0001628280-23-037523 | 10-Q | XBRL Viewer

EARNINGS (LOSSES) PER SHARE

9 Months Ended

Sep. 30, 2023


5.EARNINGS (LOSSES) PER SHARE

The Company presents basic earnings (losses) per share. Basic earnings (losses) per share is calculated by dividing the earnings (loss) attributable to shareholders by the weighted average number of Subordinate Voting Shares (with outstanding Proportionate Voting Shares, if any, accounted for on an as converted to Subordinate Voting Shares basis) outstanding during the periods presented. Diluted earnings (losses) per share is computed based on the weighted average number of Subordinate Voting Shares (with outstanding Proportionate Voting Shares, if any, accounted for on an as converted to Subordinate Voting Shares basis) outstanding, to the extent dilutive.

The computations of net earnings (loss) per share on a basic and diluted basis, including reconciliations of the numerators and denominators, for the three and nine months ended September 30, 2023 and September 30, 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator
Net Loss attributable to Verano Holdings Corp. & Subsidiaries	$	(17,842)	$	(42,993)	$	(40,140)	$	(53,054)

Denominator
Basic
Weighted-average shares outstanding – basic	343,432,601		332,872,464		342,484,942		329,240,200

Diluted
Weighted-average shares outstanding – diluted	343,432,601		332,872,464		342,484,942		329,240,200

Net Loss per share - basic	$	(0.05)	$	(0.13)	$	(0.12)	$	(0.16)
Net Loss per share - diluted	$	(0.05)	$	(0.13)	$	(0.12)	$	(0.16)

Potentially dilutive securities of approximately 487,624 and 1,850,583 for the three and nine months ended September 30, 2023 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

CONTINGENCIES AND OTHER (Details) - USD ($) $ in Thousands		3 Months Ended
CONTINGENCIES AND OTHER (Details) - USD ($) $ in Thousands	Oct. 21, 2022	Mar. 31, 2023
Loss Contingencies [Line Items]
Loss contingency accrual		$ 1,893
Loss contingency accrual, provision		$ 1,893
Goodness Growth Holdings, Inc. Litigation \| Contract Termination, Fees
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 14,875
Goodness Growth Holdings, Inc. Litigation \| Contract Termination, Expense Reimbursement
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 3,000

DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (17,803)	$ (20,610)
Total Debt	422,179	413,004
Less: Current Portion of Debt	6,695	24,464
Total Long-Term Debt, net	415,484	388,540
Promissory Notes
Debt Instrument [Line Items]
Long-term debt, gross	4,904	36,805
Mortgage Loans
Debt Instrument [Line Items]
Long-term debt, gross	84,017	44,985
Vehicle and Equipment Loans
Debt Instrument [Line Items]
Long-term debt, gross	1,061	1,824
Secured Debt \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 350,000	$ 350,000

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw Materials	$ 5,087	$ 7,120
Work in Process	114,399	123,101
Finished Goods	31,335	34,311
Total Inventory	$ 150,821	$ 164,532

DEBT

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT


7.DEBT

As of September 30, 2023 and December 31, 2022 debt consisted of the following:



	September 30, 2023		December 31, 2022

Credit Facility	$	350,000	$	350,000
Promissory Notes	4,904		36,805
Mortgage Loans	84,017		44,985
Vehicle and Equipment Loans	1,061		1,824
Unamortized Debt Issuance Costs	(17,803)		(20,610)

Total Debt	$	422,179	$	413,004

Less: Current Portion of Debt	6,695		24,464

Total Long-Term Debt, net	$	415,484	$	388,540

Credit Facility

On October 27, 2022, Verano and certain of its subsidiaries and affiliates from time-to-time party thereto (collectively, the “Borrowers”), entered into a Credit Agreement (the “2022 Credit Agreement”) with Chicago Atlantic Admin, LLC, as administrative agent for the lenders, and the lenders from time-to-time party thereto, pursuant to which the lenders advanced the Borrowers a $350,000 senior secured term loan, all of which was used to repay the principal indebtedness outstanding under the Company's previous senior secured term loan credit facility. In connection with such repayment, such previous credit facility was terminated and is no longer in force or effect.

The 2022 Credit Agreement provides the Borrowers with the right, subject to conditions, to request an additional incremental term loan in the aggregate principal amount of up to $100,000; provided that the lenders elect to fund such incremental term loan. Beginning in October 2023, the loan requires scheduled amortization payments of $350 per month and the remaining principal balance is due in full on October 30, 2026.

The 2022 Credit Agreement also provides the Borrowers with the right to (a) incur up to $120,000 of additional indebtedness from third-party lenders secured by real estate excluded as collateral under the 2022 Credit Agreement, (b) incur additional mortgage financing from third-party lenders secured by real estate acquired after the closing date, and (c) upon the SAFE Banking Act or similar legislation making banking services available to U.S. cannabis companies being passed by the United States Congress, incur up to $50,000 pursuant to a revolving credit facility from third-party lenders that is pari passu or subordinated to the 2022 Credit Agreement obligations, each of which are subject to customary conditions.

The obligations under the 2022 Credit Agreement are secured by substantially all of the assets of the Borrowers, excluding vehicles, specified parcels of real estate and other customary exclusions.

The 2022 Credit Agreement provides for a floating annual interest rate equal to the prime rate then in effect plus 6.50%, which rate may be increased by 3.00% upon an event of default that is not a material event of default or 6.00% upon a material event of default.

At any time, the Company may voluntarily prepay up to $100,000 of the principal balance, subject to a $1,000 prepayment premium, and may make an additional prepayment of all outstanding principal balance for a prepayment premium at varying rates based on the timing of such prepayment. The Borrowers may not voluntarily prepay more than $100,000 of the principal balance without prepaying the entire outstanding principal balance of the loan.

The 2022 Credit Agreement includes customary representations and warranties and customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to material indebtedness, and events of bankruptcy and insolvency.

The 2022 Credit Agreement also includes customary negative covenants limiting the Borrowers’ ability to incur additional indebtedness and grant liens that are otherwise not permitted, and the ability to enter into or consummate acquisitions or dispositions that are not otherwise permitted, among others. Additionally, the 2022 Credit Agreement requires the Borrowers to meet certain financial tests regarding minimum cash balances, minimum levels of Adjusted EBITDA (as defined in the 2022 Credit Agreement) and a minimum fixed charge coverage ratio.

As of September 30, 2023, the Company was in compliance with such covenants.

George Archos, the Chairman, Chief Executive Officer and Founder of the Company, participated in the 2022 Credit Agreement as a lender funding $1,000 of the $350,000 principal amount. Mr. Archos is excluded from certain approval rights of the lenders and any penalties and fees due to Mr. Archos under the 2022 Credit Agreement are immaterial to the Company.

Mortgages

On June 29, 2022, the Company entered into a real estate loan with a community bank to borrow a principal amount of $18,000 secured by real estate and improvements thereon in Branchburg, New Jersey. The mortgage bears an interest rate of 4% and matures in July 2047.

On March 9, 2023, the Company entered into a real estate loan with a community bank to borrow a principal amount of $20,000 secured by real estate and improvements thereon in Rocky Hill, Connecticut. The loan bears an interest rate of 5.75% and matures in March 2028, and may be extended for four additional five-year periods.

On September 29, 2023, the Company entered into a real estate loan with a community bank to borrow a principal amount of $14,500 secured by real estate in Chester, Pennsylvania. The loan bears an interest rate of 7.5% and matures in October 2028.

On May 14, 2021, the Company acquired The Healing Center, LLC, which consisted of three dispensaries in the greater Pittsburgh area. The Healing Center operates the dispensaries on three separate real estate parcels (collectively referred to as “THC Real Estate”) and on September 3, 2021, the Company acquired the THC Real Estate. The Company funded the acquisition of the THC Real Estate through a credit facility with Chicago Atlantic Credit Company for $12,650 and interest of 9.75% per annum. This loan has been paid in full and is no longer outstanding as of September 30, 2023.

Vehicle and Equipment Loans

The Company has two equipment loans with Constellation NewEnergy, Inc. that are paid in monthly installments and mature in May 2025.

The Company has purchase money loans with Ford Motor Credit and Toyota Commercial Financing that mature through 2026 and interest rates ranging from 5.5% to 10% per annum and are secured by the acquired vehicles.

Other

In October 2022, the Company entered into a term loan with Chicago Atlantic Credit Opportunities, LLC for $19,000 due in aggregate on October 31, 2024. The term loan paid interest and fees at a rate of 14.3%. The Company deferred $100 of financing fees related to the closing of the transaction. This loan has been paid in full and is no longer outstanding as of September 30, 2023.

During the fourth quarter of 2022, the Company agreed to issue a promissory note for the $12,500 of contingent consideration payable for the Agronomed Biologics, LLC acquisition, which debt is payable in 2023 in equal installments and as a result, the amount due was reclassified from Acquisition Consideration Payable to Current Portion of Debt balance on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

LEASES - Lease, Cost (Details)	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term - years	8 years 3 months	8 years 1 month 13 days
Weighted average discount rate	9.29%	8.02%

INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL


4.INTANGIBLE ASSETS AND GOODWILL

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value as of the acquisition date. Amortization of definite life intangible assets is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods for intangible assets are reviewed by the Company at each year end, and any changes in estimates are accounted for prospectively.

As of September 30, 2023, intangible assets consisted of the following:


	Licenses		Tradenames		Technology		Total
Cost
Balance as of January 1, 2023	$	1,274,981	$	54,166	$	6,431	$	1,335,578
Other Additions(1)	1,950		—		—		1,950
Balance as of September 30, 2023	$	1,276,931	$	54,166	$	6,431	$	1,337,528

Accumulated Amortization
Balance as of January 1, 2023	143,246		9,579		1,987		154,812
Amortization	63,783		4,066		779		68,628
Balance as of September 30, 2023	$	207,029	$	13,645	$	2,766	$	223,440

Net Book Value
Balance as of January 1, 2023	1,131,735		44,587		4,444		1,180,766
Balance as of September 30, 2023	$	1,069,902	$	40,521	$	3,665	$	1,114,088

(1) The Company obtained a license following regulatory approval where payment consideration occurred in prior periods.

Amortization periods of assets with finite lives are based on management’s estimates as of the date of acquisition.

The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2023:


Year Ending December 31:	Estimated Amortization
2023 (Remaining)	$	22,914
2024	91,656
2025	91,656
2026	90,941
2027	90,867
Thereafter	726,054
	$	1,114,088

The changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2023 were as follows:


	January 1, 2023		Impairment		Adjustments to purchase price allocation		Acquisitions		September 30, 2023
Cultivation	$	83,004	$	—	$	—	$	—	$	83,004
Retail	186,084		—		134		—		186,218
Total	$	269,088	$	—	$	134	$	—	$	269,222

As of September 30, 2023, the Company recorded a measurement period adjustment in connection with the September 7, 2022 acquisition of WSCC, Inc. The net impact led to an increase of $134 to goodwill. The Company obtained additional information about the facts and circumstances that existed at the time of the acquisition date that led to changes in provisional amounts recognized in the initial opening financials for income taxes.

