Quarterly report pursuant to Section 13 or 15(d)

SEGMENT INFORMATION

v3.22.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATIONThe Company operates in two segments: (i) cannabis retail and (ii) cannabis cultivation and distribution. Our reportable segments are as follows:
(in thousands)
Total Revenue % of Total Revenue
Three Months Ended March 31, Three Months Ended March 31,
Segment 2022 2021 2022 2021
Cannabis Retail $ 12,109  $ 1,699  58.4  % 82.6  %
Cannabis Cultivation & Distribution 8,616  358  41.6  % 17.4  %
Total $ 20,725  $ 2,057  100.0  % 100.0  %
Cannabis Retail
Either independently or in conjunction with third parties, we operate medical marijuana and adult use cannabis dispensaries in California. All our retail dispensaries offer a broad selection of medical and adult use cannabis products including flower, concentrates and edibles.
Cannabis Cultivation and Distribution
We operate distribution centers in California and Oregon that distribute our own branded products as well as third party products to our own dispensaries and to other non-affiliated medical marijuana and/or adult use cannabis dispensaries.
(in thousands)
Three Months Ended March 31, 2022
Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total
Total revenues $ 12,109  $ 8,616  $ —  $ 20,725 
Cost of goods sold 6,881  7,411  —  14,292 
Gross profit 5,228  1,205  —  6,433 
Selling, general and administrative expenses 5,025  4,600  9,142  18,767 
(Gain) Loss on sale of assets —  —  (198) (198)
Income (Loss) from operations 203  (3,395) (8,945) (12,136)
Other income (expense):
Interest expense —  (165) (1,601) (1,766)
Gain on extinguishment of debt —  —  542  542 
Other income (loss) 78  415  541  1,034 
Total other income 78  250  (518) (190)
Loss before provision for income taxes $ 281  $ (3,145) $ (9,463) $ (12,326)
Total assets at March 31, 2022 $ 52,125  $ 580  $ 197,097  $ 249,802 
(in thousands)
Three Months Ended March 31, 2021
Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total
Total revenues $ 1,699  $ 357  $ —  $ 2,057 
Cost of goods sold 956  910  —  1,866 
Gross profit 743  (553) —  191 
Selling, general and administrative expenses 1,248  362  11,040  12,650 
Income (Loss) from operations (505) (915) (11,040) (12,459)
Other income (expense):
Interest expense —  —  (71) (71)
Loss on extinguishment of debt —  —  (6,161) (6,161)
Unrealized gain (loss) on investments —  —  6,212  6,212 
Other income (loss) —  —  345  345 
Total other income —  —  325  325 
Loss before provision for income taxes $ (505) $ (915) $ (10,715) $ (12,134)
Total assets at March 31, 2021 $ 20,062  $ 11,847  $ 75,310  $ 107,219