as defined below). We believe that these non-GAAP financial measures reflect our ongoing business by excluding the effects of expenses that are not reflective of our operating business performance and allow for meaningful comparisons and analysis of trends in our business. These non-GAAP financial measures also facilitate comparing financial results across accounting periods and to those of peer companies. As there are no standardized methods of calculating these non-GAAP measures, our methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similar measures used by others, thus limiting their usefulness. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are financial measures that are not defined under GAAP. We define EBITDA as net income (loss), or “earnings”, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before: (i) non-cash share-based compensation expense; (ii) inventory-related adjustments; (iii) fair value

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changes in derivatives; (iv) other (income)/expense items; (v) transaction costs; (vi) asset impairment; (vii) gain/loss on debt extinguishment; and (viii) start-up costs. These financial measures are metrics that have been adjusted from the GAAP net income (loss) measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the GAAP net income measure. Other companies in our industry may calculate this measure differently, limiting their usefulness as comparative measures.

Reconciliation of EBITDA and Adjusted EBITDA (Non- GAAP Measures)

(Amounts expressed in thousands of U.S. dollars)

Adjusted EBITDA was $13,349 compared to $7,603, an increase of 5,746 or 76%. The increase in EBITDA was primarily due to operating efficiencies at our grower processor facilities, lower payroll cost due to a decrease in the number of employees as a result of right sizing the organization, as well as changes to our staffing model at retail stores.

The table below reconciles net loss to EBITDA and Adjusted EBITDA for the periods indicated.


	Three Months Ended March 31,
	2024		2023
NET LOSS	$	(18,355)	$	(12,440)
Income tax expense	9,747		10,148
Interest expense, net	9,544		8,520
Depreciation and amortization (1)	6,836		7,335
EBITDA (Non-GAAP)	7,772		13,563
Non-cash share-based compensation	1,524		2,311
Inventory charge adjustments (2)	—		251
Fair value changes in derivatives	5,100		(8,030)

Other (income) expense, net (3)	(648)		(511)
Gain on debt extinguishment	(399)		—

Transaction costs	—		19
Adjusted EBITDA (Non-GAAP)	$	13,349	$	7,603


(1)			Includes amounts that are included in cost of goods sold and in operating expenses.
(2)			Includes: (i) inventory step-up on business combinations; (ii) inventory recall reserves; and (iii) reserves for discontinued products. The inventory step-up on business combinations relates to the fair value write-up on inventory acquired on the business acquisition date and then sold subsequent to the acquisition date.
(3)			Includes: (i) remeasurement of contingent consideration related to acquisitions; (ii) losses (gains) on legal settlements; and (iii) severance costs.

Liquidity and Capital Resources

(Amounts expressed in thousands of U.S. dollars, unless otherwise stated)

Sources and Uses of Cash

We had cash, cash equivalents and restricted cash of $30,564 as of March 31, 2024.

The major components of our statements of cash flows for the three months ended March 31, 2024 and 2023, are as follows:

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	Three Months Ended March 31,
	2024		2023		$ Change		% Change
Net cash flows provided by (used in) operating activities	$	6,493	$	(3,572)	$	10,065	282	%
Net cash flows used in investing activities	(743)		(4,542)		3,799		84	%
Net cash flows (used in) provided by financing activities	(6,491)		331		(6,822)		(2061)	%
Effect of currency translation on cash	—		61		(61)		100	%
Net change in cash, cash equivalents and restricted cash	$	(741)	$	(7,722)	$	6,981	90	%

Operating activities. Cash provided by operations was $6,493, as compared to cash used in operations of $3,572. The change to cash provided by operating activities in the current year compared to cash used in operating activities in the prior year was primarily due to income from operations in the current year as compared to an operating loss in the prior year, higher non-cash adjustments, which was partially offset by a decrease in cash provided by operating assets and liabilities in the current year.

Investing activities. Net cash used in investing activities was $743 compared to $4,542. The current year includes $1,077 for the payments of property, plant and equipment for use in our operations partially offset by $334 in proceeds from sale of property, plant and equipment. The prior year includes $4,542 for the payments of property, plant and equipment for use in our operations.

Financing activities. Net cash used in financing activities was $6,491 compared to net cash provided by financing activities of $331. The current year includes (i) $2,750 in payments on promissory notes in the Note Exchange, (ii) $2,438 payments related to the Acquisition Facility debt, (iii) $728 in net finance lease obligation payments, (iv) $586 in payments of other financing activities, and (v) $37 in payments of mortgage-related debt, partially offset by (i) $46 of proceeds from other financing activities and (ii) $2 of proceeds from exercise of options. The prior year includes (i) $1,900 in proceeds from mortgage loans, partially offset by (i) $844 in net finance lease obligation payments, (ii) $668 in payments of other financing activities and (iii) $57 in payments of mortgage-related debt.

Liquidity

As reflected in our 2023 Form 10-K, we used net cash of $3,318 for operating activities for the year ended December 31, 2023, and as of that date, our current liabilities exceeded our current assets by $80,825. Furthermore, as of March 31, 2024, our current liabilities exceeded our current assets by $81,294. Such current liabilities as of March 31, 2024 include aggregate contractual maturities of (i) $57,687 of the Acquisition Facility debt that is to be paid in cash within the next twelve months, absent a refinancing, (ii) $23,747 of debt (including $2,247 of interest and $5,000 of milestone accruals) that are subject to indemnity claims in favor of the Company and not currently expected to be paid in cash within the next twelve months and (iii) $3,225 debt related to Jushi Europe, where the payments are subject to completion of the liquidation of Jushi Europe. Refer to Note 9 - Debt and Note 18 - Commitments and Contingencies of our Quarterly Financial Statements contained in Part I. Item 1 of this report for more information. Absent a refinancing of the Acquisition Facility debt, we will not meet our obligations within the next year. We believe that with a refinancing of the Acquisition Facility debt, we will be able to meet our obligations.

As concluded in the 2023 Form 10-K, substantial doubt existed about our ability to continue as a going concern, and, as a result of the above, substantial doubt continues to exist within the next twelve months from the date these financial statements are issued. We have a history of refinancing our debt and management intends to refinance the Acquisition Facility debt before the maturity date. The ability to continue as a going concern is dependent upon future financing. There is no assurance that we will be successful in this or any of our endeavors and continue as a going concern.

The Quarterly Financial Statements contained herein have been prepared on a going concern basis which assumes we will be able to realize our assets and discharge our liabilities in the normal course of business for the foreseeable future, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty.

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Off-Balance Sheet Arrangements and Contractual Obligations

As of March 31, 2024, we do not have any off‐balance sheet arrangements. For our contractual obligations, refer to Note 9 - Debt, Note 10 - Leases and Note 18 - Commitments and Contingencies of our Quarterly Financial Statements contained in Part I. Item 1 of this report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to the risks disclosed in Item 7A of our 2023 Form 10-K.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management carried out an evaluation under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2024, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

For a description of our legal proceedings, refer to Claims and Litigation in Note 18 - Commitments and Contingencies in the Notes to the Unaudited Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

The Company is subject to numerous risks and uncertainties, any of which could have a significant or material adverse effect on our business, financial condition, liquidity or consolidated financial statements. You should carefully consider the risk factors disclosed under the heading “Risk Factors”, which are included in the 2023 Form 10-K, which was also filed on SEDAR. The risks described therein and herein are not the only ones we face. Other than set forth herein, there have been no material changes from the risk factors previously disclosed.

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds

(Amounts expressed in thousands of U.S. dollars, except share and per share amount)

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

Insider trading arrangements

During the three months ended March 31, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

Table of Contents

Item 6. Exhibits


31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a)
31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a)
32.1			Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002
32.2			Certification of Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002
101.INS			Inline XBRL Instance Document
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (embedded with Inline XBRL File)

Table of Contents

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	JUSHI HOLDINGS INC.




Date: May 9, 2024	By:	/s/ Michelle Mosier
		Michelle Mosier
		Chief Financial Officer and Chief Accounting Officer (principal financial and accounting officer)

Exhibit 31.1

Certification of Chief Executive Officer

pursuant to Rule 13a-14(a) or Rule 15d-14(a)

I, James Cacioppo, certify that:

(1) I have reviewed this quarterly report on Form 10-Q of Jushi Holdings Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) [paragraph omitted in accordance with Exchange Act Rule 13a-14(a)];

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2024


						/s/ James Cacioppo
						James Cacioppo
						Chief Executive Officer (principal executive officer)

Exhibit 31.2

Certification of Chief Financial Officer

pursuant to Rule 13a-14(a) or Rule 15d- 14(a)

I, Michelle Mosier, certify that:

(1) I have reviewed this quarterly report on Form 10-Q of Jushi Holdings Inc.;

(b) [paragraph omitted in accordance with Exchange Act Rule 13a-14(a)];

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2024


						/s/ Michelle Mosier
						Michelle Mosier
						Chief Financial Officer and Chief Accounting Officer (principal financial and accounting officer)

Exhibit 32.1

Certification of Chief Executive Officer

under Section 906 of the Sarbanes-Oxley Act of 2002

(18 U.S.C. § 1350)

In connection with the quarterly report of Jushi Holdings Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Cacioppo, Chief Executive Officer of the Company, certify, to my best knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: May 9, 2024


			/s/ James Cacioppo
			James Cacioppo
			Chief Executive Officer (principal executive officer)

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 and, accordingly, is not being filed with the Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).