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation	$ 8,354	$ 8,504	$ 25,410	$ 22,871
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Depreciation	$ 4,014	$ 2,782	$ 11,521	$ 8,502

OVERVIEW AND BASIS OF PRESENTATION	9 Months Ended
OVERVIEW AND BASIS OF PRESENTATION	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OVERVIEW AND BASIS OF PRESENTATION	Description of Business Unless otherwise stated or the context requires otherwise, references herein to the “Company,” “Verano,” “we,” “us,” and “our” mean Verano Holdings Corp. and its direct and indirect subsidiaries, and controlled and managed entities. The Company is a vertically integrated cannabis operator that focuses on limited-licensed markets in the U.S. As a vertically integrated provider, the Company owns, operates, manages, controls, and/or has licensing, consulting or other commercial agreements with cultivation, processing, and retail licenses across 13 state markets (Arizona, Arkansas, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, Ohio, Pennsylvania, and West Virginia). The Company also conducts pre-licensing activities in other markets. In these markets, the Company has either applied for licenses, or plans on applying for licenses, but does not currently own or manage any cultivation, processing, or retail licenses. As of September 30, 2023, the Company’s Class A subordinate voting shares, no par value (the “Subordinate Voting Shares”) were listed on the Canadian Securities Exchange (the “CSE”), under the ticker symbol “VRNO”. The Subordinate Voting Shares are quoted in the United States on the OTCQX marketplace operated by the OTC Market Group, under the ticker symbol “VRNOF”. On October 18, 2023, the Subordinate Voting Shares, began trading on the Neo Exchange Inc., operating as Cboe Canada (“Cboe”) under the stock symbol, “VRNO”. In connection therewith, the Subordinate Voting Shares ceased trading on the CSE as of the close of market on October 17, 2023. In August 2023, the Company relocated its corporate headquarters from 415 North Dearborn Street, 4th Floor, Chicago, Illinois 60654 to 224 W Hill Street, Suite 400, Chicago, Illinois 60610. (b)Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted 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, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Unless otherwise indicated, all references to “$” or “US$” in this Form 10-Q refer to United States dollars, and all references to “C$” refer to Canadian dollars. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022 (the "2022 Annual Audited Financials"), included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023 (the "Form 10-K"). Certain prior year amounts have been reclassified to conform to the current year's presentation, which the Company does not consider to be material. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Verano Holdings Corp. and its direct and indirect subsidiaries as well as the accounts of any entities over which the Company has a controlling financial interest in accordance with Accounting Standards Codification ("ASC") 810 Consolidation. The preparation of the Company’s unaudited interim condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the disclosure of assets and liabilities in such financial statements and in the accompanying notes. Actual results may differ materially from these estimates. The results of operations as of and for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the 2023 full year or any future periods. The accompanying consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated balance sheet as of December 31, 2022 contained in the 2022 Annual Audited Financials included in the Form 10-K. (c)Basis of Consolidation The unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries, as well as the accounts of any entities over which the Company has a controlling financial interest in accordance with ASC 810 Consolidation. All transactions and balances between these entities have been eliminated upon consolidation. (d)Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in Note 2 - Significant Accounting Policies to the 2022 Annual Audited Financials included in the Form 10-K. (e)Earnings (Loss) per Share Basic earnings (loss) per share is calculated using the treasury stock method, by dividing the net earnings (losses) attributable to shareholders by the weighted average number of shares (including the Company's Class B proportionate voting shares (the "Proportionate Voting Shares") on an as converted to Subordinate Voting Shares basis of 100 Subordinate Voting Shares to one Proportionate Voting Share) outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding shares and consequently are not included in the earnings (loss) per share calculations. Diluted income per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. To determine diluted income per share, the Company assumes that any proceeds from the exercise of dilutive share options would be used to repurchase shares at the average market price during the period. The diluted income per share calculation excludes any potential conversion of share options and convertible debt, if any, that would increase earnings per share or decrease loss per share. No potentially dilutive share equivalents were included in the computation of diluted loss per share for the three and nine months ended September 30, 2023 and 2022 because their impact would have been anti-dilutive. (f)Recently Issued Accounting Standards The Company reviews recently issued accounting standards on a quarterly basis and has determined there are no standards yet to be adopted which are relevant to the Company’s business for disclosure.

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 4,691	$ 3,882	$ 13,451	$ 11,001
Cost of Sales
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 167	$ 155	$ 538	$ 475

TRANSACTIONS	9 Months Ended
TRANSACTIONS	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
TRANSACTIONS	Business Combinations The Company has determined that the acquisitions described below are business combinations under ASC Topic 805, Business Combinations. Acquisitions that are determined to be the acquisition of a business are accounted for by applying the acquisition method, whereby the assets acquired, and the liabilities assumed are recorded at their fair values at the date of acquisition with any excess of the aggregate consideration over the fair values of the identifiable net assets allocated to goodwill. Operating results for the companies acquired have been included in these unaudited interim condensed consolidated financial statements from the date of the acquisition. Any goodwill recognized is attributed based on reporting units. The purchase price allocations for the acquisitions reflect various fair value estimates and analyses which are subject to change within the measurement period, which is the one-year period subsequent to the acquisition date. The primary areas of the purchase price allocation that are subject to change relate to the fair value of certain tangible assets, the value of intangible assets acquired, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair value of the net assets acquired at the acquisition date during the measurement period. Measurement period adjustments that the Company determined to be material will be applied prospectively in the Company’s future consolidated financial statements, and depending on the nature of the adjustments, other periods subsequent to the period of acquisition could be affected. 2022 Business Combinations 420 Capital Management, LLC On April 5, 2021, Verano entered into an agreement to purchase 100% of the equity interests of 420 Capital Management, LLC (“Greengate”). Greengate is the license holder and operator of the Lombard and Roger’s Park dispensaries located in Illinois. The transaction received state regulatory approval in February 2022 and subsequently closed on March 11, 2022. Total consideration included cash of $7,448, forgiveness of other receivables of $2,894, and equity consideration of 1,403,067 Subordinate Voting Shares valued at $13,221 based on the fair value of the Subordinate Voting Shares as traded on the CSE on the date of the transaction, all of which was paid at the closing of the transaction. As of September 30, 2023, the total consideration had been paid in full. The Company engaged an independent valuation expert that used appropriate valuation techniques, generally based on a forecast of the present value of expected future net cash flows, to determine the intangible assets appropriate fair value. The Company recognized an intangible asset for the cannabis license acquired at a fair value of $11,916. The residual purchase price of $8,767 was recognized as goodwill. During the second quarter of 2022, the Company recorded a prospective adjustment that resulted in an increase of $857 to goodwill related to a decrease of $476 to cash and cash equivalents, a decrease of $248 to inventory and a decrease of $133 to other current assets. During the fourth quarter of 2022, the Company recognized a decrease of $1,365 to the intangible license value offset by a corresponding $1,365 increase to goodwill. The Company's Unaudited Interim Condensed Consolidated Statements of Operations includes net revenues of $4,063 and $9,154 and net income of $590 and $639 related to the acquired operations of Greengate for the three and nine months ended September 30, 2022, respectively. The Company's Unaudited Interim Condensed Consolidated Statements of Operations includes net revenues of $5,034 and $14,430 and net income of $1,016 and $2,567 related to the acquired operations of Greengate for the three and nine months ended September 30, 2023, respectively. WSCC, Inc. On July 6, 2021, Verano entered into a merger agreement to acquire 100% of the equity interests of WSCC, Inc (“Sierra Well”). Sierra Well holds cannabis licenses that allow it to cultivate, produce and sell medical and recreational cannabis products in the state of Nevada, including sales through its retail dispensaries located in Carson City and Reno. The transaction closed on September 7, 2022. Total consideration included cash of $6,085, of which $5,773 was paid at closing, $280 was paid upon settlement of purchase price adjustments and $32 is to be paid upon delivery of a letter of transmittal from one former shareholder. The transaction also included equity consideration of 1,536,685 Subordinate Voting Shares valued at $9,742 based on the fair value of the Subordinate Voting Shares as traded on the CSE on the date of the transaction, of which $7,663 or 1,208,745 Subordinate Voting Shares were issued at the closing of the transaction, $66 or 10,440 Subordinate Voting Shares will be issued upon the delivery of a letter of transmittal from one former shareholder, and $2,013 or 317,500 Subordinate Voting Shares were held back to secure indemnity claims, the balance of which, after any indemnity claims, will be paid 18 months subsequent to the closing of the transaction. The 10,440 Subordinate Voting Shares due to a former shareholder and 317,500 Subordinate Voting Shares held back to secure indemnity claims met equity classification at closing in accordance with ASC 815. As of September 30, 2023, the present value of unpaid deferred consideration of $32 is included in the Acquisition Consideration Payable balance on the Company’s Condensed Consolidated Balance Sheet. The Company engaged an independent valuation expert that used appropriate valuation techniques, generally based on a forecast of the present value of expected future net cash flows, to determine the intangible assets appropriate fair value. The Company recognized an intangible asset for the cannabis licenses acquired at a fair value of $7,604. The residual purchase price of $2,514 was recognized as goodwill. The Company also recognized an additional $1,596 to goodwill related to the deferred tax liability associated with the acquired cannabis licenses. During the fourth quarter of 2022, the Company recognized a decrease of $181 to goodwill related to an increase of $99 to accrued liabilities and finalizing the purchase price adjustment in which the Company did not have to pay the $280 cash held back at closing. The Company also recognized a decrease of $660 to the intangible license value offset by a decrease of $139 to deferred taxes and an increase of $521 to goodwill. The Company recognized a $5,739 long-term indemnified asset measured using the same assumptions used to identify a $5,739 uncertain tax position, which is fully indemnifiable as outlined in the merger agreement. As of September 30, 2023, the value of the long-term indemnified asset was $4,700 and the Company recorded a measurement period adjustment which led to an increase of $134 to goodwill. The Company's Unaudited Interim Condensed Consolidated Statements of Operations includes net revenues of $990 and net loss of $266 related to the acquired operations of Sierra Well for the three months ended September 30, 2022. The Company's Unaudited Interim Condensed Consolidated Statements of Operations includes net revenues of $3,812 and $10,940 and net income of $409 and $495 related to the acquired operations of Sierra Well for the three and nine months ended September 30, 2023, respectively. 2022 Dispositions Canna Cuzzos, LLC Canna Cuzzos, LLC (“Canna Cuzzos”) is a medical marijuana licensee for a retail dispensary in Waldorf, Maryland. In 2017, a subsidiary of the Company entered into a management services agreement ("MSA") with Canna Cuzzos and provided operating and other services for Canna Cuzzos’ dispensary. In 2018, Verano Holdings LLC acquired options to purchase all the ownership interests of a Maryland limited liability company (the “LLC”), which held a 40% ownership interest in the sole owner of Canna Cuzzos, resulting in such options being exercisable for an indirect 40% ownership interest in Canna Cuzzos. On January 31, 2022, all of the ownership interests of the sole owner of Canna Cuzzos were sold to a third party for a cash purchase price of $5,000, subject to adjustment based on working capital levels and outstanding liabilities. Upon consummation of the sale, the MSA with Canna Cuzzos was terminated. Prior to the sale being consummated, Verano Holdings LLC consented to the sale, amended the options to receive an assignment of the LLC’s sale proceeds thereunder and agreed to provide the LLC administrative services in connection with the sale transaction. Prior to the sale of its parent company, Canna Cuzzos was consolidated with the Company through the Variable Interest Model (“VIE”) in accordance with ASC 810. The assignment of the LLC’s sale proceeds resulted in a gain to the Company of $1,701 for the nine months ended September 30, 2022 and is classified as a component of Other Income (Expense), net in the Unaudited Interim Condensed Consolidated Statements of Operations. ILDISP, LLC On March 30, 2016, Verano entered into a joint venture agreement to acquire 50% of ILDISP, LLC (“ILDISP”). NH Medicinal Dispensaries, LLC, a wholly owned subsidiary of ILDISP, is the holder of two marijuana licenses which allow it to operate two retail dispensaries in Illinois: the Clinic Effingham dispensary (“TCE”) and the Charleston dispensary ("Charleston"). The Company had an agreement in place with its joint venture partner to allocate the operational management of Charleston to Verano and TCE to the joint venture partner. As such, the Company had a controlling interest in Charleston and consolidated the entity through the VIE model in accordance with ASC 810. TCE was treated as an equity method investment in accordance with ASC Topic 323, Investments. On March 1, 2022, the Company sold its 50% ownership interest in ILDISP to the joint venture partner for $22,393 subject to certain adjustments. The sale resulted in gains of $7,857 and $14,099 for Charleston and TCE, respectively. During the second quarter of 2022, the Company paid $244 in cash as a result of a downward purchase price adjustment and decreased the initial gain recognized by $73 and $171 for Charleston and TCE, respectively. During the third quarter of 2022, the Company received $250 of cash due to the release of the cash indemnity hold back and increased the gain recognized by $75 and $175 for Charleston and TCE, respectively. DGV Group, LLC During the three months ended September 30, 2023, the Company received notification that the DGV Group, LLC ("DGV"), an entity in which the Company held an equity interest, was permanently ceasing operations. The Company recorded an impairment loss for the full value of the equity method investment of $6,571 as DGV was previously held as an Investment in Associates on the Condensed Consolidated Balance Sheets. Other Acquisition Consideration Payable Adjustments During the nine months ended September 30, 2023, the Company recorded (i) a $106 reclassification of the remaining acquisition consideration payable balance relating to the 2020 acquisition of MME IL Holdings, LLC, to record a potential liability that was deemed to be both probable and estimable, and as of September 30, 2023, the outstanding consideration has been paid in full; (ii) a $500 cash payment reducing the acquisition consideration payable balance for the 2020 acquisition of Elevele, LLC, and as of September 30, 2023, the outstanding consideration has been paid in full; and (iii) a $3,466 decrease in contingent consideration related to the 2021 acquisition of NSE Holdings, LLC, which is included as a gain in the other income, net line of the Unaudited Interim Condensed Consolidated Statements of Operations, and as of September 30, 2023, the outstanding consideration value was estimated to be zero.

