SUBSEQUENT EVENTS |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Acquisitions
MedLeaf
On April 5, 2024, the Company completed the acquisition of the operating assets of MedLeaf in Prince George's County, Maryland. Consideration for this acquisition was comprised of $2.0 million of cash with adjustments to reflect amounts owed the Company, a $2.0 million promissory note, and 3.9 million shares of the Company's common stock. Immediately prior to closing, the Company paid the state's adult-use conversion fee and subsequently received an adult-use license to sell retail cannabis products from the Maryland Cannabis Administration. The acquired dispensary has been closed since July 1, 2023. The Company expects to reopen the dispensary and begin adult-use retail sales by the end of the second quarter of 2024 upon regulatory approvals. See Note 2.
Allgreens
On April 9, 2024, the Company completed the acquisition of Allgreens, a dispensary in Casey, Illinois. Consideration for this acquisition was comprised of $2.25 million of cash and a $1.0 million promissory note. The approval of the license transfer by the Illinois Department of Financial & Professional Regulation, and subsequent to the closing of the acquisition, allows the Company to fully consolidate the financial results of the Company's Thrive-branded dispensary in Casey, Illinois, which had previously been operated by the Company under a managed services agreement. See Note 2.
Equity Transactions
Subsequent to March 31, 2024, the following equity transaction occurred:
•On April 5, 2024, the Company issued 3,917,267 shares as part of the purchase consideration for the acquisition of MedLeaf (described above), with a grant date fair value of approximately $1 million.
•The Company issued 261,311 common shares in the aggregate underlying RSUs that vested on various dates.
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