Exhibit 32.2

Certification of Chief Financial Officer

under Section 906 of the Sarbanes-Oxley Act of 2002

(18 U.S.C. § 1350)

In connection with the quarterly report of Jushi Holdings Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michelle Mosier, Chief Financial Officer and Chief Accounting Officer of the Company, certify to my best knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: May 9, 2024


			/s/ Michelle Mosier
			Michelle Mosier Chief Financial Officer and Chief Accounting Officer (principal financial officer)

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-56468
Entity Registrant Name	JUSHI HOLDINGS INC.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1547061
Entity Address, Address Line One	301 Yamato Road
Entity Address, Address Line Two	Suite 3250
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
City Area Code	561
Local Phone Number	617-9100
Entity Address, Postal Zip Code	33431
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		196,643,264
Entity Central Index Key	0001909747
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 25,286	$ 26,027
Restricted cash - current	3,128	3,128
Accounts receivable, net	3,186	3,380
Inventory, net	36,665	33,586
Prepaid expenses and other current assets	14,736	15,514
Total current assets	83,001	81,635
NON-CURRENT ASSETS:
Property, plant and equipment, net	154,141	159,268
Right-of-use assets - finance leases	62,098	63,107
Other intangible assets, net	95,224	95,967
Goodwill	30,910	30,910
Other non-current assets	30,324	30,358
Restricted cash - non-current	2,150	2,150
Total non-current assets	374,847	381,760
Total assets	457,848	463,395
CURRENT LIABILITIES:
Accounts payable	16,913	15,383
Accrued expenses and other current liabilities	43,150	44,070
Income tax payable	8,010	5,190
Debt, net - current portion (including related party principal amounts of $3,225 and $3,298 as of March 31, 2024 and December 31, 2023, respectively)	79,877	86,514
Finance lease obligations - current	9,121	8,885
Derivative liabilities - current	7,224	2,418
Total current liabilities	164,295	162,460
NON-CURRENT LIABILITIES:
Debt, net - non-current (including related party principal amounts of $19,493 and $19,788 as of March 31, 2024 and December 31, 2023, respectively)	127,180	126,041
Finance lease obligations - non-current	52,283	52,839
Derivative liabilities - non-current	513	220
Unrecognized tax benefits	109,204	100,343
Other liabilities - non-current	27,958	29,111
Total non-current liabilities	317,138	308,554
Total liabilities	481,433	471,014
COMMITMENTS AND CONTINGENCIES (Note 18)
EQUITY (DEFICIT):
Common stock, no par value: authorized shares - unlimited; issued and outstanding shares - $196,634,931 and $196,631,598 Subordinate Voting Shares as of March 31, 2024 and December 31, 2023, respectively	0	0
Paid-in capital	506,001	503,612
Accumulated deficit	(528,199)	(509,844)
Total Jushi shareholders' deficit	(22,198)	(6,232)
Non-controlling interests	(1,387)	(1,387)
Total deficit	(23,585)	(7,619)
Total liabilities and equity (deficit)	$ 457,848	$ 463,395

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt, net - current portion	$ 79,877	$ 86,514
Debt, net - non-current portion	$ 127,180	$ 126,041
Subordinate Voting Shares
Common stock, issued (in shares)	196,634,931	196,631,598
Common stock, outstanding (in shares)	196,634,931	196,631,598
Related Party
Debt, net - current portion	$ 3,225	$ 3,298
Debt, net - non-current portion	$ 19,493	$ 19,788

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
REVENUE, NET	$ 65,459	$ 69,873
COST OF GOODS SOLD	(33,129)	(39,932)
GROSS PROFIT	32,330	29,941
OPERATING EXPENSES	28,211	32,452
INCOME (LOSS) FROM OPERATIONS	4,119	(2,511)
OTHER INCOME (EXPENSE):
Interest expense, net	(9,544)	(8,520)
Fair value gain (loss) on derivatives	(5,100)	8,030
Other, net	1,917	709
Total other income (expense), net	(12,727)	219
LOSS BEFORE INCOME TAX	(8,608)	(2,292)
Income tax expense	(9,747)	(10,148)
NET LOSS AND COMPREHENSIVE LOSS	(18,355)	(12,440)
NET LOSS AND COMPREHENSIVE LOSS	$ (18,355)	$ (12,440)
LOSS PER SHARE - BASIC (in dollars per share)	$ (0.09)	$ (0.06)
Weighted average shares outstanding - basic (in shares)	195,131,642	194,050,835
LOSS PER SHARE - DILUTED (in dollars per share)	$ (0.09)	$ (0.06)
Weighted average shares outstanding - diluted (in shares)	195,131,642	194,050,835

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	Total Jushi Shareholders' Equity (Deficit)	Common Stock Subordinate Voting Shares	Paid-In Capital	Accumulated Deficit	Non-Controlling Interests
Balance at beginning of period (in shares) at Dec. 31, 2022			196,686,372
Balance at beginning of period at Dec. 31, 2022	$ 45,891	$ 47,278		$ 492,020	$ (444,742)	$ (1,387)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares canceled upon forfeiture of restricted stock, net of restricted stock grants (in shares)			(53,001)
Share-based compensation (including related parties)	2,311	2,311		2,311
Net loss	(12,440)	(12,440)			(12,440)
Balance at end of period (in shares) at Mar. 31, 2023			196,633,371
Balance at end of period at Mar. 31, 2023	35,762	37,149		494,331	(457,182)	(1,387)
Balance at beginning of period (in shares) at Dec. 31, 2023			196,631,598
Balance at beginning of period at Dec. 31, 2023	$ (7,619)	(6,232)		503,612	(509,844)	(1,387)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued upon exercise of stock options (in shares)	3,333		3,333
Shares issued upon exercise of stock options	$ 2	2		2
Share-based compensation (including related parties)	1,524	1,524		1,524
Issuance of warrants	863	863		863
Net loss	(18,355)	(18,355)			(18,355)
Balance at end of period (in shares) at Mar. 31, 2024			196,634,931
Balance at end of period at Mar. 31, 2024	$ (23,585)	$ (22,198)		$ 506,001	$ (528,199)	$ (1,387)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (18,355)	$ (12,440)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization, including amounts in cost of goods sold	6,836	7,335
Share-based compensation	1,524	2,311
Fair value changes in derivatives	5,100	(8,030)
Non-cash interest expense, including amortization of deferred financing costs	1,495	1,731
Deferred income taxes and uncertain tax positions	6,647	355
Gain on debt extinguishment	(399)	0
Other non-cash items, net	(159)	(166)
Changes in operating assets and liabilities:
Accounts receivable	410	(1,210)
Inventory	(3,611)	(4,480)
Prepaid expenses and other current and non-current assets	903	2,989
Accounts payable, accrued expenses and other current liabilities	6,102	8,033
Net cash flows provided by (used in) operating activities	6,493	(3,572)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for property, plant and equipment	(1,077)	(4,542)
Proceeds from sale of property, plant and equipment	334	0
Net cash flows used in investing activities	(743)	(4,542)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options	2	0
Payments on promissory notes	(2,750)	0
Payments on acquisition related credit facility	(2,438)	0
Payments of finance leases	(728)	(844)
Proceeds from mortgage loans	0	1,900
Payments of mortgage loans	(37)	(57)
Proceeds from other financing activities	46	0
Payments of other financing activities	(586)	(668)
Net cash flows (used in) provided by financing activities	(6,491)	331
Effect of currency translation on cash and cash equivalents	0	61
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(741)	(7,722)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	31,305	27,146
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	30,564	19,424
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest (excluding capitalized interest)	7,781	6,951
Cash (received) paid for income taxes	(1,522)	305
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures	1,011	2,804
Right-of-use assets from finance lease liabilities	203	461
Issuance of second lien notes	4,750	750
Warrants issued for debt exchange	$ 863	$ 0

NATURE OF OPERATIONS

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF OPERATIONS


1. NATURE OF OPERATIONS

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

Going Concern and Liquidity

Summary of Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash


	March 31, 2024 (unaudited)		December 31, 2023
Cash and cash equivalents	$	25,286	$	26,027
Restricted cash - current (1)	3,128		3,128
Restricted cash - non-current (1)	2,150		2,150
Cash, cash equivalents and restricted cash	$	30,564	$	31,305

Recent Accounting Pronouncements

Adoption of New Accounting Standards

Accounting Standards Issued But Not Yet Adopted

INVENTORY, NET

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORY, NET


3. INVENTORY, NET

The components of inventory, net, are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Cannabis plants	$	4,727	$	4,478
Harvested cannabis and packaging	10,374		10,994
Total raw materials	15,101		15,472
Work in process	5,439		4,293
Finished goods	16,125		13,821
Total inventory, net	$	36,665	$	33,586

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS


4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

The components of prepaid expenses and other current assets are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Employee retention credit receivable	$	10,140	$	10,140
Prepaid expenses and deposits	2,337		2,716
Assets held for sale	1,647		1,647
Other current assets	612		1,011
Total prepaid expenses and other current assets	$	14,736	$	15,514

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT


5. PROPERTY, PLANT AND EQUIPMENT

The components of property, plant and equipment (“PPE”) are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Buildings and building components	$	88,134	$	88,527
Land	12,956		12,956
Leasehold improvements	47,589		46,660
Machinery and equipment	27,128		27,050
Furniture, fixtures and office equipment (including computer)	21,870		21,146
Construction-in-process	318		1,968
Property, plant and equipment, gross	197,995		198,307
Less: Accumulated depreciation	(43,854)		(39,039)
Property, plant and equipment, net	$	154,141	$	159,268

Construction-in-process represents assets under construction for manufacturing and retail build-outs not yet ready for use.