SHARE CAPITAL

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

SHARE CAPITAL


8.SHARE CAPITAL

Subordinate Voting Shares and Proportionate Voting Shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.

(a)Issued and Outstanding

As of September 30, 2023, the Company had 343,529,456 Subordinate Voting Shares issued and outstanding and no Proportionate Voting Shares outstanding. The Company has the following two classes of share capital, with each class having no par value:

(i)Subordinate Voting Shares

The holders of the Subordinate Voting Shares are entitled to receive dividends issued by the Company and one vote per share at shareholder meetings of the Company. All Subordinate Voting Shares are ranked equally regarding the Company’s residual assets. The Company is authorized to issue an unlimited number of Subordinate Voting Shares.

(ii)Proportionate Voting Shares

Each Proportionate Voting Share is convertible into 100 Subordinate Voting Shares. Holders of the Proportionate Voting Share are entitled to receive dividends issued by the Company on an as converted to Subordinate Voting Share basis and 100 votes per share at shareholder meetings of the Company. The Proportionate Voting Shares are ranked equally on an as converted to Subordinate Voting Share basis regarding the Company's residual assets. The Company is authorized to issue an unlimited number of Proportionate Voting Shares.

During the nine months ended September 30, 2023, certain shareholders of the Company converted Proportionate Voting Shares to Subordinate Voting Shares for an impact of conversion of 449 Proportionate Voting Shares into 44,997 Subordinate Voting Shares. Additionally, during the nine months ended September 30, 2023, the Company exercised its right to convert the 133,373 remaining outstanding Proportionate Voting Shares into 13,337,286 Subordinate Voting Shares, resulting in no Proportionate Voting Shares being outstanding.

(b)Stock-Based Compensation

In February 2021, the Company established the Verano Holdings Corp. Stock and Incentive Plan (the “Plan”), which provides for stock-based remuneration for its eligible directors, officers, employees, consultants, and advisors. The maximum number of restricted stock units ("RSUs"), options and other stock based awards that may be issued under the Plan cannot exceed 10% of the Company’s then issued and outstanding share capital, determined on an as converted to Subordinate Voting Shares basis. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot reliably estimate the fair value of the goods and services received, the Company measures their value indirectly by reference to the fair value of the equity instruments granted. Equity-settled stock-based payments under stock-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to equity.

The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award. Estimates are subsequently revised if there is any indication that the number of shares expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized.

Option and RSU grants generally vest in installments over 12 to 30 months and options typically have a life of ten years.

Options

Option activity for the nine months ended September 30, 2023 is summarized as follows:


	Number of Shares	Weighted Avg. Exercise Price C$	Weighted Average Remaining Contractual Life
Unvested Options Balance as of December 31, 2022	19,997	30.13	8.13
Granted	—	—	—
Forfeited	—	—	—
Vested	19,290	30.36	—
Unvested Options Balance at September 30, 2023	707	24.00	7.62
Inception to date Vested and Exercisable at September 30, 2023	39,287	30.12	7.36

As of September 30, 2023 and December 31, 2022, there were no in-the-money options.

The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted. No options were granted, expired, or forfeited during the nine months ended September 30, 2023.

Restricted Stock Units (“RSUs”)

The following table summarizes the number of unvested RSU awards as of September 30, 2023 and December 31, 2022 and the changes during the nine months ended September 30, 2023:


	Number of Shares	Weighted Avg. Grant Date Fair Value C$
Unvested RSUs at December 31, 2022	2,981,327	11.39
Granted	8,656,319	4.00
Forfeited	753,776	5.98
Vested	1,132,246	13.47
Unvested RSUs at September 30, 2023	9,751,624	4.83

The stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock Options	$	63	$	103	$	226	$	228
Restricted Stock Units	4,624		9,716		8,753		33,997
Total Stock Based Compensation Expense	$	4,687	$	9,819	$	8,979	$	34,225

Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues, net of Discounts	$ 240,088	$ 227,588	$ 701,263	$ 653,485
Cost of Goods Sold, net	106,868	104,594	343,668	333,759
Gross Profit	133,220	122,994	357,595	319,726
Operating Expenses
Selling, General, and Administrative Expenses	86,316	85,710	246,224	275,531
Loss on Impairment - Investment in Associates	6,571	0	6,571	0
Total Operating Expenses	92,887	85,710	252,795	275,531
Income (Loss) from Investments in Associates	(45)	(209)	(306)	1,651
Income from Operations	40,288	37,075	104,494	45,846
Other Income (Expense), net:
Gain (Loss) on Disposal of Property, Plant and Equipment	(234)	1,443	(555)	251
Gain on Deconsolidation	0	75	0	9,560
Gain on Previously Held Equity Interest	0	175	0	14,103
Loss on Debt Extinguishment	0	0	(663)	0
Interest Expense, net	(15,166)	(11,785)	(45,084)	(34,082)
Other Income (Expense), net	2,145	(595)	2,542	17,557
Total Other Income (Expense), net	(13,255)	(10,687)	(43,760)	7,389
Income Before Provision for Income Taxes and Non-Controlling Interest	27,033	26,388	60,734	53,235
Provision For Income Taxes	(44,797)	(69,381)	(100,796)	(105,998)
Net Loss Before Non-Controlling Interest	(17,764)	(42,993)	(40,062)	(52,763)
Net Income Attributable to Non-Controlling Interest	78	0	78	291
Net Loss Attributable to Verano Holdings Corp. & Subsidiaries	$ (17,842)	$ (42,993)	$ (40,140)	$ (53,054)
Net Loss per share - basic (in dollars per share)	$ (0.05)	$ (0.13)	$ (0.12)	$ (0.16)
Net Loss per share - diluted (in dollars per share)	$ (0.05)	$ (0.13)	$ (0.12)	$ (0.16)
Basic - weighted average shares outstanding (in shares)	343,432,601	332,872,464	342,484,942	329,240,200
Diluted - weighted average shares outstanding (in shares)	343,432,601	332,872,464	342,484,942	329,240,200

SHARE CAPITAL (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Stock Options Roll Forward

Option activity for the nine months ended September 30, 2023 is summarized as follows:


	Number of Shares	Weighted Avg. Exercise Price C$	Weighted Average Remaining Contractual Life
Unvested Options Balance as of December 31, 2022	19,997	30.13	8.13
Granted	—	—	—
Forfeited	—	—	—
Vested	19,290	30.36	—
Unvested Options Balance at September 30, 2023	707	24.00	7.62
Inception to date Vested and Exercisable at September 30, 2023	39,287	30.12	7.36

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the number of unvested RSU awards as of September 30, 2023 and December 31, 2022 and the changes during the nine months ended September 30, 2023:


	Number of Shares	Weighted Avg. Grant Date Fair Value C$
Unvested RSUs at December 31, 2022	2,981,327	11.39
Granted	8,656,319	4.00
Forfeited	753,776	5.98
Vested	1,132,246	13.47
Unvested RSUs at September 30, 2023	9,751,624	4.83

