Quarterly report pursuant to Section 13 or 15(d)

SEGMENT INFORMATION

v3.22.2.2
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 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 and Oregon 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) (in thousands)
Total Revenue % of Total Revenue Total Revenue % of Total Revenue
Three Months Ended September 30, Nine Months Ended September 30,
Segment 2022 2021 2022 2021 2022 2021 2022 2021
Cannabis Retail $ 8,767  $ 7,242  81.5  % 36.1  % $ 31,823  $ 11,259  64.9  % 45.1  %
Cannabis Cultivation & Distribution 1,995  12,810  18.5  % 63.9  % 17,219  13,721  35.1  % 54.9  %
Total $ 10,762  $ 20,052  100.0  % 100.0  % $ 49,042  $ 24,980  100.0  % 100.0  %
(in thousands)
Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total
Total Revenues $ 31,823  $ 17,219  $ —  $ 49,042  $ 11,259  $ 13,721  $ —  $ 24,980 
Cost of Goods Sold 16,172  18,232  —  34,404  6,719  15,018  —  21,737 
Gross Profit 15,651  (1,013) —  14,638  4,540  (1,297) —  3,243 
Selling, General & Administrative Expenses 15,292  12,073  23,709  51,074  6,322  4,066  18,988  29,376 
Impairment Expense —  —  163,698  163,698  —  —  —  — 
(Gain) Loss on Disposal of Assets 711  1,359  (198) 1,872  —  —  —  — 
Loss from Operations (352) (14,445) (187,209) (202,006) (1,782) (5,363) (18,988) (26,133)
Other Income (Expense):
Interest Expense —  (178) (2,416) (2,594) (43) (110) (474) (627)
Gain (Loss) on Extinguishment of Debt —  —  542  542  —  185  (6,161) (5,976)
Gain on Investments —  —  —  —  —  —  5,337  5,337 
Unrealized Gain on Investments —  —  470  470  —  —  —  — 
Other Income 200  750  779  1,729  85  —  282  367 
Total Other Income (Loss) 200  572  (625) 147  42  75  (1,016) (899)
Loss Before Provision for Income Taxes $ (152) $ (13,873) $ (187,834) $ (201,859) $ (1,740) $ (5,288) $ (20,004) $ (27,032)
Total Assets $ 17,558  $ 14,228  $ 22,063  $ 53,849  $ 77,610  $ 37,850  $ 68,507  $ 183,967 
(in thousands)
Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total
Total Revenues $ 8,767  $ 1,995  $ —  $ 10,762  $ 7,242  $ 12,810  $ —  $ 20,052 
Cost of Goods Sold 3,861  6,965  —  10,826  4,609  15,115  —  19,724 
Gross Profit 4,906  (4,970) —  (64) 2,633  (2,305) —  328 
Selling, General & Administrative Expenses 3,840  3,587  5,809  13,236  3,659  3,192  5,178  12,029 
Impairment Expense —  —  107,972  107,972  —  —  —  — 
Loss on Disposal of Assets 170  1,359  —  1,529  —  —  —  — 
Income (Loss) from Operations 896  (9,916) (113,781) (122,801) (1,026) (5,497) (5,178) (11,701)
Other Income (Expense):
Interest Expense —  (2) (382) (384) (43) (110) (362) (515)
Loss on Extinguishment of Debt —  —  —  —  —  185  —  185 
Unrealized Loss on Investments —  —  (493) (493) —  —  —  — 
Other Income —  223  28  251  5  —  —  5 
Total Other Income (Loss) —  221  (847) (626) (38) 75  (362) (325)
Income (Loss) Before Provision for Income Taxes $ 896  $ (9,695) $ (114,629) $ (123,427) $ (1,064) $ (5,422) $ (5,540) $ (12,026)
Total Assets $ 17,558  $ 14,228  $ 22,063  $ 53,849  $ 77,610  $ 37,850  $ 68,507  $ 183,967