ACQUISITIONS

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS


6. ACQUISITIONS

Nature’s Remedy

OTHER NON-CURRENT ASSETS

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER NON-CURRENT ASSETS


7. OTHER NON-CURRENT ASSETS

The components of other non-current assets are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Operating lease assets	$	17,943	$	18,265
Indemnification assets	7,080		6,906
Net deferred tax assets	2,895		2,772
Deposits and escrows - properties	1,723		1,723
Deposits - equipment	422		422
Equity investment (1)	200		200
Other	61		70
Total other non-current assets	$	30,324	$	30,358

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The components of accrued expenses and other current liabilities are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Deferred income - ERC (1)	$	10,140	$	10,140
Goods received not invoiced	5,268		5,019
Accrued employee related expenses and liabilities	5,260		4,175
Acquisition-related milestone accrual (2)	5,000		4,167
Operating lease obligations	4,707		4,693
Accrued interest	4,480		4,106
Accrued sales and excise taxes	2,866		2,388
Deferred revenue (loyalty program)	1,441		1,407
Accrued professional and management fees	698		986

Accrued capital expenditures	100		702
Contingent consideration liabilities (2)	—		817
Other accrued expenses and current liabilities	3,190		5,470
Total accrued expenses and other current liabilities	$	43,150	$	44,070

(1)Refer to Note 4 - Prepaid Expenses and Other Current Assets for more information.

(2)Refer to Note 6 - Acquisitions for more information.

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT


9. DEBT

The components of the Company’s debt are as follows:


	Effective Interest Rate	Maturity Date	March 31, 2024 (unaudited)		December 31, 2023
Principal amounts:
Second Lien Notes	15%	December 2026	$	79,835	$	75,497
Acquisition Facility	15%	December 2024	57,687		60,125
Acquisition-related promissory notes payable	8% - 16%	August 2024 - April 2027	25,864		35,716
Mortgage loans	6% - 11%	January 2027 - April 2028	29,424		29,456
Total debt subject to scheduled repayments			192,810		200,794
Promissory notes payable to Sammartino (1)	10%	September 2024 - September 2026	21,500		21,500
Jushi Europe debt (2)	n/a	March 2022	3,225		3,298
Total debt			217,535		225,592
Less: debt issuance costs and original issue discounts			(10,478)		(13,037)
Total debt, net			$	207,057	$	212,555
Debt, net - current portion			$	79,877	$	86,514
Debt, net - non-current portion			$	127,180	$	126,041

Second Lien Notes

Mortgage Loans

Arlington Mortgage

Dickson City Mortgage

Manassas Mortgage

Financial Covenants

Acquisition Facility

Mortgage loans

Annual Maturities

As of March 31, 2024, aggregate future scheduled repayments of the Company’s debt are as follows:


	Remainder of the year		2025		2026		2027		2028		Total
Second Lien Notes	$	—	$	—	$	79,835	$	—	$	—	$	79,835
Acquisition Facility	57,687		—		—		—		—		57,687
Acquisition-related promissory notes payable	3,750		—		—		22,114		—		25,864
Mortgage loans	438		647		658		9,441		18,240		29,424
Total debt subject to scheduled repayments	$	61,875	$	647	$	80,493	$	31,555	$	18,240	$	192,810

Interest Expense

Interest expense, net is comprised of the following:


	Three Months Ended March 31,
	2024		2023
Interest expense
Interest and accretion - Second Lien Notes	$	2,748	$	2,344
Interest and accretion - Finance lease liabilities	2,668		2,349
Interest and accretion - Promissory notes	1,374		1,536
Interest and accretion - Acquisition Facility	2,152		2,296
Interest and accretion - Mortgage loans and other financing activities	706		185
Capitalized interest	—		(188)
Total interest expense	9,648		8,522
Interest income	(104)		(2)
Total interest expense, net	$	9,544	$	8,520

LEASES

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

LEASES


10. LEASES

The following table provides the components of lease cost recognized in the consolidated statements of operations and comprehensive income (loss) for the periods presented.


	Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization of lease assets	$	1,184	$	1,590
Interest on lease liabilities	2,668		2,349
Total finance lease cost	3,852		3,939
Operating lease cost	1,326		733
Variable lease cost	36		66
Total lease cost	$	5,214	$	4,738

Other information related to operating and finance leases as of the balance sheet dates presented are as follows:


	March 31, 2024				December 31, 2023
	(unaudited)
	Finance Leases		Operating Leases		Finance Leases		Operating Leases
Weighted average discount rate	16.08	%	15.15	%	16.09	%	15.09	%
Weighted average remaining lease term (in years)	16.4		8.6		16.6		8.7

The maturities of the contractual undiscounted lease liabilities as of March 31, 2024 are as follows:


	Finance Leases		Operating Leases
Remainder of year	$	7,319	$	3,734
2025	10,820		5,772
2026	10,494		5,536
2027	10,002		5,243
2028	10,166		4,842
Thereafter	147,970		19,670
Total lease payments	196,771		44,797
Less: Imputed interest	(135,367)		(20,658)
Total present value of minimum lease payments	$	61,404	$	24,139
Lease liabilities - current portion	$	9,121	$	4,707
Lease liabilities - non-current	$	52,283	$	19,432

LEASES


10. LEASES

The following table provides the components of lease cost recognized in the consolidated statements of operations and comprehensive income (loss) for the periods presented.


	Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization of lease assets	$	1,184	$	1,590
Interest on lease liabilities	2,668		2,349
Total finance lease cost	3,852		3,939
Operating lease cost	1,326		733
Variable lease cost	36		66
Total lease cost	$	5,214	$	4,738

Other information related to operating and finance leases as of the balance sheet dates presented are as follows:


	March 31, 2024				December 31, 2023
	(unaudited)
	Finance Leases		Operating Leases		Finance Leases		Operating Leases
Weighted average discount rate	16.08	%	15.15	%	16.09	%	15.09	%
Weighted average remaining lease term (in years)	16.4		8.6		16.6		8.7

The maturities of the contractual undiscounted lease liabilities as of March 31, 2024 are as follows:


	Finance Leases		Operating Leases
Remainder of year	$	7,319	$	3,734
2025	10,820		5,772
2026	10,494		5,536
2027	10,002		5,243
2028	10,166		4,842
Thereafter	147,970		19,670
Total lease payments	196,771		44,797
Less: Imputed interest	(135,367)		(20,658)
Total present value of minimum lease payments	$	61,404	$	24,139
Lease liabilities - current portion	$	9,121	$	4,707
Lease liabilities - non-current	$	52,283	$	19,432

DERIVATIVE LIABILITIES

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE LIABILITIES


11. DERIVATIVE LIABILITIES

The following table summarizes the change in the Company’s derivative liabilities for the three months ended March 31, 2024.


	Total Derivative Liabilities (1)
Balance as of January 1, 2024	$	2,638
Fair value changes	5,100


Balance as of March 31, 2024	$	7,738

(1)Refer to Note 12 - Equity for the change in number of warrants during the three months ended March 31, 2024.

The assumptions used in the fair value calculations as of the balance sheet dates presented include the following:


	March 31, 2024 (unaudited)	December 31, 2023
Stock price	$0.73	$0.46
Risk-free annual interest rate	4.45% - 5.21%	4.01% - 4.79%
Range of estimated possible exercise price	$1.00 - $2.086	$1.00 - $2.086
Weighted average volatility	124%	101%
Remaining life	0.70 - 2.70 years	1.00 - 2.90 years
Forfeiture rate	0%	0%
Expected annual dividend yield	0%	0%


	As of March 31, 2024							As of December 31, 2023
	(unaudited)
	Input			Effect of 10% Increase		Effect of 10% Decrease		Input			Effect of 10% Increase		Effect of 10% Decrease
Stock price	$	0.73		$	1,540	$	(1,440)	$	0.46		$	637	$	(574)
Volatility	124		%	1,190		(1,202)		101		%	680		(643)

EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

EQUITY


12. EQUITY

Authorized, Issued and Outstanding

Warrants

Each warrant entitles the holder to purchase one SVS. Certain warrants may be net share settled. The following table summarizes the status of warrants and related transactions:


	Non-Derivative (Equity) Warrants (1)	Derivative Liabilities Warrants	Total Number of Warrants	Weighted - Average Exercise Price
Balance as of January 1, 2024	49,068,636	37,862,922	86,931,558	$	1.12
Granted	2,050,000	—	2,050,000	$	0.97



Balance as of March 31, 2024	51,118,636	37,862,922	88,981,558	$	1.12
Exercisable as of March 31, 2024	49,083,636	37,862,922	86,946,558	$	1.12

(1)In February 2024, there were 1,800,000 warrants issued in connection with the Debt Exchange. Refer to Note 9 - Debt for more information.