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock Options	$	63	$	103	$	226	$	228
Restricted Stock Units	4,624		9,716		8,753		33,997
Total Stock Based Compensation Expense	$	4,687	$	9,819	$	8,979	$	34,225

SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summarized financial information for these segments is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue, net of discounts
Cultivation (Wholesale)	$	92,389	$	80,226	$	259,266	$	200,908
Retail	185,707		184,219		556,307		533,860
Intersegment Eliminations	(38,008)		(36,857)		(114,310)		(81,283)
Total Revenue, net of discounts	$	240,088	$	227,588	$	701,263	$	653,485

Depreciation and Amortization
Cultivation (Wholesale)	$	18,384	$	20,727	$	55,434	$	59,540
Retail	16,882		15,592		50,125		46,690
Total Depreciation and Amortization	$	35,266	$	36,319	$	105,559	$	106,230

Income taxes
Cultivation (Wholesale)	$	20,840	$	33,450	$	39,851	$	45,952
Retail	23,957		35,931		60,945		60,046
Total Income Taxes	$	44,797	$	69,381	$	100,796	$	105,998

INVENTORY

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORY


2.INVENTORY

The Company’s inventory consists of the following as of September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
Raw Materials	$	5,087	$	7,120
Work in Process	114,399		123,101
Finished Goods	31,335		34,311

Total Inventory	$	150,821	$	164,532

CONTINGENCIES AND OTHER

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND OTHER


11.CONTINGENCIES AND OTHER

(a)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 September 30, 2023, other than as set forth below, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s consolidated operations. There are no proceedings in which the Company is a party and any of the Company’s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company’s interest.

On January 31, 2022, the Company entered into an Arrangement Agreement (the "GGH Arrangement Agreement") with Goodness Growth Holdings, Inc. ("GGH"), pursuant to which it agreed to acquire all of the issued and outstanding equity interests of GGH in exchange for equity interests in the Company, subject to the conditions set forth in the GGH Arrangement Agreement. On October 13, 2022, the Company provided written notice to GGH of GGH”s breach of the GGH Arrangement Agreement and exercised the Company’s termination rights under the GGH Arrangement Agreement. On October 21, 2022, GGH filed suit against the Company in the Supreme Court of British Columbia alleging that the Company breached (i) the GGH Arrangement Agreement through, among other things, the purported wrongful repudiation of the GGH Arrangement Agreement, (ii) the duty of good faith, and (iii) the duty of honest performance in contract. In addition, the Company filed a countersuit asserting that GGH owes it a termination fee in the amount of $14,875, or alternatively, the reimbursement of out-of-pocket fees and expenses of up to $3,000 because of the Company's rightful termination of the GGH Arrangement Agreement, which was based upon its belief that GGH breached covenants and representations in the GGH Arrangement Agreement and the occurrence of other termination events. GGH filed a response to such counterclaim on December 8, 2022, in which GGH denied it was obligated to pay any termination fee or transaction expenses. As of September 30, 2023, there have been no material developments with respect to the legal proceedings with GGH previously disclosed in Item 3 of the Form 10-K. The Company can provide no guarantees or assurances that it will be able to win or settle this lawsuit or its counterclaim on favorable terms, if at all, and an adverse outcome could have a material adverse effect on its business, results of operations and financial condition.

(b)Contingencies

During the first quarter of 2023, the Company discovered a potential liability related to a previous acquisition that was deemed to be both probable and estimable. Per ASC 450 Contingencies, when both of these criteria are present, a contingent liability should be recorded. Based on this, the Company recorded a corresponding charge in other income, net of $1,893 during the three months ended March 31, 2023.

(c)Illegality of Cannabis at the U.S. Federal Level

Verano operates within states where cannabis use, medical or adult use or both, has been approved by state and local regulatory bodies. Notwithstanding the permissive regulatory environment of medical, and in some cases also adult use marijuana at the state level, under U.S. federal law cannabis (other than hemp) is a Schedule I controlled substance under the Controlled Substances Act (21 U.S.C. § 811) (the “Controlled Substances Act”) which means it is viewed by the U.S. federal government as a drug that has a high potential for abuse and no therapeutic value. Therefore, even in states or territories that have legalized cannabis to some extent, the cultivation, processing, distribution, possession and sale of cannabis violates the Controlled Substances Act. Moreover, individuals and entities may violate U.S. federal law if they aid and abet another in violating the Controlled Substances Act or conspire with another to violate the law. Violating the Controlled Substances Act is also a predicate for other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. Violations of any U.S. federal laws and regulations could result in significant fines, penalties, administrative sanctions, convictions or settlements arising from civil proceedings conducted by either the federal government or private citizens, or criminal charges, including, but not limited to, disgorgement of profits, cessation of business activities, civil forfeiture or divestiture.

Strict compliance with state and local laws with respect to cannabis may neither absolve the Company of liability under U.S. federal law, nor may it provide a defense to any federal proceeding which may be brought against the Company. This could have a material adverse effect on the Company, including its reputation and ability to conduct business, its cannabis licenses in the U.S., the listing and trading of its securities on stock exchanges and platforms, its financial position, operating results, profitability, liquidity and the market price of its publicly traded shares. In addition, it is difficult for the Company to estimate the time or resources that would be needed for the investigation of any such matters or its final resolution because, in part, the time and resources that may be needed are dependent on the nature and extent of any information requested by the applicable authorities involved, and such time and resources could be substantial.

There can be no assurance that the comprehensive U.S. federal legislation that would de-schedule and de-criminalize cannabis will be passed in the near future or at all. If such legislation is passed, there is no guarantee that it will include provisions that preserve the current state-based cannabis programs under which the Company operates or that such legislation will otherwise be favorable to the Company and its business.

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Income before Income Taxes	$	27,033		$	26,388		$	60,734		$	53,235
Income Tax Expense	(44,797)			(69,381)			(100,796)			(105,998)
Effective Tax Rate	166		%	263		%	166		%	199		%

CONSOLIDATION (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table presents the summarized financial information about the Company’s consolidated VIEs, which are included in the Company's Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022.


	September 30, 2023		December 31, 2022
Current Assets	$	7,817	$	48,952
Non-Current Assets	21,668		72,081
Current Liabilities	18,465		10,193
Non-Current Liabilities	4,887		8,939
Equity attributable to Verano Holdings Corp.	6,133		101,901

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-56342
Entity Registrant Name	VERANO HOLDINGS CORP.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1583243
Entity Address, Address Line One	224 W Hill Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60610
City Area Code	312
Local Phone Number	265-0730
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001848416
Amendment Flag	false
Subordinate Voting Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		343,529,456
Proportionate Voting Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended September 30, 2023, the officers of the Company (as defined in Rule 16a-1(f) of the Exchange Act) set forth below terminated prearranged share trading plans, each of which was intended to satisfy the affirmative defenses of Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions, on the dates set forth opposite such officer’s name below. Such prearranged share trading plans were terminated because of the sale transactions executed under such plans were not completed as intended by the applicable officer.


Name	Title	Termination Date
George Archos	Chairman, Chief Executive Officer and Founder	August 16, 2023
Laura Marie Kalesnik	Chief Legal Officer, General Counsel and Secretary	August 15, 2023
Aaron Miles	Chief Investment Officer	August 16, 2023
David Spreckman	Chief Marketing Officer	August 15, 2023
Brett Summerer	Chief Financial Officer	August 15, 2023
Richard Tarapchak	Executive Vice President, Finance & Corporate Controller	August 29, 2023
Destiny Thompson	Chief People Officer	August 31, 2023
Darren Weiss	President	August 15, 2023

During the three months ended September 30, 2023, the officers of the Company set forth below adopted a prearranged share trading plan with a brokerage firm on the dates set forth opposite such officer’s name below, each of which was entered into during an open trading window under the Company's insider trading policy and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions. The details regarding the estimated number of Subordinate Voting Shares for sale and the expiration date with respect to each applicable officer are set forth opposite such officer's name below.

Name

Title

Date of Adoption

Estimated Number of Subordinate Voting Shares for Sale1

Expiration Date2

Laura Marie Kalesnik

Chief Legal Officer, General Counsel and Secretary

August 30, 2023

102,040

December 31, 2024

Edward McDermott

Chief Operating Officer

September 5, 2023

66,109

December 31, 2024

David Spreckman

Chief Marketing Officer

August 25, 2023

57,441

December 31, 2024

Brett Summerer3

Chief Financial Officer

August 25, 2023

210,581

December 31, 2024

Richard Tarapchak

Executive Vice President, Finance & Corporate Controller

September 27, 2023

49,483

December 31, 2024

Destiny Thompson

Chief People Officer

August 31, 2023

77,794

December 31, 2024

Darren Weiss

President

August 28, 2023

181,106

December 31, 2024

1 Such amounts reflect estimated tax withholdings and actual sale amounts may vary.

2 Such plans are subject to earlier termination in the event of certain limited circumstances.

3 Mr. Summerer terminated such prearranged share trading plan as of October 26, 2023.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

George Archos [Member]

Trading Arrangements, by Individual

Name

George Archos

Title

Chairman, Chief Executive Officer and Founder

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 16, 2023

Laura Marie Kalesnik [Member]

Trading Arrangements, by Individual

Name

Laura Marie Kalesnik

Title

Chief Legal Officer, General Counsel and Secretary

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 30, 2023

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 15, 2023

Aggregate Available

102,040

Aaron Miles [Member]

Trading Arrangements, by Individual

Name

Aaron Miles

Title

Chief Investment Officer

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 16, 2023

David Spreckman [Member]

Trading Arrangements, by Individual

Name

David Spreckman

Title

Chief Marketing Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 25, 2023

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 15, 2023

Aggregate Available

57,441

Brett Summerer [Member]

Trading Arrangements, by Individual

Name

Brett Summerer

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 25, 2023

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 15, 2023

Aggregate Available

210,581

Richard Tarapchak [Member]

Trading Arrangements, by Individual

Name

Richard Tarapchak

Title

Executive Vice President, Finance & Corporate Controller

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

September 27, 2023

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 29, 2023

Aggregate Available

49,483

Destiny Thompson [Member]

Trading Arrangements, by Individual

Name

Destiny Thompson

Title

Chief People Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 31, 2023

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 31, 2023

Aggregate Available

77,794

Darren Weiss [Member]

Trading Arrangements, by Individual

Name

Darren Weiss

Title

President

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 28, 2023

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 15, 2023

Aggregate Available

181,106

Edward McDermott [Member]

