Annual report pursuant to Section 13 and 15(d)

SEGMENT INFORMATION

v3.23.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company operates in two segments:

(i) Cannabis Retail – Either independently or in conjunction with third parties, the Company operates medical marijuana and adult use cannabis dispensaries in California. All retail dispensaries offer a broad selection of medical and adult use cannabis products including flower, concentrates and edibles.
(ii) Cannabis Cultivation and Distribution – The Company operates distribution centers in California that distribute its own branded products as well as third party products to its retail dispensaries and to other non-affiliated medical marijuana and/or adult use cannabis dispensaries.

For the periods presented, revenue by reportable segments are as follows:
(in thousands)
Total Revenue % of Total Revenue
Year Ended December 31,
Segment 2022 2021 2022 2021
Cannabis Retail $ 39,937  $ 24,540  76.8  % 58.3  %
Cannabis Cultivation & Distribution 12,078  17,580  23.2  % 41.7  %
Total $ 52,015  $ 42,120  100.0  % 100.0  %
For the periods presented, operations by reportable segments are as follows:
(in thousands)
Year Ended December 31, 2022
Cannabis Retail Cannabis Cultivation and Distribution Corporate and Other Total
Total Revenues $ 39,937  $ 12,078  $ —  $ 52,015 
Cost of Goods Sold 19,586  15,532  —  35,118 
Gross Profit (Loss) 20,351  (3,454) —  16,897 
Selling, General and Administrative Expenses 17,513  11,009  25,634  54,156 
Impairment Expense —  —  163,698  163,698 
(Gain) Loss on Sale Of Assets (2,663) (3,652) (879) (7,194)
Income (Loss) from Operations 5,501  (10,811) (188,453) (193,763)
Other Income (Expense):
Interest Expense —  (170) (4,003) (4,173)
Gain (Loss) on Extinguishment of Debt —  —  542  542 
Unrealized Gain (Loss) on Investments —  —  210  210 
Other Income (Loss) 210  750  590  1,550 
Total Other Income (Loss) 210  580  (2,661) (1,871)
Income (Loss) Before Provision for Income Taxes $ 5,711  $ (10,231) $ (191,114) $ (195,634)
Total Assets $ 18,716  $ 4,344  $ 17,448  $ 40,508