Weighted average stock price			$0.93
Weighted average expected stock price volatility			76.5%
Expected annual dividend yield			0%
Weighted average expected life of warrants			3.1 years
Weighted average risk-free annual interest rate			4.1%
Weighted average grant date fair value			$0.48

Share-based Payment Award Plans

Plan summary and description

available for issuance under the 2019 Plan, including additional awards available for certain new hires, was 4,829,392 as of March 31, 2024.

Stock Options


	Number of Stock Options	Weighted-Average Per Share Exercise Price
Issued and Outstanding as of January 1, 2024	27,653,184	$	1.40
Granted	1,220,000	$	0.70
Exercised	(3,333)	$	0.60
Cancelled/forfeited/expired	(273,166)	$	1.77
Issued and Outstanding as of March 31, 2024	28,596,685	$	1.36
Exercisable as of March 31, 2024	15,966,391	$	1.75

The fair value of the stock options granted was determined using the Black-Scholes option-pricing model. The following assumptions were used for the calculation at date of grant:


	Three Months Ended March 31,
	2024	2023
Weighted average stock price	$0.70	$0.60
Weighted average expected stock price volatility	77.1%	77.4%
Expected annual dividend yield	0%	0%
Weighted average expected life	5.1 years	6.2 years
Weighted average risk-free annual interest rate	4.3%	3.7%
Weighted average grant date fair value	$0.46	$0.42

Restricted Stock


			Number of Restricted Subordinate Voting Shares
Unvested restricted stock as of January 1, 2024			1,861



Unvested restricted stock as of March 31, 2024			1,861

Share-based Compensation Cost

The components of share-based compensation expense are as follows:


	Three Months Ended March 31,
	2024		2023
Stock options	$	1,355	$	1,596
Restricted stock	1		200
Warrants	168		515
Total share-based compensation expense	$	1,524	$	2,311

EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE


13. EARNINGS (LOSS) PER SHARE

The reconciliations of the net loss and the weighted average number of shares used in the computations of basic and diluted loss per share are as follows:


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss and comprehensive loss	$	(18,355)	$	(12,440)


Net loss and comprehensive loss - diluted	$	(18,355)	$	(12,440)

Denominator:
Weighted-average shares of common stock - basic	195,131,642		194,050,835

Weighted-average shares of common stock - diluted	195,131,642		194,050,835

Loss per common share:
Basic	$	(0.09)	$	(0.06)
Diluted	$	(0.09)	$	(0.06)


	Three Months Ended March 31,
	2024	2023
Stock options	27,653,611	28,615,308
Warrants (derivative liabilities and equity)	88,052,437	85,989,948
Unvested restricted stock awards	1,861	1,120,815
	115,707,909	115,726,071

REVENUE

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE


14. REVENUE

The following table summarizes the Company’s revenue from external customers, disaggregated by revenue stream:


	Three Months Ended March 31,
	2024		2023
Retail	$	57,369	$	62,311
Wholesale	8,090		7,562

Total revenue, net	$	65,459	$	69,873

OPERATING EXPENSES

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

OPERATING EXPENSES


15. OPERATING EXPENSES

The major components of operating expenses are as follows:


	Three Months Ended March 31,
	2024		2023
Salaries, wages and employee related expenses	$	14,147	$	16,804
Depreciation and amortization expense	3,278		2,663
Rent and related expenses	2,914		2,893
Professional fees and legal expenses	2,575		2,325
Share-based compensation expense	1,524		2,311

Other expenses (1)	3,773		5,456

Total operating expenses	$	28,211	$	32,452

INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES


16. INCOME TAXES

The following table summarizes the Company’s income tax expense and effective tax rates for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024			2023
Loss before income tax	$	(8,608)		$	(2,292)
Income tax expense	$	9,747		$	10,148
Effective income tax rate	113.2		%	442.8		%

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS


17. RELATED PARTY TRANSACTIONS

The Company had the following related party transactions:


	Three Months Ended March 31,				As of
	2024		2023		March 31, 2024 (unaudited)		December 31, 2023
Nature of transaction	Related Party Expense				Related Party Payable

12% Second Lien Notes - interest expense and principal amount (1)	$	(577)	$	(521)	$	(19,493)	$	(19,788)
Other debt (2)	$	—	$	—	$	(3,225)	$	(3,298)

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES


18. COMMITMENTS AND CONTINGENCIES

Contingencies

Refer to Note 16 - Income Taxes for certain tax-related contingencies.

Claims and Litigation

MJ Market matter

Sammartino Matter

Pacific Collective matter

Commitments

In addition to the contractual obligations outlined in Note 9 - Debt and Note 10 - Leases, the Company has the following commitments as of March 31, 2024 related to property and construction.

Property and Construction Commitments

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS


19. FINANCIAL INSTRUMENTS

The following table sets forth the Company’s financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy:


	March 31, 2024 (unaudited)		December 31, 2023
Financial assets: (1)
Equity investment	$	200	$	200
Total financial assets	$	200	$	200

Financial liabilities: (1)
Derivative liabilities (2)	$	7,738	$	2,638
Contingent consideration liabilities (3)	—		817
Total financial liabilities	$	7,738	$	3,455

(2)Refer to Note 11 - Derivative Liabilities.

(3)Refer to Note 6 - Acquisitions.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION


20. SEGMENT INFORMATION

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS


21. SUBSEQUENT EVENTS

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss and comprehensive loss	$ (18,355)	$ (12,440)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates.
Consolidation	In the opinion of management, the unaudited consolidated financial statements include all adjustments, of a normal recurring nature, that are necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods, and at the dates, presented. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 1, 2024 (the “2023 Form 10-K”), and was also filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) on April 1, 2024. Consolidated balance sheet information as of December 31, 2023 presented herein is derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023.
Going Concern and Liquidity	As reflected in the 2023 Form 10-K, the Company used net cash of $3,318 for operating activities for the year ended December 31, 2023, and as of that date, the Company’s current liabilities exceeded its current assets by $80,825. Furthermore, as of March 31, 2024, the Company’s current liabilities exceeded its current assets by $81,294. Such current liabilities as of March 31, 2024, include aggregate contractual maturities of (i) $57,687 of the Acquisition Facility (as defined below) debt that is to be paid in cash within the next twelve months, absent a refinancing, (ii) $23,747 of debt (including $2,247 of interest and $5,000 of milestone accruals) that are subject to indemnity claims in favor of the Company and not currently expected to be paid in cash within the next twelve months and (iii) $3,225 debt related to Jushi Europe SA (“Jushi Europe”), where the payments are subject to completion of the liquidation of Jushi Europe. Refer to Note 9 - Debt and Note 18 - Commitments and Contingencies for more information. Absent a refinancing of the Acquisition Facility debt, the Company will not meet its obligations within the next year. Management believes that with refinancing of the Acquisition Facility debt, the Company would meet its obligations. As concluded in the 2023 Form 10-K, substantial doubt existed about the Company’s ability to continue as a going concern, and, as a result of the above, substantial doubt continues to exist within the next twelve months from the date these financial statements are issued. The Company has a history of refinancing its debt and management intends to refinance the Acquisition Facility debt before the maturity date. The ability to continue as a going concern is dependent upon future financing. There is no assurance that the Company will be successful in this or any of its endeavors and continue as a going concern. The unaudited consolidated financial statements contained herein have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty.
Recent Accounting Pronouncements	Adoption of New Accounting Standards In June 2020, the Financial Accounting Standards Board (“FASB”) issued 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, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. This ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. There was no impact to the consolidated financial statements upon adoption. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The FASB issued guidance requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied Topic 606 to determine what to record for the acquired revenue contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements (if the acquiree prepared financial statements in accordance with generally accepted accounting principles). The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. There was no impact to the consolidated financial statements upon adoption. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The FASB issued guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. There was no impact to the consolidated financial statements upon adoption. In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements. The FASB issued guidance clarifies the accounting for leasehold improvements associated with common control leases, by requiring that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements associated with common control leases should be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023. There was no impact to the consolidated financial statements upon adoption. Accounting Standards Issued But Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires two primary enhancements of 1) disaggregated information on a reporting entity’s effective tax rate reconciliation, and 2) information on incomes taxes paid. For public business entities, the new requirement will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	March 31, 2024 (unaudited)		December 31, 2023
Cash and cash equivalents	$	25,286	$	26,027
Restricted cash - current (1)	3,128		3,128
Restricted cash - non-current (1)	2,150		2,150
Cash, cash equivalents and restricted cash	$	30,564	$	31,305