Trading Arrangements, by Individual

Name

Edward McDermott

Title

Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

September 5, 2023

Aggregate Available

66,109

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	$ 636,443	$ 614,447
Less: Accumulated Depreciation	(123,854)	(88,542)
Property, Plant and Equipment, Net	512,589	525,905
Land
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	31,817	31,877
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	197,363	197,819
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	19,621	16,189
Computer Equipment and Software
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	25,422	21,478
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	226,797	211,785
Tools and Equipment
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	89,764	88,507
Vehicles
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	4,279	4,992
Asset Under Construction
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	$ 41,380	$ 41,800

SEGMENTS

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENTS


12.SEGMENTS

The Company conducts and manages its business through two reportable segments, representing the major lines of its cannabis business: cultivation (wholesale) and retail. The cultivation (wholesale) segment consists of the cultivation, production and sale of cannabis products to retail stores. The retail segment consists of the retailing of cannabis to patients and consumers. Summarized financial information for these segments is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue, net of discounts
Cultivation (Wholesale)	$	92,389	$	80,226	$	259,266	$	200,908
Retail	185,707		184,219		556,307		533,860
Intersegment Eliminations	(38,008)		(36,857)		(114,310)		(81,283)
Total Revenue, net of discounts	$	240,088	$	227,588	$	701,263	$	653,485

Depreciation and Amortization
Cultivation (Wholesale)	$	18,384	$	20,727	$	55,434	$	59,540
Retail	16,882		15,592		50,125		46,690
Total Depreciation and Amortization	$	35,266	$	36,319	$	105,559	$	106,230

Income taxes
Cultivation (Wholesale)	$	20,840	$	33,450	$	39,851	$	45,952
Retail	23,957		35,931		60,945		60,046
Total Income Taxes	$	44,797	$	69,381	$	100,796	$	105,998

The Company’s assets are aggregated into two reportable segments (cultivation (wholesale) and retail). For the purposes of testing goodwill, the Company has identified 13 reporting units. The Company determined its reporting units by first reviewing the operating segments based on the geographic areas in which the Company conducts business (or each market). The markets were then further divided into reporting units based on the market operations (cultivation (wholesale) and retail) which were primarily determined based on the licenses each market holds. Substantially all revenues are derived from customers domiciled in the United States and substantially all assets are located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

LOYALTY OBLIGATIONS (Details)	9 Months Ended
LOYALTY OBLIGATIONS (Details)	Sep. 30, 2023 USD ($) loyaltyPoint	Dec. 31, 2022 USD ($) loyaltyPoint
Disaggregation of Revenue [Line Items]
Percentage of loyalty points estimated to not be redeemed	25.00%
Loyalty point expiration period	6 months
Loyalty points outstanding \| loyaltyPoint	102,000,000	70,000,000
Contract with customer, liability, current	$ 5,094,000	$ 3,582,000
Minimum
Disaggregation of Revenue [Line Items]
Loyalty program standalone selling price per loyalty point	0.03
Maximum
Disaggregation of Revenue [Line Items]
Loyalty program standalone selling price per loyalty point	$ 0.06

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATION

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION


14.CONSOLIDATION

In accordance with ASC 810, the Company consolidates through the VIE model. The following table presents the summarized financial information about the Company’s consolidated VIEs, which are included in the Company's Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022.


	September 30, 2023		December 31, 2022
Current Assets	$	7,817	$	48,952
Non-Current Assets	21,668		72,081
Current Liabilities	18,465		10,193
Non-Current Liabilities	4,887		8,939
Equity attributable to Verano Holdings Corp.	6,133		101,901

Consolidated Variable Interest Entities

Consolidated VIEs occur when the Company closes an acquisition while the state has not finalized the transfer of the cannabis license.

Consolidation occurs on the effective date of the purchase agreement and an MSA. The MSA grants the management company, Verano, the ability to make business operating decisions, manage and staff employees, determine product mix, and the authority to direct allocation of cash. The MSA also allows Verano to limit distributions of the entity at Verano’s discretion. Certain states may limit the distribution or transfer of cash until license transfer.

The Company has entered into financing arrangements with certain VIEs to provide funding for potential capital expenditures including, but not limited to, the construction of dispensaries and other facilities.

Verano applies ASC 810-10-15 to determine control of the legal entity. The purchase agreements limit the sellers involvement in future operations, and their risks of loss. In addition, Verano enters into an MSA with the legal entity that grants the Company strategic decision-making ability of the business operations.

The Company is involved in all qualitative and quantitative aspects of the entity, such as but not limited to, software choices, procurement, staffing and payroll, advertising, and use of cash flow. The Company absorbs all risk of loss and receives expected future returns based on the purchase agreement and MSA, resulting in Verano being the primary beneficiary.

Verano does not fully own all entities consolidated under ASC 810 and recorded a non-controlling interest for such non-owned portion in the Unaudited Interim Condensed Consolidated Financial Statements.

LEASES (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease, Cost

Other information related to operating leases as of and for the periods ended September 30, 2023 and December 31, 2022, were as follows:


	September 30, 2023		December 31, 2022

Weighted average remaining lease term - years	8.25		8.12
Weighted average discount rate	9.29	%	8.02	%

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities for operating leases as of September 30, 2023 were as follows:


Year Ending December 31,	Maturities of Lease Liability
Remainder 2023	$	4,180
2024	17,351
2025	17,078
2026	16,195
2027	15,509
2028 and Thereafter	69,835
Total Lease Payments	140,148
Less: Imputed Interest	(45,075)
Present Value of Lease Liability	$	95,073

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The Company’s inventory consists of the following as of September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
Raw Materials	$	5,087	$	7,120
Work in Process	114,399		123,101
Finished Goods	31,335		34,311

Total Inventory	$	150,821	$	164,532

PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment and related accumulated depreciation consists of the following as of September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022

Land	$	31,817	$	31,877
Buildings and Improvements	197,363		197,819
Furniture and Fixtures	19,621		16,189
Computer Equipment and Software	25,422		21,478
Leasehold Improvements	226,797		211,785
Tools and Equipment	89,764		88,507
Vehicles	4,279		4,992
Assets Under Construction (1)	41,380		41,800

Total Property, Plant and Equipment, Gross	636,443		614,447
Less: Accumulated Depreciation	(123,854)		(88,542)

Property, Plant and Equipment, Net	$	512,589	$	525,905

(1) Assets under construction represent construction in progress related to facilities not yet completed or otherwise not placed in service.

LEASES

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

LEASES


10. LEASES

The Company has operating leases for some of its retail dispensaries and processing and cultivation facilities located throughout the U.S., as well as for its corporate offices located in Chicago, Illinois. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.

Leases with an initial term of 12 months or less are not recorded on the Company's balance sheet. Certain leases require payments for taxes, insurance, and maintenance, and are considered non-lease components. The Company accounts for non-lease components separately.

The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset.

The Company leases certain business facilities from third parties under non-cancellable operating lease agreements that contain minimum rental provisions that expire through 2037. Some leases also contain renewal provisions and provide for rent abatement and escalating payments.

During the three months ended September 30, 2023 and 2022, the Company recorded approximately $4,691 and $3,882 in operating lease expense, respectively, of which $167 and $155 was included in cost of goods sold for the same periods, respectively. During the nine months ended September 30, 2023 and 2022, the Company recorded approximately $13,451 and $11,001 in operating lease expense, respectively, of which $538 and $475 was included in cost of goods sold for the same periods, respectively.

Other information related to operating leases as of and for the periods ended September 30, 2023 and December 31, 2022, were as follows:


	September 30, 2023		December 31, 2022

Weighted average remaining lease term - years	8.25		8.12
Weighted average discount rate	9.29	%	8.02	%

Maturities of lease liabilities for operating leases as of September 30, 2023 were as follows:


Year Ending December 31,	Maturities of Lease Liability
Remainder 2023	$	4,180
2024	17,351
2025	17,078
2026	16,195
2027	15,509
2028 and Thereafter	69,835
Total Lease Payments	140,148
Less: Imputed Interest	(45,075)
Present Value of Lease Liability	$	95,073

PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment and related accumulated depreciation consists of the following as of September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022

Land	$	31,817	$	31,877
Buildings and Improvements	197,363		197,819
Furniture and Fixtures	19,621		16,189
Computer Equipment and Software	25,422		21,478
Leasehold Improvements	226,797		211,785
Tools and Equipment	89,764		88,507
Vehicles	4,279		4,992
Assets Under Construction (1)	41,380		41,800

Total Property, Plant and Equipment, Gross	636,443		614,447
Less: Accumulated Depreciation	(123,854)		(88,542)

Property, Plant and Equipment, Net	$	512,589	$	525,905

(1) Assets under construction represent construction in progress related to facilities not yet completed or otherwise not placed in service.

For the three months ended September 30, 2023 and September 30, 2022, depreciation expense included in costs of goods sold totaled $8,354 and $8,504, respectively. For the three months ended September 30, 2023 and September 30, 2022, depreciation expense included in selling, general, and administrative expense totaled $4,014 and $2,782, respectively.

For the nine months ended September 30, 2023 and September 30, 2022, depreciation expense included in costs of goods sold totaled $25,410 and $22,871, respectively. For the nine months ended September 30, 2023 and September 30, 2022, depreciation expense included in selling, general, and administrative expense totaled $11,521 and $8,502, respectively.

SHARE CAPITAL - Schedule of Unvested Restricted Stock Units Roll Forward (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Shares
Beginning Balance (in shares) \| shares	2,981,327
Granted (in shares) \| shares	8,656,319
Forfeited (in shares) \| shares	753,776
Vested (in shares) \| shares	1,132,246
Ending balance (in shares) \| shares	9,751,624
Weighted Avg. Grant Date Fair Value C$
Beginning balance \| $ / shares	$ 11.39
Granted (in dollars per share) \| $ / shares	4.00
Forfeited (in dollars per share) \| $ / shares	5.98
Vested (in dollars per share) \| $ / shares	13.47
Ending balance \| $ / shares	$ 4.83

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2022	Sep. 30, 2023
Goodwill [Line Items]
Adjustments to purchase price allocation		$ 134
Sierra Well
Goodwill [Line Items]
Adjustments to purchase price allocation	$ (181)	$ 134

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Cost
Beginning balance	$ 1,335,578
Other Additions	1,950
Ending balance	1,337,528
Accumulated Amortization
Beginning balance	154,812
Amortization	68,628
Ending balance	223,440
Net Book Value
Finite-lived intangible assets, net	1,114,088	$ 1,180,766
Licenses
Cost
Beginning balance	1,274,981
Other Additions	1,950
Ending balance	1,276,931
Accumulated Amortization
Beginning balance	143,246
Amortization	63,783
Ending balance	207,029
Net Book Value
Finite-lived intangible assets, net	1,069,902	1,131,735
Tradenames
Cost
Beginning balance	54,166
Other Additions	0
Ending balance	54,166
Accumulated Amortization
Beginning balance	9,579
Amortization	4,066
Ending balance	13,645
Net Book Value
Finite-lived intangible assets, net	40,521	44,587
Technology
Cost
Beginning balance	6,431
Other Additions	0
Ending balance	6,431
Accumulated Amortization
Beginning balance	1,987
Amortization	779
Ending balance	2,766
Net Book Value
Finite-lived intangible assets, net	$ 3,665	$ 4,444