Restrictions on Cash and Cash Equivalents


	March 31, 2024 (unaudited)		December 31, 2023
Cash and cash equivalents	$	25,286	$	26,027
Restricted cash - current (1)	3,128		3,128
Restricted cash - non-current (1)	2,150		2,150
Cash, cash equivalents and restricted cash	$	30,564	$	31,305

INVENTORY, NET (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Components of Inventory

The components of inventory, net, are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Cannabis plants	$	4,727	$	4,478
Harvested cannabis and packaging	10,374		10,994
Total raw materials	15,101		15,472
Work in process	5,439		4,293
Finished goods	16,125		13,821
Total inventory, net	$	36,665	$	33,586

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of Prepaid Expenses and Other Current Assets

The components of prepaid expenses and other current assets are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Employee retention credit receivable	$	10,140	$	10,140
Prepaid expenses and deposits	2,337		2,716
Assets held for sale	1,647		1,647
Other current assets	612		1,011
Total prepaid expenses and other current assets	$	14,736	$	15,514

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

The components of property, plant and equipment (“PPE”) are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Buildings and building components	$	88,134	$	88,527
Land	12,956		12,956
Leasehold improvements	47,589		46,660
Machinery and equipment	27,128		27,050
Furniture, fixtures and office equipment (including computer)	21,870		21,146
Construction-in-process	318		1,968
Property, plant and equipment, gross	197,995		198,307
Less: Accumulated depreciation	(43,854)		(39,039)
Property, plant and equipment, net	$	154,141	$	159,268

OTHER NON-CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Noncurrent Assets

The components of other non-current assets are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Operating lease assets	$	17,943	$	18,265
Indemnification assets	7,080		6,906
Net deferred tax assets	2,895		2,772
Deposits and escrows - properties	1,723		1,723
Deposits - equipment	422		422
Equity investment (1)	200		200
Other	61		70
Total other non-current assets	$	30,324	$	30,358

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

The components of accrued expenses and other current liabilities are as follows:


	March 31, 2024 (unaudited)		December 31, 2023
Deferred income - ERC (1)	$	10,140	$	10,140
Goods received not invoiced	5,268		5,019
Accrued employee related expenses and liabilities	5,260		4,175
Acquisition-related milestone accrual (2)	5,000		4,167
Operating lease obligations	4,707		4,693
Accrued interest	4,480		4,106
Accrued sales and excise taxes	2,866		2,388
Deferred revenue (loyalty program)	1,441		1,407
Accrued professional and management fees	698		986

Accrued capital expenditures	100		702
Contingent consideration liabilities (2)	—		817
Other accrued expenses and current liabilities	3,190		5,470
Total accrued expenses and other current liabilities	$	43,150	$	44,070

(1)Refer to Note 4 - Prepaid Expenses and Other Current Assets for more information.

(2)Refer to Note 6 - Acquisitions for more information.

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Components of Debt

The components of the Company’s debt are as follows:


	Effective Interest Rate	Maturity Date	March 31, 2024 (unaudited)		December 31, 2023
Principal amounts:
Second Lien Notes	15%	December 2026	$	79,835	$	75,497
Acquisition Facility	15%	December 2024	57,687		60,125
Acquisition-related promissory notes payable	8% - 16%	August 2024 - April 2027	25,864		35,716
Mortgage loans	6% - 11%	January 2027 - April 2028	29,424		29,456
Total debt subject to scheduled repayments			192,810		200,794
Promissory notes payable to Sammartino (1)	10%	September 2024 - September 2026	21,500		21,500
Jushi Europe debt (2)	n/a	March 2022	3,225		3,298
Total debt			217,535		225,592
Less: debt issuance costs and original issue discounts			(10,478)		(13,037)
Total debt, net			$	207,057	$	212,555
Debt, net - current portion			$	79,877	$	86,514
Debt, net - non-current portion			$	127,180	$	126,041

Schedule of Future Contractual Debt Maturities

As of March 31, 2024, aggregate future scheduled repayments of the Company’s debt are as follows:


	Remainder of the year		2025		2026		2027		2028		Total
Second Lien Notes	$	—	$	—	$	79,835	$	—	$	—	$	79,835
Acquisition Facility	57,687		—		—		—		—		57,687
Acquisition-related promissory notes payable	3,750		—		—		22,114		—		25,864
Mortgage loans	438		647		658		9,441		18,240		29,424
Total debt subject to scheduled repayments	$	61,875	$	647	$	80,493	$	31,555	$	18,240	$	192,810

Schedule of Interest Expense

Interest expense, net is comprised of the following:


	Three Months Ended March 31,
	2024		2023
Interest expense
Interest and accretion - Second Lien Notes	$	2,748	$	2,344
Interest and accretion - Finance lease liabilities	2,668		2,349
Interest and accretion - Promissory notes	1,374		1,536
Interest and accretion - Acquisition Facility	2,152		2,296
Interest and accretion - Mortgage loans and other financing activities	706		185
Capitalized interest	—		(188)
Total interest expense	9,648		8,522
Interest income	(104)		(2)
Total interest expense, net	$	9,544	$	8,520

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lease, Cost

The following table provides the components of lease cost recognized in the consolidated statements of operations and comprehensive income (loss) for the periods presented.


	Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization of lease assets	$	1,184	$	1,590
Interest on lease liabilities	2,668		2,349
Total finance lease cost	3,852		3,939
Operating lease cost	1,326		733
Variable lease cost	36		66
Total lease cost	$	5,214	$	4,738

Other information related to operating and finance leases as of the balance sheet dates presented are as follows:


	March 31, 2024				December 31, 2023
	(unaudited)
	Finance Leases		Operating Leases		Finance Leases		Operating Leases
Weighted average discount rate	16.08	%	15.15	%	16.09	%	15.09	%
Weighted average remaining lease term (in years)	16.4		8.6		16.6		8.7

Lessee, Operating Lease, Liability, Maturity

The maturities of the contractual undiscounted lease liabilities as of March 31, 2024 are as follows:


	Finance Leases		Operating Leases
Remainder of year	$	7,319	$	3,734
2025	10,820		5,772
2026	10,494		5,536
2027	10,002		5,243
2028	10,166		4,842
Thereafter	147,970		19,670
Total lease payments	196,771		44,797
Less: Imputed interest	(135,367)		(20,658)
Total present value of minimum lease payments	$	61,404	$	24,139
Lease liabilities - current portion	$	9,121	$	4,707
Lease liabilities - non-current	$	52,283	$	19,432

Finance Lease, Liability, Fiscal Year Maturity

The maturities of the contractual undiscounted lease liabilities as of March 31, 2024 are as follows:


	Finance Leases		Operating Leases
Remainder of year	$	7,319	$	3,734
2025	10,820		5,772
2026	10,494		5,536
2027	10,002		5,243
2028	10,166		4,842
Thereafter	147,970		19,670
Total lease payments	196,771		44,797
Less: Imputed interest	(135,367)		(20,658)
Total present value of minimum lease payments	$	61,404	$	24,139
Lease liabilities - current portion	$	9,121	$	4,707
Lease liabilities - non-current	$	52,283	$	19,432

DERIVATIVE LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Liabilities at Fair Value

The following table summarizes the change in the Company’s derivative liabilities for the three months ended March 31, 2024.


	Total Derivative Liabilities (1)
Balance as of January 1, 2024	$	2,638
Fair value changes	5,100


Balance as of March 31, 2024	$	7,738

(1)Refer to Note 12 - Equity for the change in number of warrants during the three months ended March 31, 2024.

Fair Value Measurement Inputs and Valuation Techniques

The assumptions used in the fair value calculations as of the balance sheet dates presented include the following:


	March 31, 2024 (unaudited)	December 31, 2023
Stock price	$0.73	$0.46
Risk-free annual interest rate	4.45% - 5.21%	4.01% - 4.79%
Range of estimated possible exercise price	$1.00 - $2.086	$1.00 - $2.086
Weighted average volatility	124%	101%
Remaining life	0.70 - 2.70 years	1.00 - 2.90 years
Forfeiture rate	0%	0%
Expected annual dividend yield	0%	0%

For example, the following table illustrates an increase or decrease in certain significant assumptions as of the balance sheet dates:


	As of March 31, 2024							As of December 31, 2023
	(unaudited)
	Input			Effect of 10% Increase		Effect of 10% Decrease		Input			Effect of 10% Increase		Effect of 10% Decrease
Stock price	$	0.73		$	1,540	$	(1,440)	$	0.46		$	637	$	(574)
Volatility	124		%	1,190		(1,202)		101		%	680		(643)

EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Warrants Outstanding and Exercisable

The following table summarizes the status of warrants and related transactions:


	Non-Derivative (Equity) Warrants (1)	Derivative Liabilities Warrants	Total Number of Warrants	Weighted - Average Exercise Price
Balance as of January 1, 2024	49,068,636	37,862,922	86,931,558	$	1.12
Granted	2,050,000	—	2,050,000	$	0.97



Balance as of March 31, 2024	51,118,636	37,862,922	88,981,558	$	1.12
Exercisable as of March 31, 2024	49,083,636	37,862,922	86,946,558	$	1.12

(1)In February 2024, there were 1,800,000 warrants issued in connection with the Debt Exchange. Refer to Note 9 - Debt for more information.

Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions

The following assumptions were used for the calculation at date of issuance:


Weighted average stock price			$0.93
Weighted average expected stock price volatility			76.5%
Expected annual dividend yield			0%
Weighted average expected life of warrants			3.1 years
Weighted average risk-free annual interest rate			4.1%
Weighted average grant date fair value			$0.48

Summary of Stock Options Outstanding

The following table summarizes the status of stock options and related transactions:


	Number of Stock Options	Weighted-Average Per Share Exercise Price
Issued and Outstanding as of January 1, 2024	27,653,184	$	1.40
Granted	1,220,000	$	0.70
Exercised	(3,333)	$	0.60
Cancelled/forfeited/expired	(273,166)	$	1.77
Issued and Outstanding as of March 31, 2024	28,596,685	$	1.36
Exercisable as of March 31, 2024	15,966,391	$	1.75

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following assumptions were used for the calculation at date of grant:


	Three Months Ended March 31,
	2024	2023
Weighted average stock price	$0.70	$0.60
Weighted average expected stock price volatility	77.1%	77.4%
Expected annual dividend yield	0%	0%
Weighted average expected life	5.1 years	6.2 years
Weighted average risk-free annual interest rate	4.3%	3.7%
Weighted average grant date fair value	$0.46	$0.42

Nonvested Restricted Stock Shares Activity

The following table summarizes the status of restricted stock and related transactions:


			Number of Restricted Subordinate Voting Shares
Unvested restricted stock as of January 1, 2024			1,861



Unvested restricted stock as of March 31, 2024			1,861

Components of Share-based Compensation Expense

The components of share-based compensation expense are as follows:


	Three Months Ended March 31,
	2024		2023
Stock options	$	1,355	$	1,596
Restricted stock	1		200
Warrants	168		515
Total share-based compensation expense	$	1,524	$	2,311

EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The reconciliations of the net loss and the weighted average number of shares used in the computations of basic and diluted loss per share are as follows:


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss and comprehensive loss	$	(18,355)	$	(12,440)


Net loss and comprehensive loss - diluted	$	(18,355)	$	(12,440)

Denominator:
Weighted-average shares of common stock - basic	195,131,642		194,050,835

Weighted-average shares of common stock - diluted	195,131,642		194,050,835

Loss per common share:
Basic	$	(0.09)	$	(0.06)
Diluted	$	(0.09)	$	(0.06)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended March 31,
	2024	2023
Stock options	27,653,611	28,615,308
Warrants (derivative liabilities and equity)	88,052,437	85,989,948
Unvested restricted stock awards	1,861	1,120,815
	115,707,909	115,726,071

REVENUE (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenue Disaggregated by Revenue Stream

The following table summarizes the Company’s revenue from external customers, disaggregated by revenue stream:


	Three Months Ended March 31,
	2024		2023
Retail	$	57,369	$	62,311
Wholesale	8,090		7,562

Total revenue, net	$	65,459	$	69,873

OPERATING EXPENSES (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component

The major components of operating expenses are as follows:


	Three Months Ended March 31,
	2024		2023
Salaries, wages and employee related expenses	$	14,147	$	16,804
Depreciation and amortization expense	3,278		2,663
Rent and related expenses	2,914		2,893
Professional fees and legal expenses	2,575		2,325
Share-based compensation expense	1,524		2,311

Other expenses (1)	3,773		5,456

Total operating expenses	$	28,211	$	32,452

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss), Income Tax (Expense), and Effective Tax Rate

The following table summarizes the Company’s income tax expense and effective tax rates for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024			2023
Loss before income tax	$	(8,608)		$	(2,292)
Income tax expense	$	9,747		$	10,148
Effective income tax rate	113.2		%	442.8		%

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Related Party Transactions

The Company had the following related party transactions:


	Three Months Ended March 31,				As of
	2024		2023		March 31, 2024 (unaudited)		December 31, 2023
Nature of transaction	Related Party Expense				Related Party Payable

12% Second Lien Notes - interest expense and principal amount (1)	$	(577)	$	(521)	$	(19,493)	$	(19,788)
Other debt (2)	$	—	$	—	$	(3,225)	$	(3,298)

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy:


	March 31, 2024 (unaudited)		December 31, 2023
Financial assets: (1)
Equity investment	$	200	$	200
Total financial assets	$	200	$	200

Financial liabilities: (1)
Derivative liabilities (2)	$	7,738	$	2,638
Contingent consideration liabilities (3)	—		817
Total financial liabilities	$	7,738	$	3,455

(2)Refer to Note 11 - Derivative Liabilities.

(3)Refer to Note 6 - Acquisitions.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Net cash flows provided by (used in) operating activities	$ 6,493	$ (3,572)	$ (3,318)
Working capital	(81,294)		(80,825)
Debt, net - current portion	79,877		$ 86,514
Long-term debt, current maturities, guaranteed obligations	23,747
Long-term debt, current maturities, guaranteed obligations, interest accrued	2,247
Long-term debt, current maturities, guaranteed obligations, milestones accrued	5,000
Jushi Europe Debt \| Other Debt
Debt Instrument [Line Items]
Debt, net - current portion	3,225
Revolving Credit Facility \| Acquisition Facility \| Line of Credit
Debt Instrument [Line Items]
Debt, net - current portion	$ 57,687

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 22, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Cash and cash equivalents		$ 25,286	$ 26,027
Restricted cash - current		3,128	3,128
Restricted cash - non-current		2,150	2,150
Cash, cash equivalents and restricted cash		$ 30,564	$ 31,305	$ 19,424	$ 27,146
Subsequent Event
Subsequent Event [Line Items]
Release of restricted cash - current	$ 3,128

INVENTORY, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Raw materials	$ 15,101	$ 15,472
Work in process	5,439	4,293
Finished goods	16,125	13,821
Total inventory, net	36,665	33,586
Cannabis plants
Inventory [Line Items]
Raw materials	4,727	4,478
Harvested cannabis and packaging
Inventory [Line Items]
Raw materials	$ 10,374	$ 10,994

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Employee retention credit receivable	$ 10,140	$ 10,140
Prepaid expenses and deposits	2,337	2,716
Assets held for sale	1,647	1,647
Other current assets	612	1,011
Total prepaid expenses and other current assets	$ 14,736	$ 15,514

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Employee retention credit receivable	$ 10,140	$ 10,140
Assets held for sale	$ 1,647	$ 1,647

PROPERTY, PLANT AND EQUIPMENT - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 197,995	$ 198,307
Less: Accumulated depreciation	(43,854)	(39,039)
Property, plant and equipment, net	154,141	159,268
Buildings and building components
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	88,134	88,527
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,956	12,956
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	47,589	46,660
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	27,128	27,050
Furniture, fixtures and office equipment (including computer)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	21,870	21,146
Construction-in-process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 318	$ 1,968

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 4,909	$ 4,812
Property, plant and equipment, disposals			$ 1,647
Asset, held-for-sale			$ 1,647

ACQUISITIONS (Details) - USD ($) $ in Thousands	1 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2024	Dec. 31, 2023
Acquisition Milestone Accrual
Business Acquisition [Line Items]
Contingent consideration liabilities - current portion		$ 5,000	$ 4,167
Nature's Remedy
Business Acquisition [Line Items]
Contingent consideration, equity interest issued and issuable	$ 5,000
Contingent consideration, liability, monthly earnout	278
Contingent consideration, liability, earnout calculation, ratio to share price	$ 1,667
Contingent consideration liabilities - current portion		$ 5,000	817
Contingent liability			4,984
Nature's Remedy \| Acquisition Milestone Accrual
Business Acquisition [Line Items]
Contingent consideration liabilities - current portion			$ 4,167
Nature's Remedy \| Milestone Period One
Business Acquisition [Line Items]
Contingent consideration period	12 months
Nature's Remedy \| Milestone Period Two
Business Acquisition [Line Items]
Contingent consideration period	30 months
Nature's Remedy \| Milestone Period Three
Business Acquisition [Line Items]
Contingent consideration period	13 months
Nature's Remedy \| Monthly Milestone Period One
Business Acquisition [Line Items]
Contingent consideration period	18 months
Nature's Remedy \| Monthly Milestone Period Two
Business Acquisition [Line Items]
Contingent consideration period	24 months
Nature's Remedy \| Monthly Milestone Period Three
Business Acquisition [Line Items]
Contingent consideration period	30 months

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease assets	$ 17,943	$ 18,265
Indemnification assets	7,080	6,906
Net deferred tax assets	2,895	2,772
Deposits and escrows - properties	1,723	1,723
Deposits - equipment	422	422
Equity investment	200	200
Other	61	70
Total other non-current assets	$ 30,324	$ 30,358
PVLLC
Schedule of Equity Method Investments [Line Items]
Equity ownership	23.08%