DEBT - Narrative (Details)	Mar. 09, 2023 USD ($) extension	Oct. 27, 2022 USD ($)	May 14, 2021 dispensary entity	Sep. 30, 2023 USD ($) instrument	Sep. 29, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2022 USD ($)	Jun. 29, 2022 USD ($)	Sep. 03, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, current maturities				$ 6,695,000		$ 24,464,000
Healing Center, LLC
Debt Instrument [Line Items]
Number of retail dispensaries operated \| dispensary			3
Number of real estate entities property is leased from \| entity			3
Agronomed Biologics, LLC
Debt Instrument [Line Items]
Long-term debt, current maturities						$ 12,500,000
Purchase Money Loans \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage				5.50%
Purchase Money Loans \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage				10.00%
Credit Facility \| THC Real Estate
Debt Instrument [Line Items]
Debt instrument, face amount									$ 12,650,000
Interest rate, stated percentage									9.75%
Credit Facility \| Secured Debt \| 2022 Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount		$ 350,000,000
Additional incremental loan, maximum		100,000,000
Monthly amortization payment		350,000
Accordion feature, increase limit		120,000,000
Accordion feature, increase limit upon passing of legislation		50,000,000
Prepayment amount, maximum		100,000,000
Prepayment premium		1,000,000
Credit Facility \| Secured Debt \| 2022 Credit Agreement \| Chief Executive Officer
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000
Credit Facility \| Secured Debt \| 2022 Credit Agreement \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		6.50%
Credit Facility \| Secured Debt \| 2022 Credit Agreement \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate, increase upon event of default		3.00%
Credit Facility \| Secured Debt \| 2022 Credit Agreement \| Prime Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate, increase upon event of default		6.00%
Credit Facility \| Secured Debt \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount							$ 19,000,000
Interest rate, stated percentage							14.30%
Debt issuance costs incurred							$ 100,000
Mortgage Loans
Debt Instrument [Line Items]
Debt instrument, face amount	$ 20,000,000				$ 14,500,000			$ 18,000,000
Interest rate, stated percentage	5.75%				7.50%			4.00%
Debt instrument, number of extensions \| extension	4
Debt instrument, extension term	5 years
Vehicle and Equipment Loans
Debt Instrument [Line Items]
Number of debt instruments \| instrument				2

SHARE CAPITAL - Narrative (Details)	9 Months Ended
SHARE CAPITAL - Narrative (Details)	Sep. 30, 2023 class vote shares
Class of Stock [Line Items]
Number of classes of share capital \| class	2
Common stock conversion ratio	100
Percentage of outstanding stock maximum	10.00%
Options granted in period (in shares)	0
Options expired in period (in shares)	0
Options forfeited in period (in shares)	0
Share-based payment arrangement, option
Class of Stock [Line Items]
Award expiration period	10 years
Minimum \| Restricted Stock Units
Class of Stock [Line Items]
Award vesting period	12 months
Minimum \| Share-based payment arrangement, option
Class of Stock [Line Items]
Award vesting period	12 months
Maximum \| Restricted Stock Units
Class of Stock [Line Items]
Award vesting period	30 months
Maximum \| Share-based payment arrangement, option
Class of Stock [Line Items]
Award vesting period	30 months
Subordinate Voting Shares
Class of Stock [Line Items]
Shares issued (in shares)	343,529,456
Shares outstanding (in shares)	343,529,456
Common stock, votes per share \| vote	1
Subordinate Voting Shares \| Stock Conversion 1
Class of Stock [Line Items]
Conversion of stock, shares issued (in shares)	44,997
Subordinate Voting Shares \| Stock Conversion 2
Class of Stock [Line Items]
Conversion of stock, shares issued (in shares)	13,337,286
Proportionate Voting Shares
Class of Stock [Line Items]
Shares outstanding (in shares)	0
Common stock, votes per share \| vote	100
Proportionate Voting Shares \| Stock Conversion 1
Class of Stock [Line Items]
Conversion of stock, shares converted (in shares)	449
Proportionate Voting Shares \| Stock Conversion 2
Class of Stock [Line Items]
Conversion of stock, shares converted (in shares)	133,373

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 129,921	$ 84,851
Accounts Receivable, net	34,315	16,580
Held for Sale Assets	1,735	3,433
Inventory	150,821	164,532
Prepaid Expenses and Other Current Assets	38,212	48,879
Total Current Assets	355,004	318,275
Property, Plant and Equipment, net	512,589	525,905
Right of Use Assets, net	90,285	82,278
Intangible Assets, net	1,114,088	1,180,766
Goodwill	269,222	269,088
Investment in Associates	100	6,977
Deposits and Other Assets	13,815	12,766
TOTAL ASSETS	2,355,103	2,396,055
Current Liabilities:
Accounts Payable	31,017	40,501
Accrued Liabilities	52,105	41,762
Income Tax Payable	251,001	252,767
Current Portion of Lease Liabilities	9,450	8,889
Current Portion of Debt	6,695	24,464
Acquisition Consideration Payable	2,032	18,262
Total Current Liabilities	352,300	386,645
Long-Term Liabilities:
Debt, net of Current Portion	415,484	388,540
Lease Liabilities, net of Current Portion	85,623	76,853
Deferred Income Taxes	183,257	196,473
Other Long-Term Liabilities	4,954	5,994
Total Long-Term Liabilities	689,318	667,860
TOTAL LIABILITIES	1,041,618	1,054,505
Contingencies and Other (See Note 11)
SHAREHOLDERS’ EQUITY	1,313,407	1,341,550
NON-CONTROLLING INTEREST	78	0
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,355,103	$ 2,396,055

INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 269,088
Impairment	0
Adjustments to purchase price allocation	134
Acquisitions	0
Ending balance	269,222
Cultivation
Goodwill [Roll Forward]
Beginning balance	83,004
Impairment	0
Adjustments to purchase price allocation	0
Acquisitions	0
Ending balance	83,004
Retail
Goodwill [Roll Forward]
Beginning balance	186,084
Impairment	0
Adjustments to purchase price allocation	134
Acquisitions	0
Ending balance	$ 186,218

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS


16.SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of issuance of this Form 10-Q and has determined there have been no subsequent events that have occurred during such period that would require adjustments to its disclosures in the Unaudited Interim Condensed Consolidated Financial Statements.

FAIR VALUE MEASURMENTS - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 422,179	$ 413,004
Long-term debt, current maturities	6,695	24,464
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,264	1,805
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 2,264	$ 1,805

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOW FROM OPERATING ACTIVITIES
Net loss attributable to Verano Holdings Corp. and Subsidiaries	$ (40,140)	$ (53,054)
Net income attributable to non-controlling interest	78	291
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	105,559	106,230
Stock based compensation	8,979	34,225
Right of use assets amortization	7,831	6,465
Non-cash interest expense	593	2,183
Loss (Gain) on disposal of property, plant and equipment	555	(251)
Gain on deconsolidation	0	(9,560)
Gain on previously held equity interest	0	(14,103)
Loss on impairment of investment in associates	6,571	0
Loss on debt extinguishment	663	0
Unrealized (gain) loss on marketable securities	(459)	1,781
Decrease in fair value of contingent consideration	(3,466)	(13,925)
Other, net	3,728	11,882
Changes in operating assets and liabilities:
Accounts receivable	(17,098)	2,056
Accounts payable	(8,375)	6,152
Inventory	14,123	(28,997)
Income tax payable	(1,900)	65,701
Other assets, net	7,073	(13,605)
Other liabilities, net	(6,954)	(38,160)
NET CASH PROVIDED BY OPERATING ACTIVITIES	77,361	65,311
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(26,503)	(109,720)
Proceeds from disposal of assets	2,180	6,006
Acquisition of business, net of cash acquired	(13,250)	(101,396)
Proceeds from sale of deconsolidation and investment in associates	0	19,826
NET CASH USED IN INVESTING ACTIVITIES	(37,573)	(185,284)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of debt	50,949	122,057
Principal repayments of debt	(44,582)	(21,901)
Debt issuance costs paid	(1,081)	(2,986)
NET CASH PROVIDED BY FINANCING ACTIVITIES	5,286	97,170
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	45,074	(22,803)
Effects of exchange rate fluctuations on cash and cash equivalents	(4)	103
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	84,851	99,118
CASH AND CASH EQUIVALENTS, END OF PERIOD	129,921	76,418
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	44,492	31,899
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	4,144	5,875
Stock issuance	2,610	76,010
Acquisitions
Tangible and intangible assets acquired, net of cash	0	35,713
Liabilities assumed	(134)	(10,616)
Acquisition consideration payable	13,250	64,021
Goodwill	134	12,278
Total	$ 13,250	$ 101,396

FAIR VALUE MEASURMENTS

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASURMENTS


15.FAIR VALUE MEASUREMENTS

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit-risk.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Inputs for the asset or liability that are not based on observable market data.

Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, debt, and acquisition consideration payable.

For the Company’s long-term debt (which consists of a credit facility and mortgage loans), for which there were no quoted market prices of active trading markets, the Company believes it was not practicable to estimate the fair value of these financial instruments. The carrying amount of debt as of September 30, 2023 and December 31, 2022 was $422,179 and $413,004, respectively, which included $6,695 and $24,464, respectively, of short-term debt due within one year.

Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The fair value of the Company’s financial instruments associated with each of the three levels of the hierarchy are:


	As of September 30, 2023
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	129,921	$	—	$	—	$	129,921
Investments	2,264		—		—		2,264
Acquisition Consideration Payable	—		—		(2,032)		(2,032)
Total	$	132,185	$	—	$	(2,032)	$	130,153


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	84,851	$	—	$	—	$	84,851
Investments	1,805		—		—		1,805
Acquisition Consideration Payable	—		—		(18,262)		(18,262)
Total	$	86,656	$	—	$	(18,262)	$	68,394

As of September 30, 2023, the Company held publicly traded shares of $2,264, which is included in other assets in the accompanying Condensed Consolidated Balance Sheet, and is a Level 1 financial instrument.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONSOLIDATION - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Current Assets	$ 355,004	$ 318,275
Current Liabilities	352,300	386,645
Non-Current Liabilities	689,318	667,860
Equity attributable to Verano Holdings Corp.	1,313,407	1,341,550
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current Assets	7,817	48,952
Non-Current Assets	21,668	72,081
Current Liabilities	18,465	10,193
Non-Current Liabilities	4,887	8,939
Equity attributable to Verano Holdings Corp.	$ 6,133	$ 101,901

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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SHARE CAPITAL - Schedule of Stock Options Roll Forward (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2023 $ / shares $ / shares shares	Dec. 31, 2022 $ / shares shares
Number of Shares
Unvested Options beginning balance (in shares) \| shares	19,997
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Vested (in shares) \| shares	19,290
Unvested Options ending balance (in shares) \| shares	707	19,997
Inception to date Vested and Exercisable (in shares) \| shares	39,287
Weighted Avg. Exercise Price C$
Unvested Options beginning balance (in dollars per share) \| $ / shares		$ 30.13
Granted (in dollars per share) \| $ / shares	$ 0
Forfeited (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	30.36
Unvested Options ending balance (in dollars per share) \| $ / shares	$ 24.00	$ 30.13
Inception to date Vested and Exercisable (in dollars per share) \| $ / shares	$ 30.12
Weighted Average Remaining Contractual Life
Unvested	7 years 7 months 13 days	8 years 1 month 17 days
Inception to date Vested and Exercisable	7 years 4 months 9 days

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Loss attributable to Verano Holdings Corp. & Subsidiaries	$ (17,842)	$ (42,993)	$ (40,140)	$ (53,054)

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+ Details

DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

As of September 30, 2023 and December 31, 2022 debt consisted of the following:



	September 30, 2023		December 31, 2022

Credit Facility	$	350,000	$	350,000
Promissory Notes	4,904		36,805
Mortgage Loans	84,017		44,985
Vehicle and Equipment Loans	1,061		1,824
Unamortized Debt Issuance Costs	(17,803)		(20,610)

Total Debt	$	422,179	$	413,004

Less: Current Portion of Debt	6,695		24,464

Total Long-Term Debt, net	$	415,484	$	388,540

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

SEGMENTS - Narrative (Details)	9 Months Ended
SEGMENTS - Narrative (Details)	Sep. 30, 2023 segment reportingUnit
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Number of reporting units \| reportingUnit	13

LEASES - Lessee, Operating Lease, Liability, Maturity (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
Remainder 2023	$ 4,180
2024	17,351
2025	17,078
2026	16,195
2027	15,509
2028 and Thereafter	69,835
Total Lease Payments	140,148
Less: Imputed Interest	(45,075)
Present Value of Lease Liability	$ 95,073

LOYALTY OBLIGATIONS

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

LOYALTY OBLIGATIONS

The Company has customer loyalty programs where retail customers accumulate points for each dollar of spending, net of tax. These points are recorded as a contractual liability until customers redeem their points for discounts on eligible products as part of an in-store sales transaction. In addition, the Company records a performance obligation as a reduction of revenue based on the estimated probability of point obligation incurred.

The Company modified the loyalty program in 2022. The modified loyalty program has a calculated standalone selling price that ranges between $0.031 and $0.061 per loyalty point. Upon redemption, the loyalty program obligation is relieved, and the offset is recorded as revenue. The Company estimates that 25% of points will not be redeemed (breakage) prior to their six-month expiration dates. The Company continues to evaluate breakage and redemption values to determine the standalone selling price.

As of December 31, 2022, there were approximately 70,000,0001 points outstanding with an approximate value of $3,582. As of September 30, 2023, there were approximately 102,000,0001 points outstanding with an approximate value of $5,094. Such balances are included in accrued liabilities on the Company's Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022.


1 Such amount not in Thousands

INTANGIBLE ASSETS AND GOODWILL (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

As of September 30, 2023, intangible assets consisted of the following:


	Licenses		Tradenames		Technology		Total
Cost
Balance as of January 1, 2023	$	1,274,981	$	54,166	$	6,431	$	1,335,578
Other Additions(1)	1,950		—		—		1,950
Balance as of September 30, 2023	$	1,276,931	$	54,166	$	6,431	$	1,337,528

Accumulated Amortization
Balance as of January 1, 2023	143,246		9,579		1,987		154,812
Amortization	63,783		4,066		779		68,628
Balance as of September 30, 2023	$	207,029	$	13,645	$	2,766	$	223,440

Net Book Value
Balance as of January 1, 2023	1,131,735		44,587		4,444		1,180,766
Balance as of September 30, 2023	$	1,069,902	$	40,521	$	3,665	$	1,114,088

(1) The Company obtained a license following regulatory approval where payment consideration occurred in prior periods.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2023:


Year Ending December 31:	Estimated Amortization
2023 (Remaining)	$	22,914
2024	91,656
2025	91,656
2026	90,941
2027	90,867
Thereafter	726,054
	$	1,114,088

Schedule of Goodwill

The changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2023 were as follows:


	January 1, 2023		Impairment		Adjustments to purchase price allocation		Acquisitions		September 30, 2023
Cultivation	$	83,004	$	—	$	—	$	—	$	83,004
Retail	186,084		—		134		—		186,218
Total	$	269,088	$	—	$	134	$	—	$	269,222

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

EARNINGS (LOSSES) PER SHARE - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	487,624	1,850,583

EARNINGS (LOSSES) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share, Basic and Diluted


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator
Net Loss attributable to Verano Holdings Corp. & Subsidiaries	$	(17,842)	$	(42,993)	$	(40,140)	$	(53,054)

Denominator
Basic
Weighted-average shares outstanding – basic	343,432,601		332,872,464		342,484,942		329,240,200

Diluted
Weighted-average shares outstanding – diluted	343,432,601		332,872,464		342,484,942		329,240,200

Net Loss per share - basic	$	(0.05)	$	(0.13)	$	(0.12)	$	(0.16)
Net Loss per share - diluted	$	(0.05)	$	(0.13)	$	(0.12)	$	(0.16)

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income before Income Taxes	$ 27,033	$ 26,388	$ 60,734	$ 53,235
Income Tax Expense	$ (44,797)	$ (69,381)	$ (100,796)	$ (105,998)
Effective Tax Rate	166.00%	263.00%	166.00%	199.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

OVERVIEW AND BASIS OF PRESENTATION (Details)	3 Months Ended		9 Months Ended
OVERVIEW AND BASIS OF PRESENTATION (Details)	Sep. 30, 2023 state shares	Sep. 30, 2022 shares	Sep. 30, 2023 state shares	Sep. 30, 2022 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which entity operates \| state	13		13
Common stock conversion ratio	100		100
Potentially dilutive share equivalents included in the computation of diluted loss per share (in shares) \| shares	0	0	0	0

SEGMENTS - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total Revenue, net of discounts	$ 240,088	$ 227,588	$ 701,263	$ 653,485
Total Depreciation and Amortization	35,266	36,319	105,559	106,230
Total Income Taxes	44,797	69,381	100,796	105,998
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total Revenue, net of discounts	(38,008)	(36,857)	(114,310)	(81,283)
Cultivation
Segment Reporting Information [Line Items]
Total Depreciation and Amortization	18,384	20,727	55,434	59,540
Total Income Taxes	20,840	33,450	39,851	45,952
Cultivation \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenue, net of discounts	92,389	80,226	259,266	200,908
Retail
Segment Reporting Information [Line Items]
Total Depreciation and Amortization	16,882	15,592	50,125	46,690
Total Income Taxes	23,957	35,931	60,945	60,046
Retail \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenue, net of discounts	$ 185,707	$ 184,219	$ 556,307	$ 533,860

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Income Tax Contingency [Line Items]
Net discrete tax items	$ 8,517		$ 20,704
Income taxes paid	26,559	$ 20,564
DGV Group, LLC
Income Tax Contingency [Line Items]
Nondeductible impairment	$ 6,571

EARNINGS (LOSSES) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net Loss attributable to Verano Holdings Corp. & Subsidiaries	$ (17,842)	$ (42,993)	$ (40,140)	$ (53,054)
Basic
Weighted-average shares outstanding - basic (in shares)	343,432,601	332,872,464	342,484,942	329,240,200
Diluted
Weighted-average shares outstanding - diluted (in shares)	343,432,601	332,872,464	342,484,942	329,240,200
Net Loss per share - basic (in dollars per share)	$ (0.05)	$ (0.13)	$ (0.12)	$ (0.16)
Net Loss per share - diluted (in dollars per share)	$ (0.05)	$ (0.13)	$ (0.12)	$ (0.16)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

OVERVIEW AND BASIS OF PRESENTATION (Policies)	9 Months Ended
OVERVIEW AND BASIS OF PRESENTATION (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted 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, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Unless otherwise indicated, all references to “$” or “US$” in this Form 10-Q refer to United States dollars, and all references to “C$” refer to Canadian dollars. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022 (the "2022 Annual Audited Financials"), included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023 (the "Form 10-K"). Certain prior year amounts have been reclassified to conform to the current year's presentation, which the Company does not consider to be material.
Basis of Consolidation	The accompanying unaudited interim condensed consolidated financial statements include the accounts of Verano Holdings Corp. and its direct and indirect subsidiaries as well as the accounts of any entities over which the Company has a controlling financial interest in accordance with Accounting Standards Codification ("ASC") 810 Consolidation. The preparation of the Company’s unaudited interim condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the disclosure of assets and liabilities in such financial statements and in the accompanying notes.The unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries, as well as the accounts of any entities over which the Company has a controlling financial interest in accordance with ASC 810 Consolidation. All transactions and balances between these entities have been eliminated upon consolidation.
Earnings (Loss) per Share	Basic earnings (loss) per share is calculated using the treasury stock method, by dividing the net earnings (losses) attributable to shareholders by the weighted average number of shares (including the Company's Class B proportionate voting shares (the "Proportionate Voting Shares") on an as converted to Subordinate Voting Shares basis of 100 Subordinate Voting Shares to one Proportionate Voting Share) outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding shares and consequently are not included in the earnings (loss) per share calculations. Diluted income per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares.To determine diluted income per share, the Company assumes that any proceeds from the exercise of dilutive share options would be used to repurchase shares at the average market price during the period. The diluted income per share calculation excludes any potential conversion of share options and convertible debt, if any, that would increase earnings per share or decrease loss per share.
Intangible Assets	Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value as of the acquisition date. Amortization of definite life intangible assets is provided on a straight-line basis over their estimated useful lives.