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition, Contingent Consideration [Line Items]
Deferred income - ERC	$ 10,140	$ 10,140
Goods received not invoiced	5,268	5,019
Accrued employee related expenses and liabilities	5,260	4,175
Operating lease obligations	$ 4,707	$ 4,693
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Accrued interest	$ 4,480	$ 4,106
Accrued sales and excise taxes	2,866	2,388
Deferred revenue (loyalty program)	1,441	1,407
Accrued professional and management fees	698	986
Accrued capital expenditures	100	702
Other accrued expenses and current liabilities	3,190	5,470
Total accrued expenses and other current liabilities	43,150	44,070
Acquisition Milestone Accrual
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration liabilities	5,000	4,167
Thirty-Month Anniversary Contingent Consideration
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration liabilities	$ 0	$ 817

DEBT - Components of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 217,535	$ 225,592
Less: debt issuance costs and original issue discounts	(10,478)	(13,037)
Total debt, net	207,057	212,555
Debt, net - current portion	79,877	86,514
Debt, net - non-current portion	127,180	126,041
Total debt subject to scheduled repayments
Debt Instrument [Line Items]
Total debt	$ 192,810	200,794
Second Lien Notes \| Unsecured Debt
Debt Instrument [Line Items]
Effective Interest Rate	15.00%
Total debt	$ 79,835	75,497
Acquisition Facility \| Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	15.00%
Total debt	$ 57,687
Acquisition Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	57,687	60,125
Debt, net - current portion	57,687
Acquisition-related promissory notes payable \| Unsecured Debt
Debt Instrument [Line Items]
Total debt	25,864	35,716
Mortgage loans \| Mortgages
Debt Instrument [Line Items]
Total debt	$ 29,424	29,456
Promissory Notes Payable to Sammartino \| Notes Payable
Debt Instrument [Line Items]
Effective Interest Rate	10.00%
Total debt	$ 21,500	21,500
Jushi Europe Debt \| Other Debt
Debt Instrument [Line Items]
Total debt	3,225	$ 3,298
Debt, net - current portion	$ 3,225
Minimum \| Acquisition-related promissory notes payable \| Unsecured Debt
Debt Instrument [Line Items]
Effective Interest Rate	8.00%
Minimum \| Mortgage loans \| Mortgages
Debt Instrument [Line Items]
Effective Interest Rate	6.00%
Maximum \| Acquisition-related promissory notes payable \| Unsecured Debt
Debt Instrument [Line Items]
Effective Interest Rate	16.00%
Maximum \| Mortgage loans \| Mortgages
Debt Instrument [Line Items]
Effective Interest Rate	11.00%

DEBT - Narrative (Details)		1 Months Ended		3 Months Ended
DEBT - Narrative (Details)	Feb. 06, 2024 USD ($) $ / shares shares	Apr. 30, 2023 USD ($)	Jul. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) loan debtInstrument	Mar. 31, 2023 USD ($)	Jan. 24, 2024 agreement	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of note exchange agreements \| agreement						2
Derivative warrants outstanding (in shares) \| shares	1,800,000
Derivative warrants exercise price (in dollars per share) \| $ / shares	$ 1.00
Gain on debt extinguishment				$ 399,000	$ 0
Number of mortgage loans \| loan				3
Contingent debt, not subject to repayment terms \| debtInstrument				2
Total debt				$ 217,535,000			$ 225,592,000
Existing Notes \| Unsecured Debt
Debt Instrument [Line Items]
Extinguishment of debt	$ 9,850,000
Repayments of Long-Term Debt	2,750,000
Second Lien Notes \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument principal amount	$ 4,750,000
2025				0
2027				0
Total debt				$ 79,835,000			75,497,000
Arlington Facility \| Mortgages
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 6,900,000
Debt instrument interest rate				5.875%
Dickson City Mortgage \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 2,800,000
Interest rate at period end				10.50%
Dickson City Mortgage \| Line of Credit \| Revolving Credit Facility \| Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.00%
Manassas Mortgage \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.55%
Manassas Mortgage \| Mortgages
Debt Instrument [Line Items]
Debt instrument principal amount		$ 20,000,000
Debt instrument interest rate				8.875%
Debt instrument, floor rate		8.25%
Promissory Notes Payable to Sammartino \| Notes Payable
Debt Instrument [Line Items]
2025				$ 16,500,000
2027				5,000,000
Total debt				21,500,000			21,500,000
Jushi Europe Debt \| Other Debt
Debt Instrument [Line Items]
Total debt				$ 3,225,000			$ 3,298,000

DEBT - Schedule of Future Contractual Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-Term Debt, Fiscal Year Maturity [Abstract]
Total debt	$ 217,535	$ 225,592
Total debt subject to scheduled repayments
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	61,875
2025	647
2026	80,493
2027	31,555
2028	18,240
Total debt	192,810	200,794
Unsecured Debt \| Second Lien Notes
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	0
2025	0
2026	79,835
2027	0
2028	0
Total debt	79,835	75,497
Unsecured Debt \| Acquisition-related promissory notes payable
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	3,750
2025	0
2026	0
2027	22,114
2028	0
Total debt	25,864	35,716
Line of Credit \| Acquisition Facility
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	57,687
2025	0
2026	0
2027	0
2028	0
Total debt	57,687
Mortgages \| Mortgage loans
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	438
2025	647
2026	658
2027	9,441
2028	18,240
Total debt	$ 29,424	$ 29,456

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest and accretion - Finance lease liabilities	$ 2,668	$ 2,349
Capitalized interest	0	(188)
Total interest expense	9,648	8,522
Interest income	(104)	(2)
Total interest expense, net	9,544	8,520
Unsecured Debt \| Second Lien Notes
Debt Instrument [Line Items]
Interest and accretion, debt	2,748	2,344
Unsecured Debt \| Acquisition-related promissory notes payable
Debt Instrument [Line Items]
Interest and accretion, debt	1,374	1,536
Line of Credit \| Acquisition Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest and accretion, debt	2,152	2,296
Secured Debt
Debt Instrument [Line Items]
Interest and accretion, debt	$ 706	$ 185

LEASES - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finance lease cost:
Amortization of lease assets	$ 1,184	$ 1,590
Interest on lease liabilities	2,668	2,349
Total finance lease cost	3,852	3,939
Operating lease cost	1,326	733
Variable lease cost	36	66
Total lease cost	$ 5,214	$ 4,738

LEASES - Weighted-Average Discount Rate and Remaining Lease Term (Details)	Mar. 31, 2024	Dec. 31, 2023
Finance Leases
Weighted average discount rate	16.08%	16.09%
Weighted average remaining lease term (in years)	16 years 4 months 24 days	16 years 7 months 6 days
Operating Leases
Weighted average discount rate	15.15%	15.09%
Weighted average remaining lease term (in years)	8 years 7 months 6 days	8 years 8 months 12 days

LEASES - Maturities of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finance Leases
Remainder of year	$ 7,319
2025	10,820
2026	10,494
2027	10,002
2028	10,166
Thereafter	147,970
Total lease payments	196,771
Less: Imputed interest	(135,367)
Total present value of minimum lease payments	61,404
Lease liabilities - current portion	9,121	$ 8,885
Lease liabilities - non-current	52,283	52,839
Operating Leases
Remainder of year	3,734
2025	5,772
2026	5,536
2027	5,243
2028	4,842
Thereafter	19,670
Total lease payments	44,797
Less: Imputed interest	(20,658)
Total present value of minimum lease payments	24,139
Lease liabilities - current portion	4,707	$ 4,693
Lease liabilities - non-current	$ 19,432

DERIVATIVE LIABILITIES - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	$ 2,638
Fair value changes	5,100	$ (8,030)
Balance at end of period	$ 7,738

DERIVATIVE LIABILITIES - Narrative (Details) - $ / shares	Mar. 31, 2024	Feb. 06, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative warrants outstanding (in shares)		1,800,000
Derivative warrants exercise price (in dollars per share)		$ 1.00
Derivative Warrants, Super Voting Shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative warrants outstanding (in shares)	37,862,922
Derivative warrants exercise price (in dollars per share)	$ 2.086
Derivative Warrants To Purchase Super Voting Shares, $1.25 Exercise Price, Expiring December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative warrants outstanding (in shares)	29,972,000
Derivative warrants exercise price (in dollars per share)	$ 1.25
Derivative Warrants To Purchase Super Voting Shares, $1.00 Exercise Price, Expiring December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative warrants outstanding (in shares)	5,890,922
Derivative warrants exercise price (in dollars per share)	$ 1.00
Derivative Warrants To Purchase Super Voting Shares, $2.086 Exercise Price, Expiring December 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative warrants outstanding (in shares)	2,000,000
Senior Notes Due December 23, 2024 \| Senior Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument interest rate	10.00%

DERIVATIVE LIABILITIES - Fair Value Measurements (Details) - Warrants	Mar. 31, 2024	Dec. 31, 2023
Stock price
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.73	0.46
Risk-free annual interest rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.0521
Risk-free annual interest rate \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.0445	0.0401
Risk-free annual interest rate \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input		0.0479
Range of estimated possible exercise price \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	1.00	1.00
Range of estimated possible exercise price \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	2.086	2.086
Weighted average volatility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	1.24	1.01
Remaining life \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.70	1.00
Remaining life \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	2.7	2.9
Forfeiture rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0	0
Expected annual dividend yield
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0	0

DERIVATIVE LIABILITIES - Increase/Decrease in Significant Assumptions (Details) - Warrants $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Stock price
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.73	0.46
Effect of 10% Increase	$ 1,540	$ 637
Effect of 10% Decrease	$ (1,440)	$ (574)
Weighted average volatility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	1.24	1.01
Effect of 10% Increase	$ 1,190	$ 680
Effect of 10% Decrease	$ (1,202)	$ (643)

EQUITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
EQUITY - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, issued (in shares)	0
Preferred stock, outstanding (in shares)	0
Number of securities called by each warrant (in shares)	1
Number of shares authorized, percent	15.00%
Number of additional shares authorized, percent	2.00%
Maximum number of awards available (in shares)	4,829,392
Unrecognized compensation expense	$ 4,311
Unrecognized compensation expense, period for recognition	1 year 6 months
Stock options
Class of Stock [Line Items]
Expiration term	10 years
Vesting period	3 years
Restricted stock \| Minimum
Class of Stock [Line Items]
Vesting period	1 year
Restricted stock \| Vesting period one
Class of Stock [Line Items]
Award vesting rights, percentage	33.33%
Restricted stock \| Vesting period two
Class of Stock [Line Items]
Award vesting rights, percentage	33.33%
Restricted stock \| Vesting period three
Class of Stock [Line Items]
Award vesting rights, percentage	33.33%
Subordinate Voting Shares
Class of Stock [Line Items]
Common stock, issued (in shares)	196,634,931	196,631,598
Common stock, outstanding (in shares)	196,634,931	196,631,598
Multiple Voting Shares
Class of Stock [Line Items]
Common stock, issued (in shares)	0
Common stock, outstanding (in shares)	0
Super Voting Shares
Class of Stock [Line Items]
Common stock, issued (in shares)	0
Common stock, outstanding (in shares)	0

EQUITY - Summary of Equity Instruments Other than Options (Details) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024
Nonvested, Number of Shares
Granted (in shares)		2,050,000
Warrants
Nonvested, Number of Shares
Issued and outstanding at beginning of period (in shares)		86,931,558
Granted (in shares)	1,800,000
Issued and outstanding at end of period (in shares)		88,981,558
Weighted - Average Exercise Price
Issued and outstanding at beginning of period (in dollars per share)		$ 1.12
Granted, weighted-average per share grant date fair value (in dollars per share)		0.97
Issued and outstanding at end of period (in dollars per share)		$ 1.12
Exercisable
Nonvested, Number of Shares, Exercisable (in shares)		86,946,558
Weighted - Average Exercise Price, Exercisable (in dollars per share)		$ 1.12
Warrants \| Non-Derivative (Equity) Warrants
Nonvested, Number of Shares
Issued and outstanding at beginning of period (in shares)		49,068,636
Granted (in shares)		2,050,000
Issued and outstanding at end of period (in shares)		51,118,636
Exercisable
Nonvested, Number of Shares, Exercisable (in shares)		49,083,636
Warrants \| Derivative Liabilities Warrants
Nonvested, Number of Shares
Issued and outstanding at beginning of period (in shares)		37,862,922
Granted (in shares)		0
Issued and outstanding at end of period (in shares)		37,862,922
Exercisable
Nonvested, Number of Shares, Exercisable (in shares)		37,862,922
Restricted stock
Nonvested, Number of Shares
Issued and outstanding at beginning of period (in shares)		1,861
Issued and outstanding at end of period (in shares)		1,861

EQUITY - Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions (Details) - Warrants (derivative liabilities and equity)	3 Months Ended
	Mar. 31, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average stock price (in dollars per share)	$ 0.93
Weighted average expected stock price volatility	76.50%
Expected annual dividend yield	0.00%
Weighted average expected life	3 years 1 month 6 days
Weighted average risk-free annual interest rate	4.10%
Weighted average grant date fair value	$ 0.48

EQUITY - Summary of Stock Options Outstanding (Details)	3 Months Ended
EQUITY - Summary of Stock Options Outstanding (Details)	Mar. 31, 2024 $ / shares shares
Number of Stock Options
Beginning balance, Issued and Outstanding (in shares) \| shares	27,653,184
Granted (in shares) \| shares	1,220,000
Exercised (in shares) \| shares	(3,333)
Cancelled/forfeited/expired (in shares) \| shares	(273,166)
Ending balance, Issued and Outstanding (in shares) \| shares	28,596,685
Weighted-Average Per Share Exercise Price
Beginning balance, Issued and Outstanding (in dollars per share) \| $ / shares	$ 1.40
Granted (in dollars per share) \| $ / shares	0.70
Exercised (in dollars per share) \| $ / shares	0.60
Cancelled/forfeited/expired (in dollars per share) \| $ / shares	1.77
Ending balance, Issued and Outstanding (in dollars per share) \| $ / shares	$ 1.36
Options Exercisable
Number of Stock Options, Exercisable (in shares) \| shares	15,966,391
Weighted-Average Per Share Exercise Price, Exercisable (in dollars per share) \| $ / shares	$ 1.75

EQUITY - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average stock price (in dollars per share)	$ 0.70	$ 0.60
Weighted average expected stock price volatility	77.10%	77.40%
Expected annual dividend yield	0.00%	0.00%
Weighted average expected life	5 years 1 month 6 days	6 years 2 months 12 days
Weighted average risk-free annual interest rate	4.30%	3.70%
Weighted average grant date fair value	$ 0.46	$ 0.42

EQUITY - Components of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 1,524	$ 2,311
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,355	1,596
Restricted stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1	200
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 168	$ 515

EARNINGS (LOSS) PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss and comprehensive loss	$ (18,355)	$ (12,440)
Net loss and comprehensive loss - diluted	$ (18,355)	$ (12,440)
Denominator:
Weighted-average shares of common stock - basic (in shares)	195,131,642	194,050,835
Weighted-average shares of common stock - diluted (in shares)	195,131,642	194,050,835
Loss per common share:
Basic (in dollars per share)	$ (0.09)	$ (0.06)
Diluted (in dollars per share)	$ (0.09)	$ (0.06)

EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	115,707,909	115,726,071
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	27,653,611	28,615,308
Warrants (derivative liabilities and equity)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	88,052,437	85,989,948
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,861	1,120,815

REVENUE - Narrative (Details)	3 Months Ended
REVENUE - Narrative (Details)	Mar. 31, 2024 revenueStream
Revenue from Contract with Customer [Abstract]
Number of revenue streams	2

REVENUE - Summary of Revenue Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 65,459	$ 69,873
Retail
Disaggregation of Revenue [Line Items]
Revenue	57,369	62,311
Wholesale
Disaggregation of Revenue [Line Items]
Revenue	$ 8,090	$ 7,562

OPERATING EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
OPERATING EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Salaries, wages and employee related expenses	$ 14,147	$ 16,804
Depreciation and amortization expense	3,278	2,663
Rent and related expenses	2,914	2,893
Professional fees and legal expenses	2,575	2,325
Share-based compensation expense	1,524	2,311
Other expenses	3,773	5,456
OPERATING EXPENSES	$ 28,211	$ 32,452

INCOME TAXES - Schedule of Income (Loss), Income Tax (Expense), and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Loss before income tax	$ (8,608)	$ (2,292)
Income tax expense	$ 9,747	$ 10,148
Effective income tax rate	113.20%	442.80%

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 109,204	$ 100,343
Unrecognized tax benefits, deferred	$ 17,353	$ 17,303

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related Party Payable	$ (16,913)		$ (15,383)
Second Lien Notes - Interest Expense And Principal Amount
Related Party Transaction [Line Items]
Related Party Expense	(577)	$ (521)
Second Lien Notes - Interest Expense And Principal Amount \| Related Party
Related Party Transaction [Line Items]
Related Party Payable	$ (19,493)		(19,788)
Debt instrument interest rate	12.00%
Other Debt
Related Party Transaction [Line Items]
Related Party Expense	$ 0	$ 0
Other Debt \| Related Party
Related Party Transaction [Line Items]
Related Party Payable	$ (3,225)		$ (3,298)

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2024 ft	Oct. 24, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Real estate property, competing property, radius \| ft	2,500
Loss contingency, estimate of possible loss \| $		$ 20,000

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial liabilities:
Derivative liabilities	$ 7,738	$ 2,638
Fair Value, Recurring \| Level 3
Financial assets:
Equity investment	200	200
Total financial assets	200	200
Financial liabilities:
Derivative liabilities	7,738	2,638
Contingent consideration liabilities	0	817
Total financial liabilities	$ 7,738	$ 3,455

SEGMENT INFORMATION (Details)	3 Months Ended
SEGMENT INFORMATION (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

SUBSEQUENT EVENTS (Details) $ in Thousands	Apr. 22, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Release of restricted cash	$ 3,128

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