TRANSACTIONS - Narrative (Details)						3 Months Ended				9 Months Ended
TRANSACTIONS - Narrative (Details)	Sep. 07, 2022 USD ($) shares	Mar. 11, 2022 USD ($) shares	Mar. 01, 2022 USD ($)	Jan. 31, 2022 USD ($)	Mar. 30, 2016 license dispensary	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill						$ 269,222,000	$ 269,088,000			$ 269,222,000
Adjustments to purchase price allocation										134,000
Acquisition consideration payable, current						2,032,000	18,262,000			2,032,000
Loss on Impairment - Investment in Associates						6,571,000		$ 0		6,571,000	$ 0
Decrease in contingent consideration liability										3,466,000	13,925,000
Charleston
Business Acquisition [Line Items]
Gain (loss) on disposition of business			$ 7,857,000					75,000	$ 73,000
TCE
Business Acquisition [Line Items]
Gain (loss) on disposition of business			$ 14,099,000					175,000	171,000
DGV Group, LLC
Business Acquisition [Line Items]
Loss on Impairment - Investment in Associates						6,571,000
Maryland LLC \| Canna Cuzzos
Business Acquisition [Line Items]
Ownership percentage												40.00%
Greengate
Business Acquisition [Line Items]
Percentage of voting interests acquired		100.00%
Cash consideration		$ 7,448,000
Forgiveness of other receivables		$ 2,894,000
Equity interest issued or issuable, number of shares (in shares) \| shares		1,403,067
Equity interests issued and issuable		$ 13,221,000
Acquired intangible assets		11,916,000
Goodwill		$ 8,767,000
Adjustments to purchase price allocation							1,365,000		857,000
Business combination, provisional information, initial accounting incomplete, adjustment, cash and cash equivalents									476,000
Business combination, provisional information, initial accounting incomplete, adjustment, inventory									248,000
Business combination, provisional information, initial accounting incomplete, adjustment, other assets, current									133,000
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles							1,365,000
Revenue related to acquired operations						5,034,000		4,063,000		14,430,000	9,154,000
Net income (loss) related to acquired operations						1,016,000		590,000		2,567,000	639,000
Sierra Well
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Cash consideration	$ 5,773,000
Equity interest issued or issuable, number of shares (in shares) \| shares	1,536,685
Equity interests issued and issuable	$ 9,742,000
Acquired intangible assets	7,604,000
Adjustments to purchase price allocation							(181,000)			134,000
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles							660,000
Revenue related to acquired operations						3,812,000		990,000		10,940,000
Net income (loss) related to acquired operations						409,000		266,000		495,000
Cash consideration and liabilities incurred	6,085,000
Consideration transferred, liabilities incurred	$ 280,000
Acquisition consideration payable, current						32,000				32,000
Indemnity claim hold back period	18 months
Business combination, provisional information, initial accounting incomplete, adjustment, financial liabilities							99,000
Business combination, provisional information, initial accounting incomplete, adjustment, deferred income tax liabilities, net							139,000
Goodwill, subsequent recognition of deferred tax asset							$ 521,000
Business combination, indemnification assets, amount as of acquisition date	$ 5,739,000
Unrecognized tax benefits, increase resulting from acquisition	$ 5,739,000
Long-term indemnified asset						4,700,000				4,700,000
Sierra Well \| Issued Upon Delivery Of Letter Of Transmittal
Business Acquisition [Line Items]
Equity interest issued or issuable, number of shares (in shares) \| shares	10,440
Equity interests issued and issuable	$ 66,000
Acquisition consideration payable, current	$ 32,000
Sierra Well \| Issued At Closing
Business Acquisition [Line Items]
Equity interest issued or issuable, number of shares (in shares) \| shares	1,208,745
Equity interests issued and issuable	$ 7,663,000
Sierra Well \| Held Back To Secure Indemnity Claims
Business Acquisition [Line Items]
Equity interest issued or issuable, number of shares (in shares) \| shares	317,500
Equity interests issued and issuable	$ 2,013,000
Sierra Well \| Residual Purchase Price
Business Acquisition [Line Items]
Goodwill	2,514,000
Sierra Well \| Deferred Taxes
Business Acquisition [Line Items]
Goodwill	$ 1,596,000
Canna Cuzzos
Business Acquisition [Line Items]
Percentage of voting interests acquired												40.00%
Proceeds from divestiture of businesses				$ 5,000,000
Gain (loss) on disposition of business											$ 1,701,000
ILDISP, LLC
Business Acquisition [Line Items]
Percentage of voting interests acquired			50.00%		50.00%
Proceeds from divestiture of businesses			$ 22,393,000
Number of marijuana licenses held \| license					2
Number of retail dispensaries operated \| dispensary					2
Working capital adjustments									$ 244,000
Cash received from release of cash indemnity hold back								$ 250,000
MME IL Holdings, LLC
Business Acquisition [Line Items]
Decrease in contingent consideration liability										106,000
Elevele, LLC
Business Acquisition [Line Items]
Decrease in contingent consideration liability										500,000
NSE Holdings, LLC
Business Acquisition [Line Items]
Decrease in contingent consideration liability										3,466,000
Acquisition consideration payable						$ 0				$ 0

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	SVS Shares (as converted)	Share Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021		324,312,662
Beginning balance at Dec. 31, 2021	$ 1,481,806		$ 1,535,765	$ 0	$ (55,235)	$ 1,276
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		2,613,337
Share-based compensation	36,664		36,664
Issuance of shares in conjunction with acquisitions (in shares)		3,925,683
Issuance of shares in conjunction with acquisitions	31,116		31,116
Non-controlling interest adjustment for change in ownership	(1,567)					(1,567)
Foreign currency translation adjustment	103			103
Contingent consideration & other adjustments to purchase accounting (in shares)		5,310,540
Contingent consideration & other adjustments to purchase accounting	44,935		44,935
Net income (loss)	(52,763)				(53,054)	291
Ending balance (in shares) at Sep. 30, 2022		336,162,222
Ending balance at Sep. 30, 2022	1,540,294		1,648,480	103	(108,289)	0
Beginning balance (in shares) at Jun. 30, 2022		330,818,664
Beginning balance at Jun. 30, 2022	1,548,725		1,614,021	0	(65,296)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		1,815,430
Share-based compensation	12,399		12,399
Issuance of shares in conjunction with acquisitions (in shares)		1,714,358
Issuance of shares in conjunction with acquisitions	12,356		12,356
Foreign currency translation adjustment	103			103
Contingent consideration & other adjustments to purchase accounting (in shares)		1,813,770
Contingent consideration & other adjustments to purchase accounting	9,704		9,704
Net income (loss)	(42,993)				(42,993)
Ending balance (in shares) at Sep. 30, 2022		336,162,222
Ending balance at Sep. 30, 2022	1,540,294		1,648,480	103	(108,289)	0
Beginning balance (in shares) at Dec. 31, 2022		339,983,374
Beginning balance at Dec. 31, 2022	1,341,550		1,665,957	(8)	(324,399)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		1,104,515
Share-based compensation	9,391		9,391
Issuance of shares to relieve liability obligations, net (in shares)		816,021
Issuance of shares to relieve liability obligations, net	2,610		2,610
Foreign currency translation adjustment	(4)			(4)
Contingent consideration & other adjustments to purchase accounting (in shares)		1,625,546
Net income (loss)	(40,062)				(40,140)	78
Ending balance (in shares) at Sep. 30, 2023		343,529,456
Ending balance at Sep. 30, 2023	1,313,485		1,677,958	(12)	(364,539)	78
Beginning balance (in shares) at Jun. 30, 2023		343,367,514
Beginning balance at Jun. 30, 2023	1,326,344		1,673,049	(8)	(346,697)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		161,942
Share-based compensation	4,909		4,909
Foreign currency translation adjustment	(4)			(4)
Net income (loss)	(17,764)				(17,842)	78
Ending balance (in shares) at Sep. 30, 2023		343,529,456
Ending balance at Sep. 30, 2023	$ 1,313,485		$ 1,677,958	$ (12)	$ (364,539)	$ 78

INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (Remaining)	$ 22,914
2024	91,656
2025	91,656
2026	90,941
2027	90,867
Thereafter	726,054
Finite-lived intangible assets, net	$ 1,114,088	$ 1,180,766

INCOME TAXES

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table summarizes the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Income before Income Taxes	$	27,033		$	26,388		$	60,734		$	53,235
Income Tax Expense	(44,797)			(69,381)			(100,796)			(105,998)
Effective Tax Rate	166		%	263		%	166		%	199		%

The effective tax rates for the three and nine months ended September 30, 2023 and 2022 were based on the Company’s forecasted annualized effective tax rates, which in the three months ended September 30, 2023, excludes the impact of a nondeductible impairment of $6,571 relating to the Company’s investment in DGV. Income tax expense using the annualized effective tax rate was also adjusted for discrete items that occurred within the periods presented. Net discrete tax items of $8,517 were recorded during the three months ended September 30, 2023, increasing the year to date discrete tax items to $20,704, as of September 30, 2023. Discrete items recorded during the three months ended September 30, 2023 primarily relate to penalties and interest on unpaid tax liabilities and the permanent impacts of stock compensation.

Due to its cannabis operations, the Company is subject to the limitations of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) Section 280E under which the Company is only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under Section 280E of the Code. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income and the Company's effective tax rates are well in excess of statutory tax rates.

During the second quarter of 2023, Connecticut, Illinois, and New Jersey enacted tax legislation to decouple from Section 280E of the Code, all of which are effective January 1, 2023. The Company has significant operations in these states and is now permitted to deduct ordinary and necessary cannabis business expenses in these states. As such, the effective tax rate for the three and nine months ended September 30, 2023 reflects a state income tax benefit from this change, which is not reflected in the effective tax rate for the three and nine months ended September 30, 2022.

Taxes paid during the three months ended September 30, 2023 and 2022 were $26,559 and $20,564, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

FAIR VALUE MEASURMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The fair value of the Company’s financial instruments associated with each of the three levels of the hierarchy are:


	As of September 30, 2023
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	129,921	$	—	$	—	$	129,921
Investments	2,264		—		—		2,264
Acquisition Consideration Payable	—		—		(2,032)		(2,032)
Total	$	132,185	$	—	$	(2,032)	$	130,153


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	84,851	$	—	$	—	$	84,851
Investments	1,805		—		—		1,805
Acquisition Consideration Payable	—		—		(18,262)		(18,262)
Total	$	86,656	$	—	$	(18,262)	$	68,394

FAIR VALUE MEASURMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	$ 129,921	$ 84,851
Investments	2,264	1,805
Acquisition Consideration Payable	(2,032)	(18,262)
Total	130,153	68,394
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	129,921	84,851
Investments	2,264	1,805
Acquisition Consideration Payable	0	0
Total	132,185	86,656
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	0	0
Investments	0	0
Acquisition Consideration Payable	0	0
Total	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	0	0
Investments	0	0
Acquisition Consideration Payable	(2,032)	(18,262)
Total	$ (2,032)	$ (18,262)

SHARE CAPITAL - Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock Based Compensation Expense	$ 4,687	$ 9,819	$ 8,979	$ 34,225
Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock Based Compensation Expense	63	103	226	228
Restricted Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock Based Compensation Expense	$ 4,624	$ 9,716	$ 8,753	$ 33,997